101 smart revenue generators

University Business, Dec, 2006

ONLINE/CONTINUING EDUCATION

17. Offer hybrid courses to increase revenue without risking a loss. Bentley College (Mass.) invested in the Centra Symposium system and now has a site license with the company so that several classrooms can serve in-class as well as distance learners. Since students are enrolled in the classes on campus anyway, revenue from enrolling distance learners becomes profit. Bentley's equation works well: $25,000 per classroom is put aside to retrofit for hybrid courses, and that money back-and more-has been made on online enrollment.

18. License your knowledge. Boston University has successfully been licensing its continuing ed programs to an independently developed 18-member affiliate network made up of academic institutions, consulting organizations, and computer IT training companies in the U.S. and abroad. The affiliates purchase BU's programs at an annual fee, the equivalent of $40 to $100 per student per day, depending on the program. The licensed programs are marketed as BU products. Boston University generates about $1.2 million a year from this licensing.

19. Expand the brand with licensing agreements. The UC Irvine Extension-the continuing education arm of University of California, Irvine's campus-recently collaborated with the nonprofit Getulio Vargas Foundation, a Brazilian school and that country's largest provider of online education. The resulting new program will allow UC Irvine to teach project management online in another country. The deal follows similar arrangements, including the contract with Laureate International Universities, a for-profit enterprise. Through the contract, international students enrolled in various LIU programs can spend summers at UC Irvine, while UC Irvine Extension students have access to LIU programs the world over.

SIDE BUSINESSES/BUSINESS INCUBATION

20. Open a campus catering service. While boosting prestige in the public's eye, it can be quite lucrative. UMass Catering at the University of Massachusetts Amherst bills itself as the region's "premier caterer." From dinners for 600 to coffee breaks for 10, the team offers service for all types of events-mostly but not exclusively on campus. Its website provides information on event planning and popular menus (with prices noted), as well as mouthwatering photos from recent events. UMass Catering brings in $2.5 million annually through 500-plus events. In his book Catering on Campus. A Guide to Catering in Colleges and Universities (Colman Publishers, 2004), former Culinary Institute of America Dean Paul Fairbrook offers more ideas and inspiration by examining the catering programs at dozens of schools.

21. Keep fans tuned in after the big game ends. The University of Texas at Austin has partnered with Host Communications to post content on its interactive TexasSports.TV (linked through the athletic department's website, www.TexasSports.com). Annual subscribers pay $79.97 to access live or replayed games and matches; press conferences; and a highlights show, among other features. UT has also partnered with Time Warner Cable to launch a Video On Demand channel specifically for UT athletics. Viewers pay $3.95 a month for the digital channel, currently available in Austin, Waco, San Antonio, and Dallas, which boosts exposure. The university gets a cut of the revenue.