Category Archives: Leadership

$60,000 for winners of 2011 UW Business Plan Competition

Budding entrepreneurs from universities across the Pacific Northwest created start-ups in clean technology, medical technology, retail, agriculture, software and other areas at the 2011 University of Washington Business Plan Competition. Business, engineering, medical, law and public policy student teams competed in the finals this week, vying for a combined $60,000 in prize money.

PotaVida team wins grand prize of $25,000 at 2011 UW Business Plan CompetitionPotaVida won Grand Prize worth $25,000 and another $2,500 for Best Innovative Idea for their low-cost, reusable solution to purifying water using solar disinfection. Their device received a design award from the Rockefeller Foundation prior to the UW competition. The UW team includes Charlie Matlack (PhD student in electrical engineering), Tyler Davis (PhD student in public policy), Damon Gjording (Executive MBA student) and Jacqueline Linnes, PhD.

What is the benefit of PotaVida’s product? “We will lower the cost to non-profits of providing safe water to people after disasters and in ongoing need scenarios. At a personal level, our product provides the visual feedback and guidance that people need to use a disinfection process which is otherwise invisible and impossible to know when done correctly,” said Charlie Matlack.

Matlack and the PotaVida team improved their business through the competition. “What meant much more than the money was all the doors it opened for us to incredibly helpful individuals in the Seattle start-up community,” said Matlack. “The more we took advice from those the Business Plan Competition connected us to, the better our business plan got, and the more we knew where to direct our efforts to improve it further.”

Stockbox Grocers wins 2nd place prize of $10,000 at 2011 UW Business Plan CompetitionStockbox Grocers, with a team from Bainbridge Graduate Institute, won Second Prize worth $10,000 and another $2,500 for Best Service/Retail Idea for their affordable fresh produce business targeting urban food deserts. Stockbox offers a mini grocer service tucked in a reclaimed shipping container. Team members include MBA students Michael Brooks, Carrie Ferrence, Jacqueline Gjurgevich and Eliza Michiels.

Two Finalist Prize winners won $5,000 each. LodeSpin Labs, a UW team of engineering, material science and MBA students, have a non-toxic tracer that works with cutting-edge Magnetic Particle Imaging, a new technology aimed at replacing CT and MRI for imaging patients with heart disease and cancer. The other Finalist Prize winner is Solanux, a WSU and University of Idaho team, that manufactures potato-based food ingredients that help lower a person’s glycemic index response and improve insulin levels. Their resistant starch product can replace existing starch in processed foods such as fries.

Rob Salkowitz, consultant and author of book Young World Rising, served as a judge in the competition saying, “I write about entrepreneurs from all over the world. I was amazed and encouraged to see the amount of innovation right here in my own backyard.”

More teams won $2,500 awards for innovations in various industries.

  • Aqueduct Neurosciences (UW team) won Best Technology Idea for their innovative medical device to improve treatment of hydrocephalus.
  • Static Flow Analytics (UW team) won Best Clean-Tech Idea.
  • Tripbox (UW team of Technology Management MBA students) won Best Consumer Product Idea for their travel planning software that optimizes cost, timing and routes of vacation activities.
  • Urban Canopy (UW team) won Best Sustainable Advantage for software that guides consumers through phases of green building initiatives such as LEED certification.

The UW Business Plan Competition is produced by the Center for Innovation and Entrepreneurship at the Foster School of Business. Numerous venture capital, angel and entrepreneurial community firms, consultants and individuals sponsor the event and serve as judges, mentors and coaches for teams.

Wiring the future of health care

Guest post by Barbara W. Cosgriff, Foster School alumna

As the debate over health care reform continues to swirl inside and outside Washington, DC, policymakers and regulators at the federal, state and local levels have proposed myriad solutions to fix what many commentators describe as an inherently broken system. In this process, many solutions have been popularized and, unfortunately, politicized.

From this multitude of often controversial remedies, I would suggest distilling a viable solution with the potential for real reform. This idea posits a system that aligns disparate groups around a common goal: creating a wired health care system that empowers patients and payors alike to make informed decisions.

Imagine a world in which a central repository exists that enables a 360-degree view of every aspect of health care—including the data and results from the lab, from the health plan, from the pharmacy, from the hospital, and from the doctor or doctors—all organized around the patient. In this health care system, safeguards are in place that improve safety, raise the quality of care, increase access, and reduce waste—while delivering increased transparency to payors and patients.

This is—in short—a wired health care system.

