Knowledge exchange is term used to describe the flow of knowledge between academia and industry. I prefer the term ‘exchange’ rather than ‘transfer’ because, in my experience, the process works best iteratively – with companies and academics communicating at every stage.
So often, academics are able to bring value to a company in ways that the company were not able to identify from the beginning.
Big businesses are expert at making the most of engaging with academics to improve their products. SMEs, including start-ups, can benefit too and are often able to adopt new processes more easily. In Knowledge Exchange for start-ups I’ve written some advice for start-ups who are considering working with academics.