Business Relationships with University
Companies gradually more are familiar with that to effectively innovate they cannot completely rely on their internal R&D. Working with external partners allows them to entrance diverse pools of knowledge and save R&D expenses. Universities are important and fruitful external partners that present high promise since they allow access to a vast global pool of aptitude and skills.
There are some relationship between business and university that are –
(a) Encouragement of continuing education: Business in a knowledge society needs education employees as persons want to keep growing and increasing their opportunities, but education takes employee time as well as money.
(b) Television education: many major universities provide educational television courses, and this type of education gradually will expand. It brings education into the home or business classroom, but one limitation is that a student cannot in direct discussion with his instructor. The company-university system carries engineering, science, and business courses, and students may register for credit toward a degree.
(c) Management development programs and conferences: Annually thousands of managers temporarily abandon their jobs and families in order to attend live-in executive programs at major universities.
(d) Other relationships: Faculty consulting with business has proved an effective instrument for the mutual benefit of faculty, student, and business. The knowledge society has a major expansion of business recruiting on campus
(e) Business gifts to higher education: About 0.4 percent of corporate income before taxes is given to support higher education. Sinus public gifts of corporation total about 2 percent of income before taxes.
(e) Different gift practices: A greater proportion of large businesses than small businesses give to higher education. Perhaps one reason for that large business tends to employ more specialized college graduates.