Relooking industry integration

Many business schools have a department or an area of activity that is given the name “industry integration”. Typically, the activities under this head include areas like executive education, guest lectures by industry faculty, field visits, internships and jobs. Perhaps this is the first area that we need to address.

- Ranjan Banerjee

When we look at the word integration, the dictionary meaning is the process or act of uniting different things. When we look at business schools and corporations (“industry”), this could be interpreted at two levels—the institutional level and the activity level. Specifically, there is a common, mutually agreed goal which governs the direction of mutual action that the corporate and business school will undertake together. All the activities which the corporate and the business school will undertake will be in service of this common goal.

Currently, industry integration activities of most business schools would not meet this definition. Business schools have largely approached industry with a menu card of activities and requested industry support or involvement in these activities.

What are the benefits of moving from a multi-transaction to a relationship/partnership approach? First and foremost, it implies a greater understanding of each other’s needs and consequently, a relationship based on mutual respect and common goals. Secondly, it throws up the possibility of multiple formats of creative engagement which can create new layers of value. Here are some examples which have been practiced by some leading institutes (albeit not consistently):