Alternatives for Diversifying the Revenue Base at New York Academy of Medicine
"For the past 160 years, the New York Academy of Medicine has been engaged in research and education to enhance the health of people living in cities, particularly disadvantaged populations. The Academy relies primarily on grants to support its activities but in recent years that support has been declining. Given the current environment, the Academy is reassessing its business model. The Academy asked the Capstone team to assist in identifying more diversified revenue streams. The team interviewed other organizations for ideas on how the Academy can expand its education programs, market its intellectual property, and maximize the value of its library and historical collections. Based on these interviews, the team identified that the Academy may potentially generate revenue from event hosting, physician executive education programs, and ecommerce opportunities at the library. To further identify market opportunities, the team conducted competitive and service analyses in the aforementioned areas and examined benefits and costs associated with the proposed projects. Finally, the team recommended strategies on how to translate these opportunities into revenue streams. "