2025 Best 40-Under-40 MBA Professors: Elena Fumagalli, INCAE Business School

Elena Fumagalli
INCAE Business School

“She is a passionate teacher who uses real-life case studies and establishes alliances with private organizations to deliver practical and valuable learning experiences in the classroom. She teaches in a challenging business environment. Latin America is a region full of opportunities but also significant challenges, and Elena excels in navigating this context. She helps students tackle real-world problems, make strategic decisions, and create and deliver value—not only for their businesses but also for society.

Elena has achieved one of the key objectives of being an excellent professor: she not only teaches but also inspires her students. This deep commitment is something she has wholeheartedly devoted herself to.” – Jorge Vinicio Murillo Rojas

Elena Fumagalli, 38, is an Associate Professor of Marketing and Leadership at INCAE Business School, where she also serves as Chair of the Center for Inclusive and Sustainable Leadership. Her research focuses on consumer well-being, emotions, and decision-making, with a particular interest in how psychological states such as loneliness, disgust, or overconfidence influence consumption and financial behavior. She also studies how behavioral science and neuroscience can inform leadership development and inclusive organizational practices.

Fumagalli holds a Ph.D. in Marketing from HEC Paris and a Master’s in Marketing Management from Università Bocconi, where she graduated cum laude. She previously served as Assistant Professor at Universidad Torcuato Di Tella in Argentina and was a visiting doctoral student at Texas A&M University’s Mays Business School.

Her academic work has been published in leading peer-reviewed journals including the Journal of Consumer Psychology, Journal of Retailing, Journal of the Association for Consumer Research, Frontiers in Psychology, Current Opinion in Psychology, and Current Research in Ecological and Social Psychology. She regularly presents at top conferences such as the Association for Consumer Research and the Academy of Marketing Science.

At INCAE, Fumagalli teaches core MBA courses in Consumer Behavior and People & Organizations (both residential and online), as well as executive education courses on Neuromarketing, Neuroleadership, and Customer Experience. Across all her courses, she integrates behavioral science and neuroscience to develop future-ready leaders. She has been recognized for teaching excellence, including a third-place award for Best Undergraduate Professor at Di Tella Business School in 2022.

Her work has received multiple recognitions, including the SAGE Editor’s Choice Award for Marketing Cases (2021) and the Best Marketing Business Case Award (2019) from the SAGE Publishing Editorial Team, highlighting the impact of her pedagogical material. She was awarded the GloColl Program Scholarship from Harvard Business School in 2022, a testament to her ongoing commitment to improving her teaching abilities through global faculty development. She was also named an AMA-Sheth Foundation Doctoral Consortium Fellow in 2017 and has received several research fellowships and academic scholarships throughout her doctoral and postgraduate studies.

Her research and thought leadership have been featured in media outlets such as La Nación (Argentina), and she has been invited to speak on consumer behavior and inclusive leadership in podcasts, academic panels, and public forums. In 2024, she was keynote speaker at the Forbes “Mujeres Poderosas Centroamérica” summit, where she spoke on the role of evolutionary psychology in reshaping female leadership norms.

She is also active in applied research and consulting, collaborating with organizations and initiatives across Latin America focused on customer experience, neuromarketing, and the empowerment of women entrepreneurs. 

BACKGROUND

At current institution since what year? 2023

Education: Master’s degree in Marketing Management from Università Bocconi in Milan; Ph.D. in Marketing from HEC Paris 

List of MBA courses you currently teach: Consumer Behavior, Managing People and Organizations

TELL US ABOUT LIFE AS A BUSINESS SCHOOL PROFESSOR

I knew I wanted to be a business school professor when… My mother was a primary school teacher, so the idea of teaching was always present in my life. More importantly, she showed me that education is about much more than delivering content. It is about long-term impact. Her students both feared and respected her, and I remember how meaningful it was for her to reconnect with them years later and see who they had become. One story stayed with me: a girl once told my mom she wanted to be an astronaut, and years later she studied aerospace engineering. That’s the kind of legacy I’ve always admired.

As for the topic I chose to study, I was originally drawn to psychology but chose business because I was concerned about financial stability. I was only 18 and did not yet know what was possible with a psychology degree. During an internship at a large multinational, I realized that the structured corporate environment left little room for the curiosity that energized me. In contrast, while working on empirical research for my master’s thesis, I experienced a profound sense of flow. Eventually, I found a way to circle back to my original passion when I specialized in consumer psychology during my Ph.D. That was when I realized that academia, and especially research and teaching in a business school, was where I could truly thrive.

