Impact Investing at Business Schools – 7 Impact Investing Competitions for Students

Last week, as part of this month’s special series on impact investing, we looked at ten ways business schools are engaging their students in impact investing on campus. An eleventh way is through a range of mostly new impact investing competitions open to business students globally. These competitions, mostly based at US schools, offer students the opportunity to not only learn about impact investing but to apply this knowledge to real cases that often impact actual businesses. Here is a selection of seven such impact investing competitions either run by or with participants from PRME Signatories.

 

  • The IESE Impact Investing Competition is an all day session that simulates an investment process including entrepreneurial pitches, due diligence, term sheet preparation and investment committee meetings, followed by intense negotiations with the entrepreneur of their choice. The event happens annually as part of the Doing Good Doing Well Competition at IESE’s campus in Spain. Participants this year included CEIBS, Cranfield School of Management and IE Business School.

 

  • UBC Sauder School of Business hosted the National Strategy Consulting and Conference event that brought students from across Canada and the United States to compete on an impact investing case based on Brighter Investment, a social venture supported by the Centre for Social Innovation and Impact Investing. Competitors were judged based on their strategy recommendations, as well asthe potential social impact their recommendations would yield. Students across different disciplines were challenged to integrate their financial, marketing and impact measurement skills into a coherent strategy for a social enterprise.

 

 

  • Duke University was one of the schools that recently participated in the Invest for Impact Competition, hosted by UNC Kenan-Flagler in the US. The invitation-only Competition is an experience that includes a wide variety of challenges that bring together top MBA students, sustainable entrepreneurs and successful impact investors, who have an opportunity to learn from and network with each other. Student teams from around the world play the role of impact investors and review business plans of three companies and select the ones they would invest in based off of both financial viability and their social and environmental impact.

 

  • INSEAD in France and Schulich School of Business at York University in Canada both take part in the MBA Impact Investing Network & Training (MIINT). MIINT is an experiential lab designed to give business students knowledge and skills around impact investing. MBA students create teams at the start of the academic year and identify an impact company that they will focus on during the programme. They then present recommendations to a judging committee composed of industry leaders for a potential investment of up to $50,000 in the companies that they chose to represent during the process.

 

  • Cornell University was one of the finalists in the first Impact Investing in Commercial Real Estate Competition hosted by the University of Miami School of Business Administrations in the US. The Competition focuses on investments made in commercial real estate projects with the intention to generate a measurable, beneficial social or environmental impact alongside an appropriate financial return. The competition takes place yearly in the US and is open to teams of business schools globally.

 

  • Lagos Business School in Nigeria organised its Impact Investing Competition in 2016 as part of the Lagos Business School MBA Entrepreneurship Investors Forum. The Forum is a new initiative introduced by students as part of their entrepreneurship course and coordinated by Dr Henrietta Onsuegbuzie, Impact Investing Project Director at the school. During the event, students present business ideas that bridge the gap between economic growth and lagging social development through profitable businesses that solve social problems. Judges are post MBA students who are currently working in this field or have developed businesses that have a social impact.

2016 Good Practices in Responsible Management Education (Part 1)

It is once again it’s time for PRiMEtime’s year-end review. 2016 was another exciting year with a lot of innovative new initiatives and approaches at business schools around the world embedding responsible leadership and sustainability into their programmes. PRiMEtime provides an extensive and growing database of examples from schools around the world on how to embed sustainability, ethics and the Sustainable Development Goals (SDGs) into management education as well as tips on how to move forward.

This year, 60 new articles were posted featuring over 143 examples from more than 65 schools in 38 countries. In this 2-part year-end post we review the examples featured this year, organized roughly around the SDGs, and what we have to look forward to next year. (Click on the links to read the full article).

SDG1SDG2SDG3The Hong Kong Polytechnic University has developed an interdisciplinary collaboration between the Business School and the Department of Rehabilitation Sciences, call the Wellness Clinic. It provides preventive care programmes designed, promoted, administered and implemented by students. IEDC-Bled School of Management partnered with members of the UN Global Compact Local Slovenia to organize workshops around the theme of “Health promotion in the workplace as part of the corporate social responsibility and sustainable business development’.

