Imperial Business 2024: Digital transformation and the promise of disruption

Empower today’s researchers to tackle tomorrow challenges

Empower today’s researchers to tackle tomorrow’s challenges

When you leave a gift in your will to Imperial, you can help talented researchers like Eleanor tackle our future challenges.

Empower tod researchers to tackle tomorrow challenges

When St Mary’s Medical School

When you leave a gift in your will to Imperial, you can help talented researchers like Eleanor tackle our future challenges.

When St Mary’s Medical School

alumna Dr Jean Alero Thomas sadly passed away in 2015, she left a legacy gift to set up a research Scholarship for students in the Faculty of Medicine.

When you leave a gift in your will to Imperial, you can help talented researchers like Eleanor tackle our future challenges.

alumna Dr Jean Alero Thomas sadly passed away in 2015, she left a legacy gift to set up a research Scholarship for students in the Faculty of Medicine.

When St Mary’s Medical School alumna Dr Jean Alero Thomas sadly passed away in 2015, she left a legacy gift to set up a research Scholarship for students in the Faculty of Medicine.

Eleanor Sabey is a Research Postgraduate in the Department of Metabolism, Digestion and Reproduction. In 2021, she was awarded the Dr Jean Alero Thomas Scholarship to study for an MRes in Biomedical Research

Eleanor Sabey is a Research Postgraduate in the Department of Metabolism, Digestion and Reproduction. In 2021, she was awarded the Dr Jean Alero Thomas Scholarship to study for an MRes in Biomedical Research

Eleanor Sabey is a Research Postgraduate in the Department of Metabolism, Digestion and Reproduction. In 2021, she was awarded the Dr Jean Alero Thomas Scholarship to study for an MRes in Biomedical Research

Eleanor grew up in a town near Gatwick with her mum who was an NHS dietician. She says, “at secondary school classroom disruption was abundant and resources were few and far between. This made me even more grateful for access to outstanding facilities and equipment once I reached university. My family always taught me to appreciate the value of education, therefore they were very excited when I told them I would be studying at Imperial.”

The impact of legacy gifts

Eleanor grew up in a town near Gatwick with her mum who was an NHS dietician. She says, “at secondary school classroom disruption was abundant and resources were few and far between. This made me even more grateful for access to outstanding facilities and equipment once I reached university. My family always taught me to appreciate the value of education, therefore they were very excited when I told them I would be studying at Imperial.”

Eleanor grew up in a town near Gatwick with her mum who was an NHS dietician. She says, “at secondary school classroom disruption was abundant and resources were few and far between. This made me even more grateful for access to outstanding facilities and equipment once I reached university. My family always taught me to appreciate the value of education, therefore they were very excited when I told them I would be studying at Imperial.”

She goes on to say, “Legacy gifts are such a generous form of donating and are deeply appreciated by those who are supported by them. The Dr Jean Alero Thomas Scholarship has had a profound effect on my ability to study and live in London.

The impact of legacy gifts She goes on to say, “Legacy gifts are such a generous form of donating and are deeply appreciated by those who are supported by them. The Dr Jean Alero Thomas Scholarship has had a profound effect on my ability to study and live in London.

The impact of legacy gifts She goes on to say, “Legacy gifts are such a generous form of donating and are deeply appreciated by those who are supported by them. The Dr Jean Alero Thomas Scholarship has had a profound effect on my ability to study and live in London.

Eleanor, Research Postgraduate in the Department of Metabolism, Digestion and Reproduction

the support, I was elated, relieved, and felt more confident in my ability to pursue a career in STEM. This gift has given me access to an excellent education, opportunities and a promising career in the future.”

It has furthered my personal independence and allowed me to meet a vast range of people. This has made my time at Imperial so much more immersive. When I received the support, I was elated, relieved, and felt more confident in my ability to pursue a career in STEM. This gift has given me access to an excellent education, opportunities and a promising career in the future.”

Eleanor plans to continue pursuing a career in biomedical research and hopes to do a PhD in the future.

It has furthered my personal independence and allowed me to meet a vast range of people. This has made my time at Imperial so much more immersive. When I received the support, I was elated, relieved, and felt more confident in my ability to pursue a career in STEM. This gift has given me access to an excellent education, opportunities and a promising career in the future.”

Eleanor plans to continue pursuing a career in biomedical research and hopes to do a PhD in the future.

Eleanor plans to continue pursuing a career in biomedical research and hopes to do a PhD in the future.

Eleanor, Research Postgraduate in the Department of Metabolism, Digestion and Reproduction

support,

I was elated and felt more confident in my ability to pursue a career in STEM.

When

I

received

the support, I

was elated and felt

Eleanor, MRes in Biomedical Research

more

confident

When I received the support, I was elated and felt more confident in my ability to pursue a career in STEM.

Eleanor, MRes in Biomedical Research

in my ability to pursue a career in STEM.

Eleanor, MRes in Biomedical Research

Power future breakthroughs – leave a gift in your will to Imperial

Power future breakthroughs – leave a gift in your will to Imperial

A gift in your will can give future generations of students and researchers like Eleanor the chance to thrive at Imperial and beyond. You’ll also be playing your part in research breakthroughs that tackle tomorrow’s biggest global challenges, such as future health threats or the climate crisis.

A gift in your will can give future generations of students and researchers like Eleanor the chance to thrive at Imperial and beyond. You’ll also be playing your part in research breakthroughs that tackle tomorrow’s biggest global challenges, such as future health threats or the climate crisis.

For more information on leaving a gift in your will, get in touch with Anna Wall, Head of Regular Giving and Legacy Giving, on +44 (0)20 7594 3801 or email a.wall@imperial.ac.uk

Power future breakthroughs – leave a gift in your will to Imperial

A gift in your will can give future generations of students and researchers like Eleanor the chance to thrive at Imperial and beyond. You’ll also be playing your part in research breakthroughs that tackle tomorrow’s biggest global challenges, such as future health threats or the climate crisis.

ww w.imperial.ac.uk/legacy-giving

For more information on leaving a gift in your will, get in touch with Anna Wall, Head of Regular Giving and Legacy Giving, on +44 (0)20 7594 3801 or email a.wall@imperial.ac.uk

For more information on leaving a gift in your will, get in touch with Anna Wall, Head of Regular Giving and Legacy Giving, on +44 (0)20 7594 3801 or email a.wall@imperial.ac.uk ww w.imperial.ac.uk/legacy-giving

ww w.imperial.ac.uk/legacy-giving

Alumni enquiries

alumni-business@imperial.ac.uk

Editorial

We welcome your feedback, thoughts and suggestions on the magazine. You can contact the editorial team by email using the details below.

Evie Burrows-Taylor Senior Digital Communications Officer e.burrows-taylor@imperial.ac.uk

Michael Mills Communications Manager michael.mills@imperial.ac.uk

Contributors

Sankalp Chaturvedi, Temoor Iqbal, David Lefevre, Helena Pozniak, James Sefton, David Shrier, Sanaz Talaifar, Xinrong Zhu

Cover

OPX Studio

Image generated using Adobe Firefly AI

Design opx.studio

© Imperial College Business School 2024

The opinions expressed in Imperial Business are those of the contributors and not necessarily those of Imperial College Business School. 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.

In this issue

14

Will AI replace the educator?

The business world is changing – and business schools must change too.

18

How to survive as an entrepreneur

World-renowned entrepreneur Steve Blank tells us how generative AI will revolutionise the business landscape.

24

Renáta Kosová

Professor Renáta Kosová tells us what her recent promotion means to her and why microeconomics matters.

28

Why society needs compassionate business leaders

Compassionate leadership should be at the heart of business – but leaders are falling short.

32

How to be a courageous leader

Chairman of multinational engineering firm Siemens and former Chairman of Danish shipping company Maersk Jim Snabe tells us about the “biggest business opportunity of his lifetime” and the key challenges facing future leaders.

36

Do social media-led brand boycotts work?

Political consumerism is on the rise and brands are often expected to take a stand on hot-button issues, but they must tread carefully.

Boomers versus Millennials

Why people vote for Donald Trump

Welcome from the Interim Dean

Image credit: Marcus Ginns

We are living through a time of unprecedented change. Everything is transforming, from the way we work and socialise to how we buy food, manage our money, teach and learn. The future is hard to predict – and that can be both exciting and alarming.

At Imperial College Business School, our community of academics, students, alumni and industry partners are playing a leading role in this radical shift. We are working to embrace digital developments in a positive way, harnessing the available technologies and new tools to improve business and society for as many people as possible.

This approach is directly linked to Imperial College London’s new strategy, which will help the university chart a path through an unpredictable world and accelerate the impact of new discoveries and ideas.

That’s why this issue is dedicated to the theme of digital transformation and the promise of disruption, with the cover illustration, and several images throughout the magazine, generated by artificial intelligence (AI).

On page 12, the new Executive Director of the Business School’s IDEA Lab, Monica Arés, tells us how we can seize this era of change to revolutionise education; Professor of Practice Naveed Sultan shares his insights into how data and technology are transforming finance and business (page 22); and Dr Xinrong Zhu reveals whether companies should

be worried about the threat of a social media-led boycott (page 36).

We’re delighted to feature interviews with two pioneers of the business world: Steve Blank, one of the key figures behind the lean startup movement, explains how generative AI will shake up the business landscape (page 18); and former Chairman of Danish shipping company Maersk Jim Snabe tells us about the “biggest business opportunity of his lifetime” on page 32. On page 24, the Business School’s most recently promoted female professor, Renáta Kosová, explains what this landmark moment in her career means to her.

