Guest post by Tim Anderson, Foster School and Certificate of International Studies in Business alumnus
After graduating with degrees in business administration and Japanese linguistics as well as completing Certificate of International Studies in Business’s (CISB) Japan track program, I honestly didn’t think I’d end up living in Shanghai, China for the past nine years. However, ending my undergraduate studies on the eve of a burgeoning recession in the U.S., and a full-blown recession in Japan, it seemed like the path I’d set myself up for wasn’t so clear cut anymore.
At first, I was considerably lucky and managed get a nice job working in the marketing department at an international PR firm located downtown by the Pike Place Market. The experience was great and taught me a lot, but as good as it was, it still wasn’t what CISB and the Foster School of Business trained me to do: be a truly international entrepreneur.
About a year into that first real job, I was given an opportunity to help start up a language school in the city of Shanghai. Admittedly I was nervous about taking the offer because although I had spent time in Japan and a couple other parts around Asia as a student, I had no idea what to expect of China. In the end though, my love of Asia proved to be overwhelming so I packed my bags for a new life in a new place with a new language to learn.
The people I’ve met and business challenges I’ve overcome in the past nine years has made my decision to live here well worth it. Since moving here, I’ve found my place amongst the locals as well as the expat community, and have really been able to put my business studies to work. I’m currently managing the marketing operations for an international clothing brand that is trying to break into the China mainland market. The business environment in China is fast-paced and filled with unforeseeable challenges, yet extremely rewarding if know how to play your cards right.
I can’t thank CISB and the Foster School of Business enough for preparing me for the wild journey my life has taken this past decade. I hope many future graduates will be inspired to challenge their comfort zone and follow the path less traveled as I and other alumni have done. In the end, it’s especially gratifying to know I am part of a community of CISB and Foster graduates who are also experiencing what I am experiencing, connected by a common bond.
Guest post by Sam Mutty, Foster senior and Certificate of International Studies in Business student
Throughout my life I’ve been blessed with opportunities to travel the world, from the rural towns of Ecuador to the city of Novosibirsk, still recovering from the fall of the Soviet Union. With each trip abroad I’ve been given a new perspective on the world, how I relate to those around me and ultimately how I define myself. However, after all the experiences I’ve had around the globe, nothing has been comparable to the time I’ve spent and what I’ve learned in Granada. A picturesque city nestled in the rolling hills of Andalucía; the whitewashed houses of Albayzín stretch up toward the sky on one side and the snow-capped peaks of the Sierra Nevada on the other. There’s life everywhere in the city and a vibrant, optimistic attitude despite the current state of the Spanish economy. A quick stroll through the streets is like walking through an urban art gallery, from the ultra detailed murals of “el niño de las pinturas” to the political graffiti claiming that student scholarships are equivalent to the mythical unicorn. Yet, even though the city itself has so much charm about it, what I’ll take away most from my experience here can’t be captured in photographs.
I’ve gone through the typical ups and downs of traveling abroad, the initial excitement to the bout of homesickness and ultimately realizing just how blessed I am to have this opportunity. Overcoming the language and cultural barrier to really connect with people is by no means an easy task, but through it I’ve gained a new understanding of cultural differences and how they affect interactions between people. At first glance I don’t appear particularly different than any Spaniard, and have even been mistaken for one a few times, but there’s no doubt that differences—from the songs we learn as children to our native language—have left me feeling like an outsider on more than one occasion. However, rather than try to avoid these instances, I’ve learned to actively seek them out. I live in an apartment with three Spaniards, spend my siestas eating lunch and drinking coffee with Spaniards and go out with Spaniards. While I miss the occasional joke, and am often the brunt of them, I wouldn’t dream of trading my experience for a more Americanized one. Not only has my Spanish vastly improved but I’ve had a glimpse of the time and energy it takes to fully assimilate into a foreign culture.
