CEO Magazine - Volume 39

CEO-MAG.COM / SPRING 2023

CLOSING THE SKILLS GAP: INNOVATION IN HIGHER EDUCATION

HOW STARTUP INVESTORS COULD BACK MORE WINNERS

A KEY TO BETTER LEADERSHIP: CONFIDENT HUMILITY

DARE TO INVEST IN YOUR CAREER?

HOW GENERATIVE AI IS CREATING A “HOLY SH#T!” MOMENT FOR ALL OF US Alon Rozen

DARE TO INVEST IN YOUR CAREER?

CLOSING THE SKILLS GAP: INNOVATION IN HIGHER EDUCATION EU Business School

WALKING IN THE SHOES OF A TELFER EXECUTIVE MBA ALUMNUS Janice Siddons

RETURN ON EDUCATION: KENNESAW STATE UNIVERSITY’S EMBA Thomas Devaney HOW STARTUP INVESTORS

KSU MBA Programs

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You’re MEANT TO BE

Kennesaw State University’s MBA Programs are highly-ranked, have world class faculty and prepare you for leadership positions. KSU is among the TOP 2 PERCENT of business schools worldwide featuring dual accreditation by AACSB International in both business and accounting.

Part-time, 100% Online Graduate with Your Cohort in 20 Months

Program Entry in Fall or Spring

Ranked #1 in GA/#36 on the Princeton Review ’s Top 50 Online MBA Program List for 2023

Part-time, Flexible Rate of Pursuit (Finish in as few as 19 Months)

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Three Metro-ATL Locations

Program Entry in Fall, Spring or Summer

Nationally Ranked by US News and World Report

One Weekend (Sat/Sun) a Month

Graduate with Your Cohort in 19 Months

Program Entry in Fall

Ranked #1 in Georgia by CEO Magazine (2023)

coles.kennesaw.edu/mba-comparison/

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DARE TO INVEST IN YOUR CAREER?

Three Inspiring Stories from Australian Insitute of Business students

With massive layoffs across the tech sector and significant uncertainty over a possible recession, prioritising professional growth and making your own opportunities is more important than ever. Continuous learning and professional development not only allow individuals to remain relevant and competitive in the job market, but employers are also more likely to invest in individuals who show dedication to their craft and a willingness to learn.

For many professionals, an MBA is an attractive option to help them gain the skills and knowledge needed to advance their careers and an effective avenue to showcase their passion. But often, the question that's asked is whether an MBA is really worth it.

The answer, according to the experiences of MBA students from the Australian Institute of Business (AIB), who have switched, scaled, and grown their careers, is a resounding "yes".

With a long-standing reputation for excellence in business education, AIB offers a range of programmes designed to equip students with the skills and knowledge needed to succeed in today's fast-paced business environment. Jo Thomas, CEO of AIB, told CEO Magazine:

"Imagine a programme that not only teaches you the theory but also equips you with the practical skills to apply it in the real world. That's what the AIB programme is all about. By providing assessments that are based on your actual workplace, students can immediately apply their newfound knowledge to their job or business. So it's not just about learning; it's about seeing tangible results.

"As an institution, we have the absolute privilege to witness students transform their careers every day, and we're so thrilled to see the impact of the programme reflected in our most recent Alumni Insights Report."

76% HAVE CHANGED JOB FUNCTION

74% HAVE ALREADY ACHIEVED THEIR GOAL OF CAREER PROGRESSION

67% OF ASPIRING BUSINESS OWNERS STARTED OR ACQUIRED A BUSINESS

93%

HAVE BEEN ABLE TO APPLY THEIR MBA TO THEIR JOB OR BUSINESS

We take a deeper dive into how AIB’s practical approach to MBA education is elevating careers through the stories of AIB alumni Nadya, Charles and Craig, who represent AIB’s growing global community of over 16,000 students and alumni.

Switching Careers & Thriving

The Great Resignation brought about significant changes in the job market. In 2021, The Australian Financial Review reported that over 6 million Australians had considered a career change in the past 12 months. In light of this, pursuing an MBA can provide individuals with a holistic business perspective, allowing them to identify their strengths and future career paths.

Nadya Hamdami was in Operations Management before pivoting her career to become a Learning & Development Specialist. At the time, she had a poor experience with her own onboarding and found the resources available to train staff inadequate, which then led to a poor customer experience and low-quality service. In an attempt to advocate for training and development, Nadya went to upper management and received a lot of pushback, sparking her desire to pivot her career completely.

While studying her MBA, Nadya deliberately chose electives that aligned with her career intentions and made the most of AIB's authentic assessments, which allowed her to demonstrate how the theory could be applied to practice.

"I strategically chose my electives Change Management, Organisational Learning and Development and Project Management as they complemented each other for the career path I wanted to follow."

Upon graduating, Nadya was conscious that she would be competing against candidates with established credentials when applying for roles. However, by showcasing her learnings from the Organisational Learning and Development subject, her experience codeveloping an e-learning programme in her previous operations role, and her business acumen, she landed an interview.

"Naturally, with my varied roles, they questioned my desire for the role. All I could do was tell my story – because of all the roles I have done across industries and countries, I have consistently seen the same problem – how talent wasn't developed in organisations, training wasn't valued and how organisations were losing employees because they didn't feel valued. And they chose me over candidates with more formal experience."

Nadya's career journey serves as an excellent example of how an MBA can help individuals identify their strengths and pursue career paths that align with their passions. Having found her calling as a Learning & Development Specialist at HenderCare, she is currently spearheading an innovative onboarding programme for employees, supporting the organisation's objectives of enhancing staff retention, elevating the quality of training, and improving productivity.

"I have written the proposal for the programme, a cost analysis of the organisation's current turnover expenditure, as well as a thorough evaluation of the programme's project costs for the company. I wouldn't have been able to do that if I hadn't practised during my MBA."

Nadya's ongoing contributions to her new role highlight the tangible benefits of investing in one's education and skillset to create meaningful, impactful change in the workplace.

“With my non-conventional and varied career path, I had a broad knowledge base. It was difficult for me to decide which way I wanted to go. With all the subjects I did at AIB, the MBA has given me clarity on where my strengths and passion lie.”

NADYA HAMDAMI, AIB MBA GRADUATE ORGANISATIONAL DEVELOPMENT SPECIALIST, HENDERCARE

“These students' stories demonstrate the power of an MBA to transform your career path. Whether you're looking to switch industries, climb the corporate ladder, or diversify your business acumen, an MBA can provide you with the skills and knowledge needed to achieve your goals.”

96% OF ALUMNI Said that the AIB MBA Increased their confidence.*

Boosting the Professional Trajectory

According to a global LinkedIn survey, 61% of employees feel stuck in their current roles, while 51% believe they have limited opportunities for career advancement within their current organisations.

Determined to grow his career, Charles Daharry, now the National Manager of Transportation Carrier Management for Lowe's Canada, understood that it was not enough to simply learn the theories and principles of business taught in his MBA. He knew that to truly excel in his career, he needed to apply his knowledge, and for Charles, this shone through in two distinct ways.

Firstly, through the lessons of the first AIB subject, Leadership, where he re-evaluated his leadership style and guiding values, which resulted in better understanding and engagement with his team.

“Previously, from being an officer in the Canadian Forces, my communication was efficient, and my leadership quite transactional.’’

“After the Leadership course, one of the first things I did was sit down with my leaders and every stakeholder of the team and come up with a team vision statement based on our team values.’’

Charles also found that collaborating more effectively with colleagues across departments helped him identify how his newfound knowledge could be relevant to the company's business objectives.

During one of his Marketing Management classes, Charles was tasked with developing a marketing persona. He reached out to a colleague in the marketing department for initial insights to gain a deeper understanding of the department's needs and challenges and what could be done to solve those problems.

Charles was then able to develop an accurate and meaningful marketing persona that he presented to the Vice President of Marketing. She was impressed with the accuracy of Charles' persona and his ability to apply his MBA learning to a real-world problem.

