In competitive markets, we see suppliers of various products and services constantly trying to gain an advantage over their competition by improving their products and working to create value for their customers. While the firms supplying these markets act in self-interest, their customers and society are also winners. The success of some firms in this competitive process is directly linked to their superior access to key inputs and resources, giving them advantages not available to their competitors.
The realm of higher education may often seem quite far removed from this process. However, as I reflect on my academic career at Florida Gulf Coast University and our progress with various programs, I see direct parallels between the Lutgert College of Business’ path and firms striving to succeed in competitive markets.
Make no mistake—the marketplace for higher education is increasingly competitive, and institutions not striving to create value and gain an advantage over their competition are losing ground. Many struggle to survive. In contrast, Lutgert College of Business is in a position directly analogous to firms blessed with superior access to natural resources and other key inputs.
At first glance, many folks reading the beginning of this column may think I am referencing our region’s financial wealth. FGCU and Lutgert College of Business certainly benefit from the strong philanthropic culture in Southwest Florida. The success we have enjoyed in fundraising is impressive, given the institution’s youth. It explains how we have sustained program growth through periods of reduced funding by the state and is reflected in the names on buildings, schools, colleges and programs across campus. However, the resource that comes to my mind before Southwest Florida’s vast financial wealth is our community’s remarkable human capital.
You don’t have to live in the area long to notice the concentration of successful entrepreneurs and former C-suite executives calling Southwest Florida home, at least for part of the year. Fortunately for FGCU, many characteristics that drove these individuals to professional success make it challenging for them to slip quietly into retirement. This relatively simple fact opens doors for Lutgert College of Business to excel.
Over the years, we have become increasingly proficient at harnessing the region’s human capital to create a competitive advantage. Evidence of this is seen in the membership of FGCU’s Board of Trustees, the FGCU Foundation Board and numerous advisory boards across campus. Lutgert College of Business’ mentorship program is another place where the profound effect of our community’s human capital is seen.
Even more importantly, that influence is seen in the classroom. The quality of our academic programs is directly enhanced by community members who regularly participate as adjunct faculty or guest speakers, generously sharing the knowledge they have accumulated over accomplished careers. To name just a few: Mike Duke, retired president and CEO of Walmart; Jeff Gearhart, retired executive vice president and corporate secretary of Walmart; Jim Hale, retired executive vice president, general counsel and corporate secretary of Target; and Scott Nelson, retired senior vice president of real estate for Target. Other institutions certainly benefit from having individuals like these share their expertise in classrooms, but I don’t know of another university where the access rivals that of the Lutgert College of Business.
For academics, it is sometimes challenging to open a classroom to people who have forgotten more about the topic of the day than most will ever know. But once those fears are overcome, access to an incredible resource is gained, and the benefit to students is undeniable. This is Lutgert College of Business’ competitive advantage, and we strive to make the most of it.
Shelton Weeks is the Lucas Professor of Real Estate and director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University’s Lutgert College of Business.
