As the world is becoming technologically more advanced and the innovation cycles are getting shorter, industry and sciences are faced with new challenges. Mathematical thinking and abstraction plays an important role in modeling complex phenomena and in suggesting novel approaches for addressing challenging problems. Furthermore, the unparalleled versatility of mathematics allows for the development of techniques that have a wide applicability across a multitude of scientific fields and industrial sectors. As competitive advantage often stems from identifying and adapting techniques that underpin similar questions in other areas of application, mathematics when used properly can dramatically accelerate innovation and provide a competitive advantage. Nevertheless, there remains a wide gap between core mathematics and industrial applications. Problems in industry and applications are often solved by "quick and dirty" methods due to economic considerations which demand that time horizons be short. Likewise, many mathematicians lack basic insight into applications, even if these provide highly interesting mathematical problems. It is obvious that much could be gained by narrowing this gap.