INNOVATION FUND

PURPOSE

Given the financial and transformational challenges facing the post-secondary education sector, new approaches to the way we do things are required. In recognition of this, and in an effort to address the financial challenges in a positive, forward-thinking way, the University is establishing a $500,000 Innovation Fund. The purpose of this fund is to provide resources for transformative programs or ideas supported by well-reasoned business plans that have the potential to produce new revenue and/or reduce the university’s operating costs.

The fund is not for on-going, operational expenses but will provide an opportunity to initiate projects that will positively affect UFV’s future.

Note: the fund will be established with one-time funds in the initial year.

 

APPLICATION PROCESS

Submitting a proposal requires an initial concept proposal, which if approved would require a more detailed business plan. The process has been designed to be as straightforward as possible, while providing enough information to make sound decisions. Applicants whose concept proposals are approved will be invited to submit a business plan. Proposals will be reviewed and approved by the President’s Executive Committee. Initial concept proposals are due May 22nd, 2014 to Budget@ufv.ca. A second round of proposals will be accepted at the beginning of the fall semester pending available funding.

 

INNOVATION FUND CRITERIA

Innovation Fund Criteria

                                                   PRIMARY CRITERIA

As per the overriding mandate of this fund, the proposed initiatives will be primarily evaluated on their potential for cost-savings or revenue-generation.
                                                  SECONDARY CRITERIA 
1. The innovation is aligned with the strategic goals of the University, including those stated in the strategic plan, the academic plan and the strategic enrolment management plan (the  latter to be approved by the board September 2014)
2. The innovation supports collaboration and/or multi-disciplinary/cross-department goals
3. The innovation does something novel, original, inventive
4. The innovation is an improvement over what exists now
5. The innovation is complementary to existing programs or services
6. The timeline for implementation and expected results
7. The scope and return potential of the innovation
8. The innovation meets an existing or future need
9. The innovation appears to be feasible and there is a clear plan for implementation
10.  The innovation impacts organizational performance
11. The innovation shows capacity for sustainability, future development and application
12. The budget for the project is fully explained and justified

 

Innovation Fund Guidelines & Templates
Timeline
Concept Proposal Guide
Concept Proposal Template
Business Case Guide
Business Case Template

 

Please e-mail any questions or comments to budget@ufv.ca

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