Chief Financial Officer and VP Administration

Innovation Fund

Purpose

In response to the financial and transformational challenges facing the post-secondary education sector, the UFV Innovation Fund was launched in April 2014. The purpose of the fund is to provide resources to support transformative programs and/or ideas that show strong alignment and opportunity to advance UFV’s strategic goals with the potential to produce new revenue and/or reduce the university’s operating costs.

What the Innovation Fund does not fund: 

  • On-going, operational expenses 
  • Regular program and/or course development or revisions
  • Research releases
  • Changes to business processes that are considered continuous business improvements

Note:  The Innovation Fund receives a priority one-time fund allocation from prior year reserves, as approved through the annual budget process.   

Application Process 

The process has been designed to be as straightforward as possible, while providing enough information to make sound decisions. Submitting a proposal requires an initial concept proposal, which if approved will require a more detailed business plan. Proposals are reviewed and approved by the President’s Executive committee. Applicants whose concept proposals are approved are then invited to submit a business case. Applicants may be asked to present their proposal to the committee. See the table below for the 2018/19 Timeline, as well as Guidelines and Templates. 

Criteria 

As per the fund’s mandate, the proposed initiatives will be evaluated on their potential for cost-savings or revenue-generation. In addition, applications for Matching Funds will be considered where advancement of strategic goals is evident. The Committee will also take the following criteria into account during the review process:

  • The innovation is aligned with the strategic goals of the University, including those stated in the Strategic Plan, the Education Plan and the Strategic Enrolment Management Plan
  • The innovation supports collaboration and/or multi-disciplinary/cross-department goals
  • The innovation does something novel, original, and/or inventive
  • The innovation is complementary to existing programs or services
  • The innovation meets an existing or future need
  • The innovation appears to be feasible and there is a clear plan for implementation
  • The innovation impacts organizational performance
  • The innovation shows capacity for sustainability, future development and application
  • The budget for the project is fully explained and justified
  • The timeline for implementation and expected results 
  • The scope and return potential of the innovation 

For questions or comments regarding the Innovation Fund, please email us at innovationfund@ufv.ca

 

Innovation Fund Guidelines & Templates
2018/19 IF Timeline
2018/19 Concept Proposal Guide
2018/19 Concept Proposal Template
2018/19 Business Case Guide
2018/19 Business Case Template
2018/19 Business Case Appendices A and B

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