Adapt to Thrive: Insights from The Pie Live Asia Pacific

Charles Darwin (allegedly) once said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” This sentiment was evident at last week’s conference, where the consensus was clear: higher education markets globally face unprecedented challenges and must respond if they want to thrive.

Respected leaders, Prof Colin Grant, Rongyu Li, Cheryl Jolliffe, Phil Honeywood and  Kent Anderson to name a few, acknowledged the financial pressures their institutions face due to  international student restrictions.

International students are unfairly depicted as contributors to uncontrolled migration issues rather than as key players in a world-class industry that develops the skilled workforce needed for the future. Unlike in the past, when students didn’t bear the brunt of their tuition fees, today’s students demand a tangible return on their investment, and so does the Australian community.

Whether this shift in expectation is fair or not, it’s the current reality. Our sector must refocus on demonstrating and realising the benefits of higher education for both students and the broader Australian community.

Financial challenges are not exclusive to students; higher education providers worldwide, including in Australia, Canada, and the UK, must also adapt. With the decreasing likelihood of full taxpayer funding for teaching and research, institutions must become more accountable for the value they create to ensure their survival and growth.

To achieve financial sustainability, higher education must adopt modern and pragmatic approaches, akin to those in commercial organisations, replacing outdated practices. Embracing change is difficult for a sector not naturally inclined towards it, but it’s essential for the future viability of education providers.

Feezy is at the forefront of developing innovative solutions to enable higher education providers to respond to these challenges. While 20% of the market is keen to evolve their business practices, the majority prefer to retreat and ride out the current storm before returning to traditional ways of working. 

From speaking to other innovative organisations at Pie Live, it's clear this common response might provide short-term stress relief but is unlikely to drive long-term financial sustainability, risking a vicious cycle of falling revenue and budget cuts.

Solutions proven in other sectors can offer education providers a way forward, addressing current challenges and building a more successful future. After all, innovation is a key outcome of education.

Join Feezy in leading the change. Let’s innovate, adapt, and thrive together, read our presentation from The Pie Live.