Wedding bells ring with much fanfare, heralding a new and fruitful life to be shared mutually, an outcome that equally characterises a marriage between higher education and business and, by association, the economy. .

It is no accident, therefore, that higher education has become the breeding ground for tomorrow's business leaders, and succession planning dictates that it remains so. Higher education also spawns future public-sector leaders and experts in a variety of disciplines.

To suggest then that businesses have a natural interest in a symbiotic relationship with higher education is well founded. It can be argued, though, that higher education does not guarantee business or economic success, but this may be simply due to other mitigating factors. In the meantime, businesses will continue to support higher education, or so they should.

New mindset

Thus, there is little doubt that a positive correlation exists between an educated workforce and business and economic success. As it does to a workforce, higher education brings to a business, a new mindset, far removed from the traditional way of running a business, which has its demise in owners confusing cash flow for profit; the rest, of course, is history, as cash flow is gradually eaten away, bleeding the business dry.

Higher education is vital. It provides the best possible platform to launch into the world of work or business, providing access to a new orbital path. The capacity to assimilate the various business concepts and understand how a business ought to operate in order to become successful is very powerful.

From a sole trader to a multinational corporation, what makes a business successful is multifaceted scope, and the ability to think in multi-dimensional terms is even more powerful and desirable, particularly in light of the global dimension which business transactions have taken in recent years.

Revitalising communities

In addition to mainstream cities and towns, rural communities can also be made to feel the impact of the marriage. What is required is facilitation of collaboration between local businesses, higher education institutions and community organisations to improve the competitiveness of rural Jamaica.

Economic opportunity initiatives that bring higher education to isolated, rural communities, when operational, the programmes, which may include Agricultural Entrepreneurship, will serve as models for rural institutions, revitalise communities and regions, and provide innovative and sustainable partnerships that expand their capacity to spur economic growth.

The contribution of higher quality education in the workforce to the success of a business is more commonly understood, but not so for its impact on the economy, probably because it is difficult to measure. If it could, it may very well turn out to be the single largest contributor to Gross Domestic Product.

By Winston Adams

He is Founder and Executive Chairman of the University College of the Caribbean, UCC and its subsidiaries, Institute of Management Sciences, IMS, Institute of Management & Production, IMP and University College of the Caribbean Foundation, UCCF, US. Inc.

This article was originaly published at Jamaica Gleaner on April 27, 2009 and authorized to be published at UNESCO-IESALC by the author.

www.iesalc.unesco.org.ve