A communique by the Vice Chancellors at the end of the 2024 leadership Training Workshop have agreed to supplement state funding through enhanced resource mobilization strategies. The global financial recession, inflation, wars, conflicts, debts burdens, increased state obligations have made it impossible for the public sector to continue pumping more funds to the universities. They have agreed that they will undertake this activity through coordination of critical stakeholders. This will enable universities to continue to offer teaching, research, innovation and community engagements, which are the key reasons that universities are established in the first place. They will prioritize, scale up and commercialize sustainable relevant technologies and outputs. The universities must come up with innovations that are then nurtured, incubated and developed to become viable solutions to societal challenges and hence constant revenue streams. Public universities will identify areas that they have comparative advantage and hence create the needed niches hence becoming centres of excellence in some areas hence more competition and its advantages. The Universities have also agreed to work towards internationalization of higher education in their institutions by incorporating collaborative research, faculty and student exchange, internationalization of curriculum, innovation and entrepreneurship of the identified viable innovations.
It is important to note that the emergence of and spread of globalization and emergence of knowledge economy has been associated with new economic, social, cultural and political challenges which affects countries, regions and universities are not left behind in such changes. Under such changes, specific knowledge, skills, competencies or human capital plays a bigger role in promoting development, in addition to research, innovation and technological developments. It is against this background that we must support greater financial and economic health of the universities as places where there is intense knowledge production, accumulation, transfer and application, which are the main factors of the socio-economic development, which are also at the centre of countries’ development strategies, which in turn helps them to become competitive in the global knowledge economy. Public universities can come up with more ways to earn extra revenues through consultation fees which can be through enhanced provision of diverse services. Secondly through asset monetization and auxiliary services. Thirdly through technology transfer. Fourthly through endowment, short term and tailor-made training programmes. Fifth, partnerships with businesses, corporates, companies and locals. Sixth, capitalize on viable local industries and support them as you make money – sports, films, local businesses, use of university facilities for business. Seventh, inculcate a culture of openness and diversity which provides ample opportunities for collaboration with local and international partners.
Dr. Daniel Mutegi Giti 