Issue link: https://www.e-digitaleditions.com/i/56537
From the Editors Reinventing the Future Invention might be the brainchild of necessity, but reinvention usually has different forebears: ambition, experience, and the determination to make a difference. History showcases dozens of people who have changed course completely after they've hit roadblocks in one area or merely decided to try new careers. Several of them have succeeded brilliantly. Al Gore went from losing his bid for the U.S. presidency to becoming a Nobel Prize-winning environmental spokesman who revealed an inconvenient truth. Microsoft co-founder Bill Gates has gone from being the world's most famous computer geek to the world's most famous philanthropist, whose goals include curing AIDS and malaria. Muhammad Yunus was a Bangladeshi economics professor before he became the leading voice of microfinance. And former British prime minister Tony Blair is mulling over career options that could range from promoting religious harmony through his Faith Foundation to becoming President of the European Council. Some of the most interesting and long-lived businesses have only survived because of a series of interesting reinventions. For instance, Texas Instruments has a history of abandoning familiar but unprofitable product lines to enter enthusiastically into whole new industries, from oil fields to embedded processor chips. GE was founded more than a century ago as a company that provided lighting and power, evolved into a manufacturer of home appliances and aviation equipment, and gradually expanded into areas like financial services, entertainment, and renewable energy. TI, GE, and many others have flourished primarily because of their ability to adapt nim- bly to changing times. Virtually all businesses could be forced into some kind of reinvention as they struggle to cope with the far-reaching consequences of today's tumultuous economy. In our article "A Return to Reality," finance expert and Yale professor Jeffrey Garten predicts a "massive transformation of the global financial system." Businesses will have to cope with increased government intervention and re-examine the cost-benefit of innovation, he says. They'll have to rethink the logic of unrealistic executive compensa- tion. And, as they work to keep themselves viable, they'll have to win back consumers' trust. These tasks won't be easy—in some cases, they'll lead to the complete overhaul of individual companies and entire industries. In such an environment, it's no surprise that business schools, too, must consider reinvention—whether to stay relevant or to merely survive. In this issue of BizEd, we take a look at business schools from around the world that have undergone transforma- tions in the way they operate, the way they deliver instruction, and even the way they think about education. Many of them haven't just revamped the curriculum; they've changed their entire mindsets about what a business degree means and how it can be earned. Their stories can be found in "Next-Generation Education." Change is inevitable; it's incessant; and it's wide-reaching. Busi- ness schools that embrace the process of reinvention might not single-handedly win a Nobel Prize or cure a dread disease—but they might graduate a host of students who do. ■ z 6 BizEd MAY/JUNE 2009 JOHN LUND/GETTY IMAGES RAQUITA HENDERSON