This led to an offer within the marketing team and whilst flattered, shortly after Charles was asked by his manager to create a completely new role for himself at a higher level within the Supply Chain Department, an offer he decided to pursue. These incredible developments were a direct result of his dedication to applying his learnings to the organisation's needs.

Career Mastery – The power of rounding your skills and knowledge.

An MBA provides opportunities for individuals to step outside their comfort zone and confront new subjects beyond their usual job role to develop a more comprehensive understanding of business complexities and broaden their business acumen. This growth zone is where the real transformation happens as we acquire new skills, confidence and legitimacy at work.

Craig Chadwick's experience as an AIB student serves as an excellent illustration of how stepping outside one's comfort zone can broaden one's strategic perspective. Despite already having an impressive career and holding an executive-level position before pursuing his MBA, Craig recognised the importance of investing in self-development.

“My leadership style is completely different now. My team engagement and leadership feedback are now higher than ever, with happier and more productive staff.”

CHARLES DAHARRY, AIB MBA GRADUATE NATIONAL MANAGER - TRANSPORTATION CARRIER MANAGEMENT

“Imagine a programme that not only teaches you the theory but also equips you with the practical skills to apply it in the real world. That's what the AIB programme is all about.”

By taking on subjects outside of his current areas of expertise, Craig was able to bring a more holistic perspective to his decision-making process in his CEO role by incorporating marketing, operations, finance, and supply chain considerations.

"I am now analytical, questioning and responsive rather than reactive and lacking confidence in my decision-making paradigms. I like to think that I now push people (and myself) out of their comfort zone and challenge them to think more deeply about challenges and opportunities, and by doing so encourage a positive disruption and effect long-lasting positive change."

By rounding out his skillset and finding more confidence in his abilities, he became better at comprehending the nuanced needs of others, gaining insight into and a deeper understanding of their potential pain points and strategic agendas.

"I use this information to not only influence how I effectively and efficiently build and manage relationships to achieve mutually agreeable goals and outcomes, but also to build possibilities for the future."

The career-enhancing tips to takeaway:

What we can learn from Nadya:

● If you're passionate about something, pursue it! Even if it means pivoting your career.

● Choosing the right path in your education can be crucial in developing the skills you need for your desired career path.

What we can learn from Charles:

● By reflecting on your values and developing a leadership style that aligns with them, you can increase team engagement and productivity, resulting in happier and more productive staff.

● Scaling your networks by collaborating with colleagues outside your usual job scope can broaden your perspectives, improve your business acumen, and help you see the bigger picture.

What we can learn from Craig:

● Regardless of how successful your career is, there is always room for continuous learning and development.

● You can incorporate a holistic perspective into your decision-making process by taking on studies or upskilling outside your expertise.

These students' stories demonstrate the power of an MBA to transform your career path. Whether you're looking to switch industries, climb the corporate ladder, or diversify your business acumen, an MBA can provide you with the skills and knowledge needed to achieve your goals.

Of course, pursuing an MBA is a significant investment of time and money, but as Jo says, "for those who are willing to put in the effort, the rewards are truly remarkable. So, don't hold back - take inspiration from those who've gone before you and remember that the investment is worth it."

*Source: 2021 AIB Alumni Insights Report

SCHOOL PROFILE: AIB is the largest online MBA provider in Australia, with almost 40 years of excellence in tertiary education and a global network of more than 16,000 students, alumni, academics and industry experts from 95 countries. AIB’s programmes are internationally recognised and fully accredited in Australia. AIB’s Fast-Track MBA is designed to support working professionals achieve career outcomes faster and has achieved Tier One Global Status, ranking 8th in Australia and 28th globally by CEO Magazine 2022.

"I felt that I had become stagnant, stereotyped, and even under-valued in terms of what I had to offer potential employers in the types of roles I had previously been successful in. To become more "marketable" and competitive in the marketplace, I needed to complement my experience and skills with a strong theoretical base and a relevant, highly regarded academic qualification."

CRAIG CHADWICK, AIB MBA GRADUATE CEO, COTA TASMANIA

"I couldn't expect the world to change its perception of me until I had changed my perspective and value of myself."

88% OF ALUMNI Improved their business acumen.*

2023 GLOBAL MBA RANKINGS

The benefits attached to an MBA are well documented: career progression, networking opportunities, personal development, salary... and the list goes on. However, in an increasingly congested market, selecting the right business school can be difficult, which is far from ideal given the time and investment involved.

Using a ranking system entirely geared and weighted to fact-based criteria, CEO Magazine aims to cut through the noise and provide potential students with a performance benchmark for those schools under review.

International Exposure: Work Experience: Professional Development: Gender Parity: Delivery methods:

*EMBA Weighting: Work experience and international diversity are adjusted accordingly.

**Online MBA Weighting: Delivery mode removed.

GLOBAL MBA RANKINGS

Business School Country

Australian Institute of Business Australia

American University: Kogod

North America

Aston Business School UK

Auburn University: Harbert North America

Audencia Business school France

Bentley University: McCallum

North America

Boston University: Questrom North America

Brunel Business School UK

Bryant University North America

Business School Netherlands The Netherlands

California State University-Chico North America

California State University-Long Beach North America

California State University-San Bernardino North America

Central Queensland University Australia

College of William and Mary: Mason North America

Concordia University Canada

Crummer Graduate School of Business at Rollins

North America

Durham University Business School UK

TIER ONE

Business School Country

EBS Business School Germany

École des Ponts Business School France

Emlyon Business School

France

ESADE Spain

EU Business School

Germany, Spain and Switzerland

Florida International University North America

Florida Southern College

School of Business North America

Fordham University North America

GBSB Global Business School Spain

Georgia State University: Robinson North America

Gonzaga University North America

Grenoble Graduate School of Business France

Griffith University Australia

HEC Montréal Canada

Hofstra University: Zarb North America

Hult Internatonal Business School North America

IAE Business School Argentina

GLOBAL MBA RANKINGS

Business School Country

IFM Business School Switzerland

INCAE Business School Costa Rica

ISEG Portugal

Jacksonville

John Carroll University: Boler

Kennesaw State University

Kent State University

North America

North America

North America

North America

La Trobe University Australia

Lagos Business School Nigeria

Leeds University Business School UK

Loyola Marymount University

Maastricht School of ManagementMaastricht University

North America

The Netherlands

Macquarie Business School Australia

Massey University

New Zealand

Munich Business School Germany

Nebrija Business School Spain

Nyenrode Business University

Oakland University

The Netherlands

North America

Pepperdine University: Graziadio North America

Politecnico di Milano School of Management Italy

Purdue University-West Lafayette: Krannert North America

RMIT University Australia

Rochester Institute of Technology: Saunders

Rutgers Business School

Saint Joseph's University: Haub

North America

North America

North America

SBS Swiss Business School Switzerland

Seattle University: Albers

North America

Simon Fraser University: Beedie Canada

Suffolk University: Sawyer North America

The GlobalMBA

(Technische Hochschule Köln, University of Warsaw, Kyungpook National University and University of North Florida)

