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Capturing, Quantifying, and Communicating
“Success” in University-Led Economic
Development
September 2015
Agenda
 Overview of Balanced Scorecards and Strategy
Maps
 Adapting the Model to University-Led Economic
Development
 D...
Q: How do I decide what to measure?
A: Your metrics should be driven by
your strategy!
…And your strategy should be driven...
What is a Balanced Scorecard and how is it
different from traditional strategic planning?
 Based on work of Kaplan & Nort...
Balanced Scorecard for Non-Profits
Mission
Vision
Customer/
Stakeholder
Financial
Internal
Processes
Organizational
Capaci...
Adapting the Model to University-Led
Economic Development
What is the process to develop a BSC for
University-Led Economic Development?
1) Conduct an institutional competitiveness ...
What is the process to develop a BSC for
University-Led Economic Development?
5) Create a strategy map
 Plot strategic go...
What is the process to develop a BSC for
University-Led Economic Development?
7) Set performance targets and assign respon...
Designing and Implementing Metrics
Felix DiCamillo
“Perhaps what you measure is what
you get. More likely, what you measure
is all you’ll get. What you don’t (or
can’t) meas...
 Jobs created
 Jobs retained
 Revenue growth
Classic Economic Development Metrics
Dashboards for Monitoring
Understanding Client Relationships
Monitoring Relationship Status
Entrepreneurship
 Student, faculty, community engagement
 New companies established
 New products/services launched
 P...
Entrepreneurship
 Program participation numbers
 By program type
 Costs by program
 Demographics of participants
 Und...
Entrepreneurship
 Success of new products/services launched
 Investment committed
 By company, by industry, by demograp...
Research
 Student, faculty, industry engagement
 Faculty/PIs attracted – number & quality
 Grants awarded, investment c...
Research
 Faculty, student participation numbers
 Demographics of participants
 Breakdown by discipline/department
 So...
Workforce Development
 Change of direction requires new measures
 Beyond social services
 Industry driven training
 Mi...
Workforce Development
 Gap Analysis
 Workers trained vs 10 year projected need
 Drives programming
 Program participat...
When the President or Provost asks what you do all
day…
Touches in the entrepreneurial ecosystem
 Your events
 Participa...
Requires a central data repository
Considerations:
 Map metrics to your strategy
 Use on campus and off campus data sour...
MANAGE/COORDINATE
MONITOR/MEASURE
REPORT/ANALYZE/IMPROVE
Data Drives Improvement
Measuring the Dollar ImpactDollars
(Thousands)
Jobs, the Ultimate Metric
Interactive Exercise (30 minutes)
1) With your group, select one of the following 5 strategic goals
to focus on:
 Enhance...
Questions?
Feel free to contact us!
Maureen Klovers
President and CEO
Lyon Park Associates
maureen@lyonparkassociates.
com...
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UEDA 2015 Annual Summit - 9/28 - Capturing, Quantifying, and Communicating Success in University-Led Economic Development

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Is your institution struggling to develop an easy-to-communicate economic development strategy? Do you have metrics that demonstrate the success of your initiatives? This session will provide an overview of the Balanced Scorecard approach to strategic planning for university economic development, which emphasizes performance metrics and allows universities to communicate their entire strategic plan on a single, poster-sized strategy map. We will examine metrics being used by research universities, universities with entrepreneurial programs, and community colleges across a range of economic development objectives. We will close with a practical, interactive exercise that will allow participants to begin developing their own Balanced Scorecard.
Felix DiCamillo, Director of Business Development, The Rochester Group
Maureen Klovers, President and CEO, Lyon Park Associates

Published in: Data & Analytics
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UEDA 2015 Annual Summit - 9/28 - Capturing, Quantifying, and Communicating Success in University-Led Economic Development

