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In this paper, we have examined an entrepreneurial approach to funding schools of nursing. We provided an outline of the components of our Business Development Office model and examples of the initiatives we believe were a good return on investment for our school, faculty and staff. Duke University School of Nursings Business Development Office is no longer a new initiative, and it is far from finished. We see this model as an innovative step on our progressive path. We believe it may be of benefit to similar institutions to fund value added but necessary expenses associated with faculty development, faculty travel, expansion of global partnerships and innovative pedagogies and merit scholarships for students. As schools face an uphill battle with regards to revenues, it will become increasingly important for deans and executive teams to diversify funding as they compete for resources to support their missions and expand to meet future needs.
References
Broome, M. E., Bowersox, D., & Relf, M. (2018). A new funding model for nursing education through business development initiatives. Journal of Professional Nursing, 34(2), 97-102.