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Innovation Task Force

Innovation Task Force. Board of Trustees Retreat. June 2013. Click here for VIDEO. What is ITF? The Vision. In 2009, during the global financial crisis, it was agreed that GW would endeavor to identify and harvest $60M of recurring funds across the enterprise via:

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Innovation Task Force

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  1. Innovation Task Force Board of Trustees Retreat June 2013

  2. Click here for VIDEO

  3. What is ITF? The Vision In 2009, during the global financial crisis, it was agreed that GW would endeavor to identify and harvest $60M of recurring funds across the enterprise via: • new revenue ventures, 2. administrative efficiencies, 3. payout on new gifts to endowment, and 4. ICR on new research.

  4. What is ITF? Enhanced Purchasing Power GW’s endowment payout which was approximately $60M in 2009, would take 20 years to double to $120M (8% growth rate) The ITF goal is to generate an additional $60M (recurring) by the end of FY15— 5years since inception of ITF. We’ve identified over $50M, and have harvested $20M (now in our budget each year).

  5. Key Guiding Principles • Lead with the investment story. • Do this in-house. • Try to make these initiatives win-win. • Investments must be in the core academic mission. • ITF will be managed as a portfolio. • Economic benefits must accrue to the schools implementing the initiatives. • Constantly think of ways to keep this fresh.

  6. First six month cycle (Exploration Phase) Identification, Vetting, & Selection Ideas Gathered Initial vetting and analysis of ideas completed Showcases Briefing to the President & selection of next six ideas Next six month period (Business Planning Phase) Business Planning Twice per year thereafter (Monitoring) Twice per year the initiatives champions brief the executive sponsors. These briefings highlight progress, key assumption changes, and key decisions. Implementation

  7. ITF Structure Steering Committee

  8. SOURCES(Where we will get the extra $60M from?)

  9. Innovation Fund SOURCES: • A total of $56M has been identified and will be available to be spent for FY15 and each year thereafter. • At maturity the equivalent of $83M has been identified. INVESTMENTS: • By the end of FY13 a cumulative total of $34M has been or is available to be invested in Faculty, Research, and Academic Programs. • $17M was budgeted in FY13. • $20M budgeted in FY14. FY15 FY13

  10. Major sources of the $34M funding thus-far? FY10-FY13 • ADMINISTRATIVE SOURCES: • Strategic Sourcing • Bond Refinancing(s) • DIT Storage Strategy • Medical Center Reorganization • Insource Temp Agency • ACADEMIC SOURCES: • Forensic Science move to Mt. Vernon campus • Study Abroad • MS Government Contracting • Pharmacology partnership with Shenandoah

  11. ITF: Why is it such a big deal? • ITF is a key funding mechanism for realization of the strategic plan. • The teamwork, urgency for change, disciplined business planning , and enterprise accountability is innovative in higher education and key to strengthening our institution. To Date: $34M has been invested in the academic mission. We will invest an additional $20M in FY14.

  12. Showcasing Four Sources TELECOMMUTING: Space is a scarce resource for GW. Telecommuting is an example where we free space, enhance work-life balance for employees while improving productivity, and re-engineer business process as we go. SUSTAINABILITY ITF has been mindful to find areas to leverage. Initiatives supporting GW’s commitment to sustainability spawned initiatives in: Paperless, Building Energy Efficiency, Housing Optimization, & a certificate in Sustainability leadership. GW VALOR: Several military oriented initiatives surfaced in ITF. We consolidated the ideas, hired a flag officer, and now have significant traction to serve those that serve us. STRATEGIC SOURCING With a heavy focus on managing cost and consumption, we have automated, leveraged strategic contracts nationally, and improved customer service across GW.

