World Class Award ‘EFMD’ Applying Thammasat Model with Traditional Ways of Community
Thammasat Business School institutions followed Thammasat Model and won world class award, EFMD. It is originated from sustainable business learning campaign.
Tuesday 2 July 2019
Thammasat Business School (TBS) cooperates with Government Savings Bank and Puenchumchon Community, Rayong province.These institutions followed ‘Thammasat Model’ and won world class award, European Foundation for Management Development (EFMD). It is originated from sustainable business learning campaign that aims to improve community business.
“We have been applying accounting and business management theory to work with community according to Thammasat model for 10 years” said Assoc. Prof. Dr. Pipob Udon, Dean of Thammasat Business School. This campaign is for Junior and Senior students. The students will work with community and get real experience. They will apply their knowledge to the local community and improve community business. As a result, students also learn local wisdom and improve their problem solving skills. The crucial part is that students are both receiver and contributor to this success.
“Our main focus is that students will apply new business management tool with community ways. Every change and decision is made by both sides to achieve sustainability. We have to make sure that when our students finish their job, the community still able to work sustainably. Students will give local community some foundations about marketing, finance, and accounting. Local community will apply this information and know how to manage their capital, their production and stock management. Local community will do it by themselves on the basis of sustainability. What Thammasat want is to help local community coping with the changing era.”
After we developed local business by “Thammasat Model”, the result is inevitably good. We have gained two partnerships that worked together for 5 years which are Government Savings Bank and Puenchumchon Community.
“Puenchumchon Community, Rayong province, has members from big manufacture business in Maptaput. It gives students a chance to work with community in Eastern. Also, Government Savings Bank helps support our Thammasat Model and introduce it to universities throughout Thailand. Government Savings Bank creates “GSB Yuvabadhana Rakthin” that is effective in the last 3-4 years. We are grateful to the contribution from Mr. Chatchai Payuhanaveechai, CEO of GSB bank and Mr. Surajit Sathapornwalairat, President of Puenchumchon Community” said Assoc. Prof. Dr. Pipob Udon, Dean of Thammasat Business School.
This cooperation makes the income growth in community and locals have better understanding about their product and accounting. Locals are able to calculate the profit and use online platform to make business grow in the future. Koh kok community in Rayong is the result of this cooperation. Koh kok community transforms riceberry rice into rice snack bar “Rice Me”. It adds the product value and expands this business to larger market. Also, Rice Me got Thai FDA and currently is an export product. Moreover, we have another project with locals on herbal compress. We want to transform it into pillow filled with herbal. We will design packaging and build global brand as a souvenir for foreigners. This development will bring in more money to local community and empower locals to protect their last farm land in Rayong.
Another community is processed product from Gac fruit, Mahasawat, Nakhon Pathom. Student team helps local community to upgrade and rebrand the products including beverage, cookie, and soap under the brand “by KANITTHA”. Students also assist locals to use online platform, support product distribution, build a store and learn accounting skills. Currently, Gac fruit community in Mahasawat canal receives large income and is a model for creative enterprise. Many tourists, institutions and journalists observe the community. The community also becomes a new tourist destination in Mahasawat area and produces a large amount of money. This is one of the 160 examples of “Thammasat Model” success in the last 10 years. Most communities still manage their business well and locals receive large income. TBS decides to introduce Thammasat Model to global scale by participating in Excellence in Practice competition in EFMD. EFMD is an European organization that operates assessment for educational institutions which is called EQUIS. Thammasat Business School was granted EQUIS in 2012. Currently, EFMD based in Brussels, Belgium. It has over 900 member organizations from academia and organizations from 91 countries. However, there are over 10,000 universities in the world and only 200 of them were granted EQUIS.
In 2019, case study from “Thammasat Model” was granted Excellence in Practice award, Ecosystem Development type, Silver rank from EFMD. This award is the result of cooperation between TBS, Government Savings Bank and Puenchumchon Community. It is the first time that Thai university received this award. An award ceremony will be held in November 2019 in Barcelona, Spain.
This reward is the proof of TBS potential and confirms our vision in Innovative, Practical, and Connected learning basis. It shows our success in creating sustainable learning system and our capacity. Also, we are the first to receive “Triple Crown Accreditation” in Thailand said, Dean of TBS.