Oxford University

This week I have become fascinated by Oxford University's effort to raise £1.25 billion. This is the biggest fundraising endeavour in European University history and it's in all aid of leveling the playing field between Oxford and top US institutions.

To raise the money, Oxford is jumping into the arena of charitable giving – asking alumni and philanthropists for donations. This is particularly impressive on two levels. First, UK universities are conventionally reluctant to ask alumni for cash – hence the government's matched funding inniative last year – and Oxford's decision to raise such a gargantuan sum through this method displays what can only be applauded as tremendous courage. Second is that the university is trying to compete with the top US institutions by adopting US tactics. The likes of Harvard are notorious for their success at attracting funding from alumni – Harvard receives more that $590 million a year through gifts so for Oxford to adopt this funding technique is a bold but staggeringly straightforward move.

There is fantastic support for the campaign so far,from big names including Michael Palin, Lord Sainsbury and Seamus Heaney.

Good luck to Oxford and I hope this brave plan opens the door for other UK institutions to raise money through charitable giving.