Archive for category: Insight

AESE insight #132

[av_section min_height='' min_height_px='95px' padding='no-padding' shadow='no-border-styling' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='' bottom_border_style='' scroll_down='aviaTBscroll_down' custom_arrow_bg='#f37421' id='' color='main_color' custom_bg='#ffffff' src='' attachment='' attachment_size='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av_element_hidden_in_editor='0'][/av_section] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Artigos e Recomendações de leitura' tag='h1' style='blockquote modern-quote' size='48' subheading_active='subheading_above' subheading_size='12' padding='15' color='custom-color-heading' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] AESE insight #132 > Thinking ahead [/av_heading] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_01.png' attachment='8231494' attachment_size='full' align='center' styling='' hover='' link='post,11942' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='Luís Cabral' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Professor da Universidade de Nova Iorque e colaborador da AESE Business School e da Nova SBE [/av_heading] [/av_one_third][av_two_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h3' padding='10' heading='Inovação na Europa: a falta do mercado único' color='' style='' custom_font='' size='' subheading_active='' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''][/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] O mercado europeu, como um todo, tem dimensão comparável ao americano. No entanto, o mercado europeu não é de facto um mercado único, o que cria enormes problemas às startups europeias
O relatório Draghi mostra que a Europa ficou para trás dos Estados Unidos da América (EUA) na corrida da inovação. Saber porquê não é fácil, pois há vários candidatos. No meu artigo de junho passado referi-me à buro- cracia, fragmentação do mercado europeu, falta de capital, fator cultural, falta de ambição. (Um eventoque organizarei na Nova SBE na manhã de 19 de dezembro – aberto ao público-debruçar-se-á sobre toda esta problemática.)
Hoje escrevo concretamente sobre o fator dimensão de mercado. O mercado europeu, como um todo, tem dimensão comparável ao mercado americano. No entanto, o mercado europeu não é de facto um mercado único. Isto cria enormes problemas às startups europeias que querem dar o salto de uma pe quena empresa com um protótipo para uma empresa com volume de negócio significativo.
Acompanhando de perto o Endless Frontier Labs, um programa americano para startups, deparo-me com uma série de casos que ilustram este ponto. Um primeiro exemplo é a Wright Electric. Trata-se de uma startup enfocada em motores, geradores e baterias ultraleves. A principal aplicação que os fundadores tinham em mente ao desenvolver esta tecnologia era o avião elétrico. Concretamente, eles já desenvolveram uma versão híbrida do BAe 146.
Um olheiro das Forças Armadas americanas mostrou particular interesse nos geradores ultraleves (mais do que no avião híbrido, que tem um raio de autonomia pequeno). Porquê? Suponhamos, por exemplo, que o exército americano inicia uma operação no Afeganistão. Não basta levar equipamento e ligá-lo à ficha, pelo simples facto de que não há ficha! Por conseguinte, é necessário encher vários aviões de geradores elétricos para produção local.
Para a Wright Electric, conseguir uma entrevista com a central de compras das Forças Armadas é uma "lança em África", por assim dizer: é a oportunidade de dar o salto de um protótipo para a produção em massa. E “massa” muito grande, considerando a dimensão das Forças Armadas americanas.
Pensemos no caso hipotético em que Wright Electric é uma start-up europeia. O maior orçamento militar na Europa é o alemão, mas, mesmo que eles mostrassem um interesse semelhante aos americanos, tratar-se-ia de valores de uma ordem de grandeza inferior aos EUA. Uma alternativa seria a Wright Electric conseguir contratos com todos os países europeus, mas os custos de tal operação seriam elevadíssimos e a probabilidade de sucesso baixa. Por outras palavras, seria muito mais difícil para a Wright Electric dar o tal "salto".
Consideremos agora outro exemplo do Endless Frontier Labs, a Propitious Technologies. A ideia desta startup é substituir os amortecedores de um camião por dínamos geradores de energia elétrica (aproveitando a energia cinética do camião, que vai saltando para cima e para baixo ao encontrar irregularidades no pavimento). A ideia é simples mas os benefícios enormes, desde logo a maior eficiência energética dos camiões.
Neste caso, o comprador-chave é uma empresa com uma vasta frota de camiões grandes. Ora, segun- do as minhas contas, no top 10 do mundo encontramos múltiplas empresas americanas mas apenas uma europeia: a DHL. Mais uma vez, dar o salto de startup para grande em- presa é mais fácil nos EUA.
Que fazer? O relatório Letta, que é assim mais ou menos o companheiro do relatório Draghi, preconiza que o mercado único deveria ser de facto o mercado único que não é. Senão o conseguimos após várias décadas desde Maastricht, duvido que o consigamos no futuro próximo. No entanto, uma solução intermédia que já nos levaria bastante longe seria a criação de uma central europeia de compras militares. Se todos os orçamentos militares europeus sejuntassem, teríamos algo como um terço do orçamento americano. Ainda é menos, mas pelo menos estaríamos na mesma ordem de grandeza.
Note-se que não estou falando de um exército europeu. Duvido que haja vontade política para tal, mesmo com o Reino Unido fora da União. Mas uma central de compras não é uma ideia totalmente descabi- da ou impossível. Calculo que os leitores mais ligados a assuntos de Defesa Nacional levantem inúmeros problemas com a ideia, mas vale a pena pelo menos pensar.

