Imperial College Business School Annual Report 2017 by Imperial College London

Annual Report 2017

Annual Report

Contents 4

From the Dean

6 Rankings 8

School strategy update

Advisory Board

Spotlight on health

14 Research 19

Doctoral awards

Imperial connections

Personal recognitions

24 Supporting entrepreneurship Corporate partnerships 26

School brand campaign

Management Board

Faculty appointments

Postgraduate programmes

Undergraduate programmes

Executive Education

Enhancing the student experience

38 Careers 42 Alumni 48

Key events

Financial report

Riley Family Scholarship

Donor list

Cover story: Mobilising business, acting on future health Imperial College Business Schoolâ&#x20AC;&#x2122;s 2017 annual conference (pictured left) brought together business leaders and other key players to discuss global health challenges. Health was a focus for the School during the year and you can read more about its work in this area on page 12.

Imperial College Business School

From the Dean It has been a wonderful year for Imperial College Business School. We have continued to widen our recognition, reached some significant milestones on our drive for greater diversity, launched a new research centre, and (I might save my own blushes to add) welcomed a new Dean. We welcomed 1,920 students from 113 countries to the School this year, our largest ever cohort, and also our most diverse. Of this year’s Full-Time MBA students, 44 per cent were women – the joint highest among top MBA programmes – while our very first specialised Master’s programme (MSc Finance) marked its 20th year by welcoming a cohort with a 50:50 gender split for the first time in its history. We also appointed Leila Guerra as our new Associate Dean of Programmes. Joining us full time in 2018, Leila will bring with her great and diverse experience in the business school sector, and will help drive our portfolio in terms of diversity, quality and modernisation. On our undergraduate programmes, we marked 25 years of our Joint Honours and welcomed the 20th intake of students for our Intercalated BSc in Management. Here too we passed an important milestone for diversity as we welcomed equal numbers of internal and external medical students. As business becomes increasingly globalised, one of the greatest opportunities we can give our students is to mix with as varied a range of peers, colleagues and professionals as possible. Of course, one of the greatest recognitions of our success is what our students accomplish once they complete their studies with us. To that end, we have restructured our Careers service to offer our students the best possible preparation for entering their desired industries and jobs, as well as putting a new focus on developing ongoing relationships between the School and top employers. In 2017 our team held 225 employer events, 300 workshops, and 5,400 one-to-one careers consultations. We have seen students secure positions at some of the world’s highest profile employers. We are also proud to be nurturing some of tomorrow’s top entrepreneurs. Through initiatives at School and College level we help our best minds turn their ideas into practice. Our Enterprise Lab connects students and staff with their peers from across Imperial College London, as well as with our global network of alumni, friends and partners. This year we also hosted the Ideas to Impact Challenge, which offers funding, coaching and support to student-led business ideas that have the potential to improve the lives of a million people.

Annual Report

Research is at the core of our mission and identity and, throughout the year, we have seen growing recognition and impact for our faculty and researchers. Book awards, study accolades, major grants and a fantastic set of media recognitions have all helped cement our intellectual leadership. Research centres in particular are at the heart of many of our external and cross-College partnerships: in May we launched the Centre for Health Economics & Policy Innovation, and it has already received funding to establish a new global health research unit under the leadership of Imperial College London’s School of Public Health; our Centre for Climate Finance & Investment has received funding from Quinbrook Infrastructure Partners for R&D related to investment strategies in renewable and low-carbon energy; and the Centre for Global Finance & Technology will be leading the Plato Partnership’s European Market Structure Research Network. Imperial College Executive Education has continued to grow and increase its international footprint, with participants from over 25 countries and 17 nationalities. We will also be welcoming a new Director of Executive Education in 2018 to drive the team’s further expansion, recognition and impact across participants and businesses. It has been wonderful to see how much has been achieved in just my first six months at Imperial College Business School; the many important milestones we have passed and the exciting plans that are being drawn up for our further elevation and expansion. In 2018 I look forward to completing the strategic review we have started and to build on our collective future vision to develop ever more exciting initiatives and drive the School to ever higher levels of greatness.

Francisco Veloso Dean of Imperial College Business School

Imperial College Business School

Rankings In the past ten years, Imperial College London has consistently ranked in the top ten universities in the world and the top five in Europe.

College rankings

Business School rankings

Times Higher Education World University Rankings

Financial Times European Business Schools

World

Europe

8 QS World University Rankings World

Europe

9 6

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MSc programmes

MBA programmes

Financial Times MSc Finance

Financial Times Executive MBA

Bloomberg Businessweek Full-Time MBA

World 12

World 42

World* 13

Europe

11 4

Economist Which MBA? MSc Management

11 4

Financial Times Full-Time MBA

World 15

World 51

Europe

13 4

Financial Times MSc Management

14 7

Forbes One-Year International MBA

World 14

World* 13

Europe

14 3

12 6

QS MSc Management * Excluding US schools World 5 Europe

Imperial College Business School

School strategy update Our vision is to benefit business and improve society through the power of innovative thinking.

Our strategic pillars Research and thought leadership The best business schools have the best scholars; we pioneer practical solutions driven by research excellence. Education and knowledge transfer The best business schools have great teachers and mentors; we inspire brilliant minds to be the world’s future business leaders. External relations The best business schools have great connectivity to the corporate world, to the social sector and non-profits, and to government policy makers

Our ten strategic priorities 2014–19 1. Recruit, retain and reward world-class faculty – We believe the best business schools have the best scholars, teachers and mentors; they have great connectivity to the corporate world and are truly global – You can read a full list of this year’s faculty appointments on page 29.

2. Create and be known as a strong brand with an excellent reputation – A strong brand provides us with a sustainable competitive advantage. It is a way of differentiating us from the competition and using our reputation to inspire our target audiences to behave in ways that will help us achieve our objectives – In 2017 the School ran two cross-media brand campaigns aimed at challenging business leaders to consider the role they must play in achieving economic growth while addressing global challenges in a technology-driven world – In March we launched IB Knowledge, an online platform dedicated to promoting the research of Business School faculty to a wide corporate audience – You can read more about the School’s brand campaigns on page 26.

The best business schools have the best alumni networks The best business schools are truly global We benefit business and society through the power of innovative thinking. Operations and performance The best business schools have world class facilities, business processes, and operations.

3. Enter the top 25 in the Financial Times Full-Time MBA ranking – Our Rankings Committee systematically analyses ranking results and creates a detailed ranking strategy for each programme. We believe these strategies are enhancing our efforts to support student and alumni careers, while also improving our performance – You can read a list of this year’s College, School and programme rankings on page 6.

4. Create and deliver a world-class business undergraduate programme – This year we celebrated the 25th anniversary of our Joint Honours programme and welcomed the 20th Intercalated BSc in Management cohort – Our Business for Professionals of Engineering and Science programme enrolled 2,034 students from 14 departments across Imperial College London – We moved our Accounting module online, allowing us to increase its capacity by 50 per cent – You can read more about our undergraduate programmes on page 32.

Annual Report

5. Establish Imperial College Business School as the leading educational technology centre in the world – The Business School’s Edtech Lab comprises specialists in the planning, development, and instructional design and delivery of online learning.

7. Enhance corporate connectivity – Working with corporate partners, we announced a number of exciting projects in 2017. You can read more about these partnerships on page 24.

8. Create an endowment through significant philanthropic and fundraising activity

– In collaboration with edX, Imperial College Business School offers four free online MBA taster programmes, on Accounting, Data Analysis, Finance and Maths – Between January and December 2017, we received 36,785 registrations for these programmes.

6. Be a champion of gender equality – We believe working towards gender balance in the lecture theatre is a necessary step towards gender balance in business – Imperial Women’s Scholarships aim to encourage women to undertake postgraduate business education – The Business School is a formal sponsor of the Forté Foundation, which aims to attract the best female candidates to graduate management education and future leadership roles – To support ambitious businesses run by female CEOs, we offer two ELITE scholarships of £7,500 each to exceptional female entrepreneurs joining the ELITE programme – In our commitment to gender, our Diversity Committee Chair sits on our Management Board.

We achieved a 50:50 gender split in this year’s MSc Finance cohort (the first time this has been achieved in the programme’s history), while 44 per cent of students in our Full-Time MBA cohort were women (placing it joint first among top MBA programmes for gender balance).

“ We are proud to have achieved a 50:50 gender balance. Our focus has been on talent and we haven’t compromised on quality. This is a very encouraging sign that things are changing and that the finance industry is becoming more attractive to women.” Dr Lara Cathcart Associate Professor of Finance, and Academic Director of MSc Finance

– In 2016–17, 79 donors generously gave £15,871 to the Dean’s Fund for Imperial College Business School – The first Riley Family Scholarship was awarded in 2017. You can read more about it on page 51 – You can read more about all those who have given to the School and College on page 52.

“ It would have been close to impossible for me to attend Imperial without the help of these funds. It has taken a lot of pressure off my family. This is also the first time I have been able to attend college without having to hold a part time job. Not only has [receiving the scholarship] freed up more time for me to focus on my studies but it has also alleviated the stress that comes from constantly worrying about money.” John Trieste MSc Finance 2017

9. Increase the level and reach of executive education – In 2017 we launched our first two solely online programmes in partnership with Vlerick Business School, along with a suite of online programmes for international executives at professional services firm Arup – In December we ran our largest open programme yet: Fintech – Innovative Banking – You can read more about Imperial College Executive Education on page 34.

10. Create and maintain world-class facilities and space – Our Facilities team work to ensure the workspaces for the School community are conducive to producing world-class research – Newly refurbished offices were made available for staff and PhD students in Imperial’s ACE Extension – Our Edtech Lab facilities were refurbished, allowing for the accommodation of more staff as this key area of the School grows, and allowing staff to work in more flexible ways.

Imperial College Business School

Advisory Board The Business School’s Advisory Board provides strategic advice, communicates our vision and reviews progress against objectives.

Iain Conn (Chair) Chief Executive, Centrica

Zein Abdalla Former President, PepsiCo

Ian Coleman Chairman, Vixcroft

Bronwyn Curtis Chairman, JP Morgan AIT

Iain is Chief Executive of the energy and services company Centrica. Before joining the company in 2015, he was a member of BP’s Board of Directors and Executive Management Team. He was the Chief Executive of the BP Group’s refining and marketing business, and also held regional responsibility for Europe, Southern Africa and Asia-Pacific. Iain studied Chemical Engineering and Management at Imperial College London.

Zein was President of PepsiCo from 2012 to 2014. In his 19 years at the company, he held a number of senior executive positions and led a number of large-scale acquisitions and transformations. Prior to PepsiCo, he was at the Mars Group, starting as an engineer and eventually becoming General Manager of their Middle East and North Africa business.

In addition to being Chairman of Vixcroft, a well-established property company, Ian consults privately through Chiddingstone Consulting. From 1987 to 2012 he worked for PricewaterhouseCoopers, leaving the company as Senior Chief Relationship Partner. At PwC, he managed a number of key client accounts, consulting for senior executives on corporate value issues including financial strategy, transactions, value-based management and investor communications.

Bronwyn is a financial economist who has held senior executive positions in various financial and media organisations. In addition to her position at JP Morgan AIT, she is a NonExecutive Director at Scottish American Investment Trust, a Director at Mercator Media, and a Governor of the London School of Economics. From 2008 to 2013 she was Head of Global Research for HSBC.

Catherine Moukheibir Executive Board Member, Innate Pharma

Professor Carol Propper Associate Dean of Faculty and Research, Imperial College Business School

Fiona Sandford Interim Associate Dean of Programmes, Imperial College Business School

Michael Shepherd Managing Director, Growth Point Technology Partners

Fiona has been the Business School’s Associate Dean of Programmes since August. She has also been Chair of the University Court at the University of Stirling since 2015, and was previously Executive Director of Global Business at the London Business School. She will hand over as Associate Dean to Leila Guerra in 2018 but continue with the School as its Director of Strategic Projects.

Mike is a software engineer and entrepreneur based in Silicon Valley, and advises technology companies on investments and exits. He has closed transactions with companies such as BMC Software, Cavium, Fair Isaac, HP, IBM, Intel, Microsoft, Oracle, Symantec, F5 and VMware. Before co-founding GrowthPoint Technology Partners, Mike was a principal at SVB Alliant, conducting software mergers and acquisitions.

Catherine is an experienced finance executive who has held senior positions in big, small, public and private companies. She currently holds positions at MedDay Pharmaceuticals (as Chairman of the Board), Zealand Pharma (as a Non-Executive Director and Chair of the Audit Committee), Innate Pharma (as a Member of the Executive Board) and Ablynx (as a NonExecutive Director and Member of the Audit Committee).

Annual Report

Carol joined the Business School as a Professor of Economics in 2007. In 2010 she was awarded a CBE for her services to social science, and in 2014 was elected a Fellow of the British Academy. In May 2017 she, along with two US academics, was awarded the International Health Economics Association’s 25th Arrow Award, which recognises excellence in the field of health economics.

