Improving effectiveness of university/industry relations

Ten years ago, there was a real question whether universities and corporations could work together. Now the general consensus is that the answer is definitely yes. Industry realized that there is a tremendous pool of talent and ideas that they need to tap into. Academia understand that, with declining federal support, they must develop alliances with industry. The effectiveness of university/industry (U/I) relations is highly variable and certain aspects have emerged as critical. Hypothetical case studies will be discussed in this paper and the qualitative and quantitative measures that define a poor, mediocre, and highly successful relationship. Both universities and industry must set, as a goal, to have better U/I collaborations, so that the United States can technically compete on the international scene and stimulate continued economic growth