What Matters Most – I by IMD

After the US midterms, what changes for global business? IMD President David Bach on trade, AI, uncertainty, and the new rules of leadership.The U.S. Midterms have delivered a historic political upset, handing Democrats control of both chambers of Congress. But does that mean greater stability for businesses around the world? Or could new political pressures on trade, technology, and the economy create fresh risks? IMD President David Bach joins Tim Quigley to examine what the election means for companies around the world, from potential reversals of US tariffs to tougher scrutiny of AI investments. He also challenges the assumption that a change in Washington, D.C. will reverse the deeper forces reshaping the global economy: "We're not going back to a more stable, predictable world." Bach explains why resilience may now matter more than efficiency, why new opportunities are emerging across non-Western markets, and how organizations can turn uncertainty into a competitive advantage. Despite political upheaval, Bach makes a compelling case for optimism as “a really, really important leadership capability" and explains why it’s important to ask in the next board meeting: “what doesn’t change?”Meet Our GuestAs President of IMD and Professor of Strategy and Political Economy, David Bach studies how political decisions and shifting international alliances reshape global business. Educated at Yale and holding a PhD in political science from UC Berkeley, Bach served in leadership roles at Yale School of Management before joining IMD. His research on political strategy, globalization, and the relationship between business and government has appeared in many leading academic journals. His course The End of Globalization?, developed in response to Brexit and the rise of populism, won an Aspen Institute teaching award in 2018. In 2026, he was named International Educator of the Year by the Academy of International Business. LinkedInSubscribe to Leaders Unplugged for David Bach’s conversations with leaders around the world.ResourcesDemocrats have dealt Trump a crushing blow. Here's what it means for business leaders — An I by IMD analysis by David Bach, Richard Baldwin, Tim Quigley, and Arturo Bris examining the implications of the midterms for tariffs, AI, and business strategy.Robert Reich, The Guardian — The great sleeping giant of the US has awakened — Commentary on the political backlash against the Trump administration, referenced in the introduction.Janan Ganesh, Financial Times — How the Trump era crashed — Analysis placing the US midterm results in the context of populist electoral setbacks in Hungary, Brazil, and Serbia.National Popular Vote Interstate Compact — Background on the state-level initiative to determine the US presidency by the national popular vote, discussed by Tim Quigley and David Bach.What Matters Most – the new podcast by IMDThe most important questions facing leaders today deserve more than headlines. Every week, IMD professors Hana Milanov and Tim Quigley invite faculty and voices beyond the campus for a cutting-edge conversation, helping leaders understand what is changing, why it matters and what to do about it.New episodes every Tuesday. Subscribe to What Matters Most on Apple, Spotify, or your favorite podcast platform.

Young people are losing faith in the future. IMD's Vanina Farber explains why business leaders must rethink their role – and act before it's too late.Europe's young people are taking to the streets. From housing protests in Spain to demands for better schools in France, a generation is questioning whether hard work and education still guarantee a better future. And the disillusionment beneath the surface reaches far beyond Europe. For corporate leaders, it's a warning about the future of their workforce, their customers, and ultimately their business models. Are companies doing enough to address the growing divide between generations – or are they helping to deepen it?In this episode of What Matters Most, Vanina Farber, Professor of Social Innovation at IMD, joins Hana Milanov to challenge how executives respond to youth disillusionment. "I think we need to fix the system," she argues, pointing to hiring practices, AI-driven disruption, and the barriers preventing young people from building economic security. But simply listening to the next generation isn't enough. "Are you giving voice? Are you giving agency?" Farber asks. Drawing on examples from around the world, she makes the case for moving beyond youth advisory boards and market research: Companies must bring young people into actual decisions, give them influence over solutions, and share the value they help create.Meet our guestVanina Farber is elea Professor of Social Innovation at IMD, where she leads the elea Center for Social Innovation. Her work explores how businesses, entrepreneurs, and investors can tackle inequality and economic exclusion through market-based solutions. Drawing on extensive experience in Europe and Latin America, she works with executives to rethink business models, mobilize private capital, and create economic and social value.ResourcesAdolfo Bioy Casares — Diary of the War of the Pig (1969). An Argentine novel exploring intergenerational conflict. Harvard Youth Poll. Research on young Americans' declining confidence in their economic prospects.Vanina Farber and Gayle Allard — Beyond the Crisis: Youth Employment in Spain, 2006–2012. Research examining the structural causes of youth unemployment.Designing Humanitarian Markets. Farber's work with Patrick Reichert on designing market-based approaches to humanitarian challenges. The Economist — Unemployment is becoming a way of life for China's young (September 2026). Reporting cited in the episode on youth unemployment and young Chinese people paying to occupy mock workplaces.Recambio, Peru. A nonpartisan initiative equipping people from different generations and political backgrounds with the skills to participate in democracy and political leadership.Stora Enso and IMD — Pathfinders. An employee-led shadow management team that helped reshape the company's strategy, purpose, and values.What Matters Most – the new podcast by IMDThe most important questions facing leaders today deserve more than headlines. Every week, IMD professors Hana Milanov and Tim Quigley invite faculty and voices beyond the campus for a cutting-edge conversation, helping leaders understand what is changing, why it matters and what to do about it.New episodes every Tuesday. Subscribe to What Matters Most on Apple, Spotify or your favorite podcast platform.