Germany, Poland, South Korea and North America

The Instituto Tecnológico Autónomo de México (ITAM) Mexico

The Lisbon MBA Catolica | Nova* Portugal

The University of Wisconsin-Whitewater North America

Torrens University Australia Australia

TIER TWO

Business School Country

Appalachian State University* North America

Northwest Missouri State University North America

Ohio State University: Fisher* North America

TIER ONE

Business School Country

Trinity College Dublin School of Business

United International Business Schools

Republic of Ireland

Switzerland, Belgium, Spain, The Netherlands, Italy and Japan

University of Akron North America

University of Alberta Canada

University of Baltimore North America

University of Chile FEN-UCHILE Chile

University of Delaware: Lerner North America

University of Denver: Daniels North America

University of Exeter UK

University of Kentucky: Gatton North America

University of Liverpool Management School UK

University of Louisiana at Lafayette North America

University of Louisville North America

University of Maine North America

University of Memphis North America

University of Michigan-Flint North America

University of New Mexico: Anderson North America

University of North Carolina-Charlotte: Belk North America

University of North Florida: Coggin North America

University of Oklahoma: Price North America

University of Oregon: Lundquist North America

University of Portland: Pamplin North America

University of PretoriaGordon Institute of Business Science South Africa

University of San Diego North America

University of South Australia Australia

University of Tampa: Sykes North America

University of Texas at Arlington North America

University of Texas-San Antonio North America

University of Western Australia Business School Australia

University of Wollongong Sydney Business School Australia

Victoria University Business School Australia

Willamette University: Atkinson North America

Xavier University North America

*Some data unavailable

Business School Country

University of Massachusetts-Lowell North America

University of North Texas North America

Virginia Commonwealth University* North America

*Some data unavailable

GLOBAL EMBA RANKINGS 2023

ONLINE MBA RANKINGS 2023

Rank Country

= 29 Central Queensland University

Hyperflexible MBA Australia

30 Suffolk University: Sawyer North America

31 University of Maine North America

= 32 Simon Fraser University: Beedie Canada

= 32 University of MassachusettsLowell North America

= 33 Jacksonville University North America

= 33 Aston Business School UK

= 34 University of Delaware: Lerner

= 34 University of New Mexico: Anderson

35 California State UniversitySan Bernardino

36 RMIT University

37 Kennesaw State University

38 Hofstra University: Zarb

= 39 Oakland University North America

= 39 Bryant University*

40 Kent State University North America

41 Seattle University: Albers

42 University of North Carolina-Wilmington: Cameron

=

=

=

2023 GLOBAL DBA LISTING

Based upon accreditation, quality of faculty, geography, and international standing, this year’s Global DBA Listing is designed to showcase the market’s premier DBA providers.

Pepperdine

Pontifical

Athabasca University

Audencia Business School

Baruch College, City University of New York: Zicklin

Beirut Arab University

Bournemouth University

Business School Lausanne

Case Western Reserve University: Weatherhead

Centrum Graduate Business School

City University of Hong Kong

Concordia University Canada

Copenhagen Business School

Cranfield School of Management England

Creighton University: Heider

Crummer Graduate School of Business at Rollins

DePaul University: Kellstadt

Drexel University: Lebow

Durham University Business School

Ecole Des Ponts Business School

Emlyon Business School Global DBA Asia Track

China & France

EU Business School Germany, Spain and Switzerland

Florida Institute of Technology: Bisk

Florida International University

North America

North America

Franklin University North America

GBSB Global Business School

Georgia State University: Robinson

Grenoble Graduate School of Business

Harvard Business School

Heriot Watt University Edinburgh Business School

Hong Kong Baptist University

Hult International Business school

International School of Management

France, North America, China, India, Brazil and South Africa

Sacred Heart University: Welch

University: Fox

The Global DBA Durham-emlyon

The University of Liverpool Management School

Thomas Jefferson University

United Arab Emirates University

United Business Institutes

America

and France

University of Calgary: Haskayne

University of Dallas: Gupta

Switzerland, Belgium, Spain, The Netherlands, Italy and Japan

University of Maryland Global Campus North America

University of Missouri-St. Louis North America

University of North Carolina-Charlotte: Belk North America

University of Otago Business School New Zealand

University of Pittsburgh: Katz North America

University of Portsmouth UK

University of Pretoria:

Gordon Institute of Business Science South Africa

University of Reading: Henley Business School UK

University of Rhode Island North America

University of South Florida: Muma North America

University of Southern Queensland Australia

University of Surrey UK

University of Tampa North America

University of Western Australia Australia

University of Wisconsin-Whitewater North America

Victoria University Business School Australia

Virginia Tech: Pamplin College North America

Vlerick Business School Belgium

Walsh College North America

Washington University in St. Louis: Olin North America

Zurich University of Applied Sciences Switzerland

HOW GENERATIVE AI IS CREATING A “HOLY SH#T!” MOMENT FOR ALL OF US

ALON ROZEN

The release of ChatGPT at the end of 2022 was an “oh sh*t!” moment heard across the globe! Universities, faculty, students, businesses, journalists and everyone else finally realized 1) that AI will impact their lives sooner than later, 2) that the technology was finally ready for prime time, 3) that abundant practical use cases made it highly attractive across education, business and many common tasks, and 4) that many businesses and jobs would never be the same. While many people instinctively reacted with something along the lines of “wow, this is going to blow up Google’s search business”, others realized that this was much bigger and will disrupt much more than that and much faster than anyone predicted. To put it in a nutshell, IMHO, ChatGPT and other generative AI solutions are going to radically disrupt teaching, learning, customer service, research, content creation, content consumption, ad-based business models, and a whole lot more. So, fasten your seatbelts, as this is going to be a wild ride!

“To put it in a nutshell, IMHO, ChatGPT and other generative AI solutions are going to radically disrupt teaching, learning, customer service, research, content creation, content consumption, ad-based business models, and a whole lot more.”

Oddly, I am quite conflicted in my response to the development of market-ready generative AI solutions. As an innovator and professor of innovation, working with startups, these tools are amazing time savers, productivity boosters and go-to-market accelerators. If one of the key objectives of lean innovation is low-cost and rapid go-tomarket, I don’t see a startup in the world that would not find a benefit from using ChatGPT or equivalent. From researching the problem they are aiming to solve, finding solutions from multiple industries to similar problems, sizing a market, identifying competitors and potential investors, preparing great visuals and presentations, and creating a demo, generative AI can help do all of that and more in record time and at no or little cost.

With my educator’s hat, on the one hand, I am worried about how this will impact learning, but on the other, I am excited about how this will impact teaching/facilitating/ training. The fact is everyone knew education was prime for disruption for some time now. But many thought the disruption would come from MOOCs, EdTech and remote learning. That put a dent into current models but did not really disrupt too much. It has become an add-on to traditional learning, accelerated thanks to Covid-19, but not truly changing the way we learn or teach. Generative AI is like throwing a stick of dynamite into the dusty library of education. When the dust settles, we will have to reinvent large parts of the process quickly. This is a good thing, and society will be better off for it, I’m convinced, but the speed at which we must rethink the learning process is quite stunning and, I must admit, daunting. Homework, assessments, presentations, essays, synthesis of text, analyses and basically any kind of production that any professor has ever asked of a student can be “hacked” with generative AI, and what took hours and days can now be completed in minutes. The result is not yet perfect, but it is more than good enough for many applications, and very soon, it will be better than good enough. ChatGPT is already passing exams (MBA, legal, medical, …) left and right, and this is just the start.

As a parent of young children, I have already introduced them to ChatGPT, and when I reverted to Google, my kids thought it was broken or dumb. What I like about ChatGPT versus Google when I am with my kids is that there are no ads, no sponsored content, just a clean interface with the answers to their questions. No links that can lead them to content I’d rather they not be exposed to as children. Also, with ChatGPT,

I am relatively confident that asking about space travel will not result in me seeing ads about space tourism and other content I have no interest in seeing or having my kids see. In terms of a business model, it looks like we are heading to subscription-based pricing without ads. If this could free us, as a society, from ads being the motor of nearly all the internet and social media sites we use most often (in the West), then this will also be a significant inflexion point for the next generation.

As a researcher, I had my own “oh sh#t!” moment. As I am in the middle of writing an academic article (since you asked, on circular business models), I decided to see how generative AI could help me. One application is a site that allows researchers to enter their research question to generate a list of 15 highly relevant references at speed. I went back to my own references, painstakingly curated over several months and with the help of leading writers in the domain, and picked my top 15 articles. I then entered my research question and waited for all of 10 seconds. The result was amazing –12 of my 15 articles were on the list, and the other three that I had not found were extremely relevant too. Three months versus 10 seconds, amazing! I can’t imagine what will happen in the research domain when companies like Meta release (or re-release) their own generative AI solutions for researchers. Expect a seismic shift and an explosion of publications-Chronicle of a disruption foretold.

