Faranegaran Novin Mehr-e-Parsian Economic Development Corporation, known as "Faranegaran Novin", is a specialized, non-profit and service-oriented organization. In 2010, Faranegaran was set up and opened at Ferdowsi University of Mashhad for the purpose of connecting industry with higher education, and it has always taken a strong interest in strengthening connections between academic communities and entrepreneurs. Organizing exhibitions showcasing industry expertise, establishing an innovation park for entrepreneurs, hosting events, seminars, and specialized workshops, arranging educational tours exploring science and industry, establishing the Academy for Future Leaders (FaraNext), and publishing the Faranegran year book are some of the initiatives undertaken by this entity at Ferdowsi University.