Ambition is AMBA’s thought leadership magazine, offering regular insights into the challenges and trends that matter most in global management education
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Issue 54 JUNE 2022
HARNESSING the POWER
How Business Schools can use their strengths to be a force for good
SHOWCASE YOUR ACHIEVEMENTS We open the entry process for the AMBA & BGA Excellence Awards 2022/23, to shine a light on business education success
DRIVING SUSTAINABLE CHANGE International Business School Suzhou adopted a can-do attitude to address the UN’s Sustainable Development Goals
ENTERPRISE FOR HUMANITY Meet the entrepreneurs using the skills they acquired on their MBA programmes to make a positive societal impact
The monthly magazine of the Association of MBAs (AMBA) BE IN BRILLIANT COMPANY Ambiti n
Issue 43 MAY 2021
AMBA’s Ambition magazine
offers thought leadership, insight, advice and analysis of key trends in business, and is tailored exclusively for Business School leaders.
Cutting through the noise...
IMD on preparing managers for a future of continuous anticipation and adjustment
LEARNING FROM LITERATURE: ‘Good leaders read a lot.’ The importance UPF Barcelona School of Management places in culture and the humanities
REIMAGINING THE ALUMNI CLUB: Mannheim Business School emphasises the value of continuity in clubs that have been going from strength to strength
RISK-TAKING TO ENGAGE STUDENTS: The value of humour and how TBS Education’s David Stolin struck up a partnership with a renowned comedian
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Issue 54 | JUNE 2022
STRATEGY
NEWS & INS IGHT
08 | ROUNDUP Cryptocurrency, ‘technostress’, analysing energy consumption in Africa, and more 12 | AWARDS Find out how to nominate your School, or your
14 | HAVE YOU GOT THE POWER? Inspiring Business School leaders to use the strengths at their disposal to be a global force for good
20 | STARTUP MENTALITY The CEO of global drinks business Accolade Wines, values daring innovation and intense customer focus
students and alumni, for a coveted AMBA & BGA Excellence Award
The future of learning is practical, experimental, personalised, continuous, and lifelong
xcellence E Awards AMBA&BGA 2022/23
The AMBA & BGA Excellence Awards bring together the leading lights of the global business education community to celebrate excellence among Business Schools, students, graduates, suppliers, and employers that share AMBA & BGA’s values of ambition, impact, and integrity.
With nine categories for AMBA-accredited Business Schools to choose from, you will have numerous opportunities to showcase your achievements – especially considering the challenges we’ve faced this year, as a global community.
Winning, or being shortlisted as a finalist, is a fantastic way to tell the world about the great initiatives your School has launched.
The closing date for entries is Friday 22 July 2022. The winners will be revealed at our Gala Dinner on 9 December 2022.
www.associationofmbas.com/school-events/the-amba-bga-excellence-awards-2022-23/
Issue 54 | JUNE 2022
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34 | ENTREPRENEURS Meet the winners of the MBA Startup of the Year 2022, and MBA Entrepreneur of the Year 2022, from this year’s AMBA & BGA Excellence Awards – and find out how their MBA journeys put them on the path to success
INTERVIEWS 24 | SUSTAINABILITY Business Schools must refocus the ‘can-do’ attitude displayed during the Covid-19 pandemic towards meeting the UN’s
Sustainable Development Goals, argues the International Business School Suzhou’s Ellen Touchstone
REGULARS
06 | EDI TOR’ S LET TER
OPINION 44 | GUEST COLUMN It’s only through leading consciously, that you’ll truly find your place as a leader 46 | FROM THE CEO Transforming the business model for management education
Shining a light on business education and raising awareness of the many achievements of the Schools within the AMBA network
OPINION
Shining a light on BUSINESS EDUCATION
EDITORIAL Editor David Woods-Hale d.woods@associationofmbas.com Art Editor Laura Tallon Content Editor Tim Banerjee Dhoul t.dhoul@associationofmbas.com Insight and Communications Executive Ellen Buchan e.buchan@associationofmbas.com CORPORATE Head of Commercial Relations Max Braithwaite m.braithwaite@associationofmbas.com Commercial Partnerships Manager Emily Wall e.wall@associationofmbas.com
‘We’re passionate about raising awareness of your achievements’
he time has come, and AMBA has opened entries for its AMBA & BGA Excellence Awards 2022/23. We are hosting our awards presentation and Gala Dinner in December this year, so have opened entries a little earlier than usual, to give you plenty of time to pull your sumbissions together and impress our panels of esteemed judges. You can find out more about all the categories you can enter – for your Schools or on behalf of your students – on page 12, as well as the all-important details of how to upload your applications to our digital platform. To help spark some ideas, we’re continuing our series of articles shining a light on the winners and commended entries from our 2022 awards, which took place in January this year. On page 24, you can read my interview with Ellen Touchstone, Associate Dean for Responsible and Sustainable Business Education at the International Business School Suzhou, which won the AMBA & BGA Excellence Award in 2022 for Best CSR and Sustainability Initiative for its campaign ‘15 Ways in 15 Weeks’. The initiative resulted in the establishment of a Sustainable Future Talents student association, ¥13,000 RMB in charitable donations, and hundreds of healthier choices. For faculty, staff, and students, it also led to positive life changes regarding the contributions individuals must make to achieve the UN’s 2030 Agenda for Sustainable Development. Then, on page 34, you can peruse Ellen Buchan’s interviews with the winners of the MBA Startup of the Year 2022, and MBA Entrepreneur of the Year 2022 – Sotirios Ptochos an MBA graduate of Athens University of Economics and Business; and Ximena Aleman, an MBA graduate of Escuela de Postgrados en Negocios, Universidad ORT Uruguay. These remarkable graduates share their stories of how their MBAs enabled them to make waves and create change in the fields of logistics and transport, and finance, and make for inspirational reading. At AMBA, we’re passionate about raising awareness of the achievements of our network of Schools and their students and graduates, so I encourage you to use our awards to share your success with the world. David Woods-Hale , Editor, Ambition
