GF Vol 02 Issue 01

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The Economist provides Europe’s business leaders, current and future, with timely insightthat helps them to succeed in today’s complex global marketplace.

please contact Philip Wrigley on +44 (0) 20 7830 7000 or [email protected].

EFMD

“My schedule makes me travel all around the country and even globally for more than 200 days of the year,” he says. “During this time, I get to meet some of the most successful and in!uential minds in the country. Some of the corporate organisations I am in touch with are UBS, Tata Group, Maersk-Line, HDFC, Coca-Cola, HSBC, Standard Chartered, Accenture and others. I am currently working with an annual budget of more than $200,000 and have a team of three talented individuals working with me.”

Mr Gupt thinks the experience he is getting in AIESEC will help him to reach his future goal – to work with one of the major global consultancy "rms.

“I feel the consultancy "eld has a great future and this surely is the right time to enter it,” he says. “With my experience in AIESEC I feel I am on the right track.”

#e large network that AIESEC has developed makes it quite easy to get in touch with one of its local chapters, which are currently present in more than 1,100 leading universities across the world.

Students can access a large pool of opportunities, starting from the global internship programmes in technology, management, education or development in any of AIESEC’s 100-country networks to being a part of global teams working on issues such as entrepreneurship, HIV/AIDS, CSR or other current issues in society.

AIESEC members also lead teams that organise some of the world’s biggest youth forums, facilitate the global internship programme and are in touch with some of the leading organisations in the corporate and non-corporate sectors. Some of the leading organisations that AIESEC currently works with on a global level are PwC, UBS, Alcatel-Lucent, DHL, TCS, Inbev and ABN AMRO among others. All of these organisations take on AIESEC interns through the global internship programme to help with the management of their core processes throughout the year.

“We rely on AIESEC to bring great talent to our organisation, a company that does business just about everywhere in the world. Our leaders bene"t from the insight AIESEC interns bring to taking programmes we run in certain countries to other parts of the world,” says Microso$’s Mr Bean.

#e international network that AIESEC has developed over the past 60 years has taken the association from war-torn Europe to all regions of the world, including most recently the Middle East and North Africa. #e original intention of fostering “cultural understanding” between European countries a$er the war is still largely in place, though on a much bigger scale. Over the past couple of years AIESEC chapters have been opened in Jordan, Bahrain, Qatar, Afghanistan and Iran to name only a few.

Jonas Lilienthal, part of the team leading the expansion of AIESEC to Iran, says that “it is important for AIESEC as a non-political organisation to enhance contact between Iran and the rest of the world”.

Challenging the way individuals see the world is one of AIESEC’s principles and allows youth to open their eyes to the world beyond what is merely presented to them in the media and to be more globally aware citizens. In doing so, AIESEC members and alumni are making a positive impact on society – role modelling change agents for the future.

EFMD

One of the themes running through this issue of Global Focus is leadership – how to inculcate it into students on programmes such as the MBA degree, how to teach it to practising managers and how to ensure that leadership is exercised in a responsible way.

A remarkable unity of opinion about leadership is emerging – that it must be global and that it must be responsible.

In an interview on page 8, Dipak Jain, Dean of Kellogg Business School in America, argues that the key function of the MBA now is not just to teach business skills but to create responsible global leaders, echoing the report on page 26 by Anders Aspling and Mark Drewell on two years of the Globally Responsible Leadership Initiative.

And John R Ryan, the new President and CEO of the Center for Creative Leadership, one of the world’s top leadership training institutions, says on page 22 that CCL’s new Advancing Global Leadership programme is a response to the growing challenges of leadership in a global society.

“People who are involved in global leadership positions are today facing greater complexity in their roles, whether it’s at the mid-level or higher in their organisations,” says Mr Ryan. “And they need to be able accurately to perceive new situations they face, culturally as well as organisationally, with the people they interact with, and they have to adapt their leadership style accordingly.”

Finally, it is clear that tomorrow’s leaders are also taking the initiative themselves. On page 62, Michelle Gallant, Vice-President Communication for AIESEC International, the world’s largest student organisation, describes how a leadership development platform for youth that AIESEC runs, called the AIESEC Experience, o%ers practical opportunities to lead a team, project manage and work in an international environment.

With over 23,000 members from around the world AIESEC o%ers over 5,000 leadership experiences each year at the local, national, regional and international level that help develop leadership skills but also cultural sensitivity, team management and entrepreneurial skills.

Global, responsible leaders are essential to the future of our society. Perhaps we can take some comfort from the many initiatives featured in this issue.

In focus...

Talking shop Excellence in Practice Award 2008

New Chair for E&UAL EURAM 2008 Conference EFMD Advisory Services 2008

Life at the top Dipak Jain, Dean of Kellogg, talks to George

Bickersta%e about business school governance, the future of the MBA, demographics and staying on top of the rankings

Making the most of IT Martin Curley describes an attempt to develop

an industry-wide model to assess the business value of IT

Do business schools need formal quality assurance systems?

Yes they do, says Chris Greensted. But they need to be done properly

Taking the lead John R Ryan, President and CEO of the Center

for Creative Leadership, one of the world’s top leadership training institutions, talks to George Bickersta%e

A leading force Anders Aspling and Mark Drewell report on

two years of the Globally Responsible Leadership Initiative

Entrepreneurship and European growth Tea Petrin outlines why fostering entrepreneurship

is the key to maintaining and developing competitiveness within Europe

Is the world open? Richard Straub argues that ‘openness’ is the de"ning

quality of 21st century globalisation

Leading the players in cultural change To manage culture you have to understand who

plays what role in sustaining, challenging and shi$ing it says Sharon Turnbull

!e role of MBA programmes in developing corporate executives

Ulysses Kyriacopoulos outlines how business schools and MBA programmes can develop tomorrow’s leaders of industry

Teddy bears, snow and the sex life of crustaceans

Andrew Crisp looks at the "ndings of a new study into what makes a great business school website

!e executive education challenge John Gilkes outlines the key results of the 2007

EFMD Executive Education Survey and ponders their implications for the future

Doing well by doing good A European project has shown that helping the

environment and encouraging pro"table small businesses can go hand in hand. David Watkins explains how

Rigour, relevance and rapprochement Pierre Berthon and Bob Galliers argue for a rethink

of academic research into business problems

AIESEC’s 60 years of activating leadership Allowing young people to take active leadership

roles is proving an important adjunct to academic prowess says Michelle Gallant

EFMD Advisory Services – successful 2007 looking forward to 2008

Excellence in Practice Award 2008Partnership in Organisational Development

Jonathan Slack new Chair of the European !uality Link (E!UAL)

!e Bologna process is gaining momentum and impacting business and management education pro"iders right across Europe

Calls for papers EURAM 2008 Conference

2007 European Faculty Pioneer Awards

Job opportunities across the EFMD network

Emerald/EFMD outstanding doctoral research award winners Emerald and EFMD announce the winners of the Outstanding Doctoral Research Fund Awards 2007

EFMD

Emerald is pleased to pledge our ongoing support to outstanding scholarship in the #eld of Doctoral research in business and management

All business schools have three missions: knowledge creation, knowledge dissemination and knowledge certi"cation. Knowledge creation is achieved through research; knowledge dissemination through teaching; and knowledge certi"cation through the bestowing of degrees.

In each of the three functions, both rigour and relevance must be present. Knowledge creation requires that research is accessible to a broad audience. Knowledge dissemination necessitates that the skills professors teach are applicable to students. Knowledge certi"cation requires degrees to be relevant in today’s business world.

Kellogg focuses on producing responsible global leaders. We regard the MBA not just as a business degree but as a way to promote leadership within students, providing them with the knowledge and resources to give back to the world. As such, we want students to leave Kellogg with strong technical skills and a holistic understanding of business that can be applied across many "elds and functions.

Yes. Since our objective is to produce responsible global leaders, Kellogg has worked to solidify an approach that helps us achieve this.

Our foundation consists of four platforms. We describe the educational component as Intellectual Depth. For this to be successful, it must be coupled with an Experiential Learning component. Just as medical students take part in residency programmes, business schools should have similar business residency programmes for students to practise the theories and concepts taught in the classroom. At Kellogg, Experiential Learning is an important part of the curriculum. Whether students are helping to take life-saving drugs to market through our Global Health Initiative programme, or serving as ex-o'cio board members for non-pro"t organisations as part of our Board Fellows Program, they are constantly gaining real-word, hands-on experience.

Our third platform at the Kellogg School is Global Perspective. Globalisation is a force of gravity, and American schools cannot a%ord to be US-centric. To help students develop a global perspective, we’ve included a global course requirement across all of our MBA programmes to ensure students have the broad exposure they need to succeed in today’s business world.

#e fourth platform focuses on Leadership and Social Responsibility. We want to instil in students the desire to e%ectively lead and give back both inside and outside of the classroom.

So$ skills create hard impressions. Most students don’t get their MBA for the core courses but are instead motivated by a strong elective base and unsurpassed faculty that can provide them with the tools and knowledge to succeed. #e Kellogg School’s competitive advantage lies in its world-class faculty, diverse coursework, emphasis on team learning, and a culture of collaboration and innovation.

We have restructured the O'ce of the Dean to include a third senior associate dean, David Besanko. David is now senior associate dean for academic a%airs: planning and external relations, which gives him responsibility for the key administrative areas of the Departments of Alumni Relations and Development, the Career Management Center and the Marketing and Communications Department. He will join Sunil Chopra and Kathleen Hagerty, who continue their roles as senior associate deans for academic a%airs, with Prof Chopra overseeing curriculum and teaching and Prof Hagerty managing faculty and research.

No business school has this sort of model, and our motivation behind the restructuring was people. Business schools have several important constituencies: students, faculty, alumni, corporate partners and recruiters, and media – people like you. #ese are the major stakeholders and I wanted to make sure that each falls under the purview of my senior associate deans.

In business schools, academics need to be incorporated into the organisational design. You can outsource functions but you cannot outsource leadership or accountability. Business schools have to be customer-centric and our new model ensures this will remain the case at Kellogg.

It is also important for succession planning as business schools ought to be institutional-driven and not individual-driven. I can rotate the three senior associate deans across functions so that each gains diverse experience. For example, Dean Besanko has previously served as senior associate dean for curriculum and teaching.

#e concepts espoused at European and US schools are the same, but sometimes I feel as though European schools emphasise globalisation more than US schools. I believe that schools based all over the world can come together in a positive way, creating a uni"ed global conceptual framework. EFMD can facilitate this movement.

Kellogg is a strong believer in collaboration and has certainly set a precedent by pioneering the teamwork model. My current priority is to create additional collaborative research centres for the school.

For example, one of the key issues facing the world, particularly Europe, is immigration. As a subject it encompasses economics, sociology and other disciplines and I would like to create a centre for demographic research that brings these di%erent disciplines together. A strong portfolio of centres will provide students with enhanced opportunities for Experiential Learning.

To facilitate this, I have established a taskforce to explore the possibility of a new Kellogg building that can accommodate our growth initiatives.

To remain at the top, an organisation cannot be complacent. Instead, it must demonstrate continuous innovation and progress.

Kellogg will remain on the world stage—especially as we continue to

innovate by becoming a centre for collaborative research and learning. In "ve years, I want Kellogg to be known not just as the best business school in the world but also the best business school for the world.

Indeed, many argue that CIO really stands for “career is over”. But given the right tools, the CIO could become an organisation’s “Chief Innovation O'cer”.

#is is what the Innovation Value Institute (IVI), based at the National University of Ireland (NUIM), aims to do. IVI, co-founded by Intel and NUIM, It will help CIOs manage IT as a utility to deliver value and then to really exploit IT as ‘Innovation Technology’.

#e IVI consortium is a cross-industry community with, currently, some 40 members including Intel, Microso$, SAP, Google, Chevron, BP and consultancies such as the Boston Consulting group, Ernst and Young and the Butler Group. #ere are six principal groups represented within the consortium: professional associations, academia, analysts, enterprise, public sector and eco-system.

#is distinctive collaboration is providing a unique environment for the synthesis of leading industry best practices and pioneering academic output, training and education, far beyond what any one entity could hope to achieve by itself.

It operates on a system of open innovation, a concept based on the idea that in a world of widely distributed information, organisations cannot a%ord to rely entirely on their own knowledge but instead would bene"t from sharing ideas and knowledge with

INNOVATIONAHEAD

other entities. Together, this collaboration will facilitate major advances much faster and with higher quality than any one organisation could hope to achieve by itself.

