This document summarizes a presentation by Professor Jean-François Manzoni at the 2018 Gaidar Forum on the business school model for 21st century leaders. It discusses IMD, an independent international business school, and some of the advantages and disadvantages of that model. It also outlines some challenging developments for business schools, including increased competition, more demanding clients, and a growing emphasis on brand. Business schools will need to focus strategically and ensure real individual and organizational impact through transformation journeys and thought leadership to succeed in this environment.