Innovation Directions of MBA

Byungtae Lee, Ph.D.

DeanKAIST Business School

Innovation Directions of MBA Education from Korean Perspectives

Agenda

� MBA Education in the Uncertain World

� MBA Education at the Crossroads

� Challenges of Business Education in Korea3

1

2

B. Lee

� Challenges of Business Education in Korea

1. Innovation Directions @ KAIST Business School

2/ /22HR Rorum

3

4

Big Shocks

�Enron, WorldCom, ……

� IMF Foreign Currency Crisis and Aftermath Shocks in Korean Society

�Global Crisis from the Wall Street

� “Occupy the Wall Street”

�Jasmine Revolution

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�Jasmine Revolution

�Euro Zone Crisis and PIIGS

�China as price deflator and China as inflation sources

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The Second Great Transformation

�Meta-Capital Economy with IT

�Crash between Jeffersonian versus Hamiltonian Ideas on Economy and Government

�Free Market versus Polanyi’s View

�Land, labor and money

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�Land, labor and money

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Dynamic but often Dis-oriented Korea

�Shift of economic power to Asia (CJK)

�Emerging global companies and most aggressive operations in emerging markets but often fails in localization

�Rapid transformation to service oriented economy but with low productivities

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but with low productivities

�Trapped in “Han-River miracle”

�The fastest copycat with lack of disruptive innovations

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Agenda

� MBA Education in the Uncertain World

� MBA Education at the Crossroads

� Challenges of Business Education in Korea3

1

2

B. Lee

� Challenges of Business Education in Korea

1. Innovation Directions @ KAIST Business School

6/ /22HR Rorum

3

4

MBA Education is Strongly Challenged

�Value Propositions to Students

�Lost the Golden Passport -No guaranteed high paying jobs

�Decline ROI’s? – Decline of Full Time MBA Enrollments

�Value Propositions to Corporates

�Top Business Schools – Screening Agency for Corporate

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�Top Business Schools – Screening Agency for Corporate Recruiting?

�Tensions

�Academic disciplines under university umbrella versus professional school

�Most Diverse Professional School

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Business Education at A Crossroads

What ought to be taught:

1. the “knowing” component – frameworks, theories, analysis

2. the “doing” component – the heart of the practice of management

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practice of management

3. the “being” component (manager’s worldviews and professional identities)– the values, attitudes, and beliefs

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Unmet (or Under-met) needs in MBA Education

1. Gaining a global perspectives

2. Developing leadership skills

3. Honing integration skills

4. Recognizing organizational realities and implementing effectively

5. Acting creatively and innovatively

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5. Acting creatively and innovatively

6. Thinking critically and communicating clearly

7. Understanding the role, responsibilities, and purposed of business

8. Understanding the limits of models and markets

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Agenda

� MBA Education in the Uncertain World

� MBA Education at the Crossroads

� Challenges of Business Education in Korea3

1

2

B. Lee

� Challenges of Business Education in Korea

1. Innovation Directions @ KAIST Business School

10/ /22HR Rorum

3

4

Today’s Reality in Korean Business Education

� Extreme unbalance between “knowing” and “doing”, and forgotten “being” part

� No Scope and Scale Economies

� Supporting Academic Staff Professionals

� Infrastructure for Teaching Innovation

� Weak Academic Communities to magnet top talented faculty from global

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� Weak Academic Communities to magnet top talented faculty from global markets

� Poor support or excessive regulations from society

� Globalization of faculty is near impossible

� Financial resources are extremely scarce and irresponsible regulations on tuition and fees

� Poor leadership and governance structure of business schools or universities in general

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Educating Global Perspectives

�Globalization means that of all dimensions (faculty, students, staff and communities)

�Teaching courses in English is not global MBA

�Global partnership without bargaining power fails in developing global

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Agenda

� MBA Education in the Uncertain World

� MBA Education at the Crossroads

� Challenges of Business Education in Korea3

1

2

B. Lee

� Challenges of Business Education in Korea

1. Innovation Directions @ KAIST Business School

13/ /22HR Rorum

3

4

College of Business at KAIST

�The most research-oriented Business School in Korea

�Producing 140 Business School Faculty for the last decade

�13th in MIS Research (2006, AIS)

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�28th in Open Enrollment Executive Education (2011, Financial Times)

�86th in Green Business Education (2011, Aspen Instititue)

�99th in Full Time MBA (2011, Financial Times)

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New Missions of Business Education in Korea

�Defining and Educating the “Post-Industrial Era” Leaders

�Being Partner of Globalization of Korean Companies (especially in Emerging Markets)

� Intellectual Contribution by capturing mega-trends in Asia

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Defining and Educating the “Post-Industrial Era” Leaders

�Producing Effective Leaders and Entrepreneurs

�Effective Leaders

�Fulfilling 8 unmet needs

�Balancing between “knowing” and “doing”

� Integration between curriculum and co-curricula

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� Integration between curriculum and co-curricula

�Entrepreneurs

�The new vision of KBS: Becoming the most innovative business school

�Differentiation by integrating management and technology

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Customer Oriented Operations

academic pragmatist

“Mainstream MBAs” “Mature Ticket-Punchers”

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Identify with the dominant culture

Identify with a micro culture

academic purist

“Happy Wanderers”“Map-Makers”

Curricula and Co-Curricula Integration

1

•Plan for

Darden

•Move

•Preparation

2 3

•Briefings

• Job Search

•Club

Activities

4

•Social

Traditions

•Emotions

•Relation-

ships

5 6 108

•Career

Planning

• Internship

Offer

•Accepting

Offer

7 9

•Summer

Offer/Not

•Full Time

Recruiting

11

•SY Program

•Class

Discussion

•Pre Darden

Socials

•Pre-Mats

•Tests

Decide

•Research

•Network

•Visit Schools

•Commit

•Club

Elections

• Internship

•Academic

Reflection

•Club

Leadership

•Mentoring

•Social

Traditions

Start First Year Second Year

12

•More Time

•Full-Time

Offer/Not

•Graduation

•LT/Section

•Cold Calls

•Class

Discussion

•Time

Management

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•Abroad

Experience

Low

Map Maker MBA Experience

Hig

h

•Exams

Differentiation with Innovation Perspectives

Differentiated Research & EducationPrograms(Financial Engineering, Green (EEWS) Management,

Accounting, TOM, Health Management, Entrepreneurship and Innovation Management, IT, Management Science)

World Class IntellectualProperties of KAIST in

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World Class IntellectualProperties of KAIST in Engineering and Sciences

Accredited and Proven Business Curricula and Executive Education Marketing Capability by KCB

Pooled Business Faculty (Seoul and Daejeon) by Areas (Departments)

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Being Partner of Globalization of Korean Companies

�Hyosung-KAIST Partnership for Development of Global Business Leaders

�Bridge Program between Korea and Korean-Americans

�Global Internships

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�Global Internships

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Conclusion

� “It takes a village” – Hillary Clinton

�MBA education takes a global village

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Q & A

B. Lee

Q & AThank You Very Much

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