St. Augustine Campus – Trinidad and Tobago
St. Augustine Strategic Initiatives and Focus Despite its funding challenges, the Campus has persevered in making significant progress on three of its strategic initiatives. In particular it has made strides in transforming itself into an Entrepreneurial University . Two years ago, the Campus proposed the growth of a robust model for positive transformation of Caribbean economies along the lines of a Caribbean Mittelstand – a robust, extremely healthy network of innovation-driven export-oriented Small and Medium Enterprises (SMEs). A thousand SMEs each netting TT$1 million per year translates to TT$1 billion in annual foreign exchange contribution to the local economy. If the Caribbean Mittelstand performs as well as its German counterpart, it will also cater for some 60% of the Caribbean workforce and will place the local and regional economy on a much more robust footing through wider participation of foreign exchange income earners in the economy. The UWI sees the exploitation of its Intellectual Property (IP) assets as crucial to its contribution to the growth of the new economy based on the establishment of a Caribbean Mittelstand, as the novelty of these assets would lend a degree of international competitiveness to any business, new start-up or existing enterprise, that utilises them. In keeping with the above, The UWI has begun to forge an Innovation and Entrepreneurship (I&E) Ecosystem for nurturing potentially innovative ideas from first concept to commercial start-up. During the year in review, the Campus completed the framework for the creation of its I&E Ecosystem. The fleshing out of the
It is apparent to all who are fully seized of The UWI finances that, particularly in regard to FMS, the cost- sharing arrangement is no longer sustainable. The situation is particularly severe for the FMS. The Campus has been engaging in all sorts of financial gymnastics to keep operations running and to keep our commitment to preserving the jobs of at least its full-time staff as far as possible. However, these contortions are themselves unsustainable and, as such, the Campus has been actively searching for robust strategies to mitigate its financial challenges. The New Normal In order to continue its mission and promise to the people of the Caribbean, the University and the Campus must adjust to the new normal, with new sources of funding, and must also devise effective self-financing mechanisms. Strategies, some of which are summarised below, include the re-engineering of systems and processes for greater effectiveness and efficiency and, particularly in the case of FMS which has achieved its mandate for the training of doctors for Trinidad and Tobago, adoption of a new business model based on refocusing the expertise, reputation and resources of the Campus to a more global education market. These are all in keeping with the refinement of the Strategic Plan as expressed in the Vice-Chancellor’s vision for a new UWI as a “Global System for the Future”.
ecosystem has begun with the formation of Faculty I&E Committees and the establishment of a secure database that will not only maintain an inventory of all projects, but will also allow researchers, mentors and investors to monitor the progress of each project through the Innovation and Entrepreneurship pipeline that is at the heart of the ecosystem. The Campus community has also been mandated to adjust curricula to support a culture of Innovation and Entrepreneurship, to nurture creativity, and to build entrepreneurial skills. During the review year, UWI Ventures was fully established as a holding company for UWI start- ups, to commercialise intellectual property, and to provide a portal for attracting venture capital and angel funding. Even as the I&E Ecosystem was being formed, the Campus sought to commercialise mature IP assets. In particular, it licensed technology to Lake Asphalt of Trinidad and Tobago (1978) Limited, and approved the incorporation of two subsidiaries for the commercialisation of asphalt by-products and cocoa research respectively. Internal Process Review The internal processes of the Campus have an opportunity to become more flexible and agile as we encourage earlier student applications. Earlier applications allow for better planning and preparation for all new students, particularly regional and international students, and should minimise bottlenecks in the very busy July and August months. A transformation of the relevant business processes will support the introduction of a fully digital application process. The Campus is also introducing a new Applicant Relationship Management process that allows for more feedback and ongoing communication, as well as an increased use of metrics.
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