The Insead File: Bonjour once more from the hallowed halls of Insead - or, to be more precise, the carpeted corridors of campus, writes Niall Dunne.
Insead is a business school first and foremost, so it's hardly surprising that the campus more resembles a corporate HQ than a traditional academic institution. Yet, Insead is more than just a school; it's also something of a European institution. Insead celebrates its 50th anniversary this year, and it's no coincidence that the school was founded in the same year as the European Union began with the signing of the Treaty of Rome.
To celebrate the anniversary, the campus recently played host to a Global Leadership Summit, which discussed the challenges facing European integration in the years ahead. Speakers from every corner of the globe gathered here in Paris to share ideas with students and professors alike. From Arab sheikhs to Brazilian bankers, all agreed that reform holds the key to the Continent's progress.
Little wonder then that the warmest welcome of the summit was reserved for a newly-appointed cabinet advisor to French president Nikolas Sarkozy, who promised he would agitate for immediate French economic reform, despite the pain such reform will cause.
Whether or not his advice will be heeded following the disappointing performance of Sarkozy's party in recent parliamentary elections, only time will tell. But it's reassuring to see Sarkozy is at least open to influence from progressive economic thinkers.
The past month has also seen Insead play host to a private equity conference, attended by some of the key players in arguably the most topical - and profitable - industry in the world. With political pressure on the private equity industry intensifying as populist politicians seek to blame job losses on "corporate raiders", it was fascinating to hear the titans of this sector defend their actions, and argue that their model of management ultimately creates more value for society than stock market listing and public ownership of firms.
The practitioners succeeded in convincing students that the infamous "Barbarians at the Gate" tag was unfair, but then again, the barbarians were preaching to the converted, since many students here are eager to enter the highly-paid world of leveraged buy-outs after their graduation.
Finance faculty members keep warning us that the private equity party will come to an abrupt end as debt-servicing costs rise in tandem with global interest rates. Who knows who'll prove right in the long run. For now, students continue to pursue elusive private equity opportunities in a way not seen since the height of the internet boom.
However, many of my classmates remain determined to prove their entrepreneurial abilities after graduation.
To test their skills, they recently pitched their proposed ideas through the annual Insead business plan competition to a panel of venture capitalists in a Dragon's Den setting.
Just as on television, no quarter was given, and suggestions ranging from a scheme to produce organic cotton to an online portal for car-pooling were carefully analysed for market potential.
Some of the plans contained wildly optimistic profitability forecasts, but the realistic winning plan aims to provide remote paralegal services via the internet.
Many visiting executives are also asked to deliver guest lectures, and by this stage we're starting to realise that we can learn just as much - if not more - about the real business world from these interactions when compared to classroom discussion.
Whether it's a leadership lesson from the chairman of Orange, or negotiation advice from the chief contracts negotiator of Airbus, tales from the coal face give real perspective to our learning.
Management consultancy firms are also regular visitors to campus, both as part of their ongoing recruitment processes (roughly one-third of graduating MBAs will become consultants), and as part of knowledge-aring exercises.
This month saw two such guests: Accenture's chief of global strategy, who delivered a fascinating lecture on the emergence of a multipolar world, and a world-renowned valuation expert from McKinsey, who gave us a rare insight into the valuation methods used in mergers and acquisitions.
The multipolar world presentation was particularly thought-provoking for future global leaders; as natural and human resources become increasingly scarce in the future, the argument suggests that countries and regions with ample supply of these resources will become the new poles of power about which the business world will rotate.
However, my personal favourite visitor this month was the Airbus negotiator, who, without knowing my nationality, told our class that the Irish, in his experience, are the greatest negotiators in the world. Whether he's been charmed by our legendary céad míle fáilte or browbeaten by our airlines' dogged negotiation tactics, he didn't say, but my subcontracting services as an expert negotiator are now much in demand.
Now all we have to do is negotiate our way through another set of exams in July. Let's hope Irish charm can prevail again.