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av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_03.png' attachment='8231496' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-132-2/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Ritmo, Fluxo e Tempo: O Que a Música Ensina à Gestão de Filas e Espera' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' 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shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_02.png' attachment='8231495' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-132-5/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Balance operational efficiency with resilience to weather geopolitical storms' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Mike Rosenberg Professor de Gestão Estratégica do IESE Business School e Professor convidado da AESE Business School [/av_heading] [/av_one_third][av_one_third min_height='' 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icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h1' padding='15' heading='As recomendações de leitura' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Agentic AI use cases: Beyond the digital storefront
Hack yourself: Reimagine your job and start experimenting with AI at work
We need diversity in our social ecosystem too [/av_textblock] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_heading tag='h1' padding='15' heading='Tip of the week' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] “Without a sense of urgency, people won’t give that extra effort needed to make change happen.” John P. Kotter, Leading Change [/av_textblock] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='']

AESE insight #132

[av_section min_height='' min_height_px='95px' padding='no-padding' shadow='no-border-styling' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='' bottom_border_style='' scroll_down='aviaTBscroll_down' custom_arrow_bg='#f37421' id='' color='main_color' custom_bg='#ffffff' src='' attachment='' attachment_size='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av_element_hidden_in_editor='0'][/av_section] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Artigos e Recomendações de leitura' tag='h1' style='blockquote modern-quote' size='48' subheading_active='subheading_above' subheading_size='12' padding='15' color='custom-color-heading' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] AESE insight #132 > Thinking ahead [/av_heading] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_04.png' attachment='8231497' attachment_size='full' align='center' styling='' hover='' link='post,5462' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Pedro Alvito' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Professor da Área de Política de Empresa da AESE Business School [/av_heading] [/av_one_third][av_two_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='A arte de pintar um quadro em cinco minutos ' tag='h3' style='' size='' subheading_active='' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''][/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Ao contrário do que muita gente pensa a grande maioria dos artistas são trabalhadores incansáveis. A obra-prima não aparece apenas por inspiração, mas quase sempre por muita transpiração. Uma vez numa exposição em que eu era o curador, uma senhora perguntou a um artista famoso, que tinha pintado uma das obras, quanto tempo tinha demorado a executá-la. Conhecendo o artista em causa, eu sabia que tanto lhe podia ter levado um mês inteiro, cheio de hesitações, constantes correções e muitas frustrações como poderia ter demorado literalmente dez minutos. A resposta dele foi, no entanto, esclarecedora: demorei quarenta anos!
Quarenta anos era, nem mais nem menos, o que o artista levava de carreira e a sua resposta foi muito verdadeira. Sem quarenta anos de trabalho, de frustrações e alegrias, de hesitações e sucessos, ele nunca conseguiria ter pintado aquele quadro. É toda uma vida de trabalho que se resume naquela obra.
Um médico de grande gabarito quando analisa uma doença, ou um advogado sénior quando dá um parecer e demora cinco minutos a fazê-lo choca-nos, muitas vezes, o valor cobrado, mas que dizer de um diagnóstico médico ou de um parecer jurídico falhado por alguém que cobre menos e sem experiência? O médico ou o advogado não demoraram 5 minutos a dar a sua opinião. Levaram uma vida inteira de estudo e de experiência acumulada.
Infelizmente, na gestão das empresas existe uma pressão enorme (e, muitas vezes, desmedida) das gerações mais novas, na procura da sua ascensão profissional e, por outro lado, cai-se na desvalorização do capital da experiência acumulada das gerações mais velhas. Tudo isto conduz a uma descapitalização crescente do conhecimento por parte das empresas. Acusam-se infundadamente as gerações mais velhas de incapacidade de responder à mudança (como se a resistência à mudança fosse uma questão geracional), mas não se é capaz de ver o cair constante e sistemático no erro, por parte das gerações mais novas por inexperiência e, muitas vezes (o que ainda é pior), por arrogância intelectual.
Vivemos num mundo em que todos achamos que nascemos sábios e conhecedores. Ninguém quer aprender com ninguém porque isso é assumir desconhecimento. Diz o ditado que o homem é o único animal que cai duas vezes no mesmo buraco (só duas???) e nas nossas empresas é um facto corrente. Buscar a inovação aprendendo com o passado e aproveitar o capital de conhecimento próprio de qualquer empresa é a chave do sucesso que não deve ser desperdiçado.
Ninguém constrói o sucesso em cinco minutos, ninguém dá um parecer ou um diagnóstico em cinco minutos, nem ninguém pinta um quadro em cinco minutos. É toda uma experiência acumulada que vem ao de cima e que no momento certo é aplicada… na vida como na tela.