Marketing and Communications Executive Edward Holmes
Marketing Executive Edward Jacques
Head of IT and Data Management Jack Villanueva HR and Employer Relations Manager Aarti Bhasin Finance and Commercial Director Catherine Walker
Chief Executive Officer Andrew Main Wilson
Executive Assistant to the CEO Sharon Sidaway s.sidaway@associationofmbas.com ACCREDITATION ENQUIRIES accreditation@associationofmbas.com
HIGHLIGHTS FROM THE AMBITION PODCAST
Steven D’Souza is a world-renowned author, educator, and speaker. He has written five bestselling books, and joined us on The AMBITION Podcast, to speak about his most recent publication, Not Being . This is not your usual business publication, as its interspersed with poetry and personal stories on transformation and identity. D’Souza spoke about how we need to act as a collective, rather than individuals to be able to survive in the ‘new normal’ business world.
People make up organisations, so why is it that employees are still not treated as the most important asset in business? Simone Fenton-Jarvis is the Workplace Consultant Director at Relogic, and an expert on making organisations thrive. She joined The AMBITION Podcast to teach us how to create workplaces which are centred around the ‘human’, sharing key ingredients for making a human-centric workplace, and some of the steps needed for creating a culture where employees can bring their authentic selves to work.
www.associationofmbas.com/podcast
Copyright 2022 by Association of MBAs and Business Graduates Association ISSN 2631-6382 All rights reserved. Material may not be reproduced without the permission of the publisher. While we take care to ensure that editorial is independent, accurate, objective and relevant for our readers, AMBA accepts no responsibility for reader dissatisfaction rising from the content of this publication. The opinions expressed and advice given are the views of individual commentators and do not necessarily represent the views of AMBA. Whenever an article in this publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. AMBA makes every opportunity to credit photographers but we cannot guarantee every published use of an image will have the contributor’s name. If you believe we have omitted a credit for your image, please email the editor.
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Ambition | BE IN BRILLIANT COMPANY
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NEWS & INSIGHT
NEWS & RESEARCH
from across AMBA’s Global Network
Cryptocurrency, ‘technostress’, analysing energy consumption in Africa, and more. This month’s selection of updates comes from Business Schools in Hong Kong, Portugal, Egypt, the Netherlands and the UK. By Ellen Buchan and Tim Banerjee Dhoul
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RESEARCHERS PAVE THE WAY FOR MORE RESEARCH INTO CRYPTOCURRENCY IN AFRICA COUNTRY: Egypt SCHOOL: School of Business, The American University in Cairo
SUSTAINABILITY AWARD STEMS FROM STUDENT SHORTLIST COUNTRY: The Netherlands SCHOOL: Rotterdam School of Management A graduate of the MSc International Management, a CEMS programme at Rotterdam School of Management (RSM), has won the School’s annual sustainability thesis award, with a paper on how resource-dependent firms can adapt to climate change. Although judged by business practitioners, it is current students at RSM who are tasked with shortlisting finalists for its annual KPMG-RSM Sustainability Master Thesis Award. This year’s student committee selected five finalists from a total of 1,500 entries, gaining valuable insights into the full spectrum of sustainability topics, and lessons in what makes a good thesis. ‘I expected to learn a lot about what it takes to write a well-rounded thesis… My expectations were fully met, and I was also pleasantly surprised at the content and potential impact of the work in students’ theses,’ said one committee member, Viktor Wisniewski. ‘It was inspiring to read so many outstanding theses with such diverse subjects,’ said another student committee member, Mandy Jorna. A third, Yulin Ai, added: ‘This work improves me personally, and it also has significance for me as a social citizen. If I can be a team manager in my career, then I will keep in mind the far-reaching meaning of “sustainability” and actively practise it.’ This year’s winner was 2021 graduate Antonio Cambio. In examining how firms can adapt to climate change, Cambio’s paper focused on global supply chains. His study looked at ways to mitigate risks and increase resilience, from both social and environmental impact standpoints. The findings of this suggest that the best solution to decreasing the overall vulnerability of wide supply chains may be to combine bridging and buffering strategies. This year’s runner up was Jonne van Gils, whose thesis considered the impact of cloud technology on corporate sustainability. The KPMG-RSM Sustainability Master Thesis Award is now in its 16th year and seeks to honour work which combines academic excellence and business relevance in the subject of sustainability management. / Tim Banerjee Dhoul (TBD)
