ICSB 2019 – Finnish Academic Team in the Spotlight!

ICSB 2019 – Finnish Academic Team in the Spotlight!


Below is an article featured in the Harvard Business Review. Two of the authors are Professors of Entrepreneurship at Aalto University in Finland, the host country of our 2019 ICSB World Conference.

Starting a Business Can Increase Older Workers’ Quality of Life (Even When It Doesn’t Pay Well)

by Maria Minniti, Teemu Kautonen, and Ewald Kibler


As a result of declining birth rates and increasing life expectancy, the average age of the global population is increasing. This demographic trend has important implications for the labor market. Aging individuals are not always able to find satisfactory outlets for their abilities. Moreover, finding sufficient funds to maintain the current level of pension and health-care benefits is a major concern for many countries.


To investigate these issues, we looked at a group of late-career workers who chose to work for themselves or start small companies instead of retiring or remaining in their current jobs. We found that, despite making less money on average, becoming entrepreneurs triggered a significant increase in their quality of life. Entrepreneurship is not always about the money, and late-career individuals who voluntarily transition to it are generally better off.


To better understand the outcomes achieved by these workers, we compared individuals who switched to entrepreneurship with those who remained in their original employment, as well as with those who switched to another job as paid employees. This allowed us to examine how the individual’s levels of income and quality of life changed in response to a career transition.


Our data came from five biennial surveys conducted between 2002 and 2011 for the English Longitudinal Study of Aging funded by the UK government. The purpose of these surveys was to generate data useful for analyzing the dynamics of aging and the relationships between economic circumstances, physical and mental health, and social and psychological issues. We limited our sample to 2851 individuals aged 50–67 years who were resident in England and employed full time at the beginning of each survey. Among them, 115 switched to entrepreneurship, 464 switched to another job, and 2272 remained in the same job.


To analyze the data, we used a technique known as propensity score matching. This technique matches each member of the group being studied (late-career workers who switch from employment to entrepreneurship or a new job) with a virtually identical member of a control group (late-career workers who did not switch), and let us compare the changes in quality of life and income resulting from the switch. To ensure the closeness of the match, we considered, in addition to quality of life and income before the career switch, each person’s gender, age, physical and mental health, close social network, and overall financial wealth. Importantly, to measure quality of life accurately we computed a detailed index based on multiple indicators of autonomy, self-realization, control, and pleasure developed and thoroughly tested by gerontology scholars.


We found that switching to a new job increases the quality of life index compared with staying in the same job. However, the increase experienced by late-career workers switching to entrepreneurship is significantly larger, on average, than those experienced by all others. That is, transitioning to entrepreneurship increases quality of life significantly more compared with staying in the same job or switching to another paid job. Yet switching to entrepreneurship meant, on average, a significant reduction in income not observed in the other groups.


Previous research has focused exclusively on income considerations, which suggested that older workers may be less likely to engage in entrepreneurship than their younger counterparts. The financial benefits from starting a business tend to be risky and realized over time, often with significant delays. Older workers are therefore less likely to get a long-run financial gain from entrepreneurship. Our study points to a different story: When non-financial motives are added to the picture, entrepreneurship allows late-career workers to achieve a higher quality of life even if it comes at a significant cost in income.


Our analyses yielded some further results. 44% of people who switched to entrepreneurship worked as many or even more hours per week as they did before switching. Although based on a small number of cases, this result points to the possibility that late-career entrepreneurship is not always about making a phased withdrawal from the workforce. Rather, it may often be a way to benefit from increased opportunities for self-realization.


Our research suggests that governments should consider ways to help older workers move into entrepreneurship as a viable option, rather than retirement or staying in a work experience that is no longer satisfying. Late-career entrepreneurship can be socially sustainable because older workers undertaking such transitions are, on average, better off. While we do not know to what extent our results apply to other countries, a similar pattern is likely to emerge at least in other developed economies. Thus, late-career entrepreneurship can allow societies to move from supporting aging models that emphasize economic inactivity and dependence, toward active aging models that are better suited to address the personal needs of aging individuals.


Active aging models should encourage older workers to feel that entrepreneurship is an acceptable career move despite their age. Institutions have an important role in enabling this social change. Pension and tax systems should not penalize entrepreneurs, and lenders should not penalize older workers. Among other things, entrepreneurs tend to have longer working careers than employees and contribute significantly to the transferring of knowledge across age cohorts. All generations benefit from their continued presence in the work force.


