With the economy in dire need of a boost, an increasing number of Japan's universities have, with government support, started collaborating with the private sector to create new businesses to revamp the nation's industrial competitiveness.
This cooperative relationship between universities and business, according to Stanford University President John Hennessy, is particularly useful when promoting the transfer of new technologies from universities to industry.
Hennessy said universities should be actively involved in transferring technologies to industry, because such efforts not only contribute to society but to the further development of the technologies.