Category Archives: Diversity

Dean Emeritus William Bradford, seminal supporter of minority business development, takes a bow

Dean Emeritus William Bradford

Bill Bradford is not exactly a founding father of the Foster School’s Consulting and Business Development Center. But he could be called a funding father. A catalyst. And an author of the center’s inspiration.

Bradford was the Foster School dean who green-lighted the vision of Michael Verchot and Emeritus Professor Thaddeus Spratlan, and who provided the seed money to launch their plan to spur minority business development in the mid-1990s.

More significantly, perhaps, Bradford generated many of the groundbreaking studies of minority enterprise that provided the empirical foundation for the center’s aspirations.

“Early on I got the idea that if the US is going to maintain its economic status in the world, then it’s going to have to use all of its resources as best as possible,” says Bradford. “And if there is a set of people who are not systematically reaching their potential, then all of us stand to lose.”

For a career of major contributions to economic development among minority populations, Bradford was inducted this year to the Minority Business Hall of Fame—only the third academic to receive this honor.

Catalytic conversion

Bradford grew up in Cleveland, eventually choosing the academic life over the family business of ministry (his grandfather and father led Baptist congregations, as do two of his brothers).

He earned a BA from Howard University and an MBA and PhD from Ohio State in 1972. Prior to joining the Foster School, he was on the faculties of NYU, Stanford, and the University of Maryland Smith School of Management, where he also served as chair of the finance department and associate dean of academic affairs.

Bradford became the first African-American dean of the Foster School in 1994.

By the time of his Foster appointment, Bradford’s prolific research had already established him as one of the foremost experts on minority wealth creation and management, entrepreneurship and economic development in the context of minority-owned businesses.

When Verchot and Spratlan pitched a program that would leverage his (and others’) academic work by deploying student teams to accelerate the growth of small minority-owned businesses, Bradford was more than intrigued.

“My thought was that we are a public university,” he says. “So we needed to contribute not only to the Boeings and Microsofts, but also to small firms, and those firms in less economically developed areas. I didn’t know if the program was going to work, but there was a demand, and it was a way to connect with the community.”

Verchot recalls finding more than just a champion in Bradford. “What was exciting about Bill being appointed dean was that he brought with him 25 years of research and publishing on minority business development,” says Verchot. “He became a catalyst— someone who not only understood and supported what we were trying to do, but who had actually done some of the seminal work that we could refer to.”

Living legacy

When he stepped down as dean in 1999, Bradford was named the Endowed Professor of Business and Economic Development at the Foster School, an honor financed by a group of anonymous donors. That same year, what is now the Consulting and Business Development Center instituted the William Bradford Minority Business of the Year Award, the premier honor for minority-owned businesses in the state of Washington, based on revenue size, management quality and commitment to community.

Today Bradford continues to publish actively, shaping public policy and private sector practice. His current research investigates venture capital investment in minority-owned firms. He’s finding that such firms earn investors a higher average rate of return compared to the general population of venture-funded firms.

And he continues to serve on the board of a flourishing Consulting and Business Development Center, and as its faculty director.

“When we began, Bill’s knowledge stretched us to think bigger and further than we might have otherwise,” reflects Verchot. “Had he not been dean when we were just getting started, it’s hard to imagine the center even existing today.”

Leadership Team: aiding students advance their professional careers

Guest post by Charissa Chin, Vice President of the Leadership Team

Each quarter, the Leadership Team (a student organization that partners with the Consulting & Business Development Center) offers a Flagship Consulting Program, where students provide consulting services to local businesses. During these seven-week projects, students work in teams and receive guidance from professional advisors from Ernst & Young.  This spring, our students gathered research and developed recommendations for The Seafair Foundation, Sealaska Corporation, and The Skin Firm.

The Seafair Foundation, which is part of the organization that hosts Seattle’s Seafair Festival, focuses on charitable services through its scholarship programs and community outreach. The student team’s goal was to expand brand recognition for the Foundation and other programs in their portfolio. Besides providing recommendations on how to increase membership for Seafair’s Ambassador Program, the student team also created an event, Inspire Seattle, which projects to attract more than 500 participating high-school students.

Sealaska Corporation, a $275 million dollar Alaska Native Corporation, with subsidiary operations in various industries, tasked their student team with researching potential markets where Sealaska could gain market share and increase profits, while still maintaining their company’s core organizational values. The team identified various industries such as athletic apparel, green retrofitting, deconstruction, and niche recycling as attractive markets where the company could potentially flourish.