IVI’s vision is to transform the way organisations get value from IT, through researching, developing and disseminating an empirically proven and industry validated IT best practice model. Its mission is to develop a unifying approach for managing the value of information technology investments and to validate that these approaches have a broad applicability across di%ering industries and contexts.

Already IVI consortium members are seeing value. #e CIO of the Irish Utility ESB and an early adopter of output from the IVI says “the collective intelligence of the IVI consortium has added fundamental value to us and we are using the outputs to blueprint our business and determine key improvement actions”.

To address the need for an over-arching IT business value framework, IVI, under the core themes of IT Value and IT Innovation, will advance methodologies, tools and practices that will enable organisations to optimally manage their IT capability to answer the needs of improved IT value delivery and IT-driven innovation. Initially, IVI is focusing on extending the development and dissemination of the IT Capability Maturity Framework (IT-CMF)().

IT Capability Maturity Framework (IT-CMF)TM

#e IT-CMF() enables senior executives and IT specialists to adopt four inter-related strategies – Managing the IT Budget, Managing the IT Capability, Managing IT Like a Business and Managing IT for Business Value (Figure 1).

Within each of the four IT strategies, there are "ve levels that are used to assess an IT organisation’s level of maturity and improve the outcomes and processes by which it operates and the business value it generates by advancing to the next level.

#e generic maturity levels (inspired by SEI’s Capability Maturity Model for so$ware development) are: Ad hoc (or no processes), Basic, Intermediate, Advanced and Optimising. Figure 2 combines the four strategies and the maturity levels.

Managing the IT BudgetManaging the IT Budget is critical to delivering current and future value. #e IT-CMF() looks at the practices and tools, which can be used to manage an IT budget so costs are reduced and funds freed to invest in innovative IT solutions that deliver better value and performance. As you can see from the Managing the IT Budget strategy, the path to a sustainable economic model begins with controlling and managing costs to allow for greater funding in IT investment.

Managing the IT Capability#e IT capability is what information technology and IT organisations can do collectively for a business. #e IT-CMF() demonstrates how to manage the capability of an IT organisation by managing IT assets through the value chain and developing core competencies. It also describes some tools available to measure that capability. A properly managed IT capability leads to the continuous development of new strategic applications to deliver sustainable economic advantage. #e Managing the IT Capability strategy charts the rise of IT from

a technology supplier at Level 2 to its full maturity at Level 5 where it o%ers corporate strategic capability.

Managing IT for Business valueManaging for IT Business Value involves linking IT investments to overall business bene"ts. #e IT-CMF() outlines the core business practices and tools required to optimise an IT organisation’s business value. #ese practices and tools include Total Cost of Ownership (TCO), Return on Investment (ROI), the Business Value Index (BVI) and Portfolio Management. #e Managing for IT Business Value strategy provides a structure for an IT organisation to move from managing IT as a technology project to regarding IT as a portfolio of investments that generate value for the entire business.

Managing IT like a Business Managing IT like a Business means running IT like any other business and that involves shi$ing the focus from technology and production to a focus on customers and services. #e IT-CMF() describes the internal processes required to move an IT organisation from a technology to a service orientation that provides customer-driven solutions to business problems. As an organisation makes this change and moves up the Managing IT like a Business strategy, it allies itself more closely with the organistation and its overall business objectives. #e transformation to running your IT organisation like a business is complete when IT moves from a cost to a value centre.

IT-CMF() views the e%ective management of the IT function within a "rm as focusing on these four major strategies, with the IT budget essentially the input to the production process, the IT capability as

Managing IT like a Business

Managingthe IT budget

Managing ITfor BusinessValue

ManagingIT Capability


Managing theIT capability


Business StratgeyBusines Context


the production engine and IT value as the output. Managing IT like a Business sets strategy and closes the loop by providing the feedback mechanism for adjusting inputs to optimise the output value. #ese four strategies should be aligned to the organisation’s overall business strategies and the business context it operates within. (Figure 3)

While the IT-CMF() provides a methodology and roadmap to help IT and business executives deliver and demonstrate more value from IT, it will also provide a more detailed and integrated approach for IT and business practitioners.

#e IT-CMF is currently being designed to help organisations better manage how they engage in measuring the business value of their IT investments, choosing the best IT investment proposals, delivering competitive advantage and managing IT investments for optimal business value. Ultimately, the IT-CMF() will help organisations achieve more business value from IT through adopting a structured improvement approach.

#e IVI also administers a Professional Diploma and Certi"cate in the subject area of Managing and Measuring Information Technology for Business Value.

#ese two courses meet the challenge of how to quantify the business value of IT head-on by extending the de"nition of business value beyond productivity and showing how to measure business value, choose the best IT investments, deliver competitive advantage and manage for optimal IT Business Value.

Both the one-day certi"cate and three-day diploma courses are accredited by the National University of Ireland.

To date, IT and business executive audiences in over 20 countries have received versions of these courses. Additionally, both courses are available to other academic institutions for delivery within their education programmes.

It is in such areas that partnership with EFMD can be crucial to the dissemination of the IT-CMF() model to a wider community, particularly through the EFMD’s extensive network of business schools and corporate members. #e Innovation Value Institute hopes to build a strategic relationship with EFMD and member business schools to achieve adoption of new curricula that will advance the way executives and companies achieve more value from IT and ultimately achieve more commercial success.

As technology is increasingly a core source of competitive advantage in business, leaders who adopt IT as ‘Innovation Technology’ and adopt systematic approaches to improvement will likely lead and achieve sustainable competitive advantage. Adoption of the IT-CMF() can help drive a structural improvement in how organisations can get ahead through the use of IT. More details are available at http://ivi.nuim.ie/




ManagingIT Capability


Managing theIT capability


Business StratgeyBusines Context


EFMD

So do all sta% strive for quality or is there a need for formal “quality assurance” (QA) systems to facilitate the journey to perceived high quality? Some rather negative quotes that may be heard around business schools include:

Qualit y assurance is sooo boring!

I am/we are perfect – it’s the others that are the problem!

We have a Qualit y Department (aka the qualit y police) for that QA stuff so it’s not my job or responsibilit y!

Competition and quality managementBusiness education today is a global industry. #e days of relatively cosy local markets with captive student populations are disappearing fast as international competition comes to our doorsteps. #ere is only one way to survive in such competitive markets and that is to o%er very high-quality products or programmes.

So what does high quality mean to a business school? Current wisdom suggests that a business should “delight” its customers so perhaps a business school should delight its stakeholders.

#is can only be done by having a high-quality culture or ethos that pervades all the activities within a school. It has to be a way of life and not a one-o% project for the &uality Department or even for those responsible for accreditations such as E&UIS or EPAS. #e development of a quality culture can only come by being led, promoted, supported and acted out by the Dean and by his or her management team.

A key way to do this is to have a formal management system for the pursuit of excellence and the management of quality improvement, which should lie alongside the other management systems for research, teaching and learning, marketing and "nancial management.

#e system should specify standards, set key performance indicators, have a measurement system for these, require regular reporting, and be taken seriously as evidenced by management actions such as celebrating success and taking remedial action in less successful areas.

Of course the concept of achieving high quality is a moving target and can never be achieved. #e management system should be designed so as to take the school to ever higher levels of quality.

!e UK "uality in Business Education project ("uBE)#e UK is known for having an over-regulated higher-education system subject to reviews by a plethora of bodies (see Figure 1).

Internally, universities carry out periodic reviews of departments including business schools while, externally, teaching systems are assessed by the QAA and research by the Funding Councils. In addition, business schools may choose to obtain accreditation from professional bodies such as the accounting institutes, marketing and HR institutes, and "nally perhaps international accreditation from EFMD, AMBA or AACSB. Review and accreditation overload!

#e &uBE project was established with government funding to research issues of quality in business schools and to propose methodologies for improvement and tools to help make those improvements actually happen. &uBE developed an interactive Road Map (see Figure 2) to help Deans identify where their schools

Business School

HEFECResearch AssessmentExercise

EPASEuropean/Globalany business andmgnt possible

EQUISEuropean/GlobalHolistic, covering all school’s activities

Subject reviewProgramme validation and review

AACSBUS/GlobalProgramme focus but covering all business and management in whole institution

AMBAUK/GlobalMBA and PEMM

ProfessionalUK/Globaleg: CIPD, accw,CMI, BSI etc

UK regulatory quality assurance

International whole school accreditation

Accreditation and quality influences

University

Programme-specificaccreditation

QAAInstitutional auditDATS to 2005

HEANational Student Survey

Institution

Programme / Module

Review / Evaluate

Institutional, National and International ContextNational HE System, regulatory and frameworkEuropean HE Area (Bologna) – when applicable

Institutional context and objectivesProgrammes to be assessed

Teaching faculty, resources and facilities

EPAS Criteria

Quality Assurance Processes

Programme Design

ProgrammeobjectivesTarget market and intended graduate profileMarketing and promotionIntended learning outcomesProgramme coverageand contentDelivery modesAssessment methods

ProgrammeDeliveryStudent entry requirements andselection methodsPedagogical methodsQuality of pedagogyand learning materialsPersonal development inc. work based learningInternational opportunitiesCorporate interaction

ProgrammeOutcomesAssessment outputGraduate qualityCareer / jobsAlumniReputation

Current position

Key indicators

Action required

Processes, productsand roles, to reach the next level

Change management

Building a quality culture in teachingand learning

1 Unsatisfactory 5 Extraordinary2 3

On embedding good practice Study of QM processes available | Findings from survey of academic staff | Case studies | Recognise that organisational culture is keyOvercoming barriers to quality management processes Study of QM processes actually used | Findings from in-depth interviews with deans | Sell quality as enhancement not controlStudent involvement in quality management Methods for listening and responding to ‘student voice’ | Diagnostic tools | EFQM and alternatives | Listen to students. Consider. Act. RespondModule evaluation & feedback Module evaluation policies & practices | Survey of student views on feedback methods | Use ofWebCT to gather feedback | Database of evaluation forms |Students’ views are a vital ingredient for effective module evaluationIntegrating quality management with teaching National bodies’ views about QME | High-engagement learning | Inspirational games | QMinformation architecture | Wharton’s method |Make tools and reports to challenge and inspire educatorsImproving student support Quality self-diagnostic tool | Findings from survey of school administrators | Case studies | Make student support part of the culture: pervasive but invisibleThe QuBE knowledge base Quality briefi ngs | Research reports | Thinkpieces | Online library

ExcellenceExemplar status

Quality pays for itself

Recognising thequality problem

No systems to measure/manage quality

Highlight currentfailure and opportunities for survival

Set goals, create a quality policy

Define roles andresponsibilities

Identify stakeholdersand understand theirneeds

Convince senior management (e.g. VC, deans). They help

sell to staff colleagues, who try to

engage students and other stakeholders.

Develop teaching andlearning deliverables that meet their needs and ours

Benchmark against our competition, update quality policy as required

Seek out good ideas (e.g. use EQUIS, BMAF subject centre, HE Academy)

Share good practice

Manage risk

Benchmark against the best in the world (e.g. via international accreditation)

Foster innovation

Extend the system toaffiliates/suppliers(manage the brand)

Harvest benefits

Celebrate success

Develop a process that is capable of delivering the product sustainably

Use the process to deliver and improve the teaching and learning deliverables

Audit/review (e.g. use AMBA criteria). Incorporate lessons learned

Reward and supportgood practice

Tackling the qualityproblem

Fragmented/ineffectivesystems

Implementing qualitysystem

Quality process inplace. Compliance

Enhancing quality

Quality embedded inthe culture

4 Satisfactory

lay on the quality spectrum and hence to identify tools that would take them to the next level of performance. #is structure is best seen on the &uBE web: www.qube.ac.uk.

EFMD accreditation systemsEFMD o%ers four accreditation systems, all of which have the major objective of helping institutions to improve either across all their activities or in speci"c areas.

