William & Mary's Business Innovation Initiative, officially launched in December 2013, seeks to identify the best and most fiscally sound ways for the university to promote innovation in our business processes, to seek new sources of revenue and to reallocate funds to the university’s highest priorities.
The effort will be a long-term one, spanning several years. Although William & Mary already operates at very high levels of effectiveness and efficiency, this is an opportunity for us to learn how we might improve. The objective is to identify improvements that can be sustained over time.
The Business Innovation Initiative is catalyzed by the William & Mary Promise - an innovative operating model meant to sustain our progress as a leading liberal arts university by enabling William & Mary to become more financially self-sufficient in the face of reduced public funding.
As President Reveley noted in a message to campus in December 2013, "The Promise calls on the whole William & Mary family to contribute in the ways each of us can contribute: students through tuition, alumni and friends through philanthropy, and faculty and staff through productivity gains in our work on campus. We will all benefit from our common success."
The business innovation program is guided by a 14-member steering committee, co-chaired by the Provost and the Vice President for Strategic Initiatives and including faculty, administrators, a student and two members of the Board of Visitors.
The initial assessment phase of the initiative was completed with the help of the Censeo consulting group in early 2014. W&M has now launched several projects campus-wide and we have seen early success. Also, in fall 2014 we launched a campus-wide organizational review to learn more about what people see as barriers to their effectiveness and to foster long-term thinking about organizational structure. We will use this space to keep you updated on our progress.