Speaking of disruption, generative AI will be most impactful in the realm of productivity for knowledge workers. With all of my hats, I have been incredibly impressed by how much generative AI is helping me and my team boost our productivity. From presenting high-level presentations on the fly to creating exactly the right visual for our needs to gaining relatively deep understanding of a field in a record amount of time, ChatGPT has been extremely impressive. In fact, it is so productive that I have already heard of junior consultants, who were principally working to help senior consultants prepare briefs, presentations, and slides, being let go. Like the assistants and secretaries of yesteryear, will this be the end of another layer of the business world? And if it is displacing certain jobs, what new jobs will be created? These are some of the most challenging questions that we will need to find answers to in the months and years ahead.

Like the personal computer, the internet, and the smartphone, technology tends to make us more productive and creates more jobs. Will this time be different? I doubt it, but this will definitely be the debate going forward.

Even though the general feeling is that ChatGPT is a revolution, the truth is that it is hardly an evolution of the state of the art. Companies like Google, Meta and Nvidia have bigger and better performing (LLM) models – for the applications for which they were developed – but they were not packaged as well for the general public as OpenAI has with ChatGPT. So, while it feels revolutionary, it is rather an important tipping point in the collective consciousness about how AI can already be harnessed to make our lives more productive – simplifying some tasks, accelerating other tasks, and allowing us to do things that we haven’t done before. A collective “oh sh#t!” moment in a positive sense mixed in with a bit of uncertainty about what will be displaced in the movement of “creative destruction” a la Schumpeter that generationimpacting innovations like this create.

What we already know is that the convergence of generative AI and the development of robotics and automation has created the possibility of enhancing human productivity in a way that we have not seen since the mechanical revolution in agriculture at the turn of the century. Then too, people feared job destruction, but the reality was the complete opposite and massive job creation. Let’s hope that history repeats itself this time too, and that we can look back at this moment as another crucial inflexion point in the history of modern business, living, and education. But, in the meantime, I hope we all enjoy playing with the many generative AI solutions that are coming to market and learn to harness them creatively, positively, and ethically - sometimes for profit and mostly for good.

I was recently asked to present at TechInnov in Morocco on the impact of generative AI on content and creator economies. My conclusion then and now is that ChatGPT and similar tools will help us do more, better, and faster. And that it will only get bigger, better and faster in the weeks, months and years ahead. Beyond the hype and the areas in which it still needs to improve, this still sounds like one of the best value propositions I’ve ever heard!

BIOGRAPHY

Alon Rozen is Dean, CEO and Professor of Innovation at École des Ponts Business School.

“Like the personal computer, the internet, and the smartphone, technology tends to make us more productive and to create more jobs. Will this time be different? I doubt it, but this will definitely be the debate going forward.”

“My conclusion then and now is that ChatGPT and similar tools will help us do more, better, and faster.”

CLOSING THE SKILLS GAP: INNOVATION IN HIGHER EDUCATION

Students choose to pursue higher education for a variety of reasons, including personal development and the promotion of economic and social change. But the most important reason for many is the opportunity to equip themselves with the skills required to obtain desirable jobs and broaden their career options.

In the latter aim, higher education has been falling short in recent years. In fact, according to the 2022 ManpowerGroup Talent Shortage Survey, 75 per cent of businesses say they are having difficulty hiring people with the right skills. And a 2021 report from McKinsey found that 87 per cent of companies all over the world are aware that they already have a skills gap or will have one within a decade. The OECD estimates that 1.1 billion jobs globally will be radically transformed by technology in the next decade. And the World Economic Forum warns that, “if current trends continue, outdated learning programmes will further exacerbate the skills mismatch in the future.”

“EU Business School’s experiential learning approach is designed to foster these soft skills by encouraging students to think critically, solve problems creatively and adapt and pivot to changing circumstances, just as they will need to do in the workplace.”

Closing this gap between the talent pool and the needs of industry is one of the biggest challenges facing higher education today. But the most forward-thinking business schools and other institutions are adopting a host of innovative strategies to ensure they develop work-ready graduates with both the technical and soft skills required to succeed in the workplace of the future.

1. Partnering with business

A key step to resolving the skills gap crisis is to foster closer bonds between higher education institutions and the business world. This symbiotic relationship ensures that higher education institutions can offer carefully tailored programmes in industry-relevant subject areas, and that the businesses themselves can access a pool of talent with the skills they need when the students graduate. In the USA, for example, Google partnered with Howard University to offer students training at Google as well as access to courses taught by both faculty from Howard and engineers from Google, and Facebook partnered with the City College of New York to develop a cybersecurity graduate programme, a niche but highly sought-after field.

Other higher education institutions, such as EU Business School (EU), which has three

campuses in Europe plus a Digital Campus, offer their students the opportunity to regularly attend company visits, from startups to multinational HQs, in order to gain an insider’s perspective of how these businesses really function. They also have a packed roster of illustrious guest speakers from a wide range of industries who share their insights on the latest trends in business with students. In addition, their faculty features academics, entrepreneurs and business professionals who can draw on their own experience to demonstrate how classroom theory works in practice. EU’s portfolio of programmes, which include foundation, bachelor’s, master’s and MBA degrees, are continuously reviewed and updated in order to respond to the latest demands of industry: recent introductions have included degree programmes in cloud computing, one of the most high-demand areas of business; supply chain and logistics, a job sector which the US Bureau of Labor Statistics forecasts will grow 30 per cent by 2030; and business technology, a next-gen business discipline that bridges the gap between management and information technology.

Clearly, fostering closer ties between higher education institutions and business should be a priority for all educational establishments whose function is to prepare

“EU Business School’s Digital Campus was established in 2012 in order to offer maximum flexibility and convenience, giving students the opportunity to learn anytime, anywhere, and combine their degree programme with other commitments.”

students effectively for success in the workplace of the future.

2. Promoting hands-on learning

The shift toward more active learning methodologies began in the 1990s, but it has taken on a central role today in higher education institutions, particularly in the context of the skills gap. When students are encouraged to engage more actively with their learning – through discussing, researching, creating, thinking, etc. – not only do their learning outcomes improve, but they hone key skills, such as critical thinking, problemsolving and decision-making, which are crucial for professional success.

As Dr. Svetlana Elinova, Group Academic Director at EU Business School, points out, “To become game-changers in a fast-paced world, we need to transform the way we do business, learn and communicate. Students need to be curious, creative, disruptive and adaptable to stay employable.” EU Business School uses an experiential learning approach designed to bring business to life through hands-on learning, which has proved highly effective. Case studies, business simulations and project work are integral to their programme curricula, providing practical experience of how classroom theory can be put into effect in real businesses. Its flagship conference series, Learning From Leaders, features globally renowned thought leaders, business experts and entrepreneurs, including the chairman of Nestlé, Paul Bulcke; former president of Switzerland, Adolf Ogi; co-founder of Starbucks, Zev Siegel; and Steve Davis, strategic advisor to the Bill & Melinda Gates Foundation. They have also introduced innovative Business Immersion Weeks, which take place every semester, and which are specifically designed to immerse students in the real world of business through a wide range of dynamic and interactive activities such as company visits, exclusive conferences by industry-leading guest speakers and interactive workshops across a range of cutting-edge business topics.

3. Honing crucial soft skills

However, the acquisition of specific technical skills required by industry is just half the story. The advance of new technologies has fuelled the rapid transformation of the workplace, and the pace of change is only increasing. A decade ago, comparatively few workers had even heard of cloud computing or blockchain, for example, but now skills in these areas are highly sought after across many industries. The careers of the future may not yet exist –but students should be well prepared to grasp the new opportunities that emerge. Given

this rapidly evolving employment landscape, students today must acquire essential soft skills such as agile thinking and the ability to respond quickly to changing circumstances. In addition, they require a multicultural and open mindset that will allow them to connect with colleagues, suppliers and partners who may be located anywhere in the world.

