MEC issues clarion call for student funding collaboration

On 16 October 2024, Unisa Enterprise, in partnership with Business Day Dialogues and Telkom Business, successfully hosted its inaugural National Summit on Higher Education Funding. The event brought together thought leaders from corporate South Africa, academia, industry, and government, to discuss critical challenges and explore innovative solutions related to higher education funding in the country.

Event MC Nastasia Arendse facilitated a panel discussion on Transforming Education through Technology

In addition, the summit discussed how academic research, financial strategies, corporate partnerships, and technological advancements can be combined to create new funding models for higher education that are more inclusive by looking at the country’s unique challenges and opportunities.

Innovative income streams

In his welcome address, Lesetsa Matshekga, Unisa Enterprise CEO, stressed the urgent need for innovative income streams to ensure financial sustainability in higher education. He highlighted the challenges of rising student debt and the potential of leveraging technology, such as artificial intelligence (AI), to enhance educational experiences.

Unisa Enterprise CEO Lesetsa Matshekga delivered the Welcome Address at the National Summit on Higher Education and Funding

Among the notable discussants at the summit were Lebogang Maile, Gauteng MEC for Finance and Economic Development, and Deputy Chairperson of Unisa Council, Sakhile Mlauzi, who engaged in various discussions centered on race, gender, and economic factors in accessing quality education.

Expert panelists engaged in discussions about pathways to financial stability, emphasising the importance of partnerships between academia and industry in addressing youth unemployment and encouraging entrepreneurship.

Unisa Deputy Council Chairperson Sakhile Mlauzi addressed the challenges faced by students and encouraged collaboration between corporate South Africa and the public sector

Matshekga and Mlauzi called for collaboration among stakeholders to develop sustainable funding models and support systems for students. They encouraged attendees to explore scholarships, internships, and joint research initiatives to alleviate financial burdens.

The summit also reflected on the impact of the #FeesMustFall movement, examining how activism has influenced funding landscapes and student debt in South Africa.

In conclusion, Matshekga said: "Together, we can create synergies that benefit not only our institutions but society as a whole. This summit has laid the groundwork for meaningful collaborations that will redefine the future of higher education funding in our country."

Keynote speaker Gauteng MEC for Finance and Economic Development Lebogang Maile shared insights on the role of higher education in the country’s economic context

In his keynote address, Maile drew attention to the challenge universities face in balancing educational access with funding limitations while striving to maintain high academic standards, “especially in a constrained economic environment”. He emphasised that to mitigate this requires stronger collaborations among government, the private sector, and civil society, noting that the private sector benefits from government-funded education and should be involved in funding discussions.

Additionally, Maile discussed South Africa's comparative advantages, such as its mineral wealth and ecological diversity, which he suggested should be resourcefully used to the country’s advantage.  In addition, he argued that universities must address not only technical skills shortage but furthermore, address sociological factors and the historical context of colonialism and apartheid.

Head of Media Advisory at Unisa Enterprise, George Matlala, expressed gratitude to all stakeholders for their contributions to the summit's success. He acknowledged the leadership of Unisa, student representatives, distinguished guests, and sponsors, underscoring the need for ongoing support of higher education.

Unisa Enterprise Head of Media Advisory George Matlala expressed gratitude to attendees for their support and participation

Throughout the summit, participants in panel discussions deliberated on topics such as Monetising academic research: Strategies, Synergistic Efforts for Educational Excellence; Promoting Inclusivity Through Strategic Funding, Private Sector Contributions to Educational Advancement, and Transformation of Education Through Technology.

Matlala concluded the event by urging continued commitment to funding initiatives for students and the university, stating that this summit marks the beginning of annual gatherings focused on higher education sustainability. He invited attendees to pledge support through the Unisa Enterprise website: www.unisaenterprise.ac.za.

* By Unisa Enterprise, with additional reporting by Godfrey Madibane, Acting Journalist, Department of Institutional Advancement