University-Industry partnerships are mutually beneficial

Industry and universities can complement each other and their partnerships will lead to mutual benefits,” said Dr. Anthony Boccanfuso, President of the University-Industry Demonstration Partnership (UIDP), Washington DC. He was speaking on ‘Preparing Students for Careers in Industry’ at the ICFAI University campus, Hyderabad on August 19. The lecture was organised in partnership with the US Consulate General, Hyderabad.

During his talk, Boccanfuso explained how businesses spend maximum resources on R&D; most of it is on development. On the other hand, universities and colleges spend their research budgets on carrying out basic research. Therefore, the industry and universities can complement each other’s efforts and their engagement can help in improving the lives of people and the development of transformational products, new medicines and new approaches. Universities can benefit from their collaboration with business as it can lead to substantial funding. He said industries can benefit through university collaboration by getting access to talent, ideas, facilities and non-technical expertise.

Speaking on preparing students for careers in industry, Boccanfuso said that the students need to be trained to be ‘T’ shaped professionals with a ‘Growth’ mindset. Industrial advisory boards and student-led project teams are possible ways through which universities can collaborate with the industry, he said. Further, he advised the students to explore the social media for greater mileage and also appealed them to relentlessly pursue on their creative ideas and strive to make it a reality in order to be successful entrepreneurs.

Welcoming the speaker, J Mahender Reddy, Vice-Chancellor, ICFAI University, said that the university believes in a strong industry interface and emphasises on preparing students for successful careers with the right combination of knowledge, skills and attitude.