According to the ManpowerGroup Talent Shortage Survey 2021, the top soft skills employers seek are “reliability, resilience, stress tolerance and adaptability”, along with “initiative taking, leadership and social influence, reasoning and problem solving”. Therefore, higher education institutions need to provide graduates not only with the technical knowledge they require for career success, but also the human strengths and capacity for lifelong learning that will help them to adapt as priorities shift.

EU Business School’s experiential learning approach is designed to foster these soft skills by encouraging students to think critically, solve problems creatively and adapt and pivot to changing circumstances, just as they will need to do in the workplace. Its multicultural community of more than 100+ students, plus the opportunities it offers for intercampus exchanges between its campuses in the top European business and tech hubs of Barcelona, Geneva and Munich, further expand their global mindset.

4. Expanding access to online learning

Online learning has seen strong growth in the past decade, with the number of hybrid and distance learners at traditional universities increasing 36 per cent between 2012 and 2019, and an additional 92 per cent moving online owing to the global pandemic in 2020. According to the WEF, expanding access to online learning “is an important step in helping people future-proof their skills and seek new opportunities for growth and development.” In addition, given the fundamental importance of DEI, providing high-quality online learning opens up pathways to success for people who, for example, may be unable to attend traditional in-person courses owing to physical disabilities. EU Business School’s Digital Campus was established in 2012 in order to offer maximum flexibility and convenience, giving students the opportunity to learn anytime, anywhere, and combine their degree programme with other commitments. Programmes are supported on easy-to-use web platforms and are delivered by acclaimed lecturers who offer real-time, personalised tutoring from around the globe. Students also have the opportunity to participate in oncampus weeks on EU’s European campuses in order to connect with faculty and peers from all over the world.

ABOUT EU BUSINESS SCHOOL

EU Business School (EU) is a high-ranking international business school with campuses in Geneva, Munich and Barcelona, as well as its Digital Campus. We foster entrepreneurial thinking and creative problem-solving, crucial aptitudes to succeed in a world in constant flux. Our students are part of a vibrant and diverse community of more than 100 nationalities, which helps them to expand their global perspective. Our experiential approach to learning gives our students the real-world business skills to excel and our innovative programmes have been specifically designed to respond to the latest demands of industry. Find out more at www.euruni.edu.

“The shift toward more active learning methodologies began in the 1990s, but it has taken on a central role today in higher education institutions, particularly in the context of the skills gap.”

WALKING IN THE SHOES OF A TELFER EXECUTIVE MBA ALUMNUS

ALEXANDRA SKINNER TALKS TO JANICE SIDDONS

Q. Why did you select the Telfer Executive MBA?

Telfer Executive MBA is the lead sponsor for Ottawa’s Forty under 40 award to which I was named one of the 40 recipients in 2013. When I learned more about their offering, I knew that taking the programme would be an ideal way to grow both as an individual and a leader. From an education standpoint, I had a post-secondary education, and professionally, I had hands-on leadership experience with industry awards, and I knew that this would be a key piece to propel me forward in my journey.

From a career perspective, it was just a matter of timing. I had been involved, since inception, in two successful tech companies, N-able Technologies and Fully Managed, and I had to find the right balance between

the growth of these organisations and my personal growth. By 2018, Fully Managed was stable, and I was able to enrol in the Class of 2020.

Q. Can you talk about the benefits you’ve enjoyed (promotion, salary increases, new business development) post-graduation?

In my case, it was the ability to scale with Fully Managed. We were growing steadily through acquisitions, from an initial team of 3 to over 400 employees, and as the company was scaling, I knew that I needed to have the skill set to be able to evolve with this growth.

The Telfer Executive MBA programme helped me to develop and grow my leadership toolkit. The programme was very practical and relevant, and during the 21-month

programme, I was actively applying what I was learning to my work. Since the acquisition of Fully Managed by TELUS in 2022, I have been able to remain in my role and continue to grow and evolve with the company.

Q. Getting work/life balance right can be incredibly challenging when studying for an MBA. Were you successful in striking a balance, and if so, how did you achieve this?

You need to get a game plan in place that will work for you. Although I am a structured individual who earned the nickname “Super J” during the programme, I went into a bit of a cocoon, absorbing all the knowledge that I could. Our class days were held on alternating Fridays and Saturdays. I structured my weeks by augmenting the Friday that I didn’t have class with a vacation day, resulting in three full days a week that I could dedicate to my studies (Friday – Sunday) as well as my evenings. The remaining weekdays I focused on my work. This still left me with some personal time.

Q. What tips would you give to incoming Executive MBA students

Embrace the journey! The programme is laid out with specific intent, so go with the

flow and enjoy the experience. You will certainly face some challenges along the way, so expect this. You will complete both personal and team assignments, and for each of them, make sure you are looking at the bigger picture and reflect on what this experience is teaching you and telling you about yourself. Have fun with it; learning in that environment is an incredible gift; soak it in and learn as much as you can!

Q. How much support did you receive from the programme on your Executive MBA journey?

The programme was incredibly supportive for the entire journey. They had an open-door policy, and we could talk to them openly if we had any questions or concerns. This extended beyond the Telfer administrative support team to include our professors, who were readily available to support us as well.

Kindly define the skill set the Telfer Executive MBA has equipped you with and how this has set you apart from other jobseekers/candidates.

The biggest takeaway from a skills perspective for me was the combination of soft skills. The course content and team environment taught me how to understand, appreciate, and best interact with others based on their personalities and learning styles. It was a toolkit on strategic levers that can be utilised when needed. I think of it like a Swiss army knife based on the multitude of tools I have!

“Have fun with it; learning in that environment is an incredible gift; soak it in and learn as much as you can!”

“You realise that at the end of your programme there is an entire support system waiting to welcome you into the Telfer School of Management’s alumni community.”

Q. What were your programme highlights?

Number one was the human interaction. When you spend that much time with people, you really get to know them, and they become a lifelong network and friends that you know you can turn to if you require support.

Secondly was the hands-on practical and relevant experience of working on our six consulting projects for businesses within the community and within our international experience component. I completed my individual-based Business Development Projects for my organisation as a way of giving back for supporting me in this programme with a tangible consulting report that helped us grow.

“It was a toolkit on strategic levers that can be utilised when needed. I think of it like a Swiss army knife based on the multitude of tools I have!”

Our trip to Silicon Valley at the end of our first year was a wonderful mix of learning about innovation as well as bonding time for our cohort. Unfortunately, we were not able to travel on our international consulting trip to Vietnam, as it was cancelled just one month before our departure due to COVID-19. But, we all proved that we could be resilient and agile, completing the consulting project component virtually during the lockdown.

Q. Are there resources available to graduates post-EMBA, and have you used any of them?

You realise that at the end of your programme there is an entire support system waiting to welcome you into the Telfer School of Management’s alumni community. There are endless networking opportunities and educational sessions annually where you can register to participate. I have participated in a few since graduation, including a woman’s leadership event and an interesting roundtable discussion on the Metaverse. It also works in reverse, and you pay it forward. I participated as a judge in a case competition for third-year Telfer undergraduate business students; it is rewarding to give back and support the next generations of leaders.

Q. How does your employer view your Executive MBA?

I was one of two original team members at Fully Managed. Together with the CEO, we grew the company to a solid revenue base and over 400 team members when we sold to TELUS on January 1, 2022. The CEO wanted

to ensure that I would be able to scale with the company and asked if I would be willing to complete my Executive MBA - it took all of two seconds to say yes. The programme’s tuition fees became a part of my compensation for the next three years. I am very grateful that I had the organisation’s full support, and I have been able to continue in my same role within the acquired Fully Managed by TELUS Business.

Q. How would you summarise your EMBA experience?

It is life-changing in the best possible way. You come out of the programme a different person; you experience personal growth and have a comfortable, humble confidence that you can take on anything that comes your way. For anyone considering it, I would say push yourself into the deep end of the pool; you will quickly learn you can swim beautifully.

