The Department of Business Management in the Faculty of Economic and Management Sciences recently welcomed Prof John Latham, Vice-chancellor and CEO of Coventry University in the United Kingdom (UK) as extraordinary professor.
He presented a talk about the "Context and dynamics of the entrepreneurial university" during his recent visit to Stellenbosch University (SU).
He described the entrepreneurial university as a place where entrepreneurship and innovation form part of the institution's fabric and where students and staff members are actively encourage to pursue it.
According to him, the title 'VC and CEO' is becoming more and more common in the UK.
"Nine or ten years ago about 80-85% of our funding came from government. Now it's closer to 25%."
This meant that universities had to start thinking and functioning like business.
"Our students are paying clients and they place more value on indicators such as their ability to find a job after getting their degree," Latham explained.
Coventry University has an aggressive growth plan – the university currently has 42 000 students across the globe and wants to grow this number to 80 000 by 2020. It is also looking at an estimated turnover of 1 billion pounds by then.
Research is very important to the university and it is investing significant amounts of capital in research activities and facilities.
"Research must be impactful," Latham said. "We want to create areas of niche dominance."
Millions of pounds are also being invested in campus expansion and development to make student accommodation more attractive to students. "If you don't have flat-screen TVs and power showers they don't want to come," Latham said.
Each student enrolled at Coventry University, whatever their degree, will also complete modules in enterprise or entrepreneurship and staff members are encouraged and incentivised to be good examples of entrepreneurship and innovation.
Coventry University has received various awards over the past few years, including 'Modern University of the Year' in 2014 and 2015 and 'Entrepreneurial University of the Year'.
An award that Latham is particularly proud of, is the 'Queen's award for enterprise' that was awarded to Coventry University this year.
"This is not a university award, but rather a business award that acknowledges excellence in a certain business sector."
He explained to the audience, which included among others Prof Tobie de Coning, Chief Director: Strategic Initiatives and Human Resources at SU, Prof Stan du Plessis, Dean of the Faculty of Economic and Management Sciences, Prof Ronel du Preez, Vice-dean: Teaching and Prof Christo Boshoff, Vice-dean: Research, that this business-oriented thinking is necessary to ensure the continued existence of the institution.
"It is no longer a god-given right that a university should survive," he concluded.
