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SSE
TodAy
ThE AlumNI mAGAzINE fRom
ThE STockholm School
of EcoNomIcS 2– 2009
sse GeaRs UP Winning the customer’s
hEART ANd WAllET
ENTERING
A NEW ERA
doing business in Russia
oppoRTuNITIES foR ThE bold
1-2007 sse today 1
CONTENTS 2-2009
homE To 26 NATIoNAlITIES
AT ThE bEGINNING of this semester I had the pleasure of welcoming
fresh students of 26 different nationalities to our new master’s
programs. Coming from all corners of the world, the newcomers are
just as qualified as the undergraduate students applying for our
bachelor’s program have always been. The average GMAT score of
p.4 p.8 the admitted master’s students, for example, lies above 650, which is
high even in comparison with the world’s top three business schools.
I find this very encouraging, and a promise of a mutually rewarding
learning environment here at SSE.
ThIS IS ThE fIRST TImE that SSE offers Bologna-adapted programs for pre-
experience master’s students to an international target group, and
the fact that over 4,000 bachelor graduates from all over the world
applied for the 350 places offers solid evidence of the strength of our
reputation.
AS WE ENTERour 101st year, the internationalization of SSE has conse-
quently taken a giant leap forward. In many respects, however, this
has been an ongoing process at the school ever since its inception.
p.14 p.20 The content of the education, for example, has always been guided
by an international rather than a local or national perspective. Non-
updATE Swedish faculty and students from other countries have long offered
3 Business Competence Panel identifies key career skills fresh perspectives and experiences to the classroom and created
a multinational environment where students get to participate in
4 Centenary celebration highlights multinational teams and have fun with people from other cultures.
6 Carolina Lindholm is Female Economist of the Year Speaking of fun, the Centennial celebrations – from the glamor-
23 IFL’s new EdGE program provides the tools to master change ous Jubilee Farce to the grand Centennial Banquet – have offered
an abundance of opportunities for me to reconnect with
7 ASIAN INITIATIvE Emma Sjöström, visiting researcher at the alumni from different generations. Homecoming
Day, for example, offered me plenty of construc-
university of Hong Kong, is putting CSR on the map.
tive advice concerning the school’s future, as well
as fond recollections and a rekindling of spirits.
8 RuSSIA 2.0 SSE Today takes a deep look into the “new” Rus- More than ever before, I have been able to con-
sia: What’s the state of the economy? What’s the outlook for foreign clude that SSE has a place in so many people’s
investment? And how can the educational level be raised to match the hearts.
needs in business and society?
IN AddITIoN , the Centennial has offered a platform
enabling us to reach out to many different
14 ShoppING SpREE As private consumption picks up, retailers strata of society, attracting new part-
find their game plan is changing. ner companies, important research
bodies and other useful connec-
tions. Ahead of the Centennial,
18 cluSTER poWER SSE Researcher Örjan Sölvell examines the the school identified key target
factors behind successful clusters such as Silicon Valley. groups that we wanted to reach,
and we have succeeded in doing
25 oN ThE movE What are your old classmates up to nowadays? so in a very beneficial way. Our
much talked about advertising
campaign, to which Dagens
Industri generously donated
SSE Today is published twice a year by the Stockholm space, has successfully con-
School of Economics, P.O. Box 6501, SE-113 83 veyed an image of SSE as not
Stockholm. pRoducTIoN: Spoon Publishing AB. just a business community
publIShER ANd RESpoNSIblE uNdER SWEdISh lAW: Lars
hothouse but also as a nursery
Bergman, President SSE. EdIToR: Erik Wannelid. ExEcuTIvE EdIToRIAl
for talents destined for all walks
commITTEE AT SSE: Carina Aspenberg, Love Centerwall, Johanna
Landin, Peter Rovér. Editorial material and opinions expressed in
of life.
SSE Today do not necessarily reflect the views of SSE.
Samir Soudah
Printed by Sandvikens tryckeri, Sandviken, Sweden, 2009.
Lars Bergman (Class of ’66)
opinions, comments, advertising, feedback... Professor, President SSE
Write to us at: ssetoday@hhs.se
2 s se t oday 2-2009
uPdATE
Repeat success for SSE
Stockholm School of Economics tional Management) was ranked as the for the future in its 100th anniversary business competence panel:
has once again been awarded the
number one spot in the Nordic and
top management master’s degree in
the world. SSE is the only educational
year. Once again, SSE led the entire field
in the sub-category ‘Best in Finance’, as
Have you got what
Baltic regions and number 12 in Europe institution offering the CEMS program in well as coming second in ‘Top Salaries in it takes?
in the Financial Times Masters in Manage- Sweden. Consultancy’ and third in ‘Top Salaries in
ment ranking. And there were more top rankings, Finance’. A REcENT SuRvEy coNducTEd on behalf
The CEMS MIM (Master’s in Interna- showing that SSE is very much a school of SSE concludes that many young
people lack the right attitude and some
key skills for becoming successful in
Skills beyond borders
business.
Sixty-nine percent of respondents
Congratulations! in the Business Competence Panel
The face of higher education is changing throughout Europe. Borders are (BCP) believe that the right attitude,
another sprightly
coming down, international standards are being set, and new synergies are be- summarized as “a willingness to take
ing created. SSE is at the forefront of these developments, which will influence 100-year-old is Hanken, responsibility and continually develop”,
the future of global commerce. the swedish Business is lacking among young people in busi-
One of the driving factors is the Bologna Process, initiated in 1999, which ness today.
aims to make academic degrees and quality standards more comparable school in Helsinki, Fin-
The BCP consisted of marketing
across Europe, and to increase mobility between institutions and countries. land. managers and presidents from 100
Student demographics are set to change.
The statistics for SSE’s new master’s degree programs, conducted in
Keep up the good work, companies in the fields of banking
English, may hold a clue to how overall admissions will look in the future: close we say, and all the best and finance, media and communica-
to half of all enrolled students come from abroad. tion, and retailing, among others, and
Kristina Olsson, Admissions & Recruitment Office, says: “Across the
for the coming 100 focused on human capital, incentives
specializations, foreign students account for close to 47% of enrolments for the years. and diversity.
master’s programs. We are entering the era of international education, and can In addition to a willingness to take
expect an increasingly wide playing field in the future. The global dimension is responsibility and develop, the BCP
critical in our sector, and international competition is getting tougher.” www.hanken.fi
rates social skills and competence in
leadership and organizational skills
highly. Business people should also be
convincing, able to earn confidence and
Just a moment good at developing relationships.
Respondents conclude that new
graduates, although quick to learn and
able to think analytically, are often lack-
ing when it comes to conflict handling
and negotiatiation. And in the retail field
particularly, negotiating and marketing
skills are highly valued by company
leaders.
The survey also indicates that when
it comes to incentives, status is no
longer a main reason to stay in a job.
As the boundaries between work and
private life become less distinct, young
people value incentives that are more
connected to their individual life situa-
tions and values.
On the diversity front, it’s intellectual
rather than geographical diversity that
is in demand. Seventy-four percent of
respondents (although far more women
than men) say that lack of diversity
is a problem for the business world
in general. Yet it appears to be less
of an issue in the retail and services
world than in the banking and finance
segment.
Samir Soudah
cARI SImmoNS
Sveavägen 65 in Stockholm on November 18, 2009.
construction on the new wing is well underway at SSE.
Read the full survey at alumninet.hhs.se
2-2009 s se t oday 3
pomp and glory when
SSE turned 100
Throughout 2009, SSE has celebrated its centenary with
parties, conferences and alumni events.
Homecoming day - 27 May
The official birthday of SSE was celebrated by alumni,
friends, staff and students.
“It required hundreds of hours
of work from our students but
we are very happy with the end
result,” say Rebecca Lucander
and Linus Lundell.
Jubilee relay - 6 September
The Student Association ar-
ranged the traditional relay
through the streets of Stockholm.
Conference -
11 September
The conference, which
was held at Grand Hôtel
in Stockholm, attracted high-
profile business representa-
tives, Nobel Laureates and
politicians. (Read more on
page 23.)
Assar lindbeck, professor in Economics at
Stockholm university, was one of the lecturers at
the conference.
4 s se t oday 2-2009
SSE president lars bergman at
doctorate ceremony - 11 September the ceremony in Stockholm’s
Storkyrkan.
beatrice Nylund, president of the Student Association in Storkyrkan.