Through our research, we also explore some of the world’s most pressing political issues. On page 40, Professor James Sefton considers the Boomers versus Milliennials narrative; and Dr Sanaz Talaifar explores the common psychological traits among supporters of Donald Trump on page 48.

Our community isn’t just dedicated to highlighting the pressing issues of the day but also to solving them. On page 28, Professor Sankalp Chaturvedi, Associate Dean for EDI, reveals how business leaders can use compassion to improve

the lives of workers and boost their organisations. Meanwhile on page 52, we feature a groundbreaking initiative from the School’s Department of Analytics, Marketing & Operations, which is helping charities make big savings on administrative costs.

As Interim Dean of the Business School since September 2023, it’s been an honour to lead such a talented, forward-thinking community. And I am delighted that, from September 2024, Professor Peter Todd, who has a wealth of experience in senior academic roles across Europe and North America, will assume the role permanently.

Professor Todd’s academic expertise lies in information technology and innovation management, and his research examines how people interact with technology. With this background, he is ideally placed to embrace the role of digital transformation in education, business and society, and guide the School into its exciting next chapter.

Professor Franklin Allen Interim Dean

The business news

Professor Peter Todd appointed as Dean

Professor Peter Todd has been confirmed as the new Dean of Imperial College Business School; he will take up the position from 1 September 2024 for a period of five years. He will succeed Professor Franklin Allen, who has served as Interim Dean since the

departure of Professor Francisco Veloso in 2023.

Professor Todd’s academic expertise lies in information technology and innovation management, spanning computer science, psychology and management. His research brings these different disciplines together to examine how people interact with technology.

A round-up of the biggest stories of the past year from across Imperial College Business School.

He has a wealth of experience in senior academic roles across Europe and North America. Most recently, he served as the Director General (CEO) and Dean of HEC Paris, the first non-French holder of the post. Before that, he was Dean of the Desautels Faculty of Management at McGill University in Canada.

He has extensive experience in university fundraising, having been instrumental in obtaining faculty naming gifts at both the University of Houston and McGill. While at HEC Paris, he oversaw the launch of a major €200 million fundraising campaign for the business school.

He was a member of the Board of Directors of the AACSB (Association to Advance Collegiate Schools of Business) International between 2018 and 2020. He has also served on the Global Advisory Board of US-based open online course provider Coursera.

Imperial’s new strategy targets convergence science to drive economic growth

Imperial College London will maximise its potential as a global force for good through a series of bold new initiatives, President Hugh Brady announced in March as he launched the university’s new strategy, Science for Humanity.

Imperial’s ambitious strategy builds on the university’s research and education excellence; its science, technology, engineering, medicine and business focus; its

culture of innovation and entrepreneurship; and its London location. It will help Imperial chart a path through an unpredictable world that is facing unprecedented challenges and accelerate the impact of new discoveries and ideas.

The new strategy has a particular focus on building and harnessing multidisciplinary and interdisciplinary research at unprecedented scale to drive innovation, entrepreneurship and inclusive economic growth.

Launching the strategy, Professor Brady said: “Since our founding in 1907, Imperial has sought to be not only a worldleading university, but a world-changing one.

“The new strategy has a particular focus on building and harnessing multidisciplinary and interdisciplinary research at unprecedented scale.”

New Imperial-X initiative launched to tackle global challenges with AI and data science

Imperial College London’s major new initiative Imperial-X will use AI and data science to tackle global challenges. Imperial-X harnesses the university’s long-standing excellence in AI, machine learning, data sciences, and the many fields in science, engineering, medicine and business where they are applied. Its projects include developing new computational tools for improving image-based detection and diagnosis of disease, using AI to direct the design and implementation of new biological systems, and intelligent systems and networks for monitoring, control and security of critical infrastructure. Other fields of research include human–AI cooperation, robotics and automation, and machine learning systems that understand

“We are known for combining our tremendous strength in STEMB (science, technology, engineering, medicine and business) with a uniquely innovative and entrepreneurial culture to create real-world impact. Our unashamedly ambitious strategy for the coming decades is an actionable plan that unlocks more of the power of science to serve humanity. This is how we shape the future – for our students, our community, our planet and everyone who calls it home.”

the real world, such as self-driving vehicles.

The initiative is housed over two floors at the Translation & Innovation Hub (I-HUB) at Imperial’s White City Campus. This “mixed campus” brings together more than 300 researchers from the Faculties of Engineering, Natural Sciences and Medicine, and Imperial College Business School, working together with industrial partners. The aim is to build new models of co-discovery and co-creation in the digital space, transcending individual disciplines to tackle major societal challenges, as well as to identify and pursue new opportunities.

“Projects include developing new computational tools for improving image-based detection and diagnosis of disease.”

Professor Dame Carol Propper joins UK Statistics Authority

Dame Carol Propper, Professor of Economics at the Business School, has been appointed to the Board of the UK Statistics Authority.

The UK Statistics Authority is an independent regulator whose main objective is to promote and safeguard the production and publication of official statistics that serve the public good. The Authority is also required to promote and safeguard the quality and comprehensiveness of official statistics and ensure good practice. The Authority is an independent body, operating as a non-ministerial department, directly accountable to Parliament. Professor Propper was appointed at the same time as

two other non-executive directors; their combined expertise in statistics, economics and digital transformation will help the Authority in its efforts to ensure the UK statistical system delivers for the public good. Ministers have appointed each non-executive director to serve a four-year term ending in February 2027.

Reacting to the news of her appointment, Professor Propper said: “I am very excited to take up this role. The UK Statistics Authority plays a key role in advancing our understanding of the British economy and society and it is an honour to be part of it.”

A world-renowned economist and an expert in workforce and health statistics, Professor Propper is a British Academy Fellow, an International Fellow of the American National Academy of Medicine and the

“The UK Statistics Authority plays a key role in advancing our understanding of the British economy and society and it is an honour to be part of it.”

Centre for Economic Policy Research, and a former President of the Royal Economic Society. She was made a Dame in the 2021 New Year’s Honours for her contributions to economics and public health.

Business School welcomes full undergraduate class

In 2023, Imperial College Business School welcomed the first cohort to its new BSc in Economics, Finance and Data Science, the School’s first full undergraduate programme.

MSc Global Health Management relaunched

Imperial College Business School’s MSc Global Health Management (previously MSc International Health Management) has been relaunched for 2024. In response to the complex and fast-evolving nature of the determinants of health and associated global challenges, the programme takes a new, interdisciplinary approach, going beyond traditional training in healthcare management and leadership.

The programme invites students to consider a wide range of interrelated factors such as

“The programme’s goal is to equip future healthcare leaders with a new set of skills to shape the agenda.”

The first undergraduate degree of its kind, it offers a new approach to leadership and aims to prepare the next generation of economists, policy experts and business leaders.

The new degree reimagines the traditional study of economics and finance by incorporating the learning of data science. It has been designed by leading

academics at the forefront of each discipline, with input from industry and public policy leaders.

Drawing on Imperial’s world-renowned expertise in science, technology and business, the new degree is set against the backdrop of increasing demand for graduates with the latest academic training in economics and finance, whose analytical skills are complemented by data science and coding capabilities.

Students will develop the skills needed to succeed in a range of roles in industries such as technology, finance, consulting and the public sector, including central banks, regulatory bodies, think tanks and international organisations. The programme embeds societal impact, diversity and sustainability in its design.

innovation and technology, socioeconomic and environmental factors, policymaking, sustainability and data and analytics to evolve the future of global healthcare. The School works closely with Imperial’s Dyson School of Engineering, School of Public Health, Faculty of Medicine, Imperial-X and the Imperial Enterprise Lab to combine

new ways of tackling global health challenges.

The programme’s goal is to equip future healthcare leaders with a new set of skills to shape the agenda and take on challenging global roles in the health and healthcare ecosystem, whether that’s in private industry, government or international organisations, or with health service providers.

Education’s digital revolution

Image credit: Marcus Ginns

In brief

Executive Director of the Innovation, Digital Education & Analytics (IDEA) Lab at Imperial College Business School

Former Head of Immersive Learning at Meta and Leader of Interactive Learning Labs at Amazon

Named in the Top 100 Global Women of the Future in Emerging Tech by the Women of the Future programme

Advocate for “tribrid” learning, which combines online, in-person and simulated content

Monica Arés tells us how new technology will make education more engaging, impactful and – ultimately – more human.

Given the pace and extent of technological development over the past few decades, it is surprising that education has remained a largely static, standardised experience. This is a situation Monica Arés, Executive Director of Imperial College Business School’s Innovation, Digital Education & Analytics (IDEA) Lab, is determined to change.

“Some people are fortunate to encounter a mentor or teacher who ignites those ‘aha’ moments, sparking the curiosity that inspires lifelong learning. These transformative experiences, however, are usually the exception, not the norm,” says Monica.

“Through rapid advancements in artificial intelligence and extended reality (XR), we are witnessing a unique convergence of our digital and physical worlds, which is unlocking an entirely new set of tools to build solutions. It’s a rare moment in the trajectory of the future of education that we’ve all been longing for, that will increase engagement and retention by unlocking personalised learning at scale.