Publicado no Dinheiro Vivo [/av_textblock] [/av_two_third][av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [/av_section] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_01.png' attachment='8231494' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-132/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='Inovação na Europa: a falta do mercado único' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Luís Cabral Professor da Universidade de Nova Iorque e colaborador da AESE Business School e da Nova SBE [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_03.png' attachment='8231496' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-132-2/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='Ritmo, Fluxo e Tempo: O Que a Música Ensina à Gestão de Filas e Espera' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Miguel Guerreiro Professor da Área de Operações e Diretor do Programa de Direção de Empresas da AESE Business School [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_05.png' attachment='8231498' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-132-4/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='Por que é que a IA se engana tanto?' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Jorge Costa Silva Investigador na Iniciativa de Inteligência Artificial da AESE Business School [/av_heading] [/av_one_third][/av_section][av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_02.png' attachment='8231495' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-132-5/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Balance operational efficiency with resilience to weather geopolitical storms' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Mike Rosenberg Professor de Gestão Estratégica do IESE Business School e Professor convidado da AESE Business School [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [/av_one_third] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h1' padding='15' heading='As recomendações de leitura' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Agentic AI use cases: Beyond the digital storefront
Hack yourself: Reimagine your job and start experimenting with AI at work
We need diversity in our social ecosystem too [/av_textblock] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_heading tag='h1' padding='15' heading='Tip of the week' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] “Without a sense of urgency, people won’t give that extra effort needed to make change happen.” John P. Kotter, Leading Change [/av_textblock] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='']