Jubilee banquet
- 11 September
The grand Jubilee banquet, held in the Blue Hall at Stockholm City
Hall, featured prominent guests and a joyous atmosphere.
Swedish king carl xvI
Gustaf held the opening
speech.
Nobel laureate
and professor
of economics at
the university of
chicago Gary S.
becker together
with Sweden’s
finance minister,
Anders borg.
2-2009 s se t oday 5
uPdATE
In brief
61% female economist flying high
the proportion of alumni Carolina Lindholm won the prestigious Female Economist of
who are members of an sse
alumni facebook group. the Year (FEOY) scholarship 2009.
the result is posted on
AN ExcEllENT cAREER RuNWAy,
alumniNet.
FEOY includes a two-year
paid internship at Pfizer after
cast your vote! graduation, with one year in
Stockholm and one year in New
Go to AlumniNet to give your York. The scholarship is offered
opinion on a recent topic in
annually to a female student
AlumniNet’s quickpoll.
at SSE. Air travel is included
If you are not registered, you can courtesy of co-sponsor SAS.
easily sign up online. Lindholm holds a master’s
http://alumninet.hhs.se degree in economics from SSE,
where she specialized in health
economics and international
do you want to get involved in SSE’s trade, and has also studied
capital campaign? contact corporate philosophy at Stockholm Uni-
and donor Relations on +46 8 736 versity.
9070 or make your contribution online “Winning has been my goal
at www.hhsonline.se for several years, so this feels
like a true victory,” Lindholm
says. “It’s a great honor, and the
sse Calender 2010 scholarship will give me fantas-
tic opportunities to develop my
career.”
fEoy REcoGNIzES academic excel-
lence and outstanding ambition,
while promoting future female
leaders in Swedish business. Organization’s Department of bal economic climate. Diplomacy
The scholarship was started Trade, Foreign Policy and Global is an important skill for getting
in 2000 by Barbro Ehnbom, Health Diplomacy. She will also ahead in business.”
11–12 February an SSE graduate of take on an active role The jury also honors ‘Best
• Business Forum (Handelsdagarna) at 1967, with the goal in BBB (‘Barbro’s Male Support’, for those who
SSE – a recruitment fair arranged by of helping more Best & Brightest’), mentor women at SSE. This
Lasse Lychnell
the Student Association. Read more women to reach top Ehnbom’s power year the distinction went to a
at www.handelsdagarna.se management posi- network of women couple, Erik and Anna Belfrage,
tions in Sweden. professionals who are long time supporters of
February Ehnbom was one around the world. FEOY.
• Executive MBA graduation ceremony of the first high- Lindholm will have AlExANdER fARNSWoRTh
ranking female mentoring sup-
March executives in the port from ‘Barbro’s female Economist of the year at SSE
• Executive MBA program start US pharmaceutical Friends’, a net- is an annual scholarship initiated by
industry. She is cur- work of prominent barbro Ehnbom. It is offered to a female
april rently president of figures in Swedish student at SSE in cooperation with a host
• Diploma celebration for BSc gradu- DuHaan Group, an barbro Ehnbom and American busi- company and a number of sponsors.
ates investment advisory ness and culture. The scholarship provides a two-year
company specializing in the “Carolina will be an excel- tailormade work program in Sweden and
May Swedish biotech sector. lent FEOY,” Ehnbom says. “Her the uS.
• Student farce Lindholm started her pro- experience with diplomacy from for her services to SSE, barbro
gram with Pfizer in October, working at the Swedish Minis- Ehnbom was awarded a special medal
for regular updates on upcoming following a summer internship try for Foreign Affairs in Geneva of honor in 2009 in conjunction with the
events, go to www.hhs.se in Geneva at the World Health is a big advantage in today’s glo- 100th anniversary of SSE.
6 s se t oday 2-2009
putting cSR on the map
there has not been much research into
Ringo Ho
corporate social responsibility in asia.
Emma Sjöström intends to change that.
Join kamrat-
EmmA SJÖSTRÖm hAS traveled extensively in
Asia, but she has a special soft spot for
föreningen
Hong Kong. She spent six months there in 2006 to Want to meet fellow alumni on a regular
carry out research into corporate social respon- basis? Join the Alumni Association
sibility (CSR). At that time, CSR was not on the (Kamratföreningen)! Member benefits
include personal invitations to lunches,
map for most companies in the city, and there was
seminars and reunions. Sign up at:
only one ethical investment fund.
www.hhskamratforening.se
After defending her doctoral thesis at SSE in
June 2009, Sjöström won a scholarship to Hong
Kong and returned as a visiting researcher at the
University of Hong Kong’s Kadoorie Institute.
Get connected
“Over the years, multinational companies with Graduating is often just one step in a
suppliers in Asia have changed their attitude to lifelong relationship with SSE. Stay
CSR,” Sjöström says. “It’s no longer possible to connected through AlumniNet, which
is continuously being upgraded. Stay
ignore a local subcontractor running a sweatshop;
tuned for upcoming alumni events,
the buying company has to take full responsibility.” take part of special alumni offers and
But Hong Kong and other Asian markets still create your own special groups.
lack transparency and corporate governance, she downloadable start-up kits for those
says who want to start their own groups and
“Many local companies are family owned and activities are also available.
institutional shareholders normally only get a Read more and sign up at:
minority share without much influence. CSR is http://alumninet.hhs.se
just a buzzword for many, and they don’t see the
financial value.”
AT SSE SJÖSTRÖm IS A co-fouNdERof the Sustainability
make a difference
Research Group (SuRe), which focuses on the The Capital Campaign is now entering
area of social and environmental enterprise and its final stage. Having raised well over
business. SEK 400 million, the campaign is well
Her doctoral thesis on shareholder influence on on its way, helping to bring SSE into the
CSR explores how institutional shareholders can future. Many alumni have devoted time
use their ownership to influence corporations on and resources to supporting their alma
issues such as human rights, labor conditions and mater during the campaign, which will
the environment. run until September 2010.
Now she intends to follow this up with new A few examples of valuable efforts
research on ethical investments in Asia. “I will fo- are Gunilla Herlitz’s (Class of ’80) dona-
cus on global supply chains and corporate efforts tion of 10 free advertising spreads in
to comply with the United Nations Universal Swedish business daily dagens Indus-
Declaration of Human Rights,” she says. “There’s tri; Felix Kvick (Class of ’04), chairman
not much research in this area.” of telemarketing company Bisfront,
When not conducting research, her interests who gave SSE access to telemarketing
include hiking the many hills of Hong Kong, and facilities for fundraising; and Torbjörn
enjoying the nightlife. “I could imagine staying Månsson (Class of ’87) and his team at
here,” she says. “It is easy to find a professional Bain & Company, who are helping as
network, and there’s a great multicultural atmos- expert advisers during the campaign.
phere. It’s like New York in Asia.” It’s not too late to get involved. Learn
JAN hÖkERbERG how by contacting Corporate and donor
Read more on Emma’s own website: http://csriasien.se Relations and reading the full article at:
www.hhs.se/businessAndSociety/
SSEToday
2-2009 s se t oday 7
Eastern promise?
Staggering growth. Political turmoil. Oil. Financial crisis. The Russian economy
has all the ingredients for a story of triumph or tragedy. SSE believes strongly in
the country and is committed to its future. But what does the next chapter have in
store?
ThE GREAT RuSSIAN poET Alexander Push- It’s not hard to see why – Russia is a world’s fastest-growing economies in recent
kin once said that you cannot under- country like no other. For a start, it’s by far years, with annual GDP growth at around
stand Russia; former British Prime Minister the world’s largest, covering an area of more 7% between 1999 and 2007.