“Our job at the IDEA Lab is to figure out what the future of learning looks like. Our mission is twofold: crafting a visionary path that increases access to education and fundamentally transforms how we learn, and simultaneously showcasing our progress and current capabilities as we step into the future.”

AI-driven learning

A pioneering initiative at the IDEA Lab involves the integration of AI into the learning process. This will see course materials and lecturers’ personas integrated to create AI avatars and simulations, which will help to transform the learning experience from passive

content consumption to interactive dialogues.

Students will be able to converse with the avatars to deepen their understanding of a topic area. “And they can then come into class and have a much more robust conversation, because they’ve been able to make sense of it themselves beyond just a video telling them what to learn,” says Monica.

Of course, there are risks to bear in mind. “We have to decide if we’re going to use photorealistic avatars, or a different representation so there’s a clear distinction. It has to be clear for students when it’s their lecturer speaking, and when it’s the AI version that’s there to help talk things through and work things out in a less formal way.”

language, we can offer feedback and tips to become more effective.”

This highlights how innovation at the IDEA Lab is not just about integrating more technology into education. “It’s about leveraging these advancements to recentre our focus on essential human skills,” says Monica. “The symbiosis between human intellect and technology will enhance critical thinking, problem solving and interpersonal abilities, equipping students to tackle global challenges, from healthcare to climate change, with a new set of tools.”

For Monica, there’s no doubt that Imperial has the pedigree to lead this change: “We’ve always prided ourselves on being innovative, and that gives us the flexibility to be brave. We’re collaborating with partners across the industry to

“The symbiosis between human intellect and technology will enhance critical thinking, problem solving and interpersonal abilities.”

Being more human

“The combination of AI and XR can also help us create simulations to practise soft skills – empathy, negotiation and leadership – which are increasingly valued in business, but difficult to assess and teach with traditional methods,” says Monica. “We can now put you in scenarios where you have to engage in conversations and, by measuring your natural language, eye gaze and body

actively shape the future, fostering a learning environment where technology and humanity converge. The Imperial IDEA Lab can be a place where we take risks, try things out and integrate our findings to unlock extraordinary potential.”

Written by Temoor Iqbal

Will AI replace the educator?

Written by David Lefevre and David Shrier

Image

The business world is changing – and business schools must change too.

Aconsensus is emerging that artificial intelligence will be the key technological disruptor of our millennium, delivering economic activity of up to $12 trillion by 2032. Critically, some of this growth will arise from AI displacing – or replacing – human beings in the workforce.

Unlike prior waves of automation that primarily affected relatively low-skilled jobs, generative AI disproportionately impacts white-collar work. Business schools train people for such roles, so it is crucial we consider how we can ensure students are well placed to thrive in this emerging world.

The curriculum Research finds combined human–AI intelligence can outperform human-only and AI-only workers in a number of tasks, including forecasting events, indicating a more optimistic and collaborative vision of the future.

We should also be teaching students the practical skills they need to engage with AI. This includes training in prompt engineering and the use of digital assistants.

Business schools must move their focus towards the skills and abilities AI is less able to replicate, and lean into critical and creative thinking, as well as soft skills, such as coaching students in empathy and team building.

These initial steps will set students on a path to meaningful engagement with AI and help them see how their future careers will fit within the hybrid intelligence model.

About the authors

David

Lefevre is Professor of Practice at Imperial College Business School and established the School’s Edtech Lab.

David Shrier is Professor of Practice at Imperial College Business School and Director of the School’s Centre for Digital Transformation.

Delivering education

AI will have a direct impact on how schools develop and deliver education, and UNESCO has categorised the ways large language models such as ChatGPT can support students. For example, AI could act as a study buddy to help them gauge their understanding of a topic or serve as a Socratic counterpart to help develop their arguments.

Similarly, there could come a time when teachers have personal AI teaching assistants. This might enable them to deliver greater personalised feedback to far more students, or to focus a greater proportion of their time on research and other activities.

More controversially, the administration of education may become largely automated. This kind of algorithmic management is commonly used in the tech sector and is likely to gain traction across healthcare, law, management consulting and education.

Instinctively, we might believe that technology cannot possibly replace human staff, however we need to be careful not to fall into the trap of overvaluing human involvement. Ultimately, students want – and deserve – the best possible education using all available tools.

Universities of the future

The most likely near-term scenario for most business schools is that hybrid human–AI work will become the norm. Human staff will be supported by AI across the core tasks involved in curriculum delivery, student guidance, pastoral support and assessment.

At Imperial, we are working towards this future: our innovative cross-campus module AI Ventures brings together faculty and students from business and engineering to create new AI startups, while leveraging AI tools across the student experience to accelerate the process.

Additionally, we have integrated a new AI tutoring system, Tutello, which uses AI to guide students through their studies, but gives them the opportunity to switch to human support when they wish. And we have an ongoing project, Precision Education, an analytics programme that will link 17 different student data sources, creating a foundation for a broad range of AI initiatives.

Likely to accelerate the pivot from conventional “sage on a stage” pedagogy towards a more personalised, social and tutored model of education, these AI tools will also enable the development of new, largely automated educational systems that deliver high-quality education with little input from human teachers.

In both cases, one thing is certain: AI is here to stay and schools will need to adapt.

“The most likely near-term scenario for most business schools is that hybrid human–AI work will become the norm.”

survive How to

by Evie Burrows-Taylor

entrep

Interview

reneur as an

We sat down with world-renowned entrepreneur Steve Blank to talk about the significance of the lean startup movement, how generative AI will revolutionise the business landscape and what leaders need to do to survive the changes ahead.

Famed for his founding role in the lean startup movement, Steve Blank, now an adjunct professor of entrepreneurship at Stanford, has also co-created the Imperial Wicked Module at Imperial College Business School. The class teaches students to use lean startup tools to address “wicked” problems that have multiple moving parts and no obvious solution, such as insurgencies, disinformation and climate change.

We spoke to Steve about the significance of his work and the biggest challenges and opportunities facing today’s entrepreneurs.

Why was the lean startup movement such a widespread sensation?

SB Lean’s biggest insight was observing that startups are not smaller versions of large companies and, while large companies execute business models, startups search for them. For the business world, it was like discovering an entirely new continent.

We had built tools for executing an existing business model, but we had absolutely nothing when it came to searching for them, including the understanding that it needed to be done.

My work, along with that of Eric Ries and Alexander Osterwalder, formed the beginnings of the lean movement. I remember going to some of the best business schools in the world and people saying: “How hard can [running a company made up of] six people in a garage be?” But I deeply understood just how hard the startup setup was.

How will generative AI affect entrepreneurship?

SB The impact on entrepreneurs will be enormous: they’ll be able to use data to look at what people in certain demographics want and use generative AI to come up with product ideas, websites and even pivots.

Now, if I’m in healthcare and the NHS decides they want to make money, I could take all the health data I have about everybody in the UK and start figuring out how to do it using AI models. If I was an entrepreneur today, I would be working on a piece of enterprise software to create an end-to-end platform for using AI in building startups.

What innovation challenges are unique to today’s businesses?

SB Large organisations are designed for repeatable and scalable processes. This works well when your business environment is relatively stable, or your competitors have the same resources as you.

These days, you’re competing with smaller companies designed to move rapidly and take risks, and that’s hard to sustain. Companies adopting startup methods often end up with innovation “theatre”, rather than innovation delivered. Carving out an innovative path requires committed leadership, culture and process change.

“Execution pays your salary, but innovation pays your pension.”

What is the most common mistake you see startups making?

SB Entrepreneurs have the passion to come up with an idea, execute it and then expect to stand back and see all the orders rolling in. That almost never happens.

The phrase I keep repeating after two decades: there are no facts inside the building, so get the heck out. When I taught the Imperial Wicked Module, I told students how important it is to talk to customers and listen to the data.

How do you think large corporations can overcome challenges with agility?

SB It really starts with the leadership team agreeing that execution pays your salary, but innovation pays your pension. Then deciding whether they’re willing to make the changes necessary to provide a parallel pathway for innovation.

However, the worst thing you could do is make the entire company about innovation and put the core business at risk. My first mantra to CEOs is: whatever you do, protect the core.

How can leaders ensure they stay relevant?

SB If I was a CEO, I’d ensure I was thoroughly educating myself about the changes in my sector. If you don’t understand the relevant technology, supply chain, manufacturing et al and its implications, it would be like a CEO at the turn of the century not understanding manufacturing in China.

Lifelong learning plays a large role in figuring out how to keep CEOs continually engaged in new methods, tech, challenges, as well as global opportunities and threats.

What the Fifth Industrial Revolution means for finance

Business leaders need to incorporate digital transformation into strategy for effective technology-led change, says Naveed Sultan.

Interview by Temoor Iqbal

With more than 30 years of experience in global banking and finance, including as Chair of Citi’s Institutional Clients Group, Naveed Sultan has been at the forefront of digital transformation in the financial sector. Now a professor of practice at Imperial College Business School, he sat down with us to discuss how technology is changing finance and business.

What opportunities does financial digital transformation offer to businesses?

NS The world is going through a major transition, which some observers are calling a Fifth Industrial Revolution. Large parts of the economy are being reorganised, new business models, ecosystems and platforms are emerging, and lifestyles are changing.

Digital transformation, as the deployment of a range of technologies to create better economic and societal outcomes, is part of this, with data at its core. For the finance function within a business, if you can get data promptly and accurately through technology, with the right analytics, you can make better decisions and create better outcomes.

