Redesign "University of the Future" Conceptual Business Model: Sustainability and Staying Relevant in the Digital Age

Abstract

Several key studies have shown that the higher education sector is in need of new business models in order to stay relevant and sustainable in the New Digital Age. Pressures and drivers of change — funding, changes in the technology and Fourth Industrial Revolution (41R), digital socio-economy, and business model, to name a few — that demand institutional change by re-examine its current business model and value proposition, if success is to be sustained over the long term. The digital changes are dynamic and complex. This paper adopted the design thinking approach, where business modeling tools namely the Environmental Map (EM), Business Model Canvas (BMC) and Value Proposition Design Canvas (VPC) are used to formulate, design, and evaluate alternative business models for the higher education institutions (HEI). The tools allow HEI to design conceptual business models - creating value for their business, and delivering value propositions and benefits for their customers. Thus, enabling the creation of sustainable businesses. Depending on the value proposition to be offered to targeted customer segments, this paper has offered generic conceptual business model in preparing for IJotF to be always relevant and sustainable in the New Digital Era. In our opinion these generic conceptual business models will help I-JotF decision makers, planners and relevant stakeholders to continuously review, enhance and customise their value offerings so as to remain relevant, sustainable, agile, and competitive.