Issue link: https://www.e-digitaleditions.com/i/63810
1. By its very nature, fundamental research seeks to discover knowledge where the exact direction, or sometimes even the exact relevance, is initially unclear. Throughout his- tory, breakthrough discov- eries have occurred when the researcher was initially searching for something completely different. Sup- porting fundamental re- search creates an environ- ment where researchers take risks and, as a result, advance the field in unex- pected yet crucial ways. 2. Those who argue importance of fundamental research often see an overem- phasis on research, to the detriment of teaching. In this case, a dean needs to emphasize the strong compatibility and correlation among excellent research, excellent teach- ing, and exceptional students. Students who work on proj- ects with research faculty will be more prepared to think creatively and analytically. Individuals with this critical skill are sought out by companies—as well as by management education institutions. against the relevance of fundamental research often cite the layperson's frustra- tion in reading complex, often esoteric articles in current academic journals. However, the application of any research takes refinement. Take, for example, the Capital Asset Pricing Model. In the 1960s, this model seemed a messy, mathematical construct with little "real-world" appli- cation; but within a decade, this model became standard, applied practice in the business community. All of the core concepts of marketing have derived from a body of articles originally published in academic journals. 3. Schools should form partnerships within the business community to carry out specific research projects. Such projects could involve a team comprising faculty members, students, and corporate researchers. Externally supported research, sponsored by companies or government agencies, is a good indicator of its societal value. 4. Even those external constituents who believe in the tain high standards for research, promotion, and tenure. Faculty members across campus will be won over by high quality research in business. Quality in fundamental research in business disciplines will be a self-fulfilling prophecy. To make it happen, business schools must view their doctoral programs not as areas to cut costs, but as vital sources of research and promotion of a school's contribu- tions to the field. ■ z Former dean of the business school at University of Wisconsin-Madison, Madison, Wisconsin, Andrew J. Policano now serves as UWM's Kuechenmeister Professor of Business. BizEd MARCH/APRIL 2002 19 face a formidable task. They must maintain the strength of their faculty and their doctoral programs in the face of increasing costs and constant media emphasis on MBA pro- grams. If they do not succeed, all business schools risk a downward spiral in quality—in their teaching, their research, and, eventually, in their students. The best strategy for business schools is to set and main- quickly dwindling number of doctoral graduates. Although recruiting top faculty is increasingly costly, the amount spent on faculty is the price required to compete in the business school market. Doctorate-producing public business schools worldwide are becoming, in essence, an endangered species. Between 1992 and 1998, the number of business doctorates produced in the United States fell by more than 18 percent, from 1,231 to 1,006. And even as the number of doctorates continues to decrease, the fact remains that vibrant faculty mem- bers, actively engaged in research and in the synthe- sis and dissemination of knowledge in their disci- pline, are characteristic of every top business pro- gram. The inescapable truth is that one cannot have a top program with- out a research-oriented faculty, one supplied by a But these individuals