Let varsities make money

Public universities

University students. Public universities can devise more revenue streams.

Photo credit: Photo I Pool

University vice-chancellors at the 2024 Leadership Training Workshop agreed to supplement state funding through enhanced resource mobilisation strategies.

The global financial recession, inflation, wars, conflicts, debts burdens, increased state obligations have made it impossible for the public sector to pump more funds to universities.

That will enable universities to continue to offer teaching, research, innovation and community engagements, the key reasons they are established, but also prioritise, scale up and commercialise sustainable relevant technologies and outputs.

The universities must come up with innovations that are then nurtured, incubated and developed to become viable solutions to societal challenges and, hence, constant revenue streams. Public universities will identify areas that they have comparative advantage and create the needed niches, becoming centres of excellence, hence more competition and its advantages.

The VCs also agreed to internationalise higher education by incorporating collaborative research, faculty and student exchange, internationalisation of curriculum, innovation and entrepreneurship of the identified viable innovations.

The emergence of and spread of globalisation and the knowledge economy is associated with new economic, social, cultural and political challenges. Specific knowledge, skills, competencies or human capital have a big role in promoting development, research, innovation and technological developments.

Public universities can devise more revenue streams. The can earn consultation fees through enhanced provision of diverse services; asset monetisation and auxiliary services; technology transfer; endowment, short-term and tailor-made training; partnerships with businesses, corporates, companies and locals; capitalising on viable local industries by use of their facilities for business; and inculcating a culture of openness and diversity for collaboration with local and international partners.

- Dr Giti, PhD, is an urban management, public-private partnerships (PPP) and environment specialist. [email protected]. @danielgiti