The experience I’ve had in Granada has made me much more open to different cultures and viewpoints. I’ve learned that when communication and common ground can be hard to come by, sometimes a smile or quick joke is all it takes to make a connection. No matter where we come from or what experiences we’ve had, we all share a basic human nature and are social beings. Whether we’re in school, at work or walking down the street, the differences between us shouldn’t drive us apart, but be appreciated and celebrated. All it takes is one person taking the initiative. I encourage anyone interested in studying abroad or exploring other cultures to take that first step and see where it takes you. The old cliché, it’s not the destination but the journey, couldn’t apply more to this type of experience. Open your mind, put yourself out there and see what you can learn about the world and yourself.
Foster students were recently treated to a discussion of “What Makes a Successful Company” with Darrell Cavens, CEO of Zulily.com, and Dan Levitan, co-founder of venture capital firm Maveron. Maveron led the initial funding for Zulily, and this was a rare opportunity to see a founder and investor speak candidly about their partnership. Cavens and Levitan, along with moderator Emer Dooley of the Buerk Center for Entrepreneurship discussed start-ups, venture capital, and building high-performing teams.
The recent $1 billion valuation of Zulily prompted several questions about how a billion dollar company gets started. The answer, from both Cavens and Levitan, was hard work. Zulily was started by Cavens and former Blue Nile CEO Mark Vadon with little more than a spreadsheet and whiteboard. Although they didn’t have much of a business plan, Maveron believed in the team. The people, Levitan pointed out, are what a company is all about. With the Zulily team, Maveron saw leaders with the ability and vision to bring others along for the ride and a staunch dedication to constant improvement. Cavens and Levitan agreed that Zulily never thought of itself as a billion dollar company, but as a company focused on doing and growing. And fast.
By creating a culture with an “iterate and grow” mindset, they could run on Zulily Time: twice as fast as anyone would think is doable. To illustrate Zulily Time, Cavens told the story of getting the first fulfillment center up and running in 10 weeks—instead of the 7-12 months that was originally estimated. That lesson of maintaining focus and going after what everyone thinks is impossible certainly resonates with many students. And Levitan had more advice for those just starting out and lacking Cavens’ pedigree: be comfortable thinking on your feet, surround yourself with entrepreneurial people, and take time in school to figure out who you are, what you’re passionate about, and what you excel at.
Cavens emphasized that part of developing yourself is developing a team that compliments your skills. When he was building the initial Zulily team, he looked for people that would not only add value, but also take risks and thrive in ambiguous situations. Cavens advised taking time to find investors with whom you really click, because they are also part of the team. Funders can add networks and resources as well as validation of your idea. Because Maveron knew Cavens and his capabilities, they were even willing to let Zulily write their own term sheet tied to a specific set of milestones. And unlike many start-ups, Cavens knew that if this idea didn’t work out he wasn’t going to pivot, he would just give the investment back and go do something else.
Ultimately, Levitan noted, it’s great entrepreneurs and their teams that build an amazing company—not venture capital firms. But no one, Zulily in particular, can deny the importance of money and resources to get a company off the ground. Zulily is proof that incredible things can happen when driven founders and the right investors come together.
Guest post by Kelly Nealson, junior and Certificate of International Studies in Business student
When the clock struck midnight on January 1, I found myself ringing in 2013 somewhere over the Atlantic Ocean on a one way flight to Montpellier, France. Despite the fact that I had been planning to study abroad before I knew which university I was going to attend, I was nervous. Would six years of French, countless hours in the UW International Programs and Exchanges office, and months of mental preparation be enough to survive six months of living and learning in a foreign country? Would I ever be able to feel at home where I was headed? I can remember sitting on that plane, alone and a bundle of apprehension.
Now, over two months into my study abroad experience, I can say with confidence, while I doubt I could have ever been fully prepared for what awaited me, I could not be having a more incredible experience abroad. I can’t say it’s been easy to jump into taking five classes entirely in French or that navigating the French university and government administrations has been simple for me. I can say, however, that I have made so much progress with my French, made great friends, and most of all, made this city my home. Living in Montpellier has given me the chance to improve my language skills, expand my horizons, and ultimately have a much better perspective on what I want to do in the global business world.