Advisory Board Scholarships

Sunil Kappagoda Advisor and Board Member, fintech, banking and financial services companies Sunil has a 27-year track record of delivering high impact results in the financial services sector, with a particular focus on fintech. His experience spans the Boston Consulting Group, Oliver Wyman, Booz Allen, Verifone Systems, Citibank and the World Bank. He has an undergraduate degree from Imperial College London and postgraduate degrees from Birkbeck College, London School of Economics, and the Wharton School, University of Pennsylvania.

Rolf Stahel Chairman, Chesyl Pharma Rolf registered Chesyl Pharma in 2003, offering consultancy services to portfolio companies. He is also Non-Executive Chairman of Connexios Life Sciences, Ergomed and Midatech Pharma. Previously he was CEO of Shire Pharmaceuticals Group. As Regional Director at Wellcome, Rolf was responsible for 18 Pacific Rim countries; his last position with the company was Director of Group Marketing, reporting to the Chief Executive.

Joanne Linder Owner, SmartPitch

Mary Meaney Senior Partner, McKinsey

Joanne is Chair of the Imperial College Business School Alumni Advisory Board (see page 44) and an active member of the alumni community. She started her career at BAE Systems, initially on airborne systems and then in the military aircraft division. She had a largely blue chip career until her MBA, but afterwards set up her first business and became a pioneer in personalised web content during the dotcom boom.

Mary leads McKinsey’s Organisation practice in Europe, the Middle East and Africa; she was previously the Global People Leader and Global Learning Leader for McKinsey’s Organisation practice. She is co-founder of the McKinsey Women’s Initiative, which aims to promote women leaders in business. She regularly participates in McKinsey research, evaluating the progress of women in leadership in the corporate world, and recommending means of fostering it.

Jon Tucker Faculty Operating Officer, Imperial College Business School

Professor Francisco Veloso Dean, Imperial College Business School

Jon joined Imperial College Business School in 2009. Prior to that, he was Director of Corporate Services at the Science Museum Group. His background includes a period directing executive development for Lloyds TSB and extensive experience in commercial and retail banking. He studied Natural Sciences at the University of Cambridge.

Francisco joined Imperial College Business School in August, having previously been Dean of Católica Lisbon School of Business & Economics. He is a leading authority on innovation and entrepreneurship; his work has included studies into the development of Silicon Valley, and the innovation and scientific impact of developing nations. He has had several dozen publications in leading academic journals and has won several awards for his contributions.

A series of scholarships have been made available through generous donations from our Advisory Board, with the aim of providing the opportunity and means for exceptional candidates to enrol on our Full-Time MBA programme. Two scholarships will be available to students joining the Full-Time MBA programme in the 2018–19 academic year, two more in 2019–20, and one during 2020–21.

Imperial College Business School

Spotlight on health “ Mobilising business, acting on future health” was the theme of the School’s 2017 annual conference, and some of our most high-profile successes during the year were in tackling global health challenges. Annual conference In March industry experts and delegates attended Imperial College Business School’s second annual conference to explore what needs to be done to improve global health in the 21st century. Welcoming delegates to the event, Professor James Barlow, Chair in Technology and Innovation Management, said: “Providing affordable, sustainable healthcare to all is one of the biggest global challenges today.”

Delegates and speakers explored:

Dr Mark Britnell, Chairman and Senior Partner of the Global Health Practice at KPMG, delivered the keynote speech, covering “the good, the bad and the ugly of the global health challenge”. He argued that, if the conflicting healthcare incentives, behaviours, structures and policies for patient care are aligned, people can expect to live four years longer.

What skills are needed within business and where the leadership will come from.

The potential impact of future health needs The innovation opportunities and challenges from the perspectives of business, government and research New models for funding health technology innovation

The day was structured around on-stage speeches, conversations and panel discussions, with a breakout session in the afternoon for delegates to discuss shaping new models of care. Speakers included: academics from the Universities of Harvard and Oxford, as well as Imperial College London; representatives of the World Health Organisation and NHS England; and industry experts from Morgan Stanley, Novo Holdings and IBM.

“ [ The event] clearly highlighted the importance of partnerships between different actors of the health sector to reduce inefficiencies [and] improve the R&D process, as well as the delivery of innovation.”

Dr Laure de Preux Assistant Professor of Economics, and Conference Co-Chair

Annual Report

Centre for Health Economics & Policy Innovation Launched in May, the Centre for Health Economics & Policy Innovation is Imperial College Business School’s newest research centre. Built around a distinctive programme of research and teaching on health economics, policy and management, the Centre focuses on:

The Centre’s faculty have in the past:

Incentives that drive productivity, quality and innovation, both at the health system and organisational level

Led an international programme of public health policy modelling and evaluation

Incentives that drive health-related behaviours at an individual level Factors that determine the success of health policies designed and implemented by governments.

“ Health is a very emotive subject, but it goes beyond preventing and curing diseases and illnesses. Our work covers the economic dimension of global health challenges.”

Led the world’s largest collaborative research programme on innovation in healthcare infrastructure Designed and conducted the world’s largest trial of telehealth technology

Worked with the UK Department of Health to investigate competition and regulation in secondary and primary care, the impact of targets on the performance of NHS providers, and the impact of public policy on pharmaceutical firms’ strategies.

Further highlights You can read more about the School’s work on health throughout this annual report: Carol Propper: Competition in healthcare (page 18) NIHR Global Health Research Unit (page 21) Executive education in health (page 34) Key events in health (page 48).

Professor Franco Sassi Director of the Centre for Health Economics & Policy Innovation

Imperial College Business School

Research Imperial College Business School undertakes worldclass research in innovation and entrepreneurship, management, finance, and healthcare economics. The School is characterised by its strong research ethos, world-class faculty and commitment to working across academic boundaries to solve pressing world problems. So we were delighted when, in October, our Professor of Economics, Jonathan Haskel, was joint winner of the inaugural Indigo Prize for his research showing how intangible capital and environmental benefits can be incorporated into measures of the output of the economy. Jonathan’s work demonstrates our ability to harness cutting-edge research to solve a real problem: how to adapt measures of GDP so it reflects the activities undertaken in the economy in the 21st century. In July, Professor Franklin Allen, Director of the Brevan Howard Centre for Financial Analysis, was elected to the fellowship of the British Academy, the UK’s national academy for the humanities and social sciences. Franklin joins the School’s Professor Mike Wright (and myself) in achieving this distinction. We were also delighted to host Professor Antoinette Schoar of MIT in the Finance department for the last academic year. Antoinette’s interests span from entrepreneurship and financing of small businesses in emerging markets, to household finance and intermediation in retail financial markets. She has received several awards for her scholarship and is also the co-founder of ideas42, which uses insights from behavioural economics to solve social problems. Health and healthcare, which account for well over 10 per cent of economic activity in all developed nations, featured heavily on our research agenda this year. In April the second School conference brought together business leaders, policy makers, industry specialists and our academics to tackle the issue of “Mobilising business, acting on future health”. In May we launched our most recent research centre, the Centre for Health Economics & Policy Innovation, which spans the Business School and Imperial College London’s School of Public Health. Speakers at the launch included Portugal’s Minister of Health, with whom we signed a memorandum of understanding to undertake research of mutual interest.

Annual Report

More generally, the model of collaboration in the Centre builds on a series of successful partnerships with researchers in the rest of the College, some of which are discussed on page 20. We look forward to more such engagement across the School to answer such pressing questions as the effect of artificial intelligence on work and social behaviour, how to use technology to help consumers make smarter decisions around energy, and what the optimal mix of renewable and non-renewable sources in energy supply should be. The strength of our research has also been reflected in our scholarly publications, which have been improving year on year, both in quality and impact. The next few pages highlight some of this work. But we are far from an ivory tower: we also took part this year, as in the past, in the Imperial Festival and Fringe events. These welcome over 20,000 family members, school pupils, alumni, local residents and other members of the public onto campus to enjoy interactive stands, workshops, tours, talks and performances. Our contributions this year included a talk on how to detect white-collar crime and the impact of crime on walking.

Professor Carol Propper Associate Dean of Faculty and Research

Research statistics Active grants in 2017

Faculty

Total*

79 Department of Management

Department of Management

Department of Finance

Department of Innovation & Entrepreneurship

Department of Finance

Page views of IB Knowledge March to December 2017

Research outputs

364,434 Journal articles

112

Chapters

Books

Conferences

All other output types

* Overall faculty figure includes faculty from research centres and central resources

Imperial College Business School

Research highlights Our faculty enjoyed another strong year in 2017, with high profile awards recognition and media coverage. “ I’m very lucky to have a career as a research academic: it gives me a chance to think about some of the problems that are facing the world, and then hopefully bring some of those research thoughts, and hopefully some innovative thinking, back to the classroom to help the students as well. Imperial is a terrific mix of both economics and business, but also science. So, for somebody like me who’s interested in the knowledge economy and interested in science policy, it’s a terrific atmosphere to be in.” Professor Jonathan Haskel Chair in Economics

Annual Report

Department of Finance Tarun Ramadorai: Indian household finance In August the Reserve Bank of India published a report from its Household Finance Committee, chaired by Tarun Ramadorai (Professor of Finance at Imperial College Business School), on the state of Indian household finance. The report outlined a number of the challenges facing Indian households when managing their finances, including an overreliance on investments in real estate and gold, low levels of investment in insurance and pensions, and a general distrust of formal financial institutions. The findings received widespread coverage in the Indian press, including The Times of India, Mint and Business Standard. Tarun was interviewed for multiple publications, as well as appearing in broadcast interviews for CNBC Awaaz and CNBC TV18.

“ Fintech solutions in India could be the best in the world. It should be the right of all individuals, and not just the wealthy, to have access to the best financial services.”

Professor Tarun Ramadorai Professor of Financial Economics

Marcin Kacperczyk: The effects of unconventional monetary policy on financial markets In the aftermath of the financial crisis 10 years ago, the US Federal Reserve took the unprecedented decision to lower short-term nominal interest rates to zero. In their paper “The Unintended Consequences of the Zero Lower Bound Policy”, Marcin Kacperczyk (Professor of Finance at Imperial College Business School) and Marco Di Maggio (Assistant Professor of Business Administration at Harvard Business School) argued the policy created an adverse shock to the competitiveness of money funds (an important part of the shadow banking system), which resulted in significant dislocations in terms of their market participation and risk-taking decisions. The paper was presented to, among others, the European Parliament Group on Money Markets and the Federal Reserve Board. Cláudia Custódio: The importance of general managerial skills In their paper for Management Science, “Do General Managerial Skills Spur Innovation?”, Dr Cláudia Custódio (Associate Professor of Finance at Imperial College Business School), Miguel Ferreira (of Nova School of Business and Economics) and Pedro Matos (of Darden School of Business) showed firms with CEOs with general managerial skills produce more patents. Their findings suggest generalist CEOs spur innovation because they acquire knowledge beyond the immediate scope of their firm, and have skills that can be applied elsewhere should innovation projects fail. They concluded an efficient labour market for executives can promote innovation by providing a mechanism of tolerance for failure.

Imperial College Business School

Department of Innovation & Entrepreneurship I&E Conversation 2017: Ecosystems for Entrepreneurship and Innovation The third Innovation and Entrepreneurship Conversation was held on 22–23 June at the Royal Society, this year organised by the Department of Innovation & Entrepreneurship’s Dmitry Sharapov, Anu Wadhwa and Erkko Autio. The focus was “Ecosystems for Entrepreneurship and Innovation”, showcasing the Department’s research and dissemination activity in this area, and welcoming expert scholars from across Europe and the US for two days of cutting-edge debate, discussion and knowledge-sharing. Ileana Stigliani: Design thinking Dr Ileana Stigliani’s work on design thinking gained much coverage in 2017, with multiple appearances in the Financial Times; her first article on the subject was one of the newspaper’s most popular business school blogs to date. Her paper “How Nascent Occupations Construct a Mandate: The Case of Services Designers’ Ethos” (co-authored with Anne-Laure Fayard and Beth A Bechky) was published in Administrative Science Quarterly in 2017, and “Design Thinking and Organizational Culture: A Review and Framework for Future Research” (with Kimberly D Elsbach) will be published in the Journal of Management in 2018.

“ Business schools have placed great emphasis on developing analytical skills like forecasting, strategic planning and rational decision making – important skills when dealing with stability and predictability, but they don’t help when innovating and changing the rules of the games are needed.”

