Strategic alliances between academic and corporate partners can provide exceptional benefits and reveal new opportunities for shared value. Benefits and opportunities include alternative sources of funding to support academic programs, more effective and efficient matching of students with prospective employers, applied research for faculty, innovative and mutual learning environments, and improved business practices. The focus of this paper will describe how three corporate‐alliance relationships with Northern Illinois University’s College of Business were initiated and developed. Other schools and companies looking to develop similar relationships may hopefully benefit from the College of Business’s experience. Moreover, corporate and academic alliances provide a potentially rich area of research.
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