Between Academia and Business - New challenges for today's modern business schools
There are a number of significant external changes facing today's modern business schools. Some of them are fundamental and will call for rapid, but typically reactive, adjustments by the leading business schools to stay on top; other developments will offer an opportunity to follow new proactive avenues for value creation. In this chapter, first what are seen as the major changes in the external context for business schools will be discussed, then potential ways that business schools could respond in order to create value will be reviewed. Specifically, what is seen as an emerging need for a closer relationship between business schools and business corporations will be dealt with. Indeed, it may be that there is an interesting 'blurring' of the boundaries here between the traditional concept of the business school in a classical sense and what is increasingly seen as its major client - the modern learning organization. In this context, the question of how this growing trend can lead to new and greater academic value creation will be particularly critical, as will be discussed. Finally, some of the internal organizational issues and leadership challenges facing today's business schools will be considered in light of the above scenarios.