With summer break just on the horizon, students are preparing for a little down time before they transition to the next chapter in their lives. However, before the vacations and summer jobs begin, YEOC marked the occasion with the Annual Case Competition and End of the Year Celebration.
Inspired by the popular TV show Shark Tank, the entrepreneurial-themed case competition highlighted the students’ creativity, business insights, and teamwork skills. Prompted to “solve a problem that the world is facing today using technology” students worked together in groups to create their own innovative solutions. With thirty judges from the business and higher education communities in attendance, thirty YEOC student teams competed against one another for the top prize. After three rounds, it was the “Piezo board” that took first place. Described as a piezoelectric crystal floorboard that captures energy from the footsteps of passing pedestrians, the winning team received a check for $1,000 and a trip to the EY Entrepreneur of the Year Gala.
During the celebrations, EY took the time to showcase their commitment to the YEOC program. With a giant check in tow, the company renewed its pledge of support with $225,000 over the next three years. EY partners Glenn Carrington and Matthew Alexander also surprised the audience with personal donations of $1,000 each.
See photos of the celebration below:
Find out more about the YEOC program on the Foster website.
Patty Maggard Prediletto, owner of Colours By Design, an interior design firm based in Yakima, Washington, reflects on the value of the Business Certificate Program offered by the Consulting & Business Development Center. This program wrapped up this May with more than 100 graduates since January of 2015.
My name is Patty Maggard Prediletto and my business is Colours By Design. As a sole proprietor of a home-based interior design business, I was surprised when the Consulting & Business Development Center asked me to tell the story of my company. My initial thought was that a larger firm, due to their higher number of employees, crews, and supervisors to manage would make a better story about the impact of this program. Then I realized just how diverse the mix of my fellow classmates was in the Business Certificate Program. These included owners of small businesses (like mine) as well as employees from large companies. I’ve come to realize that although we have different perspectives on business, the tools that we learned can help us all in different ways.
I may not have a staff or a board of directors, but I do have clients and subcontractors that I work with; I make decisions with and for my clients on a daily basis; and I have to brainstorm how to approach a project and how to make snap decisions to keep jobs flowing. It doesn’t matter how big or small your business is. We all work on the same principles, we are here to make a profit, and I’ve realized through the BCP that companies both big and small use the same tools to accomplish these goals.
BCP teaches three major subjects: marketing, management, and finance & accounting. Here are my takeaways that I was able to bring back to Colours By Design.
Marketing: I know my name is long, but that is part of my brand. I was Maggard for the first 20 years of my career and built up that name recognition. When I remarried I knew I needed to keep that name as that is my brand and how I am known. This class has helped me to put that into focus and helped me to better understand how important identity or branding is. I knew that branding was important but BCP showed my why.
Management: When I am dealing with a couple, many times there are differences of opinions and tastes. It is my job to bring both sides together and come to a decision that everyone is happy with. I joke that I have a marriage counseling degree! With this course, I now have more tools in my toolbox to help me mediate the decision-making process.
Finance & Accounting: I have written a business plan and I readily admit that I am more creative than a financial whiz. However, I know it is a very important part of any business to have an understanding of how money flows and how to adjust to changes.
I would like to thank Domex Superfresh Growers for bringing the UW Foster School of Business to our community. I found the instructors were very engaging and entertaining. The teamwork exercises were fun, creative, and really helped me understand the concepts. It doesn’t matter what size your business is, this course is for all businesses, large or small like me.
On Saturday May 17th, students, families, Foster staff, and community members gathered in Anthony’s Forum to celebrate the Undergraduate Diversity Services (UDS) graduating class of 2015! The goal of UDS is to attract, recruit and retain diverse students here at the Foster School of Business. These UDS graduates have participated in the UDS pipeline programs (YEOC, B2, ALVA, BEOP) and diverse student organizations (ABBS, NABA, ALPFA). During the event, the soon-to-be Foster alums took to the stage to receive a custom UDS stole and a special message of congratulations from Undergraduate Assistant Dean Vikki Haag Day and former UDS Associate Director Jai-Anana Elliott. Attendees also heard from staff members Kate Merriwether (Assistant to Undergraduate Deans), Pamela Lacson (Associate Director of Diversity & Recruitment), and Korrie Miller (YEOC Program Manager).