With the use of cryptocurrency continuing to rise globally, researchers from the American University in Cairo did a deep dive into the use of cryptocurrency in Africa. The ensuing report, Does Cryptocurrency Hurt African Firms?, is authored by Mina Sami, Assistant Professor of Economics, and Wael Abdallah, Assistant Professor of Finance. Africa makes an interesting case study in cryptocurrency’s impact due to the diversity of use found across the continent, and the makeup of local populations. A staggering 57% of the continent’s total population are ‘unbanked’, while an estimated 2.6% are crypto users. This, of course, varies significantly by country. For example, it is estimated that 8.5% of Kenya’s population are cryptocurrency users, while in Egypt this number is 1.8%. To put this into a wider context, it is estimated that 6.1% of the UK’s population are cryptocurrency users. Cultural factors play a role in take-up – for example, in Egypt, people are wary of using cryptocurrency as the Central Bank of Egypt does not allow crypto trading. The report’s findings are not straightforward, and paint a complex picture. Overall, the researchers found that cryptocurrency impacts African micro entities negatively – particularly in industries which were seen to be less competitive, such as energy, finance, industry and consumer services. It was also observed that cryptocurrency has a particularly adverse impact on less experienced and highly indebted firms. ‘I believe there will be great growth in Africa’s crypto markets in the next year,’ commented Sami. ‘People are unbanked, and the stock market has high transaction costs, while cryptocurrency is decentralised, and transaction costs are low… So, the trend is very likely to grow in Africa, especially with the prospect of inflation and depreciating currencies in much of the continent; this makes crypto very attractive for traders… A safe haven.’ Due to public interest in the topic and a lack of cryptocurrency data in the region, the report has already led to its authors being listed among the top 10% of SSRN authors in the MENA region. / Ellen Buchan (EB)
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AMBITION | Be in Brilliant Company
NEWS & INSIGHT
IS TECHNOLOGY CAUSING
DATA BACKS UP PERFORMANCE POTENTIAL OF CE ADOPTION COUNTRY: UK SCHOOL: Aston Business School
YOU STRESS?
COUNTRY: Portugal SCHOOL: Nova School of Business and Economics
The World Health Organisation (WHO) recognises that one of the major challenges to our health and wellbeing is the influence of technology. To find out how this impacts workers in a professional setting, Nova School of Business and Economics (Nova SBE) launched a study, through its Leadership and Wellbeing Observatory, to investigate the stress caused by the use and misuse of, and inability to adapt to, mobile technology. ‘Technostress’ is categorised by the report as occurring when technology is misused, and its use in professional work increasingly encroaches on the personal lives of employees and their family relationships. The report found that nearly half (47%) of respondents felt the need to adapt their working habits to keep up with digital evolution, and more than half (52%) agreed that their professional sphere invades their personal life due to the use of mobile technology. When participants were asked whether, in their current job, they had more work than they could handle because of mobile technologies, 22% ‘agreed’ and 5% ‘totally agreed’. Participants were also asked whether they agreed with the statement,.‘I have a higher workload because of the increasing complexity of mobile technologies’. Close to a third (28%) ‘agreed’ with this stagement and 10% ‘totally agreed’. These results came from a confidential and anonymous online questionnaire of more than 4,000 people, of whom the majority (62%) indicated that they are of Portuguese origin. It is hoped that the results of this survey can provide HR departments and leaders with insights into the importance of managing employees’ dependence on technology in order to create positive change in the work environment. The Leadership and Wellbeing Observatory is a research project that forms part of the Nova SBE Leadership Impact Knowledge Centre. It carries out research on issues relating to leadership, management change, burnout, flexible working solutions and other topics regarding wellbeing in organisations. / EB
Circular economy (CE) adoption is likely to allow SMEs to improve their environmental performance, according to the results of a new study led by Aston Business School. CE’s potential for enhanced environmental performance through energy and resource efficiency, as well as waste reduction, was found in each of four countries studied – Greece, France, Spain and the UK – in a survey of approximately 100 SMEs. In follow-up focus groups, the research team – helmed by Aston Business School Professor, Prasanta Dey, and Aston Business School Professor and Head of School, Pawan Budhwar – explored the wider remit of how SMEs can improve their sustainability performance. ‘Although from prior research there is evidence of SMEs achieving superior environmental performance by adopting CE, economic and social performances are not assured,’ Budhwar explained. ‘This motivated us to adoption.’ They found that products, processes and facilities design is likely to help SMEs to adopt CE the most in all the participating countries, while their waste management all needed improvement. The implication here is that room for improvement lies in areas that depend on SMEs’ self-motivation and policymakers’ pressure. Meanwhile, the current strength being shown in CE adoption, through the design function, is something that is most often governed by customer pressure. This offers clear guidance for those working to promote CE adoption. The study, published in the I nternational Journal of Production Economics , was conducted in conjunction with researchers from Toulouse Business School, Birmingham City University, the University of Essex and the Agricultural University of Athens. ‘The findings of this research enable us to continue CE adoption not only in other European countries but also in India, Thailand, Vietnam and Kenya,’ said Budhwar. / TBD
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AMBITION | Be in Brilliant Company
BUSINESS SCHOOL PROFESSORS CONSULT ON RADIO SHOW
