Jude Richardson made a mistake. Sales at Lexian, the human resources training company he’d founded in Santiago, Chile, were up 60 percent in 2014. He started to expand. But at the same time the Chilean economy contracted, and his growth rate dropped to 20 percent.
“It got me into a situation that lost me a lot of money,” the entrepreneur said. But while meeting with a former Lexian student who was enrolled at MIT Sloan he learned about Global Entrepreneurship Lab, the action learning program at MIT Sloan that pairs students with businesses around the world for hands-on management projects. Richardson signed on as a host. Four MIT Sloan MBA students flew from Cambridge and stayed for three weeks, leaving Richardson with a roadmap for navigating Lexian forward. “It was one of the seminal decisions in the life of the company,” Richardson said.
In Global Entrepreneurship Lab, also known as G-Lab, students build a relationship with their host company online before traveling to work on the ground in the company’s home country. Sherry Sirikunakorn, Pat Boonthai, Verawat Kirinruttana and Take Kunifuda, all second-year MBA students at MIT Sloan, arrived in Santiago in January. They analyzed Lexian’s core competencies and then went out into the city, seeking the bigger picture. Continue reading in the MIT Sloan Newsroom.