– E!UIS – whole-school assessment against a set of international standards for the full range of a school’s activities

– EPAS – assessment of one or two speci"c programmes or sets of programmes against standards that include those for quality assurance

– CEL – assessment of non-degree programmes o%ered primarily through technology enhanced learning

– CLIP – assessment of corporate universities or equivalent

E&UIS has not previously set explicit standards for quality assurance but these are included in the new Standards and Criteria document that came into force in 2007. EPAS is designed to review QA mechanisms as shown in the EPAS Value Chain model (Figure 3) which underpins all the EPAS Standards and Criteria. Basically, QA mechanisms should pervade all the stages of programme design, delivery, outputs and review but without being too heavy handed. A number of key QA issues arise in each phase.

Programme designProgramme initiation: A programme will o$en be initiated by a faculty member with a particular interest in the subject area but it is unwise to let that one person design and run the programme. Apart from the “falling under a bus” syndrome, programmes based on “bees in bonnets” can o$en look peculiar when viewed from outside and may not have a real market or may not produce employable graduates.

Programme design process: A wide range of stakeholder views should

be brought into the design process. Stakeholders include faculty members, potential students (market research), potential employers, and the parent school and university. A robust process for gathering those views and debating how they should be translated into a sound academic programme probably needs some form of formal programme committee, which should also be tasked with overseeing the running of the programme and its reviews.

Aims and learning outcomes: #ere should be clearly stated aims and intended learning outcomes (ILO) for the programme that state who it is for and what the graduates will know and be able to do at the end of it. #ese become the basis for quality assurance of the delivery and the outputs of the programme. Initially they are the basis for the design of the curriculum and assessment processes.

Programme approval: Programmes should have to be approved not only by the programme committee but also further up the organisational framework. #is is to ensure that the programme "ts with the school’s strategy and programme portfolio, that it is seen to be academically rigorous, that there is likely to be a market both among students and employers, and that there are su'cient resources to market and run the programme. In some institutions and countries, approvals have to be obtained at university and state level as well.

Programme changes: A$er periodic review, programmes will need some form of changes, major or minor, which will usually be undertaken by the programme committee. However, major changes should also be approved at a higher level.

Programme deliveryStudent quality: #e quality of the student intake should match the target market and be able to achieve the ILO for the programme, which in turn means that they should meet employers’ expectations.

Teaching quality: Teaching should be evaluated not only by students but also by some programme management oversight, which may

Business School











University




Institution

Programme / Module

Review / Evaluate




EPAS Criteria


Programme Design




Current position

Key indicators

Action required


Change management


















Share good practice

Manage risk


Foster innovation


Harvest benefits

Celebrate success









Enhancing quality


4 Satisfactory

involve peer observations, sta%-student forums and individual discussion with faculty.

Assessment quality: While faculty members are capable of setting assessments of an appropriate standard, it is necessary to have some management oversight to ensure consistency of standards and to either agree planned overlap or to remove duplication. Furthermore there should be some oversight of the marking or grading process to ensure consistency and fairness. #is might mean some random sample second marking or even, as in the UK, total blind double marking and the use of external examiners. #e assessments should test whether the programme aims and ILO have been achieved.

Programme outputsStudent work quality: A formal QA system for the assessment process should ensure that the quality of student work is appropriate to the level of the degree and that the ILO are met. #e quality of projects or theses can be an issue here. An examination board should be established to manage the process of deciding progression from one degree stage/year to another and for the degree award. #is allows for transparency and can take care of special circumstances.

Programme reviewAnnual review: All programmes should go through some form of annual review overseen by the programme committee. #is enables small changes to be made for continual improvement of the programme.

Periodic review: Programmes should also be subject to major review involving all stakeholders on a periodic basis (say "ve years). #is will ensure that the programme stays relevant to those stakeholders and that major changes in the environment are re!ected in the programme design. Major changes should undergo a higher-level approval process. Such reviews should also allow for the fact that the programme may be no longer viable or relevant to the stakeholders and should be removed from the school’s portfolio.

Learning from EPAS reviewsOver the past two years of reviewing 15 programmes, the good programmes have generally shown the characteristics discussed above. However, less good and failing programmes demonstrated the reverse of those characteristics. One generally observed problem area has been that programmes have been weak in the internationalisation of the student learning experience. #e other problem areas have been more systemic and could have been resolved by having formal quality assurance systems. #is leads to three main recommendations from the EPAS learning to date:

– Implement a formal QA process

– Establish Programme Committees responsible for the initial design and operation of the programmes

– Establish a higher-level board to approve the design and any major changes and to monitor the operations including periodic reviews.

Conclusions&uality systems do not have to be boringly bureaucratic but they do have to have a degree of formality to be credible and e%ective. However they should have a light touch (with sanctions!).

&uality systems have to be promoted and supported by senior management.

External review and accreditation can identify unpalatable truths and provide a catalyst for change as well as a lever for action.

Working in a business school that is recognised as of high quality is morale boosting and satisfying to all.

Business School











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Institution

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4 Satisfactory

Previously, Ryan, a former US Navy pilot and Vice Admiral, served for seven years as president of three di%erent institutions of higher education: the State University of New York Maritime College; interim president of the University at Albany, a doctoral institution with 17,000 students where he famously lived in the student dormitory during his presidency and donated the "rst three months of his salary for student scholarships at Maritime and Albany; and the US Naval Academy in Annapolis.

Ryan graduated from Annapolis in June 1967 with his twin brother Norbert Ryan Jr, also a former Vice Admiral. He received a Master of Science in Administration from George Washington University in 1975.

#e Center for Creative Leadership was begun in 1970 by H Smith Richardson Sr, founder of the Vick Chemical Co, and the Smith Richardson Foundation Inc provided its initial "nancial underpinning. #e Foundation — and several generations of the Richardson family — have remained generous supporters of CCL’s work, which aims at promoting leadership through courses and programmes for individuals and organisations as well as research and publications dedicated to leadership issues. CCL’s European headquarters is in Brussels under the leadership of Rudi Plettinx.

I think e%ective leadership involves at least three key components: setting direction, creating alignment and gaining commitment. It’s important that leaders set a direction and then encourage people to follow in that direction. #e best people do it well and others not so well.

What people most want in a leader is someone who is authentic, who they can trust. People now are educated, intelligent and well read and they see through people who are maybe not as genuine as they should be. Authentic leaders start with the courage of their convictions – they’re not holding polls or taking surveys. #ey obviously listen to people’s views and integrate them but they also have to set the vision and the direction. #ey have to understand what direction their particular organisation needs to go in.

Creative leadership involves people thinking beyond the boundaries that limit individuals and organisations and if you think about that it extends beyond the typical skills that are associated with routine leadership. Business schools teach people how to analyse data, coach employees, run projects and so on but at CCL we try to go beyond that and teach people to be innovative. And we do that through three elements: assessment, challenge and support. #e unique thing about CCL is that we have been doing that since we were founded in 1970; we have been focussed on it for the last 37 years.

People who are involved in global leadership positions are today facing greater complexity in their roles, whether it’s at the mid-level or higher in their organisations. And they need to be able accurately to perceive new situations they face, culturally as well as organisationally, with the people they interact with, and they have to adapt their leadership style accordingly.

What we’re trying to do with Advancing Global Leadership is a three-phase approach. Every AGL session involves participants in three locations: Brussels, Singapore and America. Prior to the programme, participants complete a set of assessments and will work on an assignment with their cross-continent learning partners. Everyone will leave with an action plan for addressing his or her global leadership challenge and will have the opportunity to continue working with a coach to apply what he or she has learned.

We were very encouraged. We’ve just "nished our "rst AGL and there were 40 people involved globally with about15 in both Brussels and Singapore and it was a great exercise. We really opened up the eyes and imaginations of people who were managing the tensions and opportunities between headquarters and local needs.

It’s the type of thing that happens every day around the world. What we’re trying to do is help men and women prepare for those kinds of opportunities. You know as well as I that both in Europe and America, and to a lesser extent in Asia, that whether we call it right-sizing, down-sizing or up-sizing we have taken away a lot of the middle-management opportunities in organisations where people could grow and develop these kind of skills as a leader. And so as we get ready to lose my generation of baby boomers we have another generation that needs experience that it cannot now get in the workplace and so we are o%ering it through the AGL.

Yes. #is is my third career. I was in the military, then ten years in academia and now in a not-for-pro"t organisation. All of them had many overseas challenges for me.

I would say that leaders today have to be, number one, more self-aware, number two more culturally aware and number three be able to learn on the job, be continuous learners. And that’s ever-more true in this global society we are all part of.

Only the best businesses. Let me put it this way. One of my mentors and heroes was

Peter Drucker. He used to say that a leader has three responsibilities. First, he or she is responsible for direct results. I don’t think there are many business people who don’t understand that.

Where they fall down is in the second two things that Peter always talked about. He said that leaders are responsible for enhancing and sustaining the culture they are part of. And the third thing, which I think is becoming more and more important, is what we call talent management. All of us have to be on the look-out for new talent. And it’s not just about "nding the right men and women for your organisation – it’s about keeping those you already have.

We will be concentrating on two broad areas. First, I think we are the best in the world on individual leadership development. We have some great programmes and we are going to continue those. #e other area we are moving onto is more customised programmes and what I would call corporate leadership development. #ere I think we will focus on three broad areas: strategic planning, corporate culture, and talent management and “sustainment”, a term that encompasses not only talent recruitment and development but also retaining talent for the long term.

We also want to be more international than we are. Last year we had 21,000 individual leaders we worked with and over 3,000 organisations in about 120 di%erent countries. But a particular focus for us now is expanding our operations in Europe and Asia. One of my mandates from my board of governors is to touch more lives globally. We have been nominally a global organisation but in my opinion in the past we have been too focussed on North America and that’s not the way ahead for us.

I think the military is just another opportunity for leadership – though it probably comes at an earlier age. I graduated from Annapolis as a pilot and I was leading 50 people basically as soon as I was out of school. But in the military you also learn how to be a follower. And I think you are more sensitive and aware as a leader if you have been a follower – you know what it’s like to take orders or to have someone else directing the action.

I don’t think military leadership is di%erent to business leadership. But when you’re in a combat situation or you are away from your family for six months I think that gives you a di%erent perspective on perseverance or what real adversity is. But you don’t need to be a military person to be a great leader; there are plenty of military people who are lousy leaders.

First of all, you have to commit to it. You can’t be a leader if you’re not going to work at it, practise it. You don’t become a good football player unless you practise and you don’t become a good leader unless you practise. #e best way to become a leader is to want to do it, to read

about it, look for a mentor or a coach, go to a programme like CCL and then practise those skills. Behaviours are very important in becoming a leader.

It’s a bit North American-centric but to me two people stand out. One is Abraham Lincoln. He was a man who was capable of bringing into his cabinet people who had absolutely opposed him before, who said he wasn’t "t to be President even. I admire him because he did his homework, he led by example, and he had great character.

#en there is a woman who you don’t o$en hear talked about as heroic or a great leader and that’s Eleanor Roosevelt. She was born into a wealthy family but was orphaned when she was ten and had a terrible childhood. She became the person who really started the Civil Rights movement and the women’s rights movement. She had tremendous compassion for the poor and she helped the entire world. She was chair of the UN committee that dra$ed the Universal Declaration of Human Rights. What I really admire is that she didn’t take opinion polls to see what people thought about there, she just did what she thought was right.

Previous General Assemblies have been held at INSEAD, CEIBS and Leeds Metropolitan University/Oasis School of Human Relations. #ese meetings of the whole community are arranged twice a year and they are a follow-up and review of all ongoing activities, an introduction of new partners and a start-up of new actions, an opportunity for the hosts to highlight their engagement and work on corporate global responsibility and globally responsible leadership, and a forum where all partners learn from the hosts and the speci"c context, experience and environment they represent.

A$er the two "rst years of its “Call for Engagement”, the GRLI community can celebrate being a globally recognised productive and in!uential force regarding the development of global responsibility.

GRLI achievements so far include:Advocacy#e GRLI is now recognised as a vanguard group leading change for a globally responsible society by its focus on what we can and must do to develop a generation of globally responsible leaders.

It has been a catalyst for the recent initiative by the UN Global Compact on Principles for Responsible Management Education (PRME) (see Box 1) and it is today invited to and actively participates in major events, conferences and high-level gatherings around the world.

It is engaged in developing a reporting system on Global Responsibility for learning organisations.

FoundationGRLI has this year stabilised its unique governance structure by creating a foundation. #e foundation secures its independence, transparency and provides clear roles for all partners.

Research platformGRLI has from the start had a focus on concept development. In the “Call for Engagement” there is a presentation of a new purpose for the corporation. Currently, work is proceeding regarding the future of management education – “Reframing the Purpose of Management Education and Development”.

