“There has never been a time where colleges and universities are trying so many different things in order to generate new revenue streams,” said Stephen Gilfus, president and chief executive of Gilfus Education Group, a Washington-based education, technology and business consulting group. “Colleges and universities, given their current business model, are simply not sustainable, which is making many institutions across the country seriously rethink their business models. That includes almost every single college and university in the Washington D.C. area.”
Georgetown’s McDonough School of Business began expanding its customized executive education programs last year, co-developing programs with companies such as Booz Allen Hamilton, NII Holdings and Rolls Royce to teach specific skills based on the organizations’ needs. Companies pay between tens of thousands to several million dollars, depending on the program’s length and complexity, said Paul Almeida, senior associate dean for executive education.
The school has seen revenue from its customized executive education programs quadruple since the college began expanding them, and Almeida said many business schools have pegged executive education programs as a moneymaker for years to come.
“I have no doubt that in 20 years or 30 years from now, the majority of most business school revenue will be from executive education programs,” he said. “The image of learning and education has changed. It’s not just for young people anymore at the start of their career.”
Cybersecurity classes and tech incubators
Loyola University Maryland’s Sellinger School of Business and Management is launching two non-degree certification programs for cybersecurity and business intelligence in January aimed primarily at employees of federal contractors, including Northrup Grumman, Lockheed Martin and Booz Allen.
The year-long programs will offer courses on the school’s Columbia campus, and are on track to bring in about 30 students and between $400,000 to $500,000 in new revenue by the end of the first year, said Karyl Leggio, dean of the business school.
“That will be a future revenue generator for us,” Leggio said. “We believe the non-degree space ... will be an area that will be be quite profitable for us as we move forward.”
Loyola also plans to host its first technology incubator in Columbia by next summer, where up to 30 local startups will meet on campus and spend 90 days sharing ideas on how to secure funding, develop marketing plans and attract talent. At the end of the 90 days, the business school aims to bring in venture capitalists and angel investors — many of whom are alumni — to hear the entrepreneurs make pitches.
Loading...
Comments