In time, these processes can make organisations more productive, efficient and accurate, and provide a greater level of confidence in their underlying activity, particularly from a compliance and risk perspective. The greater the confidence organisations have in their core processes and their operating and business models, the greater the confidence they have in doing business with clients.

Professor of Practice at Imperial College Business School since 2023, Naveed Sultan is Co-Director of the School’s Centre for Financial Technology and co-founded the Centre for Responsible Leadership. He is also a member of the Business School’s Advisory Board.

How is this playing out in the financial sector?

NS We can split the sector broadly into two camps: new fintech players such as Stripe, Square and Revolut, and established banks. On the consumer side, there has been growing competition between the two, but on the institutional side there’s actually greater collaboration.

Fintech firms need access to banks’ customers, while banks themselves see that fintech solutions can deliver better results for their clients. This has led to incumbents in the sector taking equity positions on emerging fintech players or buying them outright.

“Whenever new technologies come up, there is a natural tendency to deploy them in the current operating model or on top of legacy systems.”

This allows banks to offer a better, more innovative and efficient proposition to their clients. And, as fintech firms become more successful, their valuations go up and banks benefit from investing in them.

What role are specific technologies such as blockchain and AI playing in financial digital transformation?

NS At the surface level, they are already increasingly important. For example, blockchain provides smart contracts, improved supply chain management and greater transparency in transactions, while AI offers better risk management, fraud detection, algorithmic trading and personalised customer experiences.

However, there is often an inflection point when technologies work in combination. So, when AI and blockchain are combined, we can see, for example, cross-border tokenisation of securities with smart contracts and enhanced fraud protection – something that combines the technologies as more than the sum of their parts.

What should businesses be aware of when planning digital transformation?

NS Whenever new technologies come up, there is a natural tendency to deploy them in the current operating model or on top of legacy systems, without considering the underlying core processes, or the organisational, cultural and talent implications. Generally, this is unlikely to be successful.

Businesses have to first reorganise how they work, in a holistic way. They need strategic commitment from senior management, the right talent to manage data and deploy new technology, and plans in place to change culture and staff mindsets. Only when these key organisational and cultural requirements are met will a business be ready for technology-led change.

And from a society-wide perspective too, we need to start seeing digital transformation not as a technology issue, but as a policy, strategic, cultural and organisational issue. All economic actors need to operate in alignment for an optimal transition, both economically and societally.

In brief

Promoted to Professor of Economics at Imperial College Business School in 2023

Made College Consul for the Faculty of Engineering and the Business School in 2024

Sits in the Department of Economics & Public Policy

Former Programme Director of the MSc Economics & Strategy for Business

Renáta Kosová

Professor Renáta Kosová

tells us what her recent promotion means to her and why microeconomics matters.

Whether it’s understanding how a fiercely competitive airline sector can shake up a connected industry such as hospitality, or how foreign investment alters homegrown businesses, Professor Renáta Kosová’s research is grounded in the corporate world. She tackles how businesses fare amid rising and falling economic fortunes, market shocks and changing landscapes, and asks what internal structures and organisations help them survive in the long run.

In the decade she’s spent at Imperial College Business School, Professor Kosová has gone on to investigate a wide variety of microeconomic questions, from the impact of a minimum wage on businesses’ performance to the corporate consequences of investor optimism during boom years.

“My research focuses on how firms can boost their performance, grow and ultimately thrive in a global marketplace,” she says. During her career, her focus has shifted from examining how globalisation affects the industrial landscape to the microeconomics affecting a company’s fortunes.

Visibility for female academics

Kosová’s promotion in 2023 to Professor of Economics has inspired her and raised her visibility in the academic and business community: “There are not so many senior women within economics. [Promotion] allows you to become involved in leadership.” Since becoming a professor, she has taken on the role of College Consul – these are academics within Imperial who help ensure academic integrity. “And of course, I’m motivated to continue my research,” she says.

Most recently, she’s looked at the impact of deregulation and increase in competition in the airline sector, and what this does to the hotel trade. And there are spillover benefits among certain strata of hotels, she has found – similar to the spillover benefits experienced by domestic Czech firms after foreign funds flowed during the transition to a market economy. This was the subject of her dissertation written as part of her doctoral studies at the University of Michigan and motivated by economic events in her native Slovakia.

“Microeconomics gives you a valuable thinking structure –you know where to start looking for the beginning and end.”

Much of her research uses detailed information from the hospitality sector. Hotels, with their varied ownership and clearly benchmarked signs of quality – from luxury through to economy –can help us spot how investments made in boom time fare when the dust settles.

It’s going to be a busy year: she and a colleague are preparing a book looking at franchises, and she has ambitions to become more involved with the International Society of Franchising. She is also busy organising the second launch of the Theory & Applications of Contracts Conference in cooperation with colleagues from Imperial and Bristol, and the Nobel Prize winner Professor Sir Oliver Hart from Harvard.

Research with impact

Professor Kosová is also enthusiastic about sharing insights from her research with the Business School’s students. “I’m very happy I can teach and incorporate my research to demonstrate the real world beyond abstract principles.”

A knowledge of microeconomics gives students the tools to understand forces behind supply and demand, for example, and the impacts on companies’ performance, she says. “It’s about what managers do, what entrepreneurs do and what individuals do. Understanding causality and incentives in economics is one of the most important things. Microeconomics gives you a valuable thinking structure – you know where to start looking for the beginning and end.”

And her future research agenda is crowded. One project draws insights from recent corporate failures within the UK’s fintech market, examining the fragility of trust among investors who have suffered losses. “These results are important for the individual but also for the firm’s performance.” An earlier collaboration with Imperial’s Department of Engineering has also raised hopes of investigating the potential impact of automation and robotics in the hospitality sector.

“With promotion comes more demands but I’m happy because I think it’s about giving back – to the academic field, to Imperial and to society.”

Written by Helena Pozniak

Why society needs compassionate business leaders

Compassionate leadership should be at the heart of business – but leaders are falling short.

Humans are unpredictable, emotional, and often respond very differently to troubling circumstances. While we may feel indestructible one day, it is entirely possible to feel anxious the next, and what pains one person may go completely unnoticed by another. During COVID, many of us experienced frequent periods of emotional tumult, including higher levels of fear, anxiety and stress. This highlighted an important issue: workers are often suffering negative mental health because of circumstances, such as a global pandemic, the death of a loved one, or any number of psychologically traumatic events outside their control. There is a need for policies that recognise the effect negative mental health can have on workers. But how can leaders help employees experiencing mental health issues and create compassion in the workplace?

Compassionate leadership

The ability to demonstrate humanity towards employees and create a healthy environment where they feel psychologically safe is key to leading compassionately. There are employment regulations around workers experiencing various personal issues, but compassion and humanity are notable by their absence in UK government legislation.

As an example, laws around bereavement, or “compassionate leave”, in the UK fall short. The Employment Rights Act 1996 obliges employers to give employees a “reasonable” number of unpaid days off following the death of a family member or dependent. This usually results in workers taking two to five days off. A recent Parental Bereavement bill allows two weeks of paid leave for both parents when they lose a child aged under 18.

But this legislation leaves some important gaps. For example, what about stillbirth, miscarriage, the death of a close friend or a 19-year-old child? Clearly, grief is not limited by age or family ties.

The cost of negative mental health

Untreated mental health problems can have a huge impact on a country’s finances. While we have undoubtedly improved our awareness and understanding of its impact in the workplace, we are a long way from creating the sense of security that would allow employees to come forward and talk openly about their emotions.

The goal should be to create working environments where people know they can do this, and be offered compassion and support for however long it is needed. Better legislation is essential to ensure all employers respond to mental health issues with understanding. Negative mental health is a silent killer, which costs the country a great deal in terms of economic productivity, NHS treatment and social care, and the tentacles of negative mental health reach far beyond the individual.

Business leaders who create a more humane culture and make employees feel valued and supported will have a more productive and loyal workforce. Additionally, employees who are upskilled to support colleagues in a positive way will themselves experience a sense of reward and fulfilment. In a hybrid world that is stressful and challenging, compassion must be at the heart of business.

How leaders can demonstrate compassion and improve on government legislation:

1. Prioritise mental health initiatives in the workplace, particularly around remote working

2. Have clear, compassionate policies that are transparent and flexible, for all genders

3. Upskill yourself and offer trauma-informed training to staff so everyone is more aware of their own mental state and how to help others

4. Raise awareness and form a coalition with other leaders to influence government policy and legislation

5. Recognise that your organisation benefits when employees feel a sense of belonging and psychological safety at work

Sankalp Chaturvedi is Professor of Organisational Behaviour & Leadership at Imperial College Business School. He is also Associate Dean of Equity, Diversity & Inclusion and Co-Director of the Gandhi Centre for Inclusive Innovation.

About the author

Written by Sankalp Chaturvedi

How to be a courageous leader

Interview by Evie Burrows-Taylor

The Chairman of multinational engineering firm Siemens and former Chairman of Danish shipping company Maersk Jim Snabe tells us about the “biggest business opportunity of his lifetime” and the key challenges facing future leaders.

What does it mean to be an effective leader in today’s world?

JS I used to believe an effective leader to be one who makes sure the results of the company stay in order. However, I have come to realise the importance of the role business leaders play in creating a better future. If we are ambitious, I believe both objectives can be achieved.

