The Role of the University in Developing Business from Science

The Role of the University in Developing Business from Science

Introduction

University was existed around the world since ancient time as an institution of higher education and research. The first documentary evidence of “the university” was found in China, which was four thousand years old. The oldest university used to be only a gathering place for people to sharing and discuss their knowledge and ideas with each other. Then the role of university is changed to the heart of that in both providing the intellectual workforce and in technological innovation.

In the new economy, ideas and intellectual capital have replaced natural resources and mechanical innovations as the raw material of economic growth. The university becomes more critical than ever as a provider of talent, knowledge, and innovation in the age of knowledge-based capitalism. It provides these resources largely by conducting and openly publishing research and by educating students. This assay is going to analyses the different roles of university in developing business and the contribution of universities.

Education

A major role of universities is to prepare their students for success in the labour market after they graduate. From a policy perspective, the role of field of study and university characteristics in determining labour market success of graduates is a compelling issue. It prepares most of the professionals who develop, manage, teach in, and influence society's institutions. Industry is one of the most powerful of those institutions. In order to become sustainable, industry needs to hire graduates who know how to help make those businesses sustainable (Chakrabarti et al, 2003). Industry must also have a large constituency of consumers who are well educated enough to want to buy products from the environmentally and socially responsible companies over those companies that are not.

Education feeds indirectly into both public and private budgets through productivity gains,...