Advanced Business Models in International Higher Education

Book excerpt: The future of higher education depends on how managers respond to the challenge of rising costs, changing labour markets and new technologies. More people will follow some form of education programme in the next couple of decades than did previously in all of human history. Most of the capacity to accommodate this demand will be created in the global online environment. The shift in what is currently ‘valued’ in higher education (towards a knowledge-based economy) is driving the need for new business models. As the pace of change accelerates, education providers need to redefine their strategy for sustainable success. This volume presents the thinking of leading higher education researchers and academics from IDRAC Business School and partner universities regarding the new stakeholders in higher education systems and structures, and the kinds of business models which are needed in order to offer a sustainable value proposition. The articles gathered together here provide an insight into changes taking place in higher education institutions (HEIs) and the responses to such change. They underscore the belief that pervasive technology and ubiquitous Internet access have transformed higher education, putting pressure on HEIs to review their traditional approach in order to deliver anywhere, any ware, and any time. HEIs have a critical role to play in society; the onus is on managers to integrate a philosophy of employability, to support small and medium-sized enterprises to be smarter, and to be more innovative as communities of learning. Both the popular press and academics have initiated debate around the changes taking place and the effectiveness of current business models in higher education. The weaknesses of the current system have been exposed and discussed at length; the general consensus is that a rupture with the past is needed. Now is the time for systemic change and development to prepare learners for the uncharted and uncertain world ahead.