Poker and business similarities

Should poker be mandatory in every business school? While the UW Foster School of Business may not subscribe to this philosophy, poker world champion Barry Shulman (Foster BA 1968) recently talked about poker and business connections to Foster alumni. He believes practical skills translate to business and poker alike: balancing risk and reward, reading people and enhancing personal and financial discipline. According to Shulman, poker is not gambling and business should not be either.

Racking up wins in real estate, the stock market and publishing, Shulman also owns Card Player Media, a poker media company. He is a repeat champion in the World Series of Poker tournaments.

Watch the video below of his presentation on business and poker – and Q&A session that followed:

Doing Business in China Workshop

The UW Global Business Center hosted a full-day workshop on the University of Washington Seattle campus designed for smaller regional firms desiring to enter the Chinese market. 

During the workshop, China business experts shared their knowledge about doing business in China—the challenges and opportunities, failures and successes, plus insights and practical advice about building lasting business relationships. Each session has been posted below:

Establishing an Effective Supply Chain

Human Resources Strategies

The Art of Getting Paid in China

The Dragon and the Elephant: China, India and Global Economic Leadership in the 21st Century

Establishing an Operating Presence with the Right to Do Business

Building Trust, Integrating Business Styles, and Observing Protocol

Meshing Relationship, Governance, Economics, Policies

An Introduction to the History and Geopolitics of Modern Day China

MBA students consult for Seattle shipyard

Located in the Ballard neighborhood of Seattle, Pacific Fishermen Shipyard and Electric is attempting to branch out from its traditional lines of revenue with new facilities for preparing and painting industrial equipment. To market its new capabilities and hopefully add jobs at the shipyard, Pacific Fishermen has tapped the marketing skills of MBA students through the Field Study Program at the University of Washington Foster School of Business.

Click on image above to play video.

The Field Study Program offers selected consulting projects proposed by businesses and non-profits to MBA candidates as an opportunity for Foster students to get real-world consulting experience while having a positive impact on the economy of the Puget Sound region.

This is the first of two videos to document the collaboration between Foster MBAs and Pacific Fishermen Shipyard and Electric. At the end of winter quarter 2011, we’ll check back with the MBA team to see what they have been able to accomplish for this historic Seattle shipyard.

$33,500 awarded to best social innovations

The 2011 Global Social Entrepreneurship Competition (GSEC) at the UW Foster School of Business brought in more than 100 entries from university teams around the world who seek to reduce poverty and solve social problems through sustainable business and technology endeavors.

Sanergy won grand prize
Sanergy won grand prize

“How do we help make social innovations scale? It’s through visibility, encouragement and investment,” said GSEC award banquet keynote speaker Dan Shine, senior innovation advisor at the Office of Science & Technology at USAID.

Grand Prize of $12,500 went to Sanergy. Led by a diverse team (of engineering, business, urban planning and design students) from Massachusetts Institute of Technology (Cambridge, MA), University of Cambridge (Cambridge UK) and Art Center College of Design (Pasadena, CA), Sanergy addresses both social and economic issues among Kenya’s poor by making sanitation safe, affordable and accessible through innovative technologies—such as small-scale toilets—that collect waste and convert it to energy or fertilizer. Their business model ultimately seeks to reduce sanitation-related disease in Africa. Sanergy also won the new Rotary Prize for Social Impact of $1,000.

welloGlobal Health Prize of $10,000 went to Wello. Led by University of Michigan MBA students, Wello provides clean, affordable water to rural India communities through their innovative, mobile WaterWheel that alleviates the burden of carrying water from source to house while also providing entrepreneurial opportunities for rural residents via delivery service.

A new Information & Communication Tech Prize of $10,000 went to NextDrop led by a diverse team (of business, engineering, public policy and information technology students) from University of California, Berkeley and Stanford University. NextDrop addresses clean water scarcity in rural India by improving the distribution of information about water availability via mobile phone technology. NextDrop works with both local water utilities and consumers to provide more predictable water supplies and improve water management.

“GSEC is a gem among University of Washington programs. Global health is a quest that relies on new tools and alliances… to alleviate disparities,” said Dr. Judy Wasserheit, professor and vice chair of the University of Washington School of Public Health.

The Global Social Entrepreneurship Competition is organized each year by the Global Business Center at University of Washington Foster School of Business.

People’s Choice Award winner: Wello at 2011 Global Social Entrepreneurship Competition

welloTeams from around the world gathered for the 2011 Global Social Entrepreneurship Competition. Last night, Wello won the People’s Choice Award at the trade show, where more than 50 investors and the public heard about novel business ideas to solve global poverty.

People’s Choice winning company: Wello
Team: Ross School of Business, University of Michigan
Business idea: Using their WaterWheel, Wello provides affordable, clean water to rural India. The wheel is a tool to retrieve clean water without heavy lifting and can be used directly by families or employ people to work their way out of poverty by serving as water distributors.

