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Cooperation between Business and Academic Circles is Necessary for Georgia

Amid growth in competitive capacity of global companies and quick expansion of technological landscape, benefits from cooperation between academic and business circles acquires vital importance.

Professors and researchers, as the field experts, represent wide potential, intellectual resources, commercial values and business success.

Today, all parties – Government, business and science face real challenges. These challenges may be overcome through cooperation, mutual beneficial partnership relations. At the same time, each party has specific expectations from each other and interest of mutual benefits.

Academic skills and resources determine commercial success of business, while cooperation ensures a creation of innovative products, grows competitive capacity, expands business horizons and business activities, enlarges output, optimizes expenditures, minimizes risks, boosts profits.

In the process of cooperation with researchers, business will receive such values as:

  • Creativeness, research experience and scientific resource;
  • Innovative product, knowledge, ideas, strategic plans, research-based projects;
  • Scientific approaches and academic solutions for resolving corporate problems;
  • Marketing approaches and programs for quick development-growth of company;
  • expansion of competitive capacity and penetrating new markets;
  • Business profile expansion, improvement of company reputation;
  • Growth in workforce qualification and output;

It should be noted that there is no partnership ingredient between business and academic environment. In practice, it depends on:

  • Understanding and perception of value of academic resource by business sector;
  • existence of common interests and communication approaches;
  • Identification of potential of academic resources and their employment, recognition of advantages of academic resources and potential;
  • Improvement of financial climate (for academic environment and business sector);
    Business sector’s relations with academic resource may be carried out in the following way:
  • Strategic planning, academic resource, skills and flexible management;
  •  Information exchange with academic environment;
  •  Lectures, consultations and research works;

Financing publication of books and research works that grows company reputation (when business finances book editions, the company name is indicated and this is the best way for their advertising, positioning and growing reputation).

Cooperation between Business and Academic environment should be based on:

  • Common views, partnership goals and tasks;
  • leadership skills (which are able to communicate with academic sector);
  • Platform for exchange of information and ideas;
  • Long-term partnership, accountability, openness.

It is difficult task to cooperate with business and academic circles. There are the following problems: problem with trust, protection of intellectual property, protection of patent, protection of copyrights, uncertainty in reception of potential benefits, protraction of time for creating successful product, problem with determination of working time, problem with communication between business and academic figures and so on.

However, the mentioned problems cannot diminish advantage and necessity of partnership.

Research works prove that if cooperation between business and academic circles becomes an obligatory norm, this practice will bring the most important benefits to both business sector and academic circles.

Article by Rati Abuladze Professor, Doctor of Economics