AESE insight #132

[av_section min_height='' min_height_px='95px' padding='no-padding' shadow='no-border-styling' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='' bottom_border_style='' scroll_down='aviaTBscroll_down' custom_arrow_bg='#f37421' id='' color='main_color' custom_bg='#ffffff' src='' attachment='' attachment_size='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av_element_hidden_in_editor='0'][/av_section] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Artigos e Recomendações de leitura' tag='h1' style='blockquote modern-quote' size='48' subheading_active='subheading_above' subheading_size='12' padding='15' color='custom-color-heading' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] AESE insight #132 > Thinking ahead [/av_heading] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/12/AESE-insight-132_02.png' attachment='8231495' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-132-5/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Mike Rosenberg' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Professor de Gestão Estratégica do IESE Business School e Professor convidado da AESE Business School [/av_heading] [/av_one_third][av_two_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Balance operational efficiency with resilience to weather geopolitical storms ' tag='h3' style='' size='' subheading_active='' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''][/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg='']
Use supply-chain mapping and risk-modeling to find the weakest links, and redesign your operations for a more fractured world. Russia’s invasion of Ukraine, apart from being a humanitarian crisis, has revealed a hard truth: today’s operations are exposed to systemic geopolitical disruptions on a scale that many companies and governments are unprepared for. The war has driven up the price of energy and food worldwide. And with planting seasons interrupted, production facilities damaged or destroyed and key ports blockaded, it is unlikely that supplies of vital commodities on which much of the developing world depends will resume anytime soon.
In this unstable and difficult-to-model environment, leaders need to get to grips with the PLUTO environment. This IESE-coined term stands for Polarized, Liquid, Unilateral, Tense and Omnirelational. Underestimating low-probability but high-impact scenarios is poor management, warns Eduard Calvo. He urges executives to plan for supply-chain shocks rather than simply calculating their likelihood of occurring.
It’s not about avoiding the storm; it’s about being ready to endure it. Resilience, not just efficiency, is the new imperative.
Resilience costs — but no resilience costs more Mike Rosenberg uses this metaphor: In 2018, a hurricane devastated Mexico Beach, Florida. Amid the destruction, one house remained standing. It had been deliberately built to withstand such force, with reinforced foundations, impact-resistant windows and a design meant to absorb damage without collapse. “That’s the essence of business resilience,” he says, “not preventing impact but absorbing it and continuing to operate.”
Resilience cannot be improvised, says Jordi Canals, but takes foresight, investment and discipline. And yes, it’s expensive, he concedes, but the cost of not building resilience is far greater. He advises boards and executives to rethink resilience across five interdependent fronts, backed not only by financial buffers but by structural readiness and strategic agility.
5 key dimensions of organizational resilience
Case Study: TSMC Many companies’ operations have relied on supply chains that ran smoothly in a world without any macroeconomic or geopolitical frictions — but that’s not the world we live in today. Taiwan Semiconductor Manufacturing Company (TSMC) is a case in point. This one company produces over 90% of the advanced microchips on which entire industry sectors depend. The COVID-19 pandemic was a wake-up call to the dangers of overly concentrating manufacturing capacity in certain geographic locations. U.S.-China tensions have accelerated the reshoring or nearshoring of components considered critical for national security. This has forced TSMC to expand beyond its island base in the contested South China Sea.
All companies must grapple with the same key questions: Which operational efficiencies are we prepared to give up and what costs are we prepared to assume in order to hedge risks in today’s tumultuous environment? Read the full story
Despite the 2020 pandemic being a wake-up call, Calvo finds that necessary structural changes to global supply chains have, for the most part, not been made in the five years since. But betting against the recurrence of another black swan event is a losing game, he says, as evidenced by the massive blackout in Spain and Portugal that took everyone by surprise on April 28, 2025.
And the vulnerabilities are not just physical but digital. Cyberattacks, though ruled out for causing the blackout, are growing in scale and impact. In 2024 alone, over 183,000 companies were compromised through supply chain breaches, according to WatchGuard. And the malicious use of AI to attack entire chains is the most feared risk for 2025.
“Supply chains have become the weakest link,” warned Jaime Calvo Alfonsin of Banco Santander at the 20th Banking Industry Meeting in Madrid. Internal firewalls are not enough; your defense must extend across the chain.
This is reflected in tough new EU regulations like the Digital Operational Resilience Act (DORA) and the Network & Information Systems Directive 2 (NIS2), which impose strict accountability for digital risk not just within companies but across their entire supplier and technology networks.
With cyberattacks increasingly another form of warfare between nations, companies must do all they can to limit their exposure in certain markets, putting appropriate protocols, contingency plans and security measures in place.
Get the board on board
Resilience is not something to be delegated to the operations team only. “It’s the fiduciary responsibility of the CEO and the board of directors to plan ahead and insulate the company from catastrophic disruptions caused by civil unrest, war and other geopolitical calamities,” states Rosenberg. “The problem is that CEOs and board members often don’t have the time, background or knowledge to dig deep into the issues affecting all the disparate countries and regions in which the company operates.”
To inform the board’s thinking, he suggests they hold scenario-planning workshops and invite international security experts along with managers from specific regions. This will help in setting KPIs and for continuity and operational risk planning. However, bear in mind that some precautions, like building slack into supply chains or taking out extra insurance, means spending money today to be prepared for eventualities tomorrow that may never materialize. This will impact your KPIs.
Design for disruption, not just efficiency Lean management and just-in-time principles, long the gold standards of operational excellence, only work when there is high predictability in both supply and demand. “I always say that while lean management is good, lean dogma is bad,” notes Calvo. At times like these, effectiveness — ensuring you have what you need when you need it — trumps efficiency.
Joan Jané, drawing on his study of the U.S. drive to reshore manufacturing, emphasizes the importance of supply-chain mapping and risk-modeling tools to identify bottlenecks and make vulnerabilities visible, thereby improving operational responsiveness.
The weakest links Here are some recurring weak links in supply chains — and actions to address them.



Plan for multiple futures and seize the opportunities
In any case, leaders must prepare for multiple geopolitical futures — and align capacity strategies accordingly. As part of scenario planning, categorize which aspects are fixed (geographical realities), semifixed (sociopolitical, with the potential to change over a period of time) and current (events in flux or unfolding). After all, tariffs can shift overnight while factories take years to build.
Whatever decisions you make must be assessed with care. In this effort, tech aids like Internet of Things (IoT) sensors and AI-assisted predictive analytics can help with data-driven decision-making.
“Executives should calculate the total cost penalty of localization by product,” adds Jané, “factoring in labor cost differences, logistics savings, loss of scale effects and automation offsets. This includes determining the product-specific ‘tariff tipping point’ — the threshold at which tariffs make local production more viable than importing.” The cost penalty of localizing smartphone assembly, for example, is not the same as for battery cells.
Amid all the doubts, Canals encourages leaders to seize the opportunities afforded by the changed landscape. For every downside, there are upsides for many sectors, and companies operating in these sectors should seek to capitalize on them. “The new geopolitical context is opening opportunities that until now did not exist or remained latent — opportunities that senior executives should approach with an entrepreneurial mindset and spirit, and with a level of resilience appropriate to the new circumstances.”

