The role of business in higher education

GLOBAL higher education has undergone major transformations, including the number of institutions, to methods of inquiry, and the number of students reached. Today, the discourse is focused on exploring the new role of business in higher education. It is argued that business and education can work together and collaborate with governments and civil society, and thus create more value for society. So how can businesses engage with education in a meaningful way? In recent years, corporations, whether agriculture, engage in education as part of their core business strategy new ways to become meaningful partners for schools, civil society, and governments.

Business and education collaboration

For large companies, collaborating with universities or public research institutions is a major source of knowledge transfers, according to an Organization of Economic Cooperation and Development (OECD) study. This collaboration provides funding, raises the quality of their students, student placement, and workforce development.

It is important for companies, governments, and education to work together to meet global education needs, particularly in developing the workforce of the future and ensuring student success. Business and schools can create partnerships that improve education on a large scale. The merger of the education business of Ayala Corp. and the Yuchengco Group of Companies is a step in the right direction. Helen Yuchengco-Dee said this “…would enable the Yuchengco group of companies and Ayala Corp. to jointly contribute to the improvement of the quality of education in the Phil of society.” Jaime Augusto Zobel de Ayala, chair and chief executive of would “…help build our nation through education” and would would enable us to better equip students for compelling futures.”

Moreover, other Filipino taipans and companies have supported education. SM Investments Corp. has donated a new campus, reportedly costing P400 million to the University of the Philippines system, and has supported Na College, and Far Eastern University. JG Summit Holdings founder John Gokongwei Jr. has reportedly donated P500 million to both La Salle and Ateneo, among others. Manuel V. Pangilinan is known for his support for Philippine education, especially sports development. Metrobank Group head George SK Ty supported the Asian Cultural Center at the University of the Philippines in Diliman, Quezon City. Philtrust Bank’s Emilio T. Yap supports Centro Escolar University, while RCBC’s Alfonso Yuchengco expanded the Mapua Institute of Technology. Ayala Corp. has a number of programs supporting education, through the Ayala Foundation, including the Global Filipino Schools, Training Institution, Center of Excellence in Public Elementary Education, as well as, the Ayala Young Leaders Congress and a scholarship program at Harvard University. For Asian entrepreneurs, as pointed out by Wilson Lee Flores, “traditionally believe that it is a moral responsibility and also a blessing to support education.”

Building the workforce of the future

Over the years, companies have transformed from simply hiring talents to developing a skilled workforce. This partnership with educational institutions increase the employability and economic mobility of workers and ensures a quality pool of workers, thus minimizing the jobs- skills mismatch predominant in some markets and economies.

For example, the Cornell Tech “Silicon Alley” Initiative in New York and the “Silicon Roundabout” in London, showcase the collaboration between foreign investors, local start-ups and universities. Microsoft research unit partners with the University of Melbourne on people’s interaction with technology. The partnership with University of Sydney’s Quantum Nanoscience Laboratory looks at real-world engineering applications of quantum machines. The Microsoft Software and Systems Academy is a collaboration among the US Department of Defense, St. Martin’s University, and partner companies for training programs, mentorship and employment opportunities for US veterans.

Promoting innovation through collaborations

What we hope to achieve in the near future would be more business collaboration between Philippine institutions of higher learning, government, local and foreign companies, and civil society. The Harvard Innovation Lab is an example of collaboration that promotes entrepreneurship among Harvard students, faculty, entrepreneurs, and members of the community. In the Philippines, Civika Asian Development Academy develops leaders through social labs, leadership programs, and technology-enabled community development. Another example is the Team Energy Center for Bridging Leadership at the Asian Institute of Management.

Given the renewed ties with Russia and academic partnerships forged, one possibility is to explore partnerships between Russian companies, particularly those engaged in shipbuilding, construction, technology, and space industries, and Philippine institutions of higher learning. This can pave the way for more entrepreneurial and innovative solutions, not only to address challenges in education, but also to realize human capital. In this regard, new thinking on public-private partnership, new business models, and cross-sector collaboration would unlock possibilities and ensure better societies, and better lives for the Filipino people.