Under your leadership, Maersk committed to zero carbon shipping by 2050 – do you believe other companies are doing enough to meet net zero targets?

JS It’s interesting that many companies have committed to ambitious carbon neutrality targets. My concern, therefore, is not the lack of commitment, but the speed at which it’s happening.

The story of Maersk is intended to inspire business leaders to be more radical and courageous. It’s not easy to sail a vessel without carbon emissions, and when Maersk made a commitment to decarbonise shipping, we didn’t know how we were going to do it. It was a leap of faith, a conviction that, if the world’s largest shipping company did it, we

could transform the entire industry at the speed necessary.

And when you have ambitious dreams, people become creative. Two years after we made the commitment, we had found the solution: Power-to-X [a facility that produces e-methanol for Maersk’s fleet of methanol-powered vessels]. A year later, we ordered the first vessel and, suddenly, we were seven years ahead of a plan that seemed impossible only three years earlier.

Why do you think so many business leaders need to be convinced to take action on sustainability?

JS Most people assume sustainable solutions are more costly, whereas I think of them as the biggest business opportunity of my lifetime. We talk about a green premium and it is true that, when you create new technologies, they are more expensive. But once you’re able to scale, the solutions become dramatically cheaper.

Whoever first embarked on the fossil fuel journey earned a lot of money because it became the foundation of most value chains. I see today as the sustainable version of that.

People are increasingly talking about the merits of deglobalisation – where do you think this trend has come from?

JS I have spoken about how lucky I was to graduate in 1989, the year the Berlin Wall fell. Suddenly you could do business in almost any part of the world. If you look back, globalisation has been an incredible value creator, lifting hundreds of millions of people out of poverty and creating opportunities in key areas such as trade and talent sharing.

Now, we’re seeing a reversal of this, with a general rise in political populism. One of the reasons for the deglobalisation trend is superficial arguments on social media, as well as the fact that, in times of crisis, we tend towards protecting ourselves and those nearest to us. But the best way to deal with crisis is to collaborate, which means more globalisation not less. If globalisation is reversed, the impact could be quite devastating.

What advice would you give today’s business school students?

JS My main piece of advice is to be courageous. I think in this phase of radical change, there are risks and opportunities, and opportunities arise when leaders show courage.

My second piece of advice is to stay curious. The world is often led by people who believe they have all the answers, but what got us here will not get us where we need to be. We need to challenge assumptions and be curious about new solutions.

There’s a George Bernard Shaw quote, which summarises this approach well: “There are those that look at things the way they are and ask ‘why?’, I dream of things that never were, and ask ‘why not?’”

The people who ask, “why not?” can change the world – and we need them to create a more sustainable and fairer future.

“The story of Maersk is intended to inspire business leaders to be more radical and courageous.”

Do social media-led brand boycotts work

Written by Xinrong Zhu

Political consumerism is on the rise and brands are often expected to take a stand on hot-button issues, but they must tread carefully.

Companies are increasingly expected to take a stand on topics that resonate – positively or negatively – with brand values. But this can create problems if it results in polarised public opinion.

Take Goya Foods, a US-based food company specialising in “authentic Latino food and recipes”, whose CEO Ricardo Alvaro said North Americans were “truly blessed to have a leader” like President Donald Trump in 2020.

The context is important: Goya has loyal consumers and, in some categories, a virtual monopoly. It is active in high purchase frequency categories, which tend to see short-lived responses to incidents like this. The brand has many left-leaning consumers and Trump had repeatedly offended some Latinos with inflammatory remarks about immigration.

Boycott versus “buycott”

A tweet advising consumers to “make [their] shopping decisions accordingly ” in response to Alvaro’s comments, reshared by Democratic politician Alexandria Ocasio-Cortez, sparked calls on social media to boycott Goya Foods.

At the same time, Trump supporters started a counter “buycott” movement, with Trump himself posing with Goya products. Significant publicity of both boycott and buycott movements was generated – however, the boycott side generated 75 per cent more chatter on social media, and media coverage was dominated by its message.

Nevertheless, the sales impact did not reflect the narrative in social networks and the

media, with sales increasing by around 22 per cent, predominantly affected by the buycott effect. This suggests that, in the case of political consumerism, social media “listening in” metrics may not be a good indicator of actual demand. This triumph of buycott over boycott is influenced by the fact that the boycott effect can only ever be as large as the brand’s existing consumer base and baseline level of sales, whereas the buycott effect is, in theory, limitless. In the case of Goya, only a small fraction of US households were Goya consumers, leaving a much larger share of households free to buycott.

Of equal importance, and equally surprising, was the fact that the sales increase was temporary, returning to pre-incident levels after only two weeks. The increase did bring in first-time Goya consumers from heavily Republican areas, but, without any sustained purchase behaviour, these new consumers were not particularly valuable to Goya in the long term.

Even the company’s most valuable customers, the Latino market, did not decrease their overall purchases. There was a decrease in categories where they were able to switch more easily to competing bean brands, but, even in the most Democratic areas, consumers stuck with the brand if there were no real alternatives.

While this situation was specific to Goya and the remarks about Trump, the evidence on the effect of political consumerism campaigns can help brand managers better understand the consequences of taking a political stance.

“The better you know your customer, the more informed your judgement about any political statement.”

1 2 3

Three key takeaways:

Political campaigns on social media are short-lived

Negative media activity tends to last a short time and media conversation isn’t a good proxy for any sales impact.

Many factors affect the outcome of taking a political stand

Our research explored the level of existing brand loyalty and the opportunity to switch brands as two factors that influence the response from consumers. However, other factors, such as the company’s size, product profile, its existing consumer base and, in the case of Goya, differences across US states (largely dependent on the overriding political leaning), also have a role to play.

The response is highly individual

Many factors influence consumer behaviour in these circumstances, so the better you know your customer, the more informed your judgement about any political statement.

Xinrong Zhu is Assistant Professor in Marketing at Imperial College Business School. Her research interests include quantitative marketing, empirical industrial organisation and retail analytics. About the author

Boomers versus Millennials

Media coverage of generational wealth often pits Boomers against Millennials, claiming older generations have benefited at the expense of younger ones. Undoubtedly, economic conditions such as wage stagnation, a shortage of housing and global crises mean things are not as rosy for young people today. But are older generations leaving them with an unfair share of the pain? Or is there more intergenerational solidarity at play than the conventional narrative would suggest?

James Sefton is Professor of Economics at Imperial College Business School. His research is focused on intergenerational equity, pension policy design and long-term trends in the housing market.

Wages and ages

The labour market is one of the key battlegrounds in this debate. The UK’s average weekly wage has stagnated since 2007, and today’s younger generations have not seen the wage rises their parents and grandparents enjoyed.

Once adjusted for younger people entering the labour market later and recessions, the distribution of labour income has remained relatively stable across generations over time. However, younger generations are now much better educated: higher education rates have risen from below 15 per cent in 1980 to nearly 50 per cent in 2022.

But Millennials appear not to have benefited in terms of higher wages from their higher levels of education, and this becomes more acute given the resulting student debt burden. Practically, this makes things more economically challenging, even if the intergenerational inequality at play may be less severe than is commonly portrayed.

Wealth and bequests

There has been a global wealth boom since the 1990s, including dramatic rises in private property values. Again, this suggests intergenerational unfairness: Boomers have enjoyed increases in the value of their homes, while the corresponding rising prices have locked many young people out of property ownership altogether.

However, that isn’t the whole story. Over the past 30 years, we have also seen a significant drop in real interest rates and, while the value of assets has gone up, the income flow they provide has not changed anywhere near as much.

“Today’s younger generations have not seen the wage rises their parents and grandparents enjoyed.”

This means that, while older people have seen their property become more valuable, they have not necessarily gained more liquid income. In fact, they are more likely to pass the value from their appreciated assets down in bequests to their children than to liquidate it for their own benefit.

My research estimates the flow of bequests to be around £99 billion a year, plus another £11 billion in private gifts between generations. Growing this £110 billion total at a 1.5 per cent rate into the future gives us a total of £4 trillion – roughly the value of housing assets held by older generations. This implies that, if the bequest flow continues, most of the appreciation in Boomers’ asset value will be passed down to younger generations.

A different picture

Of course, this is not to suggest there are no reasons to be concerned for younger generations. Increasingly relying on inherited wealth means we’re likely to see intragenerational inequality increase. But this is not something older generations can control; they do appear to be passing down what they can.

When we talk about fairness and “Boomers versus Millennials”, this is the key point. Circumstances change between generations, but they support each other through this, passing down wealth to address inequalities that certainly exist, but may not be as attritional as they are sometimes portrayed.

Unfortunately, the public sector is another matter entirely. Public sector net worth has dropped off a cliff since the 1980s, coming close to -150 per cent of GDP. This is due to factors including increases in public expenditure following the financial crisis and the pandemic, increased pension expenditure due to people living longer and steeply rising health expenditure.

The net effect is a public sector generational imbalance that negatively affects younger generations. This will require a political solution and will also require generations to work together as much as they do in the private sector to achieve fairness. Older generations are good parents – to address public sector inequalities, they may need to become better citizens.

Written by James Sefton

Sarvi Ahmadi

Global Online

MBA graduate.

Digital payments product leader. Podcaster.

