“In this paper, we have examined an entrepreneurial approach to funding schools of nursing. We provided an outline of the components of our Business Development Office model and examples of the initiatives we believe were a good return on investment for our school, faculty and staff. Duke University School of Nursing’s Business Development Office is no longer a new initiative, and it is far from finished. We see this model as an innovative step on our progressive path. We believe it may be of benefit to similar institutions to fund value added but necessary expenses associated with faculty development, faculty travel, expansion of global partnerships and innovative pedagogies and merit scholarships for students. As schools face an uphill battle with regards to revenues, it will become increasingly important for deans and executive teams to diversify funding as they compete for resources to support their missions and expand to meet future needs.”
Broome, M. E., Bowersox, D., & Relf, M. (2018). A new funding model for nursing education through business development initiatives. Journal of Professional Nursing, 34(2), 97-102.
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The paper discusses an entrepreneurial approach to funding schools of nursing, specifically focusing on the Business Development Office model implemented by Duke University School of Nursing. The model aims to diversify funding sources and support various initiatives that are deemed valuable for the school, faculty, staff, and students.
According to the authors, the Business Development Office model encompasses components such as faculty development, faculty travel, expansion of global partnerships, innovative pedagogies, and merit scholarships for students. These initiatives are believed to be essential for the school’s growth, as they contribute to enhancing faculty expertise, promoting collaborations, implementing innovative teaching methods, and supporting deserving students.
The authors emphasize that the Business Development Office model is an ongoing and evolving venture, representing a progressive step towards meeting the future needs of the nursing school. As educational institutions face financial challenges, finding alternative funding sources becomes crucial to support their missions and expand their capabilities.
By adopting an entrepreneurial approach and implementing the Business Development Office model, nursing schools can generate additional resources to fund necessary expenses. This model allows schools to tap into external funding opportunities, engage in strategic partnerships, and attract investments.
In conclusion, the entrepreneurial approach to funding schools of nursing, exemplified by Duke University School of Nursing’s Business Development Office model, offers an innovative solution to the financial struggles faced by educational institutions. By diversifying funding sources and investing in value-added initiatives, nursing schools can support faculty development, global partnerships, innovative teaching methods, and scholarships for students, ultimately enhancing the overall quality of education.