THE FINANCIAL EFFECTS OF COOPERATION OF HIGHER EDUCATION INSTITUTIONS WITH EXTERNAL ENTITIES: TOWARDS COMMERCIALISATION OF KNOWLEDGE

Abstract

The aim of this study is to identify the effects of cooperation of public higher education institutions with external entities. Realization of the study will allow to distinguish fields in which knowledge is subject to commercialisation. The financial effects of cooperation of public higher education institutions (measured with the value of income) in the scopes of action as well as legal regulations applied within them have been analyzed. Cooperation of public higher education institutions with external entities is mainly aimed at education, conducting research and promoting its results as well as undertaking actions in the scope of business activity. Cooperation of higher education institutions is executed on the grounds of the rules of law regulating activity of public sector organisations. Legal regulations make the realization of tasks more efficient, they facilitate their functioning. They also support decisions concerning management of complex organisations to which a higher education institution belongs. Conducting research and development works with the cooperation of entrepreneurs or by their order contributes to exploitation of the scientific potential of higher education institutions as well as to implementation of new solutions which correspond to the market’s needs. Knowledge and experience of researchers (employees of a higher education institution) – when used in a proper manner – can have their potential value and ability to bring financial advantages. They can be commercialised by the managing staff of a higher education institution.