1. Innovation is supercharged though collaboration. When companies tap into advanced knowledge, world-class research and expertise it can help them innovate and grow and this is true for both well-established companies and start-ups.
2. Businesses and universities can benefit from the commercialisation of academic research for example when patents from industry-sponsored research are shared between companies and universities.
3. It’s not just potential research funding that companies bring to the universities, real-world issues and impact partners as just as important.
4. Access to cutting-edge equipment cuts both ways. Sometimes industry has better kit for university research and sometimes universities have the proto-type or demonstrator facilities that companies need to take their products and services to the next phase.
5. Collaborations can stimulate companies' own research and development, with university experts helping industrial scientists identify relevant research or help solve design and technical problems. Company R&D staff can also learn new research techniques from university partners.
6. Companies can gain a competitive edge by reducing the timescale for product development lifecycles or supporting their journey to becoming industry leaders through access to the latest research.
7. Industry collaborations give students real-world work experience and exposure to industry, and companies are promoted to a highly skilled and relevant potential workforce.
8. Reputations can be improved by co-authoring journal articles for both the university expert and the company.
9. Partnerships can create whole new industries, leading to increased tax receipts with the creation of new jobs and companies.
10. When companies and universities partner up society reaps the rewards, through innovative technologies, products and services such as developing new therapies and medical devices, sustainable packaging, or energy storage.
Shivaun Meehan
konfer - communications