In parallel, other research initiatives have been taken. #e Center for Creative Leadership (CCL) (see page 22) is, for example, leading a large international project on globally responsible leadership. Other clusters within the community are planning further action research.

Publications#e report A Call for Engagement is available in four languages – English, Chinese, Spanish and Portuguese – from the website www.efmd.org/grli. In relation to this "rst report many publications have been produced. Two books stand out: Should Prometheus be Bound? Corporate Global Responsibility (Palgrave McMillan, 2005) by Philippe de Woot, and Learning for Tomorrow. Whole Person Learning (Oasis Press, 2007) by Bryce Taylor. Moreover, many published articles in renowned journals either come out of or are linked to the GRLI work.

#e next major publications will be Reframing the Purpose of Management Education and Development and Shared Experiences & Achievements – Tales on GRL.

MomentumGRLI is steadily growing and receives regular applications for partnership.

Being a unique and leading community of action, it will limit its size. #e current number of partners –around 60 – will increase to a maximum of 120 in order to maintain e'ciency, e%ectiveness, tightness and the unique format for boosting

engagement and producing action. Box 2 (right) lists the current partners of the GRLI.

Uniqueness#ree main dimensions characterise the uniqueness of the GRLI

– Its fully global representation and outreach; including diversity of all kinds

– Its combination of di%erent organisations – mainly businesses and learning institutions; it is fundamentally driven by the challenges and dilemmas of the business community

– Its entrepreneurial action orientation; think big, act small, start now

We have recently returned from an intensive 24-hour workshop with the executive management of Petrobras in Brazil. GRLI, in collaboration with Petrobras’ partner Fundação Dom Cabral, has started a process where this important international company aims at integrating the concept of globally responsible leadership into its overall management training.

Global responsibility is already a key pillar in the Petrobras business strategy and José Sergio Gabrielli de Azevedo, President of Petrobras and Deputy Chairman of the UN Global Compact, has personally taken the initiative to de"ne the globally responsible leadership concept in the context of Petrobras and to develop a methodology for new leadership within the corporate group.

#e next General Assembly will be held in Mumbai, India, where we will be welcomed by Welingkar Institute of Management Development and Research in April 2008. Our Indian colleague, representing a country where the conditions are ripe for sustained growth, says: “It’s now time to look up at the sky and time to !y! It’s the right time for the GRLI movement to hoist its banner in the world’s largest democracy”.

#e GRLI started with a vision of a vibrant global force. It has now become a reality through the multiple ongoing individual and collective actions on the ground by all the GRLI partners.

For 6 years, with the support of the European Commission, the European Young Entrepreneurs Awards reward the most interesting business projects carried out by students or young researchers.

Again this year, a panel of professionals (head of firms, journalists, scientists…), will single out the candidates who have demonstrated both imagination and creativity intheir approach, whatever the product or activity. All students can take part in the competition, individually or as a team, whether in the framework of their institution or not.

The project can be in conception phase, in-progress or already launched. Please return the application form at the latest Friday 1st February 2008

NEW THIS YEAR !

So as to help the candidates in the development of their project, thirty European finalists will be invited to participate free of charge (travel, accommodation) in the 12th

edition of the European Forum for Innovating Young Enterprise (Innovact 2008, 18th and19th March 2008, in Reims - France). There, they will meet 4 000 professionals from 20 different countries, as well as 200 European innovating young companies. The prize winners will receive financial allocations up to 3 000 euros and will benefitfrom an information campaign.The Awards ceremony will be held in the frame of Innovact on 18th March 2008.Application form is available on the Internet -

www.letudiant.fr, www.innovact.com or www.lors.fr

Contact - Amandine Bebi, [email protected]

List of prize winners 20061st Prize - CLÉMENT FOREST AND ALEXANDRE HOSTELLER – FRANCE, ECOLE POLYTECHNIQUE, AND CANCER RESEARCH INSTITUTE, STRASBURG.

ECHOGRAPHY SIMULATOR FOR ECHO-GUIDED TREATMENTS. 2nd Prize - SYMONS GERHARD - ENGLAND, CAMBRIDGE UNIVERSITY. CAMSTENT BUSINESS CREATED FOR THE IMPROVEMENT OF CORONARY ARTERY

"STENTS" THANKS TO A NEW BIO-REPELLENT BIO-POLYMER DESIGNED TO PREVENT THROMBOSES AND SAVE LIVES.3rd Prize - NICO VELOOP - HOLLAND, EINDHOVEN UNIVERSITY OF TECHNOLOGY. VALIDUS PROJECT TO COMBAT COUNTERFEITING OF MEDICINES.

STUDENTS: TAKE PART IN THE EUROPEAN YOUNG ENTREPRENEURS AWARDS

INNOVACT 2008

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Together with my colleagues I was very impressed by the business success of Mondragon, which, according to our host, was due to an environment that was conducive to entrepreneurship and which had attracted many entrepreneurs to set up their businesses in Mondragon. A little surprised I could not but ask: “If this is so, how can one "nd an entrepreneur”? His answer was: “If I knew how, I would be the richest man in the world”.

Entrepreneurship is attracting the interest of European policy makers and the development of national entrepreneurial potential has become an important educational and research topic.

Why are European policy makers interested in entrepreneurship? #e answer is well known. In the present environment, characterised by rapid economic change and intensi"ed competition internally and externally, "rms all over the world are under constant pressure to attain and sustain their competitive advantage.

#e strengthening of European competitiveness is our common challenge, particularly as competitive pressure is coming not only from America, our traditional competitor, but also from fast-growing countries such as China, India, Brazil and the like.

To cope with these challenges, the Lisbon strategy was drawn up and concrete measures for putting the strategy into action were de"ned. #e development of entrepreneurship was de"ned as one of the key instruments of that strategy to rejuvenate European innovation and competitiveness.

Entrepreneurship is a driving force of economic restructuring. It moves away from the production of old products and services with low value-added, obsolete technology and obsolete organisational capabilities and is the vehicle for the transformation of existing enterprises and the development of new ones. It is a driving force of innovation, competitiveness and growth. As such it also drives a nation towards the achievement of high quality of life and social prosperity.

When discussing the importance of entrepreneurship for economic growth, it is important to stress that entrepreneurship as a factor of growth goes well beyond the notion of an entrepreneur as a lone player. Building up competitive advantage and maintaining sustainable high growth will depend on how much national intellectual energy and physical resources a country will be able to allocate to the creation of high-quality enterprises whose competitive advantage will be based on up-to-date technological, organisational and managerial knowledge.

Here, the availability of entrepreneurs to bring these capabilities together is of the utmost importance. !erefore, the e"ciency of the market in solving allocation problems is obviously tied to individuals’ capabilities.

!e challenge is the development of a consultative relationship between universities, research institutions and industry. !is means co-operation between education and training institutions, on one hand, and engineers and production managers on the other, leading to an increase in the stock of entrepreneurial knowledge.

!is further creates the need for the development of institutions that will be able to stimulate continuous consultative relationship between buyers and sellers as well as institutions producing entrepreneurial knowledge.

Examples of such infrastructure are open networks, clusters, business and university incubators, centres of excellence, technology parks, and networks of venture capital, experimental laboratories and the like. !e innovation process is interactive and complex. Technological advance is not a linear process of independent research activities.

Recognising the importance of entrepreneurship as one of the concrete measures for strengthening European competitiveness and thus the potential for growth, indicates that the view that entrepreneurship does matter to the improvement of the human condition has come of age. Even mainstream economists are #nally realising that it is absurd to talk about economic growth and not pay any attention to the people and institutions most responsible for growth: entrepreneurs.

However, mainstream economics has contributed very little to the understanding and explanation of the role of entrepreneurship in growth. It is a paradox that the academic study of entrepreneurship has not been developing mainly within the #eld of economics but by scholars in the #elds of business and management and lately also in engineering and social science.

!e prescriptions of mainstream economists for government intervention in order to facilitate growth have almost completely overlooked the role of entrepreneurs in this process and have therefore not considered any policy instruments to foster entrepreneurship.

As Stiglitz has noted in his book Wither Socialism? the best that countries can do is to experiment with various policy solutions and try to learn from best practices in other countries, though in di$erent countries this may be achieved under di$erent institutions and systems. !erefore, the appropriate process of #nding the optimal policies for maximum growth and entrepreneurial society is not to waste time on formal economic models of entrepreneurship and growth but to set up institutional conditions for policy experimentation.

Policy makers, even if they are highly trained economists, are not actually relying on economic growth models but are looking at the positive

experiences of high-growth countries and are trying to adapt such experiences to their particular

circumstances.

One of the recent studies commissioned by the European Commission gives examples of policies that were instrumental in bringing the competitiveness of certain regions within countries to a level higher than the overall competitiveness of a country and to a higher level than the overall competitiveness of the EU.

!e evidence suggests that the role of public policy has been subtle but critical for achieving fast growth and superior competitiveness. Examples of such regions are Oberbayern and Darmstadt, Germany; Eterea Ellada, Greece; Ile de France, France; and Niederoesterreich, Austria.

!e policies provided infrastructure that supported business innovation and thus competitiveness and growth. !is enabled #rms to become successfully integrated into a global competitive environment and to be better equipped for harnessing human knowledge.

!e key factors promoted by the policy can be grouped into the following categories:

– Development of modern physical and telecommunication infrastructure

– Development of dynamic entrepreneurship and strong entrepreneurial culture (a high level of #rm creation)

– Development of infrastructure supporting and stimulating a consultative relationship between universities, research institutions and industry and technology transfer in medium-sized and large companies

– Development of an excellent research and higher-education institutional base, with emphasis on industrial collaboration (with well-organised networks, especially science-based ones, clusters in bio-technology, electronics and engineering, science research institutes, agencies and institutions supporting innovation)

– Supporting the internationalisation of #rms – opening up regions to competition across the single EU market, removing barriers to trade and entrepreneurship.

Because e$ective public policies stimulating competitiveness and growth combine knowledge from many di$erent areas such as engineering, economics, sciences, law and so on in a pragmatic way, their e$ectiveness depends on a culture of trust.

Public policy cannot be developed in the absence of strong public-private partnership, which in turn cannot be developed without a culture of trust. Knowledge is most e$ectively used in a trusting environment. For example, clusters and networks could not %ourish in a non-trusting environment. Trust is needed between partners, between employers and employees, between boards and shareholders, and between state and citizens.

Trust, as Jorma Ollila, Chairman of the Board of Royal Dutch Shell and Chairman of the Board of Nokia Corporation, said at the Innovation Lecture 2006 held in !e Hague is “... a mother of entrepreneurship and a father of

innovation. Trust, for instance, in the consistency of government policy, in the quality of legislation, in monetary policy, in open trading channels, and in a %exible labour market: in short, trust arrives from a scheme of things that is robust and predictable.”

!erefore, it is not surprising that entrepreneurs consider excessive regulation and unpredictable changes in regulation as one of the factors that most hinder entrepreneurship.

If I were to return to my question from more that 20 years ago about how can I #nd an entrepreneur I would today rephrase it as: “Can people be taught to become entrepreneurs?”

Entrepreneurship has become an important item in the curricula of most universities in Europe and entrepreneurial research is a growing academic #eld. Entrepreneurship education and research are seen as important means to foster entrepreneurial culture. And entrepreneurship education today goes beyond teaching from textbooks; it includes tools such as business plans, case studies, project work and so on.

Many practitioners are realising that teaching entrepreneurship by developing #nancial models, case studies and so on is not enough to contribute to the development of a dynamic entrepreneurial culture. !e reason is that the traditional ways of teaching are basically transforming one piece of codi#ed information into another piece of codi#ed information.

!e opinion of David Birch, the well-known entrepreneurship scholar, is that business schools do not train students in three key business skills necessary for the development of a successful entrepreneur: “selling, managing people, and creating a new product or service”.

People do not really distinguish between being informed about something and being able to do it. Doing two case studies a day about how two di$erent companies have been e$ectively managing people, does not qualify you as a person who can manage people.

In the search for the improvement of entrepreneurship teaching at the Faculty of Economics in Ljubljana, for example,

we started an important experimental project called the d.school (design school) involving a broad spectrum of higher education students in the process of getting acquainted with the concept of design thinking, a concept promoted and popularised by a group of Stanford University professors of various disciplines and by a number of leading entrepreneurial #rms including SAP and Google.

