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How Locating Near a University Could Benefit Your Company's Bottom Line

Utilizing the resources of nearby universities will help a company to engage in R&D, acquire best practices for business, and enhance work force development and recruitment.

Patrick O. Gottschalk, Chair, Economic Development Team, Williams Mullen (Fall 2011)
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Work Force Development and Recruitment
Finally, it is also evident that universities can provide a rich supply of new intellectual talent for both the engineering and management needs of your company. Internships, summer employment, and research projects expose the company and the students to each other and can be mutually beneficial, especially over time. Universities can also be extremely helpful in identifying what training and skills are needed by companies and assisting companies in mapping out training programs.

Many benefits can be derived from a constant stream of students, at both the undergraduate and graduate levels, visiting and working at your facility. If a good working relationship develops between your company's human resources department and the university's career placement office, that collaboration can provide a steady flow of students who may meet your needs for all types of positions.

In sum, before a final location decision is made, a CEO would do well to evaluate his/her company's need for a university affiliation and examine, with the relevant state and local economic development officials, whether a presentation by one or more university representatives in that state would enhance the location decision. If you conclude such an affiliation would be helpful, you will not only improve your company's bottom line, but you will also be helping to magnify the existing economic impact of the university with which you have chosen to partner.
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Is there federal funding available to companies for collaborating with universities?
A number of National Science Foundation programs and numerous DOE solicitations strongly encourage public-private collaboration. More
- Patrick O. Gottschalk, Chair, Economic Development Team, Williams Mullen