It’s an interesting time to seek investors for a brand new higher education institute in Australia, set against the backdrop of a myriad of policy changes, but an ambitious group of experienced university leaders are doing just that.
“There’s currently more demand than there is supply in Australia,” Philip Cenere, CEO and co-founder of Chancellor Institute, told The PIE News.
“Australia is the third most popular destination, and despite what’s happening at the moment with government policies, we think that will sustain itself and we’ll see a continuing interest, particularly from overseas students wanting to study.”
The Institute will focus on community, social responsibility and industry engagement and is looking to launch with master’s program in digital entrepreneurship and digital media.
Its developers have been working on the project for 18 months, and are now seeking investors, but Australia’s shifting policy landscape for education is having an impact on interest.
“We had huge interest domestically from Australian universities. We had 16 Australian and New Zealand vice chancellors meet with us to explore this opportunity,” said Cenere.
“But then the government announced its policies and the feedback was that universities are pulling the drawbridges up and very much consolidating.
“But that presents an opportunity for an overseas institution to come in and partner with us. So we’re exploring the UK and the US and had interest from Ireland and India as well.”
The current round is looking to raise US$3million. Some 20% of that would be released for the purposes of development, while 80% of funds will be siloed until the company secures registration with TEQSA, according to information released to interested investors, which also predicts the venture breaks even two years after first enrolments.
Cenere has aspirations for the Institute to become a smaller university, reaching about 20,000 students.
Cenere argues that many larger, traditional institutions struggle to provide students with a personalised experience or provide adequate student support – a priority area for the Institute.
Although Chancellor Institute is a private, for-profit enterprise, its founders have also set up a foundation, UniMinistry, which aims to provide pastoral care and support to students along their journey.
The foundation is a non-denominational Christian foundation, but Cenere is eager to highlight that it is “open to everybody”.
Employability and industry engagement will be embedded in the design of the Institute’s curriculum, Cenere highlighted.
“It’s not an afterthought and it’s not just available to a few students of course, as is the case in a lot of institutions.”
Joining Cenere and others in the project is Ann Brewer, chair of the Chancellor Institute board, and previous deputy vice chancellor of Sydney University. It was this focus that drew Brewer to the project.
“The Institute aims to provide high-quality, accessible education and is dedicated to fostering an environment of innovation and work-integrated learning,” she told The PIE.
“This aligns well with my professional values and aspirations… Chancellor Institute’s commitment to academic excellence and continuous improvement resonated with my own dedication to maintaining high standards in education,” said Brewer.
Chancellor Institute’s commitment to academic excellence and continuous improvement resonated with my own dedication to maintaining high standards in education
Ann Brewer, Chancellor Institute
“The aim of integrating new technologies and teaching methodologies into its curriculum was particularly appealing,” said Brewer, adding that she has “always believed in the transformative power of innovation in education”.
Brewer acknowledged the “major challenge” that is securing adequate funding but said that the team are strategising by developing a robust fundraising plan, securing grants, seeking strategic alignments, and forming industry partnerships.
“Establishing credibility and a strong reputation is essential, primarily building strong, professional networks to communicate our vision. Further, we are investing in marketing and branding, recruiting reputable board members, forming strategic partnerships, and showcasing early successes.
“Navigating accreditation and regulatory requirements is another hurdle,” said Brewer, adding that by engaging experienced staff, building a dedicated accreditation team, and maintaining communication with accrediting bodies, the team are working to achieve this.
Set against the backdrop of a proposed cap on international enrolments, Chancellor Institute is starting off “moderately” in its forecast for international student enrolments.
“Being a new provider, we want to under-promise and over deliver,” said Cenere.
“It could be that there’s a stronger focus on the domestic market in the next couple of years. But like I said, we project that international students will still be able to access Australia.”
With one of the reasons for the government’s proposed cap based on the country’s strained housing market, Cenere expressed his concerns over the cap as a solution.
“Australia has a housing crisis. There’s no doubt about that. But the boogeyman is not the international student because they only make up less than 4% of Australia’s rental market.
“So if you would abolish international students, not only are you killing Australia’s third largest export industry, but you’re also doing nothing to address the rental crisis.”