Another example is from the Norwegian School of Economics. Students from all academic disciplines are sent to enterprises in Singapore for apprenticeships. Another noted example is !e Stanford Technology Ventures Program, which is dedicated to accelerating high-technology entrepreneurship research and education for engineers and scientists worldwide.

As much as these attempts sound “sexy” their popularisation will not be easy. Apprenticeship training requires very di$erent physical resources in education, classrooms with prototyping equipment, places for team meetings, resources to meet at remote places and so forth. At most universities this would mean reallocation of resources from traditional modes of teaching to new approaches, which can lead to opposition due to vested interests.

To conclude, #rst, the design of a national policy promoting entrepreneurship demands a pragmatic approach, experimenting with various policies and learning and adapting best practices of high-growth countries to domestic circumstances.

Second, e$ective implementation of entrepreneurship policy demands a trustful environment and broad national consensus that competitiveness and entrepreneurship do matter.

And third, to be e$ective entrepreneurship education demands approaches that are best tailored to the nature of entrepreneurship.

Richard Florida2 instead opposed the notion of “spikiness” to the assumed !atness of the world, suggesting that there were geographical points of concentration such as centres of innovation, of skills, patent "lings and of energy consumption. In short, he argues that location still matters.

#ese two di$erent lenses for looking at our world and making sense of it as far as scenarios for economic and social development are concerned are both important and valuable.

Yet I believe there is an additional perspective that we should not ignore. !e idea of “openness” is emerging as a dominant attribute of key developments in our economic and social fabric. We talk about open societies, open innovation, open standards, open ecosystems, open source and open architectures – all using more or less consciously the foundational thinking from 20th century systems theory.

It was the biologist Ludwig von Bertalan$y3, one of the most acute minds of the 20th century, who established the foundations for a General Systems !eory showing the importance of a “systems view” and giving us a vocabulary and the scienti#c foundations for dealing with systems.

We look at increasingly complex interrelationships between connected elements in systems at di$erent levels. !e traditional logic focusing on cause and e$ect is insu"cient to deal with today’s systemic issues – be they in human, electronic, ecological or biological systems.

We talk about systems all the time but how much do we use von Bertalan$y’s thinking? When we talk about closed systems we should remember that they are isolated from the environment (organisation-wise we talk about bureaucracy and “silos”) and are subject to the law of entropy or decay.

Open systems, by contrast, receive inputs from their environment, work with those inputs and return them to the environment in modi#ed form as outputs.

Closed systems are in a way “machine-like” and open systems “living-organism-like” with signi#cant elements of self-organisation.

Open and closed world viewsOur world was dominated in the second half of the 20th century by the dichotomy between communism and capitalism. While the world has “opened up” with the advance of globalisation and global integration during recent decades, we see even within our western societies the ri& between open and closed philosophies and concepts enduring and in some cases even widening.

Openness is associated with values such as tolerance, individual freedom, lifelong learning, participation, empowerment and co-operation as opposed to typical closed-world values of command and control, top-down management, centralised and bureaucratic governance, over-regulation and collectivist dominance over individual freedom.

In today’s world of business we experience every day what openness means and what bene#ts it brings to bear. Monopolies or near-monopolies are examples of the closed world as are traditional hierarchies with their burgeoning bureaucracies and disconnected silos as typical manifestations.

Democratic values in businessHence openness seems to be tied to fundamental democratic values. Closed social systems remind us very much of the time of the Iron Curtain….and of old-style autocratic enterprise governance. !e “rediscovery” of democratic values and their power in business is re%ected in recent business literature such as Democratizing Innovation (von Hippel)4, !e Wisdom of Crowds (Surowiecki)5 and showed up in a new report of the Arthur W Pages society in the context of democratising channels of communications.

Yet the way openness and democratic values show up in management literature and research reminds us not so much of the “voting democracy” but rather as vibrant, participative democracy combined with a dose of horizontal meritocracy – you earn your voice and your space in the community based on your experience and contribution to the common good. Also, open environments are a fertile breeding ground for broad-based innovation.

!ese ideas and values are not new – why are they now getting new life? Human kind has equipped itself during the last 15 years with a new electronic infrastructure that can potentially connect everyone to everyone else and therefore has a limitless potential to create new social systems at all levels. !is infrastructure for communication and interaction has become extremely robust and is increasingly “high performing” (thanks to broadband). We see explosive growth of new interactive capabilities and usage.

!e rise of social networking sites, virtual worlds, blogs, wikis and 3D Internet give us a #rst idea of the potential of the “interactive and collaborative web” dubbed Web 2.0. Now we have the infrastructure and tools to operate in new ways in open systems. While many of the thoughts about openness and the need for more open social systems have been around for some time, this new infrastructure and new tools accelerate the movement. Hence technology contributes and enables us increasingly to give life to many of the values we have been aspiring to.

!e big technology cyclesCarlota Perez6, a Venezuelan scholar and expert on technology and socio-economic development, has demonstrated the recurrence of typical phases in the #ve major technology cycles starting with the Industrial Revolution of the 19th century. She argues that these cycles have a duration of approximately 50 years. !ey start with the eruption of a new technology, followed by period of frenzy (“Gold Rush”) that leads straight into a bubble.

!e #ve cycles to date have in common a new technology leading to a paradigm shi& that fundamentally impacts the way we see the world, how we live, how we organise our societies and our enterprises, how we work and so on.

Perez talks about an installation phase and a deployment phase following the bubble that in turn leads into something good – a “Golden Age” that #nally reaps

the bene#t of the new technology, spawning a huge wave of innovation.

Perez has demonstrated that digital technology is now reaching the phase of “deployment”. !e bene#ts, which are potentially huge, are starting to show. While all the major cycles have shown a similar pattern, there is no doubt that they also have di$erent characteristics. Even though there is now a great opportunity for innovation and value creation there is no reason to be complacent about this – the world is more turbulent than ever, the systemic interdependencies may show in positive and negative ways – just take for example today’s #nancial markets. !e speed of change is putting enormous pressure on all actors.

Yet a maturing and standardising open technology infrastructure provides an unheard of potential for innovation in products, services, business models and even at the societal level. With services taking the lions share of value creation in our advanced economies (between 70% and 80 % of GNP and employment) a transformation of our economic activity is in progress, which requires not only a new enabling fabric but a di$erent set of skills and competencies than were required in the industrial economy.

Impact on business!e new technology capabilities enable new organisational and operational models. !e corporation is shi&ing from a hierarchical, monolithic, “multinational” model to one that is horizontal, networked and globally integrated.

Because the operations and responsibilities of organisations can now be componentised, “virtualised” and distributed over an ecosystem of business relationships, work can be located wherever it makes most sense, driven by the imperatives of economics, expertise and open business conditions. !is creates new challenges for companies to manage their identities and reputations.

In this environment companies can no longer guarantee life-long employment. !e social contract between employee and employer has changed in a highly competitive and %uid open world. But, equally, new employees may not wish to be locked into a long-term employment relationship. In order to attract and retain key talent companies must contribute to equipping their employees for this new open and global environment.

Empowerment of employees and usersAt the same time, employees are getting more autonomous. !e rise of the knowledge worker poses new challenges to HR. !e balance between the need to regulate and manage professionals’ activities and their need for autonomy is di"cult to achieve.

Talented professionals with knowledge enjoy a technical superiority and relative independence vis-à-vis the organisation. !ey tend to relate more to their peer-communities and professional associations than to the #rm. What they need most is interest in the job, challenge, fun and freedom. !e new generation entering the workplace (Generation “Y” or Millennials) perfectly re%ects these new “open” attitudes.

Open innovation taking centre stageWith regard to new Web 2.0-enabled capabilities for employees,

business partners and users to get involved with companies in new ways, innovation itself is changing fundamentally. Innovation is becoming a more open process – “open innovation” has become a catch-phrase with a lot of reality behind it.

Power is shi&ing to users, who can make themselves heard when they have concerns but who are also increasingly contributing to the innovation value chain to the point of becoming the innovators themselves. Innovation is moving from company-controlled labs into open space. “Living Labs” are becoming a strong movement in Europe to provide an environment for open innovation and services creation. A European Network of Living Labs was announced under the Finnish EU Presidency in 20067.

Towards a “perfect storm”?An open world is a world of great opportunity and challenge. It requires changes in our individual behaviours and attitudes and it demands major institutional adjustments. Business and academia will have to #nd much better synergy to face the challenges of tomorrow’s world. Best academic thinking and best enterprise practice are required to develop the “perfect storm” towards an open world.

SEE FURTHERINTO THE FUTUREOF BUSINESSwith four of the world’s mostinspirational thinkers. Get freshinsights into strategy, management,leadership and innovation,

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GARY HAMEL &MARSHALL GOLDSMITHTHE FUTURE OF LEADERSHIP ANDMANAGEMENT INNOVATIONQE2 Conference Centre, London Thursday 7th February 2008

Conference 2:

TOM PETERS &KJELL NORDSTRÖMNEW MARKETS, NEW TRENDS ANDTHE PURSUIT OF EXCELLENCEQE2 Conference Centre, London Monday 28th April 2008

Employee questionnaires may be useful as a preliminary gauge of attitudes prevalent in your workplace but they are unlikely to give you a detailed picture on which to base your actions. How then to gauge the “real” feelings out there?

As a culture change programme progresses, a range of di$erent behaviour patterns begin to emerge. Many of these, however, are not visible on the surface. What are these responses, why do these di$erences occur, and how can you recognise them?

!e playersPlayers can be mapped using two key dimensions (see Figure 1, right). By committed I am referring to the commitment of an individual to the success of the organisation. !e term critical refers to an individual’s willingness to ask searching questions (these may be either positive or negative).

Using these dimensions, my research has uncovered six key groups (see Figure 2, overleaf ). I #rst discovered these when undertaking an in-depth cultural study of a major global organisation. Since then, I have found these players in all of the many other organisations I have studied.

!ese roles are not #xed; they can shi&. Indeed, the good news is that

you can in%uence how they change through strong and focussed leadership strategies. Your skill in doing so is the key to any change programme’s success.

!e EvangelistsEvangelists are common in many organisations. You can recognise them by their intense loyalty and their tendency to take all corporate messages at face value. !ey are highly committed, but deeply uncritical – and always very keen to adopt and implement any new initiative that comes their way. !eir expectations of their leaders are very high, and they are unquestioning in their followership. !e Evangelists would not dream of questioning their leaders’ judgment, but nor would they feel comfortable asking probing questions to clarify their understanding. !is group are content to follow.

You might then be lured into thinking that the Evangelists are an easy group to lead and pose little trouble. But beware. !e Evangelists can seriously impede your judgement.

Evangelists will tell you what you want to hear and it is very tempting to believe that your cultural change initiative is taking root much more

quickly than it is in reality. Because of their, o&en unrealistic, expectations both of their leaders and of the pace of change, they can be easily disappointed if you are unable to live up to their hopes or if they see that you are a&er all fallible.

!e ActorsEqually uncritical, but much less committed than the Evangelists, this group might not be easily distinguished from them at #rst glance. Both groups will lead you to believe that they have fully accepted the “company line” and bought into your vision. However, although the Actors may act identically to the Evangelists, they feel very di$erently. Actors are chameleons with well-developed thespian skills. !ey want you to believe that they have bought into the corporate message because they fear that to dissent would bring reprisals.

Actors are very prevalent in “fear” cultures but much rarer in cultures where challenge is encouraged. Actors appear to change their allegiance to new ideas very easily. !ey do not engage very much or identify very strongly with the organisation. !eir true feelings when exposed, however, are usually of deep scepticism or detachment. !is is a group that is hard to detect, because they cover their true feelings so successfully. You will, however, #nd that they occasionally drop their guard with trusted colleagues or in social situations.

Many Actors have revealed to me during my research that they adopt this tactic as a result of a fear of losing their jobs if they do not appear to conform. !ey can be in%uenced but the danger is that they may capitulate and become “evangelistic” in their behaviour. If you #nd that

you have a large number of Actors in your organisation, you should start by asking yourself why people feel that they cannot voice their honest opinions.

!e Untouched Professionals!e Untouched Professionals are usually lawyers, accountants, research scientists or indeed any professional whose loyalty lies with their profession rather than their employer. !ey o&en have high market value and view the organisation as a place that hosts them in pursuing their profession. !ey feel untouched by programmes that sell values, visions and missions, since their own values and visions are deeply embedded in their professional identities.

