New 1:many cadences with automated emails, reusable templates, and more in Signal

DonorSearch identifies prospects in your database with the capacity and intent to give.

Missed the live session? Watch our on-demand webinars anytime to get guidance from industry experts.

Higher-Ed Innovation Labs: Keeping the Entrepreneurial Spirit Alive

Innovation. I know what you’re thinking: I’ve heard that buzzword before. It’s a hot topic that businesses love to throw around, and while we hear it all the time, how often does it refer to something that is actually meaningful?

Well, the innovation I’m talking about today encompasses the full meaning of the word—and I’m not referring to the trendy startups of Silicon Valley. I’m talking about innovation in higher ed.

With the entrepreneurial spirit taking foot at colleges and universities across the country, higher-ed institutions have responded by creating programs to encourage innovation on campus. Now widely known as innovation labs, these programs give students, faculty, and alumni the opportunity to utilize technology and find real solutions to some of the most perplexing and urgent problems that we face today.

Check out these eight schools that are breaking new ground and providing their community members with the space, resources, and mentorship needed to pursue ideas and creative solutions.

Babson College: Social Innovation Lab

Babson’s Social Innovation Lab, funded by a $500,000 two-year grant from the Toyota Foundation, is dedicated to bringing ideas to life and applying these solutions to the real world. Current action projects include Food Sol, Affordable Design and Entrepreneurship, and the Women’s Entrepreneurial Development Lab. With a focus on creating social change, this impressive lab inspires Babson affiliates to look beyond the classroom in order to make a meaningful and positive impact on others.

Dartmouth College: Neukom DALI Lab

Housed in the Computer Science Department at Dartmouth, the Neukom DALI (Digital Arts, Leadership, & Innovation) Lab is comprised of a team of students that works with faculty, nonprofits, government agencies, startups, and more to apply cutting-edge design and technology to a variety of projects. This innovation hub also holds a unique event called The Pitch, a competition that invites students to share their ideas for research, design, and more in order to gain funding and support from DALI. Innovation abound, Dartmouth’s DALI Lab is not only an important creative outlet on campus, but also a chance for students to gain hands-on work experience.

 

Duke University: Innovation & Entrepreneurship

The Innovation & Entrepreneurship (I&E) initiative at Duke offers a wide range of opportunities for Dukies. From specialized housing for entrepreneurial-minded students to an annual student start-up competition, Duke has created an innovative atmosphere unlike any other. An exciting program within Duke I&E is SEAD (the Social Entrepreneurship Accelerator at Duke), a lab focused on developing social impact projects to positively affect individuals and communities around the world. With ample resources and programs in place to support and encourage young entrepreneurs, Duke I&E is an outstanding example of a university’s efforts to do good.

Harvard University: i-lab

Harvard may be the oldest university in the country, but this institution is looking towards the future with its recently established Harvard i-lab. Since 2011, the lab has offered students everything from an introduction to entrepreneurship through foundational learning to more advanced services such as venture incubation. With myriad classes, resources, and space, the i-lab is a center of creativity that acts more like a startup incubator than a college classroom. A few initiatives that came to fruition in the i-lab include BevSpot, a startup that links bars and restaurants to alcohol distributors, and Girls Thinking Global, a venture focused on empowering adolescent girls around the world.

 

Johns Hopkins University: Social Innovation Lab

By focusing on the Baltimore community, JHU’s Social Innovation Lab supports innovative solutions to pressing problems that (quite literally) hit close to home. Supporting both nonprofit and for-profit startups, this lab enables passionate students—or should we call them blossoming entrepreneurs—to pursue ventures ranging from med-tech and health to education. Baltimore Hears is an example of a project that is dedicated to bringing healthcare to the underserved older adult community in the city. “Building a Better Baltimore” has never looked so good as these students—equipped with ample resources from the university itself, as well as from local foundations and grants—do what they can to improve their own community.

Northwestern University: Knight Lab

The Knight Lab, a collaboration between the Medill School of Journalism and the Robert R. McCormick School of Engineering and Applied Science, combines new technologies with journalism to promote media innovation and “quality storytelling on the Internet.” This niche focus distinguishes the Knight Lab unique from other innovation labs—and the products and services stemming from the lab are a testament to its unique mission. Funnelist, a Twitter List management web app for journalists, and LocalPulse, a news preference analysis tool, are two examples of Knight Lab student projects that have utilized technology to innovate in the world of journalism.

Santa Clara University: Frugal Innovation Lab

At Santa Clara, the Frugal Innovation Lab (FIL) focuses on helping communities and individuals in developing countries through introducing new technologies  to emerging markets. Projects center on renewable energy, clean water, public health, and more, to ensure that basic human needs are met all over the world. The lab itself provides students with the resources and tools necessary to plan and execute these important projects. An especially interesting component of the program is the Mobile Lab, which lives within the FIL and aims to improve the lives of individuals in underprivileged communities with the use of mobile technology.

