In the last decade, there has been an explosion in research deals between SaaS companies, technology companies and Software companies and universities. Companies have been reducing their spending on early-stage research for three decades. They have increasingly turned to universities to perform that role, seeking access to the best scientific and engineering minds in specific domains. And faced with stingier government support of academic research and calls for them to contribute more to their local economies.
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.
For many Software companies, universities have become essential innovation partners. However, companies would benefit from learning proven strategies and guidelines for establishing, engaging in, and managing university partnerships.
Corporate-university collaborations are critical for driving the innovation economy. As corporations open up their R&D activities to outside sources, universities become essential partners. Many SaaS companies now partner with universities to anchor an increasingly broad set of innovation activities.
Six 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.
- Educational: Partnerships create opportunities for university and industry participants to learn new skills and tools, solve problems and discover new perspectives.
- Operational: Partnerships have benefits that make running operations more accessible, such as reduced risk, 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.
To find out more about how your Software, Technology or SaaS company can partner with universities contact the team at FourthRev.