Benefits of University-Industry Partnerships: The Case of Kenyatta University and Equity Bank

Abstract

University collaborations and industry partnerships are rapidly becoming a common practice the world over. Consequently, collaborations and partnerships are becoming a feature of lifelong learning in universities. Thus, this paper purposes on highlighting the importance of university-industry partnership between Kenyatta University and Equity Bank. The symbiotic relationships between universities and industry are very significant in fostering the economic development of a nation. Due to increased competition as a result of globalization and constant technological advancements, it is imperative for universities to collaborate with industry in order to enhance the diffusion of knowledge, increase research and development, patent innovations and build the nation’s organizational capacity. For this reason, it is has become increasingly clear that there is need for close university-industry interactions as a means of national economic prosperity. Therefore, this paper examines the benefits of university-industry partnerships in promoting academic growth and community development with a specific focus on Kenyatta University. As its case study, the paper explores the partnership between Kenyatta University and Equity Bank. In our analyses, we examine the nature and role of collaboration between the two partnering institutions and illustrate how such partnerships promote academic and community economic development. In addition to the potential positive outcomes, this paper also discusses challenges and caveats of the partnership. Ultimately, the paper concludes that in the wake of growing economic challenges due to globalization, there is need for universities to forge working relationships with the industry in order to be relevant, progressive and to spur a nation’s economic growth and development.