How have you financed your ed-tech initiatives?
Lone Star anticipated the current financial crisis and didn’t just plan for survival; we were determined to thrive. We turned this perfect storm into an alignment of stars and acquired the best technology and brightest talent.
We kept showing a return on investment to faculty, student, administration, and the board throughout the year, not just when we needed additional funding. This, and the fact that we kept delivering on every promise, helped us actually increase our budget.
Like most colleges, Lone Star assesses a fee to help fund tech-related costs. However, reflecting our commitment to provide students with an affordable education by keeping tuition and fees low, the Office of Technology Services also actively pursues innovative funding strategies. I am a Harvard-trained negotiator and put these skills into practice almost every day.
For instance, I timed our ERP software and consulting services purchase with the last days of the vendor’s fiscal year and saved another $6M over the already negotiated prices. Lone Star also saves millions each year by standardizing equipment and software across the system and leveraging our buying power with vendors.