Private sector, university partnerships can spur growth
Chakalisa Dube | Tuesday June 2, 2015 14:10
The gala dinner, which was part of the Botswana Confederations of Commerce Industry and Manpower (BOCCIM) Northern Trade Fair commemorations, was themed: ‘Encompassing Value Creation Through Innovative Partnerships’.
“A partnership of local business and local universities can help drive economic growth as well as improve the efficiency of companies,” argued Boy. He explained that detailed information provided by universities on markets they operate in and the general business environment could benefit companies.
He added: “In short, universities help companies through research in order for the latter to come up with innovative business models that can either create a new market or allow a company to create and exploit new opportunities in existing markets”.
Boy said that when companies and universities work together they can also become a powerful engine for innovation, which can help both parties improve their product offering.
“Silicon Valley is a dramatic example. For over five decades, a dense web of rich and long-running collaborations in the region have given rise to new technologies at a breakneck pace, and transformed industries while modernising the role of the universities,” he said. The UB lecturer also said companies doing similar works or working in related industries should form partnerships to boost their innovations and products or services they offer.
“Partnerships among firms offer a way to different players with differing skills and resources to join together and create a venture that is greater in value,” he said.
Boy also recommended that a steering committee made up of organisations such as BOCCIM among others should be set up to take care of partnerships between universities and businesses as well as those of industry-to-industry.
“The committee will operate under terms of reference, which will guide it bringing together the local businesses creating value in partnerships,” he said.