Social Impact Course Offerings and Career Paths

Transcription

1 Social Impact Course Offerings and Career Paths Class of December 2013 Core Social Impact Courses: - Business Sustainability Thinking (P3 May-Jun) Mini Asia/ Europe Campus - Social Entrepreneurship and Innovation (P4 Sep-Oct) Mini Asia/ Europe Campus - Responsibility in Professional Services (P5 Nov-Dec) Mini - Europe Campus Other Courses with Social Impact: - Building Businesses in India (P4 Sep-Oct) Mini Asia/ Europe Campus - Corporate Governance: Financial Aspects (P4 Sep-Oct) Mini Europe Campus - Economics and Management in Developing Countries (P4 Sep-Oct) Mini Asia/ Europe Campus - Entrepreneurial Field Studies (P3 May-Jun) Asia/ Europe Campus - Entrepreneurial Strategies in Emerging Markets (P3 May-Jun) Europe Campus - Law of Corporate Management and Finance (P4 Sep-Oct) Mini - Europe Campus 1

2 CONTENTS INTRODUCTION... 3 POTENTIAL CAREER PATHS. 4 OVERVIEW OF SOCIAL IMPACT COURSE OFFERINGS... 5 COURSE DESCRIPTIONS Core Social Impact Courses COURSE DESCRIPTIONS Other Courses with Social Impact.. 7 RESOURCES. 11 2

3 INTRODUCTION Introduction to Social Impact at INSEAD INSEAD views the role of business in society as an integral part of any MBA toolkit. The competitive nature of business today means that issues of social impact are creating risks and opportunities that fundamentally change the ground rules for firms, industries and their stakeholders. As such, INSEAD offers a wide range of courses relevant to MBA students who desire to make a social impact in the international community. In addition, students interested in the relationship between business and society (in both developed and developing countries), are invited to join INDEVOR, the INSEAD Organisation for Social Impact. Visit for more information. Interested students should also look at the INSEAD Social Innovation Centre at and the INSEAD Social Impact Catalyst at (more information on both enclosed at the end of this document). Purpose The purpose of this document is to provide MBA students with a guide to the INSEAD courses particularly relevant to social impact. Since social impact is by nature an interdisciplinary topic, these courses are taught by faculty across the spectrum of departments. While all INSEAD courses to some degree address topics with social impact, this document identifies those INSEAD elective courses that are predominantly about social impact (described as "core social impact courses offerings") along with some other courses that give considerable attention to social impact, though this is not their primary focus. The overview table on page 5 lists these courses and the career tracks for which they are most relevant. Inevitably, such lists are subjective. You are encouraged to look at the detailed course outlines as well as the short course descriptions provided here. 3

4 POTENTIAL CAREER PATHS We want to stress that a positive impact on society can be made in any career, at any level. However, there are specific career paths that are social by design. We have broken these into four key areas: corporate social responsibility (CSR), international development, non-profit and NGO (non-governmental organizations) management, and social entrepreneurship. The definitions of these careers are constantly changing, based on new study and application by the business community. In order to clarify and create distinct categories, we have defined the career tracks as follows: Corporate Social Responsibility. This career track usually refers to a specific management role within a company. CSR professionals guide the activities of a company within the local and international community, often through environmental stewardship, diversity of staff and philanthropic efforts. Benefits to the company include improved recruitment and retention, stronger risk management, brand differentiation and a continued license to operate. This track is also increasingly becoming an option with major strategic consultancies as well as smaller, more specialized consulting firms. International Development. International development is a broad and multidisciplinary area, with the goal of alleviating poverty in developing countries. International development activities include governance, healthcare, education, microfinance loans, and the establishment of public infrastructure. Examples of organizations in which a career in international development could be pursued include: multilateral development institutions, bilateral agencies, non-profit organizations, development consulting firms or emerging markets investors and consultants. Non-profit and NGO Management. Non-profits and NGOs are increasingly seeking business professionals to manage their organizations. MBAs with a career in this area will usually perform traditional business functions, such as general management, marketing, business development, finance and programme operations, within the non-profit context. Non-business roles could include fundraising and donor development. Social Entrepreneurship. ASHOKA, a leading incubator for social entrepreneurs, defines social entrepreneurship as individuals with innovative solutions to society s most pressing social problems. MBAs seeking to become social entrepreneurs often pursue traditional entrepreneurship courses, with the aim that their efforts will achieve a social benefit in addition to sustainability and profitability. The INSEAD Social Entrepreneurship Initiative focuses on such solutions. More information can be found at: 4

