2017/18 • WWW.SBS.OXFORD.EDU THE OXFORD SAID Lead.With purpose. Up in smoke Dispelling the myths that have grown up around technological change Our research and teaching direct attention to the ambiguity of unsettled spaces and challenge current views about what leaders do and the skills they require Professor Marc Ventresca, Strategy, Innovation and Marketing faculty, Saïd Business School Read more on page 4 Contents 2017/18 Issue 3 03 32 View from the Dean An unlikely partnership Peter Tufano looks ahead Sir Frank McLoughlin CBE, to another impactful year reflects on the challenges facing for the School. the further education sector. 10 36 Agents of change Chapter and verse Dominic Barton, former Our global footprint is growing Global Managing Partner thanks to our alumni efforts. at McKinsey, on how to bridge the new skills gap. 40 The power of perspective 14 Can the Humanities shine a Combating complexity light on the challenges facing Why a joined-up approach tomorrow’s leaders? in business is key to creating 04 systems-level change. 44 Challenging the hype The magic words How Oxford Saïd is cutting through the noise to help 16 We speak to three Excellence leaders bust the myths of technology change. A new social contract Award winners who are going We unpack the economics above and beyond for the School. of mutuality – this year’s theme for the Responsible 48 Business Forum. Iron will We take a look at the progress 20 made by the Oxford Foundry, A sense of purpose one year in. Looking beyond the balance sheet to a deeper 52 ‘Leaders need role for business. A common goal MBA alumna Camila Toscana to keep pace 24 Rodriguez looks back on her with digital Inspiring impact winning MBAT experience. Dr Peter Drobac shares natives’ his vision for the Skoll Centre 54 expectations’ for Social Entrepreneurship. Highlights 26 Key awards, achievements and Tales from 60 30 activity from across the School. the dark side Any other business Fintech’s first-year success Illuminating learnings Angela Ahrendts, Our inaugural digital 58 from the Dark Web for Senior Vice-President Open enrolment programme Facts and figures brands and marketeers. of Retail, Apple is extending the School’s Headline statistics illustrate the international reach. shape and size of our community. 2 SAID BUSINESS SCHOOL | WWW.SBS.OXFORD.EDU We must respect national differences and universal similarities even as others sow division. When the institutions of democracy are under attack, universities must defend scientific evidence, academic freedom, and open debate Peter Tufano, Peter Moores Dean and Professor of Finance, Saïd Business School 3 VIEW FROM THE DEAN A framework for progress he 2017/18 year was strong for Oxford Saïd and this coming year looks equally exciting. This past year, we consulted with students, T faculty, staff and alumni, and articulated six aspirational values for the School. These values establish a framework within which to judge our progress in this Annual Review. Excellence: Our students, executive participants, faculty, alumni and staff have done remarkable work this year and been acknowledged widely. As reported in this Review (p54), among our faculty, Sue Dopson has been awarded the Col. Lyndall F. Urwick Memorial Prize, Thomas Powell received the 2018 Best Article Award from California Management Review, our Future of Marketing Initiative is pursuing a vibrant research agenda, and faculty members have produced world-class research, including a study on what it takes for a woman to become a CEO. Our students have won the MBAT for a second time in two years, and triumphed at the Yale Integrated Leadership Case Competition. Among our alumni, Phyu Hninn Nyein (PGDip 2015) was awarded a Woman of the Future prize and Mohamed El Dahshan (MBA 2015) was named among Africa’s young economic leaders. Finally, our Open Purposeful: We speak about purpose, and demonstrate it with research Programmes ranked second in the world in the annual Financial Times on how firms deliver purposeful strategies. Our Responsible Business Forum rankings. Bravo! (p16), our work in the Skoll Centre (p24), our research and teaching on family Collaboration: We have long benefited from our connection with the firms and purpose (p20), our programmes on social finance and impact University, whether through our Engaging with the Humanities initiative measurement, and our pioneering work on the Dark Web (p26) all set an (p40), our award-winning GOTO course, or our multi-departmental degree example of responsible, principled research and leadership. programmes. When the Oxford Foundry opened in October 2017, we turned Respectful: In our exceptionally diverse student body, we must respect this collaboration around, made a huge gift to the students of the