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Summary of Challenges
The world needs more innovators and entrepreneurs. Economies need individuals who can create wealth and employment Individuals need the knowledge, skills and behaviours to survive in a changing, globalised economy Societies need innovations that will address the challenges we face Education will play a vital role in meeting that need. The issue of employability is critical and education is changing to address the demand for better skilled individuals who can meet workforce demands Record numbers are entering higher and further education but the value and relevance of qualifications has come under increasing scrutiny Graduate unemployment is rising in many parts of the world a good education does not guarantee you a job any more Management education is a key part of the solution. Management education can be a catalyst for collaboration and a source of talent and ideas but the role of the business school is changing and the need to demonstrate impact is increasing Traditional forms of management education are not delivering on entrepreneurship and innovation the content of what is taught, the teaching methods and the stakeholders involved are not fit for purpose and rapid evolution is required Management education is evolving and there is much to be applauded in how business schools are responding to a changing environment. That said, there is evidence of a widening gap between the innovators and entrepreneurs of today and some business schools, many of which need to modernise their approach and appeal to a broader audience This report presents the challenges in detail and subsequently offers a set of ten recommendations for management education.
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What kind of qualities do we want to develop in a person, so they can define their own opportunity? Its about exercising autonomy and competence.
Ross Hall, Director and Vice President, Education for Economic and Social Development, Pearson Education (UK)
Innovation is everywhere
The concept of innovation is complex and often misunderstood: it can be something that happens in small increments its not only the big idea. Nor is it all about the eureka moment that leads to a new invention or a new product. Service innovation is as necessary as product innovation. The idea is vital, but real impact can only be achieved if the ability to bring that idea to fruition also exists. This is about understanding the innovation process but its also about engaging the right people. Developing a culture of innovation is critical. In the economy of the 21st century, innovation is the dominant operating model.
Innovation is not about thinking outside the box. Its about creating a new box.
Pierre Casse, Professor of Leadership, Moscow School of Management-Skolkovo (Russia)
Innovation is happening in all types of organisations. Many of todays leading innovators are working in small companies, often collaboratively and often in fields and sectors that did not exist 20 years ago. Innovation at a corporate level remains vital but recent start-ups exemplified by the technology sector have shown how a new generation of entrepreneurs can build businesses from nothing if they embrace collaborative innovation. There is no shortage of good ideas. The challenge for innovators and business leaders is to develop the skills and approaches needed to manage innovation and to create the context for creativity to flourish. For some, this will involve investing in potential rather than focussing solely on the bottom line. Innovation can take time and involve significant investment and the return is uncertain: the process is inherently about trial and error; risk and failure. Many companies are not comfortable with these concepts. Businesses need to continually adapt, explore new business models and take account of new competition and new technologies. The pace of technological change and the uncertainty this creates is unprecedented and innovation must be a part of the response to this change.
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If youre an entrepreneur, its in the DNA: youre the person who can pull the bits together and turn it into something that makes money.
Dan Wright, CEO, Heliex Power
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In terms of bringing enterprise and entrepreneurship onto campuses there is a lot more we can do.
Nigel Lockett, Professor of Enterprise, Leeds Enterprise Centre
An entrepreneurial and innovative mindset is very important as a manager in any business. There is a difference between an entrepreneurial mindset and being an entrepreneur.
Vinay Rai, Founder, Rai Foundation (India)
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There are new technologies, disruptive models that are coming up. You dont need to go through a full time MBA to understand these.
Anna Pearson, Founder, Spots of Time (UK)
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We are actually getting academics from other departments beating a path to our door and saying can you create a module for us?
Gups Jagpal, Projects Development Manager, University of Birmingham (UK)
The fault line is the way academics are rewarded for writing papers.
Wendy Currie, Professor of Information Systems, Audencia Nantes, Ecole de Management (France)
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Why dont people do an MBA? One is affordability, right? Unless you get scholarships, unless the prices come down, not many people can afford it.
