Annual Report 2023 – A Year of Active Development

Annual Report 2023 – A Year of Active Development

The annual report of Vaasa University of Applied Sciences summarises the most significant achievements and highlights of the year. The year 2023 was a theme year for Business Services and corporate collaboration. The year was also a celebration to the 35-year journey of the Design Center MUOVA. The annual report and financial statement can be read in full on VAMK’s website.

The year 2023 was an active year and determined efforts to improve VAMK’s funding model indicators continued as in previous years. Pedagogical development progressed from the previous year’s theme year on pedagogical development, leading to increased investment in promoting student graduation, teaching quality, and staff well-being.

”All the development efforts support VAMK’s vision of being the main partner in expertise. We create competitive advantage for key industry stakeholders by coaching future professionals and providing cutting-edge insights. A positive student experience is crucial, and we work closely with students and industry to ensure that studying becomes an experience that also fosters a tight-knit and proud alumni community”, says Acting President and CEO Ville Isoherranen.

The year also marked the 35th anniversary of the Design Center MUOVA, celebrated with the IMPACT change campaign. The campaign focused on future makers and aimed to create a more attractive and appealing Vaasa region for young people.

“The IMPACT change campaign was a novel event concept made possible by the DesignPSS project, strategically funded by the Ministry of Education and Culture. In the project, we developed a toolkit for designing sustainable systems in collaboration with corporate partners. System design toolkit was deployed to companies through impactful collaboration and communication”, concludes Miia Lammi, Design Center MUOVA’s Development Manager.

Strengthening collaboration with the working life

The focal point of 2023 was the development of Business Services. Throughout the year, there was a particular emphasis on establishing consistent practices and methodologies in Business Services, which will serve as the foundation for increasing the revenue of Business Services in the coming years. A new Key Partnership Program was launched to further strengthen collaboration with the region’s industries and working life. A key theme of the Key Partnership Program is to support companies in developing their businesses sustainably and responsibly, attract top talent in the field, and participate in cutting-edge research, development, and innovation projects.

“We aim to provide forward-thinking insights and support to the actors in our region amidst the rapid changes in the operating environment. We promise to be an even better partner, educator, developer, consultant, and measurer in the future”, tells Business Services Manager Jenna Puska.

Throughout the year, research, development, and innovation activities were further developed and strengthened. Particularly, there was excellent success in JOTPA project calls, and VAMK offered numerous continuous learning training programs linked to sustainable development. Additionally, the initiation of the three-year West Coast Cooperation, funded by the Ministry of Education and Culture was one of the highlights of the year in terms of research, development, and innovation activities. The West Coast Cooperation is implemented together with Centria, SAMK and Turku University of Applied Sciences.

Financial statement 2023

The operating profit for the fiscal year 2023 was positive, and the overall result was also positive. The revenue increased by 7.0%, despite a decrease of 180,000 euros in state funding for higher education compared to the previous year.

”The financial statements for the year 2023 reflect a successful financial year. We managed to balance the finances and keep operations within budgetary limits. Notably, our investment activities improved, and we saw an increase in grant income and operating revenues. We continued to systematically develop both performance and an excellent student experience”, says Isoherranen.

The full financial statements and operational report, including highlights and key figures for the year, significant news, as well as the sustainability and responsibility report for 2023, can be found in the annual report on VAMK’s website.

Check out VAMK’s annual report 2023


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