Academic Institutions are of great importance in the context of research and innovation. A linkage between academic institutions with businesses gives gainful results. Due to financial constraints, a Small and Medium Enterprise (SME) can’t undertake the research and development (R&D) by its own. Hence, SMEs should partner with academic institutions to undertake shared R&D for them. Many companies already work with these institutions in a wide variety of ways, benefiting both partners.
There are three major reasons behind SMEs’ seeking help of the academia, which are to get a new idea/product/technology, reduce cost and to enhance skill. SME owners are in need of the required information regarding production cost, operation cost, durability, quality and risk involved to take appropriate decision for diversification of their businesses.
ISSME works with millions of SMEs across the globe in various sectors and sub-sectors throughout the globe. Issues of SMEs vary according to the nature and place of their businesses as well as their targeted consumers/ customers. Hence, solutions need to be found by undertaking appropriate research and development. In a fast changing market where consumer goods get obsolete in a short span of time, SMEs need to take help of these institutions for developing innovative products and ideas in a cost-effective manner to sustain in the market. This is inevitable in a demand-driven market scenario.
Keeping in mind the interest of millions of SMEs for whom ISSME was established, ISSME strives to work in cooperation with academia. Not just for R&D but to develop an appropriate training module as per specific needs of different types of SMEs, ISSME cooperates with these institutions. These institutions in turn get benefitted by way of getting new business challenges to research on, getting access to company knowledge and resources, novel concepts for teaching & training as well as getting opportunities for the institute, its staff and students. Hence, this kind of cooperation is highly beneficial for both sides.
ISSME already works with many such academic institutions and engaged in continuous process of providing viable solutions to SMEs. The cooperation with academia also includes execution of joint activities like conferences, workshops, training, research studies, seminars and advocacy movements in order to attain symmetrical objective of sustainable development of SMEs worldwide. ISSME also emphasizes on the exchange of knowledge & expertise with these institutions by sharing economic research publications and literature, audio-visuals and software packages.
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