- Universities play an important role in economic development through education, technology absorption, and diffusion, though R&D spending is low in Latin America at less than 0.5% GDP. - There is a cultural mismatch between academia and business with different values around openness, secrecy, and measuring success. Effective collaboration requires understanding these differences. - While Brazilian bioethanol companies frequently collaborate with research institutes and universities, this has not translated to many economic outputs like patents or cultivars, showing opportunity for improved industry-academia collaboration.