Industry-funded research has become increasingly important to the growth of science and technology, as higher education institutions look forward to collaborating with companies to capitalize on the latest breakthroughs in their respective fields. From the perspective of the universities industry-funded research is a way to get ahead of their competitors and to secure a first-mover advantage. Companies can bring in their own experts and specialists in specific fields to the university as well and use their knowledge to co-create new and innovative products. This can help them to stay ahead of their competition and open new avenues of revenue.
For universities industry-funded research can provide them with the necessary resources to pursue their work. This can include access to specialized equipment, a generous salary and job security, and the ability to work together with other experts who may have different viewpoints and ideas.