For one week in March, EADA Business School’s campus transforms into a model refugee course where students taking the Managing Humanitarian Emergencies elective learn about the main components required to respond to humanitarian emergencies and extreme situations in general.

 

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La Trobe Business School (Australia), ISAE (Brazil), Audencia Nantes School of Management (France) and Hanken School of Economics (Finland) founded CR3+ Network, a new program that provides a supportive platform to build international collaboration and enables the four schools to work together to build capacity in responsible management education. In the USA, Western Michigan University (USA) partnered with Christ University in Bagalore in India to create an experiential experience to engage students in sustainability discussions in India. Reutlingen University in Germany shared their experiences with the Ethikum Certificate awarded to students who complete a number of special experiences and courses during their time at university. Hult International Business School shared their experiences integrating the SDGs into the core Business and Global Society course. Hult International Business School and Ashridge Business School also shared their experiences integrating the Sustainable Development Goals into their PRME Sharing Information on Progress Report. The University of St. Gallen and oikos work together to offer the PhD Fellowship Programme, a unique opportunity to support international PhD students writing their thesis on sustainability in economics or management.

PRiMEtime also explored a range of MOOCs (Massive Open Online Courses) available on sustainability topics. These courses are free online and open to anyone with an interest in the topic. A series of posts provided an overview of the MOOCs available in the Spring (Part 1 and Part 2) and summer (Part 1 and Part 2).

 

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The American University of Beirut’s University for Senior Programme aims to redefine the role of older people in society by providing them opportunities to remain intellectually challenged and socially connected through a range of lectures, study groups, educational travel programmes, campus life and intergenerational activities. The American University of Beirut also paired up with Citi to provide crucial support and mentoring for female entrepreneurs in Lebanon and the MENA region with the goal of increasing their numbers significantly. Altis Postgraduate School of Business and Society in Italy introduced us to E4Impact, a special programme aimed at training a new class of African leaders who will be able to create jobs in the sustainability sector in their country.

 

SDG6SDG7

Ryerson University (Canada) designed a unique interdisciplinary programme that brings together faculty from all of the university’s six department called the Environmental Applied Science and Management (EnSciMan) with a focus on environmental management. In Italy, the University of Bologna’s Launch Pad aims to leverage the know-how of the hundreds of PhDs and post-docs studying at the university to facilitate its transformation into valuable products and services, many focused on social and environmental topics. PRiMEtime also looked at a range of global student networks engaged in sustainability that are active within and across business schools.

 

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Antwerp Management School’s ID@Work research programme aims to support organisations in attracting, developing and retaining employees with an intellectual disability. The Australian Indigenous Mentoring Experience at the University of Wollongong is an educational programme that supports Indigenous students through high school and into university, employment or further education. Also in Australia, Deakin University has been exploring how to encourage and train more Indigenous Australians to become accountants (currently of the more than 180,000 Australian professional accounting body members, only 30 identify as Indigenous). The Northwest Aboriginal Canadians Entrepreneurs Programme at the University of Victoria Gustavson School of Business is a partnership between several organisations including regional and provision government to offer first class entrepreneurial learning to the Indigenous people of Northwest British Columbia with the aim to enhance the self sufficiency and full economic participation of Indigenous people

Business and Business Schools Working Together at the Local Level (Part 3)

Screen Shot 2016-07-19 at 20.50.41Goal 17 of the Sustainable Development Goals (SDGs) focuses on revitalising global partnerships for sustainable development. Two key stakeholders already working on issues relating to the SDGs are PRME and the United Nations Global Compact. Both groups operate as a network of networks, with local offices focusing on rooting both the Principles of PRME and of the Global Compact within different national, regional, cultural and linguistic contexts. Together they can have a significant influence at the local level.

In fact, business schools and companies are increasingly working together to further sustainability goals within different national contexts as well as facilitating outreach learning, policy dialogue and collective action. Partnerships between Global Compact Local Networks and PRME signatories have been, and increasingly will be, an important tool in moving the sustainable development agenda forward.

