By combining faculty expertise with local industry to solve applied research problems, the benefits to the University-College and business community are numerous. Faculty members can advise businesses on new technology.
Businesses can share the practical application of technology with faculty.
Students may gain valuable work experience and the local economy benefits from the technical expertise. The Technology Transfer Centre funds small applied research projects that involve faculty and industry collaboration. Funding enables companies to test new ideas on a small scale. If successful, product development occurs from these projects. The institution receives a royalty from the company once the research has been proven and the product or process is being sold.