Winston Churchill described the country than 17 million km2. Second-place Canada Russia has always been a country of dra-
as a riddle, wrapped in a mystery, inside an is half the size. It’s also the ninth most matic changes, and the last few years have
enigma. This view is still widely held, but populous; 142 million inhabitants make brought significant improvements for the
it does not seem to dampen the interest of Russia an enormous potential market. It average Russian. Torbjörn Becker, director
Western businesses in the region. And while can boast the biggest and the most in many of the Stockholm Institute of Transition Eco-
the financial crisis may have cooled things areas, including oil, gas, mineral and forest nomics, SSE’s research and policy center on
off slightly, the love affair is far from over. reserves. And not least, it has had one of the transition in Central and Eastern Europe,
8 s se t oday 2-2009
“While the government was
paying off debts and building
national reserves, the private
sector was incurring foreign
debt.”
paid to this as Russia’s reserves the same quality and image
made it look strong, and it factors as the Western world.
resulted in extra turbulence It’s more important to focus
during the financial crisis.” on similarities than differ-
Recovery, Becker says, will ences.”
depend on external demand. “It’s Still, it can be a tough
not clear whether Russia will place to do business. One
return to the same growth rates challenge is bureaucracy and
as before, and whether there the complicated legal system.
will be the same demand for the “There are many rules and
products it sells to international regulations,” Brännström
markets. Growth at a lower level, says, “which are not necessar-
perhaps more like 2–3%, seems Torbjörn Becker is director ily coherent. It can be hard to
realistic. But the scenario could of the Stockholm Institute of understand the environment
says that natural resources have been a big change dramatically if something Transition Economics at SSE. you’re working in.”
factor in this. “Russia had a great economic happens to commodity prices.” Another is corruption. But
ride during Putin’s presidency, driven by though often seen as the defining
ever-increasing oil and commodities prices. ThouGh ThE cRISIS has been a setback, Russia’s feature of Russian commerce, it’s hard to get
Oil prices almost tripled during that time, allure remains. But what is it like to do busi- a true picture of the extent of the problem.
with significant spillover into retail sales ness in the country? Someone who knows However, there is almost universal agreement
and domestic production.” the region well is Magnus Brännström, CEO that it is widespread. But while some reports
As a result, Russians have enjoyed of cosmetics giant Oriflame. The company say corruption is diminishing, others say it
greater prosperity and stability. Incomes are moved into Russia in 1992, and still makes is increasing. “It’s important to remember,”
higher, poverty rates lower. A new middle over one-third of its sales there despite be- Brännström says, “that corruption is a prob-
class has appeared, and people have been ing present in 62 countries worldwide. lem in most emerging markets. Russia is no
able to enjoy quality consumer goods and It’s an exciting place to do business, exception. And although some reports indicate
services, and a lifestyle more like the West is Brännström says. “This is a very dynamic the opposite, I personally feel it has lessened.
accustomed to. marketplace with many changes and chal- Back in 1992 you could do virtually anything if
But, Becker says, the dependency on oil lenges. Market development over the last 10 you had the money. Now there are many situa-
became obvious during the economic crisis, years has been nothing short of incredible. tions you could not buy your way out of.”
and Russia was hit hard despite its appar- Russia is always changing. Always challeng- The sheer size of the country is another
ent strength and great market confidence. ing. Never dull.” issue. “Russia covers a sixth of the planet,”
“It’s clear how much of that confidence was It’s also a sophisticated market, he says, Brännström says, “which makes distribution
linked to oil prices,” he says. “While the where consumers are highly brand focused a challenge like nowhere else in the world. If
government was paying off debts and build- and will pay extra for quality brands. “A low you want to get established and be competi-
ing national reserves, the private sector was price/low quality strategy is not the best tive, a good distribution system is essential.”
incurring foreign debt. Little attention was approach in Russia. Russians are driven by Brännström sees a bright future for
2-2009 s se t oday 9
“The bureaucracy can be tough,
but there is also a willingness to
make things happen.”
Russia, given the right conditions. “Russian needs to be delivered more SSE alumnus Peter Elam
people can do anything,” he says. “They are effectively, with action to sup- Håkansson, who is chairman
well educated, highly skilled, hard work- port the words.” and a founding partner, also
ers, fast learners, adaptable, and have high When it comes to doing busi- believes in focusing on the
ambitions. What is needed now is to improve ness in Russia, Brännström positive. “The bureaucracy can
the economic environment for small and says, you have to put your best be tough,” he says, “but there
medium sized businesses – from a legal, people on the task and make a is also a willingness to make
tax and security perspective. There have long-term commitment. “It’s a things happen.”
been many positive developments, but big challenge and a long road, Competition in this sector is
more needs to be done. The financial crisis but if you do it right, the op- strong, and includes local com-
has led to steps backwards in some areas, portunities are great.” panies as well as large US and
such as management transparency. Reform Magnus Brännström is CEO European players. “If you want
ThE fINANcIAl SEcToR is another of Oriflame. Prior to this posi- to be here for the long run, you
area of growing interest to tion he was the company’s have to position yourself now,”
Western firms. Asset manage- CEO in Russia and the CIS Håkansson says.
ment company East Capital, (states formerly included in A key reason for the West’s
a specialist in Eastern Euro- the Soviet union) region. interest is the attractiveness
pean financial markets, of Russian consumers. They
has been investing in have enormous spending power,
Russia since 1997. It’s one of the largest Håkansson says, and are spending. “This is
financial investors in the region, with partly due to the flat tax rate of 13%,” he says.
€3 billion invested. East Capital “Property ownership is also at one of the high-
invests in 20 countries, but 60% of est levels in the world. There is very little debt
its assets are in Russia. in the system, and hardly any household debt.
Russia defeats Sweden Alfred Nobel moves to Brothers Robert and The February revolution and, later
in a war and conquers Russia Ludvig Nobel start the same year, the October revolu-
Finland exploring oil in Baku tion. The Bolsheviks seize power.
1809 1838 1842 1874 1905 1917 1918-1922 1922
Immanuel Nobel migrates to First Russian Civil war between The Soviet union
St Petersburg and sets up a revolution. People’s the red and white is proclaimed
mechanical workshop uprising against armies
Czar Nicolai I
10 s se t oday 2-2009
In Russia’s case, the financial per capita. “Such rapid growth are likely to
crisis is not a debt crisis.” changed many things in Rus- remain rela-
When it comes to the eco- sian society, causing the retail tively static. So
nomic crisis, both Brännström and construction boom, the Russians’ real
and Håkansson agree that creation of a new middle class incomes will
the 1998 crisis was worse. But and the growth of the finan- also be slow to
Sergei Guriev, Morgan Stanley cial sector, including a retail increase – con-
Professor of Economics and Rec- lending sector. On the negative trary to their
tor of Moscow’s New Economic side, it also led the government experience of
School, is less bullish about the to re-nationalization and a the past 10
Russian business environment. vertical industrial policy. So years, and
“The economy is as non- Peter Elam Håkansson is one far, this has not produced the their likely Sergei Guriev is Morgan
diversified as it was 10 years of East Capital’s founding part- expected increase in productiv- expectations.” Stanley Professor of Econom-
ago,” he says, “which is why it ners. He is also chairman and ity or diversification.” But in Rus- ics and Rector of Moscow’s
was hit so badly hit during the head of the investment team. Corruption, he says, is a sia, the land New Economic School.
crisis. It sank as oil and metal major problem. “Most countries of contradic-
prices went down. Now that with economies in transition tions, even the
they are recovering, it is doing better. And have made progress on this over the last 10 most severe difficulties can lead to surpris-
while natural resources are a relatively low years. Russia has not. It remains as corrupt ing opportunities. “The Russian economy
percentage of Russian GDP, they account for as African countries with three or four times is still very inefficient,” Guriev says. “Thus
the majority of Russian exports. Resource lower income per capita. This undermines the potential for growth is huge. All that
prices drive Russia’s terms of trade and the government’s ability to implement is needed is to release the entrepreneurial
therefore the ruble exchange rate.” reforms and fiscal stimuli.” spirit through deregulation, privatization
Guriev says there are more challenges and tackling corruption.”
ThE moST ImpoRTANT dEvElopmENT over the past ahead. “The global economy will not grow
10 years, he says, is the doubling of GDP as fast as before the crisis, hence oil prices pAul REdSToNE
beauty conquers Investing smart
Founded in Sweden in 1967, Oriflame is now one of Founded in 1997, East Capital is an independent
the fastest-growing direct sales cosmetics compa- asset management company specializing in Eastern
nies, with €1.3 billion in annual sales. Since 1990, European financial markets. It currently has around €3
Russia has become its key market, accounting for billion in assets under management, in both public and
over 40% of sales. The company has 7,500 employ- private equity. East Capital has a team of 150 special-
ees, plus a worldwide sales force of around 3.1 million ists located at its headquarters in Stockholm and
consultants. It owns production units in Sweden, regional offices in Paris, Tallinn, Moscow, Oslo, Hong
Poland, China, Russia and India. The 22,000 m2 plant Kong and Vienna.
outside Moscow is Oriflame’s largest ever investment.
