Scholarships and new VR initiative to promote management education

Scholarships and new VR initiative to promote management education

The Covid-19 pandemic continues to jeopardize the livelihood of millions. The crisis has also deeply affected international students, particularly those from emerging economies. Unicef ​​estimates that during the pandemic, schoolchildren around the world have lost an estimated 1.8 trillion hours of face-to-face learning since the start of COVID-19 and its subsequent lockdowns.

Due to the prolonged lockdowns, many families and individuals are facing declining income, dwindling savings, or defaulting on bank loans. The number of applications for financial aid has increased significantly.

INSEAD’s ‘Force for Good’ campaign is the new campaign driving innovation and transforming business and society on a global scale, determined to help more talented students access high-quality management education in these challenging times. Part of the funds raised in his campaign are used to increase the number of scholarships offered to attract the best talent.

The higher education scholarships can help boost equality, diversity and promote economic development by empowering bright students of all nationalities, cultures and backgrounds, says Dean of INSEAD and economics professor Ilian Mihov.

One of the biggest problems facing society today is the stresses stemming from growing economic inequality, perpetuated by the disruptions stemming from the challenges of Covid-19. “Business schools around the world have a vital role to play in building the next generation of a talented workforce and promoting positive economic outcomes. Scholarships can help address this imbalance by offering equal opportunities,” he adds. Mikhov.

Over 100 types of scholarships for the world’s best and brightest
There are 90 new scholarships that have been created lately to support students. In 2021, the school has awarded more than 5.6 million euros in scholarship funds. More than 100 categories of scholarships are open to outstanding and eligible candidates in four of its Master programs: Master of Management (MIM), MBA, Global Executive MBA, Tsinghua-INSEAD Executive MBA, and Executive Master of Finance programs.

Virtual reality (VR) breathe new life
During the pandemic, students around the world were also forced to adapt quickly, with remote learning becoming the new normal overnight. As a result, learning with technology is now part of a holistic educational journey.

The VR Immersive Learning Initiative launched by INSEAD in 2019 to boost engagement, knowledge retention and personalization of learning helped many international students who were unable to travel as much as they would like to learn from various places and cultures. This enabled ‘virtual’ borderless learning and today, more than 4,500 of its students and participants have experienced virtual reality around the world, both remotely and in classrooms on its campuses in France, Singapore and Abu Dhabi.

“Bringing new tools into the classroom is important, and VR is the next step,” says Ithai Stern, associate professor of strategy at INSEAD and academic director of the VR Immersive Learning Initiative. His latest immersive Mission to Mars case is a good showcase for the technology and can redefine management and executive learning. Using VR headsets, the participants ventured to the red planet and moved between the immersive journey and the classroom where they analyzed and discussed the different events. MBA students were also brought in to help save the turtles on the beaches of Cape Verde, West Africa. In all of these cases, virtual reality enabled students to better understand the natural environment and challenges and enabled them to develop exceptional real-world solutions to the organization’s core strategic problems. By using VR, resources are also effectively allocated and it saves the cost and time of traveling to the actual location. Professor Stern cautioned that it is important to note that immersive experiences cannot completely replace in-person experiences or methods. It is a complementary tool.

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