Leveraging a Donor Network to Fund Innovation: Lessons Learned from the Success of the Jefferson Trust
University budgets are tight, so how do you set aside funding for innovation? Here’s one strategy from the University of Virginia, which has issued 141 grants in a little over a decade to fund strategic projects at the institution. In an earlier paper, we highlighted several distinct approaches institutions had taken to setting aside funds to pursue innovative, growth-minded strategies. Some advocated the rigorous discipline of setting aside a percentage of operational budget each year to allow the institution to take calculated risks on new projects (this infographic summarizes the approach); others suggested the power of a president’s network of donors who give specifically to an innovation fund. One well-known variation on this second approach is the University of Virginia’s Jefferson Trust, which has issued 141 grants in a little over a decade to fund initiatives and programs of strategic interest to the institution. Though unique in its structure, much of UVA’s model is replicable for other institutions. To learn more, we reached out to Wayne Cozart, the executive director of the Jefferson Trust, in the following interview. An Interview with Wayne Cozart Daniel Fusch (Academic Impressions). Wayne, it’s wonderful to talk with you again. Can you tell me a […]