Universities have always had a complex mission around the mix of what they do; from teaching through to research and community engagement. We’re now seeing a new type of demand – that of economic development.
For the Group of Eight and other Universities there’s going to be a growing focus on strengthening collaboration with business and contributing to productivity in the economy. International links also look set to contribute more significantly.
To gain a little more insight on where the potential lies both now and in the future, ahead of his presentation at Higher Education Funding, I caught up with Robert Chalmers, Managing Director at Adelaide Research and Innovation Pty Ltd, Chair of Knowledge Commercialisation Australasia Inc and Commercial Directors Convenor, Group of Eight.
What do you anticipate to be new funding streams on the horizon?
There is an increasing focus on accessing philanthropic funding streams within universities and we’ve seen a number of major fund raising campaigns launch recently. A number of others are now going through that same process.
Philanthropic funding will be more significant in the future. If you compare Australia to the US, we’re well behind the level of contribution of philanthropy to the funding mix that you might see in the US – I’ve no doubt that will be a big focus.
In response to reductions in funding from government, particularly from a Federal level, there is definitely a lift in interest accessing alternative funding from the private sector. Either from business, industry or venture, or from high net worth individuals.
On the outer edge of new funding streams, something that may not provide a major contribution initially, but will be part of the mix as we go forward, is crowd sourced funding.
Crowd sourcing has an impact beyond just the funding model in validating the promoted concept and improving engagement, but you certainly see the potential of that with things like Kickstarter, the use of Pozible by Deakin and so on. It’s still early days, small start, but into the future, it will be part of a hybrid of different funding streams universities will be juggling.
Do you see any common opportunities missed that could be generating revenue?
When we look at the broader issue of connection and value creation – rather than immediate revenue – the alumni connections are crying out for better engagement. I speak to a lot of people about these issues; all of us recognise that’s an area where universities are not harnessing the connections they build with their students, adequately, after their time with the institution – especially in the context of their commercial interactions.
What obstacles need to be overcome to release the potential for generating commercial interest?
I’d highlight three: awareness of existing successful stories of engagement and impact, awareness of the pathways to engagement, and the focus on areas of need.
Often, universities focus their marketing efforts around the teaching and learning part of the agenda; the students. We’re not so good at marketing the benefits of our research engagement, for our partners, our clients, and the broader community. We’ll talk to research quality and our research eminence, but we’re not systematically focused on talking to the end output or impact of that research and the impact of innovation on productivity.
As a result, people are not aware of what’s out there right now, and what’s making a difference; so they have less appetite to engage. We’re now working to target stories of impact in a digestible format to the person in the street.
We need to concentrate on identifying needs in the community, and bring those back into Universities, so that we can see how we can hook research capacity up to that need and produce a result.
What’s the current focus at Adelaide? Where are you targeting your efforts?
The promotional effort is a very important one for us as a sector, to engage better.
At Adelaide, we’re also looking at our international partnerships, especially the more promising ones, in areas like the US and China. International connections are one of the fastest growing areas of engagement and income. However, we still suffer from tyranny of distance, and there may be some cultural competencies that people need to develop a bit better to engage in the region.
We’ve also done a lot more joint networking sessions with industry associations – to try to bring researchers together with those needs in the industry. The aim is to reach out and understand what the needs are, and then connect capability to them.