Coverage by the media about universities and industrial research collaborations may seem like a new concept. However, historical records show that these collaborations existed as far back as the 1800s during the industrial age. So what makes this practice so common? What are the benefits of these collaborations to companies?
Reduced Time to Market
Many companies have a research and development team that is tasked with providing new products and solutions. Through collaborations with universities, industrial researchers can gain access to current research that will help them develop innovative solutions and products. These collaborations also reduce the time taken from development to market.
Increased Brand Visibility
When new products and ideas emerge from research collaborations, companies can leverage them to improve their brand visibility. Companies can also co-author research publications with universities. These joint publications can be used as strong public relations tools.
Access to New Ideas and Products
When companies collaborate with universities on research projects, they gain exclusive access to any new ideas that emerge from the project. The new ideas can become trade secrets that give them a market advantage. Furthermore, the new ideas can lead to the development of patents in which the partner research companies have the first chance to license the patents. Companies can then become industry leaders.
Strengthen Research and Development Departments
Collaborations with universities strengthen research and development departments in many ways such as:
- The creation of new products and services
- Redirecting focus towards more profitable lines
- Solving design and technical challenges
- Learning of new research skills
Reduced Cost of Research and Development
Research is expensive. However, research collaborations with universities reduce the cost of research since universities have the required resources. Companies in the medical industry leverage these partnerships to conduct clinical trials on devices, drugs and new medical techniques.
Are you looking for new ideas and products? Then you might want to collaborate with a university to enjoy all the benefits stated above.