Today, the University of Wales started its agreement with the Massachusetts Institute of Technology (MIT), one of the World’s leading universities.
Founded in 1861, MIT has produced 75 Nobel Prize winners, seven of which are still working within the institution. With just over 10,000 students, it attracted £383 million of external research funding last year. More importantly, its success in commercialising research is unrivalled globally. For example, it has been estimated that the 25,800 currently active companies founded by MIT alumni employ about 3.3 million people and generate annual world sales of £1.5 trillion, producing the equivalent of the 11th-largest economy in the world.
Today, the University of Wales has become a partner in the Industrial Liaison Program (ILP), which helps leading global companies keep pace with industry changes, develop new products and processes, and adopt innovative management practices.
Founded in 1861, MIT has produced 75 Nobel Prize winners, seven of which are still working within the institution. With just over 10,000 students, it attracted £383 million of external research funding last year. More importantly, its success in commercialising research is unrivalled globally. For example, it has been estimated that the 25,800 currently active companies founded by MIT alumni employ about 3.3 million people and generate annual world sales of £1.5 trillion, producing the equivalent of the 11th-largest economy in the world.
Today, the University of Wales has become a partner in the Industrial Liaison Program (ILP), which helps leading global companies keep pace with industry changes, develop new products and processes, and adopt innovative management practices.
As part of this arrangement, Welsh companies that are members of the University of Wales’ Global Academy will be given access to world class academic expertise in key science, engineering and technology areas.
This is a real opportunity for Welsh businesses to gain direct access to some of the best academic minds in the World and I am thrilled at the prospect of having companies from Wales gain direct access to the ILP programme which helps businesses worldwide harness MIT's resources to address current challenges and anticipate future opportunities.
The aim of the University of Wales is to take the best of Wales to the world and to bring the best of the world to Wales. This programme is a perfect example of that philosophy and will enable Welsh entrepreneurs to work alongside MIT faculty to monitor emerging innovations in science and technology and explore their potential impacts. It will also give them the chance to explore new management practices and solve specific problems through consulting or research collaboration with the best in their field.
The ILP will also enable Welsh companies to access private workshops and conferences with MIT faculty which can be used to bring outside expert viewpoints into the company’s strategic planning efforts, explore the impacts of emerging and disruptive technologies on the company’s business and consider new approaches to the company’s management and organisation.
Entrepreneurs will be able to gain exclusive access to the “MIT Knowledge Base”, which enables companies to explore emerging technologies that may impact their industry, learn about relevant research at MIT, and identify faculty members working in their company’s area of interest.
This enables companies working with the University of Wales to join an exclusive group of organisations that can, through the ILP programme, gain access to the world class expertise at MIT. Currently, 200 of the world's leading blue chip organisations from across the globe turn to the ILP for professionally coordinated access to MIT experts, research facilities, and information resources that will help them bring innovation to market. The programme offers streamlined access to MIT’s intellectual capital, and enables companies to stay abreast of new technology developments, anticipate changes in the marketplace and sustain growth and profitability.
Today was the first day of MIT 2009 Research and Development conference which all ILP members are invited to on an exclusive basis. Along with 200 other attendees, I listened to lectures by MIT's leading professors on subjects as diverse as energy, materials and transportation, and met with faculty members leading the field in technology transfer, commercialisation and entrepreneurship.
This is a real opportunity for Welsh businesses to gain direct access to some of the best academic minds in the World and I am thrilled at the prospect of having companies from Wales gain direct access to the ILP programme which helps businesses worldwide harness MIT's resources to address current challenges and anticipate future opportunities.
The aim of the University of Wales is to take the best of Wales to the world and to bring the best of the world to Wales. This programme is a perfect example of that philosophy and will enable Welsh entrepreneurs to work alongside MIT faculty to monitor emerging innovations in science and technology and explore their potential impacts. It will also give them the chance to explore new management practices and solve specific problems through consulting or research collaboration with the best in their field.
The ILP will also enable Welsh companies to access private workshops and conferences with MIT faculty which can be used to bring outside expert viewpoints into the company’s strategic planning efforts, explore the impacts of emerging and disruptive technologies on the company’s business and consider new approaches to the company’s management and organisation.
Entrepreneurs will be able to gain exclusive access to the “MIT Knowledge Base”, which enables companies to explore emerging technologies that may impact their industry, learn about relevant research at MIT, and identify faculty members working in their company’s area of interest.
This enables companies working with the University of Wales to join an exclusive group of organisations that can, through the ILP programme, gain access to the world class expertise at MIT. Currently, 200 of the world's leading blue chip organisations from across the globe turn to the ILP for professionally coordinated access to MIT experts, research facilities, and information resources that will help them bring innovation to market. The programme offers streamlined access to MIT’s intellectual capital, and enables companies to stay abreast of new technology developments, anticipate changes in the marketplace and sustain growth and profitability.
Today was the first day of MIT 2009 Research and Development conference which all ILP members are invited to on an exclusive basis. Along with 200 other attendees, I listened to lectures by MIT's leading professors on subjects as diverse as energy, materials and transportation, and met with faculty members leading the field in technology transfer, commercialisation and entrepreneurship.
To say that this was a mind-blowing experience would be an understatement and I hope that we can build on some of the discussions we had today to benefit the Welsh economy.
And just to give an example of the calibre of people who are here at the event, I had a chat over coffee with the President of Honda research centre in Silicon Valley who expressed an interest in seeing how Welsh companies could potentially help with his research agenda and given that one of the companies working with us is developing a hybrid engine, there are real possibilities emerging for Welsh firms.
I also discussed the possibility of having teams from MIT come over to assess projects for innovative welsh start-ups and I will be following up on this later this week with the ILP team
That was just day 1 - can't wait until tomorrow....
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