Dr Ileana Stigliani Assistant Professor of Design and Innovation

Annual Report

Department of Management Jonathan Haskel: The intangible economy Launched at Imperial College Business School in November, Professor Jonathan Haskel (the School’s Chair in Economics) and Stian Westlake’s book Capitalism without Capital: The Rise of the Intangible Economy was named one of the best books of 2017 by The Economist, the Financial Times and Blackwell’s. The book offers the first comprehensive account of the increasing dominance of the intangible economy, showing how the growing importance of intangible assets has been an underappreciated cause of phenomena from economic inequality to stagnating productivity. Jonathan’s work on the intangible economy led to he and his team being awarded (jointly with Professor Diane Coyle of the University of Manchester) the inaugural Indigo Prize for economics. The team’s entry proposed extending GDP to measure intangible and environmental capital, and better measure economic wellbeing. Carol Propper: Competition in healthcare Professor Carol Propper and two US academics received the International Health Economics Association’s 25th Arrow Award, which recognises excellence in the field of health economics. The researchers were recognised for their paper “Free to Choose? Reform, Choice and Consideration Sets in the English National Health Service (NHS)”. The paper suggested reforms that enhance patient choice have the potential to raise healthcare quality and patient welfare. Carol also received the American Economic Journal Best Paper Award for “Death by Market Power: Reform, Competition, and Patient Outcomes in the National Health Service”. The paper showed competition saved lives without increasing costs, bringing about efficiency gains.

Doctoral awards in 2017 Being part of the Schoolâ&#x20AC;&#x2122;s inspirational research community is a crucial experience for our doctoral students. They are expected to make a positive contribution to our research ethos and take advantage of the wealth of development opportunities on offer.

Lien de Cuyper Department of Innovation and Entrepreneurship Doing Good while Making Profit: Perspectives on Reconciling Multiple Objectives in Social Enterprises

Tariq Bin Hendi Department of Management UAE Immigration and Labour Nationalisation Policies: The Impact on Wages and Employment

Supervised by Professor Bart Clarysse and Professor Mike Wright Completed February 2017

Supervised by Professor Jonathan Haskel and Professor Walter Distaso Completed July 2017

Elaine Yining Shi Department of Finance Media Content and Credit Risk: Empirical Analyses Based on Credit Default Swap Market

Valentina Lorusso Department of Finance Market Making and Dealer Markets

Supervised by Dr Lara Cathcart Completed February 2017 Rahul Kumar Department of Innovation and Entrepreneurship Starting Up and Steering an Innovation Practice in a Temporary Organisation Supervised by Professor David Gann and Professor Nelson Phillips Completed March 2017 Vitali Avagyan Department of Management Essays on Risk and Profitability in the Future British Electricity Industry Supervised by Professor Richard Green and Emeritus Professor Berc Rustem Completed June 2017 Niklas Neumann Department of Finance Post-Crisis Banking in the US Supervised by Professor Marcin Kacperczyk and Dr Robert Kosowski Completed June 2017

Supervised by Professor Gilles Chemla, Dr Katrin Tinn and Dr Pasquale Della Corte Completed July 2017 Oleg Komarov Department of Finance Empirical Asset Pricing in High-Frequency Markets Supervised by Professor Walter Disasto Completed September 2017 Yuxin Zhang Department of Finance Essays in Life Cycle Portfolio Choice Supervised by Professor Alex Michaelides and Dr Robert Kosowski Completed September 2017 Ariel Jingjing Sun Department of Finance Three Essays in Financial Economics: Systemic Risk, Pension Economics and Income Inequality Supervised by Dr Enrico Biffis and Professor Rustam Ibragimov Completed December 2017

Imperial College Business School

Imperial connections As part of Imperial College London, a worldleading science and technology-based institution, the Business School is in a unique position to work on projects in a collaborative and interdisciplinary manner to produce research that truly benefits business and society. Here we look at some of the highlights of our work with colleagues from across Imperial College London in 2017.

Annual Report

Digital City Exchange

Maximising the Carbon Impact of Wind Power

Department of Innovation & Entrepreneurship

NIHR Global Health Research Unit Centre for Health Economics & Policy Innovation

Faculty of Engineering

Department of Management

Faculty of Medicine

Imperial College London’s Digital City Exchange, a multidisciplinary research programme, came to an end in 2017. Researchers from the Business School’s Department of Innovation & Entrepreneurship worked with colleagues from the Faculty of Engineering in exploring ways to digitally link utilities and services within a city, enabling new technical and business opportunities.

Faculty of Engineering

The Centre for Health Economics & Policy Innovation at Imperial College Business School received funding from the National Institute for Health Research (NIHR) to establish the Global Health Research Unit in Cardiovascular Disease & Diabetes in South Asians, under the leadership of the School of Public Health at Imperial College London. The Unit will focus primarily on four countries: India, Pakistan, Bangladesh and Sri Lanka.

Digital City Exchange’s purpose was to revolutionise urban infrastructure – integrating energy, transport, waste and utility resources – to the benefit of technology, economies and society. By developing more integrated infrastructure, transport and resources, the project aimed to enhance quality of life in our cities, maximise the opportunities for new businesses, and enable valuable new services to emerge. Having commenced activity in 2011, the programme was awarded £5.9 million by Research Councils UK’s Digital Economy Programme over its initial five year period, with funding extended for an extra year.

Faculty of Natural Sciences The UK has invested heavily in wind power in recent years, and is widely expected to build much more capacity in future. One of the driving reasons is to reduce carbon emissions, but there has been no in-depth study of how effective wind power has been, or will be, at achieving this. The simple question “How much carbon dioxide does a wind farm save?” has a surprisingly complex answer: it depends not just on how much power the farm produces, but on how the rest of the electricity system responds to its production. Past work by academics and government bodies has concentrated on calculating the average emissions (in grams of carbon dioxide per unit of electricity) from the entire UK power sector in various future scenarios. This project is the first to understand the marginal emissions from wind power: the change in national emissions from adding one more or one less wind farm to the power system, the driving factors behind this, and how those factors can be used to maximise the savings. The more carbon dioxide each turbine saves, the fewer turbines will have to be built, and the lower the cost to consumers and the UK economy.

The aim of the Unit is to create an interdisciplinary environment that fosters the development and implementation of acceptable, equitable, efficient, scalable and sustainable approaches to reduce the burden of type 2 diabetes and cardiovascular disease in the countries concerned. The main goal of the Centre’s contribution is to develop and evaluate community-wide approaches for the prevention of cardiovascular disease and diabetes based on incentives for individuals to change healthrelated behaviours (particularly in connection to nutrition, physical activity and smoking).

The aim is to understand the factors that affect the emissions savings from investing in wind power, so these savings can be maximised. Energy storage, international interconnections, accurate output forecasts and a high carbon price will all help to increase the emissions savings from wind power, and the Imperial researchers will quantify the effects of each.

Imperial College Business School

Personal recognitions Awards for Teaching Excellence and Supporting the Student Experience These awards are voted for by our student community and celebrate those faculty who have excelled in their teaching or in ensuring our students make the most of their time at Imperial College Business School.

Innovation in Teaching Pedro Rosa Dias Associate Professor of Health Economics Inclusive Teaching HeeJung Jung Assistant Professor of Entrepreneurship MBA Core Module Teaching Franklin Allen Executive Director of the Brevan Howard Centre MSc and MRes Core Module Teaching Miguel Meuleman Assistant Professor of Entrepreneurship Undergraduate Teaching Esther Bøler Assistant Professor of Economics PhD Supervision Laure de Preux Assistant Professor of Economics Student Support Naomi Warren Programme Manager, Strategic Marketing

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Special commendation from the Dean The School’s Programme and Academic Directors also received a special commendation in recognition of their efforts: Lara Cathcart Benita Cox Andreas B. Eisingerich Jonathan Haskel Renáta Kosová Omar Merlo Edgar Meyer Mirabelle Muûls James Sefton Kalyan Talluri Paolo Taticchi Anu Wadhwa George Yip

Professional Staff Awards

Academic recognition

Run by the School’s Professional Staff Council, these awards recognise team members who have gone above and beyond to support their colleagues and our students.

Jonathan Haskel, Professor of Economics Jonathan’s team was awarded jointly (with Diane Coyle, Professor of Economics at Manchester University) the inaugural Indigo Prize for economics for their proposal to extend GDP to measure intangible and free goods, and also to measure the welfare of societies. For more on Jonathan’s work, see page 18.

Outstanding Leadership Erin Hallett, Head of Alumni Relations Unsung Heroes Jointly awarded to: Moira Rankin, PA to Head of Department/Department Administrator (Finance); and Masis Bugoz, Guillem Santapau and Meryem Mehmet (Digital Technology Team) Exceptional Team Member Lisa McNeil-Duncan, Student Recruitment Coordinator Rising Star Sarah Belfield, Marketing Coordinator Exceptional Contribution Impacting Student Experience Jointly awarded to: Laura Collingridge, Senior Programme Manager; and Lakmini Staskus, Programme Manager Best Collaboration Chris Corbishley, Business Coach in Residence, Enterprise Dean’s Award for Good Citizenship Anique Varleigh, Head of Exams & Assessment

Carol Propper, Professor of Economics Awarded the AEJ Best Paper Award for Economic Policy for “Death by Market Power: Reform, Competition, and Patient Outcomes in the National Health Service”, co-authored with Martin Gaynor and Rodrigo Moreno-Serra.

Dean’s List for Academic Excellence The Dean’s List recognises students whose overall performance in their programme is above 70 per cent and within the top 10 per cent of the cohort from each programme. The Dean’s List for 2016–17 can be viewed online at: imprl.biz/ IBDeansList

Imperial College Medal The Imperial College Medal is awarded to people and organisations who have rendered exceptional or outstanding service to Imperial College London, or have otherwise acted over a period of time to enhance its reputation, mission and/or objectives.

Also awarded the International Health Economics Association’s 25th Arrow Award for the paper “Free to Choose? Reform, Choice and Consideration Sets in the English National Health Service (NHS)”, co-authored with Martin Gaynor and Stephan Seiler. Tommaso Valletti, Professor of Economics Awarded the International Journal of Industrial Organisation Best Paper Award 2017 for “Net Neutrality and Innovation at the Core and at the Edge”.

Other appointments: Franklin Allen Professor of Finance and Economics Selected as a Fellow of the British Academy, the UK’s national academy for the humanities and social sciences. He was recognised for his research on issues relating to financial crises, corporate finance and financial innovation. Mike Wright Professor of Entrepreneurship Elected a Fellow of the Strategic Management Society. Fellowships are intended to recognise and honour members of the Strategic Management Society who have made significant contributions to the theory and practice of strategic management.

Gail Hallisey Awarded Imperial College Medal Gail, Facilities Co-Ordinator at Imperial College Business School, received an Imperial College Medal at the Postgraduate Graduation Ceremonies on 3 May. The medal was presented by Professor Alice Gast, President of Imperial College London, following a glowing introduction from Professor Nelson Philips, then-Acting Dean of the Business School. Gail joined Imperial in 1988 and said receiving the award was “very special” – especially as the date of the ceremony was her 29th anniversary at the School.

Also appointed editor of the Academy of Management Perspectives, which publishes articles and symposia that address important issues concerning management and business. He was previously editor of the Strategic Entrepreneurship Journal, in which position he led a successful initiative to get the publication into the list of 50 journals the Financial Times uses in compiling the FT Research rank.

Imperial College Business School

Supporting entrepreneurship

Corporate partnerships

While many of our alumni go on to high-profile corporate positions, a particular strength of Imperial College Business School is our support for entrepreneurs. At School and College level we run a number of initiatives to support the business pioneers of tomorrow. These are just two of them.

Imperial College Business School has a strong history of collaboration through research, consultancy, technology transfer and educational support. Our partnerships in 2017 have allowed us to continue this legacy.

Enterprise Lab Imperial College London supports the next generation of innovators and entrepreneurs through its Enterprise Lab. Located at the heart of the university, the Lab brings staff and students from all disciplines together with the College’s global community of alumni, friends, partners and businesses. By providing time and resources as well, the aim is to ensure tomorrow’s top minds have everything they need to turn their ideas into practice, through innovation in organisations they join or entrepreneurship via organisations they create. Programmes on offer include pioneering universitywide initiatives for early-stage women innovators and entrepreneurs, emerging science and technology venture teams, and alumni. Support is offered in the forms of talent (e.g. professional services, mentors, coaches), technology (e.g. hardware, software, propriety support) and capital (e.g. funding for prototypes, prizes, pre-seed). The Business School is one of several partners from inside and outside Imperial College London: among the Lab’s other academic, government and industry partners are Imperial College Advanced HackSpace, Imperial ThinkSpace, the Royal College of Art, and the Royal College of Music. Ideas to Impact In May the Business School’s Gandhi Centre for Inclusive Innovation, and the initiative Global Action on Poverty (GAP) hosted the Ideas to Impact Challenge. The competition brought together student teams, each presenting an innovative idea to tackle a major global challenge and positively affect one million people. The pitches covered agriculture, healthcare, livelihoods, enterprise, education, skills, water, sanitation, energy and financial inclusion. The three winning teams received startup funds, and continuous coaching, mentoring and business support from GAP and its partners.

