League for Innovation in the Community College Spring 2020 | Page 7
ADEMIC
ENTERPRISE:
nue Streams for Your College
BY KEN STEELE
Nonetheless, necessity can be the mother of compromise: Even the
ancient monastic orders farmed their lands and sold grain, liquor,
ale, cheese, and honey to support their holy missions. In recent
decades, colleges and universities have explored hundreds of revenue
opportunities, with varying success. Some ventures were too risky, failing
to generate more income than expense, while others failed through an
overabundance of caution.
The most promising new revenue opportunities for your college
will depend upon its history, culture, resources, context, industry
partnerships, and competitors—and some unpredictable global forces. In
general, though, I counsel college leaders to look for alternative revenue
in four ways: monetizing the affinity of your stakeholders, leveraging the
potential of your campus, commercializing your academic activities, and
pursuing new markets for training and education.
SPRING 2020
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