The Skin Firm is a Seattle-based company that offers high-quality skin care products and services. The primary objective for their student team was to develop a marketing strategy to grow their customer base by 4% monthly. In order to reach this goal and increase overall revenue, the team recommended strategies to strengthen the firm’s local advertising, social media campaign, and service packaging.

Our consulting students came away feeling extremely accomplished as they learned how to apply their classroom knowledge in real-world business situations and helped small business owners become more successful.  Students gained insight into what consulting is and had the opportunity to expand their network with Ernst & Young professionals. Through the Flagship Consulting Program, students improved their analyzing, problem-solving, time-management, and teamwork skills.

Personally, I was most excited to see how this experience has helped our students grow and ultimately advance their professional careers.  In fact, this experience has already helped several Flagship members acquire various internships and job offers.  As Vice President of the Leadership Team, I’ve had the pleasure of managing these projects for three consecutive quarters.  It was not only rewarding, but allowed me to grow personally.  Learning how to manage 17 students this quarter has helped me develop my organizational, decision-making, and leadership skills.  It’s a wonderful program and I encourage every student at the UW Foster School of Business to join!

Collaborating for increased opportunities: A new BEDC partnership to further develop minority-owned businesses nationwide

Michael Verchot, Director of the UW BEDC (left), stands with NMSDC President Joset B. Wright (center) and Shelley Stewart, Jr., the Vice Chairman of the NMSDC Board of Directors.
Michael Verchot, Director of the UW BEDC (left), stands with NMSDC President Joset B. Wright (center) and Shelley Stewart, Jr., the Vice Chairman of the NMSDC Board of Directors.

The National Minority Supplier Development Council, Inc.® (NMSDC®) and the University of Washington’s Business and Economic Development Center (UW-BEDC) announced a partnership agreement to further the development of minority-owned businesses across the US on May 22nd at the NMSDC’s annual Minority Business Leadership Awards Dinner Dance in New York City.

This partnership joins together the nation’s premier organization committed to the growth and development of Asian, Black, Hispanic and Native American-owned companies with the nation’s most comprehensive business school center dedicated to the growth of minority-owned firms and businesses in low- and moderate-income communities.

“This agreement will provide minority business enterprises a new opportunity at one of the country’s leading institutions that supports minority business development,” said NMSDC President Joset B. Wright. “It will allow us to enhance MBEs’ ability to meet the needs of their customers. We are delighted with our new relationship, and we look forward to many years of success for NMSDC, for the University of Washington, but most importantly, for our certified MBEs.”

Jim Jiambalvo, Dean of the UW Foster School of Business, expressed similar excitement about this partnership. “We recognize the NMSDC’s pioneering role in growing minority-owned firms across the US. The work of the council and its member corporations has done more to create opportunities for business growth and wealth creation in communities of color than just about any organization in the last 40 years. We’re proud to be partnering with them so that collectively we can do more than either of us could do independently.”

The partners will begin their collaboration by growing the Foster School’s six-year-old Minority Business Executive Program. This Program has a track record of success in growing minority-owned businesses from across the U.S. JBE Enterprises, an NMSDC-certified firm based in South Carolina, participated in the 2012 Minority Business Executive Program. Richard Ellison, the company’s Vice President and a graduate of the Program attributes its ability to cross the $40 million revenue threshold in part to what firm representatives learned in this Program.

NMSDC and the Foster School will launch a pilot program in June. NMSDC corporate members will select a few MBEs to participate in the program. Ms. Wright will be the commencement speaker at the University’s 2013 graduation ceremony on June 21 in Seattle.

The National Minority Supplier Development Council advances business opportunities for certified Asian, Black, Hispanic and Native American business enterprises and connects them to corporate members.  One of the country’s leading corporate membership organizations, NMSDC was chartered in 1972 to provide increased procurement and business opportunities for minority businesses of all sizes. The NMSDC Network includes a National Office in New York and 36 Regional Councils across the country. There are 3,500 corporate members throughout the network, including most of America’s largest publicly-owned, privately-owned and foreign-owned NMSDC companies, as well as universities, hospitals and other buying institutions. The Regional Councils certify and match more than 16,000 minority-owned businesses with member corporations that want to purchase their products and services.

