Funders of management education

Foundations and donors (including organizations or individuals) that donate to existing schools or enable the creation of new business schools, as well as the policy makers who determine public spending, share the ability to incentivize a new direction for management education.

We need to acknowledge the diversity of institutions that operate in the management education landscape and the various funding models (public / private / corporate), as well as government legislation that determines how funding is directed. Funding can come from the parent university, multi-lateral organizations, donations, grants, endowments, gifts, tax incentives, trusts, pension funds or be self generated. Each player needs to evaluate which levers will provide the most effective change.

Overall recommendations

  • Align funding criteria to 50+20 vision and three identified roles of management education.
  • Only donate funds to business schools that are on the leading edge of providing responsible leadership for a sustainable world.
  • Support the creation of platforms of dialogue and collaboration between academics and societal stakeholders to shape the public dialogue in order to transform the economic system for business organizations to serve the global good (such as stock exchange vs. social value exchange in Australia).

Government agencies and ministries of education

  • Provide broad access to low-cost business and management education for the so-called bottom of the pyramid.
  • Reconsider the concept of subsidies: a) What institution gets what level of subsidies? b) What are the requirements and conditions for obtaining subsidies (linked to the three roles of management education)?, and c) Are subsidies directly provided to educational institutions or citizens?
  • Direct funding agencies (typically acting at arm’s length from government) to ensure that research grants are targeted toward research that yields an overall net positive contribution to society and that, upon publication, such research is readily available to those who may benefit from it.
  • Only donate funds to business schools that are on the leading edge of providing responsible leadership for a sustainable world.
  • Urge management education bodies such as associations of business schools and quality assurance agencies to identify ways in which the 50+20 vision can be incorporated into quality standards.
  • Distinguish between the roles as employer (who essentially consumes management education) and the policymaker / funder (who directs public spending towards management education).
  • Consider tailored programs for state-owned enterprises.
  • Train political personnel in business and management within the the 50+20 vision.
  • Include responsible management / sustainability criteria based on PRME in rating standards.

Policy makers and influencers

  • Governments are urged to legislate towards management education that has a broader reach and applicability, addresses social and environmental issues as the core of its focus, and follows a collaborative approach in formulating and delivering its research and education agenda.
  • Develop standards to ensure engaged and transformative learning in business and management education.
  • Engage with civic society around the 50+20 principles and leverage CSOs as a potential channel for delivery of management education.
  • Demand the integration of service learning to link education and societal issues.
  • Integrate ethical reflection and decision making training into business education.
  • Adapt recruitment and performance evaluation systems of faculty. Provide training for junior and senior faculty to enable the development of globally responsible leaders.
  • Provide broad access to low-cost business and management education for the so-called bottom of the pyramid.
  • Develop teaching and research material addressing issues related to emerging and developing countries.
  • Reward educational projects that provide entrepreneurial education for emerging leaders at the bottom of the pyramid.
  • Promote and support research addressing societal, environmental and economic issues, both on a global and local scale.
  • Adapt measurement and reward systems for research to ensure future orientation, societal relevance and stakeholder inclusion.
  • Support the creation of platforms of dialogue and collaboration between academics and societal stakeholders to shape the public dialogue in order to transform the economic system for business organizations to serve the common good.
  • Demand and reward academics who actively play the part of public intellectuals.
  • Support ministerial and political advisors (including speech writers) in delivering ministerial statements that reflect the 50+20 vision.

Alumni, donators and investors (private, public)

  • Demand that your business school becomes a preferred meeting place for stakeholders to address societal issues. Participate in these events.
  • Donate your resources to activities and projects in business schools that serve the common good.