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Our faculty’s world-class research offers exciting opportunities for collaboration and engagement in an innovative environment. We make a difference to society by delivering complex, collaborative projects with a range of industry partners. In particular, our research centres continue to forge strong relationships with the private sector. In March the Centre for Climate Finance & Investment entered a three year research and development partnership with Quinbrook Infrastructure Partners, and in December co-hosted an event with TheCityUK, the organisation that represents UK-based financial services (more about which can be found on page 47). The Centre for Global Finance & Technology is meanwhile set to establish and lead the European Market Structure Research Network with Plato Partnership (a not-for-profit company comprised of the largest global asset managers and broker dealers). Through Imperial Business Analytics, we continue to work closely with KPMG and are building new research partnerships. Together, our academics and industry experts are working to understand how artificial intelligence will change the structures and processes of organisations – to make ever clearer the future of business.

Julian Sikondari Corporate Partnerships Manager j.sikondari@imperial.ac.uk +44 (0)20 7594 5940

Plato Partnership In December the Business School signed a £750,000 three-year research contract with Plato Partnership, a not-for-profit company made up of asset managers and broker dealers that uses its revenue to commission academic research. Led by Dr Andrei Kirilenko, Director of Imperial’s Centre for Global Finance & Technology, the initiative will establish and lead the European Market Structure Research Network; it will allow the Plato Partnership and Imperial to share their knowledge and data with top-quality academics conducting independent research on market structure and technology issues.

Imperial Business Analytics Founded in 2014 with funding from KPMG, the Centre for Advanced Business Analytics – now known as Imperial Business Analytics – evolved significantly over 2017, developing a new and exciting research programme focused on AI and the future of organisations. Specifically, its research on the future of organisations is focused on how AI and data science are changing operations and structures. It already has some exciting new results on the likely size, shape and composition of future organisations, not only in the coming decades but also in the next few years.

“ By harnessing the combined expertise of Imperial College Business School and our members, we will be able to strengthen the ties we have forged between academia and the market to continue to deliver real, tangible benefits for our members.”

As part of this refocusing, Imperial Business Analytics is working more closely with KPMG on workforce analytics applications. It has also added a new funder in the form of one of the world’s largest multinational law firms. As professional services firms, both organisations are interested in understanding how advances in AI are likely to change the way work is done, both for their clients and themselves.

Nej Djelal Plato Partnership Co-Chair

Quinbrook Infrastructure Partners In March the Centre for Climate Finance & Investment entered a partnership with the global asset management firm Quinbrook Infrastructure Partners. Quinbrook committed to fund research and development related to investment strategies in renewable and low-carbon energy. The Centre, directed by Dr Charles Donovan, helps private sector investors and government policy makers gain greater clarity about risk and return in industrial sectors that are being disrupted by clean energy, greater energy efficiency, and low-carbon technologies.

“ We are excited about this new research programme because it embodies an exciting strategy of teaming up with bright colleagues in other parts of Imperial to leverage our core strengths for breakthroughs in business.” Dr Mark Kennedy Associate Professor, Director of Imperial Business Analytics and Deputy Director of Imperial’s Data Science Institute

“ The alliance with Imperial College is an exceptional example of how we are working with ecosystem partners to bring breakthrough thinking to our clients and our own business. The impact of AI and the future of organisations are significant areas of interest to our clients as they stand to fundamentally change the way we work.” Maz Hussain Director, Intelligent Automation, Digital & Emerging Technology, KPMG

Imperial College Business School

School brand campaign To stand out in a crowded market, “Imperial College Business School” needs to be a name that is both recognised and understood as meaning something unique. With the world’s best business schools investing in ambitious growth plans, competition for talent and funding has never been so intense. To help us stand out in that crowded market, Imperial College Business School has invested in efforts to build and communicate a strong brand; one that shows we are unique, engages our target audiences, and encourages them to do the things that help us achieve our objectives. Happily for us, our position within Imperial College London means we can use all that Imperial’s name implies – especially in terms of innovation and technology – to help us stand out from our competitors. This is reflected in our #WhatTheFuture brand advertising campaigns, which we have run over the last two years. The campaigns highlight that the people thinking most about the future of business are the faculty of Imperial College Business School. Each campaign challenges business leaders to consider the role they must play in achieving economic growth while addressing global challenges such as climate change, global health and financial stability – all in a world increasingly driven by technological advancement. Thought leadership with societal impact is an area in which Imperial is a clear and distinct world leader.

Using deliberately ungrammatical language to draw readers’ attention (and yes, this element did catch the eyes of our discerning audience), the campaign posed big questions relevant to a global business audience. Imperial has the world’s best minds working on the most important problems of the day: “How the future is climate change a threat to your business?”, “How the future do you teach business in the digital age?” and “What the future do cryptocurrencies have to do with the Soviets?”. These messages – across bought media, social media and PR – have driven business leaders to IB Knowledge, a new area of the School’s website specifically designed to host thought leadership articles from our faculty (see below).

“ Thought leadership with societal impact is an area in which Imperial is a clear and distinct world leader.”

The campaign has raised brand awareness with senior corporate executives and positioned the School at the intersection of business, technology and entrepreneurial thinking. The campaign also provided added benefit to the School as a whole, with new corporate visitors to our website exploring our programmes, events and partnerships. For the second of 2017’s two campaigns, we tightened our focus, sending our message to those we most wanted to respond: C-suite executives in the world’s best companies. Budget dictated a geographical focus (the UK), tight channel selection (primarily digital media), timings (greater synchronicity), and relevant content. And it worked. On a lower budget, we delivered higher engagement: our audience are interested, they are reading what we have to say, and they are becoming ever more familiar with the Imperial College Business School name. We are pleased to report the world’s best business minds are increasingly aware that Imperial means intelligent business.

Tim Ruthven Director of Corporate Marketing and Communications

IB Knowledge Launched in March, IB Knowledge is a section of the Imperial College Business School website specifically designed to host thought leadership articles from our faculty. Its conception and design were drawn from user experience testing to ensure we are delivering a product and resource users want. As well as the brand campaign, IB Knowledge has supported PR efforts, wider communications opportunities, corporate partnerships, events, and numerous teams across the School. Academics from across the Business School and College have contributed articles, with subjects ranging from the business of blockchain to the future of house prices, and from how to spot fake news to how to leak the next iPhone. Visit IB Knowledge to learn more and stay informed: imprl.biz/knowledge

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Imperial College Business School

Management Board Our Management Board is responsible for the strategic direction of the Business School. In 2017 it consisted of:

Professor Francisco Veloso (Chair) Dean

Beate Baldwin Co-Director of Executive Education

Hannah Edwards Strategy and Planning Manager

Professor Richard Green Head of Department, Management

Francisco joined Imperial College Business School as Dean in August, having previously been Dean of Católica Lisbon School of Business & Economics. He is a leading authority on innovation and entrepreneurship; his work has included studies into the development of Silicon Valley, and the innovation and scientific impact of developing nations.

As well as being Co-Director of Executive Education, Beate is Head of Open Programmes and Marketing. She is a marketing and communications professional who has worked in global environments for over 16 years. She holds master’s degrees in Linguistics, and Marketing and Communications from Paris-Sorbonne University and ESCP Europe respectively.

Hannah is responsible for the strategic planning process and implementation of strategy through the School Advisory Board, Management Board and Rankings Committee. This involves supporting strategic projects, performance information reporting, and communication. She joined the School in 2016, prior to which she was on the College’s Graduate Management Training Scheme.

Richard is the Alan and Sabine Howard Professor of Sustainable Energy Business. He has been studying the economics and regulation of the electricity industry for 25 years. He was previously Professor of Energy Economics and Director of the Institute for Energy Research and Policy at the University of Birmingham, and Professor of Economics at the University of Hull.

Dr Renáta Kosová Diversity Committee Chair

Bernadette Kuforiji Faculty Finance Officer

Professor Alex Michaelides Head of Department, Finance

Renáta is an Associate Professor of Economics in the Department of Management, and also Programme Director for the MSc in Economics & Strategy for Business. She has been Chair of the Business School’s Diversity Committee since 2016. Her research focuses on areas of specialised industrial organisation, international economics and business.

Bernadette joined the School as Faculty Finance Officer in 2011, and is responsible for the provision of a comprehensive suite of professional financial and management accounting services at both strategic and operational levels. Prior to joining the School, she was the Estates Finance Manager for Imperial College London.

Dr Edgar Meyer Education Committee Chair and Associate Dean of Undergraduate Programmes and Education Quality

Professor Carol Propper Associate Dean of Faculty and Research

Fiona Sandford Interim Associate Dean of Programmes

Jon Tucker Faculty Operating Officer

Professor George Yip Associate Dean of Executive Programmes

In 2010 Carol was awarded a CBE for her services to social science, and in 2014 was elected a Fellow of the British Academy. In May 2017 she, along with two US academics, was awarded the International Health Economics Association’s 25th Arrow Award, which recognises excellence in the field of health economics.

Fiona has been the Business School’s Associate Dean of Programmes since August, and is also Chair of the University Court at the University of Stirling. She will hand over as Associate Dean to Leila Guerra in 2018 but continue with the School as its Director of Strategic Projects.

Jon joined Imperial College Business School in 2009. Prior to that he was Director of Corporate Services for the Science Museum Group. His background includes a period directing executive development for Lloyds TSB and extensive experience in commercial and retail banking. He studied Natural Sciences at the University of Cambridge.

George arrived at Imperial in 2016 as Associate Dean of Executive Programmes and Programme Director for the Executive MBA programme. Prior to that he was Professor of Strategy and Co-Director of the Centre on China Innovation at China Europe International Business School, Vice President and Director of Research & Innovation at Capgemini Consulting, and Dean of Rotterdam School of Management, Erasmus University.

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Edgar looks after a number of programmes that support the development of business and management knowledge in undergraduate students across Imperial and beyond. He is an Academic Member of the Chartered Institute for Personnel and Development, where he also acts as a membership assessor.

Alex joined Imperial College Business School in 2013. He is also a Research Fellow at the Centre for Economic Policy Research (International Macroeconomics and Financial Economics Programmes), the Center for Financial Studies in Frankfurt, and the Network for Studies on Pensions, Aging and Retirement in the Netherlands.

Faculty appointments We welcomed the following academics to the Business School in 2017: Department of Finance Dr Christopher Hansman Assistant Professor of Finance Joins from Columbia University, where he completed a PhD in Economics in 2017. Guy Gumbrell Co-Director of Executive Education Guy specialises in leadership development and the implementation of learning through individual coaching and action learning. With many years of project management experience, he contributes to the delivery of senior leader development and specialist programmes.

Dr Savitar Sundaresan Assistant Professor of Finance Joins from Columbia University, where he completed his PhD in Economics and was an Associate Instructor. Department of Innovation & Entrepreneurship Dr Christian Hampel Assistant Professor of Entrepreneurship and Strategy Joins from the Centre for Corporate Reputation at the University of Oxford’s Saïd Business School. He completed his PhD in Management at Cambridge Judge Business School. Department of Management Dr Laura J Noval Assistant Professor of Organisational Behaviour

Professor Markus Perkmann Head of Department, Innovation & Entrepreneurship Markus is Professor of Innovation and Entrepreneurship. He is also the Academic Director of the Imperial Enterprise Lab and directs the MBA Entrepreneurial Journey. He is Co-Editor in Chief of the journal Innovation: Organisation & Management.

Joins from Vienna University of Economics and Business, where she was a Research and Teaching Associate. Her PhD thesis won the Society for Business Ethics Best Dissertation Award in 2016. Dr Andre Veiga Assistant Professor of Economics Joins from Somerville College, Oxford, where he was a Career Development Fellow. He completed a PhD in Economics at Toulouse School of Economics in 2013. Dr Martin Haugh Associate Professor of Operations Management Joins from Columbia University, where he spent 10 years in the Department of Industrial Engineering and Operations Research. He also spent four years working in the hedge fund industry in New York and London.

Amelia Jedynak Executive Assistant to the Dean’s Office (secretary to the board) Amelia’s role as EA to the Dean’s Office means she supports both the Dean and Faculty Operating Officer, facilitating meetings, travel and events, as well as providing strategic reporting information to the Management and Provost’s Boards. She previously worked in Imperial’s Department of Chemical Engineering.

Note: Board membership correct as of 31 December 2017

Imperial College Business School

Postgraduate programmes The Imperial MBA is a transformational experience that shapes professionals into confident business leaders in a technology driven world, while our MSc programmes equip graduates with the skills and knowledge to launch dynamic careers. In 2017 we were delighted to welcome 1,920 students representing 113 nationalities to the School – the highest level of international diversity we have ever seen in our student community. As a global business school, it’s vital for us to keep expanding our reach and bringing new perspectives into our classrooms to enrich the learning experience.

This year we also celebrated the 20th anniversary of our MSc Finance – the Business School’s very first specialised master’s programme. Twenty years after we welcomed the inaugural class to Imperial in 1997, we reached a new milestone by achieving a cohort with a 50:50 gender split for the first time in the programme’s history.