Teams are still competing for grand prize at the UW Global Social Entrepreneurship Competition. Later this week, we’ll announce finalist winning teams who will leave Seattle with seed money for their projects.

Video: Clean energy trends and challenges

Wind power. Natural gas. Hydro power. Solar power. When Puget Sound Energy President Kimberly Harris spoke with University of Washington Foster School of Business alumni, students and faculty about clean energy recently, she was also speaking with her customers.

Puget Sound Energy is the 2nd largest owner and operator of wind power in the United States and the utility’s Green Power Program was named one of the US Department of Energy’s “top 10” renewable energy programs in the nation. The Washington-based company continues to look for new ways to address energy efficiency, smart grids and power Washington residents and businesses with heat and electricity. While offering a public service and being heavily regulated, Puget Sound Energy also operates like a business, focusing on customers, return on investment, return on energy, operations management and technology innovation.

What challenges and opportunities face our energy suppliers? How can we as consumers, communities and businesses contribute to clean energy and energy efficiency? What is the future of energy? Watch this 7-minute video of excerpts from Harris’ clean energy lecture.

Click on the image below to watch video.

Kimberly Harris was one of UW Foster School of Business Dean Jim Jiambalvo’s guest speakers at the annual Leaders to Legends Breakfast Lecture Series, which include notable leaders in an array of industries from greater Seattle and around the country.

Engineering and international studies students get involved in Global Social Entrepreneurship Competition

Guest post by Ryan Kelley (UW international studies student) and Adrian Chu (UW engineering student)

Why is an international studies grad student engaged in social entrepreneurship?

I am a second year student at the University of Washington Jackson School of International Studies with a focus in political economy. Both politics and economics have developed to a point of interconnectivity that cannot be ignored, as political issues often are economic issues, with the reverse being true as well.

I see the Global Social Entrepreneurship Competition (GSEC) at the UW Foster School of Business as a focal point where bold global contestants—each having a unique window to a concept as broad and penetrating as “poverty,” represent the vanguard of beneficial changes that can be made to the world. What about each team makes their project the most apropos to how they see poverty? Does this say something about where they are from? Does their solution have a regional impact or transferability beyond a region?

If questions such as these have the possibility of being answered, what this means to me, as it should to anyone currently in international studies, is that GSEC is a global lobby where the problems of the world are brought to light in the context of their possible solutions. What the contestants ultimately bring to the table will in some way be a representation of the future in a way that we have not seen before. I believe that that promise alone begs the attention of everyone.

Ryan Kelley is a UW international studies graduate student fluent in English, Japanese and Spanish who is serving as a 2011 GSEC ambassador to foreign teams who meet in Seattle to compete.

Why is an electrical engineering undergrad student engaged in social entrepreneurship?

Growing up, I have always had a passion for entrepreneurship. The concept of social entrepreneurship occurred to me a few years ago when I came across the paper entitled “Social Entrepreneurship: The Case for Definition,” by Sally Osberg and Roger Martin on the Stanford Social Innovation Review. In the past few years, I have become increasing interested in entrepreneurial endeavors. I have been participating in a number of competitions offered by the UW Foster School of Business’ Center for Innovation and Entrepreneurship: the Environmental Innovation Challenge, Business Plan Competition and the Science & Technology Showcase. Each of these activities taught me valuable lessons on the pathway to creating a successful business.

My own curiosity drew me further. Being environmentally friendly is one thing, but how can something be “green” and at the same time improve social welfare around the world?

My motivation to participate in the UW Global Social Entrepreneurship Competition was driven by the desire to apply my past professional and academic experiences in order to learn new things, meet new people and play a role in saving the world one step at a time. As an engineer, our primary occupation is to solve challenging problems. A typical business venture consists of identifying a problem and proposing a solution, while trying to maintain a profit. Social entrepreneurship is an amazing feat, where its success synergizes traditional principles of business and the ability to make a positive difference. Serving as the 2011 GSEC marketing co-chair and team ambassador for Sanergy, I am looking forward to seeing how an idea can transform into engineering design that can be developed into a product that will make a positive difference in the daily lives of people in developing countries.

Adrian Chu is a senior in electrical engineering at the University of Washington and the marketing co-chair and team ambassador for this year’s GSEC.

Reaching the milestones of start-up success

When it comes to student start-ups, more seed capital is better than less, motivation is an imperative, but a team of trusted and experienced advisors might be the greatest asset of all. So in an effort to provide more attention and resources for the most promising start-up teams after the UW Business Plan Competition, the Center for Innovation and Entrepreneurship worked with the Herbert B. Jones Foundation to launch the Milestone Achievement Awards.  “We wanted to accelerate some of these start-ups,” says Michael Bauer, president of the Jones Foundation, a long-time supporter of the competition. “So we came up with this idea of a real financial incentive for the teams to set and reach key developmental milestones.”

