University researchers are in demand to help address skills shortages across a range of industries including AI and machine learning.
So finds a new report that explores the potential for collaboration between businesses and universities, commissioned by the Developing Business-Aware Academics project at the University of Exeter Business School and written by CBI Economics, the independent economic consultancy arm of the Confederation of British Industry.
In a survey of 235 UK businesses, an average of 85% identified skills gaps as a major threat to their competitiveness, with skills shortages in artificial intelligence identified as among the most pressing challenges.
Asked how they would tackle AI skills shortages, 44% of big businesses indicated they would be more likely to engage with academic expertise in universities than to seek external hires or outsource.
According to the findings, 80% of large businesses and 42% of small businesses believe that greater collaboration with academia would help unlock innovation.
Louise Hellem, Chief Economist, CBI, said: "Businesses are expressing a clear wish to work with universities. At a time when the UK is seeking to go further and faster in its pursuit for economic growth, address chronic skills shortages, and embed cutting-edge technologies across its economy, the role of universities as connectors between academic research and business innovation has never been more vital."
The survey reveals that, while businesses increasingly recognise the value of engaging with academic researchers, they often struggle to access the expertise they need.
The report calls for universities to prioritise development programmes for researchers that include sector-specific training, networking and immersive initiatives, to equip researchers with the skills and experience to engage with business.
Professor Alison Truelove, Director, Developing Business-Aware Academics, University of Exeter Business School, said: "Researchers are at the heart of academia-business engagement and remain a largely untapped talent pool rich in higher level skills. Support for researchers must be at the centre of strategies to reshape academia-business engagement. Importantly, universities and funders need to incentivise and reward researchers, and recognise that business engagement and research excellence can be mutually beneficial: they both champion innovation, offer new perspectives and open new paths to funding."
The survey, which received responses from businesses across all sizes, regions and sectors, found that smaller firms would particularly value access to specialist facilities and consultancy from universities.
Common barriers to collaboration include complex processes, lack of awareness and misaligned goals.
Businesses indicated that universities should simplify collaboration processes, offer improved networking opportunities for businesses and researchers, and align engagement opportunities with funding.
The report, Equipping researchers for impact: Unlocking the potential of university-business relationships is published by CBI Economics, the independent economic consultancy arm of the Confederation of British Industry.
