The HESFS for higher education funding, employment and sustainability

Abstract

Purpose The purpose of this paper is to develop a higher education funding and employment system that obviates barriers to sustainable development and helps engrain the notion of sustainability into the institutional framework. Design/methodology/approach The “Higher Education Sustainability First System” (HESFS) is a conceptual model that builds upon ideas from previous literature. Its theoretical basis draws on a joint value creation framework from the stakeholder theory and business model perspectives. Findings A holistic three-pillar approach that offers multiple value propositions is needed to engage the stakeholders to collaborate for the coherent functioning of the HESFS. This will enable the establishment of a viable innovative financial model and the institution of a sustainability-focused student employment program that are facilitated by a robust sustainable infrastructure. Several sustainable development goals may be furthered in the process. Research limitations/implications The applicability of a part or entire HESFS depends on the characteristics of the higher education institution and the level of its maturity in a sustainable development process. Although its different constituents have been empirically validated in literature, the HESFS model could be applied in a case study to determine its potential feasibility. Practical implications The HESFS may inspire policymakers, businesses and higher education institutions to forge alliances to devise innovative resources of funding and engage in employment partnerships that can lead to progress in sustainable development. It may particularly be useful for institutions in developing and less developed countries, where inequality and high youth unemployment rates prevail. Originality/value By focusing on an under-researched topic through a multitheoretical perspective, this study contributes to theories pertaining to stakeholder engagement and business models.

Fostering Equality in Education: The Blockchain Business Model for Higher Education (BBM-HE)

“…The HESFS [19] presents a conceptual model based on three pillars (sustainability, funding, and employment) to engrain SD into the institutional culture, instill sustainability literacy in the stakeholders, and help achieve the SDGs, and particularly, SDGs 4 and 8 [15].…”

“…To live forever, finance and securing strong and persistent cash inflows is a sine qua non. The revenue streams of the average HEI are dependent on tuition, state funding, alumni/donor/investor contributions like the Civic Crowdfunded SD Fund [91], study-work programs [92], and the HESFS [19]. A model encapsulating all these potential funding elements in the form of flexible modalities is needed, where contributors or stakeholders may enjoy various rewards (i.e., "sustainability-trained" graduates, tokens, badges for achievement to be displayed on social media, tax exemptions), which is the key component to give all stakeholders a sense of empowerment and freedom to co-create their joint values [23].…”

“…Having funds available for training, research, laboratories, field trips, bridging new connections with industry through the integration of flexible funding modalities as those put forth by the HESFS [19].…”

“…As indicated in the findings of the content analysis, an important challenge is the financial resilience of the HEI itself and the funding constraints of students. Therefore, models like the funding pillar of the HESFS [19] can be used to increase financial resilience and secure funds for sustainability practices, through securing seed capital, finding corporate partners to engage in a work partnership program, obtaining crowdfunding contributions from the civil society and alumni, and other long-term options, such as setting up eco-farms Figure 3 shows the core elements of the traditional HEI model (in the upper part) for a centralized institution with a degree-centered approach and no measurable or verifiable mechanisms in place to implement and monitor sustainability practices. This mechanism is destined to be "transformed" or "re-imagined" in the course of nature with rapid changes in mindset, technologies, and a serious determination to engrain sustainability into all core elements.…”

“…To that end, the present paper introduces the Blockchain Business Model for Higher Education (BBM-HE). The BBM-HE is a post-pandemic higher education (HE) business model that takes a modified business model canvas (BMC) perspective [18] and habituates several elements of the Higher Education Sustainability First System (HESFS) [19] in addition to accommodating other contemporary concepts, such as blockchain technology (BT), the metaverse, tokenization, the learning designers bridging academic and professional domains [20], and remote learning modalities, to the present educational climate. Its multitheoretical foundation rests on self-regulated learning (SRLG) [21], empowerment [22], stakeholder theory with a co-creation framework [23], and sensemaking [24].…”