Russell Reynolds Associates: How CIOs in Higher Education Maximize Revenue
In this article from Russell Reynolds Associates, the rise of Chief Innovation Officers in Higher Education is examined. As the education sector itself is changing, Russell Reynolds points out that universities are looking to identify new sources of revenue and promote innovation, bringing about the need for CIOs. While most research universities have created a technology transfer office (TTO), not all have yet realized the revenue possibilities from innovation. That being said, somewhere between 20% - 30% of the top universities in the United States have created senior innovation roles.
With this role being more strategic than transactional, Russell Reynolds cites the following ways CIOs within higher education work to build revenue for their universities:
- Build, enhance, and grow an innovation ecosystem across all university departments.
- Engage with potential partners in government, finance, business, philanthropy, and the scientific community.
- Increase discovery outcomes.
- Link university ventures to outside business incubators.
- Foster an entrepreneurial and innovative culture across the department.