AFRICA’S ENERGY CONSUMPTION AND PRODUCTION THE SUBJECT OF NEW PARTNERSHIP COUNTRY: Hong Kong, China SCHOOL: The Chinese University of Hong Kong (CUHK) Business School CUHK Business School is to embark on a five-year collaboration with Shenzhen-headquartered energy firm, INHE with the aim of alleviating Africa’s energy crisis. The partnership will revolve around INHE’s infrastructure and collection of electricity consumption data in Africa. Researchers at CUHK Business School will analyse local electricity consumption behaviours and look for ways to improve power production efficiency. Research will focus on product and service development, evaluation and promotion. ‘CUHK Business School embraces a global perspective,’ said its Dean, Lin Zhou. ‘We hope that this collaboration will help promote a sustainable business environment and contribute to the socioeconomic development of Africa and the world at large.’ Zhou expressed his belief that the collaboration will help bring Africa a step closer to its active participation in the global economy over a wide spectrum. He also outlined its far-reaching aims to support business and research across electricity economics and education development in Africa, while also contributing to achieving the UN Sustainable Development Goals. In addition, the partnership will delve into user habits, and consider efforts to optimise power generation, according to Mandy Hu, Associate Professor of Marketing at CUHK Business School and Director of its Centre for Consumer Insights. Hu, who will head up the collaboration, revealed that its upcoming projects will be developed in collaboration with the City University of Hong Kong and the University of Chicago, as well as industry experts. Signing the memorandum of understanding on behalf of INHE was the President of the INHE Power Research Institute, Liu Wei, as well as Zhu Jianping, Assistant to the Chairman of INHE Group and an alumnus of CUHK Business School. / TBD
COUNTRY: UK SCHOOL: The Open University Business School, The Open University
The Open University has just finished airing the latest eight-part series of its radio programme The Bottom Line in collaboration with the BBC. The show aims to cultivate high-level business discussion on topics pertinent to business professionals, and is hosted by Evan Davis, an economist, presenter of Dragons Den , and an honorary graduate of the Open University. A number of Open University professors have lent their expertise to this series, including Ali Ataullah, Professor in Finance, Cristiana Bernardi, Senior Lecturer in Accounting and Financial Management, and Carien van Mourik, Senior Lecturer in Accounting. A variety of topics feature in the show, with one episode focusing on business and energy, looking at the impact of the rising cost on energy on UK corporations. Davis asks questions such as what will happen to businesses when energy becomes too expensive, how long the current energy crisis will last, and what businesses can do to reduce their vulnerability to rising costs. Guests who contributed to this discussion included representatives of Eon Energy, the Federation of Small Businesses and UK Steel. Another episode was about ‘leveling up’ – the UK government’s plan to increase the economic activity beyond south-east England by increasing transport links and skills/education outside the region. On this episode, Davis interviews Andrew Carter, Chief Executive of the Centre for Cities, Akash Paun, Senior Fellow at the Institute for Government, Steve Cole, Maritime Business Improvement Director for BAE Systems, and Lucy Winskell, Chair of the North-East Enterprise Partnership. The collaboration between the Open University and the BBC for this show has now been active for more than 10 years and is said to be relevant to key programmes offered by the Open University Business School, including its MBA. All the episodes from its latest series are now available to stream, or be listened to as a podcast, on the BBC 4 website. / EB
SHARE YOUR NEWS AND RESEARCH UPDATES by emailing AMBA & BGA’s Content Editor, Tim Banerjee Dhoul, at t.dhoul@associationofmbas.com
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AMBITION | Be in Brilliant Company
NEWS & INSIGHT
xcellence E Awards: Enter the showcase your achievements AMBA&BGA
Winning or being shortlisted as a finalist for an AMBA & BGA Excellence Award is a fantastic way to tell the world about the great initiatives your School has launched. David Woods-Hale explains the entry process and outlines the categories. The AMBA & BGA Excellence Awards bring together the leading lights of business education to celebrate excellence among Business Schools, students, Categories for Business Schools to enter The Best Innovation Strategy award is a fantastic way to celebrate achievement, motivate and encourage entire teams, and let your students, peers, prospects, customers and alumni know precisely how you are pushing boundaries in terms of creativity in practice. This prestigious award is a celebration of radical thinking in business education delivery across all areas of the School, and has been developed to reward game-changing practices, risks and creativity around AMBA-accredited and BGA-member programmes. It promotes the values of taking risks in pursuit of the new – in categories such as teaching, learning, recruitment and alumni relations.
graduates, suppliers, and employers that share AMBA & BGA’s values of ambition, impact and integrity. With nine categories for AMBA-accredited Business Schools to choose from, you have numerous opportunities to showcase your achievements. Enter at www.associationofmbas.com/school-events/ the-amba-bga-excellence-awards-2022-23 The Best Lifelong Learning Initiative award recognises the efforts of AMBA & BGA member Schools that are reinventing teaching and learning among students, graduates, alumni networks and custom and executive education. The winning entries will showcase the impact and success these initiatives have had, not only on students but also on the Business School. The Best Business School Partnership award recognises organisations that share AMBA & BGA’s passion for building networks, and have adopted a proactive, innovative approach to strategic collaboration. It is open to any Business School working strategically and collaboratively with another organisation.