For the next couple of weeks we will feature a very small selection of some of the many ways that these two groups can and are working together. In Part 1, we looked at how business schools are working with Global Compact offices locally and promoting the Ten Principles of the Global Compact. In Part 2 , we looked at how business schools are promoting and providing training around the Ten Principles of the Global Compact. Here in Part 3 we look at how schools are working with Global Compact Local Networks on specific sustainability issues.

Working on Specific Global Compact Issues/Projects

All PRME signatories are undertaking research that connects to the Ten Principles of the Global Compact as well as the SDGs. Many, such as the Universidad del Norte in Colombia and Kemmy Business School in Ireland use the Ten Principles of the Global Compact as a base for the development of new research proposals. Externado University Management Faculty, for example, has an agreement with the Global Compact Local Network Colombia to do research focused on the companies participating in the Local Network.

  • Research on specific sustainability issues: The University of New South Wales worked on the development of the Business Reference Guide to the UN Declaration on the Rights of Indigenous Peoples in collaboration with the UNGC and the Global Compact Local Network Australia. The reference guide was developed to help businesses understand, respect, and support the rights of Indigenous peoples by illustrating how these rights are relevant to business activities
  • Organising events for further discussion and action: Glasgow Caledonian University’s New York campus hosted a series of Fashion Sharing Progress ‘Town Hall’ events focused on social responsibility, ethics and sustainable fashion in collaboration with the UNGC. These involved teams of academics and professionals collaborating with students and industry experts to bring different perspectives to bear on existing problems and facilitate new learning. IEDC-Bled School of Management partnered with members of the UNGC Local Network Slovenia to organize workshops around the theme of “Health promotion in the workplace as part of the corporate social responsibility and sustainable business development.” They also launched a Declaration on Fair Business that introduces the principle of anti-corruption and provides guidelines for creating and improving compliance programmes in signatories of the UNGC.
  • Mobilizing business action on the SDGs: PRME schools in Portugal and Spain are collaborating with the Global Compact Local Network Spain on a joint project called “Map of Post-2015 Sustainable Development Goals,” which aims to make the 17 goals more understandable for corporations, especially SMEs. Companies and universities are working together to identify the strengths and weaknesses related to each of the SDGs to facilitate their implementation in the Spanish socio-economic environment.

 

For more examples of how PRME Signatories are working with Global Compact local chapters see:

The First Report on PRME Chapters

Where to find Business Partners for your Sustainability Projects

8 Tips for Developing Strong Business-Business School Partnerships

Partner with Business Schools To Advance Sustainability

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Business and Business Schools Working Together at the Local Level (Part 2)

Screen Shot 2016-07-19 at 20.50.41Goal 17 of the Sustainable Development Goals (SDGs) focuses on revitalising global partnerships for sustainable development. Two key stakeholders already working on issues relating to the SDGs are PRME and the United Nations Global Compact. Both groups operate as a network of networks, with local offices focusing on rooting both the Principles of PRME and of the Global Compact within different national, regional, cultural and linguistic contexts. Together they can have a significant influence at the local level.

In fact, business schools and companies are increasingly working together to further sustainability goals within different national contexts as well as facilitating outreach learning, policy dialogue and collective action. Partnerships between Global Compact Local Networks and PRME signatories  have been, and increasingly will be, an important tool in moving the sustainable development agenda forward.

For the next couple of weeks we will feature a very small selection of some of the many ways that these two groups can and are working together. In Part I, we looked at how business schools are working with Global Compact offices locally. Here we look at how business schools are promoting and providing training around the Ten Principles of the Global Compact.