Written by Evie Burrows-Taylor

Sarvi Ahmadi completed her Global Online MBA at Imperial College Business School in 2019 while working in Canada as a fintech product leader. Today, she continues to pursue her passion for the sector as Director of Product for the North American market at Mastercard.

In 2016, Sarvi Ahmadi started to think about what lay ahead. She knew a leadership role was on the horizon and that having a global outlook combined with sharp business acumen was what she needed to get there. The decision, she says, was easy: Imperial College Business School was the ideal place to prepare for the next phase in her career.

“I was ready for my next challenge and that is exactly what the Global Online MBA gave me,” she says. “The programme and my incredible cohort are partly responsible for making me a better leader today. You develop significant grit and resilience, especially when you go through the MBA programme in tandem with working full time.”

Global vision

Raised in the Middle East, Sarvi also spent time travelling around Europe while she was growing up. So, perhaps it’s no surprise the leaders she admires most are those who have an international perspective, as well as experience of the world and the curiosity to discover more.

“In general, I am always excited to learn more about what is going on in the world beyond my day-to-day exposure. Since travelling in Europe as a child, I have been fascinated by it, and it was important for me to get part of my education there.

“I am where I am because of the inspiration of a lot of other people and those who gave me their time; that is why it is incredibly important to me to give back.”

“Through that, I gained exposure to the market and the business side of it as well. I think it is a great compliment to my North American experience and is expertise that I can use in my work.”

Now based in Toronto, Sarvi’s role involves working with US banks and fintech companies on a variety of digital payment solutions. She plays a key stakeholder management role between the clients, and the product and technical teams who create the solutions.

Philanthropic outlook

Sarvi is drawn to fintech for many reasons, she says, particularly the positive social impact it has on unbanked populations and its ability to empower economies. “Organisations such as the one I work for have a tremendous impact on financial inclusion through technology across the globe.”

Fortunate for the opportunities she’s had to work for an “incredible organisation” and be an alumnus of a “great business school”, she feels a duty to give back. This has led to her taking on many volunteering roles, often with a focus on helping women, and specifically women of colour, pursue their dream careers in tech

“I am where I am because of the inspiration of a lot of other people and those who gave me their time; that is why it is incredibly important to me to give back,” she says. “You can’t be what you can’t see. My hope is that I can, in a small way, set young girls an example of a bright future in fintech and show that they can achieve the highest levels in this field.

“I am lucky my current organisation provides daily inspiration for incredible leadership and has many female leaders.”

In addition to volunteer work, in 2022 she launched her own podcast, Hummingbirds in Tech, which examines the multifaceted individuals who have joined the tech industry. These include a former basketball player turned fintech account manager and a UX designer who joined the tech industry after a career as a gymnast and artist.

And her tips for anyone who wants to pursue a career in tech?

1. Have a limitless mindset, anything is possible.

2. Think hard before you start your MBA – especially if you are thinking of doing a Global Online MBA while working full time. Make sure you have valid reasons beyond getting a promotion or a particular role. Do it for yourself, your future and the larger impact you want to have.

3. Embrace the challenge ahead: your MBA will be hard, but it will be rewarding and the friendships last forever. If you’re lucky, you’ll be doing it in one of the most beautiful cities and schools in the world.

Written by Sanaz Talaifar

WHY VOTE DONALD

PEOPLE FOR TRUMP

Democrats need to focus on education, health and wealth if they want to counter

Donald Trump’s

Mappeal.

any academics and commentators have puzzled over why Donald Trump is so popular.

Analysing the psychological traits of more than three million US citizens and matching them with other factors such as birthweight, obesity, health, income and education, as well as the presence of traditional industries in their regions, reveals a unique cocktail of factors contributed to his support in the 2016 and 2020 elections.

From a psychological perspective, people living in regions that voted for Trump in both elections have higher levels of neuroticism, a personality trait characterised by negative emotions such as anxiety, fear and anger. But circumstantial factors were also at play: people in poorer areas were more likely

to vote for Trump, as were white voters and those prone to anti-Black racial bias. Trump voters generally live in areas where manufacturing and farming are in decline. Living in regions with low incomes, lower levels of internet access and less geographic mobility, they’re not part of the new tech economy, and it may be the threat of falling further that feeds their fear and anxiety.

Interestingly, the very poorest in the US still tended to vote Democrat. This includes people who have dropped out of high school and are on the breadline. Meanwhile, voters in wealthier areas of the country tended to back more traditional conservative candidates. Another factor stood out in our analysis: a lack of a college degree. Those who didn’t progress to higher education were more likely to vote Trump, in the primaries and in both elections.

The unique appeal of Trump Trump succeeded in winning support in areas where 2012 Republican presidential nominee Mitt Romney did not. He won over more people than Romney in regions where neuroticism was particularly high, and where there was greater economic hardship and less ethnic diversity.

Analyses of the 2016 primaries revealed that this mix accounted for Trump’s appeal; there was little overlap among supporters of Trump and supporters of other Republican candidates such as John Kasich and Marco Rubio, who both won votes in areas that were better off. Like Trump, Democrat Bernie Sanders won votes in more economically deprived regions during the primaries. But only Trump had an increased vote share in areas with high levels of neuroticism, economic deprivation and lack of ethnic diversity. From this analysis, we can’t say Trump supporters resemble typical right-wing or populist left-wing voters.

The mix of characteristics that distinguishes many regions that voted for Trump bears an uncanny similarity to those that made people more likely to vote for the historical figure most

associated with the rise of authoritarianism, Adolf Hitler (while he was still allowing elections). Both leaders won support among voters who have more to lose: the working poor who largely have jobs and aren’t at rock bottom. In the US, the poorest – who are more likely to be ethnic minorities – still vote mostly Democrat, and in interwar Germany, the poorest largely voted for the Communists.

As academics note, people who feel under threat – from demographic change and economic decline and who are prone to negative emotions – tend to favour authoritarian leaders.

Another presidential bid

What can politicians take from these findings? Interestingly, in the 2020 election, Trump gained in areas that are traditionally the preserve of Democrats, by winning over more ethnically diverse regions – although Democrats still won the largest share of the ethnic vote. Trump also improved his vote in 2020 in regions with poor health, where voters are traditionally Democrat.

This should raise a warning flag for Democrats to focus on areas such as education, health and wealth, especially in ethnically diverse areas, as Trump makes another presidential bid.

“Trump also improved his vote in 2020 in regions with poor health, where voters are traditionally Democrat.”

Sanaz Talaifar is Assistant Professor in Organisational Behaviour at Imperial College Business School. Her research interests lie at the intersection of self and identity, media and technology, and political psychology.

About the author

Using data to boost charity fundraising

Written by Helena Pozniak

Charities need more sophisticated ways of fundraising – and data analytics is key.

Fundraising is an expensive and time-consuming business for charities. Many potential donors are unlikely to respond to digital appeals, yet mail and phone campaigns can be costly and inefficient. Without more sophisticated analysis, how can fundraisers know whether last year’s donor is likely to contribute again this year, where to find new donors or how often to ask for money without appearing greedy?

There is a better way, say Imperial College Business School’s Dr Sven Mikolon and Professor Wolfram Wiesemann, who have used data analytics and artificial intelligence to provide insights into how charities and non-profit organisations can raise cash – leading to dramatic improvements.

“Charities are advanced in their conceptual approach to campaigning but there’s a lot of money they leave on the table,” says Dr Mikolon. “The potential of key operations – donor targeting, campaigning and retaining donors – isn’t fully exploited.”

Efficient fundraising

Using data from a charity partner, their team trained and tested AI to target donors more efficiently during fundraising campaigns. Results showed a 12 per cent increase a year in fundraising surpluses (the excess of revenue over expenses in fundraising activities) – gains worth £500,000 a year to the organisation, which supports children’s welfare and families. “We used data to train an algorithm to assess whether the cost of sending a letter, for example, would outweigh the likely donation they would receive from that individual. Then we tested [the AI] on data it hadn’t seen before to understand how it performed.”

The team will soon test their technology on a live fundraising campaign. This will also allow the organisation to understand how individuals might respond when they are no longer contacted.

“Charities are advanced in their conceptual approach to campaigning but there’s a lot of money they leave on the table.”

When following up on fundraising campaigns, charities need to know information such as how often individuals have been contacted, how much they tend to give and which campaigns they respond to – and this information is tricky to gather during traditional campaigns. Unlike “black box” AI, where internal workings are hidden to users, the analytics used by the Business School will be transparent and accountable. “It’s important for us that we use explainable AI,” says Dr Mikolon, “so we can show exactly how a decision is made to include a donor in a campaign.”

Understanding the data

If rolled out more widely, fundraising analytics could bring sizeable improvements to a sector that has lagged behind other industries in its adoption of technology, says Professor Wiesemann. But the potential is great.

“As long as you have data available to train predictive models, that will allow you to come up with these predictions of expected donations,” says Dr Mikolon. Benefits are filtering through to the Business School too: postgraduate students have worked with Dr Mikolon and Professor Wiesemann on a variety of linked projects, including understanding data sets provided by charities before the data can be leveraged by AI, exposing them to many valuable concepts they can take into their next roles.

Benny Varghese Zachariah

Executive MBA graduate.

Head of CEEMEA Loan Syndicate at J.P. Morgan.

Advocate for financial literacy.

Business School alumnus Benny

Varghese Zachariah on geopolitics and finance, his move to China and why “getting uncomfortable” is key to success.

