In recent years, strategic alliances represent inter-firm cooperative agreements aimed to attain competitive advantages for the partners. The purposes of this paper are to suggest the key processes academia and industry collaboration in higher education in terms of policy initiatives and legal frameworks and to highlight the main challenges for the future. By discussing strategic alliances between corporations and institutions of higher education, and analyzing the success stories, it was found that research funding and cooperation with the industries are the main factors for competitiveness. In addition, continuous learning and restructuring process were enhanced by cooperation among universities. This paper offers an insight into how to improve others to effectively utilize strategic alliance between corporations and institutions of higher education.
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