UNIVERSITY INDUSTRY COLLABORATION
In this present age, knowledge is argued as the raw material that drives innovation, competitiveness, and economic development. In a similar vein, tertiary institutions are viewed as the economic engines that can positively contribute to a country’s growth in addition to its primary role as a center for knowledge. However, underdeveloped institutions, stifled competition, declining quality of education, underdeveloped financial markets, and low levels of business sophistication are key competitive challenges in Nigeria.
As shown by countries such as the United States, innovation and business competitiveness are greatly enhanced through the activities of research universities. In 1950, Silicon Valley did not exist, but Stanford University was planting the seeds from which it would grow and develop. In 2007, emerging from recovery mode, it has the technical, social, and educational infrastructure; capital sources; and intellectual pool of talent to surge forward in the coming years. It is now widely viewed as the international standard for hi-tech regional growth and wealth creation.
We are dealing with a volatile and highly competitive global environment, and such environment requires organizations to innovate at a fast pace. The development of Nigeria will require universities and industries to act outside their comfort zone and formulate relationships that will encourage curricula and economic growth. Where industries are open to such collaborations, it will accelerate the drive for developments which will provide short, medium, and long-term benefits for every partner.
WITH EMPHASIS ON OUR PERSPECTIVE
Many of the world’s most ground-breaking inventions have been developed within the confines of academia, but the current state of industries, the real estate industry in Nigeria for instance, forces us to endure bad infrastructure as a result of the output of schools. Students graduate with inadequate skills, have little or no practical knowledge on how to build quality products, and society is forced to accept inferior goods and suffer losses due to unprofessional service providers.
This current landscape suggests that there is potential value in University–Industry Collaboration that is not being realized, which begs the question, what is possible? What value can be created through utilizing the wealth of resources we have in the academic–business sector, for the benefit of the business community and society more broadly?
To answer these questions, we must first understand the true value of collaboration. Collaboration makes connections between things that already exist. This is at the heart of the value creation that comes from collaboration –– being able to pull together the seemingly disconnected.
Going far beyond just a good business decision, some collaborations save lives, preserve our environment, and change our very understanding of how the world works.
Benefits For Industry
Universities provide the earliest look at where the next big idea will come from. As students build their real-world experience, industry gains insight through effective research. Companies who are aligned with early stage research see early signals of what’s going to be the next big opportunity, giving them a head start on competition. The benefits for companies continue to stack up, including access to a network of faculty, key opinion leaders, lead researchers, and the opportunity to hire top performing graduates.
Benefits For Universities
Industry partnerships give students and faculty additional funding. By striking up corporate partnerships, universities have more resources to undertake research, and they’re able to diversify their research areas. But it’s not all about the funding. If we break up the university benefits into a pie chart, one big slice would be industry feedback and guidance.
Benefits For Society
While universities and industry enjoy a symbiotic relationship, society also benefits from a trained workforce answering today’s most pressing challenges by creating innovative products and technology to improve lives. Industry-sponsored university research is often developed into practical applications that benefit society. These applications include highly improved architectural models, smart and innovative electronic technologies, efficient energy development and many more.
In furtherance of the company’s commitment to boost University-Industry relationship, Bilaad Realty signed a Memorandum of Understanding (MOU) with the Federal University of Technology, Minna, Niger State. The brief signing ceremony took place on Thursday, August 20, 2020 at the Senate Chamber, Main Campus of the University
We are preparing students for jobs that don’t yet exist, technologies that haven’t been invented, in order to solve problems, we don’t even know are problems yet.