Learning and living my day to day life in French has given me the opportunity to see and experience the world in a different way. The French way of life is slower and calmer than the American style I am used to. It is much more focused on taking time to enjoy the little things, like starting the day with petit dejeuner (breakfast) in a café or sitting in a park in the sun with friends in the afternoon. At this point in my experience, I am surprised now and then how everyday life in France has become so normal. The four of us UW students who are here for spring semester all live in the student dorms, cook our own meals and live and go to school like any other French student. Though dorm life is not exactly glamorous, living so independently in France has really helped me feel like I can more fully integrate into the culture. We have had the opportunity to travel around France during so many of our long weekends and, most recently, spent our break traveling around Spain.
I cannot emphasize enough how glad I am that I took advantage of the study abroad experiences UW provides. Being a part of the Certificate of International Studies in Business Program (CISB) gave me the opportunity to more easily build studying abroad into my academic plans and I am grateful for it. Spending the second half of my junior year abroad has turned out to be just what I needed to take a step back from the UW business environment and gain some perspective by spending some time in other cultures. It has shown me I ultimately want to steer my career path so I can work abroad someday. I’ve definitely come a long way since getting on the plane to come to France, and I can’t wait to see what the next few months have in store.
On March 8, 2013 Foster undergraduate students competed in a case competition, which also served as the students’ capstone experience for strategic management—a required course for all Foster undergraduates. The case, “Apple Inc. in 2012,” was developed by Harvard Business School. The premise: Apple, like other firms in technology, has a number of successful products, but they also need to remain competitive. The students had to determine whether Apple can innovate on current products well enough to survive and prosper or whether they need to create new products to remain competitive.
The students had two weeks to analyze the case and develop their recommendations for what Apple should do. In the competition the students presented their analysis of the company, discussed the various paths Apple could take and made their recommendations.
Twenty teams competed and five made it to the final round. The final round teams made varying recommendations for Apple. Several suggested Apple should improve Apple TV, one of its current products. The winning team, however, presented a completely different solution. They recommended Apple create an integrated mobile device for cars, similar to the Ford SYNC® from Microsoft.
According to the team, “We compared the various strategies and decided the car system strengthens what Apple already offers, and it stays within one of their core competencies, which is producing disruptive technology. The problem with TV isn’t the set-top box, it’s that the cable companies own all the content.” They felt Toyota would be an ideal initial partner due to shared corporate values between the two companies. The judges appreciated the team’s comprehensive analysis. Jeff Barden, assistant professor of management said, “They carefully considered the user experience, where people would use the product, and absolutely picked the right partner in Toyota.” Winning team members were Hadis Ali, Alex Auerbach, Shaun Maurer, Ben Peven, and Cory Scancella.
The second place team recommended innovating on Apple TV by focusing on making content available to consumers by forming a strategic alliance with Comcast. They felt a key improvement to the current situation would be to allow customers to consume TV content à la carte. The judges were impressed with how this team tailored their solution to the market. Team members were Gwendolyn Moruzzi, Aaron Dentler, Katie Emoto, and Rachna Hajari.
Rick McPherson, lecturer in management at the Foster School, added the case competition to the strategic management course last fall. He said, “It is an enrichment of the course to give the students real life experiences of analyzing and making recommendations to an upper management team.”
On February 23, 2013 Foster students won the Intercollegiate Marketing Competition held at Simon Fraser University in Vancouver, Canada. This is the third time Foster students have won the competition. The case was about Modo, a Vancouver co-op that offers a car sharing program. The students had three hours to read the marketing case and prepare a solution. At the competition they had 20 minutes to present their solution and 10 minutes for Q&A with the judges.
The judges commented on how professional the team was and how they were the only team to “understand the total picture” of the problem and address the main issue Modo is facing.
