In this week’s guest post, Peter Lorange, President and owner of the Lorange Institute of Business Zürich and former President of the IMD, Lausanne, asks if innovation in business schools is becoming less and less effective.
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 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!
Please add your comments
Are business schools losing their ability to innovate?
In what ways might they need to be reformed?
How will future business schools be organised and what will they look like?
Peter Lorange is President and owner of the Lorange Institute of Business Zürich and former President of the IMD, Lausanne. Peter obtained his undergraduate degree from the Norwegian School of Economics and Business Administration, He then went on to get an MA degree in operations management from Yale University, and his Doctor of Business Administration degree from Harvard University.
Despite an illustrious career, Peter has remained throughout very modest about his long list of achievements. You may also be interested in reading his excellent new book, Leading in Turbulent Times.
“Blog of Professor Dr. Peter Lorange , one of the world’s foremost business school academics.”
One of the opening sessions of the AACSB Conference for Associate Deans Conference brought together panelists from 4 business schools; Latha Ramchand, Dean at the University of Houston, Lynne Richardson, Dean at the University of Mary Washington, Deborah Spake, Associate Dean at the University of Alabama and Kristie Oglivie, Interim Associate Dean at California State University. The Panel was chaired by Susan McTiernan, Associate Dean at Quinnipiac University and Vice Chair of the Associate Deans Affinity Group.
Here are some of the remarks from the panel.
Last week a group of young researchers at the Shanghai Jiaotong university were busy compiling the 9th version of the Academic Ranking of World Universities. This was first compiled in 2003 and was greeted like a bombshell in France as well as in several other countries.
The 2012 once again confirmed the supremacy of American universities where more than half of the top 100 being from the USA. 9 years on the winners are….the USA (though with warning signs), China, Australia, New Zealand and Saudi Arabia. And the losers? Japan, Germany and perhaps India. Read more….
At the AACSB Associate Deans Conference in Houston, Texas, Andrea Hershatter, Senior Associate Dean at the Goizueta Business School, Emory University gave a wonderful presentation about the Millennial Generation. It was such a rich, entertaining and well researched talk, that it really would be difficult to do it justice in a short blog. (And no, I’m not her agent!) This short article sets out some of the main ideas, but if you get the chance I highly recommend that you go and see her speak. Read more…
Online Colleges: “BP has contracts with Berkeley, the University of Illinois at Urbana-Champaign, MIT, and more. The energy company regularly engages in multimillion dollar contracts for university research, including a 10-year, $500 million investment in Berkeley’s Energy Biosciences Institute.”
Higher Ed Management: “7 Must-Read Books on Education, MOOCs Fail Students With Dark Age Methods, Predictions for Educational TV in the 1930s, ..” and other interesting articles concerning issues of higher education.
Modern World: “I was captivated by one of my favorite professors’ courses, in which he told us to ‘learn to tell a story that sticks’. I matched everything together and got to an interesting conclusion. Business Schools should provide Marketing students with at least a basic set of creative writing skills!!”
Higher Education Management: “Ian Barker is the Founder of Symtext, a Toronto-based start-up. Symtext’s core product and service is “Liquid Textbooks” – in use at UCLA, San Diego State University, and by publishers like Oxford University Press Canada. I asked Ian to provide his view of the “start-up” experience in digital higher ed.”
|Excellent book that should be read by all managers and business students.||Excellent advice taken from Lorange’s business and academic career.||Classic book that gives the ins and outs of creating new markets.|
International Affairs in Higher Education