VR Tools Are Changing Business Education: Prof Francisco Veloso, Dean INSEAD

Corporate education and management learning is changing rapidly with an increasing infusion of emerging technology tools. Leading business school INSEAD has launched VR tools for its students. Prof Francisco Veloso, Dean of INSEAD discussed the rising importance of technology for future business leaders with Pranjal Sharma in Davos. Prof Veloso´s research focuses on high-tech innovation and entrepreneurship. He has several dozen publications in leading academic journals and has won several international awards for his academic work. Prof Veloso regularly works as a consultant and advisor to of start-ups, established firms, universities, and government around the world. has a PhD in Technology, Management and Policy from the Massachusetts Institute of Technology, as well as an MSc in Economics and Management of Science & Technology, and an Undergraduate Degree in Physics Engineering, both from the University of Lisbon.

What was the idea behind launching VR for business education? 
INSEAD campuses in France, Singapore, and Abu Dhabi has begun implementing immersive technologies in January 2019. Our primary goals were to enhance engagement, improve knowledge retention, and personalize the learning experience. Over the past year, virtual reality has gained more attention as professors seek to provide online classes that offer a highly immersive alternative to traditional video conferencing tools like Zoom.

The advantages of immersive experiences in education is that they enable professors to create safe and impactful learning environments that actively engage students. This approach offers a departure from conventional teaching methods and can take learners to remote places, fostering a more interactive and personalized learning journey.   More than 2,000 MBA and executive education students from more than 90 countries have taken part in VR pilots at INSEAD. Wearing headsets, students from around the world “travel” from their homes or classrooms to various locations. They encounter distinctive scenarios and environments that can be highly unusual, perplexing, and demand a nuanced grasp of human behavior and cultural nuances. This encompasses observing blatant misconduct during a board meeting or touring a tractor factory in Normandy, France.

In October 2023, INSEAD launched its XR Portal. The innovative platform is developed by the INSEAD Immersive Learning Initiative and hosts the world's most extensive collection of VR learning experiences coupled with a comprehensive solution to bring these experiences to classrooms worldwide.  We are the first business school to launch such a comprehensive library of VR learning experiences and it is currently already used by 40+ professors and 13K+ learners at INSEAD and now available globally via the INSEAD XR Portal. 

What advantages does it bring to a student? Case studies have always been used. What is the value addition with VR?  
VR learning uses visual, auditory and other sensory stimuli provided through a head-mounted display, to create the illusion that a learner is present in a different environment and context.  Instead of reading about the case, you are in the case.  

VR cases create an illusion that a learner is present in a different environment and context has been proven to help improve behaviour and decision making.  A PwC study found that V-learners were up to 275% more confident to act on what they learned after training and are 3.75 times more emotionally connected to the content than classroom learners and 2.3 times more connected than e-learners.  Learning cases through VR is also more cost-effective than classroom or e-learning modalities when delivered at scale.  

How is technology defining and changing business education?
Technology is transforming business education in varied ways. Online learning platforms, virtual classrooms, VR technology and tools such as Zoom, Teams, are now education catalysts, providing easy access to business education globally. Students can now enroll in programmes from institutions anywhere in the world without the constraints of geographical relocation.

More crucially, technology supports continuous and lifelong learning. Institutions are able to offer targeted courses that aim to empower its alumni and business executives to acquire specific skills, keeping them relevant in the ever-evolving business landscape.  

How will GenAI affect learning? How should learners prepare for GenAI
There is a prevailing concern that AI may displace human workers in various job roles. While it is true that GenAI will accelerate technological advancements, learners can prepare themselves to navigate this shift by fostering a mindset of continuous learning, resilience and adaptability. 

They should actively develop new skills and explore ways to leverage AI and remain open-minded about integrating new technologies into their jobs – such as using AI for research, teaching, data analysis or integrating them into their workflow. Staying informed about industry trends and proactively acquiring new skills will help learners remain relevant in a quickly changing business landscape, dispelling the fear of job displacement. They should be prepared for an era that places greater emphasis on soft skills such as critical thinking, resilience, adaptability, creativity, and emotional intelligence.  

Learners should also be informed and aware of the ethical concerns and debates surrounding AI and become advocates for responsible AI use. At INSEAD, our courses are designed to educate students about the ethical considerations as well as opportunities, and risks associated with AI in business, preparing them for the challenges and responsibilities of the evolving business landscape.
 
How is INSEAD shifting to a new paradigm of business learning. What are key shifts that you anticipate in the next few years?
Innovation is part of the DNA of the school and we have always been at the forefront of pioneering new technology or solutions that can support learning, as we have done with cases, simulations, as we are doing now with VR and the INSEAD Learning Hub and will do with AI-enabled learning solutions. 

The INSEAD Learning Hub app was launched in 2023, reinventing the concept of lifelong learning with its innovative subscription-based model. It was built to respond to the shifting needs of lifelong learning, and to help executives and leaders respond to disruption in today’s turbulent times. The personalised content and community engagement on a mobile app enables self-driven learning anywhere, anytime.

We already have many faculty that are using AI in their classes, and we are working with the faculty to extend that across all our degree and non-degree programs, as noted above. INSEAD currently offers an extensive range of electives across its degree programmes leveraging on AI, such as, Building Generative AI Product & Businesses, AI Strategy for Startups and C-Suites, AI Entrepreneurship, Data Science (and Machine Learning) for Executives, The AI-Data Flywheel. In addition, our executive education offerings include courses such as AI For Business and Transforming Your Business with AI. 

Many professionals are unsure about taking a break from their job for mid-career course. They fear that they could lose their job or lose track in a rapidly changing business environment. What's your advice to such professionals?
Opting for a career hiatus to pursue a mid-career course involves significant considerations and can be a major decision to make for many. There are many unknowns and it needs a leap of faith. Despite that, many alumni that I have spoken with, and who have taken a career break to embark on an MBA; or taken our Global EMBA, Executive Master in Finance or Executive Master in Change (EMC) programmes which doesn’t require a career break, said that it was a transformative, life-changing and the most rewarding experience. 

The value of an MBA might have been a topic of debate in recent years, but I believe in the value of it, especially when it comes to the one-year intensive programme such as INSEAD’s. It is important for any candidate considering an MBA to have a clear idea of how the programme would be able to help in pursuing his/her career goals.  INSEAD MBA is a transformative journey that goes beyond developing business skills, it yields a lifetime of dividends, both professionally and personally. 

For professionals uncertain about taking a long break in their careers, our Global EMBA, Executive Master in Finance or Executive Master in Change (EMC) are available as modular learning programmes and only require them to take a few weeks away from work over a period of 14 to 18 months. 

Ultimately, taking on a master programme is a huge commitment of time and money, and one should be clear on their long-term career goals, ensuring the programme align with their objectives and future path/growth.  Important feedback I’ve heard is that speaking with our own powerful network of INSEAD alumni and their mentors has helped them to gain new perspectives and valuable insights crucial to making their decision, especially from those who may have navigated similar journeys.