All posts by Sarah Massey

UW Minority Business Awards honor top ventures, announce expanded partnership

The 2012 University of Washington Minority Business Awards honored ten top performing minority-owned ventures in the state of Washington.

The December 6 event, co-hosted by the Business and Economic Development Center (BEDC) at the UW Foster School of Business and the Puget Sound Business Journal, also unveiled an expanded partnership between BEDC and JPMorgan Chase, and welcomed back an old friend,

Ali TarhouniThat would be Ali Tarhouni, the popular senior lecturer who famously left his post at Foster in early 2011 to serve as finance minister for the Libyan revolutionary government. Tarhouni, who has initially declined a run for the newly democratic nation’s prime minister, expressed his pride in the growth of this unique Center that he helped found in the early 1990s.

“The Foster School of Business has heart,” he said. “We teach our students how to create wealth, and that’s our primary responsibility. But I’m also proud to be associated with a school that subscribes to do the right thing—even though it doesn’t usually have an immediate reward… Doing what is right and creating wealth aren’t mutually exclusive.”

The long-term impact of BEDC in promoting a robust economic diversity across the state was evident in the range of 2012 awardees.

The William D. Bradford Minority Business of the Year is Redapt, the Redmond-based provider of innovative data center infrastructure solutions.

Regional winners include:
King County Award – Jabez Construction/ST Fabrication and Radarworks
Northeast Washington Award – Spoko Fuel West Plains
Southeast Washington Award – RJS Construction
Northeast Washington Award – Gliding Eagle Marketplace
Southwest Washington Award – Sunmodo Corporation
Rising Star Award – C2S Technologies

Zones, the Auburn-based enterprise IT firm, received special commendation for reaching $1 billion in annual revenues. Accepting the award was Firoz Lalji, CEO and chairman of Zones, who noted that his company has become successful by serving businesses nationwide with expertise in all areas of IT, including systems and storage, networking and security, software, virtualization, procurement, logistics, any and everything tech.

Minority Business of the Year Awards 2012Michael Verchot, founding director of BEDC, announced a transformational $600,000 gift from the JPMorgan Chase Foundation, the largest in the center’s 17-year history. Verchot said that the gift will allow the center to engage more students in consulting to small businesses in Seattle’s low- and moderate-income communities and to grow its faculty-led small business classes throughout the state. And, perhaps most significantly, the investment also will enable the center to build a regional and national network of business schools that follow the BEDC model to spark economic development in their own communities.

This newest investment brings Chase’s total support of BEDC over the years to more than $900,000. “At JPMorgan Chase, we believe in strengthening small business and creating jobs. And we believe that is critical to the progress of our country,” said Curt Fraser, Chase’s CEO of middle market banking for the Pacific Northwest. “We’re thrilled to partner with the UW Business and Economic Development Center in working to do just that.”

Student-funded scholarship is a first

UWiBThe student organization, Undergraduate Women in Business (UWiB), recently established an endowed scholarship–a monumental achievement. UWiB is the first student organization to establish an endowed fund and they raised $32,000 in a little over 2 years. Additionally, this initiative was completely student driven and a team effort.

Foster undergrads Amber Waisanen and Raychael Jensen started UWiB in 2005. They were inspired by a similar organization at the Wharton School, University of Pennsylvania. Their core mission in starting UWiB was to connect and prepare the future generation of female business leaders. They are very pleased with how the organization has grown and evolved over the past eight years.

“UWiB was founded on the premise of serving others and giving back, with an underlying mission to connect and prepare the future generation of female business leaders.

As founders, we feel extremely proud of how far UWiB has come. We are strong supporters of this fund and look forward to securing a long-term future for the organization.

For UWiB to reach an endowment status is truly a dream come true, as it was part of our list of things we hoped to accomplish one day. To see that goal come to fruition is a very rewarding and exciting opportunity for us, our members, the Foster Business School and the community at large.”

– Amber Waisanen & Raychael Jensen, Co-Founders of UWiB

The recipient of scholarship for the 2012/2013 academic year is Amanda Hamilton. She is junior at the Foster School pursuing marketing and a certificate in international business. According to Amanda, “The scholarship will help me further my international interests as I study abroad in Spain.” Last year Amanda served on the executive committee for UWiB as the fundraiser associate.

