While many academics generate impressive research results, their discoveries often require further research and development to fully mature. This can be expensive, time-consuming and risky and it is clearly not the university/PRI’s role to manufacture and commercialize the results of its research.

In recent decades, numerous academic institutions and commercial partners have been taking steps to bridge the gap between academia and practice. Companies and other commercial partners have started adopting open innovation approaches to R&D, combining in-house and external resources. Meanwhile, universities and PRIs have begun to play a more active role in the transfer of their knowledge and their interactions with industry and other partners, in order to take full advantage of their research results.