Our first cohort of Global Online MBA students graduated in May, and it has been incredibly rewarding to witness their success and the ongoing growth of the programme since its launch in 2015. We currently have over 300 registered students on the programme, and the innovative online delivery has helped us reach even more of the best and brightest candidates across the globe.

On the Full-Time MBA we achieved 44 per cent women in the class – the joint-highest among top MBA programmes this year. This reflects our commitment to supporting women in leadership, both through diversity initiatives within the School, and external partnerships with the Forté Foundation and the 30% Club – and we enter 2018 working for gender parity on our MBA.

In September we opened applications for an online version of our popular MSc Business Analytics, using the strength of our awardwinning Edtech Lab to bring an unparalleled interactive learning experience to a cuttingedge programme. Crystal Grant Director of Admissions

“ The MBA has given me the confidence to step away from the corporate arena and pursue my own ambitions knowing that I have a strong skillset and extensive network to leverage future success. The business and technical skills that I’ve learnt on the programme form only one part of the learning at Imperial: the strong and diverse cohort play a huge part in bringing theory into [a] real world context, accelerating learning and ensuring it is both current and applicable.” Liam Coughlin Executive MBA 2018

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Programmes at a glance

MBA and MSc students by region (2017â&#x20AC;&#x201C;18)

Americas

Europe (excl. the UK)

Africa/ Middle East

Asia-Pacific

153

332

469

171

795

Postgraduate student numbers Total number of students

1,920

43 MSc Climate Change, Management & Finance

69 MSc International Health Management

81 MSc Business Analytics 301 89 MSc Innovation, Entrepreneurship & Management 89 MSc Investment & Wealth Management

Global MBA (first and second year students)

148 Weekend MBA (first and second year students)

92 MSc Finance 78 Executive MBA (first and second year students) 162 MSc Economics & Strategy for Business

193 162 MSc Risk Management & Financial Engineering

168

Full-Time MBA

MSc Strategic Marketing

MSc Finance & Accounting

167 MSc Management

Imperial College Business School

Undergraduate programmes Imperial College Business School offers internationally recognised undergraduate courses for students from Imperial College London and other UK institutions. In October we celebrated an important anniversary, marking 25 years since the start of the Joint Honours programme (see below) and welcoming the 20th intake of Intercalated BSc in Management students. These programmes continue to attract some of the best and brightest Imperial science and medical students, and they are joined by intercalating medical students from 14 schools across the UK. This year we welcomed equal numbers of internal and external medical students, making for a more diverse and exciting learning environment.

Our BPES portfolio consists of eight modules and is delivered to approximately 2,000 students from 14 departments within Imperial College London. Within this, the online provision of four modules this year enrolled close to 900 students. We also welcomed the fifth intake of Summer School students, with the six-course-strong portfolio attracting 369 students from 23 nationalities. The undergraduate students were excited to enhance their skills and knowledge, and to join the Business School community.

We continue to develop and innovate within the Business for Professional Engineers and Scientist (BPES) offering. This year saw a successful move of our Accounting module to online delivery, allowing us to increase its capacity by 50 per cent. Dr Edgar Meyer Associate Dean of Undergraduate Programmes and Education Quality

Joint Honours programme celebrates 25 years In 2017 the Business School celebrated the 25th anniversary of its Joint Honours programme with a special event for current and former students. The programme offers final-year undergraduates from Imperialâ&#x20AC;&#x2122;s Department of Life Sciences, Department of Chemistry and School of Medicine a challenging one-year course in management. With a good grounding in core subjects, it gives students an understanding of the management and operating environment of business organisations.

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While demanding, the balanced programme of formal teaching, case studies, and individual and group work develops the studentsâ&#x20AC;&#x2122; personal, conceptual and analytical skills, and gives them an opportunity to broaden their academic experience and mix with students from other disciplines.

Undergraduate student numbers

2,034

Students on the BPES programme. These modules demonstrate to engineering and science students how theory and practice interact.

Students on the Intercalated BSc: a challenging and innovative one-year course in management for UK medical students.

369

Joint Honours students: a one-year programme that offers Imperialâ&#x20AC;&#x2122;s science students the chance to graduate with a qualification in management.

Students on the Summer School programme. With six courses spread over two sessions and a varied social programme, this is a fantastic taster of life at Imperial.

200 Students on the Horizons programme: short courses designed to broaden student education, inspire creativity and enhance professional impact.

Imperial College Business School

Executive Education Clients by sector and region Custom & Partnership by region UK

58%

Asia

18%

Middle East

12%

Europe

12%

Custom & Partnership by sector Banking/finance

18%

Healthcare/pharmaceutical

17%

Education

17%

Energy

Hospitality

Construction

Automotive

Electronics

Public sector

Open programme participants by region UK

48%

Europe

28%

Africa/Middle East

14%

Asia-Pacific

Central America

Open programme participants by sector Banking/finance

39%

Healthcare

18%

IT/telecommunications

12%

Education

Engineering

Electronics

Energy

Public sector

Logistics/retail

Hospitality

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In times of environmental, societal and technological disruption, new thinking is required. The Executive Education department saw further expansion in 2017, with a programme focus on finance, health and digital transformation. We launched our first two solely online programmes in partnership with Vlerick Business School and a suite of online programmes for international executives at professional services firm Arup. Our cross-disciplinary learning approach has seen further collaboration with colleagues from Imperial’s Faculties of Engineering, Natural Sciences and Medicine, and we have continued to develop our Impact Lab™ as a cornerstone of all our offerings. We have significantly raised brand awareness by building a community around Executive Education. This has included our own social media profiles (both on Twitter and LinkedIn), a monthly newsletter, a resource hub on our website, and regular events for alumni. In 2018 we will further expand our communications with the implementation of an innovative marketing automation platform. We have attended and spoken at two conferences for HR and learning directors: one in London, the other in Birmingham. In attending these, we brought the strength and unique nature of our executive education to a wider audience, generating interest from several blue-chip companies. In 2017 we partnered with the EIT Health Network, the Global Association of Risk Professionals, the SWIFT Institute, Imperial College Health Partners, IESE Business School, IMD, University of California Berkeley, Cheung Kong Graduate School of Business, Shanghai Jiao Tong University and Copenhagen Business School for programmes and events. We continue to grow internationally: participants from over 25 countries attended our Open programmes and 17 nationalities are represented in our 2017 Executive MBA cohort, a clear sign of our growing audience. We continue to grow and deliver Custom programmes in the Middle East. We ran our largest Open programme to date in December: Fintech – Innovative Banking. With blockchain, machine learning and digital payments proving to be the hot topics of the year, participants enjoyed hearing from top industry experts and our world-leading faculty. Highlights included a Bitcoin demonstration in the Data Observatory and a visit to the Enterprise Lab (see page 24).

Beate Baldwin Co-Director of Executive Education

Guy Gumbrell Co-Director of Executive Education

Open programmes We undertake regular impact studies to ensure our Open programmes remain relevant and innovative in a fast-paced world. We have continued to expand our portfolio: we are now running 16 programmes across finance, innovation, health, and management and leadership. New programmes for 2017 included: Leadership in a Technology Driven World: This programme is designed to help aspiring leaders understand their strengths and weaknesses in the rapidly changing technological context of modern business. It also provides them with the practical tools to lead in this challenging environment Climate Risk and Investment: In partnership with PwC and Imperial College Business School’s Centre for Climate Finance & Investment, the aim of this programme is to enable participants to build a strong understanding of physical risk and transition risks associated with climate change and related government policies Accelerating your Healthcare Startup: In partnership with Vlerick Business School, this intensive, action learning, team-based boot camp helps startups create an investor-ready plan through testing critical assumptions. It challenges thinking and helps startups create business models.

Imperial Business in the City Executive Education’s event series, led by Professor George Yip, Associate Dean for Executive Programmes, went from strength to strength in 2017. Business School faculty speak alongside industry leaders to give a holistic analysis of burning topics including fintech, organisational performance in the NHS, digital leadership, and global supply chains. The events take place in the City, attracting a diverse, high-profile audience. Each is followed by a networking reception that allows our community to connect, grow and form new and exciting partnerships. See page 48 for more on Imperial Business in the City and other School events.

Impact Lab™/Experiential Learning Portfolio Our experiential learning portfolio continues to expand while it enjoys success within our Open and Custom Executive Education programmes. Our Impact Lab™ – which uses the experimental method of discovery common in scientific disciplines to inform executive development – continues to gain traction with the press, with features in Poets&Quants, the London Evening Standard and the Financial Times. In partnership with the Imperial College Centre for Engagement and Simulation Science, our latest addition to the Impact Lab™ has been the sequential simulation: this allows delegates to examine and learn from a scenario that would otherwise be unknown to them. Developed by Professor Roger Kneebone, Professor of Surgical Education and Engagement Science, the simulation is not only a tool for experimentation, but also for analysing a problem from the perspectives of different stakeholders. From the customer pathway to team interaction, communication or service delivery, it allows delegates to view exactly when and where information could get misinterpreted within a chain of events. We have continued our work with the Data Science Institute, producing our first representation of client’s data in the Data Observatory for a world-leading bank. We continue to work with clients, participants and programme academics to develop data sets in line with chosen learning objectives, giving executives the opportunity to clearly visualise big data and use it to innovate and improve their decisions.

Executive MBA We continued to develop the Leadership Journey element of our Executive MBA: this runs throughout participants’ studies and exposes them to different tools, conferences and experiential learning situations. Participants learn empathy and communication skills through working with horses, and through the Enterprise Lab’s performance simulator they work on their authenticity and presentation skills. As part of their career and leadership development, participants receive up to three tailored individual coaching sessions to put into action their personal development goals.

Custom programmes We continue to deepen and extend our work in the Middle East. The 12-month Innovation Diploma programme for the UAE Federal Government has given us the opportunity to field thought leaders from across Imperial College London in subjects as diverse as public health policy, digital marketing, the knowledge economy and artificial intelligence. We also showcased our distinctive experiential learning methods (see left). During the module held in Dubai in September, we were honoured to be visited by His Highness Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE. Our expertise in helping organisations and senior teams navigate the risks and opportunities of digital transformation was recognised when, in October, we were appointed by a global bank to design and deliver a series of blended learning programmes for its senior leaders.

Imperial College Business School

Enhancing the student experience We work in partnership with students to create an outstanding and memorable experience that reflects our values and builds a lifelong, global community. I joined the Business School in December as Student Experience Manager, and it has been fantastic to explore our current activities and review the strategy built by my predecessor. One of the outstanding successes of 2017 was the establishment of What the Tech?! a student-led initiative developed by the Deanâ&#x20AC;&#x2122;s Student Advisory Council. At the beginning of 2016 the student council decided the focus of their time at Imperial College Business School would be developing societal engagement projects. They then worked closely with the Community Engagement team at Imperialâ&#x20AC;&#x2122;s White City Campus to scope out a new project. What the Tech?! provides weekly drop-in sessions for elderly residents to come and meet Business School students and staff and get assistance with their technology questions. These can range from unlocking a smartphone to making a Skype call, right through to checking data usage. The initiative was driven by students, supported by the Business School and was successful in its application for seed funding from the Graduate School. A year on, this project has been a huge success and we are very proud of the impact it has had on both the local and Business School communities. Our aim for 2018 is to secure long term financial support to continue What the Tech?! and ensure it becomes embedded as an ongoing commitment from the Business School to the local community in White City.

Annual Report

We ran our second Student Leadership Day in 2017, offering a day of training and networking for student leaders from all programmes. Student leadership is a core part of extracurricular activities at Imperial College Business School, and attendees included Career Club Presidents, Student Ambassadors, Student Staff Committee representatives, and the Deanâ&#x20AC;&#x2122;s Student Advisory Council. The day offered training, support and a platform for student leaders to work together. Attendance for this event increased 60 per cent on the previous year, and, due to this success, we will be developing further leadership days for our 2018 students. The student community continues to go from strength to strength, with cross-programme social and club events continuing to develop. Most recently club events have been co-hosted by the Alumni and Careers teams to ensure they have maximum exposure within the School community. As we move into a new year, I look forward to building on the strategy from 2017 and developing it for our 2018 intake.

Julia McShane Student Experience Manager

“ A university such as Imperial College London attracts some of the brightest minds in the world; that makes us a very able and diverse student body. As students, we’re very fortunate to be in a position to obtain a world-class education. However, we’re also in a unique position to be able to give back to society and help where we can.”

Mobeen Iqbal Chair of the Dean’s Student Advisory Council

Competitions We celebrated a number of student competition successes in 2017, including: MSc students Tesi Gahiga and Yaqing Wei were among the semi-finalists in the Althea Programme, a personal and professional development programme for women studying at Imperial Capgemini Consulting’s Consulting Cup was won by Parul Gautam from our MSc International Health Management programme MSc Innovation, Entrepreneurship & Management student Matthew Bingley was awarded the top prize at ACT Now Showcase, an annual event held by Imperial College Union to showcase the best social enterprise talent Imperial has to offer. Student Investment Fund The Business School has agreed to launch Imperial College London’s first student-led investment fund. With £100,000 in assets under management raised by donors and the Imperial College Endowment, the fund will allow students to make real investment decisions and create innovative investment strategies. The fund will aim to: equip its members with essential skills for the workplace provide students with real buy-side experience and operational training enhance teaching and learning with practical hands-on experience continuously innovate by working with industry professionals and firms. The Imperial College Business School Student Investment Fund will launch in 2018.

