A group of researchers is calling on universities to treat consulting work as a strategic priority, arguing that bureaucratic obstacles and inconsistent policies have left a massive revenue stream largely untapped even as higher education institutions face mounting financial pressures. (Consulting work refers to academics offering their advice and expertise to outside organizations -- industry, government, civil society -- for a fee. It's one of the most direct and scalable ways academics can shape the world beyond campus, and the projects are typically shorter in duration and easier to set up than alternatives like spin-out companies.) Writing in Nature, the authors found that fewer than 10% of academic staff at nine UK universities engaged in consulting work, and the number of academic consulting contracts across the country fell 38% over the past decade -- from around 99,000 in 2014-15 to fewer than 62,000 in 2023-24. Academic consulting in the UK is currently worth roughly $675-810 million annually, a figure that represents just 0.6% of the country's $124 billion management consulting market. The authors examined policies at 30 universities and surveyed 76 fellows from a UK Research and Innovation programme. Two-thirds of the surveyed institutions had publicly available consulting policies, and two outright prohibit private consulting. Permitted consulting time ranged from unlimited to 30 days or fewer per year, institutional charges varied from 10-40% of fees, and contract approval timelines stretched from 24 hours to several months. Private consultancy firms are moving into this space, capturing opportunities that universities neglect. Small-scale projects under $6,750 are commonly sidelined by university contract offices because they represent too small an income for strained institutional resources. The authors propose standardized policies across institutions, shared consulting income with departments, and faster approval processes -- reforms similar to those already implemented for university spin-out companies. Read more of this story at Slashdot.