Most business schools need a new business model. Numerous writers in this column have argued about the unsustainability of the current model, which primarily rewards academic research while not generating sufficient revenue to fund that very expensive activity. Only a few wealthy schools are exempt from this dilemma. From my experience that research-revenue circle can be closed only by engaging faculty with the oft-neglected, yet rich, constituency of practitioners.
Engaging faculty members successfully requires changing their mindset and also transforming the business model of the school so that it gives some priority to activities that involve practitioners: applied research, publication in managerial journals, media presence, advisory boards and the like...
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