Education – a true luxury?

Dear reader

I recently published an article on the GlobalEd Blog, that I’d like to share with you. Adminstrator of the mentioned blog is Mark Thomas from the Grenoble Ecole de Management. His not only Associate Dean and Director of International Affairs but also a great teacher for strategy.

Yours,
Peter Lorange

The need for innovation

When most innovation initiatives are originally introduced, the aim is to stimulate business schools to improve and to help them to become stronger.

Innovation is definitely the key. Many of us understand that when a firm is able to offer products and / or services featuring innovations that the customers can understand and appreciate, then the firm will probably be able to sell more and at a higher price, i.e. higher revenues, better returns!

The success of many so-called luxury goods is based on this formula.

Business schools as luxury goods

But, our business schools can increasingly be seen as being analogous to featuring luxury goods also. The critical success factor for top business schools will be their ability to innovate quickly in ways that its students, customers can understand and appreciate. But, to what extent is our research actually relevant for our program offerings – or is excessive focus on narrow axiomatic approaches intended for so-called A-journals actually slowing down relevant innovations?

Is education true luxury?

Is our faculty recruiting and promotion system, perhaps culminating with tenure, encouraging rapid innovations in our institutions? Regrettably the conclusion is often no.

The need for reform in business schools

To be able to innovate more effectively, faster and in more relevant ways, there is probably a need to overhaul many of the structures and processes so well established in many of our business schools.

The leading business school of the future is probably going to be different from today – more networked, more focussed on servicing the student / participant, often smaller! Exciting times lie ahead!

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