From artificial intelligence to entrepreneurial ecosystems, from ethical capitalism to inclusive transformation—this year’s EFMD Annual Conference hosted by TUM School of Management was a bold call to rethink, realign, and reimagine the future of management education.

Set in the heart of Munich, the 2025 EFMD Annual Conference brought together more than 500 business school leaders, faculty, and corporate partners from across the globe. Under the timely theme, “Navigating uncertainty: Business schools and the ecosystems of innovation,” participants tackled the defining issues of our time—from geopolitical flux and accelerated technological change to the reimagination of capitalism itself.

EFMD President Eric Cornuel delivers the opening address

Opening reflections: From principles to practice

The conference opened with a warm welcome from Eric Cornuel, President of EFMD, who reminded attendees that amid an age of disruption, EFMD’s mission endures—not as a guardian of the status quo, but as a catalyst for shared values, educational equity, and global collaboration. Referencing a series of EFMD initiatives, he made a case for a future-oriented management education rooted in ethics and societal contribution.

We are not retreating in the face of external pressure—we are doubling down on what we do best: supporting institutions to meet complexity with clarity,” said Cornuel. “We are here to model the leadership our societies need—humble, principled, and open to change,” he added.

Thomas Hofmann, President of the Technical University of Munich, spoke next, grounding the conversation in the global forces reshaping higher education. He highlighted the growing productivity gap between Europe and the U.S., the urgent need to build bridges between science and management, and the transformational potential of AI and biotechnology.

“Universities must become platforms—not ivory towers,” said Hoffman. “We must integrate talent, science, and entrepreneurship to build future-ready ecosystems. We need changemakers in all disciplines.”

Adding a reflective layer, Conference Chair Jordi Diaz, Dean of EADA Business School, urged participants to embrace a mindset of curiosity and humility. “We’re not navigating toward certainty,” he said. “We’re navigating through uncertainty.” He called on business schools to revisit their foundational visions while staying open to transformation.

Conference Chair Jordi Diaz and Thomas Saueressig

Thriving in the Age of AI: From Disruption to Integration

Artificial Intelligence was front and centre at this year’s conference, and its reach was felt across every corner of the programme—from plenaries to workshops to informal discussions. In the opening plenary, “Knowledge transfer, impact and innovation,” Thomas Saueressig, Executive Board Member of SAP, painted a vivid picture of AI’s economic potential and its urgency for action.

“The rate of change we are experiencing now is the slowest it will ever be again,” noted Saueressig. “By 2027, we will have generated more data in two years than in all of human history before 2020.”

He outlined three waves of technological disruption—Internet (distribution), Cloud (storage), and now Generative AI (creation)—urging business schools to teach data literacy, rethink assessments, and integrate AI tools into curricula.

Lessons from Mittelstand: Resilience and responsibility

While the future was a dominant theme throughout the conference, the next plenary with a panel on the Mittelstand—Germany’s family-owned small and medium-sized enterprises—offered insight into how these organisations continue to thrive across generations.

Moderated by Laurent Choain, Chief Culture & Partnership Officer at ForvisMazars Group, speakers included Isabel Knauf, Member of the Partners Committee at Knauf Group, Moritz Kübel, CEO of Perpetual Investors, Melanie Richards, Professor and Chair of Family Business Culture and Ownership at the TUM, and Anna Hörmann, Managing Director of Hörmann Warnsysteme.

Laurent Choain, Isabel Knauf, Moritz Kübel, Melanie Richards and Anna Hörmann

The panel indicated long-term thinking, flat hierarchies, and a strong cultural identity as central to the Mittelstand’s enduring success. They emphasised the emotional and social dimensions of leadership, highlighting the importance of succession planning, responsible ownership, and empowering employees.

“Mittelstand firms invest not just in products, but in people. They balance profitability with purpose—and that’s why they endure,” said Richards. “Legacy is not nostalgia—it’s a compass.”

The discussion also considered how management education can prepare students to work in such environments—not only by teaching theory, but by helping them navigate complex interpersonal and intergenerational dynamics.

Jordi Diaz, Conchita Diaz Cantarero and José Esteves

Partnerships reshaping AI and education

As the conference shifted from the values anchoring long-standing enterprises to the forces shaping future-ready institutions, the next plenary turned to the intersection of technology and education—exploring how AI is redefining collaboration between business schools and industry.

