Written by Ryan Daly ©2023 The News Service of Florida
TALLAHASSEE — A business plan outlining a fundamental transformation of New College of Florida is currently “not financially viable,” a University of Florida business school faculty member said in an analysis criticizing New College's “strategic vision.” It’s not possible.”
The review of the business plan comes as the New College Board of Trustees is expected to select a new president on Tuesday. Interim President Richard Corcoran, a former state House speaker and state education commissioner, is among the three finalists. Mr. Corcoran highlighted the business plan as part of his August meeting with his trustees.
The State University System Board of Governors' Strategic Planning Committee is also scheduled to meet Wednesday to discuss “feedback” related to the 119-page business plan.
The plan details efforts to increase New College's student population from approximately 800 to 1,200 students over the next five years, overhaul the curriculum and improve the Sarasota campus over the next three years.
“New College's sole mission is to be the premier liberal arts college in America, to refine Florida's higher education credentials, and to create a premium brand that complements Florida's outstanding research universities.” It is written in the section.
Amanda Fallin, a University of Florida professor and member of the University System's Board of Governors, asked her colleagues at the University of Florida's Warrington College of Business to evaluate the new college plan and make recommendations.
Two faculty members at the university, who Fallin said in a Sept. 20 email to the board, “specialize in teaching and evaluating business plans,” provided written feedback. Both faculty members, who were not identified in the emails and documents, said New College's plans include who is in the target market that New College is trying to reach and how it will work to transform the school. They seemed to agree that little consideration had been given to Marketing can lead to success.
“I didn't see a clear problem outline. What are the gaps in the market? What are the unmet needs?” wrote a faculty member referred to as “Faculty #1.”
As Corcoran University has stated its goal of ramping up fundraising efforts, first faculty members say plans need to include more detail on issues such as how marketing efforts will increase enrollment. It pointed out.
“They had a lot of 'product' (solution) information (curriculum, equipment, programming, etc., that's what we sell) and mentioned some points of differentiation. But if you're looking at this from an investor's perspective, I'd like to know more about the points I highlighted above,” the first faculty member said.
The initiative, led by DeSantis and Corcoran, has received a lot of attention since the beginning of the year, as the new university plan makes an economic and ethical argument for rebuilding schools. The makeover includes Mr. DeSantis appointing conservative board members and firing former President Patricia Ocker.
While economic arguments try to justify a liberal arts education, the plan also states that a liberal arts education has important skills for employers such as critical thinking, communication, problem solving, project management, the ability to take initiative, and teamwork. It is touted to help develop leaders with attractive skills.
“The development of these skills is built into New College’s unique curriculum structure,” the plan states in part.
A second anonymous university faculty member (referred to as faculty #2) stated that the economic discussion section was “completely taken out of the context of the rest of the plan.”
Ethical arguments maintain that New College's academic offerings are aimed at developing better citizens and leaders.
To foster growth, the school plans to use $2 million in funding it plans to request from Congress to launch a Freedom Institute. The planned institute will host speakers, community events and credit-bearing classes for students, and is touted by Corcoran as a way to counter “cancel culture” in higher education.
The plan also includes the creation of master's degrees in marine mammal science, environmental economics, and policy and educational leadership, as well as academic programs in the “practical application” of artificial intelligence.
Meanwhile, New College has launched six sports programs, with 120 athletes applying to enroll as of July and 350 athletes expected to enroll by fall 2027.
However, university faculty member #2 stated that none of the growth-related aspects of a business plan “seem likely to sustainably increase high-margin revenues (or even low-margin revenues).” Ta.
The New College Plan also focuses on what has already been a significant investment by the state, “as new legislative funding to refocus New College on students and rebuild it from the neglect of previous administrations.” 50 million dollars will be invested.”
The school reports spending $500,000 to improve the quality of food on campus and plans to continue that level of investment. There are also plans to improve campus infrastructure and extracurricular and social programs for students.
It also explains the goal of expanding its market position. Noting that surrounding Sarasota and Manatee counties regularly produce about 20 percent of New College's students, the school will seek to attract “high-achieving” students from out of state.
“New College will expand its focus throughout the United States and abroad, with a particular focus on non-traditional high schools, and its guidance counselors will appreciate New College's unique academic programs,” the business plan states. It has been stated.
But a second university faculty member also questioned its financial viability, writing that the plan “lacks sufficient information about markets and competition.”
“This plan is not financially viable in its current state,” the faculty wrote.
“However, there is probably an opportunity for New College to become financially sustainable by leveraging ideas that are mentioned only sparingly or not at all in the plan,” the faculty member added.
For example, faculty number 2 said one such idea was to “leverage[New College's]north Sarasota coastal location and proximity to St. Pete” in the finance, business, investment, and entrepreneurship industries. “offer executive training and certification.''
