New Revenue
Expand programs with new organizational partners at the School of Business
Problem: The School of Business needs to identify new revenue sources to meet its financial challenges.
Changes: (approximate net new revenue per year in parentheses): Reinvigorate the Center for Corporate Education as a profit center by expanding support, increasing marketing and controlling costs ($600,000). Create a new Army logistics MBA program with 20 students in the initial cohort beginning in 2011 ($300,000) and expand the program over time to include other Department of Defense and related organizations.
Impact: Net new revenues of $900,000 per year.
Incubator
Management within Strategic Initiatives
Problem: Indentify additional resources to link W&M programs with local entrepreneurs.
Change: The
Technology and Business Center (TBC) now manages the James City County Business
and Technology Incubator. The TBC
developed an innovative marketing strategy to attract branches of international
companies, companies moving into the area, technology-based companies, and
companies linked to faculty, student and W&M technologies. The mentoring
program connects clients to faculty and students, particularly in the new
Entrepreneurship Center in the School of Business. Students have the opportunity to complete
studies for and serve internships with the clients.
Impact: The Technology and Business Center receives $70,000 per year from James City County to manage the incubator. The number of clients in the incubator expanded from 1 in 2010 to 6 in 2011. Faculty and students are actively engaged with client companies.
