In the past the two very different cultures of industrial research and academically based research have defined the interactions between them. Some of these cultural differences have had the unfortunate effect of unnecessarily inhibiting open and full interaction between academic scientists and industry (National Academy of Sciences, 1991). The notion that each sector has its own well-delineated and isolated role in the R&D process is outmoded in today's research environment. The longstanding paradigm that new fundamental knowledge that is discovered in academic settings flows to industry, where it is transformed into useful commercial applications, is no longer entirely valid. However, too much emphasis has been placed on the dichotomy between the ''pure" basic research performed in academic settings and the applied research considered the province of industry (Varrin and Kukich, 1985).
Universities are largely recognized as the marketplace of ideas where knowledge is pursued following the norms of free discussion and free access to and exchange of information in concert with the uninhibited freedom to publish scholarly works. Such an environment relies on trust and openness and a clear understanding of a set of principles governing scholarly pursuit. Simply stated, these principles include the following: the academic institution and the faculty pledge themselves to the open, unimpeded, and objective pursuit of ideas; to the exchange of ideas openly and without deceit; and to the full and wide dissemination of knowledge through teaching and written publication of the results of scholarly inquiry (Giamatti, 1983; Merton, 1942). Largely through publication in peer-reviewed journals faculty submit their research findings to the critical scrutiny of their peers to ensure that there has been completeness in investigation and citation and that rigorous and logical conclusions have been applied in the process.
Whereas industrial research may be subjected to the same rigor during the research process, the primary driving force is the commercial potential of products and processes derived from new knowledge, basic or applied. Commercial application of new knowledge typically requires substantial investment in applied R&D to bring products or processes to market. Companies will make such investments and take the associated risks only when they can expect a reasonable return on investment (Giamatti, 1983). Thus, the opportunity for generating profit provides the incentive for companies to develop socially beneficial applications of new knowledge. However, to realize profits from technological innovation and remain competitive in the marketplace, companies strive to protect their proprietary knowledge from other companies. This emphasis on protecting trade secrets, often through limiting the exchange of information, is antithetical to those investigators in academia. As a result, industry-sponsored research has often been perceived as being of lower intellectual caliber than investigator-initiated investigations of the type supported