UNIVERSITY of Guyana (UG) Interim Vice-Chancellor, Professor Lawrence Carrington has said the necessary “seed investment” is needed for the institution to harness its many untapped commercial ventures for potential financial gain.

He made the proposition at a recent media engagement in the Education Lecture Theatre (ELT), at the Turkeyen Campus, Greater Georgetown.

“There is good reason to have, within a university of this kind, mechanisms to allow for what people would consider to be commercial ventures. Commercial, in broad terms, not necessarily the buying and selling of goods but the buying and selling of services,” Carrington explained.

He said such areas of business will include consultancy services, technical advice and paid partnership to achieve particular goals.

Carrington, who has already proposed significant changes at UG, pointed out there is much room there for movement in the direction suggested and he is confident of support from his colleagues in this regard.

SUCCESS
But he emphasised that, for the entrepreneurial undertakings to reap the desired success, the current operational structure has to change to facilitate flexibility in allocation of money for income generation and more resources.

“You do not make money unless you invest money and you do need, if you are going to engage in any kind of revenue generation activity, some kind of seed investment,” Carrington maintained.

He said investment could be significant in its early stages and the university can operate on the basis of diminishing input as it yields reward.

However, Carrington acknowledged that given the current economic climate, the situation is not a normal one for financial investment because such resources are being carefully scrutinised.

That and other factors have to be taken into consideration before making appropriate decisions, he agreed.

Carrington also observed that, while there are already a number of programmes which allow students to gain real practical experience in the process of their study, these have to increase.

He said there needs to be an increase in opportunities for students’ internship, as well as their involvement in national activities which can provide them hands-on knowledge in their subject areas.

COLLABORATION
Carrington said UG will strive to strengthen collaboration with the various private and public sector agencies to widen openings in this regard.

He cited Guyana Forestry Commission (GFC), an agency boosting a wide range of expertise, as a link to which UG can relate, with respect to both classroom and practical experiences.

“In addition, we want to explore the possibility of exchanges with other universities which might have curricular formats that include more practical work, than is currently in the Guyana environment,” Carrington said.

About hands-on experience, he said it is integrally related to the university curriculum process and the enrichment of its instructional mechanism.

Carrington said this concern has to be addressed within the capacity of UG either in the form of a laboratory or field environment.

Given the local scheme of things in relation to forestry, he said a field environment is needed for students in that field and disclosed that the university is looking at the cost for such a site.