246

120

Student leadership positions filled

Volunteer hours for the pilot of What the Tech?!

Imperial College Business School

Careers Imperial College Business School Careers offers support, advice and skills training to ensure students achieve their goals, no matter what stage of their career they are at. Lisa Umenyiora Director of Careers

This has been a year of change for Careers, which has undergone a restructure and has a new senior management team in place. Imperial College Business School Careers focuses on building and developing sustainable ongoing relationships with employers, and preparing our students to be competitive in the selection processes these employers run. We have realigned the team according to sectors, reflecting the industries our students most aspire to work in and that suit their skills and backgrounds. These sectors include finance, management consultancy, technology, media and telecommunications, fast-moving consumer goods (FMCG), healthcare, energy, social impact, and sustainability. Sector teams are made up of both careers consultants and members of the Employer Relations team. The latter have been developing expertise and knowledge of their sectors, building relationships with target employers within those sector, and gaining a good understanding of their recruitment needs, preferences and processes. We now offer sector-specific delivery to students to complement the core careers offering. This gives students access to focused networking, tailored feedback and more detailed information about the recruitment process within their target industry. Employers have also seen a benefit, with a dedicated, named member of the Employer Relations team managing their relationship and access to a group of students specifically interested in their industry sector.

Annual Report

We have introduced a careers onboarding process for all new students and have increased pre-arrival support via a wealth of online modules designed to get students thinking about their personal career strategy. We deliver a core careers curriculum to all students in the autumn and supplement this with focused provision via the sector teams. Our consultants ran over 300 workshops last year, which serve as an opportunity for students to receive practical advice, such as writing CVs, cover letters and application forms. Students also have access to one-to-one sessions with our careers consultants who provide tailored support to help students reach their specific career aspirations. Employer relations forms a large part of the Careers service. During 2017 our Employer Relations team organised approximately 225 events, including careers fairs, recruitment presentations, drop-in appointments, and networking sessions. These are all important for ensuring students are able to make connections with potential employers â&#x20AC;&#x201C; and vice versa â&#x20AC;&#x201C; and you can read more about this on page 40.

Careers clubs Careers supports a number of student-led clubs that aim to bring together MBA and MSc students with similar areas of career interest and/or professional backgrounds. Our clubs are aligned to our key industry sectors and include:

Our students have gone on to work for some of the world’s top employers:

Finance Club (including fintech, and private equity and venture capital) Consulting Club Technology and Media Club (including digital marketing) FMCG, Luxury and Retail Club Energy Club Healthcare Club (including pharma) Sustainability and Social Impact Club. These clubs, run by students, are encouraged to create a number of events throughout the year to facilitate career development and networking in their specific sectors. They offer an opportunity to learn more about the issues facing their sector while providing a chance to build links with alumni, peers and external bodies.

“ My careers consultant offered invaluable coaching for job interviews, as [having been in the Armed Forces] I’ve never had a civilian job interview! One-to-one coaching on how to prepare for the interview and how to sell my skills and experience to a panel. They’re like an F1 pit crew: they kit you out and get you on your way as efficiently and successfully as possible.”

Matthew Casey Full-Time MBA 2018

Imperial College Business School

Employer Relations Our Employer Relations team work with businesses to increase the profile and employability of students. At the same time, they work with corporate partners to support their needs, tailoring their recruitment strategy towards the relevant programmes, facilitating recruitment activities both on and off campus, and filling employers’ skills gaps. We believe developing meaningful relationships with employers is beneficial not only to our students but also to the employers themselves as we are able to match student talent with employer need. LVMH has been a really exciting partnership that started with a typical recruitment presentation from the company a few years ago. Since then we have developed our relationship and tailored our interaction. In 2017 they came on campus representing a number of LVMH brands (Dior, Moët & Chandon, Hennessey, and others) to deliver a company overview and champagne tasting. Meanwhile three of our MSc students have been invited to participate in their ‘Women at Dior’ mentoring programme (out of a total of only eight from across all UK universities). We have also launched the Inside LVMH competition at the School, which involves students having to imagine the luxury experience of tomorrow, with one team selected to pitch at the Paris final. LVMH also advertise on our jobs board and have spoken to the Luxury Goods Careers Club.

300

5,400

Careers workshops

One-to-one careers consultant appointments

225 Employer events (including careers fairs, recruitment presentations, employerled skills sessions, and networking opportunities)

Annual Report

“A year ago, I attended the Moët Hennessy conference plus the workshop organised by Imperial College Business School. I always wanted to work in the luxury industry and LVMH was really my dream company. Following the workshop, I remember talking to the HR rep and telling her about my internship at Chanel and how I was extremely interested in applying at Moët since I grew up in the region where two of the most renowned red wines are produced. After that, I wrote my cover letter, with the support of Careers, and I applied directly to the HR rep I had met. “As a result, I’m currently working at Moët in Insight & Digital Marketing. The insight part is very much concerned with doing market analysis to understand how the industry is evolving, what our consumers want, how and when. The digital part of my job is something very new yet extremely dynamic and fast growing, and I mainly support the Digital Manager in the media planning of our digital campaigns and track their performance. “I was recently back on campus helping recruit – it felt a bit strange to be on the other side of the room representing the employer! The advice I would give students is to be determined: if you like something, dedicate 100 per cent of your efforts to it and it will pay off. Networking really is the most effective way to make yourself stand out in the crowd.”

Alice Cravero MSc Economics & Strategy for Business 2017

Imperial College Business School

Alumni connections Alumni are an integral part of the Business School’s community and can help shape its future success.

Erin Hallett Head of Alumni Relations alumni-business@imperial.ac.uk

In 2017 our alumni dedicated significant time to support our students, drive employability initiatives, and develop our alumni community in London and globally: alumni are the School’s best advocates. The Alumni Relations team’s purpose is to develop an engaged alumni network by facilitating connections and providing meaningful opportunities to connect with former classmates and the School. Our team encourages alumni involvement through events, networking opportunities and volunteer roles. We are committed to working with our alumni to continuously improve our programming and outreach efforts. The Business School’s alumni community is accomplished, inspiring and diverse. At the core of everything we do is the School’s ambition to benefit business and improve society through the power of innovative thinking. My team and I have met alumni around the world this past year who have inspired us with their achievements and their commitment to influencing business and creating societal change. The Business School has a brilliant and dedicated alumni community. We value their continued support and engagement as it helps us ensure the School’s place as a leader in education and innovation. We look forward to another year of connecting with alumni and celebrating their successes.

Annual Report

123

549

1,211

Total number of countries in which our alumni are based

Number of alumni who volunteered in 2017

Number of hours alumni volunteers contributed

8,650 alumni 52% 1,842 alumni 11%

Americas

Europe excl. UK

702 alumni 4%

Africa/Middle East

Asia

4,432 alumni 27%

901 alumni 5% Australia and New Zealand

147 alumni 1%

Total

16,702 alumni Note: Total includes alumni for whom no country data is available

Imperial College Business School

Alumni Advisory Board Established in 2004, the Alumni Advisory Board serves to communicate alumni views and interests to the Business School, advise and support the creation of services and opportunities for alumni, and champion the Business School and its vision. The Board is comprised of 20 alumni from a crosssection of programmes, graduating years and professional sectors. Over the last year the Board have shared their experiences and best practices on gender equality, participated in student career panels and student networking events, and supported our drive to engage more alumni.

â&#x20AC;&#x153; I undertook the MBA in order to switch careers from science into business and marketing; the course and name of Imperial College enabled me to do so. I wanted to give back to the Business School in acknowledgement of its helping me achieve this career goal. I remain passionate about what it can do for the Business School, for its students and alumni.â&#x20AC;? Melanie York Full-Time MBA 1993

Annual Report

Joanne Linder (Chair) Owner, SmartPitch and Worksite Technology Full-Time MBA 1996

Yann Helle Managing Director, 2H Offshore Engineering Weekend Executive MBA 2010

Heather Mack Management Consultant, KPMG Weekend Executive MBA 2017

Haris Sitzoglou Director, Credit Agricole CIB MSc Risk Management and Financial Engineering 2008

Troy Ballesteros Senior Product Manager, Oracle Cloud Infrastructure Weekend Executive MBA 2015

Anjalika Bardalai Chief Economist and Head of Research, TheCityUK Weekend Executive MBA 2014

Elynor Chiu Managing Director, EC Consulting Full-Time MBA 2011

Andrew Fernando Senior Manager, EY MSc Finance 2007

Vibin Joseph Executive Director, BiOZEEN MSc Management 2008

Omer Khan Head of Fixed Income & Currencies Cross Border Solutions, Deutsche Bank MSc Finance 2001

Johnny Kwan Founder and Chairman, Bee Associates Management Science 1979

Josh Liu Founder, Honor Cycles Full-Time MBA 2005

Mathilda Nathan Head of Global Supply Strategy, Deliveroo MSc Management 2011

Bianca Rangecroft Financial Analyst, Goldman Sachs MSc Management 2015

Victoria Reanney Compliance Services and Strategy, Barclays Executive MBA 2005

Andrea Scarabello Principal Negotiator, Statoil Weekend Executive MBA 2012

Davide Turi Venture builder, entrepreneur and intrapreneur Weekend Executive MBA 2012

Melanie York Owner and Director, My Marketing Communications Full-Time MBA 1993

Eric Yu Lead Principal, Real World Evidence Solutions and HEOR, IQVIA MSc International Health Management 2007

Sivan Zohar-Abenson Portfolio career including Management Consultant, Programme Manager, Senior Executive and Agile Coach Weekend Executive MBA 2015

Imperial College Business School

Celebrating alumni success We are very proud of the achievements of our alumni. While they are diverse, one thing they all share is a desire to fulfil their potential to the benefit of society and business. Many of our alumni achieve great success in corporate leadership, while others forge their own paths as entrepreneurs and social philanthropists. Here we share just two of their many inspiring stories. Diego Fanara: Smarter student recruitment When Diego Fanara (MSc Finance 2015) arrived at the Business School, he had one goal in mind: to join one of the top investment banks, then move to a hedge fund or private equity firm. However, during the course of the year and the job application process, it became apparent corporate life wasn’t for him. Realising they were kindred spirits, he and fellow classmate Maxence Dussart became determined to start their own business. “We noticed that many of our classmates were competing and interviewing for the same investment banks,” said Diego. “Our initial business idea was for a peer-topeer interview practice platform connecting students applying within the same industries. After further discussion, this moved onto peerto-peer student help towards the university application processes.

“[Embarking] on this journey required a huge leap of faith and meant turning my back on the plan that had once guided all my efforts as a student. I then met the founder of a NASDAQ company who would eventually become our mentor and a significant investor in Unibuddy. He said to me: ‘The finance job will always be there, starting your company won’t. You’re 22, what do you risk?’” With drive and enthusiasm, the team secured funding and launched Unibuddy. By September 2016 they had 5,000 students using the platform from over 50 universities across four countries. One issue remained, however: although students signed up, they didn’t purchase a subscription. That was when Diego and his colleagues realised a great opportunity: universities were setting up ambassador networks to better inform applicants, and Unibuddy had the technology to make that process efficient and scalable. “A year and a half after launching the first version of Unibuddy we now integrate our technology directly into university websites and make peer-to-peer student communication free and accessible to all. We have 30 universities on board in eight different countries, including Imperial College Business School. We have just hired an 11th team member and are closing a second funding round that will give us the means to double our team, reach more universities and, above all, develop our technology.” You can find out more about Unibuddy by visiting unibuddy.co

Annual Report

Anjalika Bardalai: Preparing the City for Brexit Anjalika Bardalai is the Chief Economist and Head of Research at TheCityUK – and in 2014 she completed a Weekend Executive MBA at Imperial College Business School. “TheCityUK is the membership organisation that represents UK-based financial and related professional services,” she explained. “I’m responsible for managing the economic research programme, which in practice means leading the team that produces research used by firms in the industry, and by government and regulators. “Brexit has been a significant area of focus for us: a lot of the attention has been on achieving coherence and alignment across the financial and related professional services industry to agree and progress consistent Brexit priorities. Extensive work has been undertaken to produce and communicate evidence to support the industry’s core priorities. TheCityUK has also sought to increase engagement with all EU member states, undertaking an extensive series of delegations to each member state, as well as increasing our presence in Brussels. “I started working at TheCityUK after completing my MBA, which had enabled me to change industries and move from a hybrid managerial/analyst role to a more purely managerial one. I previously worked in roles that required a huge amount of depth but not so much breadth, so the wide scope of study at the Business School – not just the core courses and electives, but also the optional seminars and guest lectures – was really valuable. My time at the School also helped me to get out of my professional bubble: it may sound cliché but working with people with completely different educational and professional backgrounds is brilliant because your own ingrained ways of thinking about things get challenged – sometimes quite brutally. It’s invaluable, but also a lot of fun.” Anjalika is a member of the School’s Alumni Advisory Board (see page 44) and has spoken at School events. “My ongoing connection to the Business School and the alumni community allows me to network with a diverse group of people outside my own industry, which has led to interesting projects as well: the first-ever research on green finance that TheCityUK undertook was in collaboration with the Business School’s Centre for Climate Finance & Investment. It was a great feeling to engage with the Business School again, this time in a professional capacity rather than as a student.”