5 OVERVIEW OF CORE SOCIAL IMPACT COURSES OFFERINGS Corporate Social Responsibility Non-profit and NGO Management International Course Development Business Sustainability Thinking (P3 May-June) *** * * * Social Entrepreneurship and Innovation (P4 Sep-Oct) * ** * *** Responsibility in Professional Services (P5 Nov-Dec) *** ** * ** Social Entrepreneurship * Useful for the career track ** Important for the career track *** Very important for the career track OVERVIEW OF OTHER COURSES WITH SOCIAL IMPACT Corporate Social Responsibility Non-profit and NGO Management International Course Development Building Businesses in India (P4 Sep-Oct) * ** * * Corporate Governance: Financial Aspects (P4 Sep-Oct) * * * * Economics and Management in Developing Countries (P4 Sep-Oct) * *** * * Entrepreneurial Field Studies (P3 May-Jun) * * ** ** Entrepreneurial Strategies in Emerging Markets (P3 May-Jun) * * ** ** Law of Corporate Management and Finance (P4 Sep-Oct) * * * * Social Entrepreneurship * Useful for the career track ** Important for the career track *** Very important for the career track 5

6 COURSE DESCRIPTIONS Core Social Impact Courses Offerings Business Sustainability Thinking P3 - Fontainebleau/ Singapore: Francis de Véricourt (mini) This course aims to provide a broad framework for understanding how business interacts with issues related to sustainability. (We will focus mostly, but not exclusively, on the environmental dimension of sustainability.) The primary question we will address is "how environmental issues help firm improve, innovate and be more successful?" There is an increasing pressure on businesses to pay more attention to the ecological and social environments in which they operate. Communities are demanding higher standards of air, water, and soil quality. Global warming is constantly on the news and world gas reserves are shrinking. The emergence of this new paradigm brings many challenges but also opportunities to the firm. As the focus on the public-private interface intensifies, new policies and regulations are discussed or introduced, which affect how markets work and in some instances, constitute additional sources of uncertainty. The development of green technologies is also exploding, even though their respective value remains unclear. Further, innovative firms are advancing new business models to address sustainability-issues, putting increasing pressure on their competitors. There are many reasons to care about how businesses interact with the environment from the basic (cost reduction, compliance) to the inspiring (entrepreneurial opportunities). In any case, we will keep a business-oriented perspective and focus in particular on how firms can effectively take advantage of environment-related regulations, adapt to the emergence of new green technology and more generally, leverage the ecological and social environment in which they operate to their advantage. The first part of the class will be grounded in System Dynamics, a modeling tool well suited to frame sustainability related issues. The course also covers many industries and explores issues faced by large companies as well as start-ups. This course is for people with several potential profiles. Participants interested in the Energy sector are one. Second is for anybody that works in an area where energy and sustainability are having big impact, such as logistics, construction, mobility, etc. More generally, the course is intended to anyone with an interested in understanding how sustainability issues might affect businesses in the coming decade. 6

7 Social Entrepreneurship and Innovation P4 - Fontainebleau: Filipe Santos (mini)/ Singapore: Steven Mezias (mini) Social entrepreneurs have become a driving force for societal change and business innovation. What do social entrepreneurs do that is unique and why do they succeed in addressing profound societal problems in areas where governments, markets and charities have failed? This course is valuable for participants who want to understand the key trends and innovations shaping the field of social entrepreneurship and innovation globally. It is also a call to action, engaging participants as potential social entrepreneurs, impact investors, policy-makers or corporate partners in the social enterprise sector. The course provides a toolkit for social entrepreneurs and innovators and allows participants to discuss their own ideas for value creation in society, as well as their improving their positioning for a rewarding career in social impact. Given the engagement required to follow this course, auditors are not allowed. The course thus provides a toolkit for becoming a social entrepreneur and allows participants to discuss, assess and refine their own ideas for value creation in society through new business initiatives. Even if you don t intend to become a social entrepreneur, the course will give you a very clear sense of what is unique about social entrepreneurship, what are the key challenges and opportunities, and how a social venture is built and who should invest in it and how. This course is valuable for participants who want to understand the key elements in building a new business for societal impact, as well as understand the trends and mechanisms for social innovation and impact creation. COURSE DESCRIPTIONS Other Courses with Social Impact Building Businesses in India P4 - Fontainebleau/ Singapore: Vikas Aggarwal (mini) The course will enable you to develop deep insight into three questions: 1) What opportunities and obstacles face those who would build a company in India? How does an entrepreneur build a growth venture in India? 2) How does the context shape growth ventures coming out of India? What characteristics and mindsets will you encounter in the next great generation of Indian companies that grow out of today s ventures? 3) What ideas can you borrow from India s entrepreneurs that can help you build a company or work effectively with company builders wherever you go in your career? India has a centuries old entrepreneurial tradition among certain ethnic and social groups. Entrepreneurship was ingrained in one s family, and many of India s greatest enterprises in the modern era are still family enterprises. 7