Promoting the Global Compact

  • Raising awareness about the Global Compact: The Universidad Del Pacifico in Peru organizes a yearly “Support Week for Global Compact.” During this week, students and teachers from the different faculties present their research and projects related to the Six Principles for Responsible Management Education and the Ten Principles of the Global Compact. Global Compact companies participate in the event as well. In Korea, Kyung Hee University School of Management regularly organises field trips where students have the opportunity to visit companies that are part of the UN Global Compact Network Korea. During these trips they have a chance to see the company’s sustainability work.
  • Engaging students in the Global Compact: Students involved in the undergraduate internship programme at the University of Wollongong Faculty of Business in Australia are required to focus on the Ten Principles of the Global Compact at their workplace as part of their assessment. Internships are arranged with corporate partners who are also part of the Global Compact and have a strong focus on sustainability, such as Westpac and National Australia Bank..
  • Promoting the Global Compact to academic institutions: As an early signatory to the Global Compact, Ivey Business School in Canada is leveraging its extensive publishing case collection by matching up the cases with the Ten Principles of the Global Compact. You can now search for cases related to the different Principles.
  • Integrating the Principles into teaching: Instituto Superior de Educacion Administracion y Desarollo in Spain is taking a lead in a project involving the PRME Chapter Iberian, looking at indicators to implement Six Principles of PRME into business schools, including the Ten Principles of the Global Compact and the 17 Sustainable Development Goals. The University of New England in Australia annually monitors their courses to ensure that they address the social, governance and environmental objectives of the Global Compact.

Training for Global Compact Companies

Business schools are increasingly tapping into opportunities to work with Global Compact Local Networks and companies to provide needed training and raise awareness around the Global Compact Principles and their application. For example:

  • Training around specific issues for UNGC: Several years ago, Copenhagen Business School initiated a Board Programme with the UN Global Compact that aimed to support boards of directors to effectively oversee and help drive their company’s sustainability strategy. This is now part of the UN Global Compact offerings. In the UK, Aston Business School provides human rights training for companies through their Global Compact Local Network.
  • Assisting with the integration of the Global Compact generally: Since 2013, Universidad EAFIT and the Colombian multinational SAGEN have worked together on an initiative called “First Contact Pilot Programme” to promote sustainability under Global Compact parameters amongst ISAGEN suppliers. They also designed a Global Compact programme for Responsible Suppliers, a 10-hour programme focused on the Ten Principles of the Global Compact open to managers from companies in their Local Network. Registered participants received accreditation for participating.
  • Providing specialized diplomas: Externado University Management Faculty offers a diploma in Business and Human Rights, in collaboration with the local network, aimed at deepening participants’ understanding on human rights and their relationship to business. The university also invited small and medium sized companies to take part in their First Steps in CSR programme, also in partnership with the Global Compact Local Network. More than 250 SMEs have participated in this programme.

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Managing Humanitarian Emergencies – EADA Business School

For one week in March, EADA Business School’s campus in Collbato transforms into a model refugee camp. Here participants from different programmes at EADA meet to take part in an innovative elective offered on Managing Humanitarian Emergencies. As one of the most highly evaluated courses at the school, it introduces participants to the main components required to respond to humanitarian emergencies. I spoke with Giorgia Miotto, External Relations and Communication Director, and Dr. David Noguera, founder of the course at EADA Business School, about this unique course.

What is the Managing Humanitarian Emergencies class?

Managing Humanitarian Emergencies is an elective course open to students from all programmes across campus. The course is given by Dr. David Noguera, cofounder and manager of ReAccio Humanitaria, an institution devoted to preparing for, training teams, and creating awareness around humanitarian emergencies. He is also a professor at EADA.

The aim of the course is to train students to respond efficiently in extreme situations. More specifically, the course is based on the Triple Bottom Line sustainability parameters:

  • The sustainability of profits, which has to do with the company’s economic sustainability,
  • The sustainability of people, who work for the organization, purchase its products, services or live in the surrounding area, and
  • The sustainability of the planet and environmental supply chain management

Why provide such a course?

The main goal is to show how humanitarian organisations achieve positive results reducing mortality, morbidity and suffering of populations in precarious situations. It is also a way to learn different ways to manage highly independent teams with a focus on achieving results. Extreme situations are often a good test to test our abilities to make complex decisions.

