The International Institute for Management Development (IMD; International Institute for Management Development), Lausanne's top Swiss business management training institute, was founded in 1990 to train top management professionals for large and medium-sized international business associations and family companies. It was founded in 1990 to train top management professionals for large and medium-sized international business associations and family companies. The institute is ranked third in the world and first in Europe among the world's best business management education institutes.