See photos from the celebration below:
Learn more about UDS on the Foster website.
On April 21, the Consulting and Business Development Center had the honor of hosting the Minority Business Hall of Fame and Museum (MBHF) for the second year as MBHF inducted five new members into the prestigious Hall of Fame.
MBHF has been acknowledging trailblazers in the area of minority businesses as honorees since 2005, and this year marked a significant step towards creating a global community when the first international honoree, Dr. Jan Neissen, was inducted into the Hall of Fame and Museum. In his acceptance of the award, Dr. Neissen eloquently spoke about his study of American systems of minority supplier development and his efforts throughout his career at implementing the same ideals in Europe. He cited fellow honorees Anthony Robinson and Ralph Moore as influencers in his work both through their participation in the civil rights movement in America and their continuing work as proponents of equal opportunities both in the US and internationally.
Another significant induction was the late Billy Frank Jr., member of the Nisqually Tribe, who was represented by his son, Willie Frank. Billy Frank Jr.’s life work led directly to the growth of
business opportunities for Native families and for tribes across the U.S. From family-owned fishing businesses to tribally-owned hatcheries and fish processing plants thousands of jobs for Native and non-Native people have been created affecting the business community both here at home in Washington state and across the nation.
This year, the honorees became more than just pictures on the wall when UW Foster undergraduates were given the opportunity to meet these trailblazers face-to-face and interact with the honorees in a special lunch panel. During this luncheon, the inductees shared about their work and their lives as well as the wisdom they had to impart to the students as they move forward with their careers. After participating in the luncheon Lillian Mitchum, a senior at Foster studying operations and supply chain management, said, “It was encouraging to hear the stories of the honorees; where they started out, how far they have come, and how much they have accomplished during their journey.”
When asked about what the next generation of leaders should be focused on in moving towards diversity and equal opportunities for businesses inductee Bill Imada encouraged students to know their own background and stories and to, “share those stories with one another and engage.”
All are invited to come and share in the stories of this year’s nominees on display in the Mackenzie Hall Lobby.
Now that more than 20 countries have adopted quotas for women on corporate boards, the number of companies with women directors is growing worldwide. To identify the impact that women directors make on boards, Foster adjunct professor Cate Goethals and global management consultant Susan Bloch recently completed the Better Boards Project, an international study of more than 100 board members.
The study builds on research by Credit Suisse, McKinsey, and Catalyst that concluded public companies with women directors outperformed all-male boards on several financial dimensions, including stock price, return on equity, and better average growth. For the Better Boards Project, Goethals and Bloch explored the distinctive qualities that women directors brought to the table and the relationship between board effectiveness and women’s contributions.
The directors interviewed overwhelmingly believe that the contribution of women makes majority-male boards more effective. Specifically:
- Women provide the broad diversity of perspective critical to robust governance practice
- Female directors are more likely to fully explore the implications of decisions through their implementation stage and insist upon discussing standards of ethics and accountability
- Women are more likely to build relationships among board members and with management
- They ask more and different questions to fuel deeper discussions and better-considered decisions
- Women are more likely to probe the human dimensions of policies—their effects on employees, customers, and other women
- Inside the boardroom, female directors are generally more collaborative, listening carefully and facilitating contributions from others
Many directors expressed enthusiasm for bringing more of the right women onto their boards, but noted challenges locating qualified candidates.
Creating a pathway for potential women board members
Several countries, including Norway, France, India, and the United Arab Emirates, have passed legislation mandating a percentage of women serving on public boards. Still, there are remarkably few female directors—about 11 percent of all board members around the world and markedly less in some countries and sectors.
The number of women on public boards is closer to 20 percent in the U.S., and growing as companies actively seek qualified women directors. The percentage of new female nominees to S&P 500 directorships has doubled in the last seven years to 30 percent—almost one in three new board members is a woman. The primary problem boards face is locating and nominating eligible women directors.
To respond to this recruitment gap, Goethals, Foster market researcher Andrea Bowers, and Executive Education staff Lisa Loucks and Ann Koziol launched a new program to help prepare talented professional women for board service. The Women Board Directors Development Program will be offered June 18-19 at the Foster School of Business.