Committed to their roles, but much less to their employer, this group is unlikely to engage with the programme, remaining ambivalent and showing only a polite passing interest in the changes you are introducing.

In other words, they can see the merit of cultural change but as professionals they do not think that it applies to them. !ey expect their leaders not to bother them with it and if asked to attend associated events will assume it is for appearances only. !e problem they pose is the potentially negative impact of their ambivalence on those around them.

!e Critical !inkersAn important group for the success of any change programme – and a crucial sounding board for any leader to test their ideas and judgment on – the Critical

!inkers are critical, questioning, but also highly committed. !is means that their ability to be critical is likely to be constructively focussed.

!ese are the members of your organisation who think most deeply. !ey are not afraid to ask awkward questions. You can trust these people because they will tell you honestly what they feel and because they really do want

what’s best for the organisation. Critical !inkers are loyal but if they feel that you are making a mistake they will tell you, while remaining constructive about how to put it right.

Not surprisingly, organisations rarely have enough Critical !inkers. You may not always recognise their value, of course, as they can be demanding and

challenging, and even question your judgement at times. But this may be an important safeguard. If you do not have any Critical !inkers in your team you

are totally dependent on your own judgement.

!e Sceptics!is is usually a large group. !ese people will be found “sitting on the fence” in the early stages of any change programme. !ey tend to observe and watch their colleagues

and superiors very carefully before deciding whether to accept or reject any new initiative. !ey do not have strong feelings or beliefs of their own, and are the most easily led of the players.

!e Sceptics o&en become Actors if put under pressure (or if their scepticism is driven underground by authoritarian leadership) and if you do not pay attention can be easily in%uenced by any negative views around them to undermine cultural change. On the other hand, with consistent positive leadership, reinforced by positive role modelling, they can be persuaded to support their leaders’ endeavours.

!e Sceptics are an important group for leaders to pay attention to, particularly in the early stages of cultural change. Stronger employees with more vocal opinions will have a big in%uence on the Sceptics.

!e Open Cynics!e Open Cynics are both critical and uncommitted. Organisations rarely contain many of these, since openly cynical behaviour is known to be “career limiting” in most arenas.

So who are these people? !ese are strong individuals with strong personal agendas. !ey have o&en come to believe themselves to be untouchable, sometimes possessing a skill or expertise that the organisation cannot do without. Or they may sometimes be so near to retirement that they no longer fear reprisals for speaking their mind.

!is group, for various reasons, know that they are untouchable. Unlike the Critical !inkers, their loyalty is to themselves and so they set themselves up as self-proclaimed rebels – o&en saying what others do not dare. !ey are very o&en attention seeking – their motivation is to be heard and recognised.

!ey can be damaging to a change agenda, as they can be a strong in%uence on Sceptics. On the other hand, if carefully managed, they are a useful group for any leader seeking to understand the concerns around the organisation. !ey o&en speak with passion and hold strong beliefs and so it is worth giving them discussion time. If they do “convert” to your perspective they will be staunch allies and their conversion will send out an extremely powerful message to the less vocal and less visible Sceptics.

Having acknowledged that not everybody in your organisation has responded to change in the same way, what can you do about it, and how

can you ensure that you engage with and motivate each group in the way that you lead the change process and beyond?

My research has shown that these responses are not static and can shi& – sometimes slowly though o&en dramatically– so it is crucial that you keep a close eye on the movements of these behavioural patterns in response to your leadership. If you are not in touch with these patterns, you will not be able to take the appropriate actions to steer your programme.

If you lose touch with the feelings of the people you will be in danger of allowing their responses to shi& in directions that will be counter-productive to sustaining the change process.

One of the most successful strategies for in%uencing groups of managers to shi& in the direction you need is to enhance their self-awareness by showing them Figure 2 and asking them to try to categorise their own teams. Prompted by the model, most managers cannot resist re%ecting on themselves and their own response to change before going on to re%ect on others. By providing a language for addressing this emotive topic, the model has frequently prompted some very valuable group discussions, o&en within senior management teams.

!e business world is changing at a rate that would have been unimaginable in the past. Rapid advancements in technology, changes in customer behaviour and higher expectations from #nancial investors are placing tremendous and o&en paradoxical demands on the top management of corporations.

Dealing with such change forces us, as business leaders, to modify the way we organise and operate all the time. Our role in the 21st century is to take advantage of our continuously changing world. If we do that we can then thrive in amazing new ways.

In today’s hypercompetitive environment our customers want our products and services:

Free (at the lowest possible price)

Perfect (with no defects and no chance of returns)

Now (with immediate delivery)

Although cheaper is not always better, faster always is. I believe that we all need to accelerate in order to take advantage of this faster-moving world. Every aspect of our business and all connected organisations, suppliers and clients, operate and change in real time. Targets for success also keep changing.

In other words, whatever we did that made us successful in the recent past will most probably not be enough to make us successful tomorrow. We should not condition our view of tomorrow by what we do today.

We all understand that our market value depends on our ability to create more value for our customers all the time. I am sure that this also applies to every business school.

!e explosion of the Internet means that customers are more informed and more demanding. In my company, S&B Industrial Minerals, we try to connect on-line with most clients and some key suppliers. We all need to collect and process more information on our customers and identify areas to improve the level of customer satisfaction. We are developing a coherent customer-support system that will also facilitate all transactions from order processing, billing and collection.

Consider the following thoughts. !e di$erence between products and services blurs. In other words, at least in my business, every o$er we make has both a tangible and an intangible economic value for our customers. What is worth noting is that the intangible part of every o$er a customer receives nowadays is becoming more important or just as important as the tangible part, the product itself.

In the digital world, says Nicholas Negreponte, “one size #ts all” will be unheard of. Customisation is the trend and we have to #nd a way to further customise the o$ers we make to every client, addressing their

speci#c intangible and tangible needs. Customisation is also a way to reinforce my company’s strategy, as stated in our mission to be in the specialties and not in the commodities business.

!e term “customer service” is probably the most shop-worn phrase of the 1990s. Everybody in business today is committed to delivering good service and this makes it more di"cult to di$erentiate ourselves from our competitors. Every shareholder, banker and investor understands that the future of every business depends primarily on quality of management.

'uality of management means quality of decisions and e"ciency of implementation. !is is where business schools start to play a very important role.

Admission decisions should take into account patterns of accomplishment beyond academic ability that might indicate the potential for success in business. Management and leadership ability are qualities that admission o"cers should value. Success is almost inevitable if the selection process does not compromise on quality of admissions. Every school can then teach good analytical skills. Obviously the chances of better-quality decisions increase if character and skills are coupled with experience.

Employers continue to value the core skills and competences that an MBA course confers upon future corporate executives. !e set of formal techniques to appraise investments, analyse #nancial statements, understand product costs, segment a market or develop a personnel evaluation system remain essential tools for every manager. Nevertheless, these skills – important though they are — are increasingly seen as only the tip of what is expected of an MBA.

Beyond the toolbox of techniques, an MBA programme should develop so& behavioural skills that are becoming more decisive in the quality of implementation of any decision. Most failures have to do with the poor implementation or lack thereof of what appeared on paper as a good decision. !is is why all good business schools emphasise the need for team work and the development of emotional intelligence. A manager also needs good communication and leadership skills as he or she by de#nition cannot do the job alone but has to manage a team of people.

I understand and I am comfortable with the vision shared by most EFMD members, re%ected in the nature of their MBA programmes:

– European in inspiration; global in scope

– Diversity as a source of richness

– Business has a tremendous opportunity to shape a better world

Each element of this compelling vision is also expressed in the value-creating attributes that corporate executives now develop.

European in inspiration; global in scopeWithout a global perspective, neither corporate executives, nor the #rms they help to build, can sustain competitiveness, even in the short run. And the global scope of a modern MBA should ensure that students’ mindsets are primed to always consider the worldwide context.

Making an impact beyond domestic borders has long been a hallmark of EFMD and its E'UIS quality assessment and accreditation system, so it is especially appropriate that this vision continues to inspire MBAs. We should never undervalue the European inspiration that underpins this global scope, an inspiration born from democracy and

plurality, from a respect for both logic and art, for both thinking and doing – hallmarks of Greek culture for 25 centuries. Today’s MBA programmes should be designed to accelerate the global careers of executives by teaching them how to manage, source, sell and compete in multicultural environments around the world.

Diversity as a source of richness I believe like most of you that diversity is a source of richness. Working alongside fellow students from a wide range of national, ethnic and sectoral backgrounds, MBA students learn to appreciate the richness which diversity of experiences brings. Diverse teams generate enhanced creativity, a wider variety of problem-solving approaches and usually better-quality decisions.

!riving on the richness of diversity is another of the attributes a modern, multi-cultural MBA delivers.!ere is no one “right model” of an MBA, a business school, or a business corporation. Only by embracing diversity can the best, and most innovative, solutions for a given context emerge to lead the corporation forward.

Business has a tremendous opportunity to shape a better worldWhen I served as President of the Federation of Greek Industries I always supported the idea that good and responsible business practices will make our world better for all. !erefore I appreciate EFMD leadership in practical developments focusing on business as a force for good, best illustrated perhaps through its Globally Responsible Leadership Initiative.

!e ever-increasing emphasis which all of us place on corporate social responsibility is also a key element of MBA education, which, at its

best, balances the teaching of management skills with the development of strong personal values and business ethics

MBA students should discover that corporate social responsibility is a key integrating element of management practice and theory, thus emerging as leaders who fully appreciate the potential they have for engaging in sustainable socio-economic development.

In conclusion I hope that I have reinforced statements that I am sure you already knew and some of you have put into practice through various activities. Please continue the good work raising the standard of management education in Europe by setting high standards, benchmarking and seeking mutual cross-border learning.

This is an edited version of Ulysses Kyriacopoulos’ final address to the 2007 EFMD MBA Conference held in Athens in April 2007.

Get the website wrong and not only is a large part of the marketing budget wasted but your reputation may decline quickly and internationally.

Websites have become ever-more important in education in recent years. Studies suggest as many as 70% of prospective students found websites useful when deciding where to study and more than 50% described websites as their most important source of information about business schools. (!e Business of Branding 2007)

But what makes a great business school website and why is it so important? !ere’s plenty of advice available, from both a design and technical standpoint. Indeed, go on to Google and search for what makes a great website and there are around 80 million responses.

But there’s far less information about what speci#cally makes a great business school website, hence the Association of Business Schools in the UK asked CarringtonCrisp to research best practice with regard to business school websites.

!rough 19 interactive focus groups the study, titled WebWorks, sought the views of 270 prospective students, undergraduates and postgraduates about 18 business school websites. Each site was assessed across 40 criteria with ten of these producing an overall ranking for each site.

!e most important thing for any website is its audience. A website is like any other form of marketing; it’s a communication tool and so what you are saying and who you want to say it to are of great importance.

!e home page of a website is like the most expensive piece of real estate in a city but instead of just putting luxury %ats on the site, you

need to build mixed use, appealing to a variety of di$erent audiences, and still turn a pro#t.

A great business school website manages to deliver an appealing mix of information for di$erent audiences while not falling to the lowest common denominator and simply producing something bland and unappealing. A great site not only works on the home page for di$erent audiences, but also helps these audiences to quickly reach the information they want – in most cases that is course details.

!e top two sites in the WebWorks study were Bradford University School of Management (http://www.brad.ac.uk/acad/management/external/) and Cass Business School (http://www.cass.city.ac.uk/). Although di$erent in style, both sites made it very easy for the user to quickly reach the information they wanted from the site home page.

One of the most important #ndings across the study was the preference among website users to search sites rather than use navigation.

Each site tends to use slightly di$erent language to describe similar courses. Rather than learn a new language on each site they visit or spend time working through navigation, users indicated that they search for phrases they understand and then work from the search results. A site that provides easy access from the home page to key course information will be better received than a potential competitor that has complex navigation and makes poor use of the home page.

A poor home page can be characterised in many ways – cluttered layout, lack of a search engine, weak identity – but there was one item that almost all study participants agreed on: don’t put the Dean on the home page. Of course it’s important to welcome new visitors to a website, especially prospective students, but the home page isn’t the best place.

A link to a welcome message can be useful but the face of the Dean adds little to the impact of the home page, giving no reasons for a site visitor to dig deeper into the site.