What are you currently researching and what is the most significant discovery you’ve made from it? My current research focuses on loneliness and consumer behavior. I’ve found that people cope with loneliness in different ways, and when it becomes chronic, it often drives consumption patterns that are surprisingly counterproductive. Rather than fostering reconnection, chronic loneliness can lead to choices that actually hinder social bonding. This highlights a paradox at the heart of how we attempt to meet emotional needs through consumption.

Building on this work, I am now expanding into broader questions of consumer well-being, with a focus on financial literacy, decision-making, and the psychological and structural factors that help or hinder successful entrepreneurial careers. My goal is to better understand how individuals, particularly in vulnerable or underserved communities, can be supported in making sound financial and business choices that improve their quality of life.

If I weren’t a business school professor… I’d be a chef. I’m Italian, and cooking has always been a way for me to relax and care for the people I love. I rarely follow recipes… I cook by heart, often creating meals out of whatever ingredients I have on hand. It’s a creative, intuitive process that, like teaching, is ultimately about connection and nourishment. My partner likes to joke that living with me is like sharing a house with Ratatouille, I’m always in the kitchen, “mmm”-ing at food in delight.

What do you think makes you stand out as a professor? I bring warmth and humor into the classroom, and I’m deeply committed to creating a space where students feel both supported and challenged. I nudge them out of their comfort zones, but always with care and respect. I think what makes the difference is that I genuinely enjoy teaching and connecting with my students. Whether we’re in person or online, my door is always open: both for academic questions and for the occasional life chat.

I also see myself as a curator and broker of knowledge. In today’s overstimulated, information-heavy world, educators play a critical role in helping students filter out noise and focus on what truly matters. I stay up to date with emerging trends and research, and I integrate these insights into my courses. As AI becomes increasingly central to learning, I believe educators must guide students not just in what they learn, but in how they can deepen their thinking and apply these tools responsibly.

My mission, especially in our region, is to ensure these digital tools don’t exacerbate the digital divide. Whether I’m working with MBA students or designing programs for women entrepreneurs across Central America, I want to empower all learners to take full advantage of these transformations.

One word that describes my first time teaching:  Humbling.

I was 30, still a Ph.D. student, and not much older than my master’s students. I had carefully chosen my outfit and glasses to look more mature, hoping to establish some authority. When I walked into the classroom and plugged in my USB, a student kindly told me I couldn’t use the computer because class was about to start (she thought I was just another student using the room to study). I had to smile and say, “Yes, with me!” That moment taught me to embrace the learning curve with humility… and a sense of humor.

Here’s what I wish someone would’ve told me about being a business school professor:  That you don’t need to have all the answers to make a lasting impact. What stays with students isn’t always the perfectly prepared slide or the flawless lecture… it’s the moments of honesty, vulnerability, or challenge that shift their perspective. Some of the most meaningful feedback comes years later, when a former student reaches out to say that something you said, or the way you made them feel, stuck with them far beyond the classroom.

Professor I most admire and why: My Ph.D. advisor, L.J. Shrum, holds a special place in my heart. Beyond his brilliance in consumer psychology, what truly sets him apart is his mentorship. He listens deeply, gives thoughtful feedback, and always lets you explore your own path—while quietly guiding you with respect, humor, and high standards. During my Ph.D., he was a steady source of support through both personal and professional challenges. His mentorship felt like a home away from home, and to this day, he continues to foster a sense of academic family among his current and former students. Also, his sharp wit, love of fine leather goods, and talent for choosing wine never go unnoticed.

TEACHING MBA STUDENTS

What do you enjoy most about teaching business students? I love learning from my students—their diverse life and business experiences constantly enrich the classroom. What excites me most is seeing their ideas take shape and come to life. As Chair of the Center for Inclusive and Sustainable Leadership, I’m especially proud to support women from emerging economies as they grow into confident, successful entrepreneurs. Watching them solidify their businesses and give back to their communities is one of the most rewarding parts of my work.

What is most challenging? Many of my students come from technical backgrounds: engineering, operations, and other fields where structured, rational thinking dominates. The challenge is helping them reconnect with what makes them uniquely human: empathy, creativity, and the capacity to navigate ambiguity. In an era of rapid technological change, these are the qualities that will define the leaders who can truly transform our region.