  13. ITF Sources Phase I(November 2010) Sustainability Sustainability Sustainability Strategic Sourcing Dave Lawlor Study Abroad Donna Scarboro Lease Space Reduction Alicia Knight Telecommuting Mary Wallace Temp Agency Tanya Bell Hybrid Courses Steve Ehrmann Phase II (May 2011): Sustainability Sustainability cancelled Healthy Campus Schonfeld/ DIPietro Executive Education Doug Guthrie Building Energy Efficiency Alicia Knight International Summer Scarboro/Edmondson M.S. Gov’t ContractingNeal Couture Retention & Traj. Grad.. Phase III (November 2011) Sustainability Sustainability Cloud Dave Steinour GW ConsultingBelshe/Cherian Housing OptimizationPeter Konwerski Call Center ConsolidationChampion Change TBD Facilities UtilizationMichael Peller PaperlessDonna Ginter

  14. ITF Sources Phase IV(May 2012): VALOR cancelled Post-Bac. Pre-Health Jean Johnson Sponsored Proj. to Campus Online UG to Mil.Andy Sonn Online College Cred. HSMichael Feuer GWSB DCDoug Guthrie Winter EnrichmentTBD ONLINE – Paul Berman Phase V (November 2012): VALOR Sustainability VALOR VALOR Mel Williams Transition to Nursing Pgm. Jean Johnson Sustainability Ldrshp Cert. Meghan Chapple-Brown Organization Ethics Cert. Wendy Martino Training for Int’l JudgesCyrus Homayounpour Expanded Unpaid LeaveTBD ONLINE – Paul Berman Phase VI (May 2013): Regulatory Training TBD Bring your own device Charlie Spann ITF Scholarship Megan Flood Mail Management TBD Onsite Masters TBD Chargebacks TBD

  15. Mode & Access Cost Reductions Capital Optimization Globalization Professional Development Healthy Campus Military Affairs“VALOR” Post Baccalaureate Certificate for Pre-Health Executive Education MS Govt. Contracts Regulatory Training Certification Online Programs & Courses Hybrid Programs Winter Enrichment Study Abroad International SummerInternational UG Recruitment Housing OptimizationExpand Facilities Utilization Strategic SourcingTemp AgencyTelecommutingLeased SpaceInternal ConsultantsPaper-lessMigration to CloudBuilding EnergyCall Center Consolidation Device Management Chargeback Elimination Mail Management + Phase Zero Initiatives Healthy Campus Various Programs Research & Giving Indirect Cost Recovery Payout on New Gifts Financial Profile at Maturity= $83M

  16. INVESTMENTS(Uses)

  17. Innovation Fund SOURCES: • A total of $56M has been identified and will be available to be spent for FY15 and each year thereafter. • At maturity the equivalent of $83M has been identified. INVESTMENTS: • By the end of FY13 a cumulative total of $34M has been or is available to be invested in Faculty, Research, and Academic Programs. • $17M was budgeted in FY13. • $20M budgeted in FY14. FY15 FY13

  18. Investments (Inception through FY13) Total Investments To Date = $34M New Headcount = 59 People

  19. Some Closing Thoughts…

  20. Intangible Benefits We are investing!Attracting new Research Faculty New Academic Programs & Academic Support The culture is changing because we are operating in a different manner. Adopting Technology at a Faster Pace: Investment in Academic planning Tools Enterprise Solutions-BI, Travel Portal & e-Expense People are working in a different way:500+ ideas have been generated by people from across the university.

  21. Lessons Learned Managing ITF as a portfolio is important. We don’t expect every idea to pan out. Innovation at its best involves risk. Many great new initiatives would have happened anyway, we’re using ITF for funding, planning, and support in these cases. ITF is harnessing synergies: Online, Sustainability, and Military (i.e. Project VALOR) Some ideas morphed: Study aboard started out as a play to put more students abroad, during the business planning process we discovered we should renegotiate contracts with current vendors. We discovered the international gap year isn’t a wise use of resources.

  22. The ultimate measure of success will be when this type of innovative thinking is ingrained in the GW culture, such that we don’t need a formal ITF process. It’s how we operate every day. Success GW is in my future

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