Anna Pearson, Founder, Spots of Time (UK)
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There is uncertainty over where entrepreneurship and innovation fit and how they are delivered
Innovation is hard to define as a competency. It is not a discreet subject area. This is challenging for business schools. The question, therefore, is how you teach it effectively and what place it has in the curriculum. Should innovation be embedded across the qualification or offered as an elective? Or should it be both? The same questions apply to entrepreneurship. The consensus view is that these concepts should be built into programmes at every level. The effective teaching of entrepreneurship and innovation requires a number of elements: materials, time, facilities, talented educators and a critical mass of students. These elements are not always easy to put in place, particularly within a context of increasing funding pressures and an expectation of needing to deliver more for less. Problem-based learning is becoming more widely utilised but business schools need to accelerate their own innovation. Learning materials need to be offered in a way that better utilises digital technologies. Online learning is in demand and fits with peoples lives: it also connects to the idea of a much more granular education offer where learners can construct their own learning pathways. The challenge with this is both the cost to the business school and the need to monitor and assure the quality, integrity and reliability of the learning process. The effective teaching of entrepreneurship and innovation requires the involvement of certain individuals. Business schools must connect with practitioners in a meaningful way. The role of the teacher should evolve towards that of a mentor, guiding the learner through a personalised learning journey. The approach to delivering innovation within the curriculum is mixed. In some cases, it is offered as an elective whilst other schools embed innovation across the curriculum through a focus on project-based work and an encouragement of creative thinking. The lecturing approach is generally not a format that will nurture innovation you do not teach someone how to be innovative by telling them what innovation is. They have to learn through experience and this is best done through collaboration with practitioners.
I think experiential learning has got to be at the heart of any form of entrepreneurship education. If you ask any entrepreneur how they learn, they would say from experience and mainly from their mistakes rather than from their successes.
David Stokes, Director of Entrepreneurship at Small Business Research Centre, Kingston University (UK)
Business schools are not always collaborating with the right people We need to remove shackles upon business schools to innovate, so surely that is a role for the Association of MBAs, to reward business schools who innovate on their course and a percentage of their accreditation should be based on how innovative they are.
Rajeeb Dey, CEO, Enternships.com (UK)
Collaboration between all stakeholders university faculties, industry, teachers and students is vital if a culture of innovation is to be created that supports students to develop the skills and behaviours they need. Industry involvement tends to revolve around organisations who are the traditional partners (and customers) of the business school: large corporations and consultancies. This is part of the legacy of the business school model and will be difficult to change. It is not always easy for start-ups and new entrepreneurs to engage with business schools but learners would benefit hugely from this interaction. There are some examples of this but more can be done. Significant innovation is happening in the small and medium enterprise (SME) sector. Management education needs to connect itself more directly to the new innovators and needs to embrace the new business models and approaches that these innovators are creating. This could be done very successfully at a local level. Facilitating learners to work on projects with smaller, more dynamic companies operating in a highly innovative environment will benefit the learner, the organisation and the business school. Innovation in higher education increasingly sits in faculties other than the business school. Many fields of technology for example have a strong track record of collaborative innovation with industry. Business schools need to deepen their involvement in these types of collaborations in order to increase the value and relevance of their core offer. Innovation often springs from collaboration. More inter-faculty and inter-student projects would stimulate collaborative innovation opportunities and benefit students from both the business school and the collaborating faculty.
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I think the big problem with business schools is the lack of strategic differentiation.
Nick Badman, Chair at Peter Cullum Centre for Entrepreneurship, Cass Business School
I think our MBA offers a safe place to develop entrepreneurial skills: it is a safe place for them to actually try things out.
Caroline Laurie, MBA candidate at Hunter Centre for Entrepreneurship, Strathclyde Business School (UK)
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What are the Recommendations for Management Education in the 21st Century?
The following recommendations are offered as a response to the challenges identified in this paper. We recognise that business schools are already responding to these challenges in their own ways and our research has identified a number of positive developments from the accredited business school community across a range of metrics. Our intention here is to offer input into that process. Current successes should be built on and, ideally, shared across the sector. A key message from our research has been that the business school can play a vital role in supporting entrepreneurship and innovation and that the opportunities and rewards are significant if management education can evolve in the coming years. These recommendations are not in order of priority but rather should be taken as a whole.
