A business plan outlining radical reforms for New College of Florida is “not financially viable” in its current form, a professor at the University of Florida's business school said in an analysis critical of the school's “strategic vision.”
The business plan review comes as the New College Board of Trustees is scheduled to select a new president on Tuesday. Interim President Richard Corcoran, a former state Assembly speaker and state education commissioner, is one of three finalists for the president job. Corcoran highlighted the business plan in a meeting with the board in August.
Also, the State University Board of Regents' Strategic Planning Committee is scheduled to meet Wednesday to discuss “feedback” on the 119-page business plan.
The plan details efforts to increase New College's student population from about 800 to 1,200 over the next five years, overhaul the curriculum over the next three years and improve the Sarasota campus.
“New College's sole mission is to be the premier liberal arts college in America, elevating the prestige of higher education in Florida and creating a premium brand that complements the state's leading research universities,” the plan begins.
Amanda Fallin, a professor at the University of Florida and a member of the university's board of trustees, has asked her colleagues at the University of Florida's Warrington College of Business to evaluate and make recommendations about the New College plan.
Two UF faculty members who Fallin described in a Sept. 20 email to the board of trustees as “specializing in teaching and evaluating business plans” provided written feedback. The faculty members, who were not named in the email or documents, seemed to agree that New College's plan gives little consideration to who the target market New College is trying to reach or how efforts to change how the school markets itself might lead to success.
“I don't think a clear problem has been stated. What is the gap in the market? What is the unmet need?” wrote one teacher referred to as “Teacher #1.”
Corcoran has stated a goal of strengthening its fundraising efforts, and first-year faculty members noted the plan needs to include more detail on issues such as how to increase enrollment through marketing efforts.
“They provided a lot of ‘product’ (solution) information (what we sell: curriculum, facilities, programming, etc.) and mentioned points of differentiation; however, if I were looking at this from an investor’s perspective, I would want more details on the points highlighted above,” the first faculty member said.
The New College plan lays out the economic and ethical arguments for reforming the school that DeSantis and Corcoran have spearheaded and that has garnered much attention since the beginning of the year, including DeSantis' appointment of conservative trustees and the firing of former president Patricia Ocker.
The economic argument seeks to make the case for a liberal arts education, which the plan touts as helping to develop leaders with skills attractive to employers, such as critical thinking, communication, problem-solving, project management, initiative and teamwork.
“The development of these skills is embedded within New College's unique curriculum structure,” part of the plan states.
A second UF faculty member (Faculty Member No. 2), who did not want to be named, said the economic discussion section was “rather taken out of context from the rest of the plan.”
The ethical argument maintains that New College's academic offerings are geared towards producing better citizens and leaders.
To spur growth, the school plans to use $2 million in funding it plans to apply to Congress to create a “Freedom Institute” that would host lectures, community events and credit-bearing classes for students, which Corcoran has touted as a way to combat “cancel culture” in higher education.
The plan also includes creating master's degrees in marine mammal science, environmental economics and policy, and educational leadership, along with academic programs in the “practical applications” of artificial intelligence.
Meanwhile, New College has launched six sports programs, enrolled 120 athletes as of July, and plans to enroll 350 athletes by fall 2027.
However, UF faculty member #2 noted that none of the growth-related aspects of the business plan “seem to have the potential to generate high margin revenues (or low margin revenues) sustainably.”
New College’s plan also highlights the significant investment already made by the state, pointing to “$50 million in new legislative funding to restructure New College to be student-centered and rebuild after the previous administration’s neglect.”
The school reported that it has spent $500,000 to improve the quality of its campus dining options and plans to continue investing at that level in the future, as well as improve campus infrastructure and extracurricular and social programs for students.
The document also states a goal to expand New College's market position: Noting that surrounding Sarasota and Manatee counties regularly produce about 20 percent of New College's students, the school aims to attract “high-achieving” students from out of state.
“New College will expand its reach both within the United States and abroad, with a particular focus on non-traditional high schools whose guidance counselors will appreciate New College's unique academic programs,” the business plan states.
But a second University of Florida faculty member, who wrote that the plan “lacks sufficient market and competitive information,” also questioned its financial viability.
“As things stand, this plan is not financially viable,” the faculty wrote.
“However, there are likely opportunities for New College to become financially sustainable by utilizing ideas that were only mentioned in passing or not at all in the plan,” the faculty member added.
For example, Teacher #2 stated that one such idea would be to “leverage (New College’s) north Sarasota coastal location and proximity to St. Pete to offer executive education and certifications in the finance, business, investment, and entrepreneurship industries.”
