Collaboration Of Industry, Academic And Government Could Be Game Changer For Economy

Collaboration Of Industry, Academic And Government

With the rapid progression of technology advancement, it is arguably that innovation is vital for the economy progress. There is much research going on in different universities across a range of different subjects like material science, renewable energy, medical technologies and the Big Data. If we need to ensure that innovations grow into commercial products that have the capability to create jobs as well as services, collaboration has to be sought out between the government, the industry and the academia for the innovation process.

If this succeeds then it will certainly prove to be a game changer for a country.

The federal government has a key role to play in the funding of basic research and to align it with the needs of the public while the private industry has the primary responsibility to deliver as per the federal investment. For the universities it is crucial to move the discoveries and the ideas from the game house to the real world in order to fulfill their mission and to make way for a successful future for the university.

Collaboration Of Industry, Academic And Government
The University of Washington or UW which is a public university, the obligation stands to serve the community. The university has proven time and again by bringing forth market innovations which can change lives and communities for the better. A goal was set up a year ago to double the startup companies that have spun out of the research that was conducted at the UW over a period of three years. That goal has been met in a year itself. These goals have surely brought in economic benefits but what is more important is the impact that it has on the lives of people out there – such an impact can be harvested and made to grow only in collaboration with the stakeholders of innovation.

There were provocative reports issued last year that examined the partnership between the industry, the universities and the government for US research and this showed that, if the inflation as factored in, the budgets that were set aside for basic research by the federal agencies had fallen by twenty five percent over the last two decades which was relative to the US GDP. The reports may be found on the Transformation and Opportunity report of the President’s Council of Advisors on Science and Technology, report of the National Research Council and Future of America report. These revealed that the industry was concentrating more on the research in the late stage development of technology and on incremental improvement. The universities need to play a role in navigating through the complex challenges that lie in the industry and government collaborations.

There are certain considerations that are primary in this collaboration for instance, the federal government needs to increase its investment in basic research, translational research as well as affordable education. It needs to invest in commercialization as well while the role of the industry and the universities is also vital to channelize these investments in the right areas.