View Article


New GW October Session Added: Enhancing the Credibility of Entrepreneurship Research

New GW October Session Added: Enhancing the Credibility of Entrepreneurship Research

The presentation will address recent concerns about lack of reproducibility and replicability of entrepreneurship research. The presentation will address causes for this problem and propose some solutions. The goal is for the presentation and subsequent panelist comments to be thought-provoking and lead to a lively and informative exchange of ideas regarding these issues.

Meet the Speaker:

Herman Aguinis is the Avram Tucker Distinguished Scholar and Professor of Management at the George Washington University School 

Herman Aguinis is the Avram Tucker Distinguished Scholar and Professor of Management at the George Washington University School of Business. His research is interdisciplinary and addresses the acquisition, development, and deployment of talent in organizations and organizational research methods. His professional and life agenda is to have an impact on the academic community, but also on society as well as organizational practices and policy-making. Professor Aguinis has written about 150 journal articles and secured about $5MM in research funding (e.g., National Science Foundation).

He published five books, including Performance Management and Applied Psychology in Talent Management. He is a Fellow of the Academy of Management, the American Psychological Association, the Association for Psychological Science, and the Society for Industrial and Organizational Psychology. Recent awards include the Academy of Management (AOM) Research Methods Division Distinguished Career Award for lifetime contributions, AOM Entrepreneurship Division IDEA Thought Leader Award, AOM Practice Theme Committee Scholar Practice Impact Award recognizing an outstanding scholar who has had an impact on policy making, and best-article-of-the-year awards from four different journals. His work has been featured by The Economist, National Public Radio, Fortune, BusinessWeek, and many other outlets. For more information, please visit 

SME Spotlight: DeliXochitl

SME Spotlight: DeliXochitl

Xochitl Santiago

Founder and CEO, DeliXochitl

Age: 20

Hometown: Zacapoaztla, Puebla, MX

Educational Background: Partial High School

Motivation to start a business:to advance myself and the women from my area

Business Location: Milpa Alta, Mexico City, MX

Time active: 6 months

Business Networks: Jóvenes Emprendiendo, FONDESO


How does a run-away high school dropout in Mexico end up with investment from an American Chairman and CEO? 


Little more than a year ago, Xochitl Santiago was in her 5th semester of high school at Emiliano Zapata in Milpa Alta, Mexico City. At school, Xochitl didnt stand out as a stellar student. As a teenage girl who ran way from home, she was supporting herself, and the importance of generating an income overshadowed the importance of obtaining a good education. In the evenings and on the weekends, she worked at a candy factory. It was not uncommon for the women working in this factory to faint while at workresulting from the combination of malnutrition, dehydration, and poor working conditions. It was this job that landed Xochitl herself in the hospital just one month before she would be pitching her own candy business to an American Chairman and CEO in Washington, DC.  


In the spring of 2016, Xochitls teacher gave the class a choicego in one classroom to take an assessment about entrepreneurship as part of a government initiative called Jóvenes Emprendiendo (Young People Creating) or go in another classroom to watch a movie. Xochitl chose the assessmentGallups Builder Profile 10 (BP10). She admits that she took BP10 and forgot about it, like much of school. Several weeks later, she was surprised to receive notice that she had been chosen out of 15,000 students as exhibiting a talent profile that most intensely matched that of a successful entrepreneur. Xochitl had never considered herself an entrepreneur. She claims that coming to know her talent and its potential opened her eyes to pathways she had never considered. Dreaming about starting a business was a luxury she hadnt previously been afforded. 


Although she was entirely taken aback, Xochitl was inspired to move forward with the business plan competition and began thinking of ideas to submit. Like any good entrepreneur, she settled on what she knew best: candy. Xochitl wanted to replace the candy she had been producing in the factory with all-natural, healthier alternatives. Simultaneously, she wanted to replace the working conditions she and her peers endured with ethical conditions and terms for women in the immediate community. She submitted her plan and won the opportunity to pitch her business idea to the CEO of Gallup, Jim Clifton, in Washington, DC. 


Upon returning from her four day trip in DC, she had secured partnership from Clifton to put her plan into action and thus, DeliXochitl was born. Xochitls team of seven part-time local women started producing the candy out of Xochitls home and then would walk it down to sell in the town square’s market. Her candy was selling faster than she and the team were able to keep up with production. In March of 2017, about one year after initially taking the BP10 assessment, Xochitl requested capital investment for machinery and the lease of a factory space closer to the market. The investment was approved and space was found. Xochitl cleaned, repainted, and refigured plumbing in the new headquarters of DeliXochitl.


