How to create productive partnership with universities

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Research and Development sector makes an integral part of the industry. By managing state of the art R&D departments, companies ensure novelty of ideas into their product designs and their applications. These R&D departments, however, don’t prove to be sufficient enough all the times. Research departments of companies have limited access to academic newness and have numbered personnel. Due to this, the ideas in these departments easily run out. This pushes companies to strive in the search of outside partners who will ensure continuous availability of innovation. This is where the universities come in.

The R&D departments are not only limited in their approach but these are expensive as well. This requires companies to engage with the universities, to ensure the availability of ideas and presence of skilled workforce to realize those ideas.
The focus is to devise mechanisms with the help of which we will be able to establish strong and lasting relations between universities and the corporate world, for mutual benefits. Here, we have suggested some of the many ways to bridge the gaps and develop relations.

Research and Innovation

This is a short-term connectivity plan in which companies try to establish purposeful links with the universities. The relations are built in the realm of research and innovation. This type of connection helps companies evaluate the competitiveness of their partnership with the universities. With critical evaluation, companies get to know if their partnership is feasible in future or not. The basic aim of this type of engagement is to build relationships, generate options, and develop research agendas.

Problem Solving

The second option which companies and universities can go after is problem-solving. The R&D departments of the companies face multiple issues on a daily basis. By engaging with the universities, companies can get countless ideas to deal with their problems. This sort of engagement can be ensured by designing student projects, developing consulting relations, and funding research contracts which will propose plausible solutions to the problems faced by the industry.

Mutual Exploration

Lastly, the realm of collaboration which both the companies and the universities can bring into use is of mutual exploration. Companies can do this by developing basic technology centers in universities. The student should have access to these centers. Interested students should be allowed to pursue individual research and development projects. Though this is an expensive technique but the results produced through this will belasting. It will help companies tackle the challenges and make new discoveries.

These are the basic ways to establish purposeful links between universities and the industry. It is extremely important for the universities to get regular funding and other technical support. The corporations, on the other hand, need novel ideas. They can do this by utilizing the available potential at university campuses. Each year new students, with different ideas, get enrolled in multiple universities. Companies can invest in these students and ensure the availability of new and intriguing ideas at their research and development cells.

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