Both private and public sector companies have created an impact through linking education and economy, by empowering the young and enhancing their roles with the aim of building national sufficiency. Clear collaborative actions are evident through the communicative efforts between local universities and institutes, and the adoption of young talents within them. Whether through cooperative training programs, or by opening their own permanent offices that embraces students and provides them with counseling in various scientific disciplines. The adoption of this type of cooperation bridges the facilitation of education outputs with labor market needs. It creates an attractive and competitive environment for young men and women. What is the ideal form of this cooperation? Its shape could vary from one company to another, and also differ by their abilities. Companies can contribute to specialized university clubs, the creation of the practical aspects, or the development of courses and creation of innovative incubators and business accelerators.
The first goal of collaborative efforts between companies and educational institutions must be knowledge creation that stems from three main activities: supporting scientific research, enhancing technical development, and nurturing creativity. Through financial endorsements, companies support universities by supplying them with the latest technologies that are much needed for research, and by sharing their expertise with students and academics. This continuous collaboration between knowledge and application results in the expansion of applied research through linking rigid theoretical concepts with the changing realities of their fields.
A model for success
One of the benefits of cooperation that may take place between companies and educational institutions is hunting for the best emerging talents. This means approaching the students in the educational environment and identifying those who are willing to familiarize themselves with different expertise. Companies need passionate individuals who share their goals and future vision. Also, through the cooperation with educational institutions comes access to different talents in various disciplines, which are much needed for companies to work efficiently. Such smart ideas are reborn every time companies invest in students’ learning and training. All these efforts will minimize future costs that are set to fund employee’s training and future development. Recruiting fresh graduates who are equipped with the latest scientific and practical expertise, before they reach the market, releases companies from having to compete against others.
Cooperation of companies and educational institutions is inseparable from the efforts of all national sectors, in order to reach a knowledge-based economy. Although companies might seem like the first beneficiary through the possession of diverse minds and innovations, they contribute greatly to industry programs and lifelong education through attracting outstanding students and assigning them the right jobs to succeed. Therefore creating an open path towards knowledge and human development.