In one word, describe your favorite type of student: Brave. The kind of student who is not afraid to be vulnerable, reflect deeply, and question their assumptions. That kind of courage leads to real growth.

In one word, describe your least favorite type of student: Unaware. Those who haven’t yet reflected on how their background and position may shape their perspective and who miss the opportunity to grow by engaging with different realities.

When it comes to grading, I think students would describe me as… Fair. I often talk about cognitive biases in class—how they’re automatic and often unconscious—so I try to apply those lessons to my own teaching. For example, when grading on Canvas, I use the anonymous feature to hide student names, ensuring evaluations are based solely on the work, not the person. It’s a small step, but one I believe helps uphold objectivity and trust.

LIFE OUTSIDE OF THE CLASSROOM

What are your hobbies? I love cooking, especially Italian dishes made intuitively, without recipes, as a way to unwind and care for others. Hosting dinners for my friends is one of my favorite rituals. I also enjoy surfing and quad skating, which help me reconnect with my body and the present moment. Traveling is another passion of mine; it fuels my curiosity and reminds me how much we can learn by stepping into someone else’s world.

How will you spend your summer? In Costa Rica, we don’t have a traditional summer break. Instead, it’s rainy season, which happens to be my favorite time of year. I love the slower pace it brings: wearing a cozy sweater, sipping hot coffee or chocolate, reading a good book, and enjoying the view of the lush green surroundings. It’s a season that invites reflection and recharging.

Favorite place(s) to vacation: Mexico, hands down. I’m drawn to its rich history, vibrant culture, warm people, and incredible surf. And of course, the food—give me good tacos and I’m happy!

Favorite book(s): One of my favorite books is Circe by Madeline Miller. I’ve loved Greek mythology since I was a little girl, and this novel brings it to life through the lens of a semi-goddess who is powerful, complex, and deeply human. In the house of Helios, god of the sun, Circe is born neither fully divine nor fully mortal, cast aside and misunderstood. Through exile, heartbreak, and survival, she hones the power of witchcraft and carves out her own identity, crossing paths with mythological icons like Odysseus, Daedalus, Medea, and the Minotaur. What moves me most is how the story explores what it means to be a woman who stands alone: choosing not just strength, but also love, freedom, and transformation. It’s a reminder of the multiple roles we play and the resilience it takes to own them fully.

What is currently your favorite movie and/or show and what is it about the film or program that you enjoy so much? My favorite movie is Jurassic Park. In fact, it’s part of the reason I came to Costa Rica for the first time on vacation. Ask me about the story if you see me at a conference—most of my close colleagues already know it!

As for TV shows, Friends is my go-to. It’s comforting, like a warm blanket I can turn to whether I’m happy, sad, inconsolable, or just bored. It felt like home. And I’m not alone… research shows that rewatching familiar shows can provide psychological comfort and reduce anxiety by offering a sense of control and emotional stability. I’m definitely living proof of that.

What is your favorite type of music or artist(s) and why? I love rock and pop punk—it gives me an instant boost of energy and takes me right back to my late teenage years, which were full of drama and fun. That soundtrack still makes me feel alive and ready to take on anything.

THOUGHTS AND REFLECTIONS

If I had my way, the business school of the future would have much more of this… Human-centered learning and a stronger commitment to expanding opportunity. I would love to see business schools become more accessible and serve as a real driver of social mobility. I also believe they should be spaces where students can nurture not only their academic growth, but also their inner selves, with attention to mental health, physical well-being, and purpose. Creating environments where diverse talents and perspectives can thrive isn’t just good pedagogy, it’s essential to shaping the future of business and society.

In my opinion, companies and organizations today need to do a better job at… Engaging with their employees in meaningful ways—not just to retain talent, but to truly motivate them. People need more than a paycheck; they seek purpose, pride, and the chance to contribute to something bigger than themselves. When companies offer transcendent motivation, opportunities for growth, and a culture of continuous learning, they help employees feel connected—to the mission and to one another. This sense of connection fosters eudaimonic well-being, which not only combats loneliness—a known driver of lower productivity and higher attrition—but also strengthens both individual resilience and organizational commitment.

I’m grateful for… My family. My partner Douglas—my best friend, my surf coach, my life coach—has been a constant source of love, support, and perspective. I’m also deeply grateful to my parents, who not only supported my education financially but, more importantly, instilled in me the drive to seek knowledge, be the best version of myself, and never give up.

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