All posts by Sarah Massey

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.

Students taking charge of improving our community

BEDC Leadership TeamThe Business and Economic Development Center Leadership Team is a student organization with a mission to provide students with opportunities to improve their professional growth outside of the classroom. The organization also helps advance the work of the Business & Economic Development Center (BEDC) in developing businesses in underserved communities.

This self-governed student club uses business to improve the community. “It’s important for students to learn the significance of giving back,” said Alyssa Arinobu, a senior majoring in accounting. “Not only can students improve their skills, but they also learn how these skills can help better the community.”

“One of the programs that we’re most proud of is our Foster School Week of Service” said Simran Kaur, a senior majoring in information systems.  “This program rallies together Foster School student organizations to work with several charities across King County. For example, each year the Leadership Team volunteers at the Renton/Skyway Boys & Girls Club, where we work with young kids on business problems and also play games and have a fun time.”

Simran is also the president of the Leadership Team. “Students realize that they can make an impact in the community by participating in this week of service.” Last year, nearly 20 student organizations assisted 11 charities. “It is a fun and easy way for us to make time to meet people in different organizations and also make a difference.”

Each year, the Leadership Team also offers a Flagship Consulting Program (FCP), where members work as business consultants for local companies and nonprofit organizations. Charissa Chin, a senior studying marketing and international business, serves as the vice president of the Leadership Team. “The FCP provides students an opportunity to gain hands-on consulting experience and make a difference in a local company or non-profit organization. It’s a win-win.”

Through this program, the Leadership Team works with a different client each quarter of the academic year. “This fall, we’re working with Explorer West Middle School to help them increase their student enrollment. This includes evaluating the school’s public perception and recommending effective marketing methods to reach appropriate target markets.”

It’s through programs like these that students grow, and learn the importance of civic service. Learn more about how you can sponsor student programs.

Board Fellows: making an impact and growing managerial skills

Johnnie MobleyJohnnie Mobley discovered the UW Business and Economic Development Center Board Fellows Program during his second year as an evening MBA student. Mobley was looking for an opportunity to make an impact in his community, learn about the process of becoming a board member and develop his leadership potential. In 2010, the Rainier Chamber of Commerce selected him as their board fellow.

During his fellowship Mobley was able to acquire executive management experience by having a direct and hands-on impact on how programs operate and help mold a community. He adds, “If there was ever a time for creativity, it is when you are serving a non-profit organization. If you want to be creative and innovative, serving in a non-profit organization is the place for you because there are goals that need to be met and there are extremely limited resources. I think that anyone who wants to be in management and is looking to further their career should serve on a non-profit board because it is a place where you can see if you have what it takes to be in management.”

The UW BEDC Board Fellows Program has been an integral component of the UW Foster MBA experience for the last 12 years and since 2009 of the UW Evans Masters in Public Administration program. As a board fellow, graduate students are provided the opportunity to serve for one year as non-voting members of local non-profits’ board of directors.

Mobley graduated from the Foster MBA Program in 2012 and currently works for Boeing. Upon graduation from the Board Fellows Program he was officially invited to join the board of the Rainier Valley Chamber and is now serving as treasurer. The Board Fellows Program is supported by Wells Fargo Bank and UPS. Learn how to nominate a nonprofit to become part of the Board Fellows Program.

Building economic bridges in South Park

Since the South Park Bridge closed for renovation in 2010, Raymundo Olivas has felt shut off from the surrounding city, as if on an island. But he’s not on an island. Olivas does business in the South Park neighborhood of Seattle, a sliver of commercial and residential land wedged between the Duwamish River, I-509 and a green bluff rising to Highland Park.

The South Park bridge provided the primary access to the neighborhood’s commercial district. Since its closure, businesses have suffered.

Something had to be done. Olivas, a member of the South Park Retail Merchants Association (SPRMA), decided that the association needed to do more outreach to community businesses and customers. He contacted the UW Business and Economic Development Center and requested a team of student consultants to come up with a plan to bring customers and businesses to South Park.

Student Consulting ProgramThe BEDC Student Consulting Program helps small businesses grow while providing hands on consulting experience to students. All under the guidance of expert advisors like Parker Montgomery, a 2005 graduate of the Foster School and current candidate in the UW Masters in Public Administration program. While an undergrad, Parker was a student consultant with BEDC. He has mentored student teams for the past four years.

“I’ve learned a ton from the program about small businesses in the community,” he says.

Beginning in January 2012, Parker offered this experience to the student consulting group tasked with reviving small businesses in South Park.

The students developed a neighborhood plan to attract new businesses to South Park. They identified the area’s needs, zoning issues, and market power to encourage potential business investors to consider it a viable location for their businesses.

Among the neighborhood’s unmet needs was for a grocery store. Through their research, the BEDC students met the founders of Stockbox Neighborhood Grocery, second-place winners at the 2011 UW Business Plan Competition, who were considering opening their first permanent location in South Park.