8 Yet starting in the 1980s and 1990s, a new strand in the thread of Indian entrepreneurship emerged. As the regulatory structure of India s economy changed, entrepreneurs such as Narayana Murthy began building companies like Infosys in order to exploit the country s remarkable pool of human capital, and they often fused ideas from East and West as they built their companies. Today, India s business landscape is far richer because a new generation of entrepreneurs has emerged, some of whom came from families with a rich entrepreneurial heritage and others who did not. India has emerged as one of the world s hotbeds of growth entrepreneurship, a trend that is accelerating thanks to several factors. Non-resident Indians (NRI s) who left the country are returning as investors and/or executives, both because India offers an outstanding pool of affordable talent and because they want to help build the country of their birth. Multinational firms have located many facilities in India, so there is a growing pool of experienced managers who know how a global enterprise operates. Entrepreneurial ecosystems are flourishing, both established centres such as Bangalore, Mumbai and Delhi and fast-growing hubs such as Pune, Hyderabad, Gurgaon and Noida. Building Businesses in India is designed for those who want to understand what kind of companies will come out of India s entrepreneurial explosion, how the Indian context will shape the great enterprises that are founded in India over the next ten or twenty years. It is suitable for those who are considering starting companies themselves, who want to understand what kind of advantages and opportunities India will offer. Corporate Governance: Financial Aspects P4 Fontainebleau: Gilles Hilary (mini) How does corporate governance affect a firm s ability to create value? The course aims to integrate the knowledge from different courses. Having the right corporate governance arrangements in place, at the firm as well as at the country level, is critical for the success of a business. You will learn from governance failures, i.e., why a CEO or chairman is fired (e.g., UBS); a firm becoming the target of a corporate takeover battle (e.g., Yahoo!) or is in the news due to bad executive compensation arrangements (e.g., Apple). In addition to this, you will be exposed to corporate governance concepts that are immediately relevant for your job search, such as discussions of compensation, the quality of governance and its effect on the reputation and valuation of a potential future employer etc. The course starts with an analysis of the impact of good versus bad governance at the country as well as the firm level. We then consider specific governance arrangements. We will naturally discuss the role of the Board of Directors and of various other committees. We will analyze their role in specific situations such as the monitoring of the CEO or the negotiation of a tender offer made by a third party. We will then change our perspective and focus on the role played by shareholders. 8