The closing date for entries is Friday 22 July 2021.
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AMBITION | Be in Brilliant Company
The Best Culture, Diversity and Inclusion Initiative award recognises Business Schools and the work they have been doing to create, incorporate and develop culture, diversity and inclusion practices into their School, while balancing and involving fair working environments. The Best CSR and Sustainability Initiative award honours AMBA-accredited and BGA-member validated and accredited Business Schools that share our commitment to corporate social responsibility (CSR) and sustainability, and are passionate about making a difference to communities and societies. The award recognises Schools that are creating a sustainable future, and teaching students about social values. Categories for Business Schools to nominate their students and graduates AMBA’s MBA Student of the Year award plays a pivotal role in supporting AMBA’s pledge to promote the MBA as the leading international business qualification. The MBA Student of the Year award recognises students who have shown exceptional career potential, and who AMBA believes can act as ambassadors for the high quality of accredited MBAs, and the opportunities these programmes provide for students from a wide range of backgrounds. This award doesn’t just reward ‘straight-A’ students but also focuses on leadership potential and career progression. The MBA Leadership Award honours alumni from AMBA- accredited Business Schools who have been making an impact in the business world following their graduation. The award recognises the great work of these graduates through their achievements, performance and profile. This important award will give graduates the chance to stand out and showcase their work following graduation. The MBA Startup of the Year award and MBA Entrepreneur of the Year award celebrate the achievements of successful MBA students and alumni in innovative world-class business strategy, but also showcase Business Schools that are nurturing a spirit of enterprise and ambition. These categories highlight the success of Business Schools that promote entrepreneurship in their MBA cohorts. Both awards also give alumni the opportunity to impress high- profile judges who are at the forefront of entrepreneurship. The MBA Startup of the year Award encourages and promotes the value of start-up business strategy and innovation in the current competitive climate, while showcasing its importance in the global market. This award is open to both private and public sectors. It is designed to celebrate innovative business strategy – taking something from idea to action. Judges will be more interested in the idea and potential of the venture, and its plans for the future,
rather than any financial or monetary results in the early stage. The business must have been operational (selling/ trading) for a minimum period of one month and a maximum period of two years at the closing date for entries. The MBA Entrepreneur of the Year Award is one of the most distinguished awards in the industry. AMBA has developed the MBA Entrepreneur of the Year Award to encourage and promote the value of entrepreneurship in the current competitive climate and to highlight its importance in the global market. This award celebrates the achievements of successful alumni in innovative world-class business strategy, but also showcases Business Schools that are nurturing a spirit of enterprise and ambition. The MBA Entrepreneur of the Year award is open both to private and not-for-profit sectors. This award is designed to celebrate the impact made by growing organisations in terms of development and will look at the results and achievements of the operation, so the business must have been operational (selling/trading) for a minimum period of two years and a maximum of five years at the closing date for entries. For all student and graduate categories, the nominees must be put forward by their Business School, and a decision-maker from the School will be required to submit the entry on the individual’s behalf. Only one nomination from each School may be made in each category. Awards for BGA Schools If you are a BGA member or accredited School there are additional award categories including The BGA Impact Award, and BGA Student of the Year. You can find out more about these at www.businessgraduatesassociation.com/bga_events/ amba-bga-excellence-awards-2022-23
Next steps To maximise these opportunities to impress our judges and celebrate your success, we have tried to make the entry process as simple as possible. Visit www.associationofmbas. com/school-events/the-amba-bga- excellence-awards-2022-23 for links to enter online, access the criteria for each category, the process and time line, introductions to our esteemed judges, advice and guidance to deliver a winning entry, frequently asked questions, and much more.
