Bridging the Gap between Industry and Academia

The cycle of economic growth and development is hampered by a number of factors, which in turn leads to an impact on the overall growth of businesses in the country.  There are a number of countries that are experiencing difficulties as a result of the growing comprehensive collaboration between academic programs and the industry.  At this point in time, the world is concerned with finding ways to make the transition between universities and the requirements of industry as smooth as possible.

Although Pakistan is experiencing energy crises, poor governance, financial instability, corruption, inflation, and terrorism, the increase in Gross Domestic Product (GDP) is a measure of the economic growth of a country. However, Pakistan is currently facing these challenges. Our gross domestic product has dropped to a low equilibrium as a result of a significant factor, and that factor is the strained connection that exists between the business world and the academic world. The application of academic intelligence in the real world appears to be unsuccessful in some way, and this is true in both the public and private sectors.

Curriculum Development:

There has been a discernible rise in the number of educational institutions in our nation over the course of the past few years. The majority of these subjects are mismatched and irrelevant when it comes to the practical implication in the real world, despite the fact that better programs have been introduced that offer a variety of subjects to the students. Due to the fact that the books that are being taught to the students are written by authors from other countries, it is also becoming increasingly difficult for the local business sector to draw any practical inferences.

The development and prosperity of youth:

In November 2009 The New York Times Stated the report of British Council that is

In the event that Pakistan does not address the needs of its young generation, which is the largest in the history of the country and whose perspectives reflect a profound disillusionment with the government and democracy, the country will be in danger of experiencing a “demographic disaster.”

There is room for improvement in the educational system and learning in order to compete with the outside world. When it comes to education, the traditional old school of thought fails to investigate the potentials of young people, which, if properly harnessed, have the potential to bring about a socioeconomic revolution in our nation. Unfortuitously, issues and ideas pertaining to young people have never been adequately addressed, which has led to a nightmare scenario in the form of talented young people leaving the country, which has resulted in a “Brain Drain.” Those who are unable to relocate to another country are confronted with the difficulties of surviving in the country, which include the high cost of education, the absence of employment opportunities, and the absence of guidance and career counseling from more experienced individuals. The standards of universities that are part of the public sector are deteriorating, and students are not given the opportunity to evaluate job markets through the use of platforms. Private universities, on the other hand, come with established platforms that organize job fairs and provide opportunities for employment in the business market. However, private universities are not accessible to the general public because of their high cost.

The United States of America is unable to produce a skilled labor force that is required in the fields of mechanics, construction, automobiles, and marketing, despite the fact that there are an increasing number of universities in both the public and private sectors. The authorities are unable to provide adequate support for certain significant aspects that are important to the younger generation, which is a significant factor that is contributing to the widening of the gap between the industry and academia.

Freelancing and Entrepreneurship :

Over the course of the past few years, the labor market has undergone some significant transformations as a result of the cameo appearance of freelancing and entrepreneurship in our society. The young generation has been given a lifeline by information technology, and as a result, their conception of the word “job” has shifted as a result of this. As a means that generates income, they are embracing novel ways of employment, and they are improving their standard of living by taking part in activities that they enjoy. Their ability to share their expertise on a wide range of subjects, including but not limited to marketing, business, art, music, and mentoring, is made possible by technological platforms. This knowledge can be shared with more people than just their relatives and neighbors. In terms of marketing, they have access to the entire world, as they are waiting for one-of-a-kind opportunities in a variety of new professions and fields.

There is a pressing need in Pakistan to enhance the quality of education and teach students the skills they will need to face the challenges they will face in their professional lives. One of the reasons why more and more students are entering this field is because freelancing has made it easier for young people to become self-employed by reducing the financial constraints they face. A significant contribution to the development of entrepreneurial performance and the facilitation of the entry of new businesses into the market is made by freelance work. In order to address the challenges that are currently being faced and to close the gap that exists between the academic world and the business world, the state needs to develop the academic sector by making freelancing and entrepreneurship a subject that is taught in universities.