9 We will investigate strategies for improving governance, starting with the effect of shareholder activism and the role played by hedge funds. While much discussion is about publicly traded firms, we will see that those best practices are also good for private entrepreneurial firms. More specifically, we will discuss the perspective of an entrepreneur and a venture capitalist in setting governance rules at the time of the investment of the VC with the entrepreneur in the form of term sheets and shareholder agreements. We will see that many governance mechanisms we have discussed throughout the course are to be determined at this first investment stage. In the last segment of the course, we will consider how governance crises are created by anti-social behaviors such as fraud or corruption. We will see how firms react to these crises and, finally, lastly, how they recover. While this course is listed as a finance course, it will draw on your knowledge from other courses (accounting, decision theory, organizational behavior etc.). The course is of most immediate use to people going to consulting, family firms, private equity, hedge funds, and entrepreneurs as well as people who manage money or advice on this. Managers will benefit from an understanding of the why firms have a Board of directors and what their role is; additional insights into how and how not to compensate employees; and the importance of who owns your company s shares for your career, compensation and happiness! Economics and Management in Developing Countries P4 Fontainebleau: Loic Sadoulet (mini)/ Singapore: Daniel Traca (mini) Economics and Management in Developing Countries is intended for people interested in countries often politically-correctly referred to as "developing countries" or "emerging markets" as a forum to discuss and gather a better understanding of their current economic reality, and the current and future prospects of these economies. The course attempts to tackle current issues: the current debate on the failure of aid, the telecom revolution in the creation of new markets and services, the myths and the magic of microfinance, the role of Foreign Direct Investment, the role of the new emerging economic powers (China, India, Brazil, ), the prospects for Africa, interesting attempts of multinationals to innovate in emerging markets... and their varying success record, strategies to deal with corruption. Students expecting to work in developing countries, who seek a deeper understanding of the current economic reality and future prospects of these countries. To be an effective manager in emerging country markets, it is essential to understand the opportunities these countries offer and the constraints that managers and businesses face in such countries. Students interested in Corporate Social Responsibility as it applies to emerging markets will find this course interesting. This course is very useful for individuals who are aiming to pursue careers in: Multinationals with a strong presence in developing countries Multilateral institutions such as the IFC or World Bank 9

10 Entrepreneurial Strategies in Emerging Markets P3 Fontainebleau: Rose Xiaowei Luo Emerging markets, examples of which are the BRIC countries (Brazil, Russia, India, China) and many others, represent the fastest growing business opportunities in the 21st century. They are even more important as the relatively mature markets have been going through economic crisis and slow recovery. Based on a recent Goldman Sachs report, in 2010, the BRICs have contributed almost half of global consumption growth. In particular, China has contributed almost 30% of global consumption growth; almost double that of the United States. Emerging markets are what both multinational and start-up firms cannot afford to miss. How do you build a business in an emerging market, be it a corporate venture or a startup? How do you know whether the strategies you typically use in mature markets are going to be effective in emerging markets? What are the unique challenges in emerging markets? How can you overcome these challenges and turn them into value propositions for your growth ventures? This course is to address these questions. You will be challenged by and learn the cutting edge of entrepreneurship, both in terms of starting up new ventures and creating growth opportunities in established firms. It will provide you with a clear understanding of the major management challenges and practical strategies in emerging economies, through the frontier of research, corporate case studies and guest speakers. You will learn the foundational framework and tools to analyse the opportunities and risks in emerging markets, develop critical thinking, and practice assessing and designing strategies in a wide range of business issues crucial to building growth ventures. Given the breadth of emerging economies, we will focus on China, India, Brazil, and Russia while also discussing some other emerging markets such as Indonesia, Chili, Tanzania, and Turkey. The assumption is that despite the diverse environments in these emerging economies, firms share some common risks and opportunities posed by the market transition. This course is targeted for students with relatively less work experience in emerging markets, and those who desire a solid framework to help them gain deeper understanding about their emerging market experiences for the purpose of designing winning strategies. This course is well-suited for the following career goals: (1) to build businesses (corporate ventures or new start-ups) inside emerging markets; and (2) to equip those who want to work with such corporate and start-up entrepreneurs. Business managers who work in consulting, investment banking, private equity, and business development functions within multinational companies frequently need to find the best entrepreneurs as suppliers, partners, or channels. Therefore they need to be able to assess the potential outcomes of the strategies employed by these entrepreneurs in emerging markets. 10

