Monday, October 24, 2016

Colleges look to innovation as alternative revenue resource - Jarrett Carter, Education Dive

Small business creation may be the way ahead for institutions looking to close funding gaps. Rick Shangraw is the CEO of Arizona State University’s Enterprise Partners, a nonprofit organization that leads the university’s external revenue-bearing ventures in technology transfer development, real estate holdings, defense research and contracting and international business partnerships. The umbrella, he says, helps the university to coordinate its efforts with private fundraising and helps to clarify its chief mission of revenue-raising to benefit students. “The challenge for most universities is that without some kind of structure, these different entities can become affiliated institutions, and that takes on a lot of challenges in working with those organizations. Over time, these [organizations] can form under the function of the foundation, and that causes confusion around the goal of the foundation, so we thought we would do something much like what Google did," Shangraw explains.

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