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:
Note: The Innovation Fund receives a priority one-time fund allocation from prior year reserves, as approved through the annual budget process.
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.
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.
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:
For questions or comments regarding the Innovation Fund, please email us at firstname.lastname@example.org.
|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 |
|2014/15, 2015/16 & 2016/17 Innovation Fund Summary|