11 Entrepreneurial Field Studies P3 Fontainebleau: Steve Mezias/ Singapore: Henrich Greve Entrepreneurial Field Studies (EFS) provides an opportunity for you, either working alone or in teams of two, to conduct an independent entrepreneurship-related research project. Essentially, the course works like an independent study. Most participants identify their own projects. However, if you would like to conduct a field study but do not have a project in mind, we maintain a list of projects sponsored by INSEAD alumni or external clients. Included in the projects on which you can work are social impact projects available through the Social Impact Catalyst. The professor of this course serves as a project supervisor, ensuring that projects suggested by the course participants fit with the course objectives (see below) and that the final project report meets quality requirements to merit a full course credit. If you are working on a social impact related project, you will also have mentorship available to you from the Social Entrepreneurship Initiative. Professors work directly with you to frame your projects, to assist in defining deliverables, and to check in during the term to ensure that your project is progressing. The primary criterion of the course if that the field studies should involve original field research (interviews, surveys, focus groups, direct observations, analysis of existing data) and should speak to some aspect of entrepreneurship such as opportunity verification, opportunity development, start-up creation, venture capital, turnaround/buyout, corporate entrepreneurship or family enterprise. Students who have a project or area they would like to explore further during their time at INSEAD or a venture they would like to start after graduating from INSEAD would greatly benefit from taking this flexibly designed course. It allows you to choose your focus which is rare in most electives. Law of Corporate Management and Finance P4 Fontainebleau: Eric Orts (mini) This mini-elective provides students with an introduction to the legal powers and obligations of corporate executives, boards of directors, shareholders, bondholders, employees, and other participants in business corporations. The objective of the course is to give students a working knowledge of the law in situations that they are likely to confront. For example, the course will address and answer the following set of questions. (1) What are the fiduciaries duties of corporate managers and boards of directors? How do they change in cases of potential mergers or acquisitions? (2) What is corporate governance from a legal perspective? How does the law of corporate governance differ across countries and in different types of firms? (3) How do conflicts of interest arise in business firms? Once a conflict is recognized, how does one best manage it in order to reduce the risk of legal problems? (4) What are the current laws that prohibit insider trading, and where are the lines that divide illegal insider trading from appropriate use of information to trade securities? 11

12 (5) What are best practices within firms to enhance legal compliance and lower legal risks? Other selected topics will also be covered, partially in response to students interests. The course will utilize a limited number of edited cases to illustrate legal principles as they apply in practical business situations. This course provides essential legal knowledge for business students in two respects. First, it provides an introduction to basic issues that can provide in unpleasant surprises in business if they are not identified early and handled appropriately. Second, it provides knowledge of legal business structure that is useful for strategic planning and organization. The course is recommended for a broad range of students, including those aiming for careers as managers, consultants, and financial investors. Students who have founded or intend to start their own businesses as entrepreneurs will also find this course relevant and useful. Responsibility in Professional Services P5 Fontainebleau: Eric Orts (mini) This mini-elective focuses on legal and ethical issues regarding business responsibility in professional services. The course aims to encourage students both (1) to reflect on their own personal ethical views as they may apply in complex business situations and (2) to acquire a core of business-relevant legal knowledge that will enable them to avoid litigation pitfalls and develop proactive business strategies. In-class exercises and discussions will focus on enhancing student s own ethical compasses and orienting them to contemporary business challenges. A few selected legal cases will be employed to cover some basic legal rules of the game governing expectations of business responsibility today. Learning how to deal effectively with common situations of conflicts of interest in business situations is one example of takeaways expected. The course will also provide an overview of financial regulation and other legal principles that are specifically relevant to professional business service providers. This course is particularly relevant for students who expect to have careers in consulting or financial services. The course is not limited to these occupations, however, and it covers topics broadly useful to students preparing for any business career. 12

13 RESOURCES INSEAD Social Innovation Centre Founded in 2007, the INSEAD Social Innovation Centre is an inclusive platform for crossdisciplinary research and engagement in the area of social innovation. The Centre brings together a diverse group of leading INSEAD research teams focused on the innovation of business models and market-based mechanisms that deliver sustainable economic, environmental and social prosperity. The research teams include: Sustainability, Corporate Social Responsibility & Ethics, Humanitarian Research, and Social Entrepreneurship. The INSEAD Social Innovation Centre is also working in close collaboration with the Africa Initiative. This research is disseminated in our educational programs and forms a basis for collaboration with students, alumni, companies, NGOs and other organizations, establishing an open community through which we can have a real impact. Learn more at The Centre is a great supporter of INDEVOR and the Energy Club, and we welcome students interested in social innovation to contact us at social.innovation@insead.edu. INSEAD Social Impact Catalyst Launched in 2010, the Social Impact Catalyst establishes a structured set of activities throughout the MBA programme and fosters a thriving eco-system engaging current students with INSEAD alumni and other actors involved in social entrepreneurship and related careers. The Catalyst is an integrated sequence of events, workshops, networking, project work and internships, supported by an online community, which engages MBA students from the start of their INSEAD programme and allows them to act effectively on their social impact interests and passions. The programme is integrated into the formal MBA and EMBA curricula and engages and empowers the INSEAD community of students, faculty and alumni passionate for the growing field of social entrepreneurship. The Catalyst is directed and implemented by Christine Driscoll Goulay, Associate Director for Social Entrepreneurship, under the academic supervision of Professor Filipe Santos. It leverages the capabilities and activities of the INSEAD Social Entrepreneurship Initiative, ISEP, the Social Innovation Centre, and the INSEAD Centre for Entrepreneurship. For more information, please go to 13

