Clemson’s program is just one example of the power of an industry and university collaboration, which allows both parties to rely on each other for their strengths. Industry has the funding for research and the experience to commercialize a product. Universities—who are receiving fewer federal dollars than ever before for scientific research—are research powerhouses who can tackle the in-the-trenches work to invent, develop, and test products.
Industry and university collaboration dates backs to the 1970s, and since 1973, the National Science Foundation’s (NSF) Industry–University Cooperative Research Centers Program (IUCRC) has facilitated partnerships between scientific researchers from both industry and academia to drive innovation.
These mutually beneficial partnerships can produce groundbreaking research and innovation that solves complex problems, drives economic growth, and creates a more skilled workforce. Dorn Carranza, the director overseeing VentureWell’s work with IUCRC, says, “There are major challenges in society, and universities and industry can combine their technical skills, knowledge, and resources to innovate and address those challenges.”
benefits for universitiesAs federal research funds tighten, universities are eyeing the corporate sector to fill the gaps. Carranza says, “Understanding how to develop and maximize corporate collaborations in this uncertain funding environment is critical for universities.”
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