In “Collaboration for AI Innovation in Business Schools,” plenary speakers Conchita Diaz Cantarero, Responsible AI Trainings EMEA at Google, and José Esteves, Dean of Porto Business School, discussed how the surge in technological innovation is compelling business schools to rethink their role. They explored the power of industry-academia partnerships, highlighting initiatives such as integrating Google Cloud certifications into coursework and launching the Gemini Academy.

“AI is here, and it’s accelerating fast. We need to teach students not just how to use it—but how to question it,” said Cantarero.

The panellists stressed that AI adoption must be ethical, inclusive, and co-developed with educators. By collaborating with technology companies, business schools can create innovative programmes, embed industry credentials, and offer real-world learning through case studies, capstone projects, and applied research. These partnerships help students engage with emerging technologies and gain the practical skills increasingly demanded by employers.

Conference Dinner at Hofbräuhaus Beer Hall, Munich

Building Innovation Ecosystems: Munich to Mumbai

Following a lovely evening of lively discussion, cocktails and a formal sit-down dinner at the Hofbräuhaus Beer Hall, day two kicked off with a high-energy session moderated by Chair Jordi Diaz and featuring Helmut Schönenberger, head of UnternehmerTUM, and Varun Nagaraj, Dean of SP Jain Institute of Management and Research. Together, they made the case for universities to act as “startup factories” and platforms for entrepreneurial innovation.

TUM’s UnternehmerTUM supports 15,000 innovators annually and has already helped launch unicorns like Flixbus. The centre’s strategy combines hands-on prototyping labs, industry networks, and interdisciplinary collaboration.

Jordi Diaz, Helmut Schönenberger and Varun Nagaraj

“We don’t just teach entrepreneurship—we live it. We create spaces where students build companies, not just careers,” said Schönenberger. “We need vision—not just from universities, but from the cities and communities that surround them.”

Across the globe, SP Jain is developing its Wise Innovation ecosystem, focused on balancing social, environmental, and financial outcomes. Its accelerator programme connects students to startups, enabling them to refine business models while tackling real-world problems.

“Innovation isn’t enough. We need wise innovation—rooted in values, scaled through action,” said Nagaraj.

A Radical Call to Reimagine Capitalism

As the conversation around wise innovation and entrepreneurship unfolded, it became clear that business schools are not just shaping ideas—they’re shaping systems. This theme carried through into the closing plenary, “Challenging the Role of Business Schools: A Look into the Future,” where the spotlight shifted to the deeper purpose of management education in an era of global uncertainty.

Harvard Business School Professor Rebecca Henderson delivered a moving address, describing the era we are living through as a “polycrisis”—a convergence of environmental, economic, social, and political breakdowns.

“Yes, we need better systems. But we also need better selves. More love. More sleep. More care—for each other, and the planet,” said Henderson.

She challenged business schools to embrace a new narrative—one that moves beyond short-termism toward purpose, cooperation, and institutional renewal. Her five steps to systemic change included:

• Creating shared value
• Building cooperative ecosystems
• Rebuilding institutions
• Aligning profit with purpose
• Teaching and scaling systemic thinking

Rebecca Henderson delivers the closing plenary

Rebecca’s final message was one of hope and action: that even in a moment of darkness, leadership grounded in connection, meaning, and humility can help light the way forward.

“We need a new story—a new way of seeing ourselves and our role in the world,” Henderson added. “We’ve been taught, for good reason, to pursue individual success—education, jobs, security. But we’ve lost sight of the larger picture. Every major spiritual tradition has told us for thousands of years: we are interconnected. We need each other.”

Breakout sessions: Business education at a crossroads

Several breakout sessions took place throughout the conference, touching on the shifting responsibilities and opportunities facing business schools as they confront societal inequality, technological acceleration, and geopolitical disruption. On the first day, sessions explored new models of engagement, leadership, and innovation, reinforcing the need for institutions to act with both urgency and intention.

In the session “Co-creating second chances: How universities can foster social impact through re-entry entrepreneurship education programmes,” Joanne J. Zhang of Queen Mary University of London and Kameel Khan, UK judge and Chair of the Prince Charles Trust Ex-Offenders Programme, discussed their five-year collaboration through Project ReMAKE, highlighting how entrepreneurship education can support prison leavers while enriching student learning; the conversation was moderated by Sankar Sivarajah of Kingston Business School.

