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Cellular networks are currently experiencing a tremendous growth of data traffic. To cope with this demand, a close cooperation between academic researchers and industry/standardization experts is necessary, which hardly exists in practice. In this paper, we try to bridge this gap between researchers and engineers by providing a review of current standard-related research efforts in wireless communication systems. Furthermore, we give an overview about our attempt in facilitating the exchange of information and results between researchers and engineers, via a common simulation platform for 3GPP long term evolution (LTE) and a corresponding webforum for discussion. Often, especially in signal processing, reproducing results of other researcher is a tedious task, because assumptions and parameters are not clearly specified, which hamper the consideration of the state-of-the-art research in the standardization process. Also, practical constraints, impairments imposed by technological restrictions and well-known physical phenomena, e.g., signaling overhead, synchronization issues, channel fading, are often disregarded by researchers, because of simplicity and mathematical tractability. Hence, evaluating the relevance of research results under practical conditions is often difficult. To circumvent these problems, we developed a standard-compliant opensource simulation platform for LTE that enables reproducible research in a well-defined environment. We demonstrate that innovative research under the confined framework of a real-world standard is possible, sometimes even encouraged. With examples of our research work, we investigate on the potential of several important research areas under typical practical conditions, and highlight consistencies as well as differences between theory and practice.