The machinery has enabled her to churn out candies at ten times her previous production rate. Shes partnered with fellow Jóvenes Emprendiendo student Leo, who launched his own ad agency, to begin working on the branding and marketing of her business. Progress is evident, but she has a long road ahead of her to reach successdefined by Xochitl herself as being a competitor to Mars candy company.


ICSB Global Social Entrepreneurship Certificate Program

ICSB Global Social Entrepreneurship Certificate Program

ICSB Global in partnership with its worldwide affiliates and chapters is proud to offer educators, researchers, entrepreneurs, students, government officials, and small business owners the opportunity to advance their entrepreneurial knowledge and skills through our new innovative ICSB Global Social Entrepreneurship Certificate (ICSB Global SE).


ICSB Global SE offers a unique in-person and online educational hybrid model of instruction where participants can take in-person SE modules at the international headquarters of ICSB at the George Washington University in Washington, D.C. on October 25th, 26th and 27th (optional if you want to attend the GW Global Entrepreneurship Conference) or at one of our affiliated global partner locations (forthcoming) and then continue taking the remaining SE modules completely online using our new learning platform to be launched January 15th, 2018.


Each ICSB Global SE certificate starts with three (3) in-person modules followed by two (2) online modules where interaction, innovation, and creativity are the core of ICSB Global SE’s curriculum. The ICSB Global SE certificate offers an invaluable experience of being able to interact with participants from across the globe and from a variety of backgrounds, experiences and knowledge. ICSB brings over 60 years of knowledge to this certificate program.


ICSB Global SE certificate is under the leadership of Dr. Tony Mendes, USASBE Past President and current ICSB Vice President. Dr. Mendes founded the USASBE Social Entrepreneurship certificate program and will now lead the ICSB Global SE certificate.

How ICSB Global SE certificate works: Three Easy Steps


Step One:   Join the inaugural cohort at the George Washington University from June 25th to the 26th and complete three (3) modules.
Step Two:   Complete the remaining two modules online starting January 15th, 2018 and ending by June 1st, 2018.
Step Three: Receive your ICSB Global SE Certificate by mail or join the graduation ceremony at the ICSB Global Congress in Taiwan (June 26-30th, 2018)


Accepting Cohort #1 – Details:


We are accepting now the inaugural ICSB Global SE cohort to be held at the George Washington University in conjunction with the GW Global Entrepreneurship conference. For this inaugural cohort, the ICSB Board, has approved a set of benefits to accompany the first ever cohort of ICSB Global SE Certificate. They are:


  • Benefit #1- Free registration to the 2017 GW October Conference that includes the Gala on Friday evening (October 27th);
  • Benefit #2- A $200 scholarship to be used at any ICSB 2017-18 Affiliate Conference Registration (USASBE, ECSB, MCSBE, and others) or the ICSB 2018 World Congress to be held in Taiwan;
  • Benefit #3- Access to all the ICSB Digital SE modules to be released January 15th, 2018;
  • Benefit #4- A letter from the ICSB SE Certificate Program Director (Dr. Tony Mendes) and the ICSB President to the Dean or Equivalent confirming your completion of the ICSB SE Certificate;
  • Benefit #5- A graduation ceremony at the ICSB 2018 World Congress with a commemoration plaque.
The ICSB SE Global Certificate Program Agenda:
Wednesday, October 25th:
Location: State Room (7th Floor), 1957 E Street NW, Washington D.C. 20052


11:30 – Check-in (lunch provided at 12 noon).
12:00 – Welcome Remarks and Program Orientation by Program Director Dr. Tony Mendes (ICSB Vice President of Global Certificates)
12:30 – Module #1: What is Social Entrepreneurship? presented by Dr. Tony Mendes and panel with Global ICSB SE Faculty
15:00 – Experiential Learning – Visit to the first ever Social Enterprise – DC Central Kitchen (bus provided)
17:00 – Module #2: Global Challenges and the UN Sustainable Development Goals presented by Dr. Winslow Sargeant
18:30 – Day 1 Reception with ICSB SE Cohort and ICSB Global SE Faculty (location tbc)


Thursday, October 26th:
Location: State Room (7th Floor), 1957 E Street NW, Washington D.C. 20052


