Collaboration between universities and industry has had a positive impact on technology and science over the years. With the growing number of companies relying on open innovation, the importance of this collaboration is growing
The mobile manufacturing research center is actively involved in open innovation through strategic academic partnerships with leading institutions such as MIT, Stanford and the University. California, etc. The company believes that it creates values and ideas by sharing its expertise and resources. Similarly, the International Business Machine, the Open Collaboration Research Program (OCR), continues to build strong university partnerships to create smarter solutions that are publicly shared.
Recently, collaboration between Aachen University, Germany and 10 companies, and 50 members. The car parts supplier led to the Street Scooter, a $ 7,000 modular electric vehicle. This innovative product can run at speeds of up to 74 mph in a range of 80 miles using leased batteries. This is already a buzz in the automotive industry, as transport and logistics giants have ordered 3,500 units of this commercial product to take advantage of cost savings! A surgical robot developed by Raven II, University of Washington and UC Santa Cruz is another example of open source university industry collaboration. Harvard University, John Hopkins University, etc. One of the most advanced medical research laboratories uses new surgical procedures. These are just a few examples of the importance of university-industry collaboration, which continues to revolutionize technology worldwide.
Involving Universities for Effective Collaboration
While companies are increasingly recognizing value because of their contribution to university research and innovation, finding the best resources is rather difficult. According to Walter Frick, editor of Harvard Business Review, companies need to better control their projects to attract and motivate the most productive players. Recent research by Duke and the London School of Economics showed that with the certification of contributors, the company has a better chance of university collaboration. The findings also indicate that financial or professional incentives were less than the added value the project would bring to the community. Therefore, companies need to find the right incentives to cover external innovation resources.
However, challenges such as intellectual property rights, project timeliness and other issues often hinder effective collaboration between industry and universities. So how do we find the perfect balance between attracting potential contributors and creating business value from the innovation process?
Productive Partnerships for Open Innovation
CEOs need to recognize that universities are no longer passive in their technical expertise and research capabilities. They are actively submitting patents and are responsible for breakthrough innovations in different areas. Today, universities receive billions of dollars in government or corporate research sponsorship and support. With cutting-edge technology and special skills at universities, companies need to promote mutually beneficial cooperation. Regardless of whether a new product or software application is being developed, companies need to achieve more to openly allow their software to motivate third-party developers, such as the university. Another important channel actively researched by companies is that they bring together people of the university and the company of common interest on a common platform.
Involvement of University Partnerships
Although business challenges arise when there are many challenges in working with universities, they can easily be solved by adopting a cooperation strategy instead of an ad-hoc approach. Universities not only have the talent pool and expertise, but are also better at research activities. On the other hand, industries have the financial resources and opportunities that universities can gain. That is why industries and universities are mutually beneficial in promoting effective cooperation and in managing open innovation. Establishing university relationships is indeed the way forward for companies to innovate in progressive technological capabilities.