The report ‘The Role of Business Schools in Driving Innovation and Growth in the Domestic Economy’ has been critical of UK Business Schools for:
- Having too few academics and lecturers that have experience of the ‘real [business] world’
- Not being easy for outside business to engage with when they seek help with research projects
- Failing to prioritise the UK Economy when it comes to research topics
Clearly the REF measures and the focus on student income play a part here. However when you consider the importance of Research and making it relevant and having a real impact it proves the importance of ‘Corporate Engagement’.
Large Corporates always have projects that they have to prioritise as they have limited resource. Many of those could be appropriate to ‘outsource’ to a University and a Business School in particular. As an example a good piece of work has been done by Middlesex University on ‘Access to Finance’ and trends in the Bond markets.
The role of the Business School alumni can be the catalyst in making such relationships work. Business Schools have mature alumni who are now in senior roles in business but often there has been a case of ‘benign neglect’ in recognising and managing that relationship.
Re-engaging with these alumni and seeking their help with placements (for academics), access to research and involvement in academic delivery has the potential to make a significant difference to HE and the UK Economy.