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Collaborate more openly and effectively with other parts of the institution
Collaboration is a critical mechanism for driving innovation. There is a demand for greater collaboration between university faculties and business schools and this interaction will be mutually beneficial. It will expose the business school to new ways of thinking and to new learners. There is a place for innovation and entrepreneurship in many faculties in the university. Business schools need to collaborate more across faculties offering opportunities for learning that fit with the needs of learners. Where this has happened, real success has been achieved.
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Thank you
The Association of MBAs and White Loop Limited would like to thank the following for their participation in this project:
Workshop Participants
Participant Gerard Gaffney Ross Hall Derek Goodwin Lily Lapena Steve Ackerman Michael Ter-Berg Imran Rehman Nigel Lockett Gurpreet Jagpal Mohammed Ismail Helen Emberton Guy Fraser-Sampson Caroline Laurie Dianne Dean Rajeeb Dey Dan Wright Kimberley Roditi Eoin Banahan Krsto Pandza Martha Mador James Fleck David Goss Mohamed Abdelkhalek Mahmoud Basma Nazer Position MBA & Business Publications Manager Director and Vice President, Education for Economic and Social Development Head of Global Entrepreneur Programme Founder and CEO Managing Director CEO Facilitator and Process Coach Professor of Enterprise Projects Development Manager MBA Candidate Head of Curriculum MBA Teacher MBA Candidate MBA Director CEO CEO Innovation Manager Managing Director Professor in Strategy and Innovation Head of Enterprise Education Professor & Dean Head and Professor of Entrepreneurship MBA Candidate MBA Candidate Leeds Enterprise Centre, Institute for Small Business and Entrepreneurship University of Birmingham Kingston University Peter Jones Enterprise Academy Cass Business School Hunter Centre for Entrepreneurship, Strathclyde Business School Hull University Business School Enternships.com Heliex Power DMGT A&N Media Round Rose Associates Ltd Leeds University Business School Kingston Business School Open University Surrey Business School Brunel University Oxford Brookes University Organisation Independent Newspapers Pearson Education UKTI MyBnk Somethin Else World Sage Inc, Future First (Chair), Liverpool University (Chair)
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Participant William Lanham-New Rasheedah Lawal Emily Shenton Joysy John Anna Pearson Chris Locke Paul Trott David Stokes Audley Genus Jonathon Scott Nick Badman Amir Sharif Wendy Currie Susan Balint Chris Van Der Hoven
Position PhD Candidate MBA Candidate Director Founder and Head of Global Partnerships Founder Head of Product Commissioning Professor of Innovation and Entrepreneurship Director of Entrepreneurship Professor of Innovation MBA Candidate Chair Director of MBA Programmes Professor of Information Systems Director of MBA Programmes Director Executive MBA
Organisation Surrey Business School Oxford Brookes University Arrival Education Startup Leadership Program Spots of Time Pearson Education Technical University of Delft, University of Portsmouth Small Business Research Centre, Kingston University Kingston Business School University of Surrey Peter Cullum Centre for Entrepreneurship at Cass Business School Brunel Business School Audencia Nantes, Ecole de Management University of Westminster Cranfield University
Interviewees
Participant Matthijs Leendertse Pierre Casse Gretchen Dobson Allan C Jones Mark Alter Vinay Rai Dana Wang Daniel Serrot Sebastin Auguste Position Senior Advisor Professor of Leadership Senior Associate Director President Professor of Educational Psychology Founder Director Admissions Director Professor Organisation TNO Information and Communication Technology, The Netherlands Moscow School of ManagementSkolkovo, Russia Tufts University, USA Emaginos, USA New York University, USA Rai Foundation India China(Shenzhen) Cultural Industries Fair Co. Ltd Torcuato di Tella Business School, Argentina Torcuato di Tella Business School, Argentina
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Association of MBAs 25 Hosier Lane London EC1A 9LQ Tel: +44 (0)20 7246 2686 Email: info@mbaworld.com www.mbaworld.com
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