University research is helpful in improving the overall innovative potential of the economy and improve the functioning of businesses. Not all businesses engage in this type of collaboration but it does have a benefit for both the business and the university.
1. The business is able to use experts to resolve problems and investigate issues. Many businesses don't have the ability to conduct research but can partner will universities to get this work competed.
2. It provides an additional revenue stream for the university. The university can gain additional funds and support by conducting research into important issues for companies.
3. It improves the research capacity of the university by improving facilities and hiring full-time researchers that often leads to more STEM professionals.
4. New knowledge spill over into the market and can sometimes transform that market. Economic benefits arise from university research.
5. New knowledge learned through university research can make its way into classrooms and programs.
6. Research is not limited to hard science but could include marketing, psychology, sociology, telecommunications, etc...
Greater collaboration between universities and business partners can improve overall innovation in society, enhance economic development, and improve up on the bottom line of universities and the cutting edge knowledge they offer.