Imperial College Business School

Key events of 2017 During the year, the Business School and College organised a number of events that provided a platform for academics, students, alumni and the wider community to meet and discuss key issues affecting business. 8 February

30 March

6–7 May

Alumni networking event in Dubai Head of Alumni Relations Erin Hallett welcomed alumni from across Imperial College London to this international networking event. The vibrant and informal affair, giving alumni the opportunity to meet and share experiences, was just one of several international alumni events held this year.

Mobilising Business, Acting on Health – Annual Conference The Business School’s annual conference this year focused on health, bringing together over 100 delegates – including business leaders from across industries as well as leading academics – to drive the agenda on future challenges. Topics included the potential impact of future health needs, new models for funding health technology innovation, what skills are needed within businesses, and where the leadership will come from. For more on the conference see page 12.

Imperial Festival Imperial College London’s free annual festival returned to our South Kensington Campus, giving the public an opportunity to go behindthe-scenes and explore the latest research. As part of the celebration over 1,000 alumni returned to campus, with the Business School hosting a special afternoon tea.

7 March Women’s MBA Information Session In celebration of International Women’s Day, Imperial College Business School held an information session to offer women in business an opportunity to explore the impact an MBA could have on their career. Speakers included alumnae Dr Jayanie Kodituwakku, Managing Director of Jayanie.com, and Anjalika Bardalai, Chief Economist and Head of Research at TheCityUK (for more on whom see page 47).

Global Experience Week to Vietnam Our Global Experience Weeks give MBA students the chance to gain experience of and insight into business internationally. In April our FullTime MBA cohort were sent to Vietnam, where they visited a scooter manufacturer, a software developer, and the local offices of advertising agency Saatchi & Saatchi – as well as taking in some live rock music.

Dean’s Graduation Reception Acting Dean Nelson Phillips welcomed students and staff to Chelsea Old Town Hall for the annual Dean’s Graduation Reception. It was an exclusive event to celebrate students who had made a significant contribution to the Business School, as well as those who were recognised on the Dean’s List or had won an award

Annual Report

New Frontiers in Health Policy: Innovation and Incentives in Public Health and Health Care – Centre Launch The School’s newest research centre, the Centre for Health Economics & Policy Innovation, was launched with a day of talks and debate. The conference brought together leading health economists and health management scholars from around the world. For more on the Centre see page 13.

22– 29 April

2 May

31 May

14 June MaKi London Business Media Conference Imperial College Business School hosted the first day of the two-day MaKi conference, designed to connect international media with the world’s leading graduate business schools and universities. The event included an exclusive session with the editorial team from The Wall Street Journal, and welcomed journalists from (among others) The Economist, The Sunday Times and CNBC.

5 September

3 October

26 October

Imperial Business Insights 3:20 New Dean Professor Francisco Veloso welcomed new students to the latest of our Imperial Business Insights 3:20 events, in which three Business School academics talk for 20 minutes each, giving a taste of the exciting research on which they are working. The September event saw Dr Yuri Mishina discuss the influence of emotional language, Dr Paola Criscuolo look at R&D, and Professor Jonathan Haskel talk about capitalism without capital.

Artificial Intelligence in Risk Management Executive Education hosted one of the largest events the Business School has seen, in partnership with the Institute of Risk Management. Experts from Google, IBM, Microsoft, 4th IR and more came together to discuss the ways in which artificial intelligence is changing the risk management industry. The discussion focused on how technology will inevitably disrupt existing industries and what executives can do to prepare themselves and their organisations.

Student Welcome Reception The Business School welcomed all new students to the Natural History Museum to get to know each other and enjoy some food and drink under the museum’s newly famous blue whale. There were over 1,300 attendees, including students, staff and faculty.

28 November

20 September Business and Climate Change – Dr Charles Donovan and Lord Brown Part of Imperial Business in the City, a series of events based in the City of London that showcase Imperial’s cutting edge research and thought leadership. Former BP CEO Lord Browne, and Director of the Centre for Climate Finance & Investment Dr Charles Donovan examined the business case for adapting to climate change.

25 October Queen’s Tower Society Lunch The Queen’s Tower Society recognises the generosity of those alumni and friends of the College who decide to pledge a gift to Imperial in their will. Its annual lunch provided an opportunity for members to connect with each other, and learn more about research at the College and the impact of their philanthropy. This year’s lunch coincided with the 125th anniversary of the completion of the Queen’s Tower, after which the society is named.

Capitalism without Capital – Book Launch Imperial College Business School’s Professor Jonathan Haskel and co-author Stian Westlake discussed their new book with Daniel Finkelstein, former Executive Editor of The Times. In their book, the authors argue much of the value of modern businesses lies in intangible assets that cannot be measured in traditional ways (e.g. design, data and original artistic material).

Imperial College Business School

Financial report Actual

2016/17 ÂŁmillion Income

45.4 Tuition fees

Total income

58.4

2.9

Endowment income

2.6

Research grants

2.5

Executive Education

2.2

HEFCE grants

2.8

Other income

Expenditure

40.1 School expenditure

Total expenditure

49.1

8.7

Central College services

0.3

Restricted funds

9.3

Contribution to College infrastructure costs

Annual Report

Riley Family Scholarship Actual

2015/16 £million

Imperial College Business School inspires brilliant minds to be the world’s future leaders of business and society. We believe helping these students access quality education and complete their degrees is the most important thing we can do. Thanks to a generous donation from Mr and Mrs Stuart and Joanna Riley, the Riley Family Scholarship was established at the School; Stuart is an alumnus of the College (MSc Physics 2000).

Income

Total income

53.0

41.5 Tuition fees 2.6

Research grants

2.5

Executive Education

2.4

HEFCE grants

2.0

Endowment income

1.9

Other income

Expenditure

Total expenditure

Over the next five years a £50,000 scholarship to cover tuition fees will be available to one student on the Full-Time MBA course. This scholarship was established to support the Business School’s vision of attracting brilliant minds, regardless of their background or financial circumstances. To be considered, applicants must be self-funded students who demonstrate exceptional academic merit and/or potential, and have come from a disadvantaged background and/or overcome adversity. This year the Scholarship was awarded to Shirlyn Yen. Before joining Imperial, Shirlyn was a founding member of UnLtd Taiwan, the country’s first early stage social incubation programme. She was in charge of programme planning and operation, from methodology and strategy, to overall management.

“In my previous role, I could see that the key challenges facing the development of social enterprises in Asia were the lack of initial funding and development of talent. Compared to general ventures, social enterprises require more time to educate consumers and can fail to demonstrate their profitability at the start, thus losing their appeal to traditional venture capitalists. “The Riley Family Scholarship is the catalyst to making my plans come true and enabling me to focus on the impact I want to make. I will make good use of the support to learn from the world’s most dynamic social impact ecosystem in London, and develop my professional skills in investment at Imperial to optimise the sector.”

45.1 37.0 School expenditure 8.1

Shirlyn Yen Full-Time MBA 2018

Central College services

7.9

Contribution to College infrastructure costs

If you would be interested in funding a scholarship or making a donation to other areas of Imperial College Business School, please get in touch with: Paul Mburu Head of Development p.mburu@imperial.ac.uk +44 (0)20 7594 0738 Imperial College Business School

Donor list Thank you to the graduates and friends who have supported the Business School and College in the last year: Mr Abdul A. Abdul Rasheed (MBA Imperial College Business School 2005) Mrs Raquel Abreu Abu Dhabi School of Management Mr William O.W. Ajala (Imperial College Business School 2009) Mr Arho Akpe (MBA Imperial College Business School 2010) Mr David J. Alexander (MBA Management School 1992) Mr Sanar Alserdare (Mathematics 2007, MSc Imperial College Business School 2008) Dr Riyadh Alshamsan (MSc Imperial College Business School 2006, PhD School of Public Health 2011) Mr Keen H.B. Ang (MBA Management School 2002) Professor Alan Armstrong (Chemistry 1987, PhD 1990, MBA Imperial College Business School 2016) Mr Keith R. Ashworth-Lord (MSc Management Science 1979) Mr Bradley J. Askins Mr John M. Avis (MSc Management Science 1977) Mr Charles Ayorinde (MBA Imperial College Business School 2008) Mr John M. Ballard (MSc Management Science 1985) Mr Melville P. Barracliffe (MSc Management Science 1979) Dr Kaan Basaran (PhD Management School 1993) Mr Aroon Baskaradas (School of Medicine 2006, MEd Surgery and Cancer 2014, MBA Imperial College Business School 2017) Ms Anthimia-Ekater Batrinou (MSc Management School 1990) Mr Kk K. Bedu-Addo Jnr (MSc Imperial College Business School 2007) Mr Hakeem Bello (MBA Management School 1994) Dr Peter E. Bennett (Management School 2000)

Annual Report

Dr Robert D. Benson (MSc Management Science 1987)

Ms Ann Collins (Chemistry 1985, MSc Management Science 1986)

Mr Abdullah S. El Maghraby (Environmental Policy 2007)

Mr Aimone Beretta (MBA Imperial College Business School 2008)

Mr Iain C. Conn (Chemical Engineering and Chemical Technology 1985)

Dr Rana G. El Rachkidy Lonnen (MBA Imperial College Business School 2017)

Mr Robert F. Cooke (MBA Management School 1993)

Dr Mark J. Ellyne (MSc Management Science 1972)

Dr Chris Corbishley (MSc Imperial College Business School 2012, PhD 2016)

Dr Angela Fairney (Westminster Hospital Medical School 1962, Management School 1994)

Mr Nicholas Corker

Mr Robin Oskar Falkowski (MSc Imperial College Business School 2013)

Mr Alastair J. Beveridge (MBA Management School 2000) Mr Robert C. Beverley (MSc Management School 1988) Mr Oleg Bezumov (MSc Imperial College Business School 2013) Mr Ankur Bhatnagar (MBA Imperial College Business School 2017) Mrs Elza Blankenburgs (Mineral Resources Engineering 1986) Mr Michael D. Blundell (MSc Management Science 1973) Mr Paul A. Bonsor (MSc Management Science 1980) Miss Emily J. Brydon (MBA Imperial College Business School 2012) Mr Andrew L. Butt (MBA Imperial College Business School 2003) Mr Robert W.N. Cattell (MSc Management Science 1981) Ms Anita W.A. Chan (MBA Imperial College Business School 2004) Mr Toby Chancellor-Weale (MBA Management School 2002) Dr Stefanos Chandakas (MBA Imperial College Business School 2004) Mr Vincent Chen (MSc Imperial College Business School 2015) Ms Xia Chen (MSc Imperial College Business School 2015) Miss Yen-Ni J. Chen (MEng Electrical and Electronic Engineering 2013, MSc Imperial College Business School 2014) Mr Robert L.Y. Cheung (MEng Materials 2003) Mr Hock C. Chong (MBA Management School 2002) Ms Pui Man Y. Chu (MBA Imperial College Business School 2017)

Mr John C.D. Cornelius (MBA Management School 2001) Mr Bruno F.V. Cotta (Electrical Engineering 1992, MBA Management School 2002) Mr Adrian J.C. Cowderoy (MSc Management Science 1986)

Miss Yagmur S. Fellahoglu (MSc Imperial College Business School 2011) Mr Jonathan Fewtrell (MSc Management Science 1984)

Mr John W. Dalziel (MSc Management Science 1979)

Mr James C.K. Fok (MEng Mechanical Engineering 2006, MSc Imperial College Business School 2007)

Mr Peter G. Darling (Mineral Resources Engineering 1988, MBA Management School 1992)

Mr Leong Kin Foong (Civil Engineering 1986, MSc Management School 1988)

Ms Salwa Darraj (MSc Imperial College Business School 2014)

Professor Arthur A.S. Francis (Mechanical Engineering 1967, Management Science 1973)

Mr Simon Crisp

Mr Luts J.T. De Pla (MBA Imperial College Business School 2010) Ms Barbara F. De Souza (MBA Imperial College Business School 2017) Ms Ann M. Diamant (MSc Management Science 1982) Mr Nikolaos A. Diamantaras (MBA Management School 1989) Mr Alex Dietrich (MBA Imperial College Business School 2010) Mrs Dubra Domitran-Radosevic (MBA Management School 1991) Mr Andrew J. Donald (DIC Mechanical Engineering 1966, MSc Management Science 1973) Miss Sara A. Donatantonio (MSc Management School 1989) Doodle Baked-Bean Limited

