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GMAC MET Fund to Award US$250,000 in Ideas to Innovation Challenge

In its ongoing efforts to support innovative graduate management education, GMAC’s philanthropic Management Education for Tomorrow Fund is putting up to US$10 million to identify innovative ideas and turn them into reality.

Launching July 21, the two-part Management Education for Tomorrow Ideas to Innovation (I2I) Challenge will award US$250,000 for the top ideas─including US$50,000 for the top idea. Open to individuals worldwide, the challenge asks simply: What one idea would improve graduate management education?

In the second phase of the competition, the MET Fund will post the top ideas on its website, gmacmetfund.org, where schools and other not-for-profit organizations can submit proposals to turn any of the ideas into reality. The MET Fund will fund a number of the proposals to turn those initial ideas into a global management education innovation.

“With the GMAT exam, GMAC helps identify talent for graduate management education, wherever in the world it may be. With the Management Education for Tomorrow Ideas to Innovation Challenge, GMAC will recognize specific proposals to improve the system and underwrite the most promising efforts to turn those ideas into reality,” said GMAC President and CEO Dave Wilson. “The I2I Challenge recognizes that like talent, true innovation may be found anywhere.”

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

Ideas must be no longer than one page and should be able to demonstrate measurable results within a one- to three-year time frame. The best proposals will be those that can show the largest impact on management education in either a specific world region or globally, and where the idea can be most easily taught to others to implement. Ideas will be judged on:

  • Concept originality/overview (30%). The new idea, use or application is ingenious, innovative and inspired.
  • Effect on management education (40%). The idea has a large impact on students and has a strong potential for expansion and replication.
  • Feasibility (30%). The concept is feasible, addresses the obvious risks, and is able to produce measurable results within a one- to three-year time horizon.

Ideas will be accepted online from July 21 to October 8, 2010. Those ideas splitting the US$250,000 purse, including a US$50,000 top winner, will be announced December 15. Phase 2─in which schools and other non-profit entities will be invited to submit proposals to implement the ideas─will be launched in 2011.

To find out more or register for the challenge, go to gmacmetfund.org. Follow the Fund on Twitter at @GMACMETFund.

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