Well-known for its learning programs on the international stage, IMD has now received recognition for its economic impact in the city of Lausanne and the Canton of Vaud, which has been measured at an estimated 360 million Swiss francs in 2018.
This is one of the key findings of a recently completed Impact Report which used a methodology developed by the European Foundation for Management Development (EFMD), the leading international network in the field of management education.
The report also found that executives and associates who come to IMD for educational or business purposes stay an equivalent of 40,000 nights in local hotels every year.
Meanwhile, over 11,000 alumni are based in Switzerland with more than 2,800 in Vaud working for multinationals, small and medium-sized companies, public institutions, and startups.
The institution has been a key player in stimulating the Swiss startup ecosystem since 1998, according to the report, supporting more than 400 Swiss startups since launching its Startup Projects and competition.
In addition, the report quantified the school’s contribution to management thinking more broadly, noting that more than 166,000 copies of IMD-authored case studies were purchased by more than 1,000 business schools in 110 countries.
Local impact
The Impact Report is the result of a process guided by EFMD’s Business School Impact System (BSIS), which has granted IMD the BSIS label. IMD joins 45 schools worldwide that are on the forefront of measuring and communicating about impact.
In October 2019, IMD hosted a BSIS audit conducted by former business school deans who examined IMD’s impact in Canton de Vaud and throughout Switzerland. The committee interviewed management team members, faculty, senior staff and external partners and reviewed detailed data in 120 areas.
Michel Kalika, BSIS Director, stated, “We would like to warmly congratulate IMD, an internationally well-known and recognized business school in the field of executive education.”
Kalika further applauded IMD for its “strong business development impact on its environment as well as intellectual impact illustrated by an exceptional production of cases that feature Swiss companies.”
With the awarding of the label, IMD becomes one of less than ten business schools worldwide to hold the BSIS label and the elite triple crown of AACSB, EFMD EQUIS, and AMBA accreditations.
“Business schools are being called upon to demonstrate their impact in more concrete and quantitative ways,” highlights Anne-France Borgeaud Pierazzi, IMD’s Institutional Research & Accreditations Partner who coordinated the BSIS project. “The BSIS process was a tool that enabled us to conduct our first ever economic impact analysis.”
Societal impact
The report is released at a time when IMD has stepped up its commitment to creating impact through new research collaborations and sustainability initiatives.
In December 2019, IMD, the Swiss Federal Institute of Technology in Lausanne (EPFL) and the University of Lausanne unveiled the Enterprise for Society Center (E4S). E4S will provide educational programs for the next generation of leaders as well as strengthen startups and boost innovation. One of the center’s key projects will be a new joint master’s degree in Sustainable Management & Technology.
Also, in September 2019, the school was awarded a silver medal through the EcoVadis sustainability reporting audit process. EcoVadis assesses institutions in 21 areas across four themes: environmental impact, fair labor practices, ethics/fair business practices and supply chain management.
In celebrating the awarding of the BSIS seal, IMD President Jean-François Manzoni remarked on the value of the process for strengthening IMD’s reputation and continuing to boost the institution’s local and global impacts.
“The BSIS process allowed us to turn our attention to our impact in Canton de Vaud and Switzerland,” he explains. “The lesson of our BSIS experience is that in the balance between localization and globalization in international business schools, it can be both.”