Villanova University School of Business: Center for Innovation, Creativity, and Entrepreneurship

The Center for Innovation, Creativity, and Entrepreneurship brings the startup spirit to the Villanova campus, urging all students to discover their inner entrepreneur. This vibrant center features several programs and events, as well as two different opportunities to minor in entrepreneurship. Pitch Day, for example, is an exciting way in which Villanova gives students of different classes a chance to kickstart their business ideas—fostering a community that values creativity and disruptive thinking!

 

All of these institutions prove that higher-ed administrations have embraced innovation in their willingness to allocate money, staffing, and resources to running these labs. But what about spreading this type of ingenuity to other daily operations at the university—specifically, advancement?

While schools are making a conscious effort to incorporate innovation into the academic curriculum, there seems to be a disconnect as fundraising offices struggle to keep pace. Openness to new technologies and new ideas is an important way to foster efficiency in a hectic professional environment; yet, the field of advancement has only been taking baby steps towards building innovative new practices into their day-to-day. As the higher-ed space becomes more tech-savvy and entrepreneur-friendly, advancement offices will need to continue thinking outside of the box to discover transformative ways of reaching donors and raising more money.

 

Speaking of innovation… have you checked out whats new with EverTrue

Endowment Spending & Growth Calculator

Enter your fund's current value and adjust the return, spending, and inflation sliders to see how its value in today's dollars changes over time.

$
6.0%
0%12%
4.0%
2%7%
3.0%
0%8%
10
5 yrs25 yrs

Value in 10 years

$0

In today's dollars

$0

4. Continue to Steward Donors

Your relationship with the donors who give to your endowment doesn’t end when you secure their gifts. Because your endowment exists to make a difference in the long term, your supporters will want you to keep in touch about its progress. Ongoing stewardship means keeping donors updated about your endowment’s performance and impact. A report that strengthens your relationship with donors should cover:
  • The fund’s balance at the start and end of the year
  • Spending amounts and allocations
  • How the fund’s returns compare to your investment targets
  • A short narrative detailing the specific impacts the endowment achieved
Create a report for each endowment rather than sending an identical document to everyone. A donor who endowed a scholarship wants to hear about the students it supported, while a donor who endowed a building fund wants updates on construction projects.

5. Upgrade Your Endowment Management Tools

Your endowment management tools should make applying your spending policy across every fund easy. Investing in dedicated software is especially useful as your endowment grows. Handling unitization in spreadsheets might work for a few funds, but as you begin to manage dozens or hundreds of gifts, dedicated software can save your team time spent manually calculating gains and losses for each one.

Why Nonprofits Need Dedicated Endowment Management Software

Dedicated endowment software brings accuracy and consistency to every part of the management process, from tracking individual funds to improving security. See how these solutions compare to a spreadsheet-based approach: nfographic table outlining the information below.

How These Methods Compare:

In managing your endowment with traditional spreadsheets, you may see:
  • High administrative burden: Manual entry across disconnected systems
  • Limited security and audit footprints: Reduced version control and audit trail visibility
  • Difficulty with donor transparency: Spreadsheets provide only static data that is difficult to turn into custom results.
By using dedicated software, you are likely to find the following improvements:
  • Lower administrative burden: Automated fund tracking and calculated allocations
  • Enhanced security and audit footprint: Audit-ready reconciliation with clear tracking
  • Greater donor transparency: Connects with reporting platforms
Dedicated endowment management software keeps your organization compliant while freeing up the time your team once spent manually managing spreadsheets.

Secure Your Endowment with Balance by EverTrue

Effective endowment management begins with excellent accounting. Balance by EverTrue handles unitization, applies spending rules, and produces audit-ready reports, so your team can spend more time on the donor relationships that built the fund in the first place.
  • Turn your data into a clear picture of long-term impact. Combine accurate fund accounting with donor reporting that showcases impact.
  • Connect with the tools you already use. Pair Balance with Impact by EverTrue and ODDER by EverTrue to create and deliver compelling digital endowment reports that you can send to donors with ease.
  • Know where every fund stands in real time. Check market values, gift history, and available spending for any fund. Then, share view-only versions with your team, so everyone stays informed.
With Balance, your team can stop spending all your time on manual management and instead add balance to your endowment workflow.

Additional Resources

To learn more about managing your endowment and other ways that technology can help your organization, check out these additional resources: Less stress, higher endowment funds. Discover how Balance provides the organization, security, and accuracy your endowment needs. Request a demo.
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x