Abstract

As knowledge has become more closely tied to economic development, the interrelationship between academia and industry has become stronger. The result has been the emergence of what Slaughter and Leslie call academic capitalism. Inevitably, tensions between academia and industry arise; however, universities such as MIT and Stanford with long traditions of industry interaction have been able to achieve a balance between academic and market values. This paper describes the strategies adopted by MIT and Stanford to achieve this balance. The results indicate that implicit culture is a stronger determinant of balance than are explicit rules. Finally, the author proposes a concept of balance to reconsider the relationship between academia and industry: today’s universities, particularly those with strengths in engineering and management, are both symbiotic and interdependent with industry. A reasonable attitude toward the university-industry relationship is that of balance rather than strict separation. Universities can thus establish effective mechanisms to reach a balance between conflicting values.