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.   

Summary

In 2014/15, the fund received 21 proposals. Given the primary funding criteria of revenue-generation and/or cost savings, $338,500 in approved funding was allocated in support of six projects.

For 2015/16, access to the fund was broadened through a second approval stream to match funding in support of projects with existing commitments from divisional one-time funds or other grant/funding. A total of $325,500 was allocated in 2015/16 in support of six projects.

In 2016/17, a total of $174,000 was allocated in support of two projects.

See the table below for a summary of project approvals by fiscal year.

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 2017/18 Timeline and 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
2017/18 IF Timeline
2017/18 Concept Proposal Guide
2017/18 Concept Proposal Template
2017/18 Business Case Guide
2017/18 Business Case Template
2017/18 Business Case Appendices A and B
Summary by Fiscal Year
2014/15, 2015/16 & 2016/17 Innovation Fund Summary

 

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