They must also be engaged in the decisions about how projected net revenues can be employed to support the educational mission of the institution. Governing board members must actively support this type of non-traditional, new initiative. As fiduciaries they bear direct risk of any venture that goes bad. University administrators will need to apprise board members of potential risks and expected returns related to entering the new digital marketplace and make sure they are current with the progress of the venture. Board members of public universities, must be prepared to explain or defend the venture to state officials should that become necessary.
Additional relationships exist between a university and the larger community.
Donors, alumni and community members are interested in major initiatives undertaken by their university. It is critical, especially in the case of donors and alumni, that the presence of a new venture be understood in relationship to institutional goals. Friends of the university who understand the value of entering the digital marketplace may be sources of fiscal support, investment resources, sources of advice and counsel and defenders of the institution should the initiative be challenged. The new digital partnership will entail crafting a new, common culture driven by the need to work collaboratively and by the nature of the new business. All efforts should be made to keep external influences out of this new cooperative venture, to ensure the business is structured to facilitate success.