24. Get institutional researchers' intellectual property out there. Corporations are in the market for new products and technologies. One way to find them is through UTEK (www.utekcorp.com), a firm that helps schools set up patents for their discoveries and assists in finding public companies looking to purchase them. The company calls itself an intellectual property matchmaker. the University of Maryland patented a technology used for early detection of lung and other forms of cancer, while Emory University (Ga.) patented a receptacle designed to help safely transport sterile and used sharp instruments. Institutions may receive royalties from their patents as well as cash from UTEK's acquisition company.
25. Think spinoff. Ball State University's Digital Middletown Project is a wireless initiative designed to test the educational and social value of delivering high-bandwidth wireless technology to local elementary schools in Muncie, Ind., surrounding homes, and Ball State itself. The DMP generates $500,000 to $1 million in annual revenue through the Office of Wireless Research and Mapping, a business spun off from the wireless project. As a bonus, the Office of Wireless Research and Mapping provides an opportunity for Ball State students to get work experience to make them more marketable, and for faculty to do applied research in their areas of study.
26. Do research for area businesses. Catawba College (N.C.) conducts chemical analysis and research projects for area businesses and industries through its on-campus laboratory, CARL (Catawba Analytical Research Laboratory). Businesses pay a fee for students to conduct company research using state-of-the-art equipment and techniques. The students benefit also, earning money and getting exposure to work-world applications. Participating businesses can use an independent lab for objective analysis, have access to instrumentation and laboratory techniques without purchasing equipment, and have a pipeline for recruiting future employees.
MARKETING/BRANDING/ENROLLMENT
27. Use market research to provide direction on enrollment. For one client institution, Stamats Communications used a tuition-pricing study to help guide how much it could charge out-of-state students. The result was an almost immediate 25 percent increase in out-of-state tuition revenue, with no negative impact on the number of out-of-state students.
28. Run a "half-off" sale on tuition. Lebanon Valley College (Pa.) a liberal arts school, began a discount program 17 years ago, amid predictions that lowering tuition would lead to financial ruin. To the contrary, an internal study revealed that revenue rose 113 percent, while costs increased only 9.6 percent since launching the program. Known as the Presidential Scholarship Program, students in the top 10 percent of their high school graduating class receive a half-off tuition scholarship; those in the top 20 percent get one-third off tuition; and those in the top 30 percent receive one-quarter off.
29. Invest in your website. The web is considered the single most important tool in the college search process, according to Carnegie Communications, which conducted on online survey on e-communications among 5,400 college-bound students. Still, many IHEs have disjointed, poorly designed sites. Is it time to give pages housed in disparate departments a unified look? Are new graphics needed? Consider, also, a content management system or other software to help organize the process. The outlay may be well worth the boost in enrollment.
30. Use software to help in decision-making. The Admissions department at Auburn University (Ala.) saves time and money by using a program designed to enhance diversity among its accepted students. Called Applications Quest, it was created two years ago by a faculty member. The software is designed to do a "holistic" scan of applications. All aspects of the candidates in an applicant pool are compared, including GPA, race, gender, hometown, and other attributes. The software then makes recommendations.