Josef Stalin succeeds Cold war Yuri Gagarin is Anders Åslund (Class of ’73), Phd from East Capital
Vladimir Lenin and industrial the first man in SSE, becomes economic advisor to the starts its business
progress space Russian government in Russia
1924 1957 1960 1960 1970’s and 1980’s 1989 1990 1992 1997 2000
Sputnik 1, the world’s first Economic stagnation Glasnost and Oriflame IKEA opens its first
satellite in orbit around the escalates towards the end Perestroika establishes department store in
1995
globe, is launched of the cold war, leading to its Russian Moscow
a dissolving empire branch
2-2009 s se t oday 11
SSE Russia – the human
face of capitalism
SSE Russia first opened its doors in 1997 in St Petersburg, offering a short entrepre-
neurial program. Since then it has added the executive MBA and custom corporate
programs. It has also expanded into Moscow. So what has changed in those 12 years,
and what does the future hold?
ANdERS lIlJENbERG IS dEANof SSE Russia. becoming more important globally.” There Anders liljenberg
In the first years, he says, many people is, however, an MBA program specifically
came more for the status a Western school geared to Russian-speaking participants.
conferred than for the training itself. That is
no longer the case today. A kEy ElEmENT, he says is promoting a longer-
“Demand is now much more sophisti- term perspective. “Historically, a long-term
cated,” Liljenberg says, “and those who approach has never really paid off in Russia
study with us have exacting requirements. because its society has always been so
They are highly motivated and know what dynamic. We want people to learn how to
skills and competence they need to prosper establish ties with customers and encour-
in the Russian business environment. The age them to return. That has not been the
economic crisis has revealed how poor much Russian way.”
of Russian management is, particularly in One important aspect of this for SSE Rus- will quickly find out!” Liljenberg says. “Teach-
state-run companies but also in the private sia itself is to establish links with state-run ing in Russia has been the most challenging
sector, and that is an important aspect of the companies, and the school recently started a professional experience of my life, but by far
requirements we are addressing.” program for Russian railway company RZD. the most rewarding because of the enthusi-
The executive MBA, introduced in 2000, “It’s one of the world’s biggest railway compa- asm to try out ideas you present. The level of
is now the core of the school’s offering. nies, with more than one million employees,” knowledge has increased rapidly – a lecture
Liljenberg says that in Russia, this qualifi- Liljenberg says. “Together we’ve mapped out a from eight years ago would not work today.”
cation often has an even greater significance successful way forward, adapting the mindset
in people’s lives. “It makes a big difference,” to a new direction, which at least some of Rus- lIlJENbERG IS opTImISTIc about the future, and
he says, “and there is an increasing trend sia’s leaders know the country must take.” SSE Russia is planning for the long term. An
for people to pay for themselves rather than There are problems and contradictions in undergraduate program is being considered,
being funded by a company. That has a big Russia, Liljenberg says. “This is a country for example, which would give the school a
effect on motivation. The networking oppor- with negative growth, double-digit inflation firmer foothold in Russian society.
tunities are also extremely valuable.” and interest rates in the area of 20-25%. “Of course there are difficulties,” he says,
The school’s philosophy is based on SSE’s These things should not go together – they “but it’s important to believe in your own
global vision of sound business. “We are should to a certain extent counteract each power to change society. Too many people
not trying to give people a recipe for doing other. But the economy is not working just say ‘that’s Russia’ and accept problems
business in Russia,” Liljenberg says. “They as smoothly as it should. Inefficiencies, like corruption, but Russia is worth more
already know that. Our approach includes monopolies and oligopolies mean that living than that. There are examples of companies
a lot of Scandinavian values, such as caring costs are increasing and people’s salaries are that have good business practices and still
for others and a participant society. We refer going down in real terms.” manage to be profitable. It’s worth focusing a
to it as capitalism with a human face. It’s a All of these issues, he says, have an effect on bit more attention on those.”
model that reflects developments that are training needs. “If you don’t deliver here, you pAul REdSToNE
“It’s a unique education that opens new doors.”
Anna fahlman left her native crisis, when the country was on the this. In Russia, SSE stands for stability
moscow for Stockholm in 1998. verge of bankruptcy. However, there is and skills for global business. Students
She began the SSE mSc program in a huge gap between the big cities and feel they gain new career possibilities
2003 and graduated in 2008. Anna the countryside, where there may be no and friends and contacts for life. I loved
is hopeful about Russia’s future. other opportunities if you lose your job. everything from day one. It’s a unique
But Russia has enormous development education that opens new doors and
“The financial crisis has made its mark potential, and you can still find good makes you a part of a very exclusive
on the Russian economy, but most positions and business opportunities. community forever.”
people agree it’s not like the 1998 “The skills provided by SSE help with pAul REdSToNE
12 s se t oday 2-2009
Mat i balans med naturen
I vår värld kan ekologisk mat vara både krispig och knaprig, men aldrig tråkig. ICA I love eco
är en serie ekologisk mat som både ser bra ut, och smakar gott. Sortimentet spänner från bor-
lottibönor till mörk choklad, och växer ständigt. Vårt mål är nämligen att kunna erbjuda sund,
ekologisk mat för alla livsnjutare. Länge.
catch the
customer!
sse today spoke to some of sweden’s biggest retailers about industry trends,
challenges and the future of retailing. Participating in the round table discussion
were thomas axén, president and Ceo of Åhlénsgruppen, Kenneth Bengtsson,
president and Ceo of ICa, Micael dahlén, professor of Marketing and strategy
at sse, Jens Nordfält, dean of the Center for Retailing and Bsc Program in Retail
Management at sse, and Meta Persdotter, Ceo of svenska spel.
TExT: cARI SImmoNS foTo: SAmIR SoudAh
Retail consumer goods are a vital
part of everyday life. pictured
here are the typical essentials
for one man’s day – and perhaps
even his future: clothes, training
gear, calendar, watch, microwave
lunch, afternoon snack. And don’t
forget the lottery tickets!
14 s se t oday 2-2009
What are some of the challenges facing have much more money to spend today than other something else; it’s the same customer.
your company today? they did 20 years ago. ThomAS AxéN: We also see the same cus-
mETA pERSdoTTER: Svenska tomer having quite different needs. We
Spel is a strong actor on How is this affluence used to be able to identify a pattern among
Svenska Spel
the market. But our big affecting the way people shoppers, but it is different now. It is cer-
challenge today comes from shop? tainly more difficult to categorize people, yet
online gaming companies JENS NoRdfälT: Many meeting their demands will be necessary to
located abroad, which don’t people are shopping in a succeed.
have the same rules and different way, for example
restrictions that we have experiencing retail shops “Clarity is important.
in Sweden. We are trying to as nice meeting places, and Customers have so little
get some order and clarity places where they want to time, and there is so much to
into the global situation so spend time. Retail is being
we can compete on an equal transformed from a neces- choose from. It’s important
footing. sity factor to a motivation for retailers to clearly com-
ThomAS AxéN: Our biggest factor, which is something municate what they are
challenge is making sure Meta Persdotter joined Svenska Spel constructive and positive. best at.” mETA pERSdoTTER
that customers’ expecta- at the beginning of 2009. Her previous Shopping has become a
tions are not just met, but retail experience includes management lifestyle.
exceeded. We are compet- positions at duka, Stadium and Ikea. mIcAEl dAhléN: A US study mIcAEl dAhléN: I think today’s customers
ing for people’s time and asked teenagers how they want to avoid being categorized. People
money, and the competition like to spend their days, ask me about the latest developments in
is getting tougher all the and 93 percent answered customer segmentation, but it really doesn’t
time. Åhléns has to continually deliver bet- ‘shopping’. Why do they shop? Because they have as much relevance today for retail mar-
ter, with improved quality, more competitive can! People are not neces- keting. Positioning is still
prices and a better environment. sarily buying more these important though.
Alvreten
kENNETh bENGTSSoN: In Sweden, our custom- days, but they are consum-
ers have more money in their wallets than ing more widely than in the How important is cus-
they had two years ago, but in the three past. tomer loyalty, and how
Baltic countries where we have ICA stores, do you create it?
