GMAC MET Fund Awards US$7.1million to 12 Global Grant Recipients of Ideas to Innovation Challenge
| April 17,2012 06:35 pm IST
The Graduate Management Admission Council (GMAC), owner of the GMAT exam and the leading membership organization of graduate business and management schools worldwide, today announced that it is presenting more than US$7.1 million in grants to 12 organizations around the world as part of its Ideas to Innovation (i2i) Challenge.
The institutions will receive funding to implement programs focused on creating social responsibility and service learning opportunities in graduate management education, building new pathways for military veterans into business leadership, and encouraging global collaboration among educational institutions.
Schools and organizations developed their grant proposals in response to an earlier phase of the i2i Challenge, in which individuals were invited to answer the question, What one idea would improve graduate management education?That phase of the program attracted more than 650 ideas from more than 60 countries that were then reduced to 20 winning ideas. In total, 17 of those 20 winning i2i concepts, which were announced in January 2011, will be implemented by the organizations that were awarded today.
The i2i Challenge was created and managed by the GMACs Management Education for Tomorrow (MET) Fund, a US$10 million initiative to advance business education around the world.
Twenty-five proposals from seven countries were submitted in the second round of the challenge, which ran from January to December 2011. The grantees include business schools and organizations in the U.S., Canada, Spain, Italy, India and Botswana.
The foundation of the MET Fund has been that GMACstarting with the GMAT exam and culminating in this phase of i2i grantsshould be investing in and giving back to management education and its institutions. And not just giving back, but giving back in order to move management education forward, said David A. Wilson, president and CEO of GMAC. The power of these grants is in the implementation of ideas that can reshape and revitalize management education worldwide, and that acknowledge the critical role that management education plays in training and developing business leaders who can have global impact.
Net Impact, the University of Botswana, Universit Cattolicade lSacro Cuore and the S.P. Jain Institute of Management and Research will develop programs focused on social responsibility and increased opportunity, including collaboration with non-profits, a mentorship program for underprivileged children in Mumbai, and expanding access to business education resources and entrepreneurship networks in Africa.
We are proud to be a part of Idea to Innovation (i2i) support from GMAC MET Fund. We are happy that Abhyudaya (meaning Growing Together) is accepted as the big idea to solve the big social problem through Management education. At SPJIMR we focus on experiential learning by doing for Management students. MET Fund support will help strengthen the program. The team is encouraged and excited to receive the recognition. said Prof Rukaiya Joshi, Chairperson Abhyudaya. It would be our endeavour to share this program with those Business Schools which want to replicate this idea to suite their local conditions in India and abroad.
Abhyudaya is a year-long program through which the first year MBA students at the S.P. Jain Institute of Management & Research (SPJIMR) mentor underprivileged children in the Brihan mumbai Municipal Corporation schools of Mumbais K-West Ward. The mentoring program aims to address urban poverty and foster social responsibility and character development through experiential learning among business school students. GMAC will fund the educational components of the program, which will be mandatory for all MBA candidates, through a grant of USD 163,000 as part of the GMAC Management Education for Tomorrow (MET) Fund.
Five of the winning proposalsfrom Pepperdine University, ESADE Business School, the University of Texas at Tyler, the University of Waterloo and the University of California at San Diegoare dedicated to building online, international collaboration among business school students and faculty. These include programs to create virtual campuses, classrooms and training modules.
The winning proposals from Syracuse University, the University of South Florida St. Petersburg and the SUNY Empire State College Foundation offer plans to develop specialized coursework for veterans, integrating armed services leadership experience into the development of business management skills. These three programs have the potential to offer important insights into the development of specialized management training programs for students with an array of career experience and qualifications.