TELFER EXECUTIVE MBA SNAPSHOT

Duration: 21 months (17 months of class sessions)

Structure: Bi-modal, synchronous delivery format. Participate in person or from anywhere with an internet connection. Classes take place weekly, alternating between Friday and Saturday.

Accreditations: Top 1% of business schools in the world to hold AACSB, AMBA and EQUIS accreditations.

Application Deadlines: Rolling basis. June 30 (Canadian and American citizens). May 31 (international applicants).

Cost: $75,000 CAD (domestic) / $75,000 CAD + UHIP fees (international).

Average Age: 39 years

Average work experience: 15 years

Identify as female: 34%

BIOGRAPHY

EMBA

is the Chief Operating Officer of Fully Managed by TELUS Business.

Janice Siddons

(Telfer

’20)

“Embrace the journey! The programme is laid out with specific intent, so go with the flow and enjoy the experience.”

RETURN ON EDUCATION: KENNESAW STATE UNIVERSITY’S EMBA

Q. How long have you been involved with the KSU EMBA programme, and what led you there?

I joined the faculty of KSU EMBA in January 2013, so it has been 10 years of teaching in the programme. I specifically focused on KSU in my search for a full-time teaching position at a university. At the time, I was living in Cooperstown, New York and had recently sold a business that my wife and I had owned and operated for seven years. We wanted to move from the upstate New York winters, and I had previously lived in the Metro Atlanta area for 20 years. In addition, my wife and I had most of our families living in Metro Atlanta, making returning to the area an easier decision. I received my MBA from KSU in 1991, and that experience left me with a positive impression of the university. My foray into teaching was somewhat happenstance. I was at a father-daughter dance and sat at a table with a dean from one of the local colleges in Cooperstown. After some discussion, he asked if I would be interested in teaching a class in financial accounting. I agreed to adjunct and taught the class. Immediately, I knew I wanted to teach full-time. Ironically, I was hoping to slow down and eliminate some of the stress of my practice. Teaching would give me the

ALEXANDRA SKINNER SPEAKS TO THOMAS DEVANEY

“Our curriculum is designed to be instantly applicable in the workplace, starting from the first class weekend. This is one of the reasons we see such a high percentage of our students' receiving promotions at work before they even graduate.”

opportunity to do that while passing along my passion for accounting and finance to the next generation.

Q. Tell us a little bit about your background. I understand you are a bit of an entrepreneur. The problem is my mind is always thinking about business, and I always seem to see an opportunity and decide to try something new. That is how all the companies I started began: I saw an unfilled need and started something to fill that need. I received my Bachelor of Science in Accounting from SUNY Oswego during the Stone Age and moved to the Atlanta area right after graduation. I began my career in the corporate environment working for a large national road construction company as a cost accountant. I had other corporate positions, including being a product line controller for a fortune 500 company, before I decided to venture out on my own. I started my first CPA practice in Woodstock, Georgia, in 1984. Throughout the years as a CPA, I consulted with many start-up businesses and launched quite a few myself. I have been a partner in a franchise restaurant concept as well as a collegiate league baseball team. I have been the sole owner or managing partner in multiple CPA firms in three states. When I moved from Southern California to Cooperstown, New York, I acquired a turnaround campground and started a residential real estate investment company. I still own a commercial real estate investment company, and my wife and I own and run a coworking space in one of our commercial buildings.

Q. You have recently taken over as the Executive Director of the programme. Given your other engagements, what made you decide to take on this additional responsibility?

Teaching in the EMBA programme at KSU has been the most rewarding work I have done in my career. It is exhilarating being in the classroom with mature, high-performing individuals wanting to learn and grow. The transformation of the students from the opening residency to their final presentation is amazing. Exit surveys and other feedback we receive from our graduates indicate a strong proven ROI, with more than 94% of our students reporting that the EMBA degree increased their value to their organisations. Graduates report the programme as a life-changing experience that builds their business acumen, leadership and teaming skills, enhances their career opportunities and builds confidence. It was for these reasons that when the Executive Director role became available, I was immediately interested. Building upon the foundation of success of this programme, I have a vision of how it will look in the future, and I am excited about implementing that vision.

Q. What are some of the unique aspects of your programme, and what are your plans for the future?

Our programme is known for its applied integrated curriculum, programme-long teaming, and emphasis on leadership and personal development. In addition, our “true weekend format”, with classes held on

“Graduates report the programme as a life-changing experience that builds their business acumen, leadership and teaming skills, enhances their career opportunities and builds confidence.”

Saturday and Sunday, approximately one weekend per month, allows our students to maintain their focus on their careers while obtaining the degree.

Our curriculum is designed to be instantly applicable in the workplace, starting from the first class weekend. This is one of the reasons we see such a high percentage of our students’ receiving promotions at work before they even graduate. During their last two semesters, our students have two unique opportunities to apply what they have learned in the programme. The first opportunity involves teams creating a business plan which is presented to the faculty and potential angel investors. While the primary objective of this assignment is for the teams to demonstrate what they have learned, we have had several successful businesses launched as a result. The second opportunity comes in the final semester when teams act as consultants for international businesses. These are real consulting projects, which are finalised in the home country of the international business and presented to the faculty and respective companies.

With respect to what the future holds, while I believe we have one of the best EMBA programmes around, business and technology continue to advance rapidly, and we must remain relevant. Upon assuming the Executive Director position, I immediately embarked upon a unit-by-unit curriculum review, and moving forward, I expect the curriculum review process to be more continuous rather than episodic.

Other initiatives include exploring different modalities of delivery to make the programme more accessible with some elements of online delivery, including a possible synchronous or hybrid format. We will also be looking at embedding certificates or badges within the programme, allowing for some level of specialisation.

Overall, I am very optimistic about the future of our space and the continued success of our programme. I’m looking forward to the Fall when we onboard our next class of students and watch them grow and excel over the next 19 months.

KSU EMBA SNAPSHOT (CLASS OF ‘24)

Average age: 44 44

Average work experience: 19 years

Average Management experience: 8 years

Percent female: 29

BIOGRAPHY

Thomas Devaney is the Executive Director of the EMBA Program and a Senior Lecturer of Accounting and Finance at the Coles College of Business at Kennesaw State University.

INSTITUTION

Kennesaw State is a comprehensive university located on two suburban campuses in Kennesaw and Marietta, northwest of metro Atlanta. As the third largest university in Georgia, Kennesaw State has nearly 43,000 students enroled in over 180 undergraduate, master’s, doctoral degree and certificate programmes.

Q. You offer an extensive range of specialisations for graduate students spanning international business and technology management through to tax consulting and project management. Was this driven by student demand, and do you think this makes your graduates more employable?

In response to the needs of the labour market, the Latin American University of Science and Technology (ULACIT), listed as the best private university in Costa Rica according to the QS Latin America University Rankings, offers the Master in Project Management in its postgraduate portfolio, and the Master of Business Administration, the latter offering eight specialisations.

Ultimately, the labour market drives the programmes we offer, and today, postgraduate degrees are considered a 'must have' when it comes to professional performance. By completing one of our specialisations, students can acquire the skills they need and that the market demands.

It is also worth noting that ULACIT offers scholarships to international students.

Q. Whilst business administration tends to be the popular choice at the graduate level, have you found this to be the case at ULACIT?

Without a doubt! Our MBA with an emphasis on finance is one of the most sought-after by our students as we offer an updated programme, highly qualified professors, and state-of-the-art educational technology.

Q. Can you talk about the profile of your graduate students in regard to age, gender, and professional background?

Our students are very diverse; the most important thing for us is maturity, not age, although experience enriches the programme. Besides administrators, we have veterinarians, doctors, lawyers, and engineers; these are people who want to learn and take on the theory and practice of resource management.

Q. How much emphasis do you place upon leadership?

We focus on developing leadership and critical thinking among students as we know these are in-demand skills in the market.

