The results are in for the first Conscious Capitalism Competition sponsored by the Association of Indian Management Schools (AIMS) at their 30th Annual Management Education Convention. The competition was in collaboration with the Academy of Indian Marketing and NJOY Learning Processes and featured the Conscious Capitalism simulator by Marketplace Simulations.
What is Conscious Capitalism?
The Conscious Capitalism simulation is a great way to educate young entrepreneurs on the importance of considering all of the firm’s stakeholders. The AIMS convention successfully used this simulation to teach conscious business principles and skills to the next generation of entrepreneurs, something that Marketplace Simulations was very proud to be a part of.
Students were charged with the task to operate a conscious business, not only with a goal to maximize profits but to further align and harmonize the interests of all key stakeholders, including employees, customers, suppliers, the community, and shareholders. Students measured the success of their sustainability efforts by assessing both traditional business metrics in the form of a Balanced Scorecard and stakeholder metrics in the form of a Conscious Scorecard.
Their Balanced Scorecards measured such factors as profitability, customer satisfaction, market share, human resource management, asset management, preparedness for the future, reputation, and wealth. Their Conscious Scorecards considered positive actions regarding employee empowerment, the environment, quality control, supplier relations, employee health, and community engagement. It also assessed failures to address conditions that brought harm to employees, community, and customers.
The competition was comprised of two different rounds – regional and national. The first round took place over one week in mid-July 2018, and contained 24 teams, a total of 144 students from four regions of India. Each school could enter one team composed of six students who were part of a 2nd year MBA/PGDM Students of AIM Institutions and AIMS Life Member Institutions. The top two teams from each round of the regional round qualified to compete in the grand finale. The finals took place on August 28, 2018, and were conducted by the author of Marketplace Simulations, Ernest Cadotte, Ph.D., Rajkumar Phatate, Ph.D. of NJOY Learning Processes, Bindu Agrawal, Ph.D..
AIMS-AIMS Conscious Capitalism Simulation Competition Results
The winning student teams gathered at the Infosys Convention Center in anticipation of the awards ceremony. The top three teams included:
- Winning team: Institute of Management Technology (IMT) – Ghaziabad
- 1st runner-up: Indian Institute of Management (IIM-Indore)
- 2nd runner-up: Symbiosis Institute of International Business (SIIB) – Pune
“The competition encouraged student teams to think strategically, experimenting with solutions in a creative but risk-free way,” said Cadotte. “With more than Rs. 100,000 in prize money awarded, the competition became very competitive, leading to even greater outcomes and increased student learning. We look forward to the 2019 AIMS Convention and our next opportunity to raise awareness about Conscious Capitalism in India.”