Dr. Noguera, who started the course, believes that in this day and age it is necessary to establish a dialogue between the corporate and humanitarian sectors. Companies need to not only be aware of humanitarian crisis and actions, but also understand if they have a role to play. Apart from this, there are also a lot of professional opportunities in the humanitarian field.

What are the key features of the course?

The course helps students make choices in complex settings and contests, as an individual or as a member of a company, through very interactive training. In one part of the course they plan a comprehensive response to a refugee population by designing, planning and deploying key activities in a refugee reception centre. Key benefits include:

  • Shared values: Raising awareness of individual and corporate social responsibilities
  • Improving teamwork: Dividing up roles and responsibilities in order to achieve goals in a fast, flexible and reactive way that reflects work in the field
  • Enduring and solving crisis situations: Facing crises affecting people’s lives is the daily challenge of humanitarian organisations
  • Learning about humanitarian action: As a professional field or as a matter of interest

What have been some of the challenges? Successes? 

Our main challenge is to get students to join this training, as they are unaware of the massive potential for collaboration between the private and humanitarian sector and how their professional profiles can fit into the humanitarian field. They believe humanitarian work is for doctors, logisticians, teachers and sociologists, but, in fact, there is a large variance in managerial profiles.

A second challenge is the lack of knowledge of what happens in the humanitarian field more generally.

The major successes are solving the challenges previously mentioned. But above all, the most important success is that participants leave the training with a deeper sense of responsibility and awareness about the suffering of the populations most in need, and with some tools and deeper understanding of the challenges and opportunities to engage in contributing to the improvement of this situation.

What advice would you have for other schools thinking of putting something similar into place?

I would challenge them to ask themselves why they shouldn’t provide such an opportunity to their students. In the same way an economy, information or politics are global, the humanitarian crisis has a global impact that obliges all actors and stakeholders to decide how they can engage and contribute to improving the situation. Raising awareness and capacitating current and future leaders is a solid step in a good direction.

What’s next for the initiative?

We would like to grow and reach more people by shifting from an optional training to a compulsory and transversal one attended by all students so that we can increase and maximise impact.

2015 Good Practices in Responsible Management Education (Part 2)

It is once again time for PRiMEtime’s year-end review. 2015 was another exciting year with a lot of innovative new initiatives and approaches at business schools around the world to embedding responsible leadership and sustainability into their programmes. Sixty articles were posted featuring over 182 examples from more than 114 schools in 38 countries. In this 2-part year-end post we review what happened this year and what we have to look forward to next year. (Click here to view Part 1)

Principle 5Principle 5: Partnerships

A growing number of schools are partnering with local businesses to advance sustainability on campus and beyond. In fact, through a new project between Global Compact LEAD and PRME Champions many of these partnerships were highlighted this year including The American University in Cairo’s Women on Boards programme, the development of local sustainability networks by ESPAE, University of Guelph partnership around food, Novo School of Business and Economics’ partnership around children consumer behaviour and the University of Technology Sydney partnership around insurers role in sustainable growth. Additional resources were providing to assist schools in developing new partnerships including 5 Key Messages from Business to Business Schools Around Sustainability and 10 Tips.

Another feature focused on examples of schools engaging with local governments in Turkey, Brazil, Australia, US, UK and Latvia.

Principle 6Principle 6: Dialogue

Most of the examples presented through the year have also involved dialogue around responsible management topics, across the campus and beyond. As always, many posts featured Sharing Information on Progress Reports including an overview of the newly released Basic Guide to Sharing Information on Progress, as well as a two part series on visuals to get inspired by for your next SIP report.

A number of Sharing Information on Progress Reports were featured and celebrated this year including Reykjavik University’s first report, Ivey Business School’s experiences communicating the big picture through their SIP, the recipients of the Recognition of Sharing Information on Progress Reports were highlighted including KEDGE Business School.

Principle “7”: Organisational Practices

PRME signatories globally are increasingly active in creating more sustainable campuses. Coventry University shared their experiences in gaining sustainability accreditation in the UK. A two-part feature on sustainable buildings on campus highlighted a range of approaches being taken by schools around the world.

