The International Institute for Science, Technology and Education (IISTE)
Abstract
Funding for TVET activities is mainly through government subvention to tertiary institutions that undertake general education. TVET education is still underfunded in relation to general schooling. Management of institutions has to develop strategies to provide additional sources of funding for specific TVET activities that link education with practical training. In recent years, managers of several tertiary institutions have set up Business Development Units to find innovative ways of sourcing for additional funding for quality TVET programmes. These units have the arduous task of convincing industry and corporate organizations on the need to invest in such programmes. The setting up of business incubators to help grow small businesses borne out of students’ ideas has been largely successful in some institutions. Developing businesses in academia may be seen as a deviation from the core mandate of a tertiary institution, however such departure has the potential of not only increasing internally generated funds but churn out entrepreneurs for the future of our country, as they begin to conceive viable business ideas, incubate them and gradually grow them into big businesses, with some financial support. In Accra Technical University, the Business Directorate aims to ensure that the institution provides solutions to specific business and organizational needs through training, contract research or consultancy. This paper examines the critical role the Business Development Units play towards the funding of quality TVET programmes in a tertiary institution. Keywords: Business Development, Funding, TVET, Incubator, Academia
