Variety is the spice of life
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Variety is the Spice of Life. Differing Models of Collaborative Entrepreneurship at the UNCG Libraries. Different, but the same. Should make fiscal sense. Should align with our mission and goals. Has to be good for primary clientele – the students and faculty of UNCG.

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Variety is the Spice of Life

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Variety is the spice of life

Variety is the Spice of Life

Differing Models of Collaborative Entrepreneurship at the UNCG Libraries


Different but the same

Different, but the same

  • Should make fiscal sense.

  • Should align with our mission and goals.

    • Has to be good for primary clientele – the students and faculty of UNCG.

    • As a state-supported school, we would like initiatives to provide benefits state-wide.

    • As a public academic library, we would like initiatives to provide benefits to other libraries.


Journal finder the accidental entrepreneurial model

Journal Finder- The Accidental Entrepreneurial Model


Creating journal finder

Creating Journal Finder

  • At the time of its creation and early development, there was no entrepreneurial intent

  • The product was so good, that lots of libraries wanted it.

  • We decided to become a service provider for other libraries.

  • “It isn’t right to charge”


Money questions

Money Questions

  • Should we charge at all? Or should it be Open Source?

  • What is our overall fiscal strategy? Are we going to use this as a cash cow? Or are we viewing this as a community service?

  • How should we structure the fees? FTE? Number of titles?

  • What services should we provide?

  • Should we go national or stay local?

  • Should we try to sell it to a company?


The balance sheet

The Balance Sheet

“Why in the world would you run a service that just breaks even? You should pay someone else to do it.”

Changing numbers

  • The equation during development

  • The early stage of the service

  • The mature stage of the service

  • The sale


Indirect benefits

Indirect Benefits

  • Saved an estimated $150,000 that UNCG would have had to pay for a link resolver (based on a Serials Solutions quote for comparable functionality)

  • Estimated cost avoidance for NC schools of $525,000 (all that money would have gone out of state)

  • Estimated UNC System savings of over $240,000

  • There is also a certain amount of value to

    • The ability of UNCG faculty and students to use to a resolver two or three years before most other schools

    • UNCG’s name and logo displayed for years at 42 schools with 200,000+ students

    • Raising profile of UNCG nationally through presentations, consulting, articles, etc


Was it worth it

Was it worth it?

We were able to

  • be the first in the country provide our students and faculty with a research tool available nowhere else

  • offer a cut-rate, high quality service to historically underfunded schools

  • offer a cutting-edge research tool to UNCG patrons and come out over $400,000 ahead over 5 years, while other institutions are coming out about $200,000 behind to offer a comparable product over the same 5 year period


Journal finder accidental entrepreneurship

Journal Finder – Accidental Entrepreneurship

  • Makes fiscal sense

  • Aligns with library mission and goals

    ROI (Money) – High

    ROI (Usage) – High


The carolina consortium the sam s club entrepreneurial model

The Carolina Consortium – The Sam’s Club Entrepreneurial Model


Background

Background

  • Major cancellations at UNCG lead us to implement wide-scale PPV

  • PPV was more cost effective than subscriptions, but use was clustered in a few publishers

  • It was cheaper to join Big Deals for Wiley, Blackwell, and Springer but we weren’t eligible to join any consortiums with access to those deals

  • Other schools had expressed interest, so we decided to see if we could achieve critical mass to form a group


The carolina consortium

The Carolina Consortium

  • Founded in 2005 with 39 academic libraries participating in up to 3 deals, with a total cost avoidance of about $70 million

  • NC and SC partnership

  • No committees, officers, or staff

  • A Virtual Consortium


Measuring the value of the group

Measuring the value of the group

  • Usage

  • Number of available titles

  • Cost per use

  • Cost per title

  • Cost avoidance

  • Economic impact

  • Actual savings

  • ROI


Small meredith college

Small – Meredith College

  • Enrollment of 2400

  • In 2004, had 3 Wiley and 11 Springer subscriptions with a list price of approximately $9950

  • By participating in the Carolina Consortium Wiley and Springer deals, they gained access to an additional 1447 journals

  • Meredith was able to increase its Wiley and Springer holdings 1000% and was only required to pay about 2% more


Medium uncg

Medium – UNCG

  • In 2004, we paid $65,886.32 for PPV articles. After the Big Deals, that expenditure was reduced by 75%, generating a $48,000 savings.

  • Dropped $10,000/yr Springer Solinet deal

  • Benefited from inflation caps

  • Significant actual savings (around $65,000/year), not just cost avoidance

  • Paying less, and getting more


Large clemson and usc

Large – Clemson and USC

  • Gained many new titles

  • Joined the Carolina Consortium so that they could share their titles state-wide


Carolina consortium trends

Carolina Consortium - Trends


The carolina consortium today

The Carolina Consortium today

  • 130 colleges, universities, and community colleges

  • 72 offers generate 879 deals

  • Annual aggregate cost avoidance of $230 million


Carolina consortium sam s club entrepreneurship

Carolina Consortium– Sam’s Club Entrepreneurship

  • Makes fiscal sense

  • Aligns with library mission and goals

    ROI (Money) – High

    ROI (Usage) – High


Nc docks the risk management entrepreneurial model

NC DOCKS – The “Risk Management” Entrepreneurial Model


A shared need

A Shared Need

  • Multiple UNC-system schools were highly interested in establishing IR’s

  • One was poised to pay a commercial vendor over $20,000 one-time, plus $10,000/yr for an IR product


A shared solution

A Shared Solution

  • UNCG offered to build and host an IR for UNCG, UNCP, ECU, ASU, and UNCW for $3500/yr per school

  • Schools would commit to 3 years

  • The group would collectively decide on features and needs

  • Initial design is fairly low-cost, with the option of adding features if usage warrants


The money

The Money

  • For approximately the same cost that one school was about to pay an out-of-state company, we are able to provide a highly customized IR for 5 schools

  • All payments are a balance transfer within the UNC system, so all funds stay within UNC’s coffers

  • It seems unlikely that any school could host and run their own IR (even an Open Source product) for as little as they are paying us

  • The amount of staff time that UNCG is committing to building and hosting NC DOCKS is more or less equal to our income from the project, so it is cost neutral


Was it worth it1

Was it worth it?

  • In terms of usage, it is too early to say

  • Definitely cheaper for the five of us to share costs than for us each to support a separate IR


Nc docks risk management entrepreneurship

NC DOCKS – “Risk Management” Entrepreneurship

  • Makes fiscal sense

  • Aligns with library mission and goals

    ROI (Money) – OK

    ROI (Usage) – too early to say


Conclusion

Conclusion

Embrace entrepreneurship. It can be an effective vehicle for promoting and extending library values, collections, and services.

http://journalfinder.wtcox.com

http://library.uncg.edu/carolinaconsortium

http://libres.uncg.edu/ir


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