How Industry-Partnerships Play An Important Role In Enhancing Your Academic Life?
The association between industry and academia has proven to be successful in various fields and should be utilised strategically. However, there are still many who are not aware of the advantages of industry partnerships with academics.
There are many fruitful examples of shining collaboration between industry partners, universities, and startups. Through collaboration between universities and firms, a bundle of bright ideas is put to use. Along with the universities and academics, their funders also keep an eye on the results from their research put into practice. The latest trend can be seen among the student squadron to explore commercial careers, especially with an edge on the social industry.
Advantages of Academic – Industry Partnership
For both industry and academia, there are many advantages of an academic-industry partnership. The advantages for academics include career opportunities, knowledge of industry trends, research funding, and application derives discussions. For industry, the advantages include training, extended networks, out of the box thinking, access to specialised talent, and world-leading resources. For industry and academics, exchange of knowledge and networking are two common advantages.
Partnerships also have potential economic and societal benefits. Also, collaborations create more job opportunities for the youth out there.
Let us have a more distinctive look at the advantages of industry partnerships:
Through innovative products and technologies, society also benefits from academic-industry research partnerships. Practical applications are often developed under the industry-academic research that benefits society as well. These applications include devices, techniques, technologies, etc. Indirectly, new industries initiated by this partnership can enhance the competitive advantage of the country globally. Because of the growth of new industries, the federal state, and local tax bases also expands. These are a few examples of the societal benefits that academic-industry collaboration promises.
Because of the potential financial rewards of patents and licenses which result from the commercialisation of academic research, some universities seek industrial partnerships. This provides a means to the universities by which they decrease the governmental funding gap. Sometimes, the companies and universities share the patents generated through this industry partnership. The activities that are not market-oriented, an example being the teaching mission of institutions, are supported by the university using patent revenues.
Moreover, faculty gets the benefit of access to teaching facilities that are not always made available by the universities. Through these cutting edge teaching facilities, the productivity of faculty is increased as they pursue additional lines of research.
Universities use these elements to attract top students, enhance institutional prestige, acquire available public funds, and establish their legitimacy. Additionally, the opportunities for future employment for students are also enhanced through this partnership.
Industry-academic collaborations also fuel the development programmes of various companies. Individual researches are carried out by industrial scientists and university researchers that might be useful for the development of potential products and innovative processes.
Universities association with company sponsors also stimulates the company’s reputation. As a public relations tool, joint publications are used by companies to add to their cachet.
When a company collaborates with academic researchers, they ‘buy’ access to new creative ideas, building a trade that could derive them to potentially profitable and new patents. Companies then become new industry leaders. The company that sponsored the research often gains the first right of refusal to license the product, if university researchers develop a patent.
Also, the research and development (R&D) of a company is strengthened through industry-academic partnerships. Through the redirection of industrial development to more profitable lines or generation of innovative products developed from current research, companies’ research and development get affected positively. Companies’ employees learn new research techniques from their university partners, and the university researchers help industry scientists with solving technical problems.
LEARNXT enhancing the academic life:
Since the 19th century, multiple industry-academic partnerships have existed in different forms. Through value and goal conflicts, current collaborations appear threatening to both academia and industry. Keeping aside the complex nature of collaborations, industries have developed pompous relationships with universities that lessen the conflicts raised from these partnerships.
LEARNXT, the digital learning brand of SRM Group has prime collaborations with Tally, Oracle, NSE, IIBF, and Harvard Business publishing Education, etc. These partnerships have helped in enhancing academics, giving a chance to students to achieve their dreams through education.
More than ever before, with the evolvement of systems and techniques, there is a dire need for significant partnerships. Therefore, to encourage individuals from different teams to work together, it is crucial to design and manage collaborations carefully.
Stay tuned to LEARNXT to know more about how industry-partnerships play an essential role in enhancing your academic life.