In August Stockbox opened its store in South Park. Business has been good and the community has appreciated having access to fresh, healthy food in their neighborhood.

While businesses and customers are starting to come to South Park, the neighborhood is looking forward to the bridge reopening in early 2014. Until then, Olivas and the Retail Merchants Association will continue to encourage economic development in South Park.

Parker says an ideal career for him, after finishing his MPA, would be working in economic development in the community. It’s a virtuous cycle.

Symposium explores healthcare crisis from every angle

Does the American healthcare industry require reform or revolution?

According to Brereton “Gubby” Barlow, CEO of Premera Blue Cross, it’s going to take a radical economic disruption to stem the runaway costs of an industry that threatens to swamp the US economy.

Barlow was the keynote speaker of the inaugural Symposium on Creating a Sustainable Healthcare System, co-hosted by Premera, one of the region’s largest healthcare insurers, and the University of Washington Foster School of Business Executive MBA Program.

The event, held October 26 at Seattle’s Bell Harbor International Conference Center, approached the overarching theme of “Economic Disruption in Healthcare” from every possible angle.

And there are many angles.

Paint it black

Barlow painted the big picture, specifically the ominous rise in health care costs as a component of the United States economy. The Congressional Budget Office reports that health care accounts for 18 percent of the nation’s GDP currently, and projects that it will account for a third of the economy by 2035 and continue climbing at a hastening clip.

“If left unchecked,” Barlow said, “health care and interest are going to bankrupt the economy.”

His solution is simple in concept if difficult in practice: clarify costs and coverage, and give consumers the power and responsibility to make their own choices.

This concept has been introduced in new high-deductible health plans that offer low premiums and tax-free healthcare savings accounts, but also impose greater out-of-pocket expenses. Barlow cited a Milliman study finding 50 percent less health spending on consumers in these new plans over traditional plans.

“We need to shelter patients from financial devastation,” he said. “But we also have to get consumers to have real skin in the game. It’s worked well in every other walk of economic life, from food to cars to computers.

Barlow emphasized that the shift of decision power in healthcare from the supply side—physicians, hospitals, government, insurers—to the demand side—consumers—is both necessary and inevitable.

“In health care finance and delivery, we’re still in the mainframe era: complex, sophisticated, extremely expensive,” said Barlow, a member of the Foster School’s Advisory Board. “Yet I’m optimistic that this is going to change for one simple reason: with health care, as with computers, when consumers get directly involved, costs will come down.”

Other perspectives

After Barlow’s keynote, the symposium program embarked on a more granular examination of the forces currently at work in the healthcare system—from Medicare to network integration to innovations in healthcare delivery—culminating in a panel focused on how to reconcile the issues.

Topics and speakers included:

“Challenges in Hospital Financing”
Edward Kim, Vice President of Goldman Sachs, Healthcare and Higher Education Group

“Economic Challenges in Biopharmaceutical R&D”
Roger M. Perlmutter, MD, Former Executive Vice President of R&D, Amgen

“Purchasing Innovation in Healthcare”
James C. Robinson, PhD, Director of the Berkeley Center for Health Technology

“Economic Impact on Provider Groups”
Lloyd David (EMBA), Executive Director/CEO, The Polyclinic

“Economic Forces in Network Integration”
Rodney F. Hochman, MD, Group President, Providence Health & Services

“New Breed Health System: Adapting Strategy to the Evolving Market Environment”
Megan Clark, Senior Consultant, Health Care Advisory Board

“Impact and Challenges of Medicare”
James C. Capretta, Fellow, Ethics and Public Policy Center

A panel attempting to reconcile these diverse issues consisted of Brian Ancell, executive vice president of Healthcare Services & Strategic Development at Premera; Don Brunell, President of the Association of Washington Business; Dan Fulton, President & CEO of Weyerhaeuser; Rod Hochman, Group President of Providence Health & Services; and Johnese Spisso, Chief Health System Officer at UW Medicine.

Founding a symposium

The symposium was devised and driven by current Foster EMBA student Dr. John Henson, a neurologist and Associate Chief Medical Director at the Swedish Neuroscience Institute. Sparked by the numerous healthcare industry questions of his EMBA classmates, Henson saw an opportunity to organize a panel rich in knowledge and experience and found a willing partner in Premera, which helped draw more than 350 participants to the symposium.

Additional sponsors were Point B Consulting, the Association of Washington Business, the Seattle Metropolitan Chamber of Commerce, Seattle City Club, the Washington Policy Center, and Providence Health & Services.

SunModo’s M.O.

The UW Minority Business of the Year Awards, launched in 1999, recognize outstanding achievement by minorities in building and sustaining businesses in Washington State. This year’s winner of the Southwest Washington Award is SunModo, a solar panel mounting company. The company was founded in 2009 by Tony Liu with the mission to provide the best value racking and mounting solutions for solar power systems.