Q. In terms of admission requirements, what do potential students need to consider?

For admission, potential students must present the following:

● University baccalaureate degree

● Professional experience

Q. When it comes to internationalisation, what can students expect?

ULACIT’s international programmes offer students multiple opportunities to study abroad and connect with other cultures and languages through alliances and agreements established with universities and organisations worldwide. Our students can carry out academic exchanges, double degrees, international professional internships, and Study & Travel programmes. Students interested in studying abroad as part of our academic exchange programme can choose from several universities in North America, Europe, and Asia.

Q. You offer a doctorate in business and economic sciences. Whom is this designed for, and what are the entry requirements and delivery options?

The doctorate is aimed at people with a master's degree in administration, economics, or accounting. Those who have a bachelor's degree in disciplines related to

“ULACIT has more than 35 years of experience in the academic field and has always stood out as a leader.”

ALEXANDRA SKINNER SPEAKS TO ALEX FERNÁNDEZ

Biography

business sciences do so through a levelling programme.

The programme consists of ten courses, which last two months each, taught virtually or online by tutors from Costa Rica, Colombia, Chile, Mexico, and Spain.

To enrol, candidates must have the following:

● Certification of postgraduate qualifications if opting to validate courses within the levelling plan.

● Curriculum with extensive details of academic activities and any publications made.

● Any other document the candidate considers could contribute to their admission to the programme, such as letters of recommendation or references from third parties.

Q. What can current and potential students expect from ULACIT over the next 12 to 18 months?

ULACIT students can expect a quality education, professors committed to superior education, and the most reputable

programmes in Costa Rica. We have been the best private university in Costa Rica for 12 years, and we are 18th in the world in employability outcomes, according to Quacquarelli Symonds (QS).

Employability is a fundamental pillar we've enjoyed in recent years, which has seen 98% of our students graduate with a job, and is the result of the effort our teaching and administrative team put in so that we continue leaving a legacy in Costa Rican education.

ULACIT has more than 35 years of experience in the academic field and has always stood out as a leader, providing a benchmark in terms of the quality of the careers it shapes, the technologies and teaching methodologies it employs, and the teaching panel it offers, which is not only of the highest calibre but also at the forefront of new and emerging trends. In addition, it is a university that promotes research, the study of practical cases, and teamwork, among other quality academic processes. In regards to the Postgraduate Department, we provide personalised attention, advice, and constant support to master's students and interested parties.

Alex Fernández is the CEO of ULACIT.

"Employability is a fundamental pillar we've enjoyed in recent years, which has seen 98% of our students graduate with a job."

HOW STARTUP INVESTORS COULD BACK MORE WINNERS

On TV shows such as Shark Tank and in private boardrooms across the world, startup founders passionately make the case for why their fledgling companies are the next Ubers or WhatsApps. While the business cases they make are critical, so is the ability to pitch with charisma, clarity, and a personal story.

But venture capitalists tend to rely too heavily on founders’ backgrounds when investing in startups, suggests Princeton postdoctoral researcher Diag Davenport (a recent graduate of Chicago Booth’s PhD Program). And they could make more money—10 percent more, according to Davenport—by relying less on their impressions and more on data to make investment decisions, he argues.

Comparing real investor choices with an algorithm’s predictions, Davenport finds that up to half of VC investments were “predictably bad,” he writes.

“A purely intuitive, qualitative approach to investing is more costly than they likely realize,” Davenport says. “Relying on data is a way to make their decisions more objective and less vulnerable to mistakes.”

Davenport identified every company that participated in any of the top 100 startup incubator and accelerator programs between 2009 and 2016. Some eventually

SARAH KUTA

became household names—Instacart and Uber, for instance—whereas others never went anywhere. He created a data set of all the equity deals venture capitalists made backing the 16,054 companies within the first five years of their completion of an incubator or accelerator program. Then he tracked their valuations over time as well as whether they made a successful exit via an initial public offering, a merger or acquisition, or any Series C or later funding round. He trained an algorithm to make

predictions about the companies by analyzing a wealth of data, including the financial information available at the time of the incubator or accelerator program, the founders’ backgrounds, the companies’ missions, and the ways they made money.

Success is predictable

An algorithm trained to assess whether venture capital–funded companies would achieve an exit was able to correctly predict their success rate.

Algorithmic prediction of VC-backed companies’ outcome vs. their actual outcome

Algorithmic prediction, grouped from the lowest (1) to highest (5) quintile of predicted performance

Davenport, 2022

*An initial public offering, a merger or acquisition, or Series C or later funding

The VC-backed companies that an algorithm predicted would do best performed about three times better than those the same algorithm predicted would do worst.

“There was a strong link between decisions to invest and startup founders’ backgrounds— details such as where the founders went to school or how many board seats they occupied, the study indicates.”

When Davenport contrasted the algorithm’s predictions with the investors’ decisions, he finds that the venture capitalists spent millions of dollars to back startups they should’ve known would inevitably fail. For his data set covering $9 billion of investments, the lost returns came to $900 million, he calculates, reaching that conclusion after modeling alternate portfolios that dropped low-performing startups and replaced them with bonds or stocks.

There was a strong link between decisions to invest and startup founders’ backgrounds—details such as where the founders went to school or how many board seats they occupied, the study indicates. This was especially the case when investors were considering low-quality startups. A founder’s background and experience do matter, but “the algorithm tells us venture capitalists rely on these things too much,” Davenport says.

The good news is that they could easily improve their decisions by incorporating more machine-learning techniques, which would benefit not only themselves but their limited partners (including their clients,

university endowments, and retirement pensions), who rely on them to make savvy financial moves.

At least for now, however, most venture capitalists are reluctant to use artificialintelligence tools. For one thing, they worry about the reliability of algorithms, which use past patterns to make projections. Data on startups are also notoriously difficult to obtain. But perhaps the biggest reason is pride.

“They’ll say, ‘Look, you have to be in the room and see the passion in the eyes of the founder—no algorithm could ever detect that,’” Davenport says. “That highlights the overconfidence a lot of investors have, particularly because they already have good returns. But they underperform what they could be getting. It creates this situation where, if you win the game, it’s hard to understand how many more points you could’ve scored.”

ACKNOWLEDGEMENT Courtesy of the Chicago Booth Review.

NEBRIJA UNIVERSITY: THE VALUE OF INTERNATIONALISATION IN HIGHER EDUCATION

JORGE HERNANDO CUÑADO

Going abroad for an academic year at university is becoming more and more important in higher education. The origin of this practice is quite old; it started in the 17th century with the ‘Grand Tour’: Upper-class wealthy young men (British nobility) travelled through Europe in order to learn and experience the wonders of classical culture. Paris and Rome were key destinations in this educational experience. This tradition has been democratised in modern times, and most universities offer foreign exchange programmes nowadays. But what is the value of going abroad during university?

First of all, the experience. Going abroad widens the horizons of the student: new cultures, new places, and new ways of getting things done. It is very useful to get out of the ‘comfort zone’ to acquire new skills and knowledge (travel broadens the mind). In order to do so, it is more useful living for a period of time in a foreign country than just holiday travelling for a few days or weeks. The students get to really know cities, countries, universities and people; this requires time. Nebrija University in Madrid receives and sends students abroad every academic course. There are more than 400 agreements with foreign universities to send and receive students. The satisfaction of these students is very high; it is a life-changing experience.

Another important reason to go abroad is to learn and improve foreign languages. Learning languages is not only good for your brain (it could help to prevent and postpone dementia and Alzheimer’s) but also opens new perspectives (see the world from a broader point of view) and is a way to understand and learn from foreign cultures. Learning languages is a cornerstone of Nebrija University which began its ‘Centro de Estudios Hispánicos’ (Center for Hispanic Studies) in 1985. Every year we receive many

international students who want to learn or improve the Spanish language.

The international experience and speaking foreign languages are also good for the curriculum vitae. It is also good preparation for work: it is essential to be able to cooperate and work with different nationalities, and this is crucial in the ‘day-to-day’ activities of multinational companies. At Nebrija, we follow a ‘learning by doing’ method and have

“It is very useful to get out of the ‘comfort zone’ to acquire new skills and knowledge (travel broadens the mind). In order to do so, it is more useful living for a period of time in a foreign country than just holiday travelling for a few days or weeks.”

students from all over the world. Despite the COVID-19 pandemic, 83 per cent of our students came from abroad last year.