You can learn more about UWiB by visiting their website: http://uwuwib.com/

Transformational gift from JPMorgan Chase

Guest post from Michael Verchot, Director of the Business and Economic Development Center at the University of Washington Foster School of Business

On December 6 we’ll formally announce a $600,000 gift from JPMorgan Chase Foundation that will mark a turning point in the life of the Business and Economic Development Center (BEDC). This gift will enable us to fully meet our goals of making a substantial impact on growing jobs where they are needed most by engaging students in learning that matters to them and to businesses. Fundamentally, this gift will enable us to do three things:

  • Increase the number of students engaged in hands-on work with small businesses in low-and moderate-income communities in the Seattle area.
  • Grow our faculty-led small business classes offered in Seattle, Everett, Yakima, Tri-Cities, and Spokane to reach up to 200 small businesses each year.
  • Build a NW regional and national network of business schools that enhance their student learning by helping small businesses in low-and moderate-income communities to create jobs.

BEDC Celebrates JP Morgan Chase GiftWe already know that more than 94% of students who participate in BEDC programs say the experience improves their job performance after graduation and 80% of small business participants report positive financial and performance gains following their work with us. We now have the opportunity to serve more students and business owners.

This is the largest gift the BEDC has received in its 17-year history and brings Chase’s total giving to the BEDC to more than $900,000. As we’ve worked with Chase over the last year in shaping our vision for the use of these funds, they’ve also challenged us to think beyond their gift to what’s next. Chase’s gift will be spent over the next three years which will bring us to our 20th anniversary. It’s time to set our sights on the future. Our overarching goals these next three years will be to:

  • Leverage Chase’s support to secure between $1 million and $10 million in endowment support to sustain the growth in programs made possible by Chase’s gift.
  • Double the number of students who are working with small businesses.
  • Create a self-sustaining series of classes for entrepreneurs and business owners at all levels of business growth.

All of us at the BEDC, students, faculty, staff, and business volunteers, are deeply grateful to Chase for this investment and we look forward to an exciting couple of years ahead of us.

Learning how to lead

Guest post by Staci Stratton, Evening MBA 2014
She attended the MBA “Perspectives on Leadership” Speaker Series. The speaker was Colleen Brown, CEO of Fisher Communications.

Colleen Brown shared her thoughts on leadership and her personal journey to becoming CEO of Fisher Communications. She talked about how we are a combination of both predisposition and learning how to be a leader. She also said in many cases leadership arises out of necessity. For Brown, she was the eldest girl in her very large family and took on responsibilities like grocery shopping and laundry very early on. She said these experiences helped her to develop a “get it done” attitude she still has today.

She also shared her four important characteristics of leadership:

  1. Character: understand who you are and why you are who you are.
  2. Resilience: develop, if you haven’t already, the ability to get back up after rough periods, mistakes, etc.
  3. Commitment: be committed to who you are and what you believe in. It has the effect of being contagious to others.
  4. Continuity: develop consistency and continuity in your behavior, as this helps your people to know what to expect from you-no surprises.

Brown feels the most important decisions you make on a day to day basis are about PEOPLE, which is why it’s so important to know yourself and be consistent in your behavior.

Watch highlights from Brown’s talk. Here she covers the importance of consistency, Aristotle’s leadership insights, and how to minimize office politics.

The next speaker is Howard Behar, former President of Starbucks, on December 6. Learn more.

Sell it, win it

UW undergrads Hayden Krall, Hannah Hanson, Hanna Klemm, and Megan Smith beat out 20 other schools and won the 2012 “Can’t Beat the Experience” National Team Selling Competition at the Kelley School of Business at Indiana University.

Guest post by Megan Smith, UW undergrad and Sales Certificate student

National Team Selling CompetitionWe received the case approximately two weeks before the competition. The case was an internal sale and we were a “special task team” of employees that needed to make a presentation to our company’s CEO and VP of Human Resources. Our company was a research firm called “Abaci.” As the special task team, we were charged with creating a Workplace Wellness Program that introduced a new fitness device: the GetFit wristband.

The two weeks leading up to the competition were filled with preparation, devising plans, and a lot of coaching. We had fantastic support from our coaches and advisers: Jack Rhodes, Jeff Lehman, Joe Vandahey and last year’s NTSC team (Eric Hotaling, Dorine Rassaian, Julie Reynolds, and Neil Carter).

