Formulating Industry-Academic Collaborations That Work: Best Practices to Ensure a Strong Relationship After the Agreements are Signed

Abstract

Collaborations between academia and industry are growing in scope, duration, and sophistication. The best collaborations recognize the unique strengths and skill sets of both parties and are structured to leverage what each party does best. In many cases, these collaborations develop into long-term relationships, and it is important to develop the systems and structures needed to support these relationships to ensure that they meet the needs of both sides. Successful collaborations require the formulation of a governance structure to facilitate communication, decision-making, assessment of progress, and the inevitable changes of direction that accompany product development. This panel explored the pragmatic aspects of successfully structuring collaborations and managing the relationships after the deal is done. Several dominant themes associated with successful collaborative relationships emerged from the discussion, and these will be explored in this article.