Can higher education successfully diversify revenue streams: how and why now?
- Charlotte Gorse
- Sep 24
- 2 min read
Updated: Sep 26
In a recent survey, 93% of Vice Chancellors believe that the university system needs fundamental reform to survive. Only eight per cent were optimistic about growth in international undergraduate recruitment, with confidence in Research & Development and online revenue also down. For some, this is an existential threat…
Diverse income streams reduce risk, but how can universities go about exploring which ones safely?
● Use what is special about your institution (its legacy), and deploy your best assets (physical, digital and of course, people). Don’t be afraid of radical ideas, just start small.
● Foster a launchpad for experimentation. Harness the energy and drive of your people, and don’t be afraid to bring together successful individuals from diverse teams: unexpected chemistry can elicit unique innovation.
● Deploy a structured toolkit (of contracts, delivery models and partnership) that embolden your team to initiate and scale up at pace.
● Feel inspired by immediate needs outside of higher education. What’s urgent in your region, nationally or internationally? Consider how you might be able to support new demands and challenges situationally.
● Seek to co-invest with the private sector; consider joint ventures based upon what you have and align your missions for new urgencies.
● Avoid inertia. Others will get there before you and uncertainties will evolve. Harness real-time data to deploy and evaluate your sandbox. Grow and roll-out those that flourish.
Finally, timing. In the last week, we’ve heard more about how the UK Government’s 2025 Modern Industrial Strategy and Skills England might influence new products for higher education. Whilst others discuss the dearth of dynamism within the UK, we know that universities can empower the next generation. Whatever we do, we must support communities to become more assertive, rebuild sectors, avoid previous mistakes and buck the trend. As we lean into the tech revolution, let’s embrace applied research thinking, work in real time with industries, enhance our graduates’ skills quickly and guide them to their successful path: into start-up, employment and the scaling up of the world-leading UK companies of tomorrow.
What can you do today to support your community and diversify your university towards a brighter tomorrow?