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[/av_one_third] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h1' padding='15' heading='As recomendações de leitura' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Agentic AI use cases: Beyond the digital storefront
Hack yourself: Reimagine your job and start experimenting with AI at work
We need diversity in our social ecosystem too [/av_textblock] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_heading tag='h1' padding='15' heading='Tip of the week' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] “Without a sense of urgency, people won’t give that extra effort needed to make change happen.” John P. Kotter, Leading Change [/av_textblock] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='']

AESE insight #131

[av_section min_height='' min_height_px='95px' padding='no-padding' shadow='no-border-styling' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='' bottom_border_style='' scroll_down='aviaTBscroll_down' custom_arrow_bg='#f37421' id='' color='main_color' custom_bg='#ffffff' src='' attachment='' attachment_size='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av_element_hidden_in_editor='0'][/av_section] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Artigos e Recomendações de leitura' tag='h1' style='blockquote modern-quote' size='48' subheading_active='subheading_above' subheading_size='12' padding='15' color='custom-color-heading' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] AESE insight #131 > Thinking ahead [/av_heading] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/2-1.png' attachment='8231101' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-131-2/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='António Gameiro Marques' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Professor de Política de Empresa e Presidente da Comissão Executiva do Agrupamento de Alumni da AESE Business School [/av_heading] [/av_one_third][av_two_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Cibersegurança e Competitividade: O Equilíbrio Estratégico na Transposição da Diretiva NIS2 ' tag='h3' style='' size='' subheading_active='' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''][/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] A transposição da Diretiva (UE) 2022/2555 (NIS2) para a ordem jurídica portuguesa, consubstanciada no projeto de diploma que ratifica o novo Regime Jurídico da Cibersegurança e que foi aprovada em Conselho de Ministros no passado dia 5 de novembro, marca um momento decisivo para o digital em Portugal. Esta iniciativa legislativa surge em resposta ao aumento da sofisticação e quantidade das ciberameaças, que representam um elevado potencial disruptivo para o funcionamento do Estado, dos agentes económicos e assim da sociedade. No entanto, a ambição do governo português transcende a mera obrigatoriedade de conformidade, assentando num pilar fundamental: a busca pelo equilíbrio entre a exigência de segurança e a garantia da eficiência económica e preservação da liberdade.
A Segurança como Valor Primordial e Vantagem Competitiva
Para os decisores políticos, a defesa da segurança, seja física ou no ciberespaço, é um valor primordial do contrato social e um dos objetivos principais da governação. Sem segurança, o exercício da liberdade — de falar, agir, investir e empreender — torna-se muito limitado e os mais vulneráveis ficam desprotegidos. Portugal já se posiciona como um dos países mais seguros a nível mundial, tanto no plano físico como no ciberespaço (1). Todavia, a manutenção deste estatuto requer um esforço permanente e determinado.
O novo regime visa, assim, não só manter Portugal entre os países mais seguros no ciberespaço, mas também transformar a cibersegurança numa oportunidade económica. Esta área é encarada como uma política industrial que pode ser explorada para tornar o país um local de referência e de destino de investimento na indústria de serviços digitais, aproveitando o ambiente seguro que oferece.
O Princípio da Proporcionalidade: Evitar Custos Burocráticos Excessivos
O desafio inerente a qualquer regulamentação de segurança é evitar que as obrigações impostas submerjam a atividade económica com custos desproporcionais e as empresas e os atores com entraves burocráticos que onerem em excesso e que desequilibram o ecossistema. A experiência internacional mostra que a imposição de proibições e obrigações máximas tende a aniquilar a economia, inibir a atividade, e coartar a liberdade.
Para contornar esta armadilha, o regime jurídico de cibersegurança é desenhado sob um princípio de proporcionalidade na gestão de riscos e nos custos regulatórios exigidos. Isto é alcançado através de vários mecanismos estruturais previstos no diploma:

• Graduação Regulatória: O regime expande significativamente as entidades abrangidas (incluindo uma parte substancial da Administração Pública e entidades privadas dos setores críticos). Contudo, a exigência regulatória é graduada em função da dimensão da entidade e da importância da sua atividade, privilegiando a proporcionalidade das medidas aplicáveis. As entidades são classificadas como Essenciais ou Importantes, sendo as exigências preventivas ajustadas em função do grau de risco que representam.
• Matriz de Risco: O modelo de gestão de riscos baseia-se na fixação de padrões pré-definidos de risco e na aplicação de medidas de prevenção correspondentes. Esta abordagem, que diferencia as entidades pela sua dimensão e criticidade (como infraestruturas aeroportuárias, abastecimento de energia entre outras), introduz simplicidade, previsibilidade e uma melhor adequação das medidas obrigatórias, desonerando as autoridades de uma análise casuística do risco de cada entidade.

