By James Clark | email
LUBBOCK, TX (KCBD) – Texas Tech's plan for attaining Tier One status includes a much deeper relationship with West Texas businesses including expanded opportunities for companies to sponsor tuition for their employees, establishing a formal corporate relations program, and participating in more capital venture spin-outs of Texas Tech inventions or discoveries.
Texas Tech and six other state universities had an April 1st deadline to submit their strategic plan to the Texas Higher Education Coordinating Board. They're competing for state money to help sustain $45 million per year in restricted research, which is one of the criteria for a Tier One university.
The plan refers to the creation of seven "emerging National Research Universities" in Texas as an once-in-a-lifetime opportunity. President Guy Bailey, in a letter introducing the plan says, "Our challenge at Texas Tech is to seize this opportunity."
"We have much work ahead of us," Bailey continues. "We must ensure the same quality of education for our undergraduate students even as we expand our focus on graduate education and build our research profile."
Texas Tech's quest for money is not confined to state grants. For example in 2010 Texas Tech has a goal of $146,250 for gross revenue from commercialization of technology. By 2020 the target is almost $1.5 million.
In addition to business outreach, the strategic plan calls for community outreach.
Texas Tech donors will also be asked to help out. For 2009, Texas Tech's endowment is $388.5 million, down 6.4% from 2008. For 2010 the goal is $420 million, and for 2015 it's $660 million. The endowment goal for 2020, according to the strategic plan, is $945,768,000.00.
But the plan also calls for holding down expenses. For 2010 the target operating expense for full time equivalent student is $17,254 and for 2020 it's $19,000. Texas Tech also hopes to get administrative expenses down from 6.3% in 2010 to 6.0% in 2020.
Some aspects of the plan are yet to be determined. For example, Texas Tech had an economic impact of $1.15 billion on Lubbock County in 2008. Targets for 2015 and 2020 are "TBD" or to be determined.
The Higher Education Coordinating Board has requested more information about Texas Texas's future research, which will provided next week, according to a university spokesperson.
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