SunModo Condo Project Liu, also the company’s president, brings over 20 years of product development and manufacturing experience to SunModo. Prior to founding SunModo, he served as the senior mechanical/thermal engineer at Intel and also worked for Danaher and Credence to develop electronic power supply systems for fighter jets.

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.

SunModo has produced a number of improved solutions and new products for the market by leveraging their mechanical and structural engineering capabilities and working with major installation companies. Its competitive advantages include easier installation due to fewer parts and detailed guidelines, lower installation and maintenance costs, and the ability to quickly respond to the market’s and customers’ needs.

According to the Minority Business of the Year Awards selection committee, “SunModo understands the business they are in and has developed innovative products that differentiate them in the market.” They are located in Vancouver, WA and sell their products across the U.S. and are exploring expansion to Canada. They employ nine people and expect to earn $5 million in revenue in 2012.

UW Minority Business of the Year Awards is on December 6 from 5:30-8:30 p.m. at the Sheraton Hotel in Seattle. It is hosted by the Foster School’s Business and Economic Development Center. The awards program will highlight the impact of minority businesses on the state’s economy and support the growth of the next generation of minority entrepreneurs. Learn more about purchasing a ticket or sponsoring a table.

Social media judo

Guest post by Ryan Loren, Foster MBA 2013 and president of the Global Business Association
He attended the “Social Media: For Your Business?” roundtable, which was hosted by the Japan-America Society and Foster Global Business Center.   

Social Media: For Your Business?As any MBA student will tell you, networking is a must, but finding the time is tough. Meeting the right people, connecting with the right organizations—all are factors in where to spend your “extra” time.

For me, “Social Media: For Your Business?” was a no brainer; I had to go. Having spent nearly seven years living and working in Japan, as well as interning over the summer at one of the world’s largest PR and ad agencies (that also has a big social media team), I knew this would be a good opportunity to network and meet industry leaders who work internationally, have a connection to Japan, and are involved in social media.

Companies represented in the panel discussion were Starbucks, Microsoft, Ivy Worldwide, PSPINC, Nikkei Concerns, and Niconico. Each company representative gave a 10–15 minute presentation on their social media strategy and the impact social media has had on their organizations.

I learned effective social media strategy is about leverage, or as Nick White, partner and general manger of Ivy Worldwide, a word-of-mouth social media marketing consultancy firm, called it, “social media judo.” He said if your firm is going to have an effective strategy, you need to:

  • Listen.
  • Contribute on other sites.
  • Publish your own content and make sure to link back, cite, and propagate.
  • Don’t sell, rather soft sell your product or service.
  • Listen even more.

Seems simple, but in the ever changing social media world, it is anything but simple. The buying process has changed, the customers are changing, and the frameworks that we have grown to love/hate in our MBA studies are changing. Thankfully, events like these allow real-time perspective from industry leaders in organizations many of us will end up working for one day. The opportunity to meet, mingle, exchange business cards, and practice your elevator pitch with the panel and other attendees is a great way to go that extra mile and make genuine connections. You never know how or when you might come across the same people when searching for an internship, or in my case, a job.

Apricots, creativity and food trucks

Guest post by Sohroosh Hashemi, Foster BA 2011
He attended the panel discussion Food on Wheels – A Foodie Blogger Dishes with Food Truck Owners, which was part of Entrepreneur Week 2012. Panel moderator was Jennifer Lewis, blogger and author of Food on Wheels.

A local organic farmer’s fresh apricot harvest was inspiration for Molly Neitzel, founder of Molly Moon’s Homemade Ice Cream. Neitzel placed a large order of apricots and began planning for the debut of her new roasted apricot ice cream.

Monte CristoThat was that start of the story, as Neitzel told the students and alumni in attendance at the Food on Wheels panel discussion. She went on to explain that her great idea—roasted apricot ice cream—was not what her customers wanted in October, when the new flavor would be on sale. Neitzel ended up with 100 pounds too many of apricots, which she turned into homemade jam. She used this experience to highlight a challenge she often faces, “a lot of times the creativity that we desire, or that you might desire as an entrepreneur, is the opposite of what your customer wants.” Neitzel’s apricot surplus also demonstrates the seasonality of her business. Molly Moon’s uses local ingredients, so any fruit or vegetable it sources is only seasonally available.

All of the other entrepreneurs on the panel—Josh Henderson of Skillet, Danielle Custer of Monte Cristo, and Marshall Jett of Veraci Pizza—also agreed that the seasons have a huge impact on their businesses. Both consumer preferences and the availability of local ingredients vary from season to season. Each of these entrepreneurs owns a company that relies either exclusively or in-part on food truck sales, and all of them find a large chunk of their revenues through catering seasonal events like weddings.

After the discussion, the audience question and answer session produced some takeaways. Danielle Custer, founder of the newly launched grilled cheese truck Monte Cristo, gave this advice: “Simplify. Specialize. Do that one thing very well.”

Entrepreneur Week is put on by the Center for Innovation and Entrepreneurship.

Watch highlights from the panel discussion.

Want to see more? Watch the full video.