Industry Academic Interaction Essay

5132 Words21 Pages
Making Academia-Industry Interface work Abstract Universities and industry, which for long have been operating in separate domains, are rapidly inching closer to each other to create synergies. The constantly changing management paradigms, in response to growing complexity of the business environment today have necessitated these two to come closer. Higher education institutions not only contribute skilled human resources to business, but also in various intangible ways. The intersecting needs and mutually interdependent relationship requires identifying means of further strengthening academia-industry partnerships. This paper attempts to explore how business schools can work closely with industry, study the dimensions of academia-industry partnership, and identify possible areas where industry’s contribution to academia would be most effective. This Exploratory study involves first hand information from faculty and heads of business schools on this issue, and focuses on the Indian scenario. Introduction Extremely dynamic business world and the rapidly developing knowledge based service economy have put in an increased demand for professionals to manage the business effectively. And this is precisely the reason why amongst various other fields of knowledge, desire for acquiring management qualifications is growing, both amongst the fresh graduates and working executives. India has also not remained untouched with management degree bug and business education in India has been on a rapid rise in last one decade. In India, before the 60’s, business education was not offered as a separate area of specialization. Employees in the businesses were mostly graduates or postgraduates in ‘Commerce’ stream. In the 1960’s, business education formally starting gaining importance in India with the establishment of two Indian Institute of Management; IIM

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