The program will feature sitting directors Colleen Brown (American Apparel, Newport Board Group), Connie Collingsworth (Premera Blue Cross, Banner Corporation), and Betsy Berkeimer Credaire, (Women Corporate Directors, Los Angeles/Orange County, author of “The Board Game”) joining Goethals to share their personal board experiences.
The Women Board Directors Development Program will help participants:
- Deepen knowledge of board roles and responsibilities, including financial reporting, corporate strategy, CEO performance, and regulatory compliance
- Understand the best professional pathways to influential boards
- Develop a detailed personal action plan for securing the right board seat and advancing board service
- Learn proven techniques for becoming known to nominating committees
- Understand the board interview and onboarding process
- Hear from sitting board members how they found their best voice at the table
For more information and to register, visit www.foster.uw.edu/women-on-boards
YEOC Session: January 2015
With their polished resumes and personalized YEOC business cards in tow, students kicked off the January 2015 session by attending the first ever YEOC Resource Fair. Program Manager Korrie Miller says that over 23 companies and non-profits (Microsoft, Foster Lavin, Girls Who Code, and YMCA to name a few) participated, interacting with students and helping them find summer jobs, internships, and even scholarships.
The remaining activities of the day focused on finance, both personal and professional. Students heard from Mentor Joshua Banks on the importance of investing and from Microsoft Finance Director Cliff Camp on the significance of the mentor-mentee relationship. Students also learned how to navigate financial aid packages and create personal budgets via the financial freedom game, led by Mentor Maria Garcia.
YEOC Session: February 2015
The focus on this month’s session was iCreate Consulting Challenge, YEOC’s annual commercial competition. Working with partner organizations the Urban League of Metropolitan Seattle (ULMS) and Foster’s Consulting and Business Consulting Center, students were tasked with developing a marketing strategy and viral Instagram video for a burgeoning, education-focused organization. In line with YEOC’s mission to address inequities in the high-school-to-college pipeline, the group receiving consultation was the Urban Technology Center, an initiative of ULMS designed to attract underrepresented students to STEM.
After hearing Michael Verchot, the director of the Consulting and Business Development Center, discuss past consulting projects and ULMS Board Chairman Nate Miles argue the importance of resiliency, fellow ULMS Board Member Kia Franklin divulged the specific challenges facing the Urban Tech Center’s launch in Seattle. Under the guidance of Mentor Danielle McConnell (a YEOC alum herself) and the Mentors-in-Training, students separated into groups and began working on their marketing plans and videos. After only an hour and fifty minutes of preparation and feedback sessions, students then pitched their ideas to a panel of judges, their parents, and the many others in attendance. Program Manager Korrie Miller reports, “It was a packed house!”
See a few photos from the session below. Student photos and video can be seen here.
Photo credits to YEOC mentors Emmeline Vu and Skyler Rodriguez.
This blog post is a part of a series focusing on monthly YEOC student activities. Visit the YEOC page to learn more about the program.
For the first time in UW history, Foster School students participated in the Kelley School of Business National Diversity Case Competition at Indiana University. Traditionally held during Martin Luther King Jr. weekend, Foster undergrads competed against students at Yale, Morehouse, and more to take the number 2 spot and win $5,000 in prize money.
Congratulations to Danielle McConnell, Tina Moore, Mayowa Laniran, and Joshua Banks for all of their hard work!
See photos from the competition below:
As we get ready to celebrate our center’s 20th anniversary we’ve reestablished a tradition that we started in the 1990s to recognize our corporate partners who have made a difference in our work.
We presented our 2014 Corporate Partner Award at our 2014 UW Minority Business Awards Banquet earlier this month to Microsoft.
Microsoft has been a key strategic partner in growing the Consulting and Business Development Center into a national center of excellence. As early as 2007 Fernando Hernandez, who is Microsoft’s director of supplier diversity, began helping us to develop the Minority Business Executive Program. This week-long executive education program is designed to accelerate the growth of minority-owned, women-owned, and other diverse businesses that are supply chain partners of major national and multinational corporations. Microsoft has sponsored 20 businesses to this program.
In 2008, Microsoft hosted the center’s 2nd national research conference that focused on diversity in business issues.
