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26 BizEd MAY | JUNE 2015 certifications that recognize continuous improvement, designed specifically for business schools in emerging markets. "This is a very good idea for business schools in Russia," he says. "Many don't yet have the 'muscle' to move into the accreditation process, but they can work toward that goal step by step." 'WHERE THE GROWTH IS' While Russia's biggest business edu- cation challenges involve its transition from communist values to capital- ist practices, Asia's often involve its transition from a reliance on Western business models to a realization that its businesses need training tailored to local cultures and contexts. "We find that the single biggest im- pediment to doing business in emerging markets is the lack of credible, timely, and consistent information on which leaders can base strategic business decisions," says Rao. "It's important to teach leaders how to do business in emerging markets by using case studies and real examples from these countries, because the business realities of these nations diˆer significantly from those in the developed world." One of EMI's primary objectives is to develop cases about successful and failed ventures in emerging economies—it soon will open an Emerging Markets Case Study Center to further support that eˆort. INSEAD is addressing the shortage of training opportunities through a variety of shorter modules that target profes- sionals in Asia and the Middle East. For instance, the school recently launched a three-month, four-module certificate in business acumen for managers in emerging markets. It recently began oˆering an online certificate program in leadership eˆectiveness for Indian pro- fessionals; it's designed so that they can take the courses from their workplaces. The school also has created short- term executive education programs that are delivered fully online. For example, the school oˆers a two-week program to help executives understand the chal- lenges of managing within Asian con- texts, and a six-day "Market Entry Strat- egy for India" program. In February, INSEAD announced that it would begin oˆering customized online education for companies, which can be targeted to a specific regional context. These short online formats allow students to remain at their jobs, study from their home countries, and focus quickly on the skills they need just as they need them. With this growing demand for training comes the need for more faculty, espe- cially those native to particular regions. In the past, business schools in emerging markets have struggled to hire and retain locally born and trained faculty, because the most promising scholars often left to study and teach overseas. But the good news, says Rao, is that as emerging economies grow more globally promi- nent, more of these faculty are returning to teach either in their home countries or in regional hubs, like Singapore. Many are helping their schools facilitate in- ternational partnerships, attract a more globally diverse student base, and pursue international accreditations and ranking. In addition, more students are inter- ested in studying at schools in emerging markets because they're interested in working in these regions after gradua- tion. That has led to more local business leaders coming to campus to mentor these students—many of whom they later recruit and hire. This trend is creating a widening vir- tuous circle that links business programs to real-world business needs, says Rao. "Emerging markets are where the real growth is now. That has led to increased demand for better business education." 'A WIDE VARIETY OF ISSUES' India's challenges might be the most daunting of any emerging nation. As the world's second-most populous country, India faces mounting problems related to poverty, infrastructure, education, healthcare, and pollution. Climate change also is expected to take its toll— the World Bank predicts that a warming climate could lead to changing monsoon patterns, more frequent droughts, and rising sea levels in many regions of India, potentially displacing millions of people. Many of the displaced are likely to move to the country's urban centers, which are on pace to grow by more than 400 million people by 2050, according to the United Nations. To address these issues, last year Narendra Modi, India's prime minister, announced an ambitious goal: to build 100 "smart cities" to support the coun- try's increasing urban population. Smart cities are characterized by sustainable energy use and water management, e§- cient tra§c and transportation systems, integrated technological infrastructure, thoughtful urban planning, balance with natural elements, and strong governance practices—cities such as Barcelona and Copenhagen are often cited as examples of smart cities at their best. Many view smart city development as a way not only to support urban growth, but also to gen- erate opportunities for entrepreneurial activity and global investment. Modi's goal has inspired ISB to place issues related to smart city development and climate change high on its agenda, "THE SINGLE BIGGEST IMPEDIMENT TO DOING BUSINESS IN EMERGING MARKETS IS THE LACK OF CREDIBLE, TIMELY, AND CONSISTENT INFORMATION." —VINIKA RAO, EXECUTIVE DIRECTOR INSEAD EMERGING MARKETS INSTITUTE