There are also other reasons to increase internationalisation in higher education, such as enriching the academic quality and adopting the practices and methods of highly recognised foreign academic institutions. From a business standpoint, it has the potential to increase revenue by enlarging the talent pool from which companies recruit.

In Europe, the European Union supports student exchange programmes among its members via the ‘Erasmus Plus’ programme, the estimated budget for which is €26.2 billion for the period 2021-2027. This is a very important action for the European Union as it focuses on social inclusion, green and digital transition, and encourages young people to participate in democracy. The programme started 35 years ago and has been very successful in strengthening relations among the countries of the European Union. In relation to universities, the European

Union funds part of the costs that students incur when studying abroad (transport, accommodation, etc.). Nebrija University sends and receives students through the Erasmus+ programme every year. Spain is one of the most popular destinations for Erasmus students in Europe given the quality of Spanish universities, the value of the language, and the Spanish way of life.

Given the benefits attached to the internalisation of education, the question is how higher education institutions can develop it further.

In non-English speaking universities, the syllabus must offer a range of subjects in English to attract students who don´t speak the native language. However, it is also important to provide subjects in the native language for those students who want to study the language of the country. Nebrija University offers many subjects in English and Spanish that exchange students can choose when registering.

Courses which allow students to learn languages are a must for internationalisation. The location of the academic institution is also very important. As happens with tourism, some countries and cities are more attractive than others when studying abroad. Another key aspect to consider is the support international students receive when studying abroad; the universities should develop a strategy for this. It is also a good idea to analyse the ‘customer journey’ of international students when visiting a university and identify strengths, weaknesses, opportunities and threats (SWOT Analysis). However, students are not the only target of internationalisation; professors and staff are important too. It is fundamental that professors visit, lecture, and complete research stays in foreign

“The bottom line is that universities must be open to knowledge and excellence, and internationalisation is a good road to get this job done.”

universities. This way, they also learn the methodologies, activities and research being carried out in other countries, which should positively impact the home institution. It is also important to ‘receive’ professors and staff from foreign universities so they can also lecture or contribute to research. The objective is that both universities (foreign and home) benefit from the experience as a quid pro quo. This could be the road to academic distinction. Overall, excellence is a key factor when attracting talent in the form of students, professors and staff. Professors from Nebrija lecture and visit foreign universities every academic year and are in contact with the most advanced methodologies from very prestigious institutions.

It is also essential to mix foreign and local students, and this must be taken into consideration when planning lessons and creating academic calendars. It is advisable to create a series of activities that facilitate the relationship between local and exchange students. One that is usually very successful is conversation exchange between students; it is a good way to speak and improve a second language. It is also a good way of making friends. Excursions and trips are also a very good way to mix students. At Nebrija,

there are all kinds of clubs for students. The conversation exchange club is called ‘club Internacional’, but there are many others: sports, nature, theatre, cinema, etc.

Another key point to remember is listening to the students, professors and staff; their opinion and evaluation are important. When taking the right action, complaints are a blessing in disguise as they highlight weak points which can be improved. It is also important to analyse the environment (competitors, state, country situation, etc.) every year in order to apply a strategy that allows the university to achieve its objectives. The COVID-19 pandemic was a very difficult time for internationalisation in higher education, but it looks like we are leaving this terrible period behind and making up for lost time. This is why students at Nebrija University can once again study a Master’s in Business Administration focused on entrepreneurship that includes a short stay at Babson College, one of the most prestigious institutions from which to learn entrepreneurship.

The bottom line is that universities must be open to knowledge and excellence, and internationalisation is a good road to get this job done.

Nebrija Business & Technology School

BIOGRAPHY Jorge Hernando Cuñado, International Coordinator, Faculty of Business & Economics and professor of Business and Economics, Universidad Nebrija.

A KEY TO BETTER LEADERSHIP: CONFIDENT HUMILITY

ADAM GRANT

Nano Tools for Leaders® — a collaboration between Wharton Executive Education and Wharton’s Center for Leadership and Change Management — are fast, effective tools that you can learn and start using in less than 15 minutes, with the potential to significantly impact your success.

The Goal

Improve your results by actively cultivating curiosity and staying in a learning mode throughout your career.

Nano Tool

Confidence and humility are often seen as opposites. But if you reflect on the leaders you admire most, chances are that they embody both of these qualities in tandem. I call it confident humility.

“Research suggests that acknowledging even a single reason why we might be wrong can be enough to curb overconfidence.”

Confident humility is being secure enough in your expertise and strengths to admit your ignorance and weaknesses. In Think Again, I highlighted evidence that confidence without humility breeds blind arrogance, and humility without confidence yields debilitating doubt. Confident humility allows you to believe in yourself while questioning your strategies.

When the pandemic started in the spring of 2020, the NBA was the first major sports league to shut down. Commissioner Adam

“When you question your knowledge and strategies, you become motivated to seek out new insights, which can broaden and deepen your learning.”

Silver displayed confident humility when he told his team, “I don’t know how we’re going to get games running again, but I believe in our ability to figure it out.” By telling his team he was confident in their capabilities but uncertain about their strategies, he invited them to rethink their assumptions and experiment with many different alternatives. That summer, they were the first league to reopen, and they managed to run a massive bubble without a single COVID-19 infection.

Action Steps

1. Create a learning culture (as opposed to a performance culture where the emphasis is solely on results) by acknowledging what you don’t know, challenging best practices, and rewarding people who test new ideas even if they don’t work. Evidence shows those in learning cultures innovate more and make fewer mistakes.

2. Give yourself the benefits of doubt; doubts can motivate you to work harder and smarter by putting you in a beginner’s mindset. When you question your knowledge and strategies, you become motivated to seek out new insights, which can broaden and deepen your learning.

3. Identify a conflicting piece of information or opinion. Research suggests that acknowledging even a single reason why we might be wrong can be enough to curb overconfidence. Two favorite questions are “How do you know?” and “What if we’re wrong?”

How Leaders Use It

Sara Blakely was selling fax machines door to door when she came up with the idea for footless pantyhose. But she had no knowledge of fashion retail or manufacturing. And although she believed she could start her own business, she knew she needed to expand her current skill set. She reached out to hosiery mills for help designing a prototype and learned how to apply for a patent herself to avoid costly attorney fees. Her belief in her capacity to learn, rather than in her existing knowledge and skills, allowed her to found and run Spanx, a $1.2 billion company.

Before MIT professor Basima Tewfik (a Wharton PhD alum) began studying medical students who were starting clinical rotations, she had them complete a survey. They were asked how often they had “imposter” thoughts such as “I am not as qualified as others think I am,” and “People important to me think I am more capable than I think I am.” Then she observed them interacting with actors trained as patients with different diseases. Tewfik watched them interact with the patients and noted whether they were able to arrive at the correct diagnoses. The students who most often entertained thoughts of being “imposters” did just as well at diagnosing, and their bedside manner was superior, with higher ratings on empathy, respect, and professionalism.

BIOGRAPHY

Wharton management professor Adam Grant is host of the WorkLife podcast and author of four best-selling books including Think Again: The Power of Knowing What You Don’t Know.

ACKNOWLEDGEMENT

Republished with permission from Knowledge at Wharton (http:// knowledge.wharton. upenn.edu), the online research and business analysis journal of the Wharton School of the University of Pennsylvania.

IST OF CONTRIBUTORS

C Australian Institute of Business

C University of Chicago –Booth

C Jorge Hernando Cuñado

C Tom Devaney C EU Business School

C Alex Fernández

C Adam Grant C Kennesaw State University

C Sarah Kuta

C ISEG

C Janice Siddons C University of Science & Technology (ULACIT)

C École des Ponts ParisTech

C University of Pennsylvania –Wharton

C RMIT

C Alon Rozen

C Nebrija University C University of Ottawa –Telfer

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