The benefits of business/academic partnerships are described from both the corporate and university perspective. Examples are presented which demonstrate ways in which educational institutions have developed collaborative arrangements with area businesses in response to local needs. Communication processes involved in such cooperative agreements are handled in many ways, such as through advisory councils, luncheon clubs, seminars, lectures, and corporate roundtables. Some partnerships focus on improvement of instructional programs, by developing training programs, seminars, workshops, and institutes offered by both university and business personnel. Corporate personnel contribute to the evaluation, revision, and updating of college curricula. Collaborations have made possible the delivery of such direct services by university faculty as on-site training of employees, technical assistance, counseling centers, and management consulting. Sharing facilities and equipment has also been found to be advantageous to both industry and universities. Combining several of these features has resulted in comprehensive partnerships in which the university offers the services of faculty members and students, laboratory space, and other physical facilities, in return for which business provides funds for research, technical assistance, career development, arts centers, and economic development centers. (JDD)