GDP has decreased by 6-15% and VAT has What else is notable mETA pERSdoTTER: It is very
increased. Purchasing power is lower, so about purchasing habits important. We have a cus-
keeping ahead of the competition is largely today? tomer loyalty card with just
about price in the Baltics. The challenges are kENNETh bENGTSSoN: My over one million users. This
different there compared to Sweden. experience is that it’s much gives us a great opportunity
more difficult to categorize to communicate with an
So retailers in Sweden haven’t been hit customers than it was in important customer base
as hard by the recession? the past. Today’s customer and get feedback on how to
mETA pERSdoTTER: Despite instability in the might buy low-cost canned Micael dahlén is professor of marketing be better. We are also using
market, we see that people are currently sweet corn, but also choose and strategy at SSE. He is a sought- social media such as mes-
spending at the same level as before. They organic meat and high- after speaker and author of the book saging and chat to engage
continue to buy lottery tickets, and we con- quality chocolate. It’s no Nextopia. in dialogue with customers.
tinue to have a good turnover. longer a question of one cat- ThomAS AxéN: Loyalty is
JENS NoRdfälT: I think in general that people egory buying this and the also a measure of how well
2-2009 s se t oday 15
we are meeting customers’ needs. Our loyal kENNETh bENGTSSoN: These questions have
“We have to get used to the
customers spend more money with us, and been high on our agenda for many years, and
it shows how good they think we are. But we continue to take steps towards increasing fact that customers will be-
loyalty means something different today. sustainability. I’ve noticed that our trainees come increasingly unfaith-
In the past, you might have have completely differ- ful, and it will require more
shopped at ICA but not Kon- ent questions today than of us to hold on to them.”
Alvreten
sum, whereas today you may they did eight or nine kENNETh bENGTSSoN
do both depending on what’s years ago. Many of them
convenient. It’s becoming want to know about our
more difficult to have loyal activities in relation to
customers, but that doesn’t ethical questions and the positive responses from customers over such
mean it’s less important. environment, and clearly actions. It’s all connected to wanting to be
kENNETh bENGTSSoN: We these areas are a bigger a market leader and a good example to the
have to get used to the fact concern today. Retail- industry.
that customers will become ers shouldn’t forget that
increasingly unfaithful, and it there is also a competi- Niche versus wide assortment: which
will require more of us to hold tive advantage if this is strategy works best for you?
on to them. handled right. ThomAS AxéN: We want to be there for many
Jens Nordfält is dean of the Center for mIcAEl dAhléN: We live people, so we have to have a wide product
So how do you retain exist- Retailing and BSc Program in Retail in a world where people assortment. Of course we can’t do it all –
ing customers and reach Management at SSE, that provides expect to influence and Åhléns won’t start selling cars or refrigera-
new ones? tailored education for students be informed. They want tors. What we sell has to be within our brand
kENNETh bENGTSSoN: We have interested in a career in retailing. to know what’s going on range.
to create experiences and behind the scenes, and mETA pERSdoTTER: A wide assortment gives
possibilities for our customers, when it comes to ethics us tremendous strength because different
as well as giving advice and and the environment, products are popular in different periods.
solutions. Staff represent a large part of this there is a lot of value in retailers providing It’s good to have many channels where we
personal experience. information about how things are made can reach people. At the same time it can be
and so on. Whereas before we were told to negative if too many retailers start sell-
“Retail is being transformed trust the brand, retailers should instead be ing too many things. Clarity is important.
making it possible for customers to decide Customers have so little time, and there is
from a necessity factor to a for themselves by providing the information so much to choose from. It’s important for
motivation factor, which is needed to make a well-informed decision. retailers to clearly communicate what they
something constructive and ThomAS AxéN: Clearly ethical issues are are best at.
positive. Shopping has be- playing a bigger and bigger role, and we kENNETh bENGTSSoN: For us it’s important to
come a lifestyle.” think this is a good thing. In the future there offer both niche stores and large supermar-
will be even more demand kets. In addition to having
JENS NoRdfälT
from customers for us to do supermarkets with 5,000
all we can. In the short term different products, we want
Alvreten
JENS NoRdfälT: If shops can offer a more there are business oppor- to have convenience stores
personal shopping experience, with a lo- tunities, but we do these in the right locations,
cal connection, customer loyalty will also things mainly because we where customers can easily
increase. This can have a bigger impact than want to. find what they need in the
marketing. mETA pERSdoTTER: It’s impor- two minutes they have
ThomAS AxéN: We need to continually update tant to be sustainable and available for shopping.
ourselves on what the customer wants, and also take social responsibil- JENS NoRdfälT: According
keep up a dialogue with them. There will ity seriously. We place high to retail consultant Herb
be increasing demands from customers for demands on ourselves to cut Sorensen, who has looked
knowledge about what a product contains, transportation emissions into how customers move
its origins, and so on. and work with recycled Kenneth Bengtsson is president about in stores, 80% of
paper, and of course work and CEO of ICA, Sweden’s largest their time is spent just
What influence do environmental, actively to prevent gambling supermarket chain, with close to 1,400 finding goods, and 11% of
social and ethical questions have on from becoming an addic- stores. their time is involved in
retailers? tion. We have received many useful shopping! Around
16 s se t oday 2-2009
2–3% of the assortment know where things come “There will be increasing
represents 40–50% of a from. At the same time, web
store’s turnover. Based shopping will also increase. demands from customers
on this, it seems retailers mETA pERSdoTTER: The lack for knowledge about what a
spend too much time sell- of time will require a clear product contains.”
ing and taking customers message from retailers to ThomAS AxéN
all over the store to look for customers, so they know
things, when they should what they’re getting when
be helping them to find they come into a store. ThomAS AxéN: The use of digital channels
what they need quickly. They don’t want to be too will grow. Just a few years ago, selling
surprised. I think we will high fashion on the Internet would have
What do you foresee also see an increase in been unthinkable. This doesn’t mean that
happening in the retail Thomas Axén, CEO of Åhlénsgruppen, sales channels such as people will stop coming to physical stores,
industry in the next 5–10 one of Scandinavia’s leading retail the Internet and mobile though. But as we all say, the competition for
years? chains with department stores and phones. Customers will people’s time will increase. We will have to
kENNETh bENGTSSoN: Time boutiques providing fashion, beauty and be more selective and will continue to exceed expectations. And while
will be an even scarcer home decoration products. The group demand more from a social customers want to recognize a store and
resource. Customers will also includes retail chains Kicks and and environmental point of feel at home there, they also want to see or
want to shop close to where Lagerhaus. view. Low price will also be experience something new. That demand
they live and work, and to an important aspect. will increase in the future.
Retail success story: ur & penn
Staying ahead of the times
Ayad Al Saffar is a king in Sweden same thing for other boat companies. What have you noticed about cus- my ability and I took them by surprise!
– when it comes to the world of You develop a concept that suits each tomer purchasing habits? I keep my eye on the competition and
watches. In 20 years, the founder customer according to their needs and We do well in bad times because we have respect for everyone.
and president of klockgrossisten then multiply. are in the low-price segment and sales Additionally, you have to know your
has built the biggest watch empire have increased during this recession. branch and the competition inside
in Europe. have you made any big mistakes We are getting new customers from out and then find your own little niche
in retailing or is other segments too who and be the world’s best at it. It takes a
you have built up a very successful there something you are buying our more ex- long time to become successful and it
business and are quoted as saying: regret? pensive watches. People requires fine tuning and discipline. I also
“I could sell sand in the desert.” We don’t make mis- no longer buy watches hire young, hungry people who are up-
What is the secret to your success? takes; we are just richer to mark important occa- dated on the market, mode and trends.
But I also said that I would color the in experiences. But I sions or just to tell the We take inspiration from them and oth-
sand and package it and sell a concept! can say that because time. Now people want ers and put that into our watches.
We sell more than an item. We do an we have expanded so to have a wardrobe of
analysis, find out what customers want, quickly, we haven’t spent watches to wear accord- you have achieved a lot in your
see what is problematic for them and enough time educating ing to mood or clothing career. Is there one more thing you
solve it. For example, Viking Line cruise staff about our business Ayad Al Saffar that day. hope to achieve in retailing?
ships had trouble selling watches in as we should have. I’ve We want to be the world’s biggest
their shops because they would tumble had to let four out of five managers go There is a lot of competition today. watch retailer. And personally, I never
about in rough seas, so we designed in Holland. So now we are implement- What advice would you give to want to stop developing and learning.
a watch stand and holder for them ing a management trainee program to those starting out in retail? Every day brings a new challenge and
that wouldn’t fall over. I also learn from educate people about the business and Well, I wouldn’t make the same mis- we compete with ourselves and break
success. When I saw how well the turn them into our ambassadors before take that people made with me when I records every day.
watches sold, we started doing the we send them out to new markets. was starting out. They underestimated cARI SImmoNS
2-2009 s se t oday 17
WoRLd bEaTERS
Moderate Party politician anna Kinberg batra is one of few
Members of Parliament to hold a master’s degree from SSE.