O princípio da proporcionalidade não só alivia o fardo desnecessário sobre as pequenas e médias empresas, como também permite que o foco da segurança seja concentrado onde o impacto sistémico é maior, garantindo que as leis são competentes e capazes de tornarem Portugal competitivo, seguro, e ainda economicamente atrativo.
Parceria Público-Privada e Oportunidades de Mercado
Um dos princípios orientadores da política definida é a lógica de parceria público-privada, que reconhece a necessidade de mobilizar as capacidades e o esforço do setor privado para construir o ecossistema de cibersegurança.
O regime incentiva o desenvolvimento de um mercado de certificação privada em cibersegurança. Em vez de se optar por um sistema de controlo público prévio, de licenciamento e autorização casuística (que aumenta a burocracia), o modelo proposto associa a matriz de risco a um mercado privado de certificação. Este mercado terá utilidade económica e permitirá generalizar uma presunção de conformidade, funcionando como um instrumento de liberdade e competitividade.
Adicionalmente, o diploma reforça a cultura de segurança, mobilizando os esforços privados de forma direta, nomeadamente através da despenalização de certas atividades de interesse público, como o ethical hacking. Mediante a verificação cumulativa de um conjunto apertado de circunstâncias (como a ausência de propósito de ganho económico, a comunicação imediata de vulnerabilidades, e a proporcionalidade da atuação, evitando danos ou interrupções), estes atos deixam de ser puníveis, incentivando os especialistas a contribuir para a segurança do ciberespaço e a detetar vulnerabilidades de forma benevolente.
Conformidade e Período de Transição
Para as empresas, a conformidade representa o custo de fazer negócios no século XXI. Contudo, a não-conformidade acarreta riscos de negação de serviços, perdas financeiras e reputacionais, para além do comprometimento da segurança nacional. O regime sancionatório, que responsabiliza diretamente o dirigente máximo da entidade, prevê coimas elevadas para as infrações muito graves (até 2% do volume de negócios anual global para entidades essenciais e 1,4% para entidades importantes), refletindo a gravidade da violação.
No entanto, o projeto de diploma reconhece a necessidade de um período de adaptação para que o tecido empresarial possa assimilar o novo quadro legal. As entidades essenciais, importantes e públicas relevantes podem solicitar a dispensa da aplicação de coimas durante 12 meses a contar da entrada em vigor do regime, caso a fundamentação seja baseada na inexistência de um procedimento interno de adaptação.
Em suma, a transposição da Diretiva NIS2 em Portugal reflete uma visão estratégica que entende que a cibersegurança não é um luxo, mas um fator de atratividade e desenvolvimento económico num mundo cada vez mais conectado. O sucesso deste regime reside na sua capacidade de manter um nível de segurança elevado sem asfixiar a economia, utilizando a proporcionalidade e a parceria com o setor privado como vetores de crescimento e inovação. Este sistema de defesa flexível, que ajusta o rigor regulatório à criticidade, contribui para que Portugal continue a ser um hub digital seguro e, consequentemente, um destino preferencial para investimentos estratégicos em serviços tecnológicos.

(1) Portugal posiciona-se no TIER 1 (Role-modelling) https://www.itu.int/en/ITU-D/Cybersecurity/pages/global-cybersecurity-index.aspx [/av_textblock] [/av_two_third][av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [/av_section][av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/1-1.png' attachment='8231100' attachment_size='full' align='center' styling='' hover='' link='post,8231099' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Os Heróis que escolhemos' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Maria de Fátima Carioca Dean da AESE Business School e Professora de Fator Humano na Organização, [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/3-1.png' attachment='8231102' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-131-3/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='O Futuro é Ecosistémico: Como as Redes estão a substituir as Pirâmides' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Francisco Carvalho Professor de Política Comercial e Marketing e Empreendedorismo da AESE Business School [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/4-1.png' attachment='8231103' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-131-4/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='2024 EFMD Case Competition Winners Interviews: Responsible Leadership ' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] David Pastoriza Rivas Professor de Estratégia da HEC Montreal e do IESE Business School e Professor convidado na AESE Business School [/av_heading] [/av_one_third][/av_section][av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h1' padding='15' heading='As recomendações de leitura' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] The Career Risk Of Always Saying ‘Yes, I’ll Help’
How Agentic AI Is Transforming Enterprise Platforms
Why alliances in the social economy succeed or fail [/av_textblock] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_heading tag='h1' padding='15' heading='Tip of the week' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] “Risk comes from not knowing what you are doing.” Warren Buffett [/av_textblock] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='']

