Knolege creatain - Essay Example

TOPIC: KNOWLEDGE CREATION In recent times, it is observed that a large cluster of individuals in terms of Business Industry and Universities suffer from consequences that occurred because of lack of coordination and communication. (Mongkhonvanit, 2008) explained that three different institutions: 1. Business Industry. 2. Universities and 3. Government needs to work together to fill up the gaps between them which is the cause of downfall. These three organizations need to construct faith among them to produce practically equipped graduates with thorough research implementations.

Universities are responsible for this in efficient growth of clusters and business industries are putting in no effort to make use of them for growth and innovation.Each sector has to play a certain role with constant coordination to overcome crises. Grant (1996) suggests that knowledge infuses increased performance opportunities for firms able to understand, and utilize relevant knowledge efficiently. The role of a business industry is to sponsor extensive funds for research work to universities who are struggling hard to raise funds beside their limited funds from government to bring in exceptional innovations, technology and knowledge.

Mode 2 is interconnected and not possible without a thorough work of mode 1, therefore business industry should collaborate with universities to carry on research and expand the area of innovative knowledge with practical experiments over it and simultaneously, business industry should give internships, job training and design an individual area to comprehend mode 1 studies into mode 2 work which can examine the loopholes in academic knowledge and its implementation in practical experiences which is not possible in isolated environment of universities.

This changing wave of knowledge economy has a great impact and acts as a driving force towards new opportunities for industries and will smooth the dynamics between universities and industries in the long run.Students independently cannot achieve a complete combination of theoretical and practical work if exposure is not provided but can help demonstrate through their university projects, though not sufficient to unfold their growing minds but can contribute. It is beneficial for students to use their academia through internships or part time jobs in the relevant industry in summers or annual vacations.

Universities are the pathways for students but students themselves should take initiative to promote practical enforcement of their academic theories however on large scale, business industry, government sectors and universities should design a workable structure for upcoming graduates to make them useful, practically efficient and realistic towards industrial work. This will help boost the performance of industries, universities, economy and intellectualism. A little redesigning of strategies is required to produce successful graduates.

References:Andriani, P. et al. (2005). The Cluster Effect: How Clusters Policy can make the UK more Competitive, Executive Briefing, London, U.K.: Advanced Institute of Management Research (AIM)Lindsay, V.J. (2002). Knowledge creation and industry cluster learning, The Third European Conference on Organizational Knowledge, Learning and Capabilities, Athens.Mongkhonvanit, J. (2008). The relationship between university and industry in the knowledge economy: a case study of Thailands automotive cluster.

Thesis (Doctor of Business Administration (DBA)). University of Bath.