Corporate partnerships can prove useful to colleges and universities in several ways. Whether it’s through hiring the college’s graduates, assisting with faculty research or providing funds for scholarships and grants, college and corporate partnerships are beneficial to the college and everyone involved. With more and more public college’s requiring assistance with funding, college administrators should look towards developing these relationships as fundraising options.
The days of corporations passively donating to colleges is passively coming to an end. This is due to the fact that many corporations are finding there are strategic relationships to develop due to corporate educational needs. More and more corporations are turning to local colleges to help design courses and programs that the corporation can utilize to provide employees with continuing education opportunities. It is in the best interest of colleges and universities to develop programs with corporations, as building partnerships with the corporations can easily lead to future donations as corporations try to improve their relationship with the college itself. However, in order for these relationships to be productive, it is important that both the college and the corporation share a vision of success for their programs.
Another method that colleges can develop partnerships with corporations is by developing an Office of Corporate and Foundation Relations. Several colleges are developing these offices in an effort to develop more partnerships on a national, regional and local basis. These partnerships are crucial in cultivating long and short-term funding strategies for colleges. These offices interact with various corporations and foundations on a variety of different levels and meet with individuals from those corporations including corporate giving officers, university relation specialists, key executives, recruiters and alumni. They also hold special events, celebrations and donor recognition events that help to support those relationships that are forged.
Developing corporate sponsors is an ideal method for developing beneficial corporate partnerships. These sponsorships help to heighten the image of the corporation as well as create brand awareness; two areas that all corporations are concerned with. At the same time, these sponsorships help to demonstrate that the corporation is demonstrating social responsibility and shows their community involvement. These relationships can be built by offering sign age, sponsorships, scholarships and naming opportunities for those corporations that provide the college with financial donations.
Another useful manner of developing corporate partnerships is offering those corporations access to campus facilities. These facilities may include a college’s performing arts center, conference centers, smart classrooms and even other facilities such as a university’s fitness center and swimming pool. These facilities often come in useful for a variety of businesses and also offer their employees benefits as well.
By utilizing some or all of these options, colleges are able to develop a variety of partnerships with local, regional and national businesses. These partnerships prove useful in developing a variety of college funding options from student aid to facility enhancement and endowments. These partnerships are win-win situations for colleges and corporations, as the college receives much needed funding, but the corporation also receives recognition in the community and shows their commitment to the community.
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