As Head of CEEMEA (Central & Eastern Europe, Middle East and Africa) Loan Syndicate at J.P. Morgan, Benny Varghese Zachariah oversees one of the world’s most diverse regions.

Covering an area of more than 100 countries, with a wide variety of religions, cultures and histories, during a period of geopolitical upheaval, he certainly doesn’t have it easy. “You have to be culturally sensitive, empathetic and support your clients. At the same time, we have to consider the ramifications of global events,” he says.

But, he continues, he’s achieved his goal of finding an interesting and challenging role from which he “draws energy and enthusiasm”.

Written by Evie Burrows-Taylor

“You have to be culturally sensitive, empathetic and support your clients. At the same time, we have to consider the ramifications of global events.”

The challenge of the unfamiliar Benny’s desire to “get uncomfortable” led him to move with his family to Beijing for a role at the Asian Infrastructure Investment Bank, a multilateral development bank focusing on sustainable infrastructure.

Facing the prospect of an international move to take on a new job in a different kind of banking organisation, a couple of days before they were due to leave Benny and his wife found out they were going to have their first child.

“We were super excited and prepared to start a family out there. But I felt I was reaching the limit of the challenges I could take,” he says. “The entire experience was really difficult, but I accepted it wholeheartedly. I got to see a very different part of the world and I’m really grateful for that.”

He recommends spending some time abroad to anyone seeking personal and professional growth. “Immersion is key to a different language, culture and way of thinking. It’s important to understand other points of view and where they come from.”

Soft skills and strategic thinking This focus on empathy and understanding in relation to other people and cultures – crucial skills in his current role – also plays into Benny’s advice for those who want to follow a similar path.

“While the focus for those at the beginning of their careers is often on technical skills, which are, of course, necessary, soft skills are just as important – and often neglected,” he says.

“As you start moving up the career ladder, it becomes a question of how well you work with others and whether you can be entrusted to run a project, team, department or even an organisation. These are not things you can just turn on, you need to develop them over time.”

Benny’s own pursuit of the skills necessary to progress to a strategic role led to his decision to do the Executive MBA at Imperial College Business School.

“I needed to be better equipped – not only with wider financial understanding but also organisational knowledge. I wanted to move on from being an effective manager and learn how to become an inspirational leader.”

Passing the baton

On top of his day job, Benny is passionate about the charity work he does with schools. He uses his financial expertise to help younger generations learn what the industry does, as well as develop their own skills to succeed.

“I realised there’s a gap for younger people in terms of really understanding the world of finance. It’s really important and I want to help improve the situation, so people know how to fund and manage their lifestyles, but also understand that these skills are transferable.

“Everyone can, and inadvertently will have to, be involved with finance, and this is something I have been thinking about a lot as a young father, as well.”

His enthusiasm for teaching is matched by his own ongoing desire to learn and grow.

“I’m always learning something new and unusual and that keeps things interesting. If you’re engaged and interested in what you do and you don’t feel as if you’ve reached a plateau, then that makes a career fulfilling.”

Lifelong learning

In a business world defined by change, Imperial College Business School offers organisations and staff the chance to learn wherever they are in their careers.

Written by Temoor Iqbal

“We recently collaborated with management consultancy firm Bain & Company to provide a world-class learning programme on ESG and sustainable development for its consultants.”

The business world is facing a skills gap, with companies preparing for a capability shortfall.

Harnessing technology and increasing hiring are important responses to this, but, according to data from UK recruiter Manpower, lifelong learning is the key solution employers are turning to, investing in workforces through upskilling and reskilling.

At Imperial College Business School, we provide lifelong learning through our Executive Education division, alongside corporate partnerships and courses that benefit wider society. We offer open programmes for individuals, customised programmes for organisations and apprenticeship programmes.

Our online courses, on-campus teaching and live virtual programmes help organisations and their staff stay up to date, broaden their knowledge and meet critical challenges.

Open programmes

We offer open programmes in specialities including finance and economics; healthcare; leadership; marketing; innovation and strategy; sustainability and climate; and technology, analytics and data science.

Our three-month course in Executing Sustainability Strategies will equip participants to develop future-proof sustainability strategies geared to their organisations’ objectives. The programme will be delivered through a blended online, on-campus and virtual learning journey, integrating meditation, mentoring and coaching.

Customised programmes

Through our custom executive education, we work with you to understand your business context, the challenges your organisation faces, and your strategic and cultural profile to create bespoke programmes.

We recently collaborated with management consultancy firm Bain & Company to provide a world-class learning programme on ESG and sustainable development for its consultants. Imperial faculty led four virtual knowledge sessions, challenging consultants to explore the big picture in ESG, trends and data in low-carbon business, and the challenges ahead in embedding sustainable business practices.

Apprenticeship programmes

We provide apprenticeship programmes in leadership, data and analytics, and healthcare, funded through the Apprenticeship Levy. These programmes are designed to help businesses upskill and develop their workforces throughout their careers, from aspiring professionals and leaders of the future, through to senior managers and executives.

Our Executive Development Programme provides one-to-one online coaching, group workshops and virtual masterclasses delivered by leading Imperial academics. Participants leave with a Level 7 Senior Leader Apprenticeship, a Chartered Management Institute Level 7 Award in Strategic Management and Leadership Practice, and CMI Chartered Fellow Status.

Low-carbon lessons

Lifelong learning has a particularly important role to play in helping the business world contribute to global climate targets. In 2020, in collaboration with Singapore Management University, we launched the Singapore Green Finance Centre.

The centre undertakes multidisciplinary research to support markets to transition to a low-carbon future, and offers courses to equip professionals with the knowledge of climate finance and practical skills needed to make this a reality. Similarly, our Centre for Climate Finance & Investment offers online training in the financial risks and opportunities of climate change.

Get involved

The World Economic Forum’s 2023 Future of Jobs report noted that businesses are increasingly keen for staff to embrace “a culture of lifelong learning”. At Imperial College Business School, we work with you to find or create the right programme to build this culture.

You can find out more about Imperial College Business School’s Executive Education offering at imprl.biz/ExecutiveEducation

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Alumni updates

A degree from Imperial College Business School is just the start of a great business leader’s journey.

Class of 2002

Ron Atzmon

Full-Time MBA

Born in Israel to an entrepreneurial family, Ron Atzmon finished his active navy service in the mid-90s. Today, his identity verification business, AU10TIX, is valued at more than $300 million and is used by companies including Google, PayPal and Uber. In addition to its core business, AU10TIX gives its refurbished computers to underprivileged children in Israel, and, in the US, the company provides identity verification services free of charge to All for Good, a volunteer marketplace. Ron was among the winners of Imperial’s Alumni Entrepreneur Award 2024.

Class of 2007

Roya Rahnejat

MSc Risk Management & Financial Engineering

After 15 years of extensive experience across the financial services sector, Roya has embarked on a new journey with the Global Cyber team at Howden Insurance Broking, where she will spearhead its strategy and growth plans for international expansion. With her comprehensive and varied expertise, she is poised to lead the charge in navigating the complexities of growing a multinational business.

Class of 2010

Matthew Stafford

Executive MBA

Matthew discovered the world of venture capital during his MBA and started working in the sector in 2010.

A year later, he co-founded 9others, bringing together founders and entrepreneurs to find answers to the questions that “keep them up at night”.

To date, 9others has hosted over 5,000 people at more than 500 intimate meals in 47 cities around the world. He has also co-written a book, Find Your 9others, which shares some of the organisation’s success stories.

Class of 2014

Clarence Cheng

MSc Management

Clarence is a management consultant specialising in digital leadership, strategy and transformation, with an industry focus on railways, utilities, mobility and smart cities. As part of her role on the Executive Committee and as Immediate Past Chairlady of the Imperial College Alumni Association of Hong Kong, she is now managing a mentoring programme connecting Imperial alumni based in the UK and Hong Kong, with current Imperial students affiliated with the region.

Saiqa Anne Qureshi

Executive MBA

Based in San Francisco, Saiqa is a globally sought-after speaker, trainer and expert in higher education administration, particularly focused on research administration. She is also an adjunct member of faculty at several institutions, including Johns Hopkins University. Saiqa has just published her first book, Create and Live the Life You Love: The Authentic Self, Vision and Goals, Priorities and Balance. The book supports readers to be themselves, set priorities and boundaries, and recognise fear of risk.

Adrian Walker

Full-Time MBA

Adrian is the CEO and co-founder of Boataffair, a premium global travel agency for yacht experiences. Boataffair, which he established with his wife Natalya Walker, was featured in Forbes as the ultimate yacht experience company. Previously, Adrian worked as an investment manager for a venture capital fund and gained management experience as an auditor and consultant for PwC Zurich.

Class of 2015

Troy Ballesteros

Executive MBA

Troy is the Chief of Staff at US multinational computer technology company Oracle’s customer success services and apps delivery department. As a member of the leadership team, Troy manages a strategic global team that oversees business transformations and project management. Prior to Troy’s MBA at Imperial, he was in oil and gas consulting for 15 years.

Salwa Darraj

MSc Economics & Strategy for Business

Salwa is a Strategy Consulting Manager with Ernst & Young’s global strategy consulting arm, EY-Parthenon, working closely with private and public sector clients across the Europe, Middle East, India and Africa markets. She is a member of EY’s women’s network and a project owner for several corporate social responsibility initiatives. Salwa also maintains close ties with Imperial, serving on the Business School Alumni Advisory Board, and acting as a student mentor and startup mentor with the Imperial Enterprise Lab Global Challenge.