She believes more economists and business people should
get involved in politics, instead of complaining that politi-
cians don’t understand anything.
Taking a stand
If ThERE ARE TWo WoRdS that describe a career or a job in my opinion. Of course I important that Sweden and Europe hold
Anna, they are ‘committed’ and ‘ener- am a full-time politician at the moment, but strong positions in the world, but we cannot
getic’. She strides purposefully through the really I am an economist. It’s important to achieve that by living on past achievements.
corridors of Parliament, greeting everyone move in and out of politics.” We can’t tie ourselves to old car factories
from fellow politicians to security guards, without seeing what will follow them. We
and booking meetings on her mobile phone ANNA WAS AccEpTEd into SSE in 1991, but didn’t have to decide whether we want to compete
as she goes. graduate until 2000. “I wasn’t an ideal with India and China, or instead become
Currently Chair of the Committee on Eu- student, because I was involved in politics at a museum, which people from India and
ropean Union Affairs, Anna first served as the same time, as well as the Student Union China visit to see old palaces and churches.
a substitute Member of Parliament in 2000, and a lot of other things. I also did a double We also have a number of extremist parties
representing Stockholm University. She degree, studying French and Dutch. But I and a certain amount of prejudice against
went on to serve as a Member of Parliament was absolutely determined to get that piece foreigners in the bargain. This is something
from 2001 to 2002, and again from 2006. of paper - partly because I had promised I am a little afraid of, and we politicians
She has also worked in Brussels as political Staffan Burenstam Linder that I would. I have a great responsibility to counteract it.”
secretary to Member of the European Parlia- stopped working for him so I could complete
ment and economist Staffan Burenstam my degree at SSE, which he thought was a How have your studies at SSE served
Linder, following his term as SSE president. very wise decision. After all, my degree in you as a politician?
Anna has worked in politics since the economics is the basis of my job.” “A master’s degree in economics is extremely
mid-1980s, gaining wide experience at the Anna has worked in recruitment, and useful when you have to deal with facts
local and national levels. But in fact her was involved in starting two recruitment and figures. I am bombarded with informa-
political engagement goes back to her child- companies: Jobline (now Monster) and Nova tion and need to extract what is important.
hood, when she raised petitions against cru- 100. She has also been a PR consultant and Parliament is responsible for the national
elty to animals and was active in the student information manager at Stockholm’s Cham- budget so, for example, I have to be able to
council. At university she was a member of ber of Commerce. calculate agricultural subsidies, and under-
Moderate School Youth, although her politi- “At the moment, politics is a lot of fun. I stand budget deficits and the non-accelerat-
cally active mother and grandfather were am working hard for re-election, and for an ing inflation rate of unemployment.”
members of Folkpartiet, the Liberal Party. Alliance victory in the 2010 election, but I päR JoNASSoN
“Moderate School Youth suited me perfectly still don’t think it’s what I should do all my
because its three main issues at the time were life. I see a number of business years ahead
the EU, exam results and parties. But my of me. Parliament is a special environment,
mother’s political involvement has played an and it’s important for politicians to be in
important role for me. She always encouraged touch with the everyday world.”
me to take a stand and do something about a anna KInbERg baTRa
problem instead of complaining about it.” What issues are you passionate about
today? born: 1970
Have you always wanted to be a politi- “One issue I keep returning to is how we Education: Degree in languages and political
cian? can manage increasing globalization. My science from Stockholm University,
“I still don’t want to be one. Politics is not husband has relatives in India, and every MSc in economics from SSE
time I’m there I get stressed. Everyone’s
Home: Terraced house in Nacka, Stockholm
talking about growth and how India will
“Politics is not a career or a job soon become a major economic power. The Family: Husband and daughter
in my opinion. of course I am whole society is bubbling. Here at home
Stockholm tip: Take a walk along Saltsjö in Nacka
a full-time politician at the we take our standard of living a little for – a wonderful mixture of city and fresh air
granted. We live on old multinational compa-
moment, but really I am an nies but have too few companies that might Blog: annakinbergbatra.blogspot.com
economist.” become tomorrow’s IKEA or Tetra Pak. It’s
18 s se t oday 2-2009
Samir Soudah
fast mover, big thinker. member
of parliament Anna kinberg batra
is constantly going somewhere,
finding solutions and delivering
new ideas.
2-2009 s se t oday 19
hotbed for
innovation
The word “cluster” was coined 20 years ago, and the evidence is in. Industrial clus-
ters do promote innovation, create jobs, and give birth to new companies. SSE Today
met Örjan Sölvell, the leading expert in this field, who introduced the cluster concept
to Sweden.
cluSTER ThEoRy has been all the rage town, where industry is concentrated to a during a period spent working at Harvard
in the past decade – and with good single factory and kept separate from other Business School together with Michael Por-
reason. Research shows that successful activities. That same town is also home to ter, whose groundbreaking 1990 book The
industrial clusters provide an environment a university, policy makers and various competitive Advantage of Nations launched
that promotes innovation, growth, company organizations, but these different elements the concept of clusters as a competitive
start-ups and job creation. don’t mix. The cluster mentality, on the other advantage, and has been used by policy-
“A successful cluster is a hotbed for inno- hand, is characterized by a way of think- makers to promote national and regional
vation. Regions with good cluster develop- ing that enables and promotes interaction development. Sölvell and Porter collaborated
ment clearly create more innovation and between many different agents, including on the book Advantage Sweden.
develop new services, which leads to renewal academia and public sector interests, with
and growth,” says Örjan Sölvell, professor of the aim of finding new avenues of develop- lATER RESEARch has specifically targeted how
international business at SSE. In his latest ment. clusters evolve. “What attracts me to this
research work, Clusters – Balancing Evolu- “Cluster policy is a new process and a way area is that it is a way to influence societal
tionary and Constructive Forces, he explains of thinking that breaks down old barriers, development. Business administration
why and how cluster organization enables involves existing actors in new ways, and seldom plays a role in the political arena,
innovation and growth. even adds some new actors in order to con- but here it does. Regional development is a
So what exactly is a cluster? Sölvell likens struct better clusters,” Sölvell says. key political challenge, and while clusters to
traditional industry thinking to a one-factory His interest in cluster theory was sparked some extent evolve naturally, it is a develop-
20 s se t oday 2-2009
Annika Sköld Lindau
“The role of constructive forces
is much greater than one may
think. This is encouraging, since it
means we can make a difference
and influence the future.”
natural resources, geographic location and between business and academia is one factor
infrastructure. The Paper Province in Värm- that enables job creation.
land, for example, has developed unique “Clusters that have been around for a
competence and emerged as an internation- long time tend to be supported by strong
al hub for the paper and pulp industry. This, engagement,” he says, “which can be politi-
Sölvell says, partly reflects evolutionary cal or industrial. There is a stated desire
forces such as proximity and availability of to build a dynamic cluster. One example is
wood, and transportation. the steel cluster in Bergslagen, where the
“But successful modern clusters also de- steel industry has joined forces with the
pend on constructive forces, and my research university and the public sector. In that
shows that these forces can play a very region, they compete and collaborate with
large role. It can be political initiatives, or know-how within research, development,
bottom-up forces like a strong entrepreneur, manufacturing and services, and it has been
academia or other targeted initiatives,” he very successful.”
says. cARolINA JohANSSoN
One factor that successful clusters often
Samir Soudah
have in common is a steady exchange and
close collaboration with the academic world,
as well as political backing.
