Business and Universities: Essential Partnership for a Successful Knowledge Economy
By Michael J Andrew, Australian Chairman, KPMG and Monash University Vice Chancellor, Professor Ed Byrne.
Universities and industry have always been reliant upon each other for success.
While universities pursue new frontiers in research and cultivate our best and brightest minds, industry require a well educated workforce to apply new thinking and develop innovative products to bring to market.
This shared interest in top quality students and the generation of ideas underpins the knowledge economy - and it has never been as important as it is now.
The fast-paced and increasingly globalised nature of today’s world presents its challenges, but also untold opportunity to organisations willing to think differently about their relationships with each other and joint approaches to problem solving.
Fantastic models for this kind of cooperation already exist.
The ‘Research Triangle Park’ in Chapel Hill North Carolina brings together four of the US’s leading universities with over one hundred of the world’s biggest companies. Together these organisations undertake co-funded research and development delivering scientific break through, competitive commercial advantage and answers to some of the big questions facing the wider community.
It is vital that we move quickly in this country to foster this type of shared endeavor or we risk being left behind.
As Australia develops new clean industries, and increasingly successful service industries in a range of fields, the many already successful collaborations between universities and the business world will have to be extended and consolidated.
A more linked approach to education, as well as to the development of large scale innovation precincts is crucial. Most important, however, is a common understanding between industry and the higher education sector that business and universities must work together to create a twenty first century knowledge economy.
Much has already been achieved. There are a number of examples of effective collaboration between individual universities and businesses in Australia. As higher education makes the transition to a new demand-driven system, however, what is needed, is to extend cooperation between our sectors.
In all highly skilled occupations, the knowledge required within the workplace changes as a result of new technology, regulation or due to developments within an industry. Partnerships between universities and business contribute to the relevance of what is taught by building a greater understanding of these new developments and expectations.
The ability of graduates to contribute effectively in the workplace will be increased if the knowledge they have gained is up-to-date and is complemented by strong technical skills. Individuals also require broader capabilities, sometimes called generic skills, such as the ability to work in a team, and to communicate and build effective relationships with others.
More than ever before, universities play a critical role in supporting the development of the higher-level skills needed by industry.
Over recent years, university leaders have recognised the importance of working closely with business. Many institutions have put in place partnerships that enable higher education and business to share information about the knowledge, technical skills and broader capabilities university graduates will need if they are to work effectively with others as part of diverse teams.
At the same time, many businesses are also giving a high priority to the continuing education and development of their employees.
But there is a need to do more and to expand these partnerships so that the benefits are more widely shared. The Group of Eight Universities and the Business Council of Australia recently considered these issues. There is recognition that both universities and business can make an improved contribution to supporting this objective.
Australia’s business community needs to invest more of its expertise, time and resources in higher education. This issue is, after all, critical to the future competitiveness of business and industry because effective collaboration can lift the productivity of our workplaces.
By taking this path, we can improve the prospects for all students – whether Australian or international – to achieve a successful and rewarding career.