The leadership team of The University of the West Indies (The UWI) on September 29 and September 30 successfully completed part one of its business planning retreat.
This weekend it enters part two of the strategy to monetise its global reputation into sustainable revenue. An annual net revenue generation target of US$50 million was set by the university, to be divided among its five campuses and the vice-chancellery. The objective of the entrepreneurial engagement is to confront and remove its institutional operational deficit.
Professor Sir Hilary Beckles, vice-chancellor of The UWI, leads the team this weekend to the Five Islands Campus, in Antigua and Barbuda—including the five campus principals and three pro vice-chancellors—to build on the campus specific targets set earlier in part one of the retreat. The major objective, however, is the roll out of a Global Online Campus initiative, using existing capabilities within the Open Campus system to upgrade to a next-generation digital institution.
A consultant’s business report indicates tremendous financial potential for income generation for The UWI by globally marketing its academic content. The findings of the report are expected to take centre-stage as a ‘One UWI’ solution to its financial woes in an age of diminishing government funding.
Sir Hilary noted that “The UWI is determined to be aggressively entrepreneurial in securing its financial future as a top class university, and will be going to the regional and global online academic markets with its excellent courses and programmes”.
He added: “This moment is the first in its history of strategic planning that the institution is focused collectively and exclusively on its financial condition with a view to transformation and sustainability.”
Hosting and guiding the upcoming retreat is Professor Densil Williams, principal of the Five Islands Campus, and pro vice-chancellor for academic, industry partnerships and planning.