Serious about starting their companies, five of the winning teams from the 2010 competition have spent the last six months participating in the Jones program. The start-ups worked with CIE staff and a special advisory committee made up of CIE board members and past winners of the Business Plan Competition to draw up a short list of “realistic but measureable” milestones they could reach within that timeframe.  “We’re proud to say four of the five start-ups reached their milestones and will receive awards,” said Connie Bourassa-Shaw, director of CIE. “But what’s really stunning about each of these teams is that they all raised angel or grant funding and have made great progress on their prototypes or pilot projects.”

Led by CEO Brian Glaister, EETech is developing a medical device that enables people in wheelchairs to walk again and received a $25,000 award. Another $25,000 went to YongoPal, a service created by Darien Brown, for South Korean university students who want to hone their conversational English with American peers at top US universities. WISErg, with team members Brandon Baker and Jaimee Jewell, developed a solution that uses compostable organic waste to create natural fertilizers and biogas, and received $15,000. Emergent Detection, led by Eric Fogel and Keegan Hall, also received $10,000 in additional seed funding for their handheld device that measures and records fat loss.

“The committee helped us identify what the most important milestones would be for our first six months, in order of priority and contingency,” said WISErg’s Jaimee Jewell. “That helped us keep each of our revenue streams fresh in our minds, but also prioritize what needed to happen to bring them all together.”

“For me, the mentorship was the best part of the program,” said Brian Glaister of EETech. “As a first-time entrepreneur and a first-time CEO, it was really helpful to have an outside view of the company, particularly to put the advice of our internal team and directors into the proper perspective. Even though the program is finished, I expect the relationships with our mentors will continue, which I’m very happy about.”

Members of the Jones committee included Marc Barros of Contour, Bill Bromfield of Fenwick & West, Alan Dishlip of Billing Revolution, Geoff Entress of Voyager Capital, Alan Portugal of Ivus Energy Innovations, Adrian Smith of Ignition, and Michael Bauer, of the Jones Foundation. And the committee had their share of accolades for the teams, noting that it was gratifying to help fellow entrepreneurs start off on the right foot and avoid some of the common pitfalls and “newbie” mistakes. “I got a real kick out of seeing the teams make progress on their first set of milestones,” said Geoff Entress. “I’m already looking forward to next year.”

Photo left to right: Brandon Baker and Jaimee Jewell of WISErg.

Lights, camera, entrepreneurship!

Guest post by Vance Roush, undergraduate student at the UW Foster School of Business

A couple years ago, as a sophomore in the UW Foster School of Business and Lavin Entrepreneurial Action Program, I was fortunate enough to interview Leonard Lavin when he visited the University of Washington. Mr. Lavin is a brilliant businessman, racehorse owner and most notably founder of Alberto-Culver Company which he recently sold to Unilever for $3.7 billion. From my interview with Mr. Lavin, I took away three key ideas that have driven my success in the business school and prepared me for my future career and entrepreneurial ventures: greatness can arise from obstacles and conflict, it’s what you have inside of you that matters, and be a risk-taker and pursue your passion.

That meeting with Mr. Lavin shaped my life, and because of that, I thought to myself, “How much more insight can be filtered to students, and how many more lives can be positively impacted if someone were able to capture entrepreneurs’ best insights and keys to success?”  That was the inspiration for the  Lavin Video Project and the “Entrepreneurship is…” video series.  This video series will bridge the gap between the Seattle entrepreneurship network, the Center for Innovation and Entrepreneurship (CIE) and the outside community.  More specifically, our goal  is to connect Lavin undergrad students to entrepreneurs in the local community in an engaging way to create meaningful relationships and tangible productions. The story behind the “Entrepreneurship is…” series is as follows:

Often times people can’t even spell the word “Entrepreneurship”, let alone fully grasp what it means. Lavin students quickly realize that there is not just one definition, but many different meanings. Our vision is to capture a wide array of perspectives on the topic by going out into the field and interacting with the business owners, serial entrepreneurs, VCs, and other thought leaders in the Seattle community in hopes that they will chime in with their thoughts, experiences, and wisdom.

The first interview in the series is with Michel Brotman, CIE’s Entrepreneur in Residence and a serial entrepreneur involved in Costco, Garden Botanica, Sweet Factory, Play Network and the Chocolate Box. Brotman believes that entrepreneurship is a very creative process and that it’s all about selling your story. He is emphatic when he states, “Entrepreneurship is art!”

The Lavin students will be unveiling other videos throughout the year with such influential local entrepreneurs as Lon McGowan of iClick, restaurateur Tom Douglas, Kay Smith-Blum of Butch Blum, and Rob Salkowitz, author of Young World Rising.We hope you follow our journey and are inspired to learn more about entrepreneurship, start your own endeavor, or become involved in the entrepreneurial scene!

Vance Roush is a senior information systems and marketing major in the UW’s Foster School of Business Honors Program. He is a Lavin student and serves as the president of the Foster School’s Business Economic Development Center. Vance plans to extend his entrepreneurial endeavors after graduation when he begins his career with Google in Mountain View, CA.