Seeking enlightenment: a Business Certificate Program graduate’s reflections

Guest post by Jeffrey Chon, graduate of BEDC’s Seattle Business Certificate Program

The Business & Economic Development Center (BEDC)’s Seattle Business Certificate Program (BCP) has recently wrapped up after six weeks of educational coursework and with over sixty graduates. We have invited graduates from the BCP to reflect on their experience of the Program; this is the first in the series written by Jeffrey Chon, Sole Proprietor of Jun Hong’s Kung Fu Club in Seattle.

chonI’ve always been a passionate martial artist and my goal is to never work a day in my life. You see, I’m not “working” if I love what I do. Coming from a family of martial artists, deciding to open my own studio was a breeze. However, after four years of operation, I’m ready to grow my business so that I could focus on teaching instead of worrying about money.

I’ve been a student of kung fu since I was eight. I’m a secular disciple of the Shaolin Temple, and a gold medalist in three different countries. Now I’m able to teach the discipline and philosophies that I’ve learned through Jun Hong’s Kung Fu Club. Through Jun Hong’s Kung Fu Club, students attain better health and fitness by learning the importance of both physical and mental strength through sports and meditation.

Auspiciously, a longtime friend directed me to the Foster School’s Business & Economic Development Center (BEDC), where I participated in their Business Certificate Program.  Held once a week for six weeks, professionals from all fields would come together to give lectures, covering everything from marketing to liability. My classmates, who are professionals themselves, were able to share their experiences, lead class discussions and propose insightful questions. Those questions and concerns were met with direct and in-depth answers. In short, all professionals who seek further knowledge and education can benefit from these seminars.

“Know thy self, know thy enemy. A thousand battles, a thousand victories.”  ~Sun Tzu

As a small business owner, sometimes we do things for the business with the idea that it will be beneficial, but without the understanding of “why.” During every class I would say to myself, “That’s what I do!” and I began re-applying what I’ve been already doing, but with a deeper understanding of the fundamentals. Within two weeks, I was able to bring nine new students to my business.

To me, it was the missing piece to the puzzle. These classes take what we do as business owners and provide us with the skills to further expand our minds and better our businesses.  Simple questions such as, “Does it work? Why or why not? What are other people doing? What do customers respond to?” helped me understand what areas I need to improve on. Sometimes finding success can be as simple as asking the right questions.

As business owners and professionals, we are always keeping long-term and short-term goals in mind. These classes allow you to re-calibrate what’s important and focus on future goals; not only for your business, but for your life. The professors help you ask the right questions, fellow classmates provide you with networking opportunities, and the synergy created in the class paves the way to endless ideas. I know that the Business Certificate Program will be a priceless and lasting benefit to my business.

You have to prepare yourself for when you’re blessed with an opportunity. As Sun Tzu once said, “opportunities are multiplied as they are seized!”

Business Certificate Program – Seattle

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.

blog_BCPWho 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.

Leadership Team teaches STEM lesson to local middle school students

Guest post by Jackie Nguyen, Foster undergraduate

Being the founders of the annual Foster Week of Service, the Business and Economic Development Center Leadership Team members were excited to volunteer at the Renton/Skyway Boys and Girls Club for the third year in a row. This year, LT members were challenged with a new task in educating 5th to 8th graders about careers and opportunities in STEM (Science, Technology, Engineering, and Math). However, being primarily business students, the LT members put a fun spin on educating the kids about STEM by tying business into the concept of STEM.

Each LT member was assigned to a team of four to five students. The LT helped guide the teams in researching and creating a short presentation about their company. The focus of this activity was to help the kids think outside of the box and see that there are a great variety of jobs in companies that are not as obviously STEM related.
blog_LT_FWSTeams researched companies including Target, McDonalds, Nestle, and Microsoft. The activity helped the students see that having skills in STEM and business could open a lot of doors to fun jobs; from being a pharmacist at Target, a game-designer at Microsoft, a food scientist at Nestle, or a social media manager at McDonalds.

After the learning activity was over, it was time for the kids to be kids and enjoy what they do best: play! LT members had a great time hanging out afterwards to play Dance Central and Fliers Up on the playground. Overall the event was a success and the BEDC LT members are looking forward to returning to the Boys and Girls Club for the next Foster Week of Service. Learn more about the BEDC Leadership Team.