The team was comprised of Jordan Barr, Marnie Brown and Elliott Klein, all are juniors at Foster and members of the UW American Marketing Association (AMA). They, along with Leta Beard, their faculty coach and lecturer of marketing at Foster, traveled to Vancouver to compete in the competition. Barr is president of AMA and studying marketing, Brown is studying accounting and Klein is studying marketing. The three were selected from a pool of applicants from the UW American Marketing Association.
“I am extremely proud of this team. They worked very hard on their case practice sessions and took the initiative to learn as much as they could before heading up to Vancouver. The judges came up to the team after the announcement and commented on how well they did and said they were anxious to implement some of the team’s suggestions,” said Beard.
The American Marketing Association is a national organization comprised of marketing professionals and students of marketing. The UW AMA is a student run organization at the Foster School of Business.
Bruce Avolio, executive director of the Foster School’s Center for Leadership and Strategic Thinking, spoke at TEDxUmeå on January 17, 2013. The theme was “Leadership, creativity and innovation” and Avolio’s talk was titled, “Showing up for leadership…Ta Dah!” In his talk Avolio discusses three types of leadership: leadership that grows people, leadership that sustains people and leadership that diminishes people.
When a leader grows people, she empowers them to take ownership and challenge conventions. Leaders who grow people share a common trait—they all had people in their lives who set extremely high expectations for them. When they failed to meet these expectations, they were supported and encouraged to get up and do it again, and this process was repeated over and over. As a result they developed the ability to transform other people into leaders.
Avolio shared examples of how people can show up for leadership. You can be a leader who grows people by:
Showing up with great expectations.
Showing up claiming leadership.
Showing up over and over.
Showing up with everyone.
Avolio said, “We can all grow a better world together. Why don’t we do it?”
After proving herself on Wall Street, Kate Kingen is out to reform America’s schools
It is likely that no young finance prodigy has ever followed up a promising analyst program at a prestigious Wall Street firm such as Deutsche Bank by going to work for the Newark Public Schools.
Until Kate Kingen (BA 2009).
But then, Kingen has never followed a script. The daughter of Seattle restaurateurs (Red Robin, Salty’s) chose to study accounting at the University of Washington Foster School of Business, earning the Most Outstanding Accounting Graduate Award at the top of a long ledger of accolades. But when an internship with Deutsche Bank’s Mergers & Acquisitions group turned into a job offer, she packed her bags for New York City.
The analyst program is Wall Street’s trial by fire for the elite young members of a testosterone-fueled fraternity of high finance—“mainly male, very aggressive,” asserts Kingen.
Those who survive write their own ticket. Kingen thrived.
She rocketed to the top of her class at Deutsche Bank, and was named lead analyst on a number of marquee deals, most notably the $9.7 billion announced merger of Deutsche Boerse and NYSE and the $8.8 billion sale of Bucyrus to Caterpillar.
When she emerged triumphant from this two-year crucible, a gold-plated career at an investment bank or hedge fund or private equity firm was hers for the taking.
But Kingen had something more in mind. “I really enjoyed the experience and learned a lot,” she says. “But I wanted to apply my finance skills where they could make the most impact.”
Kingen had been raised to revere education. So when she was invited by the new chief operating and financial officer of the Newark School District—a Morgan Stanley veteran named Photeine Anagnostopoulos—to help implement sweeping reforms in finance, operations and strategy, Kingen jumped at the opportunity.
“If I wanted to be part of the coming change in education,” she says, “there’s no better place to start than Newark.”
After a 360-degree analysis of one of the nation’s poorest-performing districts, their team cleaned up the nearly $1 billion budget and closed under-enrolled schools. Kingen introduced a more equitable funding model that gives principles more autonomy and developed a graduation tracker that now allows parents, teachers, and students to monitor academic progress.