!e key is creating “stickiness” – reasons for a visitor to stay with a site, explore the depth of the site and to attract the visitor to turn a virtual relationship into a physical link.

Stickiness is key given the extent of information on the web about business education. A search on Google for the term “MBA” will return over six million possibilities. Not all of these will be about business education; a recent search for “MBA” produced on the #rst page of results links to the Mortgage Bankers Association and the Mountain Bothies Association. (“Bothies” are small huts in the Highlands of Scotland where walkers can take refuge.)

A potential student knows that if they link to a site on the web and it doesn’t capture their attention then there are many more schools to consider just a couple of clicks away. Some studies have suggested that site users can click away within four seconds of landing on a page if they can’t #nd what they are looking for.

!e main reason for pursuing a business education is career enhancement. More than 50% of undergraduates frequently state that they study business to get a better career, while among masters students the drive is more explicit, with over 80% suggesting that their motivation is based around improved earnings potential.

Despite the acknowledged career motivation of many students, some schools hide away behind password protection the very information that those visiting their site want to know about – career services and alumni.

Career aspects of a website can provide details of which employers come to campus, destination statistics for recent graduates and information on how a school helps its students with their career search. An alumni section can bring careers to life, providing real examples of graduates and what they have gone on to do post-graduation.

One of the best alumni examples in the study was at Leeds University - http://lubswww.leeds.ac.uk/alumni/index.php?id=354 (their alumni pages were ranked number one in the study). !e alumni pages provide lists of students who have set up their own businesses and then has links to the websites of these businesses. One enterprising graduate has set up a ski holiday business in Japan (www.WeLoveSnow.com) and on the webcam on his site the snow could be seen falling in Japan.

If a school puts enterprise and internationalism at the heart of its branding, there can be few better examples of this than such an alumni display. !ere is the added bene#t that this is very real and doesn’t su$er the slightly cynical view that some prospective students take of case studies on websites, suspecting they have been written by a marketing copywriter with a graduate name and picture added a&erwards.

Information on careers can be similarly powerful though it can also cause confusion. A search for careers on one site in the study threw up the #rst result all about the career research of an academic into the sex life of crustaceans.

Accuracy is vital, particularly when it comes to news and fees. Out of date news that hasn’t been refreshed for six months will quickly suggest to a site visitor that there is little going on at the school and what is happening cannot be of much interest. Similarly, fee details for last year will provide a reason for a prospective student to either discount a school or move on to another site because they are unable to make an accurate comparison across a number of schools.

Another aspect of news is press relations and websites can be an important tool to help build contacts with the media. O&en a press o"ce has only a small sta$ and if they are unavailable an opportunity to place a story could be missed.

!e Cass website goes someway to helping the media self-serve. Within the website there are pages (http://www.cass.city.ac.uk/press/index.html) that allow journalists to conduct their own search for an academic who can speak on a particular subject.

Another approach to brand extension and higher visibility is through e-commerce on a website; not that this means selling degrees. !e Warwick Business School website contains an e-commerce shop (https://www.sunion.warwick.ac.uk/wbs/catalogue.asp?catalogue_id=1) providing a host of branded goods from shirts and mugs to teddy bears that can be purchased on line. !e site also provides a series of e-cards (http://www.wbs.ac.uk/news/digital_postcards/) that can be sent to friends and family featuring aspects of the school and helping to enhance the overall brand of the school.

Branding and the business school website can become a complex issue when there is a strong, central university marketing function. Each case will be di$erent, depending on the nature of the relationship between school and university and the relative strengths of their brand.

However, few schools or faculties within a university will have to appeal to such a wide variety of audiences as the business school, and a degree of %exibility to cope with these di$erent demands can bring considerable bene#ts in creating stickiness for key audiences. !ere are many examples in the business world where a strong corporate brand supports very di$erent product brands within the same organisation.

!ere are still many opportunities to develop business school websites. Virtual learning platforms, downloadable lectures and many other features are becoming more common. However, the interactivity and user generated content of the Web 2.0 era has hardly penetrated the business school website to date, although some interesting examples (http://www.youtube.com/watch?v=ipJTqCbETog) exist elsewhere on the Internet.

!e business school website of tomorrow has only just begun to evolve but much can be done to make today’s sites more e$ective.

WebWorks will be run internationally in March 2008 with support from ABS and EFMD.

!ere were several questions on my mind: Why were we all joining this rush to be more international? Will the total global market for our services continue to grow? Will we eat into each other’s competitive space and margins? How will our industry look in 25 years time?

In 2005 the steering committee charged with designing the Annual EFMD Executive Education Conference had decided to undertake a survey to map the DNA of the membership in Europe. When I joined the committee later that year I volunteered to take on the co-ordination of this survey. Having recently entered the world of executive education I felt this would further my own knowledge of the sector.

I also wanted to build on the #rst survey by making it more user-friendly and of more value to members. I saw the opportunity to

produce a survey that stimulated members to re%ect on the key strategic challenges they faced.

At the 2006 and 2007 conferences I presented the survey #ndings and was able to start to identify trends. !is year we also carried out live market research in the conference room to validate the #ndings of the survey. I have been impressed by the degree of openness among delegates and their preparedness to discuss and share their key strategic challenges.

I will return to those questions but #rst let me share the key #ndings from three years of this survey.

Size, status and servicesA wide diversity of organisations participated in the 2007 survey. In terms of size, 20% had revenue from executive education of less than (500,000 and less than 500 total participants. At the other end of the scale, nearly one-#&h of the 61 organisations that participated had a turnover from executive education activities in excess of (15 million, derived from more than 5,000 participants.

!e ownership and governance of di$erent institutions also varied considerably. Nearly half were integrated within a university, whereas 28% were independent private schools.

!ere also existed a very wide diversity in the relative proportion of chosen delivery channels, with some organisations focussing largely on open-enrolment programmes and others dedicated to customised programmes.

Becoming more international is a common aspiration!e questions designed to gain information about institutions’ international scope and aspirations produced some interesting results. Over half derived less than 10% of their income from outside their home country (over two-thirds less than 20%). However, 85% expected the percentage of activity from outside their home country to increase over the next three years. !ere was thus a picture of a largely domestically focussed group with a high aspiration to play on a wider stage.

Partners wantedWe continue to see an increase in partnerships with other academic institutions. Two-thirds reported being

in formal partnerships with other institutions, one claiming to have more than 20 such arrangements. An impressive 95% of organisations expected their partnership activity to increase during the next three years.

One question we failed to ask was whether these partnerships had generated real added value, that is that their bene#t exceeded the time and e$ort invested in making them work. We had discussed this very subject at the Executive Education Conference in Cape Town in 2003 and heard plenty of evidence to suggest that getting a real commercial return on partnerships continues to be a challenge.

A myriad of approaches to supplying servicesConsultancy continues to be an important activity in a small number of organisations but still represents less than 10% of income in 84% of those surveyed.

!e expertise areas that are most prevalent in our European schools continue to be leadership and strategy, both of which are present in around 90% of cases.

!ose that have formal alumni programmes (43%) are making more use of them, with over 90% now reporting the holding of regular alumni meetings and 78% facilitating their alumni’s access through a website portal.

!e trend towards the establishment of separate e-learning facilities appears to have %attened out at around 40% of institutions.

Private consulting – friend or foe?One of the most emotive subjects raised at recent conferences has been private consulting by faculty. A large percentage (78%) of organisations reported allowing private consulting, in over half the cases more than 30 days per year. When we discussed this in Marseille there was a distinct polarisation between institutions who felt that private consulting made a positive contribution to keeping their

faculty refreshed and commercially aware, whereas others saw the practice as an unhelpful historical burden, which added further complexity to the competitive landscape.

New clients for old!e questions on the nature of client relationships produced no major surprises and most organisations continue to work across both public and private sectors to varying degrees. !e most interesting fact for me was that in any one year on average 70% of work comes from existing clients and 30% from new clients. !is le& me thinking about whether we gave su"cient attention to retaining existing clients given that it is much easier to win further business from them than to win new clients in an increasingly challenging marketplace.

Does contract size matter?!ere continues to be a very wide range of contract size in the area of customised executive education. Eight institutions reported a maximum contract size of less than (250,000, whereas at the other end of the scale one organisation reported that 65% of its revenue came from contracts worth more than (1 million. I noted that organisations took a very di$erent strategic positioning in this respect, some choosing “not to get out of bed” for contracts worth less than (100,000.

I want it cheap and I want it now!!e 2007 survey showed an interesting trend in terms of the average time from programme design to programme delivery. !is has reduced considerably from previous years, with 28% of organisations now reporting an average time from design to delivery of less than three months. !ere is a de#nite trend toward clients demanding faster solutions.

!e survey also suggested that we are starting to see some resistance to fee levels. When I tested this in the conference room the great majority of delegates supported this view. !ere has also been a reduction in the

average number of participants taking part in customised programmes, with 44% of organisations now reporting an average participation level of less than 20 people.

Mature or ageing?!e trend in open enrolment is also towards a lower number of participants on programmes. I tested with the conference delegates whether this was because of a desire for smaller programmes or directly due to a failure to #ll programmes. !ere appeared to be quite di$erent views on this issue among delegates. Some were convinced that open-enrolment products were slowly dying whereas others saw levels of demand holding up well in their local markets. Is this now a mature market with minimal growth or is it ageing into continuous decline?

On re"ectionNow to return to my earlier re%ections. !e rush towards internationalisation is a natural response to the changing needs of our increasingly global customers. It is also a sensible strategic direction given the relative undersupply of executive education in the emerging economies.

However, such an approach is not necessarily right for all, especially those institutions of modest size with limited resources. Adopting a niche position, whether in terms of geographic scope or product o$ering, can be a key di$erentiator in a crowded marketplace.

!e competitive landscape continues to change at a fast pace, with new entrants easily able to leapfrog the modest barriers to entry. It is scary that many have relatively few #xed costs compared to traditional business schools. Is there room for everyone to survive and thrive? I doubt it. Will the industry need to rationalise and restructure? I predict that it will.

When EFMD carries out the 25th iteration of this survey – in 2029 by my calculation – you should expect the world of executive education to look quite di$erent. !e only constant factor will be “change”.

I will leave readers to re%ect on the strategic implications of the survey for their organisation and for them personally. I hope that you #nd the results of this survey enlightening or at the very least cause for you to pause for thought.

!us it was that in the early years of this millennium the European Union decided that it wanted to halt – and then reverse – the loss of biodiversity by 2010 while at the same time making Europe the most entrepreneurial and innovative region in the world.

!ese two aspirations were respectively enshrined in the Gothenburg Declaration and the Lisbon Agenda. At the time, business growth and environmental sensitivity were perceived to be unlikely bedfellows; but as these respective agendas have played out what at #rst appeared to be probable ground for con%ict instead turned out to be a potentially fertile source of a whole new range of business opportunities as well as suggesting new grassroots models of corporate good citizenship.

One recent EU project – Probioprise – brought together business and environment experts from the networks of the EFMD, Fauna and Flora International, and the European Bureau for Conservation and Development to explore the extent to which European small and medium-sized enterprises (SMEs) could help deliver the Gothenburg and Lisbon promises simultaneously.

!e acronym Probioprise stands for pro-biodiversity enterprise. But what exactly is a pro-biodiversity SME? !is, of course, was the #rst question the Probioprise team asked itself. !e formal answer was that “a pro-biodiversity SME is one which is dependent on biodiversity for its core business and contributes to biodiversity conservation through that core business”.

But beyond that dry de#nition a more interesting answer emerges through looking at the activities of some of the 100-plus organisations that participated in the project. !ese ranged from land-reclamation schemes, through high-tech takes on traditional industries such as forestry, to the development of interesting foodstu$s and ecotourism.

Four ‘typical’ enterprisesIn a sense, one of the joys of the project was that there turned out to be no “typical” #rms; but here goes…

– Imobiente is a consulting and landscaping micro-#rm based in the Algarve region of Portugal. Part of its work involves reconstituting landscapes damaged by current civil engineering projects such as roads and dams. But it also works with foresters and other landowners on much longer-term projects designed to mitigate some of the poor agricultural practices that devastated much of Portugal in the early part of the 20th century. !is involves managing the complex interactions of soil structures, micro-organisms and an understanding of the sequence in which plants become established in reconstituted landscapes.

