Business with Social Impact in Emerging Markets - is an international project in the field of social responsibility and sustainable development. It was developed within the framework of the UN PRME (Principles for Responsible Management Education) initiative, which advocates responsible management education, and is a part of the UN global project on sustainable development. At the RANEPA, the project is being implemented by the Institute of Business Studies (the IBS, RANEPA) in partnership with leading international business schools of emerging economies Universidad de Colombia School of Management (Colombia), ISAE - Brazilian Business School (Brazil), SPJIMR–Bharatiya Vidaya Bhavan (India) and, since 2021, the University of Monterrey (Mexico).

The Colombian module was devoted to the Circular Economy. The participants had a unique opportunity not only to get acquainted with the concepts, principles and practices of Circular Economy, but to work on the challenges, using Circular Economy as an opportunity to deal with global issues.

Colombian experts shared their best practices with the participants. The experts introduced “Problem Tree” tool on miro.com platform. The participants used the tool to work out and present the Circular Economy solutions on 4 Global Challenges in multinational teams.

On the final day of the project the participants presented their solutions. The panelists, who assessed the presentations, noted that despite the participants’ diversity they have common interest to the sustainability concept and Circular Economy, and are ready to put the main principles and practices into practice.

The module was considered by both participants and BSIEM co-organizing partners as successful and fruitful! The IBS students proved themselves as capable international specialists, demonstrating the skills of intercultural communication, project work and possession of relevant knowledge in the field of sustainable development.

«Before starting the module, I had a fairly clear idea of ​​what I want to get from BSIEM. I wanted to understand the terminology of the circular economy and see the specific application of this model in real situations, and yes, this is exactly what I’ve got. Moreover, while generating solutions on "Drought and Lack of Drinking Water" challenge in emerging markets, I discovered several potential ideas for my future entrepreneurial projects, which may not be incredibly profitable, but can solve social problems. I am convinced that money should be rather an accompanying criterion for success, but not the main one, and I am glad that my colleagues from the Universidad Externado de Colombia school of management are sharing this idea!» - says Ilia, a Master in International Management program IBS student.

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