Collaboration between universities and business is often crucial to ensure both knowledge flows from one to the other and also businesses gain the talent they need to thrive. A recent report from the National Centre for Universities and Businesses (NCUB) and the Centre for Business Research (CBR) at Cambridge Judge Business School suggests, however, that a lack of capacity within organizations and a lack of information from universities is undermining this collaboration.

The report surveyed around 4,000 companies and revealed that there remains considerable potential for greater collaboration between business and academia, but often businesses are unclear just how universities can help them.

“A key finding of the report is that interactions take multiple forms that are far more frequent than spinoff and licensing transactions, and the vast majority of businesses interacting in these multiple forms find benefits that meet or exceed their expectations,” the authors explain.

Lack of capacity and information

The study found that companies of all sizes generally lack the ability to adequately search for ways in which universities can help them, and would typically devote scant resources to finding out or integrating knowledge into their business.

This situation has been exacerbated by the pandemic, which has disrupted the pipeline between academia and business. What interactions that did occur were often initiated by individuals, with personal contacts usually the starting point for collaboration, which is interesting as the report reveals the often global nature of collaborations.

“Companies seek university interactions to solve the full range of business functions,” the authors explain. “These wider functions span strategy and business organisation, finance, logistics, human relations and marketing.”

Hope was provided by the strong results of those who did engage in such collaboration, with 80% of companies saying that their collaborations with academia had exceeded expectations, with this especially so in areas such as strategy, financial planning, and HR. Weaknesses remained in areas such as tech and process management.

“This finding is a reminder that the UK higher education sector, including business schools, play a role far broader than only in the well-publicised technology sector,” the authors explain.  “Developing new technologies are of course important, but the survey shows that a focus only on technology risks businesses and universities alike missing out on organizational and other business-related activities that benefit companies across the UK.”