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AMBITION | Be in Brilliant Company
STRATEGY
How Business Schools should HARNESS THEIR POWER to make change
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Ambition | BE IN BRILLIANT COMPANY
Business Schools must be a force for good, supporting students to be more effective global citizens, writes Barbara Majoor , Vice Dean of Nyenrode Business University
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Ambition | BE IN BRILLIANT COMPANY
STRATEGY
W
e often underestimate how much power we hold in terms of being able to make a difference. As an organisation, political body, business or Business School, as an individual or as part of a group, we are all capable of contributing to bettering the world in one form or another. However, it is one thing to understand what we are capable of achieving, and another to put this knowledge into action. Business Schools have the capacity to educate, to inform, to put knowledge into good hands, but also to be the leaders of change themselves. The Netherlands, where I am determined that the Business School is a force for good – not just talking the talk but demonstrating how to walk the walk too. At the forefront of all Schools’ agenda should be the need and willingness to adapt to today’s environment and support students in being more effective global citizens. Everyone has to keep Being able to harness this power holds much potential. I am Vice Dean at Nyenrode Business University in learning and developing continually in order to remain relevant. At Nyenrode Business University, we have adapted our teaching to incorporate this idea of constant change and life-long learning – interdisciplinary learning, where students are offered multiple perspectives on the same subject. This also calls for the development of both the rational side of people and their creative, intuitive, emotional side. It’s not just about business, or having the toolkit to generate a lot of money or profit, but giving students a meaningful purpose; a way to use this toolkit to change the world for the better. Meeting students’ needs There are several options available to meet students’ needs at Nyenrode Business University, as these are at the basis of every course and programme. It starts with a continuing dialogue with stakeholders to understand what is going on in the outside world and what issues are at stake in practice. It is important to bring these issues together in the classroom, to discuss them, and to understand the impact on society. We advocate bringing research and practice closer together to get a better understanding of the impact on society and to seek solutions. For example, we bring our research output together in impact cases, which describes the impact of our research on society.
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Ambition | BE IN BRILLIANT COMPANY
There are both long- and short-terms implications to the global shift towards sustainability-centric Business Schools. We currently find ourselves in the fourth industrial revolution, with disruptive technologies and applications such as artificial intelligence, big data, Internet of Things, virtual reality, quantum computing and Blockchain. This fourth industrial revolution is characterised by the blurring of the physical, digital and biological world. We also realise how physically connected we are to each other, and our social awareness is growing. Internationally, there is a growing level of awareness of sustainability, diversity, inclusion, humanisation and meaning. This all brings with it great changes for students and participants, businesses and educational institutions. In fact, there are five major trends which are having an impact on society. We have ensured that they are also therefore the leading principles in Nyenrode’s strategy. They are: • A sustainable society is everyone’s responsibility. • Technology is changing every organisation . • Exponential change calls for continuous adaptation of people and organisations. • Ecosystems are the cornerstone of future growth. • Organisations are becoming more people-orientated. Yet the future of education and learning is practical, experimental, personalised, continuous and lifelong, so it is increasingly difficult to predict what knowledge and competencies will be needed in the future. Everyone has to keep learning and developing continually in order to remain relevant. As I mentioned, we have also adapted our teaching to incorporate this idea of constant change – interdisciplinary learning, where students are offered multiple perspectives on the same subject. This also calls for the development of both the rational and the creative, intuitive, emotional side of people.
We have adapted our teaching to
incorporate this idea of constant change and lifelong learning
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Ambition | BE IN BRILLIANT COMPANY
STRATEGY
Transformative education Our strategy is transformative education: the transformation of people, organisations and society. The full impact of environmental, social and governance (ESG) themes on society are unknown. Unknown risks cannot be managed; you must recognise them before you can get started with them. These themes show complex patterns in which hardly any structure can be applied. Facing this requires an open mind, self- knowledge, wisdom and curiosity. We want to contribute with research and education to understand this complicated societal challenge, and to help identify a solution. Creative thinkers and practical problem solvers are also key to finding an educational solution. There are many different practical steps Schools can take to implement these key issues within their programmes. For example, putting green issues into the curricula or working with sustainable and ethical employers. For Nyenrode, it took the form of embracing the United Nations’ Sustainable Development Goals (UN SDGs) in its 2020 – 2024 strategy. Our primary focus is on the UN SDG 8: ‘Decent work and economic growth.’ Inclusive and sustainable economic growth can drive progress and generate the means to implement further sustainability goals. The pandemic has led to the loss of more than 255 million full-time jobs. Although economic recovery is under way, it will take several years to fully build back not only the economy, but society as a whole. In addition, this SDG has sub-goals that include labour rights, inclusion and equality at work, and access to financial services.
Nyenrode Business University strives to be an inclusive organisation, with diverse perspectives and backgrounds. We believe it is important to be transparent around how we are incorporating this goal with our community, in the hope that it may create a snowball effect for other Schools or companies. One practical step we are taking is to incorporate the SDG into education and targeted impact research which allows us, simultaneously, to strengthen the societal impact we are having. Our valuable in-house knowledge is actively shared, in order to enhance results in terms of meeting all the sustainable development goals. By showing leadership and taking the initiative at an organisational, team and individual level, we are working towards a sustainable future. This goal ties in with our purpose (serving society by shaping responsible leaders), origin, and strategic focus, and is underpinned by our core values: leadership, entrepreneurship and stewardship. In this way, studying at Nyenrode Business University encourages critical thinking that focuses on how to deal with current and future societal challenges. We even help to develop practical solutions by building knowledge centres with business partners, and solving challenges together. Further examples of the work Nyenrode Business University is doing around the sustainability agenda relates to SDG 17, which involves ‘strengthening the means of implementation and revitalising the global partnership for sustainable development’. These days, serving society goes beyond organisational and national boundaries. It requires co-operation with partners in ecosystems. We strive to be a hub where people and organisations make new connections and create social impact jointly.
