Date: 14th December 2017
The Industrial Strategy underlines the importance of knowledge, skills, research and technology to the UK’s productivity challenge and its deep-seated regional imbalances. Universities are clearly critical for the UK to address these challenges, as highlighted here by David Marlow. The industrial strategy shows us just how many different funding channels are open to Higher Education Institutions (HEIs) with an appetite for public investment to drive the productivity and economic growth agendas forward.
To unlock any of the resources that the Industrial Strategy, HEIs really need to get up to speed with the essential requirements of HM Treasury Green Book and the Five Case model. To ensure a robust approach and favourable outcomes it is important to adhere to these business case principles.
Critical things to get right
The five cases outlined above each need to be individually robust and collectively coherent to make a compelling argument for your proposed investment. The Five Case model is central to the Green Book and has a lot of requirements set out in hundreds of pages of guidance, but here are some critical issues to get right:
Above all, if there is one single lesson to take away from this, it is that tough decisions will probably need to be made along the way, which may put strains on relationships. Be clear among yourselves what the core essentials are and work together to carve out a deliverable proposition that demonstrates benefits at a reasonable cost.
Taking the next steps
Developing business cases can be made easier with outside help. There are a series of potentially complex tasks at various points in the process that Regeneris regularly undertakes for clients. This includes supporting a number of HEI-led partnerships to develop business cases for initiatives with a research, innovation, skills or business support focus. In the course of developing these business cases we have built up a firm appreciation of how to:
We have helped our clients by providing a blend of critical friend advice, briefing support, analytical inputs, facilitated decision-making and drafting business cases. A clear, well evidenced business case using HM Treasury Green Book principles will set your scheme apart and enhance your chances of success.
The Industrial Strategy is a real opportunity for HEIs to develop deeper local roots built on meaningful collaborative partnerships. The route can be complex to navigate yet with the right support in place universities can play a much bigger role addressing economic objectives for the UK.
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