  1. 1. Capturing, Quantifying, and Communicating “Success” in University-Led Economic Development September 2015
  2. 2. Agenda  Overview of Balanced Scorecards and Strategy Maps  Adapting the Model to University-Led Economic Development  Discussion on Designing and Implementing Metrics  Interactive Exercise: Translating goals into strategic objectives, operational objectives, and performance metrics  Wrap-Up and Feedback
  3. 3. Q: How do I decide what to measure? A: Your metrics should be driven by your strategy! …And your strategy should be driven by your stakeholders’ needs, your competitive positioning, and your long- term vision
  4. 4. What is a Balanced Scorecard and how is it different from traditional strategic planning?  Based on work of Kaplan & Norton at HBS—conceived as a structured approach to integrating financial and non- financial performance measures  An integrated strategic planning and performance system that translates an organization’s vision, mission, and strategy into strategic goals and performance metrics  In lieu of a 300-page document, the end result is a poster-sized strategy map that illustrates cause-and- effect relationships among a range of “perspectives,” with an accompanying list of initiatives (projects) and performance metrics  Performance metrics are at the heart of a BSC  Doesn’t sit on a shelf—plan is constantly revisited to measure actual vs. expected performance, ensure accountability, and set funding priorities
  5. 5. Balanced Scorecard for Non-Profits Mission Vision Customer/ Stakeholder Financial Internal Processes Organizational Capacity Goal 1 Goal 2 Goal 3 = Strategic objective
  6. 6. Adapting the Model to University-Led Economic Development
  7. 7. What is the process to develop a BSC for University-Led Economic Development? 1) Conduct an institutional competitiveness assessment 2) Define strategic goals: What does our institution need to do to be successful in its ED mission?  Enhance regional competitiveness  Equip our students to succeed in a fast-paced, global economy  Achieve excellence in scholarship, from basic to applied research, in strategic niches of expertise  Facilitate and incentivize multi-disciplinary collaborations to solve our region’s most pressing challenges  Improve quality of life in our region 3) Define strategic objectives—How will we achieve this goal? 4) Define operational objectives—How will we manage our financial, technological, physical, and human resources to accomplish the strategic objectives?
  8. 8. What is the process to develop a BSC for University-Led Economic Development? 5) Create a strategy map  Plot strategic goals, strategic objectives, and operational objectives  Starting from the bottom, add arrows to indicate cause-and-effect relationships 6) Develop one or more performance metrics for each strategic and operational objective  Clear, causal relationship with objectives  Able to be measured and assignable  Balance any performance trade-offs  Mix of input, output, and outcome metrics
  9. 9. What is the process to develop a BSC for University-Led Economic Development? 7) Set performance targets and assign responsibility for meeting performance targets 8) Develop initiatives  Initiatives = specific projects, programs, process improvement activities, analyses, or studies  Defined budget, schedule, and scope 9) Execute the strategy, monitor performance, and engage in a continuous improvement process
  10. 10. Designing and Implementing Metrics Felix DiCamillo
  11. 11. “Perhaps what you measure is what you get. More likely, what you measure is all you’ll get. What you don’t (or can’t) measure is lost” H. Thomas Johnson Portland State University
  12. 12.  Jobs created  Jobs retained  Revenue growth Classic Economic Development Metrics
  13. 13. Dashboards for Monitoring
  14. 14. Understanding Client Relationships
  15. 15. Monitoring Relationship Status
  16. 16. Entrepreneurship  Student, faculty, community engagement  New companies established  New products/services launched  Patents filed  IP licensed  Investment committed  Jobs created  Jobs retained  Revenue growth  Cost savings Expanding the Measures
  17. 17. Entrepreneurship  Program participation numbers  By program type  Costs by program  Demographics of participants  Undergrad, graduate, postdoc, faculty, community  Major, gender, race/ethnicity, nationality, age  Success by demographic category  Industry breakdown of companies  Relationship to university expertise  Relationship to regional industry focus  Success by industry sector Analyzing the Data
  18. 18. Entrepreneurship  Success of new products/services launched  Investment committed  By company, by industry, by demographic  Family & friends, angel, VC, grant, partner/customer  Maturity of company  Concept, pre-seed, seed, early stage, later stage  Years in program  Jobs created/retained  By company, by industry, by demographic  Revenue growth  By company, by industry, by demographic Analyzing the Data
  19. 19. Research  Student, faculty, industry engagement  Faculty/PIs attracted – number & quality  Grants awarded, investment committed  Faculty awards, publications, patents filed  Facilities used Research output driving corporate/entrepreneurial activity:  IP licensed  Products/services launched  Jobs created  Jobs retained  Revenue growth  Cost savings Expanding the Measures
  20. 20. Research  Faculty, student participation numbers  Demographics of participants  Breakdown by discipline/department  Sources of grants  Sources of investment  Industry partner analysis  Patents filed and IP licensed by discipline  Facilities/resources used Analyzing the Data
  21. 21. Workforce Development  Change of direction requires new measures  Beyond social services  Industry driven training  Middle skills training for advanced manufacturing  Workforce enrichment pays off individually & communally  Strong workforce drives economic growth  Industry Demand  Company, Worker, Program Success Expanding the Measures
  22. 22. Workforce Development  Gap Analysis  Workers trained vs 10 year projected need  Drives programming  Program participation  Impact on the field  Estimated lifetime earnings  Program completions x marginal annual impact  Total annual economic impact  Initial + Direct + Indirect + Induced Impact Analyzing the Data
  23. 23. When the President or Provost asks what you do all day… Touches in the entrepreneurial ecosystem  Your events  Participation and leads developed  Attending other events  Speaking engagements, leads developed  Counseling  Connecting resources Soft Reporting
  24. 24. Requires a central data repository Considerations:  Map metrics to your strategy  Use on campus and off campus data sources  Capture participants at all levels of involvement  Set expectations up front on reporting  Ongoing surveys  Ease of data collection matters Gathering the Data
  25. 25. MANAGE/COORDINATE MONITOR/MEASURE REPORT/ANALYZE/IMPROVE Data Drives Improvement
  26. 26. Measuring the Dollar ImpactDollars (Thousands)
  27. 27. Jobs, the Ultimate Metric
  28. 28. Interactive Exercise (30 minutes) 1) With your group, select one of the following 5 strategic goals to focus on:  Enhance regional competitiveness  Equip our students to succeed in a fast-paced, global economy  Achieve excellence in scholarship, from basic to applied research, in strategic niches of expertise  Facilitate and incentivize multi-disciplinary collaborations to solve our region’s most pressing challenges  Improve quality of life in our region 2) Develop 2-3 strategic objectives that explain how your group would achieve that strategic goal 3) For one of these strategic goals, develop at least 3-4 operational objectives that would support these strategic objectives 4) For at least 1 strategic objective and 1 operational objective, develop an appropriate performance metric
  29. 29. Questions? Feel free to contact us! Maureen Klovers President and CEO Lyon Park Associates maureen@lyonparkassociates. com (703) 527-2172 Felix DiCamillo The Rochester Group www.rochestergroup.com fdicamillo@rochestergroup.com (585) 271-1323 x229

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