NRI industrialist Lord Swraj Paul has called for greater collaboration between academia and industry to encourage more research and development.
"Collaboration with industry should be seen as a key component in academic career development and should have a fundamental influence on their professional and financial rewards," Paul, the Chancellor of University of Wolverhampton, said addressing the Westminster Higher Education Forum in London
this week.
"It needs to be explicit in staff contracts and workload planning. This is an important means of motivating staff as well as a reflection of the growing importance of the impact of research to the funders of collaborative research," he noted.
He pointed to the Innovate UK scheme, which offers applicant companies vouchers of £5,000 to be spent with a university.
He said, "While they may help cultivate the initial relationship between universities and businesses, there is little evidence so far that they cultivate a long term partnership. The annual HE-BCI survey examines the exchange of knowledge between universities and businesses and informs the strategic direction of 'knowledge exchange' activity that funding bodies and Higher Education Institutions (HEIs) in the
UK undertake.
"This is a key performance indicator for the University of Wolverhampton, and other universities across the UK. The results of this survey have driven funding awards to universities and this is a powerful means of incentivising universities to develop their business engagement."
The Caparo Group chairman stressed that Small and Medium-sized Enterprises (SMEs) must "navigate the potential" for developing relationships with universities.
"Perhaps an improvement on Innovation Vouchers which are under development by many LEPs for innovation mentoring, advice and support for engagement with Universities would lead to greater engagement and foster the desired long term partnership. These types of schemes provide an effective brokerage that is valuable to SMEs," he said.