AESE insight #131

[av_section min_height='' min_height_px='95px' padding='no-padding' shadow='no-border-styling' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='' bottom_border_style='' scroll_down='aviaTBscroll_down' custom_arrow_bg='#f37421' id='' color='main_color' custom_bg='#ffffff' src='' attachment='' attachment_size='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av_element_hidden_in_editor='0'][/av_section] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='Artigos e Recomendações de leitura' tag='h1' style='blockquote modern-quote' size='48' subheading_active='subheading_above' subheading_size='12' padding='15' color='custom-color-heading' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] AESE insight #131 > Thinking ahead [/av_heading] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/4-1.png' attachment='8231103' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.hec.ca/en/profs/david.pastoriza-rivas.html' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='David Pastoriza Rivas' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Professor de Estratégia da HEC Montreal e do IESE Business School e Professor convidado na AESE Business School [/av_heading] [/av_one_third][av_two_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading heading='2024 EFMD Case Competition Winners Interviews: Responsible Leadership ' tag='h3' style='' size='' subheading_active='' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''][/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Each year, the EFMD Case Writing Competition celebrates the power of storytelling in management education. The 2024 edition showcased an impressive collection of cases spanning industries, regions, and institutions, all reflecting remarkable innovation, depth, and impact.
We continue this special interview series by spotlighting the voices behind these outstanding cases and celebrating their meaningful contributions to management development. In this interview, we are pleased to feature Africa Ariño, Ricardo Calleja, and David Pastoriza from IESE Business School and HEC Montreal, winners in the “Responsible Leadership” category.

‘Shifting alliances in the golf industry: The PGA Tour, the European Tour, and the Saudi Public Investment Fund’

1. Could you briefly introduce yourself and share your academic and/or professional background? David Pastoriza is a professor of strategy at HEC Montréal, holding the Professorship Lallemand in Governance and Strategy in Sport. His research focuses on sport: competitive dynamics, governance challenges, and sponsorship strategies. Africa Ariño is a professor of strategic management at IESE Business School, holding the Joaquim Molins Figueras Chair of Strategic Alliances. She specialises in the governance and dynamics of interorganisational relationships. Ricardo Calleja is a lecturer of Business Ethics at IESE Business School His research explores the role of business in society, corporate political activity, and the ethical implications of technological disruption.
2. What personal or professional experiences inspired you to write this particular case? As researchers, we were struck by the convergence of high-stakes competition, ethical dilemmas, and governance failures unfolding in the golf industry—a domain that exemplifies how business logic and public scrutiny can collide. More specifically, witnessing how the PGA Tour and the European responded to existential threats –be it a pandemic, a rival with deep pockets (the public investment fund of Saudi Arabia), or internal dissent– prompted us to explore the importance stakeholder governance in forming and managing strategic alliances.
3. What story were you aiming to tell through your case, and why do you believe it resonates today? We aimed to chronicle not just the strategic chess match among the PGA Tour, the European Tour, and the Saudi PIF, but also the deeper structural dynamics at play. Particularly, how competitive disruptions can challenge a firm’s business model and its governance. The case explores how the viability of the PGA Tour and European Tour depend on executives’ ability to orchestrate the competing interests of its business model stakeholders (i.e., players, sponsors, broadcasters, fans). In an era where organisations face mounting scrutiny from stakeholders, the case resonates as a real-world illustration of what happens when financial imperatives and governance collide.
4. How did working on this case challenge or shift your perspective as an educator or researcher? This case challenged our perspective in two major ways. First, this case sharpened our awareness of how fragile a business model can be when it relies on the alignment of multiple stakeholders. Even a well-structured, historically dominant model like the PGA Tour’s can be destabilized when stakeholders’ trust erodes – particularly the trust of those stakeholders whose resources are critical to the functioning of the business model. Second, it reaffirmed that strategic alliances are not just about synergies—they are about legitimacy. An alliance that makes financial sense can still fail if it alienates key stakeholders or undermines an organization’s credibility—ensuring that your key stakeholders have a voice and listen to one another’s interests emerged as important mechanisms of stakeholder governance during alliance formation.
5. If there’s one key insight or message you would like readers or students to take away from your case, what would it be? Stakeholder governance is central to strategic viability. Students must not only learn how to structure deals or outmaneuver rivals, but also how to engage their business model stakeholders with transparency, legitimacy, and long-term trust.