Student Consulting Program – student perspective

Guest post by Rai Huang, Foster undergraduate

BEDC Student Consulting ProgramI initially enrolled in the BEDC Student Consulting Program without really understanding what consulting means; my impression was that consulting is the dream job of many of my peers at the Foster School of Business, yet it wasn’t something I particularly cared for.

I expected to walk away from the class with experience in conducting market research and formulating online marketing/public relations strategies, which is related to my dream career after graduation. And I liked the idea of working with a team; the communication skills learned would prepare me for work in any field. The fact that it would look good on my resume didn’t hurt either.

My team’s assignment is to formulate online marketing and social media strategies for our client, Concourse Concessions, who currently operates a Coffee Bean & Tea Leaf franchise in the Seattle-Tacoma Airport. A newcomer in the Seattle market, they wish to grow brand recognition through traditional and non-traditional public relations methods as they expand to locations outside of the airport within the next year. It was an exciting task to take on, as the overall business environment and market for coffee in Seattle is very saturated, and would require creative thinking to accomplish the mission.

The first step for our team was to identify the strategy and comparative advantage of the franchise.  Coffee Bean & Tea Leaf has only been in operations for about three months, and there was lack of substantial data for us to analyze. Challenged by our advisers and mentors, we were able to take a step back and look at the project from a wider perspective. We learned to think in terms of what is most valuable for the client every step of the way. With the support of our mentor and advisors, we came up with a framework in which every question raised had to be answered in a way that would help the business.

During the research phase of the project we gathered survey data and took a close look at local competitors such as Peet’s Coffee and Tea, Uptown Espresso, Espresso Vivace and Café Vita. We examined how they are utilizing social media and promotion strategies to maximize brand equity. Marketing concepts we’ve seen play out in real life include: how social media is being utilized for Customer Relation Management; how Search Engine Optimization is becoming increasingly intertwined with social media; why it’s essential for all business owners and managers to understand the marketing concept; how to really use a business’ competitive advantage; and how to communicate through interaction with the consumers.

As we come near to the end of the project, I now understand what consulting really comes down to is communication. It is important to practice the art of listening to your client and really hearing their needs, and finding resources and formulating recommendations with your team to create value for them. Through the process of tackling the different obstacles, my team and I have bonded together and grown both professionally and personally.

I look forward to applying the skills I’ve learned to a future career in Public Relations. I now understand what it is like to work with a real client, how to identify their wants and needs, and strategically come up with solutions that would benefit the client and heighten awareness of the brand. The Student Consulting experience is not just a line on my resume, but truly a real-world experience I was fortunate to have as an undergraduate student.

Learn more or become involved in the Student Consulting Program as a client or volunteer advisor.

BEDC grad students provide consulting for Ketchikan Indian community

BEDC Alaska MBA StudentsThe BEDC is again working to support small business growth in Southeast Alaska. A team of four UW Foster MBA students has spent winter quarter working with the Ketchikan Indian Community in an effort to grow local business and tribally-owned enterprises. The students taught entrepreneurship classes over the Martin Luther King Holiday weekend for 30 current and aspiring business owners. Ketchikan, the southernmost city in Alaska, has an economy based on tourism and fishing; and many of the new business ideas will cater to tourists from cruise ships or independent tourists.

Since the entrepreneurship classes, the MBA students have been working with outdoor adventure, culinary training, historic tourism, clothing retailer, and construction companies.

MBA student Jennifer Yanni believes she learned as much or more as her clients did “I had never written a business plan before so this gave me some real-world experience to put on my resume. It also helped me think about how you sell new ideas to an existing market.”

This is the 15th project that the BEDC has completed for a Native American Tribe or Alaska Native Corporation and we’re already looking for our next projects. If you know of a tribe that would like a MBA team please contact Michael Verchot.

Consulting as career catalyst

Guest post by Melon Feleke, Foster alumna

Melon FelekeMy name is Melon Feleke and I am a first generation immigrant. I was born in Addis Ababa, Ethiopia and moved to Seattle with my family when I was ten years old. After attending Roosevelt High School I stayed true to my NW roots and attended the University of Washington.

For much of my childhood I was determined to be a doctor –despite the fact I fainted at pretty much every hospital visit and had no tolerance for watching pain or blood. Luckily my parents recognized my other strengths and encouraged me to consider business. I come from a long line of entrepreneurs; from my grandmother in Mettu to my parents here in Seattle; my mother owns a 7Eleven store in Mountlake Terrace. While in high school and college I managed inventory over the weekends and when my mother decided to take a vacation back home I took on the acting manager role for the store.