“Take an area like Silicon Valley. It didn’t
evolve because one person had a vision to
build this region, nor was it the result of
a political decision. The growth of Silicon
Valley resulted from an interplay between
business, Stanford and the academic world,”
he says.
ment that should be supported by national
and regional initiatives,” Sölvell says. SÖlvEll cITES the example of Stanford’s
He adds that one of the most striking research center, SLAC, which is run by Stan-
findings in his research is how large an im- ford and the US Department of Energy, and
pact targeted initiatives can have. The tradi- which has generated Nobel Prizes as well
tional view, he explains, is that clusters more as hundreds of new high-tech jobs in nearby
or less just happen. This is not the case. Silicon Valley. Research at the European
“If you look at a successful major cluster counterpart to SLAC, CERN in Switzerland,
like Hollywood or Silicon Valley in the rear- has also led to Nobel Prizes, but has failed to
view mirror, it is easy to assume that it all create much spin-off business. Örjan Sölvell is a professor of international business
just came together. My research charts how “CERN operates in isolation,” he says. “The at SSE and associate dean of the Phd programs. Since
clusters evolve and how cluster initiatives cluster is missing. Interestingly enough, it 2005, he has also been the director of the Center for
can be used to enable this process. The role was CERN that first created the World Wide Strategy and Competitiveness at SSE. He graduated
of constructive forces is much greater than Web as we know it, but commercialization from SSE in 1979 and received his Phd in 1987.
one may think. This is encouraging, since it and job creation took place in leading clusters Since the mid-1980s, he has collaborated closely with
means we can make a difference and influ- elsewhere, particularly in Silicon Valley. A Harvard Business School professor Michael Porter. His
ence the future,” he says. great deal of public and private money is publications include Advantage Sweden (1991) with
There are two different kinds of forces at going in to research in Europe, but it doesn’t Michael Porter and Ivo Zander, Cluster Initiative Green-
play when clusters form. Sölvell calls these create new jobs. It doesn’t generate a lot of book (2003) with Christian Ketels and Göran Lindqvist,
evolutionary forces and constructive forces. innovation.” and Clusters – Balancing Evolutionary and Constructive
Evolutionary forces include economic and Sölvell’s research shows that clusters pro- Forces (2009). He also serves on the advisory board of
market conditions, for example access to mote innovation and that more collaboration the Competitiveness Institute.
2-2009 s se t oday 21
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s se t oday 2-2009
uPdATE
Get the EdGE Gathering of the Great
Samir Soudah
A coNfERENcE on Human Nature and Each shared parts of their latest re-
Economic Incentives was held at the search in behavioral economics center-
Grand Hôtel in Stockholm on Septem- ing primarily on how sky-high bonuses
ber 11, 2009 as part of the SSE’s sometimes are not the best way to value
100-year jubilee activities. creation in a company, and to rewarding
The conference attracted more than employees. Softer factors like identify-
100 CEOs and Chairmen of the Board ing with a company or its social values
of SSE’s Corporate Partners, and lead- are of increasing importance today.
ing academics and politicians. Tine Frivik Westerlund, executive
The conference was initiated and director for Corporate and donor Rela-
moderated by SSE Professor Tore tions, that arranged the conference, em-
Ellingsen, who holds the Söderberg Pro- phasizes SSE’s role as a meeting place.
fessorship in Economics at the school. “SSE has an ongoing dialogue with
The conference’s topic was motivation the business community through the
and financial incentives in both the Corporate Partnership Program and far-
private and public sectors. reaching collaborations with researchers
“Bonuses were a well-chosen and all over the world. The conference is one
timely topic given the recessionary example of how SSE brings these two
times. This was an excellent initiative,” elements together to create a meeting
said guest Jacob Palmstierna, chairman place where business and academia can
of Loomis, and a former SSE student. discuss important issues.”
The conference included lectures by The excellent setting, made possible
George A. Akerlof and Gary S. Becker, by Peter Wallenberg Jr., The Grand
both Nobel Laureates in economics; Group, and Tuomas Liewendahl at Grand
Iris Bohnet, professor of Public Policy Hôtel, also contributed to making the
at the Harvard Kennedy School; and conference a truly memorable event.
Ernst Fehr, professor at the Institute for AlExANdER fARNSWoRTh
kristina Nilsson, business director, SSE Ifl.
Empirical Research in Economics at the Read the full story at www.hhs.se/
university of Zurich. businessAndSociety/SSEToday
Strengthening strategic capabilities and
handling increasingly complex challenges
is the focus of EDGE – Mastering Change
and Complexity, a new program from SSE
IFL Executive Education.
ThE EdGE pRoGRAm has been developed for experienced manag-
ers who are often involved in change processes and problem
solving. It was started in 2008 in response to demand from custom-
ers for support regarding a variety of complex business challenges.
These challenges include bringing organizations together following a Speakers and panelists, from left to right: SSE professor and moderator Tore Elling-
merger or acquisition, navigating a global matrix organization, and sen; Jacob Wallenberg, chairman of Investor; Ingrid bonde, cEo of Amf pension; Ernst
fehr professor at university of zürich; Iris bohnet, professor at harvard, and bruno
introducing common IT solutions in a decentralized business.
Witvoet, former chairman of the board at unilever Nordic.
“Changes in the world around us and strong competition create
new, complex challenges for organizations and companies. Business
challenges of this type often create high levels of ambiguity and a
lack of predictability which formal organizations, established man-
Thank you corporate partners!
agement techniques and traditional problem-solving rarely manage 2009 has been a year characterized by caution, however SSE’s Corporate
to handle successfully,” says Kristina Nilsson, business director, SSE Partnership Program has had a hugely successful year. It appears that SSE is al-
IFL. ways seen as a good investment! New Corporate Partners and upgrades include:
The EDGE program addresses participants’ real-life challenges New capital partner (SEk 700, 000 per year): Ernst & Young
and finds solutions, tools, and ways to move forward and solve the New Senior partner (SEk 400,000 per year): Brummer & Partners
task at hand. This means that participants exchange experience and New partners (SEk 150,000 per year): Alfred Berg, Carnegie, Catella Capital,
need to be able to discuss their challenges openly in small groups Coor Service Management, Elite Hotels of Sweden, Sundling Wärn Partners
during the program. At the same time, they build a professional
network containing development and leadership knowledge. For more information, contact Tine Frivik Westerlund, executive director Corpo-
cARI SImmoNS rate and donor Relations.
further details: http://www.ifl.se/aboutedge
2-2009 s se t oday 23
SSE
SSE ODAY
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Fjellborg, SSEErik
professor Cari
Holmquist andn
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Reach top talent – advertize in SSE Today
SSE Today offers a unique opportunity to reach an exclusive and influential target group.
Published twice annually with a circulation of 15,000, the magazine reaches students
and alumni from SSE, as well as CEOs and Chairmen of SSE Corporate Partners, SSE
faculty and staff. Readership surveys show that the premier issue of SSE Today received
a highly positive rating by 95 percent of SSE alumni.
Advertising in SSE Today offers a means of communicating with Sweden’s most
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Advertising space is limited to four pages per issue.
To reserve space in an upcoming issue please call Eleonore Säll,
press & communications officer, at +46 8 736 90 15, or email eleonore.sall@hhs.se
ON THE MOVE
Keep in touch and find out what your fellow
alumni are up to.
practice in Latvia. It offers expe-
VENTuRES rienced interim management for
Get rid of
troubled businesses.
Mathias Berg (’95)
Fredrik Vinstock (’96)
your fears
Mathias Berg has moved with his
family to Rome, Italy, to work on Since March
a new Pay TV venture. Mathias 2009, Fredrik
has worked as Vice President of has been an
Airplus TV, an international Pay associate in
TV venture for the last two years the Banking-
and recently closed a transaction and Finance
with Telecom Italia Media, which team at the Carl Lindeborg (’98)
enabled the start of the new Stockholm of ce of Baker &
company, called Dahlia TV. McKenzie. He has also recently Carl Lindeborg, coach and trainer on leader-
founded the champagne import- ship and personal development, recently pu-
blished his new book Modig – konsten att
Pietro Fallai (’62) er Bubble Generation, marketing
övervinna sina vardagsrädslor (Courageous).
After 10 years in southern the Sourdet-Diot champagnes in Written together with Sofia Sivertsdotter, the
California Pietro has returned Sweden. book gives advice on how to create a more
to Stockholm to continue as a helpful relationship with fear, stress and wor-
broker selling private homes and ries, and live and lead with more integrity and
commercial businesses under NEW CHALLENGES courage.
the business name of Fallai &
Partners Mäklarna. Markus Almerud (’98)
Markus has joined Morgan economist at the Dental and Christian Keskitalo, (’98) for integration of a recently
Magnus Lindkvist (’93) Stanley in London, covering Pharmaceutical Bene ts Agency. Christian has acquired company, Progres.
