Importance of Management Education for Organizations
Management education has bought in many benefits for every aspect of our being including society, organization and individual level. Beyond the contributions achieved by research, management education has developed programs that facilitate nourishment of much needed entrepreneurial ventures and programs such as incubators that facilitate help for new business ideas and technologies.
The main job of Incubator programs is to bring together potential entrepreneurs with some really creative ideas that can bring positive effects in the whole society. A team of Management educators and students hat has the goal of moving promising products and services all the way from concept to market. Many universities use to co-locate technology incubators with management education activities or they use to have faculty directly involved in university and community incubator programs.
The direct involvement of management education with Such Incubator programs facilitates the process of connecting management expertise to organizations and boosts the co-creation and transfer of new ideas to the marketplace.
In such scenario, the creative ideas use to get a launch-pad that provides them with opportunities and all the resources that include financial and equipments etc. This facilitates effective and efficiently transfers of creative ideas directly from Minds of Budding entrepreneurs to the marketplace and this brings about welfare of mankind attached to it at almost every level.
As an example, The U.S. Small Business Administration recognizes that management education has provided a rich environment for incubation of innovative ideas. Small Business Development Centers (SBDC) are frequently co-located with venues of management education and utilize that environment to provide management assistance to current and prospective small business owners.
The impact of SBDCs on the communities they serve is significant. Research shows that organizations that receive SBDC services grow faster and have lower failure rates. This clearly signifies the impact of proper management education on organizations.
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