How to See into the Future

University Innovation is a Window to the Future

“You can see the future if you spend a lot of time in university research labs because a lot of the stuff that is being developed today is actually being used in these lab environments”- Mark Andreessen; Andreessen Horowitz

Academia Leads the Way in Research

Companies that once invested in large R&D budgets and departments dedicated to innovation have had to cut way back on their programs. The costs associated with investment in new technology are often too big a burden for a corporation to justify to their shareholders.

According to a new study from PwC, the rate of growth in corporate innovation expenditures slowed sharply in 2014, to just 1.4 percent—the slowest rate of growth in the past 10 years. Additionally, a recent National Research Council report highlighted that academia performs 60% of all U.S. basic research.

Innovation is the lifeblood of any successful growing business. Today, universities are the nexus of advanced technology, new ideas, and entrepreneurship as well as passionate, creative, intelligent, people. It is sensible that to stay competitive, corporations must focus some of their innovation resources in continuously monitoring and participating in the research and entrepreneurship originating from academia.

Unique Capabilities and Resources

Universities provide professors, researchers, and budding entrepreneurs, access to state-of-the-art labs, equipment, computers, and an environment that is conducive to the easy and frank exchange of ideas. The academic environment is unique in providing the resources needed to perform basic research in the material, physical, and digital sciences that are at the forefront of innovation.

Universities are driving innovation by focusing on the cutting edge of research in areas like artificial intelligence, big data, haptics, robotics, augmented reality, additive manufacturing (3d printing), virtual reality, and human-computer interfaces– all dynamic areas of advancement that will change our lives forever but are too risky for industry to justify the investment to their shareholders.

A Living Laboratory for Innovation and Entrepreneurship

Today, there is a lot of emphasis on how startups are driving innovation and how students should skip college to become entrepreneurs. While this may make good clickbait, the true value of the basic research and innovation originating from universities is being overlooked.

A university campus is a living laboratory where ideas are born, exchanged, and built upon. It is where researchers and soon-to-be entrepreneurs have exceptional access to cutting-edge resources.

It is an environment where students with a focused passion for entrepreneurship can get an educational foundation in Computer Science, Design, Marketing, Finance, and Entrepreneurship that will help them throughout their lives. A place where they have access to technology, innovative ideas, and conversations that can develop into the relationships needed to create the basis of their future business.

Driving the Entrepreneurial Spirit

There is a strong desire by many students and researchers to become entrepreneurs. Academia has started to understand this trend and has adapted their curriculum and teaching practices to meet the demand.

Many schools now offer programs where the students are required to develop team projects where at the end of the course, they present a business plan that includes the product (this could be an app or a service), market research, target customers, value propositions, use-cases, and a business model; all the necessary steps to develop a successful new business.

Some teams develop prototypes or fully functioning models of their product. Indeed, some schools have gone the extra mile and have programs that bring together students from different disciplines (like Engineering and Business) as well as bringing in mentors from the business community.

To Stay Competitive, Companies Must Develop a University Innovation Strategy

Technology and user behaviors are changing at such a rapid pace, that corporations need to have a well thought out strategy to stay informed of the current realities they face in the market.

This means that as companies look for new ways to improve their innovation capabilities, they should have knowledgeable, dedicated people responsible for strategic relationships with universities and for driving the internal processes needed to make the most of the innovation they find.

How is your company tapping into the innovation of universities? Let me know your best practices.

Marc O Goodman, President of the Nextend Strategy Group, has driven innovation with Fortune 500 companies and startups for over 20 years. He has been an entrepreneur and successfully launched a number of innovative new products. He is best known for developing a university innovations program for the multi-national telecom company Alcatel-Lucent – growing the program to over 25 universities worldwide. During this time, he worked closely with the innovation centers of AT&T (The Foundry) and Verizon. He is currently a consultant for corporations who want to drive innovation by developing strategic partnerships with academia as well as for university tech-transfer offices who are commercializing the discoveries and inventions of faculty researchers. Additionally, Marc has a passion for coaching entrepreneurs and helping them bring their ideas to market. He is a globally acclaimed speaker.