14 INSEAD: European Partner of the International Impact Investing Challenge International Impact Investing Challenge (I3C) is a pitch competition that harnesses the creativity of top graduate students across the globe to design and defend investment vehicles for the portfolio of an institutional investor that will simultaneously create sustainable impact and financial return. I3C looks for innovative investment structures that balance the tension between financial and social return with no limitation on asset class or investment vehicle. Unique to I3C is the focus on investment vehicles and fund strategies versus companies. Do you have an idea for an investment vehicle that uses finance to create an innovative solution to an environmental or societal challenge? Then this is the competition for you. Contact Christine Driscoll Goulay, Associate Director of the INSEAD Social Entrepreneurship Initiative for more information at Christine.driscoll@insead.edu. Read more on the I3C website INDEVOR Founded in 1993 and made an affiliate member of Net Impact in 2003, INDEVOR is the largest MBA student club at INSEAD and serves as a forum to examine the role of business in society. INDEVOR s main areas of concern are social, environmental and ethical issues, such as, but not limited to: International development Corporate social responsibility Environmental sustainability Non-profit and non-governmental organizations (NGO) Social entrepreneurship Students, partners, faculty and staff are all invited to become members of INDEVOR. As a club, we strive to achieve the following objectives: Provide INDEVOR students and partners informational tools and encouragement to have a positive impact on society throughout their professional careers and beyond Raise awareness of INDEVOR at INSEAD and externally through networking opportunities, an annual on-campus event and regular communication Provide educational and career resources to the MBA student body and their partners by liaising closely with faculty members and INSEAD Career Services (Contact in Fontainebleau: Claire Nabais/ Contact in Singapore: Nicola Costa) Maintain strong links with the INDEVOR alumni and other key stakeholders to continue building a permanent INDEVOR infrastructure For further information about INDEVOR, please consult the INDEVOR website, or contact INDEVOR by indevor.fb@insead.edu. 14

15 ENERGY CLUB The Energy Club aims to build its student network, but also to leverage its alumni and INSEAD s existing corporate relationships to provide ongoing careers services and to support future entrepreneurs in nascent industries such as alternative energy technologies and energy trading. It encompasses the entire energy spectrum from nuclear, oil & gas, and coal through to the newer technologies. The Energy Club also promotes wider awareness on campus, beyond of the issues faced by the energy economy and its political, social and environmental impact, including that of global warming and climate change. Visit the club website for more events and activities: or contact the Energy Club by inseadenergyclub@insead.edu. AFRICA CLUB Visit the UJAMAA Africa Club an active group of INSEAD MBA participants on both campuses, who can be contacted by ujamaa.africa@insead.edu. MBA clubs present an opportunity for our students to develop their leadership skills and explore fresh ideas beyond the amphitheatre. In 2012, the Club has a great line up of activities planned, including a conference addressing sustainable business in Africa during the MBA Africa Week in December. Net Impact Net Impact is an organization of MBA s and professionals interested and active in CSR and sustainability initiatives, social entrepreneurship and international development. Net Impact currently has a global network of over 100 chapters (both professional and business school) and approx. 11,000 members. Key benefits of membership include: Develop your career by posting your resume on the Net Impact Job Board, accessing job postings for social impact positions, and interviewing with recruiters at top companies and organizations Broaden your education through Net Impact's online Learning Center and their Issues in Depth call series featuring industry leaders Build your resume by taking leadership positions in programs such as Service Corps, Board Fellows, Campus Greening, Curriculum Change and more Expand your network through virtual networking, conference calls, the annual Net Impact Conference, and chapter events in cities and graduate schools around the world To learn more or sign up as a member, visit 15

16 CONTACT US This document was compiled by the INSEAD Social Innovation Centre in conjunction with Tanya Freeman MBA Programmes. 16