The future of education and learning is practical,
experimental, personalised, continuous and lifelong, so it is increasingly difficult to
predict what knowledge and competencies will be needed in the future
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Sustainability in our ways of working
We simply cannot ignore sustainability in our way of working any longer. This means we are investing research, time and money in our sustainable future. This has been put into practice in our facility services and the way we maintain our estate. We have been voted one of the top 10 most amazing Business School campuses in the world. We are set in a serene location between the River Vecht and the Amsterdam-Rhine Canal. It comprises a 13th-century castle and a lovely setting that’s rich in wildlife and woodland. Our campus is home to many animals. So, next on our list is to start thinking about how we incorporate the natural environment of our estate into our buildings. It goes much further than just providing tools or knowledge on how to make the world greener. We want this to be mirrored in our campus too. Business Schools are often in a unique position in that most of their students work in, or have a close connection with, the business world. Students’ connections with business practice are key to their educational philosophy. Students bring the issues from their daily working reality into the classroom, and are offered the tools and mindset to make a difference as responsible leaders. ESG challenges, in particular, also demand an approach based on an integrated chain of responsibility. All parties must work together to resolve these issues. The chain is production as well as consumption. It starts with understanding the knowledge and awareness of the issues by all parties in the chain. It is key to bring these parties together in the classroom to discuss these issues and to understand the impact on society. We advocate bringing research and practice closer together to gain a better understanding of the impact on society, and to seek out solutions. For example, we bring our research output together in impact cases, which describes the impact of our research on society. The challenge for future leaders is to avoid looking at interests in isolation, and to deal with the increased complexity in a balanced and informed way. Education should be focused on bringing the various perspectives and interests of different stakeholders together in a learning environment. This requires human skills such as logic and emotional intelligence, creativity, and intuition.
Shaping future leaders to be socially engaged
At Nyenrode Business University, we focus on the leadership, entrepreneurship and stewardship values which create future leaders who are socially engaged and undertake social and inclusive initiatives. They deal with society and the environment in the most sustainable manner possible in order to contribute to a circular economy. In my opinion, all Business Schools need to focus on helping to build a better future. To sum up, the world today is moving at tremendous speed and it can be challenging to keep up with changing environments, new challenges and all the uncertainty that comes with unfamiliar territory. However, if we are to shift our lens slightly – to see not obstacles but opportunities – we have a chance to make a change. This is our perspective at Nyenrode Business University – that the current challenges of sustainability and climate change are a chance to come up with new, innovative solutions; things that haven’t been tried before, things that are ‘outside the box’. It’s a chance to give companies and businesses a new purpose, to instil a sense of meaning and thoughtfulness into their initiatives, and what they want their outcomes to be. Rapid digitisation is providing us with new tools and ways to learn and should be championed instead of shied away from. This is certainly a perspective that we support and encourage at Nyenrode Business University – and one that we advocate to all Business Schools. Of course, as individuals, we all have the ability to create change; however, together, Business Schools have the capacity to influence future generations of leaders –and to lead themselves.
BARBARA MAJOOR is Vice Dean, Professor of
Accountancy, and Director of the Center for Accounting, Auditing & Control at Nyenrode Business University. In 2021, she was appointed as a member of the Executive Board and Vice Rector Magnificus of Nyenrode Business University, with responsibility for academic and executive education. Majoor studied Business Economics at the University of Amsterdam. After obtaining a degree as a certified public accountant from the University of Amsterdam, she went on to obtain her Doctorate in 1997. Her research concentrates on audit quality, auditing standards, ethics with a special focus on the behavioural aspects and incentives of audit quality.
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STRATEGY
Despite its scale, Accolade Wines is disrupting the global wine industry with daring innovation and intense customer focus, writes its CEO Robert Foye
How to think like a startup – no matter your size
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STRATEGY W
ho wouldn’t want to work in the wine business? Wine is a product that people all around the world love, that is grounded in generations of expertise, and which plays a vital role in environmental stewardship and sustaining communities. I joined Accolade Wines, one of the largest wine companies in the world, after spending most of my career in fast-moving consumer goods; specifically The Coca-Cola Company in Europe, Asia and the US. We talk about ‘fast-moving consumer goods’ but nothing moves faster than the cycles of new product innovation in Asia, especially in Japan and China. Running country and commercial operations across the region grounded in me the need for intense consumer centricity, speed and constant innovation. That’s why, at Accolade, we like to act like a small start-up company, despite our scale. We sell 35 million cases of wine a year – the number one in the UK market and number two in Australia – with brands including Hardys, Echo Falls, Jam Shed, and Banrock Station. Intense customer focus So, what are we doing differently that is driving growth? First and foremost, we focus on our customers and our own people. To grow the category, we must challenge the norms in our industry – and to do that successfully, we need to understand our customers and have people who are passionate about delivering. There is so much potential, we need everyone to be in the right mind, body and spirit to bring their A-game, every day, to help our customers succeed. This is part culture, part operational. We start every meeting, every strategy, with a focus on the customer. The more we listen to customers, the