According to research published today by the Institute of Directors and Universities UK, as part of Universities Week 2011, there has been 'wide-ranging engagement' between businesses and universities, driving innovation and employment, as well as boosting local economies.
Research was a key area for some SMEs, with 12% participating in collaborative research, 9% contracting a HEI to conduct research and 7% using specialist equipment and facilities.
In addition, SMEs clearly seemed to be benefitting from the 3.7 million days of continuing professional development courses delivered by universities annually, with 37% attending lectures, conferences and public events, 12% working with universities to personally undertake professional development and 7% using them to provide bespoke professional development for their employees. Close working with universities on the employment pool also emerged as a trend, with 27% of those surveyed employing recent graduates or post-graduates, 18% offering work experience opportunities or sandwich placements, 14% offering formal internships for undergraduates, graduates or post-graduates and 10% even working on live business projects as part of a course.
Miles Templeman, director general of the Institute of Directors, said: "This research uncovers an ever-growing network of universities and small businesses delivering genuine innovation on the frontline of British business. We hear all the time of exceptional ways that smaller companies are working closely with universities to mutual benefit. It is good for our members, good for universities and good for the economy. We want to see these relationships grow even stronger."
The research also shows positive experiences for businesses working with universities, with 58% viewing the impact of their links as positive or very positive, 37% finding the impact significant or very significant in terms of delivering their business objectives and over 30% viewing their businesses' links with universities as strong or very strong.
Almost half (48%) felt that universities have changed their culture over the past 10 years to be more commercial and business-facing. Yet, despite the positive results in many areas, 55% of those working with HEIs said universities should make it easier for businesses to find out whom to speak to in universities or other higher education institutions and 47% they should promote their services more effectively to businesses.
Nicola Dandridge, chief executive of Universities UK, said: "With nearly half of businesses reporting that universities are becoming more business-savvy, it is clear both parties can see the wealth of opportunities that are available and are adapting to reflect that.
"We know that universities are often the lifeblood of their local economy and are UK-wide worth over £59 billion annually. But as higher education enters a new era, it is crucial universities work even harder to cement their position as vital parts of their local, as well as national, economy. Working with SMEs will be key to this."
The Institute of Directors conducted research among 945 small and medium sized businesses (employing up to 249 people) between 11 and 25 April, 2011. Statistics on the economic impact of HEIs are taken from the Universities UK report - Universities: Engaging with local communities (2010).
