Vanilla, blockchain and the circular economy – one year on the Oxford MBA
Skoll Scholar and circular economy entrepreneur, Nikhil Dugal, highlights the best part of his year at Oxford on the MBA programme.
The Oxford MBA is quite a unique experience in the world of business education. The extent to which our class discussions and interests differ from other business schools is apparent when I travel to London to meet friends enrolled in other MBAs.
Over the course of the past year, the MBA has helped me keep pace with many issues of recent development, including emerging technologies, climate change mitigation and the circular economy, all while keeping one foot firmly in the business world.
Another opportunity to undertake learning was the entrepreneurship project (EP) in Trinity term. In addition to encouraging novel business ideas, Oxford Saïd also invites external collaborators to come pitch live projects to the MBAs for the EP. This offers individuals in Oxford the opportunity to work with MBAs on their project for a semester, while the students get the opportunity to work on a live project and contribute to real-world impact.
My team used the opportunity to work with an agro-ecologist from Oxford who is working on preventing deforestation in Indonesia by encouraging local farmers to grow Vanilla in the rainforests. Vanilla is the second-most expensive cash crop in the world. However, only 1% of the world’s supply comes from natural sources, while the majority comes from synthetic vanilla manufactured from petrochemicals. Natural vanilla grows as an orchid and can be planted in degraded rainforests to help restore the natural ecosystem in a polyculture system. Establishing a larger market for forest-grown organic Vanilla from Indonesia can help restore degraded rainforests and provide smallholder farmers a more lucrative alternative to engaging in unsustainable palm oil farming. We spent a semester working on their business models, financial projections and market entry strategy. Meanwhile, they have started a pilot in Kalimantan and planted 18000 saplings on 500 hectares of land leased from the government. Moving forward, their team will be using our research and projections to scale the project, raise funding and enter the market.
Before joining Oxford Saïd, I was working on a circular business in India, making eco-friendly infrastructure for development sector organizations. The circular economy elective in Trinity term gave me the opportunity to interact with a diverse set of stakeholders working to establish the circular economy in the UK. This included entrepreneurs from companies such as Toast Ale and Elvis & Kresse, investors such as LWARB and Circularity Capital as well as practitioners from the Ellen MacArthur Foundation. This gave us a broader view of how the ecosystem works in the UK and provided opportunities to network with people working on the front-lines of the problem.
Blockchain for Impact
Over the course of ‘Strategy and Innovation’, we were given the chance to apply concepts learned in class to an emerging field. I took the opportunity to research the use of blockchain technology for sustainable supply chain tracking. After learning more about this topic for my final coursework, I was given the opportunity to interact with two practitioners working on applying the technology on the ground and hear their perspective on it as well. Hugh Locke, the president and co-founder of the Smallholder Farmers Alliance in Haiti visited to speak at the Responsible Business Forum 2018. Their partnership with Timberland is using blockchain technology, built from the ground up with beneficiaries in mind, to help source sustainably grown cotton and revive the Haitian Cotton Industry. At the same forum, we were also visited by David Davies, the founder of AgUnity, which is using blockchain to increase the transparency of financial transactions in farmer cooperatives and increase farmer’s trust in the institution. During Trinity Term, our Tech for Impact class hosted one of the founders of Alice, which is using blockchain technology to undertake social impact tracking to help create a new type of cryptocurrency based social impact bonds. At Saïd Business School, what I’ve appreciated about the learning style is the ability to balance both theory and practice.
The issues social entrepreneurs work on are extremely complex and involve many stakeholders with diver interests. Tackling complex problems like climate change can seem overwhelming because of the complexity of the problem itself. Systems change constitutes studying how systems work, identifying stakeholders that are part of a system, understanding their preferences and identifying inflection points in the system where an intervention can lead to a significant impact. At the Skoll World Forum, I had the opportunity to also meet system entrepreneurs who are working in the field of systems change, in organizations such as Participatory Cities and Forum for the Future.
Moving forward, I will be spending the summer researching systems change and meeting practitioners to undertake landscaping research with the Skoll Centre for Social Entrepreneurship.
This past year has given me the opportunity to step back, reconsider the impact of my work, and inform my opinion by giving me a broad exposure to topics that are interrelated to my work. Although the year has gone by unbelievably fast, it has also reformed my perception of the world. There are an uncountable number of people of all ages and professions, who are working to help realize the world of the future. It’s a world that includes autonomous electric vehicles, distributed ledger technology and a global shift towards renewable energy.
The opportunity for me to be at the center of this transition has been made possible with a Skoll Scholarship and it will continue to shape my thinking as I transition out of Oxford, back into the world.