Most corporate and business unit strategies fail. The clear majority of mergers and acquisitions lag behind expectations. Many product innovations and start-ups do not deliver. 3 out of 4 business leaders derail. Across cultures and firms, employee engagement scores are disappointingly low. Global signs of unsustainability persist. We need to accelerate the discussion on how to make management studies matter more. Key performance indicators are far from positive and seem to deteriorate overtime. There is a dangerous 'valley of death' between management research and studies on one side, and relevance for practitioners on the other side. We suggest shifting attention from simplistic knowledge and skills training towards what Aristotle labeled phronesis (wisdom). Today's ever more complex world render yesterday's management models obsolete too quickly and we need to prepare leaders and managers differently. We present our insights on the way forward in this book. We call for phronesis 2.0 - a new version of the concept adapted to our volatile and demanding business environments.