For the Greater Good: Boosting the Value of Industry Partnerships
11 practices to help you achieve your growth targets through more strategic recruitment and management.
The flat-lining federal research funding environment for the past five years has forced many universities to use their own funds to close funding gap. As research costs continue to rise, chief research officers feel the increasing pressure of this unsustainable funding model for long-term growth.
Unfortunately, beyond one-time increases, the deceleration of federal funding appears to be the new normal. As a result, other external funding sources (e.g., industry, nonprofit, philanthropy) present the greatest growth potential.
Best-fit industry partnerships lead to long-term growth
Across all funding sources, a greater focus on the outcomes of research has led to a significant shift in how administrators think about attracting new partners. Industry partners in particular want to work with universities that can demonstrate the potential benefits a partnership would offer.
CROs must identify emerging demand and link ongoing university research to the needs of prospective partners. In addition, CROs must present a single face to industry partners that establishes the benefits of working with their universities and makes the case for a long-term partnership. Developing processes and narratives that fit the needs of industry partners separates universities with a high level of industry partnership success from those that struggle to realize significant gains.
"“We’ve actually lost a few industry research sponsors whose companies moved toward consolidated recruitment models that don’t include our university.”
"Vice President for Research
Public R1 University
Section 1: Matching emerging demand
The highest-performing universities take a proactive approach to gathering both internal and external information and developing pathways between researchers and potential partners that highlight where interests, expertise, and needs overlap between the institution and potential industry partners.
- Practice 1: Unarticulated Needs Road Map (p. 19)
- Practice 2: New-PI Funding Broker (p. 24)
- Practice 3: Big Idea Incubator (p. 27)
Section 2: Presenting one face to market
To capture incoming requests and offer industry partners as streamlined a process as possible, the research enterprise, and, ideally, the entire institution, should convey research interests in an organized fashion and offer clear, concise options to engage prospective partners.
- Practice 4: Industry Inquiry Portal (p. 31)
- Practice 5: Tiered IP Menu (p. 35)
Strategic management of industry partnerships allows universities to reap the greatest rewards
In addition to attracting beneficial industry partnerships, CROs need to develop systems for the ongoing management and growth of current partners. By differentiating levels of service and hardwiring opportunities for ongoing, two-way communication, CROs can add value to new and existing industry partnerships. In a time of increased reliance on industry partners for research growth, added value is critical not only to maintaining partnerships in light of narrowed industry partner portfolios, but also in deepening and broadening industry partnerships to promote the greatest benefit to the research enterprise.
"“We have plenty of partners. What’s hard is keeping them. [Companies] like to think in terms of one-off relationships, and the burden is on us to demonstrate lasting value.”
"Vice President for Research
Public R2 University
Section 3: Internal data and service offerings
In order to benefit the university as a whole and to realize research partnership goals, including keeping partners’ interest, university-industry partner relations must become robust, transparent, and continually progressive.
- Practice 6: 360-Degree Relationship Management Dashboard (p. 41)
- Practice 7: Preferred Access Program (p. 44)
- Practice 8: Institutional Relationship Concierge (p. 47)
- Practice 9: Dedicated-Partnership Programs (p. 50)
Section 4: Two-way listening posts
Common approaches to industry partner relationship management do not take full advantage of all inroads to partner engagement and therefore often miss key intel about partner needs and preferences. Two-way listening posts provide the tools necessary to capture all available opportunities from industry partners and strengthen existing bonds through more strategic, higher value interactions. However, to access the tools two-way listening posts provide, CROs must develop processes that leverage these engagements and hardwire future two-way communication.
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