– Oh! Légumes Oubliés has developed a range of businesses on an old family farm on the outskirts of Bordeaux. As its name implies, it produces a range of heritage vegetables and processes them in a variety of ways for sale in France and beyond. On site is an education complex and shop, which has become a well-known tourist destination in its own right.

– Koli National Park in eastern Finland, hard up against the Russian border, has for many years sought to meet its environmental objectives through initiating small-scale, economically viable projects that it then hands on to private-sector SMEs to develop independently. Over the past 15 or so years this has helped create a critical mass of SMEs in an economically underdeveloped part of Finland. Koli calculates that it has directly or indirectly stimulated the creation of about 250 new #rms.

– Nordic Shell is a recent start-up operating in Sweden and Norway. It grew out of an E U project on the biological management of pollutants. Waste water with high levels of nitrates stimulates the production of algae when it drains into the sea. !e resulting algal bloom can su$ocate #sh and other seafood. Nordic Shell creates mussel beds in positions where the mussels can feed on the algae before they bloom. It derives its income both from selling high-quality mussels and from the local authorities onshore, which would otherwise have to reduce the nitrogen content of water discharging into the sea under the conditions of the European Waste Water Directives.

What these #rms have in common is the generation of pro#table income streams through the application of biological knowledge in innovative contexts: the magical Gothenburg + Lisbon combination.

Some outcomes from the projectSince a project focusing on the constraints and opportunities a$ecting pro-biodiversity enterprises was novel, the Probioprise project was, of necessity, exploratory in nature. How many #rms that are currently pro-biodiversity, let alone how many might become so, is unknown.

!is meant that robust quantitative studies were di"cult to construct. Instead the team focused on qualitative approaches using expert workshops and case study writing to obtain fewer, but deeper, responses in order to pose key questions for future, more extensive work. Indeed, one of the key objectives of the study was to suggest a research agenda that could be explored further by environmentalists and business analysts working together.

One way of summarising this agenda is in terms of three key issues:

– Which enterprises should one study and seek to engage with?

– What is the role of pro-biodiversity SMEs within the general European policy context?

– And what kinds of policy-related questions can we now address on the basis of experience gained through the Probioprise project?

Which enterprises?A de#nition of pro-biodiversity enterprises is obviously important, and by no means easy, but perhaps less obvious is the appropriate level of analysis. Depending on the situation, analysis of all SMEs, all SMEs in a sector or all SMEs at a site of particular scienti#c importance might be the choices.

!en there is the question of whether one should “preach to the converted” in policy terms by focussing attention on #rms already doing a good job of balancing economic and environmental outcomes or aim at encouraging the laggards to do better? For some purposes, other options such as a supply chain analysis might be appropriate.

General EU-level policy considerationsAlthough the key issue of compatibility between the Lisbon and Gothenburg agendas, and moving towards their synchronicity and convergence is the most obvious one, the scope for attention to be given to pro-biodiversity enterprises in other contexts is also clear. !ankfully, the Common Agricultural Policy (CAP) is now evolving in a way likely to minimise, and possibly even reverse, previous adverse impacts on biodiversity: sometimes the loss of biodiversity in the managed landscape is too easily overlooked.

However, beyond this the study also raised issues in areas as diverse as regional policy, social policy, education and training, and managed networking. Some policy issues seem best approached at the EU level and others at the national, regional or more local level.

!e study did not address the way in which these policy levels interact but repeatedly identi#ed bemused owners of SMEs who could identify con%icts between policy objectives at di$erent levels.

For example, a farm diversifying into rural education and tourism by opening an education centre with a café and shop might #nd itself subject to new sets of regulations and incentives relating to health and safety, retailing, educational accreditation, tourism standards and restrictions on new buildings.

Building towards new research.Probioprise identi#ed examples of both regulations and incentives being used to pursue policy in many environmental areas. Moreover, regulation can be a very e$ective inducement to innovation, although the path may not be as predictable.

!e Nordic Shell case, for example, showed how the desire to clean up urban waste water led eventually to the formation of a #rm supplying both a biological solution to the supply of the relevant environmental service and high-quality foodstu$s. !is could never have been predicted by those dra&ing the original waste water Directives in Brussels. Further studies might identify similar examples and even patterns that could directly in%uence more e$ective policy making.

One unexpected outcome was the scope for further research from a really diversi#ed set of disciplines, including many represented in European business schools. !us the experience of Nordic Shell raised issues worthy of further study by economists and #nance specialists as well as political scientists. !e long time scales over which the operations of Imobiente take e$ect could engage the attention of economic historians as well as environmental scientists. Koli and Oh!Légumes Oubliés raised issues of interest to geographers, tourism scholars and family business specialists among others.

Finally, many #rms involved in the Probioprise project try to combine pro#t making, delivering social bene#ts, and conserving/enhancing biodiversity. Delivering such a “triple bottom line” involves a complex balancing act. Much more needs to be known about how SMEs can be created and sustained to do this successfully.

!is involves work on the motivation of founders and managers, how they can best be trained, how such multi-objective #rms are best organised, what support mechanisms are needed and so on. As with other issues, the project deliberately raised many more questions than it could answer. However, further work in this area could have bene#cial spill-over e$ects for other kinds of environmentally oriented #rms, for social enterprise, and for understanding and support for SMEs generally.

!ere is a major problem with academic research and much of it is indeed of limited use to practising managers. However, some careful analysis of the causes is required before arriving at a solution: research based solely on business practice can be “irrelevantly practical” with its own set of problems – limited and questionable general applicability, ignoring the search for underlying mechanisms and a lack of scienti#c rigour.

In an ideal world, a managerial problem would drive academics to look for underlying causes, and in turn solutions, the knowledge of which is then disseminated. However, this view is the exact opposite of what de facto is the case of research in academia. !e vehicles of dissemination (the

journals) dictate solutions – appropriate topics, methods, tools and theories – which in turn drive the selection of causes and problems which “#t”.

!e managerial criterion of “that’s useful” or even the once vaunted intellectual criterion of “that’s interesting”, have little role in this process. So, on the one hand we have real-world problems which cross disciplines and o&en need new tools and theories, and on the other hand we have journals that are discipline based (the more prestigious the more narrowly disciplinary), driven not only by theory, method and tools, but a dominant sub-set of theories, method and tools. !e result of this form of academic “establishment” may be greater rigour, but questionable relevance.

We would argue that the current “establishment” and the associated processes are not broken; they are simply inappropriate. No amount of “translation” will solve the problem. For as many academics will privately admit any gem of a #nding arising from academic research will typically have many of the “it depends” caveats and quali#cations required by the journal editors so as to render it of little use in practice.

!ere is hope, however. European journals are typically more open to diverse topics, methods and theories when compared to US journals.

Indeed the EFMD’s E'UIS accreditation guidelines strongly urge institutions to demonstrate the practicality of their research. And this advice has led to some universities integrating and dissolving traditional academic departments and blurring disciplinary boundaries. In addition, we see a number of interdisciplinary management journals beginning to %ourish – journals that speak to both practitioners and academics.

An overview of the research process and its drivers is provided in Figure 1 above. From this we can begin to rethink the process towards some sort of rapprochement.

Figure 1 illustrates the mutually dependent nature of research and practice that is too o&en missing in the academic landscape. We argue that, to quote Lewin (1945), “nothing is so practical as a good theory”. Academic research in an applied #eld such as business should be applied. It should stem from #eldwork and be tested in the #eld. Its impact should be measured less by the number of citations in academic journals and more by the impact it has on practice. !e relative impact of primary and secondary factors in Figure 1 needs to be carefully rethought.

Please, though, allow us one caveat. Let us not confuse practical lessons with the many super#cial “best practice” claims found in the practitioner

literature. Best for whom? When? And in what context? !ese questions require posing – and answering – if the theory is indeed “good”.

Mark Twain said: “To every complex problem, there’s a simple solution that doesn’t work”

Let’s treat the complexity of today’s business environment with the seriousness it deserves. And this requires serious, boundary-spanning research that draws from and impacts on business practice.

What is missing in the rigour – relevance debate is judgment. Aristotle identi#ed three components to excellence: techne – the cra& of the practical; episteme – the science of knowledge; and phronesis – the art of judgment. Business excels at techne – academia at episteme. Sadly, all too o&en, both fail at phronesis. It is this third missing element– judgement – that is most needed in today’s world.

ACADEMICSTHEORY

PRACTICE

UNIVERSE OF POTENTIAL BUSINESS RESEARCH PROBLEMS

Informs(primary)

Informs(primary)

Informs(secondary)

Informs(secondary)

Deductive

Subset of problems selected for research

Inductive

PRACTITIONERS

Primary impact Secondary impact

Explanatory /Predictive Power

Selection by top JournalsResearch

“That’s interesting” Theoretical fit

Practical fit

“That’s useful”

“That’s logical”

AIESEC, the world’s largest student organisation with a presence in over 100 countries, instead argues that practical work experience is an essential complement to academics. !e leadership development platform for youth that AIESEC runs, called the AIESEC Experience, o$ers practical opportunities to lead a team, project manage and work in an international environment – elements that employers are seeking.

AIESEC has been o$ering such experiences to students for over half a century – it will celebrate its 60th anniversary this year. An estimated 800,000 members have had the opportunity to be part of AIESEC throughout its history and many AIESEC alumni have gone on to be heads of state, top CEOs or business executives.

Martin Bean, General Manager – Education Strategy, Products and Solutions for Microso& and an AIESEC alumnus, says he would not be where he is today without the experience he had in AIESEC. Bean was President of AIESEC International in 1986-1987 and responsible for leading a global organisation in his early 20s.

Today AIESEC has over 23,000 members from 1,100 universities around the world and o$ers over 5,000 leadership experiences each year

at the local, national, regional and international level. Divyanshu Nagpal, 21, Manager – Branding and Public Relations of AIESEC in India, sums up the experience he has enjoyed so far in AIESEC:

“My experience with AIESEC has been extremely enriching, where I have put my theoretical knowledge into practice. I have played a large part in carrying out national marketing campaigns in India. I have met top executives of some of the leading organisations, worked on challenging projects, travelled to places around the world and have friends from across the globe.”

!rough the integrated experience that AIESEC provides, members not only develop their leadership skills but also cultural sensitivity, team management and entrepreneurial skills. One of the essential components of the AIESEC Experience is going on an international internship, allowing members the opportunity to live and work abroad in their #eld of study.

Internships are facilitated by AIESEC members, from #nding organisations interested in taking international interns, matching them with quali#ed students interested in going on exchange as well as cultural preparation and reception for the intern when they arrive.

“Living and working in another country is one of the most incredible learning opportunities I have ever experienced,” says one student who spent six months working in Turkey on an AIESEC internship. “!e level of responsibility I was given at the Chamber of Commerce where I worked was incredible. I learned so much, though the day-to-day interactions with my co-workers and the local people in Gaziantep is what taught me the most. Being in a country where you do not speak the language is naturally challenging but #nding solutions to how to work in

such an environment enhances your creativity, innovation and problem solving skills. I am sure these experiences will only bene#t me in my future career.”

Sampreeth Reddy, President of AIESEC in India, agrees that the experience he is gaining in AIESEC is very worthwhile in terms of his future career.

At only 22, Mr Reddy is currently handling a team of 14 members at the national o"ce and overseeing the activities of 15 di$erent local chapters across the country. Coming from the technology city of Hyderabad, he has a degree in engineering and looks forward to setting up his own entrepreneurial venture in the future.

“It feels great to be a ‘Global Indian’ and travel the world as the brand ambassador of the country,” he says. “!ere were days when I used to learn in school that it is a great responsibility to represent your country in an alien environment. !rough AIESEC I have lived this responsibility and now want to play a more important role in impacting global thought when it comes to youth issues.

“I have friends from 100 di$erent countries and I know top executives from 74 di$erent global and national organisations. I have travelled to more than 20 countries and have been a part of the biggest youth congregations around the world.”

Advait Gupt, Vice President External Relations for AIESEC in India, is currently living a comparable unique experience. Also 22, Mr Gupt has experienced life in the corporate world #rst hand, great experience a&er #nishing his degree in business administration in Mumbai.

The Economist provides Europe’s business leaders, current and future, with timely insightthat helps them to succeed in today’s complex global marketplace.

please contact Philip Wrigley on +44 (0) 20 7830 7000 or [email protected].

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