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.