University, national differences and universal similarities even as others sow division. In and set an example for the Vice Chancellor’s One Oxford initiative. an increasingly myopic world, we must respect the idea that our actions will Entrepreneurial: The Oxford Foundry, fully staffed and supported by have consequences for others we may never meet. When the institutions Oxford Saïd, has reached out to all 24,000 Oxford students to support their of democracy are under attack, universities must defend scientific evidence, entrepreneurial ambitions. As this Review shows (p48), we have touched academic freedom, and open debate. almost 10% of Oxford students within the first year of opening, whether Beyond these six values, a seventh unarticulated value is Gratitude. through building skills and resilience or by supporting new ventures. This I am grateful to the many people who have contributed their time, talents complements other entrepreneurial initiatives, such as the Oxford Saïd and treasures to make this School and this Community vibrant, strong, Entrepreneurship Forum (OSEF), the Entrepreneurial Project (EP), our new forward thinking and supportive. I hope you take pride in all that you have undergraduate Entrepreneurship offering, and our work with the Goldman accomplished, and accept our thanks for all that you do. It is you that we Sachs 10,000 Small Businesses programme. celebrate in this Annual Review. Transformational: Our work has impact. We are proud of our work with the Education and Training Foundation, led by Sir Frank McLoughlin Peter Tufano, Peter Moores Dean and Professor of Finance, (p32), which helps a wide range of young people to develop the skills and Saïd Business School capabilities needed to succeed in a variety of careers. Our institution is embedded in Oxford, but in the past year we have reached students around the world through our new digital Open Enrolment programmes (p30) and have successfully deployed the Hub for International Virtual Education. Research, such as Tim Jenkinson and Howard Jones’s work on investment consultants, has had an impact beyond the confines of academia. 4 SAID BUSINESS SCHOOL | WWW.SBS.OXFORD.EDU Challenging the hype Through pioneering research, innovative platforms and engagement with the outside world, Oxford Saïd is cutting through the noise to help tomorrow’s leaders grapple with technological change Words: Simon Creasey t’s never been so hard for business executives to lead. Established, long-standing business models are constantly being disrupted by tech start-ups who are reimagining what is possible. And many traditional businesses are trying to steal a march on rivals by innovating and investing in technology to improve their processes, and deliver products and services that are more efficient, competitive and relevant for modern consumers. IMaking sense of this environment is incredibly tough. As technologies go through different stages of promise, potential, and practice, business leaders have to make an informed decision about which tech to invest in and which to ignore. They also need expert help and advice to navigate the unsettled spaces where emerging technologies meet firm capabilities and shape new markets. Through its world-class portfolio of academic programmes, industry initiatives and strong track record of research and innovation, Saïd Business School is helping business leaders gain a greater insight into and understanding of the technologies that are impacting their businesses today and are set to affect them tomorrow. TECH FUTURES 5 From lab to market One of these initiatives is Oxford Saïd’s outside stakeholders, be they scholars, Challenging Digitally Empowered Enterprise Lab, practitioners, or policymakers.’ known as DE2Lab. ‘As a School, we As part of the DE2Lab initiative, the were doing a lot of work in the space of School has identified ten technologies digital technologies, but we were very that will have a major bearing on poor at telling the outside world what businesses in the future (see the box we were doing and linking it together,’ on page 8). The lab explores what these the hype explains Matthias Holweg, Professor of technologies might look like within Operations Management and a faculty a company and the impact they might member in Technology and Operations have on existing industries, business Systemic Management, and Organisation Studies. models, and society. ‘DE2Lab has the single purpose of ‘Very often we will see technologies leadership creating a coherent platform to bring that are touted to disrupt, and you Oxford Saïd is also good at collaborating our research together and engage with always get big words about “wholesale with internal and external partners to change”, but that rarely ever happens,’ deliver unique