Table 7.

Practical recommendations and checklist for sustainable and successful Academic-Industry Partnerships.

Win–Win relationship: The partnership should benefit all engaged parties.

Building trust: There must be trust, integrity and compatibility of values.

Legal review: Consult legal counsel including a TTO early on.

Upfront review: Sign all necessary partnership agreements upfront.

Define vision and scope: Clearly define vision, expectations, as well as short and long term plans.

Create boundaries: Determine institutional restrictions on both sides.

Identify champions: Identify a champion from each party to drive the relationship.

Get the C-suite engaged: Garner support from senior leadership on both ends.

Financial review: Establish a credible financial budget.

Data sharing: Generate an ongoing data sharing plan.

Pilot program: Initiate a pilot program to determine fit and scope.

Workload balance: There should be fair distribution of roles.

Review resources: Manage resources judiciously.

Governance review: Ensure good governance and project management.

Be transparent: Maintain transparency throughout the partnership.

Compliance review: Maintain compliance with all involved institutions and regulatory bodies.

Full disclosures: Adhere to full disclosure and acknowledgement.

IP review: Address monetizing IP with all stakeholders early on.

Local versus International: For international partnerships explore geographical considerations, especially as they apply to data sharing and compliance with specific regulatory bodies.

Engage academicians: Mitigate fear from academicians getting involved in entrepreneurship.

IP = Intellectual property; TTO = Technology transfer office.