Driving Industry Growth through Academic Excellence: A Study on the Strategic Contribution of University-Industry Knowledge Transfer in Revamping Manufacturing SMEs in Developing Economies

Abstract

The theory of university-industry knowledge transfer and its ability in transforming the fortunes of SMEs as well as its general applicability to driving industry growth has commanded some research interest worldwide though not much has been written of developing economies. The authors investigate the strategic contribution of academic excellence, through university-industry collaborations, in revamping SMEs in the manufacturing sector. The study commenced with a review of current literature on university-industry collaborations which provided a basis for evaluating five university-SME collaborations over a period of five years. The study found that the lack of professionalism and management incompetency in most SME organizations was undermining the contribution made by the academic institutions in promoting industrial growth in Zimbabwe. We examine the contribution of academic excellence as an engine for industrial growth in SME’s in developing economies such as Zimbabwe. The study is anchored on promoting industry (SMEs)-university collaborations where universities and other institutions of higher and tertiary education are required to produce highly knowledgeable graduates who are expected to be the drivers of economic development and growth, in the same manner; industrialists are expected to participate in the development of relevant curriculum programmes in universities. Built on some preceding evidence, the paper confirms that university-industry collaborations supported by the state, promote new SMEs and universities’ capabilities through complementing one another. Moreover, the paper articulates on how such a platform could be created. DOI: 10.5901/mjss.2014.v5n14p252