GMAC Awards $7.1M to 12 Organizations to Improve Business School Education
The Graduate Management Admissions Council (GMAC) this week announced the second-phase winners of a $10 million program designed to enhance graduate management education. Twelve organizations, including business schools in the United States, Canada, Spain, India and Botswana, were awarded a total of $7.1 million in funding to develop ideas submitted as part of the Ideas to Innovation (i2i) Challenge.
The first phase of the i2i Challenge drew more than 650 initial ideas in response to the question, “What one idea would improve graduate management education?” Twenty top ideas were selected from these initial submissions. As part of the second phase, 25 organizations from seven countries were invited to create innovative graduate management education programs inspired by winning Phase 1 concepts.
On April 17th, GMAC announced 12 finalists, including ESADE in Spain, the University of Botswana and Net Impact, an international network of top graduate business schools dedicated to inspiring a new generation of business leaders to put their skills to work to improve the world. The winning i2i proposals each focus on one of three areas: creating social responsibility and service learning opportunities as part of business school, developing new business leadership opportunities for military veterans and encouraging global collaboration between educational institutions.
With grant money from GMAC’s Management Education for Tomorrow (MET) Fund totaling $7.1 million, the 12 finalists will now implement their proposals, which range from expedited MBA programs for veterans emphasizing corporate social responsibility to the creation of a virtual marketplace matching nonprofit organizations in need of innovative ideas and business solutions with MBA students who can provide them. GMAC hopes this third and final phase of the i2i Challenge will serve to revitalize graduate management education as a whole.
“Graduate management schools play a critical role in training business leaders who make a global impact,” GMAC President and CEO Dave Wilson, said in a statement. “We believe these grants will enhance that impact and trigger even more innovation in schools around the world.
For a complete list of the 12 Phase 2 winners and their proposals, click here.