Gary Leung

MSc Strategy Marketing

Gary was awarded the Imperial College Business School Scholarship in 2014. He is a private equity, venture capital and strategy professional, specialising in the technology, consumer and financial services sectors in Asia and the US. Gary has received the Dean’s Community Award for Alumni for his ongoing support, commitment and work as the first Business School alumnus chairing the Imperial College Alumni Association of Hong Kong.

Lamé Verre

Executive MBA

With more than 22 years’ experience in the energy industry, Lamé is Head of Strategy, Innovation & Sustainability at multinational energy company SSE. She is a Fellow of the Energy Institute and currently sits on the World Economic Forum – Global Future Council for Energy Transition, as well as the Board of Equitable Origin, a New York-based non-profit organisation supporting indigenous rights and gas certification projects across the Americas. She is co-founder and board co-chair of Lean In Equity & Sustainability, an independent gender diversity and inclusion initiative under the LeanIn.Org umbrella.

Class of 2017

Sue Ann Kwan

MSc Management

On graduating from the MSc Management programme in 2017, Sue Ann immediately joined DBS Bank as a management associate. She is now a relationship manager for the North Asia private wealth sector and working on her own cocktail business. Sue Ann is also Vice Chair of the Imperial College Alumni Association of Hong Kong.

Mehar Sindhu

Full-Time MBA

Mehar is a career coach and content creator with an online community of more than 700,000 followers across various social media platforms. She is a TEDx speaker and has given talks at over 25 universities and mentored more than 15,000 people. She was recently awarded a YouTube Creator Award for crossing 100,000 subscribers on YouTube.

Class of 2018

Dania Alshowaikh

MSc Strategic Marketing

Dania is co-founder of Daleel, a financial marketplace dedicated to enhancing financial wellbeing and inclusion in the Middle East and North Africa region. She was named on the 2023 Forbes 30 Under 30 list. Beyond her professional pursuits, Dania is a distinguished TEDx speaker, sharing insights and expertise on various platforms.

Class of 2019

Lola Aworanti-Ekugo

Weekend MBA

Lola, winner of Imperial’s Emerging Alumni Leader Award 2024, is a digital and innovation expert with more than 17 years of experience. She is recognised for steering organisations towards an innovative and sustainable future using technology. Through advocacy and mentorship, Lola is doing her bit to change the narrative for women in technology: boosting diversity within the sector and supporting women who want to become digital leaders like her. She has played a major role in the transformation of two of Nigeria’s oldest and foremost financial institutions into digitally led retail banks.

Shahryar Barati

Weekend MBA

After spearheading the launch of the UK’s first automated venture capital fund, Shahryar has embarked on a new challenge, establishing Project Ventures. In this latest endeavour, he is leveraging his expertise to collaborate closely with startup founders, venture capitalists and investors, with a particular emphasis on AI. Shahryar’s current focus is catalysing investments into applied and specialised AI startups.

Class of 2020

Michael Boutros

MSc Economics & Strategy for Business

In 2023, Michael joined venture capital-backed Plentific, a leading property tech firm, as senior manager, focusing on growth strategies for the company’s largest strategic partnerships. After his MSc in Economics & Strategy for Business, Michael joined Accenture Strategy in London, where he consulted on growth, commercial and digital transformation strategies for global energy players. Previously, he worked as a commercial and corporate strategy analyst for PSW Group, an offshore oil and gas technology services firm in Norway.

Ekaterina Chernykh

MSc Finance

After graduating from Imperial College Business School, Ekaterina joined the leveraged finance team at UBS Investment Bank. She has recently moved into the private equity secondaries team at investment management firm Neuberger Berman. Ekaterina joined the Imperial Women’s Alumni Network Committee to support female professional development, especially in the highly competitive finance sector.

David

Zuo

MSc Management

In 2023, David was named on the Forbes 30 Under 30 list for sports and games for his accomplishments in the gaming industry. During his time at Imperial, David won the Dean’s Community Award for Alumni for his participation in careers events, panel discussions and coaching individual students.

Class of 2021

Ten Esan Full-Time MBA

After his MBA, Ten took on the role of Investment Banking Analyst in the industrials and automotive sector coverage team at HSBC and he is now a business manager for the bank’s Global Payment Solutions in Europe. Ten was the winner of the Dean’s Community Award for Alumni for creating Imperial’s first Black alumni network.

Clara Ali Ghalib MSc International Health Management

Clara is one of the founders of Girl You Need To Know This, a company focused on bridging the female health literacy gap in the workplace. Her goal is to empower businesses to enhance employee wellbeing by fostering open discussions on female health, creating a healthier, happier and more productive team environment. She completed her MSc in International Health Management while serving as the President of the Dean’s Student Advisory Council.

Siera Torontow Weekend MBA

After moving to London in 2018 to join scientific publisher Elsevier’s international commercial team, Siera became the managing director of a communications agency in 2020 while pursuing her MBA. Combining her passion for healthcare, diversity and inclusion, and e-learning, in 2023 she co-founded Girl You Need To Know This, a company dedicated to improving health literacy and removing bias and stigma in the workplace. Siera has since committed herself full-time to Girl You Need To Know This, where she’s developing a technology solution to complement the established consultancy. She was accepted into the WE Innovate programme in 2024.

Class of 2022

Ivy Chen

Full-Time MBA

After her MBA, Ivy joined Farro Capital, an award-winning Singaporeheadquartered wealth management firm for ultra-high-net-worth families, responsible for more than $1 billion in assets. During her MBA, Ivy was part of the winning group for the Entrepreneur Journey Prize for the Class of 2022 and a participant in the Enterprise Lab’s Summer Accelerator Programme. This entrepreneurial experience has helped her greatly in her current role, when working with individuals and families who are often successful entrepreneurs themselves.

Nishin Jain

Global Online MBA

Nishin started out in the energy industry 16 years ago in Australia before moving to the US in 2013. There, he worked on international projects spanning Kenya, Mexico and Canada in increasingly senior roles. He recently joined Sulzer, an engineering company based in Switzerland, as Project Director – Carbon Capture, where he will be working on projects to reduce carbon emissions using the company’s proprietary technologies.

Robert Marx

Full-Time MBA

As the founder of the Sustainable Aviation Initiative, Robert has significantly influenced sustainable aviation, focusing on education, nurturing talent and facilitating stakeholder engagement. His work at Skyfinity, advocating the acceleration of technological advancement, highlights his commitment to the field. His engineering expertise was honed at Boeing, and he has since provided strategic support at Lufthansa Cargo’s Asia-Pacific management office in Singapore.

Gökhan Meriçliler

MSc Business Analytics

Gökhan was among the winners of Imperial’s Alumni Entrepreneur Award 2024 for his award-winning, revolutionary smart cane startup WeWALK. The business idea was inspired by his late sister, and the work he did with the Young Guru Academy, a tech-driven social innovation NGO. Since 2019, the business has reached thousands of users in more than 59 countries and grown to over 18 team members. WeWALK was selected as one of the best inventions of 2019 by Time magazine, has been named Amazon Launchpad’s Startup of the Year and won an Edison Gold Award.

Ulas Malli

Executive MBA

Ulas Malli recently received a job offer from prominent UK energy company Centrica where he’ll be stepping into the role of group head of AI product and strategy. In this capacity, he will be instrumental in spearheading Centrica’s AI and analytics transformation, leading the charge towards the business’s net zero target and leading the deployment of AI products across multiple functions.

The last word on...

A brief and final look at the School’s key themes in the words of our thought leaders.

Digital transformation

“We are on the brink of a new era for both technology and education. At the forefront of this revolution is a convergence of AI and XR, causing a merger of the digital and physical world and offering us an entirely new set of tools.”

Monica Arés

Executive Director of Imperial College Business School’s Innovation, Digital Education & Analytics (IDEA) Lab

Sustainability and climate change

“Sustainable finance is coming of age, spurred on by a mix of financial motives, fundamental values, and a wish to use cash for social ends as well as profits.”

Marcin Kacperczyk Professor of Finance

Finance and institutional resilience

“An older and possibly shrinking population isn’t the economic and social catastrophe that some forecasters fear. In countries such as the UK, where the total population may gently decline as it ages, both the economy and living standards could emerge healthier.”

David Miles Professor of Financial Economics

Entrepreneurship

“When seeking funding as an entrepreneur, it can be difficult to promote your personal accomplishments without seeming arrogant. But using humour to connect with recipients and convey competence is the key to dramatically increasing the odds of receiving an offer.”

Jieun Pai Assistant Professor of Organisational Behaviour

Healthcare management and policy

“Interventions aimed at specifically supporting children living in workless households may offer a significant return on investment, in terms of healthcare savings made through mitigating the impact of later mental and physical illness.”

Mario Martínez-Jiménez Research Associate in Economics

Advance your career with Imperial College Business School’s two new Executive Education courses.

The future of business, today

Executing Sustainability Strategies

Duration: Five days

Location: On-campus, South Kensington

Leading Systemic Innovation in Healthcare

Duration: Five days

Location: On-campus, South Kensington

All Imperial alumni are eligible for a 25 per cent discount*

To learn more, get in touch with us: execed-info@imperial.ac.uk