October 17, 2013

11 ways the impoverished Nobel Foundation can save money


Times are tough. Over the past five years, we’ve all had to tighten our belts, scale back on luxury goods, and put off vacations.

Even the Nobel Foundation is running out of money. Yesterday, Bloomberg reported that the Foundation “is now considering charitable donations after previous strategies failed to bring in enough money.” Last year, they cut the prize money to a measly $1.23 million and doubled-down on the one failsafe way to make a ton of money (and never lose it!): investment in hedge funds.

But the hedge funds didn’t work out the way the Foundation had planned, so they’re now looking at ways to cut costs and bring in revenue in other areas. First, they plan on making their fancy schmancy banquet a little less fancy. According to executive director Lars Heikensten, they plan on cutting costs by as much as 20 percent—no more caviar for you, Hjördís Svennson! Second, they plan on franchising the brand by opening museums devoted to the Nobel Prize outside of Scandinavia. Because, hey, nothing rakes in cash like museums!

But it doesn’t have to come to that. Here are eleven foolproof ways the Nobel Foundation can save money while avoiding the indignities of starting a museum franchise or being forced to sell its precious silver plates.


Alex Shephard is the director of digital media for Melville House, and a former bookseller.