Strategic Planning. Every organization need to have a strategic plan in line with its vision, mission and objectives. A strategic plan, like a business plan, outlines the path in reaching the institutions objectives, for example increasing capacity and enhancing the innovation ecosystem. The strategic plan also serves to focus leadership on their purpose. A strategic plan is however not written in stone. Leaders need to understand top down and bottom up approaches of strategic planning, using the strategic plan to allocate resources, changing direction on obtaining new information on global trends or local developments that have impact, and how to work with entities outside the institution.
Management and Execution. Building an infrastructure and a management team that has the skills and resources to achieve institutional objectives is critical in executing a strategic plan. Strategic planning is a process to get different levels of management involved and aligned with each other to achieve the objectives under the plan. In the case of the university, the research and teaching faculty also play a vital role is defining and achieving the objectives outlined in a strategic plan. Management therefore needs the ability to engage and work with a broad category of individuals.
Innovation and Growth: Fundamentals of aligning resources for business development. Innovation driven growth in a university requires a multidisciplinary approach. This requires leaders and managers to think, plan and act beyond the silos of the traditional institutional structure. Both vertical and lateral collaborations must be established internally and aligned with the strategic objectives of the institution such as creating an innovation culture. These efforts need to be informed by global, regional and local trends, address specific needs, and in the ideal situation be undertaken with an industry partner. These are often complex approaches to address complex needs that benefit from having leadership and management with the skills necessary to plan and act.
Partnerships and Alliances. Increasing capacity and enhancing the innovation ecosystem requires organizations to partner and collaborate with industry and other institutions. These partnerships and alliances increase access to a global network, enhance the innovation ecosystem, increase the visibility and prestige of the university, and can serve to attract additional talent. However, these types of arrangements need to fulfill the strategic objectives of the organization. Understanding the elements of partnering or creating an alliance, the resources being allocated by each party, the objectives of each party are the basis of a successful venture.
