US$50,000 reward for ideas to improve graduate management learning

PUBLISHED : Saturday, 18 September, 2010, 12:00am
UPDATED : Saturday, 18 September, 2010, 12:00am
 

Got a good idea for how graduate management education can be improved? If so, you could be on your way to a US$50,000 prize. That could go a long way to help pay for your next qualification.

The global contest, entitled 'Ideas to Innovation Challenge' (I2I), will run until October 8. Organised by the Graduate Management Admissions Council (GMAC), a non-profit association of business schools that owns the GMAT exam, the competition invites anyone to submit three paragraphs that answer the question: What one idea would improve graduate management education?

The GMAC Management Education for Tomorrow (MET) Fund will award a total of US$250,000 in prizes to 15 people whose ideas rise to the top, with the most promising proposal taking home the US$50,000 grand prize. Competitors can post their entry at www.gmacmetfund.org, with winners being announced in mid-December.

Entries will be judged by a panel of educators and business leaders from around the world. During phase two of the 'I2I Challenge', that begins next year, GMAC will post the winning ideas online and ask schools and other non-profit organisations to develop ways to implement them. The council will underwrite one or more of the best proposals using funds dedicated to the MET Fund, a US$10 million initiative to invest in the development of management education worldwide.

'The Ideas to Innovation Challenge is particularly timely because today's students see business schools as places where they can learn the skills to make the world a better place and empower others,' says Allen Brandt, director of the MET Fund. 'In that spirit of social entrepreneurship, the challenge is open to anyone - students, faculty, entrepreneurs - with a great idea to improve graduate management education.'

For the challenge, GMAC defines innovation as the implementation of an idea that improves management education in a meaningful way - for students, for schools, for societies.

The council is looking for ideas that are achievable, easily understood and able to demonstrate measurable results within one to three years. GMAC is particularly interested in proposals that show potential to broadly impact management education in either a specific part of the world or globally. 'With the GMAT exam, GMAC helps identify talent for graduate management education, wherever in the world it may be,' says GMAC president and CEO Dave Wilson. 'The I2I Challenge recognises that. Like talent, true innovation may be found anywhere.'

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