Universities reported that 4.9%, or $3.2 billion, of their $65 billion total in research and development expenditures in FY 2011 was funded by businesses. Although payments to colleges and universities represent less than 1% of company R&D spending, 29% of large- R&D companies reported making payments or initiating new R&D collaborations with academia in 2010. Data were from the Higher Education Research and Development Survey and the Business R&D and Innovation Survey.
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