Open Innovation from the Perspective of a Diversified Fortune 500 Company: Effective Management of the University-Company Interface

The title of this session is an expression of the interest on the part of companies and universities to work together to create business opportunity. Universities are becoming key sources of discovery and with recent changes in government funding (amount and process) academia will be playing an ever increasing role in how we innovate. Global competition, rising R&D costs and thus the need to get more products to the market sooner are some factors forcing companies to reach beyond themselves, e.g. to research universities, for new ideas and capability. Bridging the traditional divide between the academic and company missions is a challenge but one that is being overcome. Communities, some with government backing, have formed to brainstorm and benchmark through the challenges. The University-Industry-Demonstration Partnership (UIDP, www.UIDP.org) is a good example. Successful university/company engagement is recognized to be in the National interest. This talk will describe what some companies and universities that are serious about working together are doing to traverse this interface effectively.&'