Collaborations between technology businesses and universities are essential for the innovation economy. Creating the knowledge foundations for the tech economy. They serve as an extended “workbench” to solve short-term, incremental problems and provide a supply of new tech talent. Many tech companies look to open innovation to complement their internal R&D efforts, and universities can be essential partners. University collaborations serve as a primary base of both people and ideas for corporations. At the same time, they also open up new avenues of engagement with the innovation ecosystem.
The Benefits of University Tech Company Partnerships
There is a growing amount of information on why and how to partner, including six different benefits for academic institutions and their industry collaborators.
Partnerships between academia and industry provide a talent pipeline for the industry, creating career opportunities for students, including internships, fellowships, co-ops, and full-time positions.
Operational: Increased ability to move faster than either party could in their current structures, and fostering collaboration across disciplines and locations.
Reputational: Partnerships provide you with many benefits; they can raise your initiative’s visibility, credibility, and prestige. Plus, they can lead to new publications and greater exposure.
Intellectual Property: Partnerships enable innovation and fuel growth by exposing two companies to new ideas and providing a platform for testing concepts.