Companies are spending billions on artificial intelligence. But are they making any money from it? IMD's Karl Schmedders on hidden costs, vibe coding and how companies can turn AI into business value.A new Gartner survey finds that only 13% of technology leaders report significant or transformational value from AI. Meanwhile, employees are building their own AI-powered tools, companies are struggling to turn prototypes into dependable products, and investors are starting to question the economics of the AI boom. So are companies investing in genuine transformation — or expensive experiments? And what happens when AI tools that appear to work turn into costly liabilities?In this episode of What Matters Most, Tim Quigley speaks with Karl Schmedders, Professor of Finance at IMD, about the economics behind the AI boom. Drawing on new Harvard Business Review research involving 11 companies, Schmedders warns that “initial success can be sort of very attractive, but then really turn into a problem.” He challenges executives to rethink their approach: “you don't want to do AI.” Instead, “start with a real pain, a real issue”. From shadow AI and corporate governance to the mounting financial pressure on tech giants, this conversation explores what leaders can do to turn technological promise into measurable business value.What Matters Most – the new podcast by IMDThe most important questions facing leaders today deserve more than headlines. Every week, IMD professors Hana Milanov and Tim Quigley invite faculty and voices beyond the campus for a cutting-edge conversation, helping leaders understand what is changing, why it matters and what to do about it.New episodes every Tuesday. Subscribe to What Matters Most on Apple, Spotify, or your favorite podcast platform.Meet this week's guestKarl Schmedders is Professor of Finance at IMD in Lausanne, where he directs the Strategic Finance program. Trained in operations research at Stanford University, he previously taught at Northwestern University's Kellogg School of Management and the University of Zurich. His research applies economics and finance to decisions under uncertainty, capital allocation, artificial intelligence and climate change. His recent work, published in Harvard Business Review, examines why companies struggle to turn promising AI-built software prototypes into reliable business tools.

What happens when people live longer, but the way we work, lead and retire stays the same? Longevity is becoming a strategic challenge for business leaders. Ageing workforces, rising healthcare costs,and the loss of experienced talent are forcing companies to rethink how they manage people and productivity. In the first episode of IMD’s new weekly podcast, What Matters Most, host Tim Quigley explores with Carlos Cordon why longevity deserves a place on the corporate agenda. From the promise of GLP-1 drugs to the economics of prevention, they examine what helps people stay healthier and productive for longer. Cordon shares surprising evidence of how business travel can damage productivity: “After a certain level [of travel], there is a cliff.” And he challenges leaders to not only reconsider retirement, but also invest into long-term health as a competitive advantage.What Matters Most– the new podcast by IMDThe most important questions facing leaders today deserve more than headlines. Every week, IMD professors Hana Milanov and Tim Quigley invite faculty and voices beyond the campus for a cutting-edge conversation, helping leaders understand what is changing, why it matters, and what to do about it.New episodes every Tuesday. Subscribe to What Matters Most on Apple, Spotify or your favorite podcast platform.Meet our guestCarlos Cordon is Professor of Strategy and Supply Chain Management at IMD, where he has advised and worked with multinational companies for more than three decades. His expertise spans business transformation, strategy, supply chains, and digitalization, with extensive work involving the pharmaceutical, healthcare, and automotive industries. He holds a PhD in Management from INSEAD and works closely with executives on the strategic challenges facing large organizations.IMD faculty profile LinkedIn

Welcome to What Matters Most from I by IMD. What Matters Most explores the vital topics for leaders in our time. Every Tuesday,  professors Hana Milanov and Tim Quigley bring you cutting-edge conversations featuring IMD faculty and voices beyond the campus. What Matters Most helps you to see what’s ahead, how it impacts your strategy, and what you can do about it right now. A collaboration between I by IMD and Remote Daily. Subscribe today.