GMAC Launches Ideas to Innovation Challenge

Do you have an idea that will change management education for the better? “One idea. Three paragraphs. Fifty-thousand dollars.” is the premise behind a global contest launched yesterday by the Graduate Management Admission Council.

GMAC invites anyone who is interested to submit three paragraphs that answer this question: What one idea would improve graduate management education?

For the challenge, GMAC defines innovation as the implementation of an idea that improves management education in a meaningful way””for students, for schools, for societies.

The contest is designed to make it as easy as possible for people to bring their ideas to the attention of GMAC. The Council is looking for ideas that are achievable, easily understood and able to demonstrate measureable results within a one-to three-year timeframe.

GMAC is particularly interested in proposals that show potential to broadly impact management education in either a specific part of the world or globally.

The GMAC Management Education for Tomorrow (MET) Fund will award a total of $250,000 in prizes to 15 people whose ideas rise to the top, with the most promising proposal taking home $50,000.

The contest runs from Wednesday, July 21st until Friday, October 8, 2010, and winners will be announced in mid-December. GMAC explains that a panel of educators and business leaders from around the world will judge the entries.

[youtube]http://www.youtube.com/watch?v=sQoLt8L8BTc[/youtube]

I2I Challenge: Phase Two

Beginning in 2011, GMAC will post the winning ideas online and ask schools and other nonprofit organizations to develop ways to implement them. The Council will underwrite one or more of the best proposals using funds dedicated to the MET Fund, a $10 million initiative to invest in the development of management education worldwide.

“The Ideas to Innovation Challenge is particularly timely because today’s students see business school as the place where they can learn the skills to make the world a better place and empower others,” said Allen Brandt, director of the MET Fund. “In that spirit of social entrepreneurship, the Challenge is open to anyone””students, faculty, entrepreneurs””with a great idea to improve graduate management education.”

Submit your proposal to the Ideas to Innovation Challenge here!
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