“AI in action: Practical applications in business schools and universities” brought together Miriã Melo from Fundação Dom Cabral in Brazil, Rodney Chu from The Hong Kong Polytechnic University, and Mohamed Madi of United Arab Emirates University, with moderation by Martin Lockett of Nottingham University Business School China, to explore how AI is already reshaping teaching, institutional strategy, and community engagement across global regions—and why ethical guardrails and urgent action are needed to maintain educational integrity.

Simon Mercado and Julie Perrin-Halot

In “Internationalisation in a time of disruption,” Simon Mercado of ESCP Business School and Julie Perrin-Halot of Grenoble Ecole de Management explored how internationalisation strategies must evolve in response to climate risk, geopolitical shifts, and digital transformation, presenting a values-driven framework for redefining global engagement beyond traditional mobility.

The session “Rethinking academic collective leadership” featured Leisa Sargent from the University of Sydney Business School and Baback Yazdani of Nottingham Business School, with Thami Ghorfi of ESCA School of Management moderating, as they examined how leadership structures must shift toward more inclusive, distributed, and collaborative models to navigate institutional complexity.

In “The impact of AI on accreditation standards and processes: Reflections from EFMD Quality Services,” Alfons Sauquet of EFMD Global, Paul Andon from UNSW Business School, and Kar Yan Tam of HKUST Business School reflected on how emerging technologies are challenging current accreditation norms, calling for a rethinking of quality standards and evaluation practices in an AI-driven academic landscape.

Ethics, Belonging and the Future of Work

Breakout sessions on the second day offered a compelling window into how business schools are navigating the complex challenges of today’s global environment, from political instability to technological disruption and shifting student expectations.

In “Educating Graduates Who Can Lead in a World of Coercion and Conquest,” Johan Roos, Executive Director of the Peter Drucker Society and Presidential Advisor at Hult International Business School, UK, led a participant-driven discussion on how institutions are adapting curricula to help students lead in an era of geopolitical tension, economic coercion, and fractured global systems.

The session, “Creating a Culture of Belonging in a Changing World,” chaired by Jennifer Chapman from the University of Georgia, brought together Marcelle Laliberté of HEC Paris and Paul Ambrose from the University of Wisconsin-Whitewater to share how inclusive pedagogy, mentoring, and community-building initiatives are helping students feel seen and valued within increasingly diverse academic environments.

Breakout Session: In “Educating Graduates Who Can Lead in a World of Coercion and Conquest,” Johan Roos

In the session “AI – How Does It Change the Business Model of Business and of Business Education?”, moderator Sankar Sivarajah, Dean of Kingston Business School, UK, and speaker Jasmeet Narang, Chief Transformation Officer at Santander UK, explored how artificial intelligence is transforming both industry and education, with a call to embed AI literacy, ethics, and change management across business curricula.

The session, “Leading and Caring for Yourself,” moderated by Raul V. Rodriguez of Woxsen University, India, featured Hannes Zacher from Leipzig University and Roberta Fida of Aston Business School, UK, in a thoughtful conversation on the psychological and ethical implications of digital work, from techno-stress to the need for moral leadership in remote environments.

In the session, “Shifting Dynamics in Graduate Management Education,” Sara Strafino and James Barker from GMAC, UK, presented new research on how global trends—from sustainability to flexible learning—are reshaping candidate preferences and prompting schools to rethink their programmes, formats, and international strategies.

Together, these breakout sessions underscored a central theme of the conference: that business education stands at a crossroads—facing urgent choices, unprecedented responsibilities, and profound opportunities to lead in a fractured world.

Concluding remarks and looking ahead

During the conference’s annual general assembly, we welcomed 29 institutions to the network and celebrated our members’ commitment to excellence through accreditations and awards.

We extend our deepest gratitude to all who attended, including the speakers and steering committee members, for their contributions to making this event one of our most successful yet. We also express a special thank you to our strategic partner, the Graduate Management Admission Council (GMAC), and our gracious host, TUM School of Management, whose unwavering support was instrumental.

We are immensely grateful for the exceptionally diverse and engaged EFMD community, which once again joined forces to debate, envision, and chart a roadmap towards a future-proof transformation in impactful business education.

We are delighted to announce that San Telmo Business School will host the 2026 EFMD Annual Conference from 7 to 9 June in Seville, Spain. We strive to keep the spirit high and eagerly anticipate welcoming you all next year, so please keep an eye on our events page for registration information and further updates.

A throwback of the live reactions from the 2025 EFMD Annual Conference is available on our X feed.