Going to state
With knowledge of their breakthrough work in Newark, the New Jersey Commissioner of Education hired Anagnostopoulos and Kingen to analyze the critical links between funding and performance across the state. They’re currently studying a cross-section of districts in search of the best practices that can be replicated elsewhere in the state.
“Most studies and reform efforts are focused on instruction—as it should be,” Kingen says. “But I believe that connecting finance and resource allocation to performance is going to be the next big step in education reform.”
More than just some quixotic idealist tilting at academic dysfunction, Kingen may be onto something big.
The past year’s efforts are revealing a possible new paradigm: an interdisciplinary “systems” approach to education management that marries the wisdom of pedagogy and social science with the insights of data analytics, organizational behavior, accounting and finance. Its potential to improve student performance is transformational.
Once her work in New Jersey is complete, Kingen is planning to go for an MBA. She’d also like to start a company in this new area of expertise. “When you’re in education reform, you’re working against the clock,” she says. “Because every day you don’t make progress is another day lost for a child. So we need to keep pushing to make these changes.”
It will take some serious pushing. But Kingen—experienced, smart, energetic, ambitious, and appropriately impatient—is more than game.
“I’ve learned that management and finance acumen are sorely missing in K-12 education,” she says. “There’s a huge opportunity. It’s exciting to be at leading edge of something so important.”
Guest post by Tom Jensen, co-founder of Enterprise Futures network who helped source mentors for GSEC 2013, and mentor to Grand Prize winning team Jorsey Ashbel Farms.
Last week, 15 people including investors, entrepreneurs, consultants and non-profit executives joined students on 14 teams that competed in the Global Social Entrepreneurship Competition (GSEC) in Seattle – either in person or virtually, to finalize their business plans and presentations for a winning social enterprise. The teams from Africa, Asia and the U.S created business plans to address health and economic development problems in developing countries and competed for prizes.
After mentoring and judging in university competitions for the past 12 years, I know what it takes for a university to make a competition successful. UW’s Foster School’s Global Business Center did a great job making the experience very rewarding for the teams, judges, coaches, student ambassadors, mentors and sponsors. An organization that I am a co-founder in, Enterprise Futures Network (www.enterprisefutures.org) , is the Competition’s Mentorship Partner and has helped source mentors for two years.
GSEC’s mentors are located in Seattle, the San Francisco Bay Area, and from Europe, particularly Denmark. Each mentor donates about eight hours of his or her time over a six week period to help the team prepare before the competition and then several more hours during the week of the competition if possible. While about half of the mentors have mentored for GSEC before, the other half experienced this competition for the first time this year.
One of those new mentors for this year was John Locher, who co-founded internet companies Classmates.com and Redweek.com. He thoroughly enjoyed mentoring his team from Bangladesh with his co-mentor Mike Siemion, a co-founder with John at these companies, and plans to be back next year. John and Mike were joined by Norm Bontje, George Economy, who co-mentored with Linda Long, Merrill Grogel, Greg Free, Michael Gilson, Thomas Jensen, Nils- Michael Langenborg, John Raabo Nielsen, Søren Therkelsen, Rick McPherson, Kim Nelson, Carol Sanford, Craig Bruya, Michael “Luni” Libes and Pete Peterson.
The teams also got coaching on their presentations from other volunteers that UW’s Foster School of Business engaged during the week of the competition (February 25-28th).
UW made our job to provide and train mentors to support the competition very easy. The GSEC team led by Deborah Wolf and Kirsten Aoyama had a great plan and executed it flawlessly. They were responsive to the needs of the mentors and made it possible for mentors to participate in very meaningful ways, including networking with other mentors at a mentor breakfast EFN and UW organized.
UW created the right environment for successful mentoring, including educating the teams and mentors on the benefits of a mentor based program, and by creating clear expectations for both mentees and mentors. UW and EFN shared helpful tips and examples of best practices, maintained regular communications and gave mentors the opportunity to share ideas to improve the process throughout the mentoring period. While all competitions that engage mentors do it somewhat differently, certainly UW’s well organized and straight forward approach makes it easier for mentors to engage compared to institutions that, for example, only facilitate informal mentor-team matching without framing mentoring expectations for participants (e.g., such as inviting mentors and teams to events where they can self-match).