Interveiw published in the EFMD Global Blog https://blog.efmdglobal.org/2025/07/24/2024-efmd-case-competition-winners-interviews-responsible-leadership/ [/av_textblock] [/av_two_third][av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [/av_section][av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_one_third first min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/1-1.png' attachment='8231100' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-131/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading heading='Os Heróis que escolhemos ' tag='h3' style='blockquote modern-quote' size='' subheading_active='subheading_below' subheading_size='15' padding='10' color='' custom_font='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] Maria de Fátima Carioca Dean da AESE Business School e Professora de Fator Humano na Organização, [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/2-1.png' attachment='8231101' attachment_size='full' align='center' styling='' hover='' link='manually,https://www.aese.pt/aese-insight-131-2/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='Cibersegurança e Competitividade: O Equilíbrio Estratégico na Transposição da Diretiva NIS2' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] António Gameiro Marques Professor de Política de Empresa e Presidente da Comissão Executiva do Agrupamento de Alumni da AESE Business School [/av_heading] [/av_one_third][av_one_third min_height='' vertical_alignment='av-align-top' space='' margin='0px' margin_sync='true' padding='0px' padding_sync='true' border='5' border_color='' radius='0px' radius_sync='true' background_color='' src='' attachment='' attachment_size='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_image src='https://www.aese.pt/wp-content/uploads/2025/11/3-1.png' attachment='8231102' attachment_size='full' align='center' styling='' hover='' link='manually,http://www.aese.pt/aese-insight-131-3/' target='' caption='' font_size='' appearance='' overlay_opacity='0.4' overlay_color='#000000' overlay_text_color='#ffffff' animation='no-animation' admin_preview_bg=''][/av_image] [av_heading tag='h3' padding='10' heading='O Futuro é Ecosistémico: Como as Redes estão a substituir as Pirâmides' color='' style='blockquote modern-quote' custom_font='' size='' subheading_active='subheading_below' subheading_size='15' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] Francisco Carvalho Professor de Política Comercial e Marketing e Empreendedorismo da AESE Business School [/av_heading] [/av_one_third][/av_section][av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_one_full first min_height='' vertical_alignment='' space='' custom_margin='' margin='0px' padding='0px' border='' border_color='' radius='0px' background_color='' src='' background_position='top left' background_repeat='no-repeat' animation='' mobile_breaking='' mobile_display=''] [av_heading tag='h1' padding='15' heading='As recomendações de leitura' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] The Career Risk Of Always Saying ‘Yes, I’ll Help’
How Agentic AI Is Transforming Enterprise Platforms
Why alliances in the social economy succeed or fail [/av_textblock] [/av_one_full] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide=''] [av_section min_height='' min_height_px='500px' padding='default' shadow='no-shadow' bottom_border='no-border-styling' bottom_border_diagonal_color='#333333' bottom_border_diagonal_direction='scroll' bottom_border_style='scroll' scroll_down='' custom_arrow_bg='' id='' color='main_color' custom_bg='' src='' attach='scroll' position='top left' repeat='no-repeat' video='' video_ratio='16:9' video_mobile_disabled='' overlay_enable='' overlay_opacity='0.5' overlay_color='' overlay_pattern='' overlay_custom_pattern='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av_element_hidden_in_editor='0'] [av_heading tag='h1' padding='15' heading='Tip of the week' color='custom-color-heading' style='blockquote modern-quote' custom_font='' size='48' subheading_active='' subheading_size='12' custom_class='' admin_preview_bg='' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='' av-medium-font-size-title='' av-small-font-size-title='' av-mini-font-size-title='' av-medium-font-size='' av-small-font-size='' av-mini-font-size=''] AESE insight #108 > Thinking ahead [/av_heading] [av_textblock size='' font_color='' color='' av-medium-font-size='' av-small-font-size='' av-mini-font-size='' admin_preview_bg=''] “Risk comes from not knowing what you are doing.” Warren Buffett [/av_textblock] [/av_section] [av_hr class='default' height='50' shadow='no-shadow' position='center' custom_border='av-border-thin' custom_width='50px' custom_border_color='' custom_margin_top='30px' custom_margin_bottom='30px' icon_select='yes' custom_icon_color='' icon='ue808' av-desktop-hide='' av-medium-hide='' av-small-hide='' av-mini-hide='']