The competition day was split into two presentations: a morning session for needs analysis (15 min) and an afternoon sales presentation (20 min). The need analysis was a meeting with the VP of HR, “Casey” whom we were able to talk to about the issues facing the company, the data we were given, and uncover any other information that wasn’t included in the case description. Discovering all of the company’s needs was vital for success in the afternoon presentation. In the three hours between our morning session and afternoon presentation, we modified our presentation to incorporate the needs uncovered in the morning session and fit in as much practice as we could. We presented our Wellness Program to the company CEO, “Doug,” and our VP of HR, Casey. We addressed all their questions and received approval to implement the program.

Winning was surreal. There are not words to describe the feeling of having many late nights and hours of practice pay off. It is impossible for us to give enough credit to our coaches for their unparalleled support and guidance. Their support in combination with how well our team was able to work together made it possible for us to create a comprehensive and creative Wellness Plan that pulled us through to win. The amount we learned and the enjoyment and excitement of the competition truly made the experience unbeatable. Watch the morning and afternoon sessions.

The Sales Certificate Program at the Foster School provides students with the knowledge and real-world experience necessary to be successful in sales.

Followership impacts leadership

Gerard Seijts interviewed Bruce Avolio, professor of management and executive director of the Center for Leadership and Strategic Thinking at the Foster School, about his research on leadership. Professor Seijts is executive director of the Institute for Leadership at the Ivey School of Business. In the interview he asked Prof. Avolio what are the big leadership questions that will advance the field.

According to Prof. Avolio, one major question is, “Is the source of leadership followership? If so, in what way?” He goes on to say this isn’t a topic we have delved into because we assume the source of leadership is the leader. But a key discovery in Prof. Avolio’s research is that followers who have a sense of ownership in their work, don’t let their leaders go off the cliff or in other words, make poor decisions.

He also said he can tell a lot about an organization’s leaders without ever meeting its leaders. This is because followers are a reflection of what they see in their leaders. “If followers are independent, willing to challenge, feel safe to do so, own what they are charged with, and feel a deep sense of making it right, they change the leadership lens of the organization.”

Another takeaway from this interview is Prof. Avolio’s finding that financial analysts consider a firm’s leadership when valuing a firm. They can discount a firm anywhere from 5% to 20% based on their perceptions of its leadership.

Watch the full interview.

Announcing Dempsey Hall

Today the Foster School held a naming dedication for its newest facility: Dempsey Hall. The building is named after Neal and Jan Dempsey, who have been incredible supporters of the Foster School. Neal is a 1964 alumnus of the Foster School and has been engaged in myriad ways over the years. He has served on the Foster School Advisory Board for more than two decades and is a past chair. Alongside Mike Garvey and Ed Fritzky, he co-chaired the successful Foster School capital campaign that raised $181 million between 2000 and 2008. He has also given over $10M to the Foster School.

Dean Jiambalvo said at the dedication, “Neal is action oriented and unwavering in principle.” When Neal spoke, he called the next generation to action and encouraged them to give their time, energy, and money to the Foster School. He asked everyone in the crowd to raise their hand if they agreed to give back to the Foster School. Everyone’s hands were in the air. Neal took it a step further and shot of video of everyone with their hands raised–proof they would do what they said. He said it’s been a, “fantastic road to the finish line.” And he looks forward to seeing the next generation of supporters give back.

Dempsey Hall from Foster School of Business.

2012 Minority Business Award Winners

Minority Business Awards Eight Washington businesses will be recognized for their achievements at this years’ Minority Business Awards on December 6. All of these companies have demonstrated exceptional management and revenue growth and are examples all businesses can emulate. We hope you will join us at the awards banquet to congratulate these outstanding businesses from across the state of Washington. Purchase tickets now.

William D. Bradford Award
REDAPT
Redapt offers integrated IT solutions as an innovative data center infrastructure provider and hardware reseller. Their clients range from local start-ups to Citibank and game-developer giant Zynga. Recognized by the Puget Sound Business Journal as the No.1 Eastside Private Fastest-Growing Company for 2012, Redapt’s revenue has increased six-fold to $147 million in 2011, from $23.5 million in 2009.

