As I reflect on the recent EFMD Global Americas Annual Conference in Boston, I’m struck by how far we’ve come in transforming business education – and how far we still have to go. The theme “Impact Unpacked” couldn’t be more relevant, as business schools grapple with defining and demonstrating their value in a rapidly evolving global economy.

These reflections align closely with the framework of “The Next Management” (TNM) advocated by the Global Peter Drucker Forum and its affiliated Vienna Center for Management Innovation. TNM offers a holistic approach to leadership that prioritizes innovation, ecosystem thinking, and long-term value creation. As we reimagine business schools, we’re simultaneously shaping the future of management practice. These were the key messages in my keynote presentation, which ended the conference:

 1. From sustainability to regenerative business

While many schools now emphasize sustainable business practices, we must go further. We need to teach regenerative business models – not just minimizing harm, but actively healing ecosystems and social structures. This aligns with TNM’s focus on long-term value creation and ecosystem thinking. By integrating regenerative principles into our curricula, we can equip graduates to build businesses that improve our world. To my delight, at the end of my keynote, Star Professor Omar Romero-Hernandez of Hult International Business School stood up and promised to design a new course on Regeneration within weeks, exemplifying the kind of rapid response and innovation we need.

2. Cultivating practical wisdom in leadership development

Technical skills remain important but are increasingly fleeting in the face of artificial intelligence and automation. Our greater challenge is developing ethical leaders with practical wisdom – the ability to make context-dependent decisions that serve both business and societal interests. Graduates should think like founders who create a legacy, not only as corporate managers.

This requires a fundamental shift in our approach to leadership development, emphasizing long-term thinking, ethical and (context-specific) moral decision-making, and a deep understanding of societal impacts. We should integrate ethical simulations, drama, and role-playing exercises that challenge students to grapple with complex moral dilemmas. This echoes TNM’s emphasis on management as an art, requiring adaptability, empathy, and ethical reasoning. By fostering practical wisdom, we can produce leaders who not only succeed in business but also contribute positively to society’s well-being.

3. Embracing diverse ways of knowing in global business

As business becomes truly global, we must welcome multiple epistemologies and ways of understanding the world. This means redesigning our curricula to include diverse perspectives and hiring faculty from varied cultural and epistemological stances. It also means creating opportunities for students to engage with different worldviews of management and business.

We could introduce courses that go beyond Western-centric economic models and narratives that instead emphasize the interconnectedness of humanity, the affirmation of others, and the balancing of contributions to the common good and receiving assistance. This reflects TNM’s principle of being reality-grounded rather than ideology-driven. By embracing diverse ways of knowing the world, we can prepare business graduates to navigate the complexities of a complex global business landscape and build on effective international collaborations in a challenging geopolitical environment.

4. Embracing hands-on, experiential learning as default pedagogy

As the originator of LEGO Serious Play methodology, I’ve long advocated for more hands-on, experiential approaches to learning. We must place creative, tactile experiences at the heart of our pedagogy. LEGO Serious Play, for instance, allows students to build physical models of abstract business concepts, fostering deeper understanding and more creative problem-solving. By integrating hands-on experiences throughout the curriculum – from experiential learning galleries to immersive business simulations – we can better prepare students for the dynamic, ever-changing business world they’ll enter. A shift towards “hands-on” rather than just “minds-on” education will cultivate the creativity, adaptability, and practical skills essential for future business leaders. This approach aligns with TNM’s focus on innovation and human augmentation over mere automation.

5. Rethinking faculty roles in the digital age

Perhaps most provocatively, I proposed transitioning from traditional faculty to more entrepreneurial “learning facilitators” who can design AI-enhanced, peer-to-peer learning experiences. This reimagining of faculty roles is crucial in an era of rapid technological advancement and changing student needs. We should create new faculty models that blend academic expertise with practical experience and technological savvy.

This reimagining of faculty roles is crucial in an era of rapid technological advancement and aligns with TNM’s emphasis on human-AI synergy. By evolving the role of faculty, we can create more dynamic, relevant, and effective learning environments that prepare students for the realities of the modern business world.

Conclusion

The conversations in Boston left me cautiously optimistic. There’s growing recognition that incremental change isn’t enough, neither for management education nor management practice. We need to fundamentally reimagine the purpose and methods of business education for a world in which managers face unprecedented challenges and opportunities.

As we look to the future, let’s have the courage to move beyond tweaking existing models. This journey of transformation requires humility, openness to new ideas, and a commitment to positive societal impact. It’s not about perfection or for managers or business schools to solve all the world’s problems, but continuous.

How can we accelerate these transformations in our spheres of influence? How can we ensure that the principles of TNM are embedded not just in our business schools, but in organizations across all sectors? Together, we have the opportunity to shape a new era of management education and practice – one that’s equipped to navigate our complex global landscape while contributing meaningfully to societal progress. Join me in this crucial conversation.

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