In 2011 Microsoft hosted the annual summit for the Billion Dollar Roundtable. The BDR is an association of 20 corporations that spend at least $1 billion annually with minority- and women-owned businesses. Fernando Hernandez, who by then was on the Center’s Board, invited me to speak at the summit.
Fast forward to this year, and we can see the results of this work as the Minority Business Executive Program drew 30 participants from seven states as well as the Philippines and the Dominican Republic. This program is just the second executive education program to be endorsed by the National Minority Supplier Development Council and is just the 3rd of its kind in the US.
Earlier this year the center became the official research partner for the Billion Dollar Roundtable where it provides data to grow the effectiveness of corporate supply chain efforts in diversity.
Microsoft has been an invaluable partner in helping us to become a national center of excellence in developing businesses in under-served communities and in advancing student careers.
Guest post by Nick Dwyer, Foster MBA Candidate, 2016
Before enrolling in the full-time MBA program at the Foster School this fall, I often heard full-time business students characterized as “day students”. But with the vast number of engaging presentations, speakers’ series, networking opportunities and other evening events at our disposal, I now realize this was a misnomer. While I’m not currently taking any evening classes, my on-campus education rarely ceases before 6PM. Perhaps my most notable example is the evening of November 20th, when I had the opportunity to hear from the former US ambassador to Japan, John Roos.
Ambassador Roos came to the Foster School as part of the Tateuchi Foundation Asian Business Distinguished Speaker Lecture, a series of annual speeches by business leaders focused on presenting US-Japan business opportunities.
By partnering with the Tateuchi Foundation, we can honor the legacy of Mr. Tateuchi’s business success and further the Foundation’s goals of promoting international understanding, knowledge, and relations.
The event is made possible by the Tateuchi Foundation, a family foundation charged with building bridges of understanding between the United States and Japan. Given this mission, its unlikely there is a more fitting presenter than John Roos, who served in his role as ambassador to Japan from 2009 to 2013.
One of the most interesting points of Ambassador Roos’ presentation was his atypical professional background for an ambassador. Unlike most American ambassadors to Japan, John Roos never held a significant public office before his ambassadorship and was not a political figure in Washington, DC. Before Japan, Roos was a lawyer in Silicon Valley, where as CEO he led a premier technology law firm.
He explained that he was such an outsider that his wife quipped that he “didn’t have a chance in hell” before formally receiving his nomination for the post. But his less than common background was appealing to President Obama, who appreciated his experience in technology and innovation and his understanding of Asia-Pacific business. “But most of all, it was just a matter of trust” Roos confirmed.
As someone who has always been interested with the economy of Japan, I particularly enjoyed watching Ambassador Roos interact with Japanese students in the Q&A part of the evening. What emerged was a major difference of opinion between the state and potential future of Japan. Several students commented they felt pessimistic about the future of Japan, given the weak economy, the high population loss, and the high national debt. Ambassador Roos reminded them that Japan is still the third largest economy in the world and that 90% of the world would trade places with them. When asked what is the best characteristic of Japanese business, Roos stated that “quality and attention to detail permeate the whole society” and there is a very high level of service, which can continue to drive the Japanese business. He also sees the Japanese business culture beginning to address its lack of entrepreneurial thinkers and businesses, which will be key for future economic growth.
While Japanese business was a major conversation point for the evening, Roos also discussed a number of geopolitical issues, including the thorny relationship between Okinawa and the United States, the dispute between Japan and China over the Senkaku Islands, and North Korean threat to Japan. He also described the biggest challenge of his ambassadorship; the 2011 Japan earthquake and tsunami. The link between national security and economic wellbeing was not lost on the ambassador, as he frequently pivoted between both topics.
In all, Ambassador Roos painted a complex yet optimistic picture of Japan and Japanese businesses. His belief in the country is illustrated by his current position on the board of directors at Japan’s largest electronics company, Sony. While Japan has to overcome it’s shrinking population and stiff competition, his ambassadorship allowed him to see up close what makes Japan so dynamic.
While I certainly don’t wish to underestimate my daytime classes and activities, Ambassador Roos certainly demonstrated that learning about global business doesn’t necessarily slow when the sun sets at Paccar Hall.