II. Benefits of University-Industry Interaction

A number of external factors have contributed to the recent substantial growth in University interactions with industry. First, since 1982, the federal government has granted to universities the ownership of intellectual property created in research programs funded by federal contracts and grants. Another factor is the growing realization by states and localities that university-created technology can be an important impetus for economic development. A third is the substantial reduction over the past decade by industry of internally-funded research and development that has led many companies to look to universities to carry out research and development that had been conducted in house. Finally, there is the increasingly competitive global economic environment which requires shortening the time between discovery and commercialization.

As universities have become more involved with industry, it has come to be recognized that industry-university interactions generate many benefits for society:

1. They contribute to economic development of the local region, the state, the nation, and the world.
2. They facilitate the more rapid commercialization of the results of University research in a highly competitive economic environment.
3. They enhance and broaden the education of the next generation of scientists and engineers and provide industry with access to highly skilled students who are better prepared for careers in industry.
4. They provide a source of interesting ideas and challenging problems for University researchers to address and for University faculty to incorporate into course instruction.
5. They expand the opportunities for mutually beneficial collaboration between University and industry personnel.
6. They help finance research programs at the University.
7. They facilitate the University's active involvement as a trusted member of the local community.

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