A funding model is useful for executives to improve the Process Innovation Centre. In a typical business plan, the presence of a funding model helps in applying for capital and the process involves several characteristics. More investment made in developing the Process Innovation Centre would be fruitful in augmenting the quality, creativity, productivity, performance and efficiency of the center. Besides, substantial investment would help the center operate properly in a modern way by providing adequate materials and required equipment. Some of the potential funding sources to back up the operations of BUI innovation center are detailed below:
1. Government and Foundations:
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BUI being an educational institution gets government support via the scheme of grants and receives donations from academic foundations that provide support for research excellence in education.
2. Private donations
BUI also receives monetary help through donations offered by business houses and individuals who are committed to the cause of enriching the quality of education.
3. Program Contributions
Several research programs seeking academic expertise are given support by BUI which in collaboration with these parties help research oriented activities and receive compensation for that.
4. Loans
Loans help BUI borrow funds for investing in FTI so that the productivity of Process Innovation Centre can be improved.
5. Public Education Networks
Public education networks, which work in different areas of education to improve the quality of education, also provide help in terms of money and loan. BUI gets help from these government and semi government institutions as well.
6. Marketing and Ads
Although may not be substantial but allowing its institutional vehicles or some of the campus places open for advertising by private companies may generate revenue for BUI. It may allow its buses, canteens and other places to have posters of advertisers.
7. Local Educational Foundations and Clubs
BUI can approach local educational bodies and clubs which promote better education for the neighborhood and try to improve the educational standards.
The ultimate goal behind improving Process Invention Center is to maximize the outcome of teaching and learning in the most cost-effective way possible with the resources available in hand
References
Howell, Penny L. and Miller, Barbara B. (1997). Sources of Funding for Schools. Retrieved on 28th August 2013 from <http://futureofchildren.org/futureofchildren/publications/docs/07_03_02.pdf>
Woodhall, Maureen (2007). Funding Higher Education: The Contribution of Economic Thinking to Debate and Policy Development. The World Bank. Retrieved on 28th August 2013 from <http://siteresources.worldbank.org/EDUCATION/Resources/278200-1099079877269/547664-1099079956815/Funding_HigherEd_wps8.pdf>
Changing Patterns of Governance in Higher Education (2003). Education Policy Analysis. Retrieved on 28th August 2013 from <http://www.oecd.org/edu/skills-beyond-school/35747684.pdf>
