70 Smart revenue generators - an moneysavers - Innovation - Cover Story

University Business, Dec, 2003 by Katherine Grayson

65. Save on travel. At Brigham Young University, the school's telecom system's videoconferencing capabilities will be used to change the way the school does business with BYU campuses in Idaho and Hawaii. No more flying to Provo for meetings; they'll be conducted over the Internet, saving thousands of dollars each year.

BET YOU NEVER THOUGHT OF THIS ONE

66. If all else fails, sue for added revenue! The University of Texas filed suit in February 2002, claiming Xerox duplicated and distributed a remote printing program developed at the school. Cornell sued HP for violating its patented method of boosting computer-processing speed (damages were estimated to reach $100 million). MIT sued 94 companies (including Microsoft, IBM, and Polaroid) it said were illegally using patented image-editing software.

67. If all else really fails, sell condoms! The University of Arizona decided to promote safe sex by selling condoms in bulk, and sales were brisk. One student bought 500 condoms right before finals, to distribute in gift baskets as students studied. Before the campaign, the campus pharmacy sold only about 600 condoms a month.

MEDIA EXPOSURE = NEW REVENUE

68. Your stories can bring in $$. PR and advancement pro Frank Dobisky (www.dobisky.com) says, "I know of cases where research stories have Led to venture capitalists calling the university, interested in taking a project to the marketplace. I know of cases where stories have triggered spontaneous contributions or gifts. I do know this: Without any media relations, the chances are sharply reduced for making any kind of significant impression to Launch a major fundraising campaign, attract students, recruit faculty, or impress alumni."

69. After the story. Don't underestimate the power of a story after it runs. Says Dobisky: "I know of schools that sent out to thousands of people they wanted to influence copies of important stories that ran in national publications. These schools didn't rely on the people they wanted to reach having seen the stories the day they appeared."

INVITE BRAINSTORMING

70. Ask for help. Why not invite staff, faculty, and students to come up with revenue-generating and money-saving ideas for your institution? After all, you've hired the best, and you're educating fine minds. If these folks can't come up with out-of-the-box ideas, who can? We've seen schools save thousands, for instance, by simply encouraging the turning off of lights when rooms are not in use, and by consolidating class scheduling so that certain campus facilities could remain dormant one day a week, saving on utility costs. Both ideas came from students.