Last but not least, as businesses become more engaged in sustainability around the world, we are presented with an increasing range of examples of active companies to highlight in the classroom. Featured sustainable business examples collected from faculty in 2015 included:

Thank you for a fantastic 2015 and for contributing all of your good practice examples and stories. We encourage you to engage with the discussion and promotion of PRME and the Sustainable Development Agenda on all levels, including our Chapters and working Groups, as well as through Facebook, LinkedIn, and Twitter.

2016 will be another exciting year in the field of management education and sustainability in particular through the Sustainable Development Goals and business-business school partnerships. If there are any topics in particular you would like to see covered, or you would like your initiatives to be featured, please do not hesitate to contact me at gweybrecht@thesustainablemba.com.

2015 Good Practices in Responsible Management Education (Part 1)

It is once again time for PRiMEtime’s year-end review. 2015 was another exciting year with a lot of innovative new initiatives and approaches at business schools around the world embedding responsible leadership and sustainability into their programmes. Sixty articles were posted over the year on responsible management education, featuring over 182 examples from more than 114 schools in 38 countries. In this 2-part year-end post we review what happened this year and what we have to look forward to next year.

Principle 1Principle 1: Purpose

2015 of course was the year of the PRME Global Forum. A post of student views on business as a force for good as well as what the future corporation will look like, highlighted the power of students in being innovative thought leaders. Several key documents were launched during the Forum and featured on PRiMEtime including The State of Sustainability and Management Education.

In September a call to action was made to higher education institutions to join in making a commitment to support refugees in crisis. The PRME community stepped up with a number of initiatives featured in this post. Two posts on Higher Education for Climate Change Action coincided with the Higher Education Sustainability Initiative meeting in October and featured a number of examples of business schools taking action around this important issue.

As the international community is preparing to launch the Post-2015 Development Agenda and the Sustainable Development Goals in 2016, a growing focus of PRiMEtime and the wider PRME community has been understanding how business schools can engage in the process and contribute to achieving the goals once they are put in place. Several updates were posted including this overview and update.

Principle 2Principle 2: Values

As the sister initiative to the Global Compact, several Global Compact resources were featured including Finance and Sustainability Resources and Ways to Engage and a look at the building blocks for transforming business and changing the world. We also looked at a number of other resources available to the PRME community including ways that schools are using technology in the classroom to teach sustainability, a selection of MOOCs on Sustainability/Ethics for Fall 2015 as well as for Spring 2015.

Several posts featured International Days focused on highlighting and celebrating specific sustainability related topics. This included a look at how management education is engaging high school students in sustainable business for International Youth Day, schools engaged in sustainable energy projects for the International Year of Light, a two part feature on schools engaged in sustainable food for World Health Day, and women and management education for International Women’s Day

Principle 3Principle 3: Method

PRME schools shared their experiences in re-designing their programmes to embed sustainability more fully including Stockholm School of Economics, University of New South Wales, Jonkoping International Business School, and the University of Wollongong. This included new courses such as Peter J. Tobin College of Business introducing all students to not-for-profit management, students engaging in their communities including innovative projects at Great Lakes Institute of Management, and Willamette University Atkinson Graduate School of Management’s MBA for Life programme. ISAE/FGV shared their experiences in engaging stakeholders in prioritising their sustainability strategy moving forward.

Principle 4Principle 4: Research

Schools continue to conduct a number of important research projects around the topic of sustainability, ethics and responsible management focused on their particular regions, including the development of case studies on sustainable production and consumption for the business community at the Universiti Sains Malaysia.

A growing focus is being put on interdisciplinary collaboration and projects including at Stockholm School of Economics, Aarhus University and the Maasai Mara in Kenya, and the development of an interdisciplinary sustainability research network at University of Nottingham.

Several new publications were introduced which highlight research and the key role that faculty play in embedding sustainability and responsible management into the curriculum including Faculty Development for responsible management education and an Inspirational Guide for the Implementation of PRME featuring examples from UK and Ireland.

 Part 2 will be posted on January 4th, 2016.

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