Value for Money Model for Industrial Investment in University Research

University-industry collaboration is an important enabler of open innovation, however, there is a lack of understanding of how to measure the overall benefits of collaborative research projects in terms of value for money. Therefore, following a literature review, a conceptual model has been developed that provides a management framework for deriving the additional (leveraged) benefits of research undertaken at universities. The model itself is focused on the provision of value drivers (either knowledge or financial), which detail specific quantitative and qualitative metrics to enable the value for money case. The model has been initially investigated through a case study involving application to a university-industry strategic alliance over a two-year period. Preliminary findings indicate that the data and information supplied by the model helped the company to continue justifying its investment in research at the university and this has significantly strengthened the strategic alliance.