Open Innovation of Institutional Investors and Higher Education System in Creating Open Approach for SDG-4 Quality Education: A Conceptual Review

Abstract

The introduction of sustainable development goals has made sustainability a top priority for most nations. This has raised the investment into the educational system for potential growth and for creating an innovation culture in any country; the role of institutional investors in the development of financing clean energy infrastructure, entrepreneurial development, poverty reduction, and driving corporate social responsibility and firm development has been found significant. An intensive literature search of Scopus and the web of science database was explored with different relevant sets of keywords “Institutional investors AND Education”, “Institutional investors” AND “Higher education”, which drew 29 final articles between 2010–2021. This scoping review draws a new open approach for creating alternative sustainable funding for the higher education system and investment opportunities for institutional investors with government intervention. This research becomes the first that shows the road map to the higher education system in creating alternative funding through the proposed Institutional Investor & Sustainable University Funding Governance Code, which will make the higher education system independent and ease the burden on the government, as well as create a huge market opportunity for both players. This research model will scope the collaborative approach towards sustainable development goal 4—Quality education.