Overview
NorthStar Education Partners collaborated with Arizona State University’s Next Education Workforce initiative to enhance their business model for long-term financial sustainability and growth. This partnership focused on decreasing dependence on philanthropy, developing an intermediary network to distribute their model efficiently, and centering the unique needs of communities.
Objectives
Arizona State University partnered with NorthStar to:
- Financial Model Refinement: Update the business model for all core products and services, positioning it for long-term financial sustainability.
- Pricing Strategy Development: Conduct a market scan of peer organizations to gather pricing benchmark data and inform ASU’s pricing strategy.
- Growth Scenario Planning: Utilize a financial model to develop a long-term pricing strategy and plan for various growth scenarios.
- Financial Sustainability Training: Train ASU’s team on financial sustainability principles, practices, and using the financial model.
Partner
Arizona State University (ASU)
Location: Tempe, Arizona
Mission Statement
To build the Next Education Workforce, Arizona State University’s Mary Lou Fulton Teachers College works with schools and other partners to provide all students with deeper and personalized learning by building teams of educators with distributed expertise and empowering educators by developing better ways to enter the profession, specialize, and advance.
Key Activities & Deliverables
Financial Model Refinement
- Updated Theory of Action: Developed a theory of action that includes ASU’s aspirations for financial sustainability and growth.
- Market Scan: Conducted a landscape scan of price points and pricing strategies used by peer organizations.
- Guiding Principles: Created and adopted guiding principles for the financial model aligned with organizational values.
Pricing Strategy Development
- Pricing Strategy: Developed a comprehensive and competitive pricing strategy based on benchmark data.
Growth Scenario Planning
- Scenario Planning: Utilized the financial model to plan for three specific growth scenarios, helping to anticipate and manage potential financial impacts.
Financial Sustainability Training
- Training Sessions: Conducted training sessions to educate ASU’s team on financial sustainability principles.
- Training Materials: Provided training videos and materials for ongoing use and maintenance of the financial model.
Outcomes
NorthStar and Arizona State University successfully implemented a financial sustainability strategy that has significantly enhanced their financial planning and stability. This collaboration resulted in:
- Enhanced Financial Planning: A comprehensive and flexible financial model that supports long-term planning.
- Competitive Pricing Strategy: A pricing strategy that is fair, competitive, and accessible to ASU’s partners.
- Increased Financial Literacy: Improved financial literacy and planning capabilities within the ASU team.
- Sustainable Growth: A clear path towards sustainable growth and financial stability.
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