King County Awards
JABEZ CONSTUCTION/ST FABRICATION
They are a full service design-build general contractor and a structural steel fabricator. They have contracts with the U.S. Army Corps of Engineers and in the private sector. Jabez Construction has a unique approach to their clients: the owners emphasize that while they are selling physical products, what makes them stand out is their excellent customer service. In the last 10 years their revenue has increased from $2 million to $9.6 million, while employees have increased from 6 to 35 people.

RADARWORKS
With offices in Seattle and Los Angeles, Radarworks is a creative agency that delivers integrated marketing solutions in advertising, graphic design, interactive marketing strategies, and events services. Their clients include several big corporations, including Microsoft, Sony, and AT&T. They’ve more than doubled the size of their firm in the last two years, hiring 30 additional employees and increasing revenue from $7.5 million in 2010 to $8.3 million in 2011.

Northeast Washington Award
SPOKO FUEL WEST PLAINS
Managed by the Spokane Tribe of Indians, Spoko Fuel is the second largest convenience store in Washington State. With revenues of over $27 million in 2011, they are more than just a profit-generating mechanism; they create positive influence on the youth by providing business opportunities and jobs for the local community members.

Southeast Washington Award
RJS CONSTRUCTION
Located in Yakima Valley, RJS is a general service contractor ran by Native American women. RJS has been in business over 22 years performing commercial, industrial, and residential contracts throughout the Pacific Northwest. Their revenues grew from $1.5 million in 2010 to an expected $2.5 million in 2012, and the growth will continue as they are expanding from the private market to government sector. Client satisfaction is the primary goal of RJS and the cornerstone of each project is quality of workmanship and production.

Northwest Washington Award
GLIDING EAGLE MARKETPLACE
Operated by the Port Gamble Development Authority, Gliding Eagle Marketplace is an enterprise of the Port Gamble S’Klallam Tribe. The convenience store/gas station serves the Tribal Reservation as well as the communities of Kingston, Hansville, Port Gamble, and Poulsbo. Profits are given back to the Tribe, providing funds for education, health care, mental health services, police, and transportation. Gliding Eagle Marketplace has experienced significant growth in the last three years and their 2011 revenues were $18.9 million.

Southwest Washington Award
SUNMODO CORPORATION
SunModo, a solar panel mounting company, was founded in 2009 with the mission to provide the best value racking and mounting solutions for solar power systems. SunModo has established itself as the provider of affordable, high-quality solar mounting products. The company excels at installing rooftop and ground mounted systems. One of their most successful product lines is their patented EZ roof mount systems, which accounted for over 50% of their sales in 2011. Their revenue has increased exponentially from $0.2 million in 2010 to an expected $5 million in 2012.

Rising Star Award
C2S TECHNOLOGIES
C2S Technologies located in Bellevue, WA is the winner of this year’s Fastest Growing Business award. A Minority owned Business Enterprise (MBE) technology and consulting company founded in 2005, C2S empowers strategic change in a broad range of industries and consultant specialties by constantly adapting capabilities. The company maintains a focus on agility, regularly adding new core competencies and personnel to keep ahead of the ever-evolving demands of the market and the needs of clients.

BEDC director authors chapter on diversity in global supply chains

Michael VerchotThe Business and Economic Development Center’s national influence is extending beyond supporting the launch of business school programs based on the BEDC model to one on corporate business diversity practices. At the end of October the Billion Dollar Roundtable (BDR), an association of 18 Fortune 500 corporations that spend at least $1 billion annually with minority- and women-owned businesses, released a book entitled Supplier Diversity Best Practices that includes a chapter on diversity in global supply chain management written by the BEDC’s director Michael Verchot. The chapter reports on research conducted by the BEDC on strategies that minority-owned businesses use in serving global corporate clients.

While in Denver Verchot also attended the annual conference for the National Minority Supplier Development Council. The NMSDC is a network of major corporations seeking to increase the number of minority-owned businesses that are part of their global supply chains. The conference provided an opportunity for the BEDC to meet with corporate partners in the Minority Business Executive Program. This program, for minority-, women- veteran-owned and other small businesses is held each June and draws 25-30 business owners from across the US.  One of just three of its kind in the US, and the only one in the Western US, the program will enter its 6th year in 2013.

To get a copy of the Supplier Diversity Best Practices visit the BDR’s web site and to learn more about the Minority Business Executive Program contact Michael Verchot.