Innovation and entrepreneurship through industry-academic collaborations: A collegiate model for economic development

Abstract

In March of 2015, the School of Engineering and Computing Sciences (SoECS) of New York Institute of Technology (NYIT) launched its Entrepreneurship and Technology Innovation Center (ETIC) with a mission to consolidate and expand the School's ongoing industry-academic partnerships, foster innovation and promote collaborations between industry, the academic community, professional organizations, and government. By having direct access to industry, students benefit from real-life experiential activities while gaining the foundational skills necessary to their integration into the workforce. As a source for talent, entrepreneurship, and innovation in technology, engineering and applied science, the Center supports Long Island's and the broader NY metropolitan region's economic growth and greater competitiveness in three critical areas: IT and cyber-security, bioengineering and medical devices, energy and green technologies. This paper highlights NYIT's efforts to provide a modern, 21st century educational environment where entrepreneurship and innovation can thrive, and discusses various initiatives over the first year of operation of the ETIC. It provides an overview of the approach taken to recruit businesses to the Center, establish novel partnerships, and leverage industry association memberships. The paper includes examples of ongoing and planned academic - industry collaborations, indicating challenges to establish those and how to overcome them. The paper also presents a discussion about the creation of synergies and alliances with existing businesses starting with the establishment of a robust advisory board, as well as the selection criteria for companies based on their potential to support students' project-based learning, and to spawn innovation and economic development while boosting the regional economy.