Magnus has a new book coming the mining sector. Previously joined the
out. “Everything We Know Is he worked at Handelsbanken Pontus Engström, IGP (’97-98) Finance & Mårten Leijon (’89)
Wrong - The Trendspotter’s Hand- Capital Markets for ve years. Pontus Eng- Performance Mårten Leijon joined the Micro-
book” is published by Marshall ström is the Management nance Information Exchange,
Cavendish in the UK. Carolin Axelsson (’00) new Finance team at Ernst a leading provider of information
Carolin has moved to New York Director of the & Young in on micro nance, as Chief Execu-
Pavels Snejersons, EMBA (’09) to work with Accenture Manage- Mission Cov- Stockholm. Christian is advising tive on September 1. Mårten has
Pavels Sne- ment Consulting. enant Church executive leadership teams inter- been living in Washington D.C.
jersons, SSE of Sweden ested in improving performance since 1999 with his wife, Dawn,
Riga, has set Andreas Engström (’94) (Svenska Missionskyrkan), in sales and marketing, com- and three children Lukas, Edvin
up Core Man- Andreas Engström has joined the second largest church in munication, product and service and Linnea.
agement SIA, the pharmaceutical company Sweden. Prior to this role, Pontus development, customer service,
a corporate Nycomed as a market access worked as Portfolio Manager at nance and operations. Göran Lindqvist (PhD ’09)
recovery and manager and health economist. DnB Nor Asset Management and Göran
turnaround He was previously a health as Director at Credit Suisse. Nina Kukuskina, EMBA (’09) Lindqvist has
After ve joined the
years as Center for
CEO for Aon Strategy and
Latvia, a risk Competitive-
A mATTER of clASS...
management ness (CSC)
and insurance at SSE, where he will be project
Graduates from SSE’s three and four-year BSc and MSc programs, and IGP broking com- manager for the European
students, commonly identify with the year of admission. This is why Class of ’95 pany, Nina has Cluster Observatory.
or simply ’95 refers to the starting year and not the year of graduation. moved to Warsaw, Poland. She
For MBA, EMBA and Phd program participants, however, the magazine refers now works as Integration Direc- Gints Lipsbergs (EMBA ’09)
to the year of graduation. tor of Aon Poland, responsible Gints has joined the board of
2-2009 s se t oday 25
ON THE MOVE
directors at Latvia State Radio & Russia is now Vice President of
Television Center. marketing and business develop-
marketing
ment at the online kiosk company
Katya Nolvall (’08) ZINIO.COM.
Katya joined KPMG after gradu- Maksim has previous experience
ation and has worked for the
Transfer Pricing Department
from publishing in Russia –
including a period as editor-
maestro
and Mergers and Acquisitions in-chief and publisher of the
Tax Department. In May 2009 newspaper Kommersant – and
Katya switched to the Corporate a degree from the Journalism Karl-Oskar Tjernström (’92)
Finance Department where she Faculty of the St. Petersburg State
does valuation work. University. Karl-Oskar has recently been appointed
Nordic Marketing Manager Telecom at Sam-
sung Electronics. Previously, Karl-Oskar held
Cecilia Nordin van Gansberghe Karl Prytz (’00)
the position Marketing Manager Sweden. In
(’82) In November Karl became October, Karl-Oskar was awarded the title
In October Marketing Director at billing so- “2009 Marketing Manager of the Year, Mobile
Cecilia was lutions company Kreditor (about Phone category” by Swedish marketing and
appointed to change its name into Klarna). advertising magazine Resumé.
Swedish Per- The company was founded in
manent Rep- 2004 by SSE students Sebastian
resentative Siemiatkowski, Victor Jacobsson
to the Food and Niklas Adalberth. Karl
and Agricultural Organization of previously worked as a com- that are too small to hire a full
the United Nations. Ambassador munications strategist at the time CFO, but large enough to
Nordin Van Gansberghe moves media agency Carat and as Key need an experienced CFO on a
to the new position in Rome Account Manager at the online project or part-time basis.
from the embassy in Ljubljana, marketing company Zanox AB.
Slovenia. Previously she has Richard Wahlund (’78)
also worked at the World Bank in Francisca Quinn (’89) Richard
Washington, D.C. Francisca Wahlund, the
Quinn has Bonnier Fam-
Gustaf Olsson (’81) joined Loop ily Professor
Gustaf Olsson is the new CFO Initiatives of Business
for Pomona-gruppen AB in as Business Administra-
Stockholm, a privately owned Manager and tion, (Media),
investment and private equity Sustainability and during 2009 also General
company. Consulting Practice Leader. Manager for the SSE 100 year
Loop is based in Toronto and jubilee celebrations, was ap-
Hanna Graflund Sleyman (’00) Ottawa and is a sister company pointed head of the Marketing
has left McKinsey & Company of Canadian green buildings and Strategy Department at the
after ve years and joined Retail consultancy, Halsall Associates. Stockholm School of Economics
and Brands, Polarn O. Pyret on July 1.
as Responsible for Business Hans Christopher Toll (’90)
Development. Hanna is driving After ve Gunnar Wester (’00) Gunnar
a change program at Polarn O. years as CFO, Wester is the new CEO of
Pyret targeting future growth as HC Toll has Wallmans Salonger Oslo AS in
well as a supply chain program decided to Norway. Prior to this appoint-
for the group Retail and Brands. run his own ment, Gunnar worked as a man-
consultancy agement consultant with Askus
Maksim Poliakov, EMBA (’02) business. He Consulting in Stockholm and as
Maksim, EMBA alumni of SSE specializes in helping companies a show artist with 2Entertain.
brand boosting in N.y.
“Am I the only SSE alumnus in Lina Rörby (’08)
Lisbon?” Lina Rörby, winner of the 2008 Female Economist of the Year scholar-
ship, moved to New York in October to work at Pfizer Inc’s headquarters.
She will be working in the Management Science department, supporting
the Viagra and Toviaz brand teams.
fINd ouT ThRouGh hTTp://AlumNINET.hhS.SE
26 s se t oday 2-2009
NEW HORIZONS CONGRATuLATIONS
Per Ahlander (’82) Annika Lundgren Thomsson
In July 2009, Per Ahlander (’93)
earned a PhD from the Uni- Annika got married to Daniel
versity of Thomsson in June. Annika is
Edinburgh the general manager of fam-
for his thesis ily owned and
“Marjory eco-certi ed
Kennedy- Hotel Oden
Fraser (1857- in Stockholm
1930) and and is also on
Her Time: A Contextual Study”. the boards
Now a Postdoctoral Fellow in the of Hotell
School of Literatures, Languages Lerdalshöjden in Rättvik and
and Cultures at the university, he Ditt Hotell Sverige.
continues his research work on
19th century European music Anna Klevby (’99)
and culture. Anna Klevby married Karsten
Dalgaard in Mölle in August and
Markus Lundgren (’99) has now taken the last name
Markus is working at the Dalgaard. Anna has also recently
economic section of the Swedish made a career move and is now
Embassy in Beijing, China. Project Director at Scandinavian
Health Partner. Showbusiness
Daniel Thiel (’93) Oscar Lindstein (’03)
Oscar Lindstein teamed up with Marie Martinson (’05) to launch KEYLAS,
Join up
Daniel Thiel
was recently an international dance/music project aiming at the hot clubs and the big
charts. Four elegant Swedish girls perform a classy live stage perform-
admitted to ance backed up by original heavy-hitting dance music. update: Anna AlumniNet, SSE’s vastly
the Swedish Korsgren (’07) recently joined forces with KEYLAS. Welcome Anna! Check popular networking commu-
bar (Advokat- us out at www.keylas.com nity, contains the latest facts
samfundet). about what’s going on at SSE,
numerous interest groups and
contact information to other
alumni. If you haven’t already
registered, simply go to
http://alumninet.hhs.se
Fill in the application form
and you will receive an
email with your personal
username and password.
AlumniNet is administrated
by the Alumni Office at SSE.
If you have any questions
don’t hesitate to contact
broad view
the Alumni office at
alumninet@hhs.se
Johan Edin (’99), Niklas Möller
(’00) and Eric Spongberg (’03)
Send your
Johan Edin, Niklas Möller and Eric Spong-
berg have recently left their careers for the
news to us
mountains and started a hotel in Switzerland Be a part of the next issue
- Ski Lodge Engelberg. Johan left a position as by sending your own news
CFO for Nilar International in denver, uSA, Nik- to us. Send a brief text in
las came from Curzon Global, real estate equity English to ssetoday@hhs.se.
in London, and Eric was head of strategy at Please note that not all
Saatchi & Saatchi. submitted material will be
published.
2-2009 s se t oday 27
Avsändare:
Stockholm School of Economics
Box 6501
SE-113 83 Stockholm
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