Priority 5: Entrepreneurship for the Millennial Academic Enterprise
VSU will institute an expanded VSU branding and marketing program to increase points of contact to create awareness and develop working relationships by extending our intellectual, academic, cultural, and research resources to promote sustainable economic growth, prosperity, and quality of life throughout the Southeast region and State.
The current economic and political environment has brought into sharper focus the variety of challenges facing the University. Shifting demographics, rising costs of operation, a changing competitive landscape, alterations in state and federal funding, pressures for accountability, and widespread economic downturn characterize the environment in which we currently operate. These forces require the University to find new ways to serve our many constituents while becoming a more efficient and effective institution. Despite these challenges, these are also times of opportunity in which we must move forward strategically, recognizing that we always have finite resources. A key to VSU's survival and growth will be creating a university that is sustainable across a wide array of dimensions, particularly fiscal sustainability.
- The VSU academic enterprise will increase federal and state grant/appropriation funding;
- Aggressively design academic initiatives/programs toward growth of the Virginia economy;
- Reduce reliance on tuition and ever-decreasing general-fund appropriations;
- Increase opportunities for student and faculty research.
Assessment Measures and Implementation Strategies
- By fall 2015, each College will develop and implement at least one initiative that produces an independent revenue stream operating as a profit center.
- Establish public-private partnerships.
- Diversify and enhance revenue sources in order to decrease reliance on tuition increases.
- Continue to establish and cultivate relationships between current students, alumni, faculty/staff, and friends of the University.
- By fall 2018, the VSU Research Foundation will have a portfolio of $5mil.
- Develop and promote initiatives to increase and diversify the university's sources of public and private funding.
- The VSU Research Foundation will be a self-sustaining entity by 2018.
- By fall 2018, private funding will amount to 12% of non-general funding.
- Complete a marketing/branding exercise to define the University's brand.
- Implement a highly effective program to track graduates.
- Increase the numbers of active, contributing alumni by at least 20% annually.