Government aid, policy reform, and international investment can do wonders for the people in a developing nation, but they can only take an economy so far. A deep pool of talent with management skills and business know-how is critical if a country is going to develop the local businesses, organizations, and agencies that create jobs, provide goods, and deliver services.

Business schools, public and private, are a valuable resource for driving economic growth and improving living standards. As educational institutions dedicated to teaching practical knowledge, critical thinking skills, and leadership, business schools are in a unique position to match experienced individuals with the needs of businesses, society, and government. Partnerships with business schools allow governments to find creative ways to foster economic and social development.

For governments seeking to work with business schools to build a talent pool and create a foundation for economic prosperity, the following tips may be helpful.

One

Engage a local business school to deliver entrepreneurship training to complement government investment in the sector.

This is what business schools know and do every day, and while all entrepreneurs may not need a business degree, they can certainly benefit from practical training and networking opportunities provided by business schools to support their ideas and ambitions. Work with business schools to develop new—or tap into existing—entrepreneurship programs to ensure that your support of the sector is as successful as possible.

Two

Use the expertise of business schools to train civil servants and government officials in essential skills such as program management, procurement, negotiation, and budgeting.

Many of the skills necessary in business are extremely relevant in the public sector. Work with business schools to ensure that your staff is performing to the best of their ability.

Three

Establish new business schools or training centers in partnership with the private sector, with the guidance of faculty experts from
leading business schools around the world.

By partnering with the private sector and management education professionals, you can ensure that new institutions that you establish will produce employable managers and effective leaders to help drive your economy forward.

Four

Partner with business schools on research initiatives to explore policy impact, new market-based development approaches, supply chain management, and feasibility studies.

Business school faculties around the globe are always looking for opportunities to do research that will advance their understanding of management and development impact. By working with them you can capitalize on their rigorous methods and expertise, while improving your own systems and policies.

Five

Improve the delivery of social services such as health and education by training staff at all levels, from front-line personnel to sector leadership, to better manage resources and people.

It isn’t just the top level of management that needs to understand management and business. Outcomes in services can improve immensely when staff is trained in human resources, supply management, budgeting, marketing, and other areas traditionally seen as management territory.