University Industry Patnesrship: Mutual Benefits, Collaborations & Challenges

The numbers of research, we're performing earlier on partnerships between Industries and Universities, and were increased spectacularly over the past 20 years. This article examines the emerging Technology Transfer, Knowledge Transfer, Product-Process-Service Innovation, Publication Etc. are expected to play in economic development, as well as University Industry (U-I) mutual benefits by mutual understating and mutual collaboration. In this paper the interface between universities and industry is studied as a way of responding to the economic needs of society in the 21st century through academic entrepreneurship i.e. the variety of ways in which universities take direct part in the commercialization of knowledge through the supply of ingenious research and inventions. This university-industry interaction will help the industry pact with financial pressure to reduce costs, increase efficiency, innovative ideas, increased competition and rising customer expectations. Collaboration with firms increases the quantity and quality of the research output only when the firm's characteristics craft them precious partners. Secondly, by this paper I have discussed about major challenges in which I have find some of challenges as eminence of information generates, lack of information about issue, time perspective, prospect of both the parties, technical issues etc. The purpose of this paper is to find out the Mutual Benefit sand highlight various challenges which create difficulties to University-Industry Partnership (U-I).