10:00 – ICSB SE Cohort to join the GW Global Entrepreneurship Conference (in City View Room – adjacent room)
12:00 – Networking Lunch Provided by National Federation of Independent Businesses
13:00 – Module #3: Innovation and Opportunity Recognition for Social Enterprises by Dr. Luca Iandolim ICSB Immediate Past President
14:15 – Coffee Break
14:30 – Module #3-part 2: Continued by Dr. Jean-François Ouellet, Associate Professor, HEC – Montreal
15:45 – Re-join GW Global Entrepreneurship Conference on the session: The End of the World as We Know It; Creating the Idea Time Capsule
17:00 – Reception with GW Global Entrepreneurship Conference participants (held at City View room)
End of ICSB Global Social Entrepreneurship Certificate Program (Modules 1-2-3).

Friday, October 27, 2017 – Optional to Attend and includes Gala Dinner

ICSB Global SE Module Details: 

Module One (in person): Introduction to Global Social Entrepreneurship – What is it? Lead Instructor: Dr. Tony Mendes

Module One Learning Objectives:

  • Compare Social Entrepreneurship with Traditional Entrepreneurship
  • Outline the basic concepts of Social Entrepreneurship
  • Identify Social Entrepreneurs who have made a difference
  • Understand how for – profit ventures can accomplish social good
  • Overview new organizational options for social ventures
  • Engage in a hypothetical “case study” to illustrate entrepreneurial decision making
  • Summarize Social Entrepreneurship concepts
Module Two (in-person): Global Challenges and the UN Sustainable Development Goals by Dr. Winslow Sargeant


Module Two Learning Objectives:

  • What are the United Nations Sustainable Development Goals (SDGs)?
  • Global Challenges – six ‘mega-trends’ relate to (i) poverty and inequalities, (ii) demography, (iii) environmental degradation and climate change, (iv) shocks and crises, (v) development cooperation and financing for development, and (vi) technological innovation.
  • How does Social Entrepreneurship relate to the UN SDGs?
  • The nexus of policy-research-practice – The ICSB story in creating the United Nations International Day for Micro-, Small and Medium-sized Enterprises (MSMEs Day).
  • What is Sustainable Development? From idea to reality.
Module Three (in-person): Innovation and Opportunity Recognition for Social Enterprises by Dr. Luca Iandoli


Module Three Learning Objectives:

  • What is Innovation and what is Creativity? Let us explore both for the sake of Opportunity Recognition.
  • What is the science behind opportunity recognition – a behavioral and cognitive analysis.
  • Design Thinking for Social Challenges? Does it work and how?
  • What can art and history teach us about innovation and opportunity recognition.
  • The Engineering lens on Social Entrepreneurship.

Visit the Official Website

Contact us to Learn More:
ICSB Global Program Director: Dr. Tony Mendes (email:
ICSB Global Program Assistant: Ms. Jordyn Murphy (email: or tel: 202-994-0704
ICSB Executive Director: Dr. Ayman El Tarabishy (email: or tel: 202-468-3133
GW OCTOBER 2017 is Not Your Typical Conference!

GW OCTOBER 2017 is Not Your Typical Conference!

On October 26th and 27th, The George Washington University School of Business will host the 8th Annual GW October Entrepreneurship Research and Policy Conference. The conference theme will be New Frontiers in Entrepreneurship and the Definition of Work. The conference will bring together practitioners, educators, policy makers and industry CEOs and leaders to explore the concept of the new entrepreneurial frontiers like automation and universal basic income – identifying key stakeholders and how they can collaborate for success. We will discuss specific examples where pioneering growth in these new entrepreneurial frontiers are taking place. Please read below to view the various plenary sessions featured at the conference. A major new session is added titled: The End of The World as We Know It: The Idea Time Capsule.

New Frontiers in Entrepreneurship and the Definition of Work

Industrial automation and artificial intelligence (AI) are bringing rapid changes to the workplace. This is particularly true in fields such as defense, healthcare, education and in the service sector. In 2014, Forrester research estimated that U.S. business to business (B2B) online sales revenues were $1 trillion. This staggering statistic help illustrate how quickly B2B, or wholesale ecommerce, made inroads in the marketplace. In 2017, the quickening of technology in business interactions has not only increased to all business sectors but is impacting day-to-day transactions globally. Leading academic researchers, development experts, and policymakers from across the globe will share examples of new and innovative SME policy programs dealing with radical and dynamic markets; examine insights from policy design research; discuss the role of high-growth firms; and promote the importance of entrepreneurship as a key driver of innovation and sustainable development.