Mr Tony Clinch (Aeronautics 1969, MSc Management Science 1972)

Mr Vasileios Doukas (MSc Imperial College Business School 2005)

Mr Nigel J. Collier (Mathematics 1989, MBA Imperial College Business School 2003)

Mr John W. Dowey (MSc Management School 1989)

Professor Yiannis J. Gabriel (Mechanical Engineering 1973, MSc Management Science 1974) Mr Tharidu K. Gamwara (MSc Imperial College Business School 2010) Professor Alice P. Gast, President Mrs Gillian F. George nĂŠe Baxendell (MBA Management School 1992) Dr Rodney J. Gochin (MBA Management School 1998) Miss Madalena Godinho (MSc Imperial College Business School 2013) Mr Rajan G. Gomez (MSc Management Science 1973) Mr Roberto Gonzalez Fernandez (MBA Imperial College Business School 2015) Mr A. Gupta (MBA Imperial College Business School 2009)

Mr Francisco Gutierrez (MBA Imperial College Business School 2011) Mr Andrew Hall (MBA Management School 1995) Ms Judicaelle Hammond (MBA Imperial College Business School 2013) Mr David J. Hasso (MBA Imperial College Business School 2007) Mr Yann Helle (MBA Imperial College Business School 2010) Dr Angela M. Hey (MSc Management Science 1977, PhD 1979) Mr Peter G. Hiscocks (MSc Management Science 1978) Mr Peter J. Hoddinott (MBA Management School 1993)

Mr Jack A. Jones (MSc Management Science 1984)

Mr Jun Liu (MBA Management School 2000)

Mr Nasos Kapetanakis (MSc Imperial College Business School 2012)

Mr Kwok Chung Liu (Physics 1995, Management School 1998)

Mr Sasha A.N. Karakusevic (MBA Management School 1996)

Mr Xavier A. Llerena Schiffmacher (MSc Imperial College Business School 2012)

Mrs Diane Katsis née Peplow (Management Science 1978)

Mr Kin-Ming Looi (Computing 1989, MBA Management School 1995)

Ms Ausrine Kersanskaite (MSc Imperial College Business School 2012)

Mr Huoi S. Low (MSc Management Science 1979)

Mr Ahmer Khan (MSc Imperial College Business School 2012) Mr Shabbab S. Khan (MBA Management School 1996) Mr Johannes M. Kolb (Management School 2000)

Mr Stephen J. Horley (MBA Management School 1993)

Miss Eliza Kong (Mathematics 2008, MSc Imperial College Business School 2009)

Mr Jen Y. Huang (MSc Management Science 1974)

Mr Mats A. Konig (Management Science 1983)

Mr Kingsley Huang (MSc Imperial College Business School 2014)

Mr Man Kwok (Mathematics 1998, Aeronautics 2002)

Dr Catherine S.F. Hubbard (Management School 1997)

Mr Paris G. Lambrou (MEng Electrical and Electronic Engineering 1997, MBA Management School 1998)

Mr Luis Hui (MEng Electrical and Electronic Engineering 2004, MSc Imperial College Business School 2006)

Mr Paul Larcey (MBA Management School 1998)

Mr Mark H. Hyam (MBA Management School 1997)

Ms Shaina Laughlin (MSc Imperial College Business School 2016)

Mr A.M. Idris (MBA Imperial College Business School 2003, MBA 2005)

Professor Isabelle Le Breton (DIC Imperial College Business School 2008)

Ms Tala Ismail (MSc Imperial College Business School 2014) Mr Nicholas W. Jackson (MSc Management Science 1975)

Mrs Sophia Lee née Ng (Electrical Engineering 1987, MSc Management School 1988)

Mr Johnathan James (MEng Aeronautics 2008)

Dr Stéphane Lemire (MSc Imperial College Business School 2008)

Mr Arjuna M. Jayasinha (Civil Engineering 1980, MSc Management Science 1981)

Dr Nicholas M. Leon (Mechanical Engineering 1973, DIC Imperial College Business School 2008)

Dr Nawooroonne W.N. Jayasiri (MSc Mechanical Engineering 1968, PhD Management Science 1977)

Mr Niklas P.P. Lilius (MSc Imperial College Business School 2010)

Miss Shuxin Jian (MSc Imperial College Business School 2014) Mr Teng Jiang (MSc Imperial College Business School 2004)

Ms Joanne L. Linder (MBA Management School 1996)

Mr Michael W. Lowe (MBA Management School 2000) Ms Anne Luke (MBA Imperial College Business School 2004)

Mr Henry Menkiti Mr Andrew Methven (MBA Imperial College Business School 2013) Mr David O. Mettler (MBA Imperial College Business School 2004) Mr Jeff Molobela (Metallurgy and Materials Science 1982, MBA Management School 1993) Ms Daphne S. Morgan (MSc Management Science 1983) Dr Hiroki Mori (MBA Imperial College Business School 2015) Mr Kanji Morotome (MSc Management Science 1982)

Mr Gary A. Lyon (MBA Management School 2000)

Mr Don Laurence A. Nakandalage (MBA Imperial College Business School 2017)

Mr Brian P. Mackow-Mcguire (MBA Management School 1992)

Mr Luqman Niazi (MBA Management School 1998)

Mr Ruslan Madinov (Imperial College Business School 2010)

Mr Terence A. Noone (MBA Management School 1993)

Miss Joyce Mak (MSc Imperial College Business School 2012)

Mr Matthew Norgate (MBA Imperial College Business School 2007)

Dr Sudin Mandal (DIC Electrical Engineering 1966, MSc Management Science 1974)

Mr Joseph P. O’Hara (Management Science 1982)

Mr Colin C. Mantock (Mechanical Engineering 1986, MBA Management School 1991) Mr William A. Marshall (MSc Mechanical Engineering 1970) Mr Justin Maude (MBA Management School 2002) Mr Peter A. Mcdermott (MBA Management School 1992) Mr Paul R. Mcentire (MBA Management School 1991) Miss Kelly McGrail (MBA Imperial College Business School 2014) Mr Munir A. Meghjee (Aeronautics 1983, MSc Management Science 1984)

Ms Marianne Odfjell (MBA Management School 1999) Mr Adeboyewa Odukunle (MBA Imperial College Business School 2017) Mr Simon L. Ogus (MSc Management School 1990) Mr Abimbola Oladapo (MBA Imperial College Business School 2005) Mr Kabir O. Olatunde (MBA Imperial College Business School 2017) Miss Selen Onur (MSc Imperial College Business School 2011) Mr Alessandro Orsaria (MBA Imperial College Business School 2013) Mr Michael J. Osmond (MSc Management Science 1972)

Mr Mustafa P.L. Meghjee (Chemical Engineering and Chemical Technology 1980, MSc Social and Economic Studies 1981) Mrs Chizzy Menkiti (MBA Imperial College Business School 2010)

Mr Oladipo O. Oye-Somefun (MBA Imperial College Business School 2006) Mr Luisito R. Pastor (Mathematics 1974, MSc Management Science 1975)

Imperial College Business School

Dr Natasha H. Patel (School of Medicine 1999)

Mr Andrew R.A. Robertson (MBA Management School 1993)

Mr Michael Pawlicki (MSc Imperial College Business School 2012)

Mr Filipe S.F.d.A. Rodrigues (MSc Imperial College Business School 2006)

Mr Wesley C. Pereira né Wesley (MBA Imperial College Business School 2012)

Dr Richard G. Stratford (MSc Mathematics 1992, PhD Management School 1995)

Mr Myuran Vijayaraghavan (MSc Mathematics 2001, MBA Imperial College Business School 2010)

Mr Eiji Suzuki (MBA Imperial College Business School 2012)

Mr James Waddington (MBA Imperial College Business School 2011)

Mr Howard J. Rosen (MSc Management Science 1976)

Mr Khaled R. Tabbara (MBA Imperial College Business School 2003)

Mr Simon J. Pettitt (Pure and Applied Biology 1984)

Mr Alan J. Rossi (MSc Management Science 1975)

Mr Ramin Takin (PhD Imperial College Business School 2004)

Mr Eugene P. Philalithis (Electrical Engineering 1990, MBA Management School 1991)

Mr Tim G. Ruthven (MBA Imperial College Business School 2017)

Mr Khalid K.R. Talukder (MEng Chemical Engineering and Chemical Technology 1997, MBA Imperial College Business School 2004)

Professor Emeritus George Phocas-Cosmetatos (PhD Management Science 1975)

Mr Khalid Saad (MSc Imperial College Business School 2006) Mr Mo Saffarini (MBA Imperial College Business School 2008)

Ms Salome S. Talukder Mr Mark J.L.B. Tan (Biochemistry 1983, MSc Management Science 1984)

Ms Qing Wang (Imperial College Business School 2014) Mrs Jane C. Warby née Lavers (Biochemistry 1982, Management Science 1983) Mr Shingo Watanabe (MSc Imperial College Business School 2009) Mr Jeremy Williams (MBA Management School 2001) Mr Oliver E. Woolley (MBA Management School 1992)

Ms Josephine M. Pickett-Baker (MBA Imperial College Business School 2005)

Mr Elias Sakellis (MEng Mechanical Engineering 1998, MSc Management School 1999)

Mr Elliott H. Piggott

Dr Reiji Sano (MBA Management School 1994)

Mr Yang Tang (MEng Mechanical Engineering 2013, MSc Imperial College Business School 2014)

Miss Xueming Xia (Imperial College Business School 2015, MSc Materials 2016)

Mrs Muattar Saydam née Ince (Management Science 1977)

Mr Saleh W. Tassabehji (MSc Management Science 1979)

YourCause

Ms Diana M. Scarrott (MBA Management School 1998)

Mr Graham S. Taylor (MSc Management Science 1973)

Mr Morgan Schapiro (MSc Imperial College Business School 2014)

Mr Norman S.Y. Teo (MBA Imperial College Business School 2003)

Mr Gus T. Schellekens (DIC Management School 1989)

Dr Kenneth G. Thomas (MSc Mechanical Engineering 1971)

Mr Gregory Scotiniadis (MBA Management School 1998)

Mr George R. Tilley (MBA Management School 1992)

Mr Iain G. Segall (Civil Engineering 1992)

Mr Alan S.L. To (MSc Management Science 1984)

Mr Calvin Sellers (MBA Imperial College Business School 2017)

Miss Selina W.S. Tsang (MSc Management School 1990)

Mr Vik Sharma (Physics 1994, MBA Management School 1995, MBA Imperial College Business School 2010)

Mr Grigorios Tseregof (DIC Management School 1989)

Mr Ian R. Shaw (MBA Imperial College Business School 2013)

Mr David K. Turnbull (MSc Management Science 1972)

Mr Stuart Riley (MSc Physics 2000)

Mr Haris Sitzoglou (MSc Imperial College Business School 2008)

Mr Jaroslav Valiukevic (MSc Imperial College Business School 2014)

Mr Marc O. Roberts (MBA Management School 1991)

Mr Richard Smith (MBA Imperial College Business School 2004) Mr Rolf Stahel

Mr Jan R.J.W. Verstraete (MSc Imperial College Business School 2012)

Mr Paul A. Stephens (MSc Management Science 1982)

Mrs Anneza Vidaki (MBA Management School 1999)

Mr Nigel G. Piper (MSc Management Science 1979) Miss Maria V. Piva (MSc Imperial College Business School 2011) Mr Michael L. Prew (Mechanical Engineering 1980, MSc Management Science 1981) Ms Sylvia Purnomo (MBA Management School 1999) Mr Ahraz Qayyum-Sheikh (MEng Chemical Engineering and Chemical Technology 1998, Management School 2001, Imperial College Business School 2010) Mr Mark E. Randall (MBA Imperial College Business School 2004) Mr Kamal Raza (MBA Imperial College Business School 2004) Miss Isella Rigoulet (MSc Imperial College Business School 2013) Mrs Joanna Riley

Annual Report

Mr Robert Tsoi (Mathematics 1974, MSc Management Science 1975)

Mr Arthur H.T. Yung (MSc Management Science 1985) Mr Emmanouil Zervas (Imperial College Business School 2015, MSc Civil and Environmental Engineering 2016) Miss Lemon Zhang (MSc Imperial College Business School 2013) Mrs Joy Zhang (MSc Imperial College Business School 2004) Fourteen anonymous donors

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Disclaimer: While all reasonable efforts have been made to ensure the information in this publication is correct, matters covered by this publication are subject to change. Imperial College Business School accepts no liability for any loss or damage caused by errors or omissions, howsoever caused. Published May 2018. Cover Artwork by Kyle Bean Designed by opx.co.uk ÂŠ Imperial College Business School