The power that research and practice have when they work together knows no limits. The cooperation between the business world and universities presents a relevant opportunity for industries’ innovation and transformation. There are many success stories that encourage us to promote this collaborative work.

  • Nestlé, along with the Imperial College of London, discovered new ways to improve nutrition.
  • Audi improved its production line after partnering with the Technical University of Munich and analyzing its production chain.
  • Even in our industry, we can find inspiring examples. In England, Shell holds the “Eco-Marathon” competition in which teams of students can test out ultra-energy-efficient vehicles. In return, the company receives essential information from innovative, developing minds that will one day be consumers.

Knowledge and growth are always mutual in collaborative projects between the business world and universities. While universities need to generate real experiences for students, companies need minds that think outside the organizational culture to solve the challenges they face.

However, I am aware that this type of collaboration also presents some challenges and risks, such as protecting ideas or patents, strategic decisions that are delicate to share, or even the extended deadlines that this type of collaboration requires. However, based on my experience, I know that investing time and resources in these partnerships is worthwhile. But how do we achieve rewarding balances for both parties? The answer is stable, long-term collaboration. 

Collaborations between industries and universities should not be occasional or sporadic. If we, business leaders, can appreciate the value that these partnerships bring, we can have an invaluable return on our business, and we can enjoy of thousands of brilliant minds thinking and working on our area, our instruments, our sector, and the future of our industries.

In this sense, MIT Sloan review proposes four ways to promote this type of collaboration:

  • Idea labs: simple collaborative agreements for research and networking.
  • Grand challenges: a competition that highlights social challenges, promotes recruitment programs and shapes the conversation about a specific innovation area.
  • Extended workbench: consulting processes that solve immediate problems and allow students to have practical experience.
  • Deep exploration: continuous knowledge development units that establish a path for students to be hired, offer reliable work to companies, and strengthen the relationship between the university and the company.

It is clear that there are many formulas. The only requirement is to fully understand the profitability of these collaborations, that generate synergies, develop practical thinking on students, and transform organizations into more holistic and competitive entities.

by info@nakasawaresources.com