Tips that really helped the teams included encouraging mentors to ask teams for a specific milestones schedule to complete their plans and pitches. This tool served as a roadmap from which the mentees and mentors could work from. From my experience mentoring Jorsey Ashbel Farms (JAF), a scalable chicken production venture in Nigeria that won the grand prize, the framework and expectations that UW created mentoring made the process more efficient, allowing JAF and me to focus on the hard work of validating assumptions and developing a scalable business model.
On a personal level, working with JAF’s co-founders, Mene Blessing and Ayuba Ashbel from the Nigeria was a tremendous pleasure, because of their commitment to the venture, professionalism and sincerity. I look forward to visiting with them in April when they will compete in the finals for the Global Social Venture Competition in Berkeley, California.
I was very impressed that most of the local mentors attended the finals and even the preliminary round to coach their teams. Many non-local mentors worked with their teams remotely until the preliminaries or finals. Greg Free, who mentored Breathsuite, a UW based team that invented a respiratory diagnostic application delivered through mobile phones, viewed the Foster School’s “live stream” of his team in the final round when he could not be there in person. Greg, a non-profit director and sales and software executive, told me that “over the time I spent with them, I dropped lots of suggestions and was left somewhat uneasy about whether they were landing. They got it – in spades – and did an outstanding job of transforming what they started with into a pretty darned good presentation.”
Carol Sanford, an author, consultant and speaker on responsible business, shared her thoughts about mentoring for this competition over the past three years. “I’m getting better at it; knowing how to help my team meet challenges and to ask them to focus on what judges look for”. She loves to help teams pivot their businesses “to improve and to think bigger about what they can do.” Carol’s team, Social Cops, won the competition’s ICT prize sponsored by Microsoft.
I hope that people who attended the events (and read this article!) will be inspired join the fun next year and chose to mentor or coach a team or become a judge. Take my word for it, future mentors will find this experience extremely rewarding and a great opportunity to engage with entrepreneurs changing the world. If you would like to apply to serve as a mentor next year, please apply! http://www.enterprisefutures.net/mentorappl.html.
The Business Economic Development Center’s Business Certificate Program will begin in April at UW Seattle campus. The six-session course teaches business fundamentals through a series of six three-hour classes. BCP will be offered in Spanish (Tuesday evenings from 6:00 to 9:00 p.m. starting April 2) and in English Wednesday evenings from 6:00 to 9:00 pm starting April 17.
Who should attend? Any small business owner or manager who is interested in learning or refreshing their knowledge of sales and marketing, finance and accounting, leadership and management, and legal topics. Students come from every industry- from construction companies to restaurants to medical clinics. And to due to the diversity of participants, the classroom is a great place to network with fellow business owners.
The class also offers students to learn from award-winning University of Washington faculty including Mike Eguchi, lecturer of sales and marketing. With over 30 years of sales experience, Eguchi shares proven strategies and tactics in his class session Developing a Sales-Oriented Company. Student Pratish Brady relays how she used what she learned, “I used the guidelines [from class] to write my mission and vision statement for my website emphasizing benefits and value of my product; people are complimenting me on them.” And “ I spoke by phone with a new customer I had sent a sample too. He liked the product, but it was the wrong size. I used the term “how so” and kept him talking so I could understand more clearly what he wanted. Our conversation ended with a new order for a smaller size product and he wants to distribute my product to his customers not only in the US but in Europe. A definite win-win.”
Learn how to make your business win with proven business fundamentals from the Business Certificate Program. Course registration fee is $200. To sign up please visit our website. You can also be a program supporter by sponsoring a student.
– Faculty perspectives, alumni happenings, student experiences, Seattle and Pacific Northwest community connections, and a taste of life around the Foster School.