During my junior year at UW a classmate told me about the Business & Economic Development Center at the Foster School, specifically a program where students work with local minority business owners to improve their businesses. I thought it would be great to give back to my community in a very practical way. My client was the Theater Off Jackson, a unique minority-owned theater in the heart of the International District.  The theater was looking to relocate because of increased property costs. Our team of five students and a professional advisor worked with the clients to identify their core target market, conduct location analysis, surveying clients and ultimately making a recommendation for their new location. Our clients were facing a very real business challenge and our team brought to them meaningful business knowledge and human capital.

My BEDC experience gave me a very real sample of a career in consulting and I loved it! First and foremost I loved helping my client – this was a real problem, and if the issues weren’t resolved the owners and employees would not have a paycheck to take home to their families. I especially like that there was a beginning middle and end to the project… an end with a real result. I entered the program thinking it would be a good chance to give back to my community, but what happened along the way is I discovered the career of consulting.

The BEDC offers a two way success story –businesses succeed and students receive real and meaningful experiences that shape their careers. Fast forward three years and I am now a consultant at Accenture Consulting.

I invite you to help the BEDC create more success stories, for students like myself, and for small businesses. Make a gift to the BEDC today.

 

It’s not all about the money!

Guest blog post by Rita Brogan, CEO of PRR

This month’s innovation blog focuses on an organization: Craft3. Craft3 is an old organization with a new name. Once known as Enterprise Cascadia, Craft3 is a financial institution that operates as a non-profit, lending capital to help businesses, communities, and consumers unable to secure regular financing.

Since 1995, Craft3 has invested $233 million in over 2,800 business and individuals in Pacific Northwest communities. Based in Ilwaco, Craft3 also has offices in downtown Seattle, Port Angeles, Astoria and Portland. In 2013, Craft3 will open new offices east of the mountains in both Washington and Oregon.

“This means that Craft3 can more effectively serve both rural and urban customers,” says Sue Taoka, Craft3’s Executive Vice President in Seattle. “In urban areas, we are more focused in helping targeted areas, like depressed neighborhoods and communities of color. With our strategy to expand in rural, regional centers, Craft3 will serve broader areas that have a potential for growth.”

Pippa's Real Tea
Pippa’s Real Tea, a Craft3 project

As a “triple bottom line” organization, Craft3 measures its success in terms of economic, social and environmental outcomes. Its mission, to “strengthen economic, ecological and family resilience in Pacific Northwest communities,” is great news for those who have suffered during this economic downturn.

Craft3 fulfills this mission by offering loans to entrepreneurs to start or grow their business, and conservation organizations to acquire sensitive lands and restore habitat. It also makes loans to individually-owned tribal businesses, tribal enterprises, tribal government and non-profit organizations. Energy efficiency retrofit loans are available to homeowners and small businesses in Seattle and Portland.

And it doesn’t stop there. Craft3 also provides support to its customers by referring them to other sources, and making connections. For example, Craft3 was able to help a Quinault fisherman connect his caviar products with an urban store that also benefits from Craft3 services. Craft3 financed an Oregon organic creamery so that it could place its products in urban markets. Craft3’s loans to The Freshwater Trust, helped to plant trees along the Rogue River, to cool industrial effluent.

“We make loans to innovators of all kinds, to those who have difficulty getting loans from a for-profit financial institution,” says Sue. One of her favorite success stories? In the late 1990’s few babies were being born in the Shoalwater Bay Tribe. Most were stillborn. Craft3 helped fund a new health clinic, and when Sue visited 18 months ago, a healthy baby had just been born.

Small business entrepreneurs, small industry, human service agencies and farmers have all benefited from Craft3. And so has the environment, the community, and our future. For more information, go to www.craft3.org.

Rita Brogan is the CEO of PRR, a public affairs and communications firm based in Seattle, one of Washington’s 50 largest minority-owned businesses. Brogan was a recipient of the Foster School’s Business and Economic Development Center Asian/Pacific Islander Business Leadership Award. She writes the BEDC Brogan blog series monthly. Previously, she covered green economy issues with an emphasis on ways that businesses owned by people of color or women can create a competitive advantage.