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Facebook Inks Agreement With 17 Universities to Accumulate Research

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Facebook Inc’s hardware development division on Wednesday announced a new partnership with Harvard, Princeton and 15 other universities intended to allow swifter collaboration on technology research projects.

The agreement between Facebook’s Building 8 and the universities comes as the social media company seeks to find new revenue streams in virtual reality and artificial intelligence, after the company signalled last month it had begun to hit some advertising growth limits on its network of 1.8 billion monthly active users.

Research partnerships between universities and companies typically take nine to 12 months to facilitate, but the new agreement will allow for collaboration on new ideas within weeks, said Regina Dugan, who joined the company in April to run the new Building 8 unit.

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