more we understand their strategies and match them, and the more we win. That extends beyond product development to how we look in store and how we deliver on supply and customer service. That is why we measure supply chain excellence and customer service every day, and why we developed the Accolade Wines Commercial Academy, to train all our sales and commercial teams to achieve best in class delivery and to drive business growth. Simply put, it aims to drive to us to a place where we are the partner our customers want to engage with most. Constant innovation We have a shared interest in innovation to meet the constantly changing tastes and lifestyle of the shopper and consumer. Wine hasn’t always been the quickest to adapt and innovate, but we regard it as our responsibility to lead innovation across the category. Sustainability is key to that – there are many ways we can delight the consumer and make a positive impact on the planet. It means taking some risks and breaking some norms – especially as we move into new categories, new formats, and new propositions. Take zero- and low-alcohol products – a category neither beer nor wine took seriously until recently. Wine offerings haven’t exactly done the category any favours. Meanwhile, Budweiser got around to launching Bud Zero 38 years after Coke introduced Diet Coke and Coke Zero. We see a huge opportunity in low- and no-alcohol wine as technology improves, consumer preferences change, and policymakers make sometimes erratic decisions about how they tax our product. We are producing low- and even zero-alcohol wines that are great to drink. Hardys Zero, our first play in the zero-alcohol space, uses new technology that we
There are many ways we can delight the consumer and make a positive impact on the planet
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our industry and our planet. Not only is it the right thing to do, but it is also good for business. Consumers are demanding sustainable brands and products. Customers are seeking stronger partnerships with companies that can meet that need, and it is something all our people are passionate about. Making every drop count Our ‘Making Every Drop Count ’global sustainability strategy covers every aspect of our business, and provides us with a single global vision for the future. We achieved carbon neutrality in our Europe operations two years ago. Half the power provided to our bottling and innovation facility at The Park in Bristol – the largest in Europe – is powered by our own wind turbine. We aim to move further in all areas of our business, not least in packaging. We are launching fully circular, recycled glass products, and we are actively developing paper-based bottles. We are pioneering a revival of the ‘wine on tap’, otherwise known as ‘bag- in-box’ format. This was hugely popular in the 1970s – and fundamentally a good idea – but like many things, innovation halted, and it went out of fashion. It’s great from a sustainability point of view – there’s less packaging and the wine stays fresh much longer. Couple that with the impact of Covid-19 and home consumption – which has led to some great products and innovation – and the format is enjoying a great revival. Of course, the past couple of years have been tough for everybody, with the impact of the pandemic on our people, our markets and our supply chain. First and foremost, we focused on our keeping our people safe and supported. We made the decision early on not to furlough staff or lay anyone off, deciding to hold our nerve. That meant we were able to do everything we could to support our customers who faced unprecedented upheaval. We, of course, see positive improvements in many parts of the world as the Covid threat recedes, supply chains normalise and markets reopen. But 2022 brings with it unprecedented levels of uncertainty with the tragic events unfolding in Europe. However, even in these difficult times, we continue to focus on the things we can control, working with our customers do everything we can to support them. And together, we constantly strive for that future we all want to be part of.
believe will make our wine the best-tasting option in the category. We are also moving into the premium category with a winning offer. This helps our customers when they face issues such as the UK Government’s proposed excise duty reforms, which would put £81 million in extra duty annually on Australian wine sold in the UK. (The burden falls on wines that are typically stronger due to growing conditions.) This is unfortunate, because UK consumers (and wine growers ‘Down Under’) were looking forward to lower prices, more choice and growth because of the Free Trade Agreements (FTAs) between the UK, and Australia and New Zealand Governments. We seek to work with governments to establish systems that are simple and fair, and allow people to enjoy a glass of their favourite wine in moderation but do not unduly punish the consumer or hamper investment. Disruptive collaborations in fashion, tech, sport, and music are a mainstay, fuelling interest and loyalty, particularly among young adults. Not so much in the wine industry. So, you’ll see us shattering some more norms with disruptive collaborations with sport and cultural icons coming down the pipe. Equally, provocative modern design isn’t something the wine sector is used to – our Grant Burge Inks have real swagger and are grabbing the attention of millennials and recruiting new consumers into the category. The potential is limitless – but pointless if you don’t zero in on the consumer you’re seeking to win into the category, and have the right partners and motivated teams to get you there. People growth We want people who know how to do their jobs, who want to stretch and learn, and are ready for the next challenge. We avoid management layers and constantly seek to grow professionally and personally. We seek to create a future everybody wants to be part of. And you do that by listening to what makes a difference. The feedback from our people has helped us to shape mental wellbeing programmes, introduce loyalty leave – an extra day off for every year at Accolade – and establish our ‘Go Beyond Day’ – an extra day off to volunteer with a charity of your choice. Our people also want us to drive harder with sustainability, which is the only way we can create that future we all want to be part of. It is our responsibility to protect the future of our people,
ROBERT FOYE CEO of Accolade Wines, has nearly 30 years’ experience, leading beverage businesses across Asia-Pacific, Europe and the Americas. Prior to joining Accolade Wines, Robert was Chief Operating Officer at Treasury Wine Estates, and a senior executive at the Coca-Cola Company. He holds a BA in Political Science and MBA from Rice University in Houston, Texas.
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