Our recent whitepaper, ‘Catalyzing Collaboration: How Research Information Management Systems Drive Academic-Industry Partnerships’ explores the core benefits of industry collaboration and outlines how universities can use technology to build stronger, more visible partnerships. The following blog post is part of a series of abridged extracts from that paper.
Building and maintaining partnerships with industry is essential to ensuring that universities’ programs of study can provide the next generation of workers with the skills and knowledge that industry and private enterprises are seeking. STEM disciplines, in particular, can present a unique challenge, as graduates need to keep pace with ever-evolving technologies and industry demands.
“Our universities have unique talent and workforce strategies which include experiential education, internships, coops, capstones, etc., as well as targeted mentoring programs by discipline or underrepresented groups,” says Jeff Agnoli. “Additionally, many departments have established Industry Advisory Boards to engage alumni and professionals in the development of emerging curriculum.”
In turn, new students are attracted to universities with the insight, expertise, and industry connections needed to equip them with skills for their chosen careers.
“A really important piece for us is the benefits to students, who get wonderful experiential learning opportunities,” explained Derek Newton. “These partnerships play an important role in graduate employability. The students gain industrial work experience and have the opportunity to work with the latest tools and technologies that are in the marketplace. We see lots of examples of our industry partners hiring the students when they graduate.”
These hands-on, real-world experiences ensure that students are trained not only in theoretical knowledge but also in practical skills that directly address industry needs. For example, universities collaborate with industry partners to select equipment and technologies critical to students’ learning. This experiential approach helps guide students toward mastering the tools and techniques they will use in their careers, ensuring they can put theory into practice and contribute to products and innovations that benefit society.
Because of this, many of the most successful university-industry partnerships are focused on developing ongoing training and education for students and researchers, enabling them to meet future industry requirements. Increasingly, universities recognize that they must create syllabi and opportunities that translate into real-world applications. Similarly, organizations see that to attract the best and brightest student talent, they must deliver engaging, purpose-driven roles and projects that provide cutting-edge research opportunities and real societal impact.
“These partnerships also play a big part for us around employability of our students: they’ve already worked with industry, and they’ve already used the latest tools, software, machinery. We see a lot of firms working with our students and hiring them afterwards. That’s great for our students, and it’s great for our partners, and it’s great for the country,” says Newton.
Beyond industry partnerships, universities are also becoming critical incubators for entrepreneurship and start-up culture. Business incubators born out of universities can help students and researchers move seamlessly into the working world, turning their academic research into marketable products and services and fostering the next generation of entrepreneurs.
As Newton explains, “What is becoming a really growing and exciting area for us is new start-ups. We create a lot of new companies. We actually create almost two research-based companies a month. Here at U of T, we’ve launched over 600 companies in the last decade, which have collectively raised over $5 billion in funding as they enter the marketplace.”
Through these start-ups and incubators, universities are not only advancing research but are also fueling economic growth. Initiatives like U of T’s startup job fair further connect students with these companies, giving them opportunities to engage with high-growth ventures and cutting-edge projects. In turn, these start-ups often seek talent from within the university, creating a virtuous circle of growth, innovation, and reinvestment in research.
To find out more about how universities are building partnerships with industry to shape the next generation of research leaders, download our new whitepaper.