SME Policies, Support Programs and the Unintended Consequences

As key drivers of job creation, SMEs play a key role in the economic development strategies of many countries around the world. Many countries are moving forward to implement policies and support programs to foster the growth of MSMEs, youth and women entrepreneurs, and those in the informal economy. This panel will address the trade-offs and benefits of policies intended to improve the entrepreneurial and small business environment.


New Frontiers of Entrepreneurship Education

New frontiers in entrepreneurship and the definition of work are interlinked with the future of learning. It is obvious that the knowledge and skills necessary for the next generation might be different from those needed today. Higher Education can help bridge the gap between what is needed today versus tomorrow. Yet, universities and educators keep developing the same content packaged in different modes (on-campus, hybrid, and on-campus). This session will discuss what revolution is needed in higher education to prepare these new students to succeed within Industry 4.0.


The End of the World as We Know It; Creating the Time Capsule

600 millions jobs will be needed in the next 15 years to just stay current with the current work-force. If we create an Idea Time Capsule to be opened after 15 years, what trends, challenges, opportunities will evolve in the next 15 years. This innovative collaborative conference-wide discussion will occur as the last session of the day.

Ideas will be transcribed and put forth in an ICSB working online e-book to be used by ICSB members worldwide.



Call for Nominations-ICSB Board of Directors (FY 2018-19)

Call for Nominations-ICSB Board of Directors (FY 2018-19)

Greetings from the ICSB Immediate Past President, Dr. Luca Iandoli,


One of my roles as the Immediate Past-President is the chairing of the Nominating Committee for the next slate of officers. We have made the nominating process as transparent as possible and below you will find an online form to submit your nomination.


The current ICSB Board of Directors are:

Voting members
*President – Robert Lai (ROC-Taiwan)
*President-Elect – Geralyn Franklin (USA)
*Immediate Past-President – Luca Iandoli (Italy)
*Senior Vice-President, Finance & Control – Ahmed Osman (Egypt-MCSBE)
*Senior Vice-President, Development – Winslow Sargeant (USA)
Affiliate Representative – Heidi Neck (USASBE)
Affiliate Representative – Lu Feicheng (ICSB China-Mainland)
Affiliate Representative – Eileen M Figueroa Rivera (ICSB Puerto Rico-Representative Americas)
Affiliate Representative – Robert Blackburn (ECSB-Representative Europe)
Affiliate Representative – Hermawan Kartajaya (ACSB/ICSB Indonesia)
Wilford White Fellows and Past-President Representative – Brian Gibson (Australia)
*Indicates an elected position.

Non-voting members
Vice-President (VP), Historian – J. Hanns Pichler (Europe)
Vice President (VP), Mohammad M. Al-Zuhair (Kuwait)
Vice President (VP), Jeffrey Alves (USA)
Vice President (VP), Elissa Grossman (USA)
Vice President (VP), Anthony Mendes (USA)
Vice President (VP), Alex DeNoble (USA)
Vice President (VP), Olli Vuola (Europe)
Vice President (VP), Michael Battaglia (USA)
Vice President (VP), Katia Passerini (Italy)
Vice President (VP), Milla Wu (ROC Taiwan)
Vice President (VP), Ruben Ascua (Argentina)
Vice President (VP), Ki-Chan Kim (Korea)
Vice President (VP), Steven Hsu (ROC Taiwan)
Vice President (VP), Ahmed Shalaby (Egypt)
Vice President (VP), Rita Grant (USA)
Vice President (VP), Amr Abouelazm (Egypt)


In this year’s election, nominations will be accepted for the position of President-Elect, Senior Vice President for Finance and Control (2 year term), and Senior Vice President for Development (2 year term).


The position of President-Elect is a one (1) year term, followed by subsequent one (1) year terms as President and then Immediate Past-President. The positions of SVP for Finance and Control and SVP for Development carry two (2) year terms.


Please remember that all nominations will be vetted by the ICSB Nominating Committee before appearing on the ballot, so it’s very important for all candidates to submit the (1) current bio and (2) statement of purpose to complete their nomination package.


We welcome all nominees who will be fully committed to the work involved in being a Board Member and will contribute positively towards achieving the goals of the organization.


The deadline to submit a nomination is November 13, 2017.

Click Here to Vote