But this is not some blue-sky theory, it is happening all over the country, today, through technology advances and leadership from the public and private sectors. Today’s “wired” health care system is based in large part on America’s longstanding pharmacy practice and a 1990 federal law enacted to wire pharmacies from end to end, nationwide—leveraging this system holds unleashed promise. Many companies today use this type of system to allow a pharmacist to cross-reference pharmacy data with medical data thereby providing more comprehensive treatment of chronic and complex conditions. The shift from the legacy health care system to a wired system that utilizes as its backbone the wired pharmacy coupled with tools and training, has proven to be effective in lowering costs, improving quality and increasing access.

All told, wiring health care creates a foundational opportunity to improve the effectiveness and efficiency of our health care system—and minimize waste that arises from treatment and management of complex and chronic disease, to personalized medicine and beyond. In fact, studies have estimated that efficiencies stemming from wiring health care could save an estimated $680 billion annually. In an overburdened system, that represents significant cost savings.

Several health care companies are already harnessing the savings, efficiencies and quality of care associated with a wired health care system that leverages the wired pharmacy backbone. Patients and payors receive the benefits associated with a wired health care system when they are confident medication compliance monitoring is the norm, cost-saving generic medications are widely available and treatment regimens comply with national standards of quality care.

Today’s reform debate would do well —especially for the average American—to move beyond fractious and narrow partisanship and seriously consider the benefits of building upon an existing wired foundation as a model for tomorrow’s health care system. America’s payors and, most importantly, patients, deserve no less.

Barbara Cosgriff is the former senior vice president of public policy and external affairs for Medco Health Solutions, Inc. Cosgriff holds a BA in Business Administration and Accounting from the UW Foster School of Business and an MBA in International Business from George Washington University.

13 cultural characteristics of great companies

Greg Gottesman, managing director at Madrona Venture Group, spoke to UW Foster School of Business alumni and students about his tips for finding (or leading) a great company or organization.

He blogged about 13 characteristics of a great start-up culture on TechFlash recently and expanded those concepts in a lecture with anecdotes and examples, recommending people consider corporate or start-up culture before taking a job or launching a new venture.

Here are his 13 cultural characteristics of great culture:

  1. No politics – Give credit where credit is due. Be genuine about it.
  2. It’s not a job, it’s a mission – People can work for competitors or jump ship anytime, but companies that foster a culture of a strong mission do best to attract and retain great employees.
  3. Intolerance for mediocrity – Everyone pulls their weight well at all levels; there is excellence in each role and companies repel or naturally weed out those who aren’t comfortable succeeding or excelling.
  4. Watching pennies – Leaders and senior managers treat company assets as carefully and thoughtfully as they would their own personal assets; waste is not tolerated.
  5. Equity driven – Stock options or other non-cash value helps grow businesses for the long term.
  6. Alignment – Everyone is on the same page. Strategy is clear. Like a well-tuned sports team, people all work toward the same goal vs. individual heroism.
  7. Good communication – Even in bad times, communication remains strong; over-communication is even more critical in times of difficulty (i.e., an executive leaves, a key client departs, company is hacked)
  8. Strong leadership – Lead by example and maintain a positive attitude. Leaders boost their own morale and those around them as they set the tone for the whole company.
  9. Mutual respect – Hierarchy may exist, but everyone is respected for their contributions. “Wins” are celebrated together, regardless of title or department.
  10. Customer obsessed – The customer is always the most important asset. Gottesman emphasized this may be the most important characteristic of an organization.
  11. Energy – Good energy permeates across the company and is almost tangible.
  12. Fun – Never underestimate the power of a good start-up that knows how to have fun. Particularly when first in start-up mode, he’s often seen companies that thrive on early-stage activity where employees work hard and play hard.
  13. Integrity – Great companies have an internal sense of doing things the right way. They spend the extra effort to create value that will outlast their own job or time at the company (i.e., documenting code).

Watch video excerpts from Greg Gottesman’s talk on culture.

This lecture is part of the Center for Innovation and Entrepreneurship‘s alumni network events.

$22,500 awarded to clean technology winners

Teams who won the 3rd annual University of Washington Environmental Innovation Challenge invented solutions to some of the world’s most pressing environmental issues. Wind energy. Electric car improvements. Biomass energy. Water purification. Algal biofuel efficiency. The 2011 event also had a range of other clean-tech innovations with 17 teams from Washington state universities (UW, WSU, WWU and SPU) competing. Undergraduate, graduate and PhD students from engineering, business, economics, philosophy and a number of other disciplines joined forces to tackle the environment.

VoltaicGrand Prize of $10,000 = Voltaic

A group of UW undergraduate engineers and business students created an electric vehicle modular drive train that can replace drive trains of gas-powered engines in existing models. The electric module can be customized to fit inside any car and the team displayed a Honda outfitted with its prototype electric engine to show how it powers the car.

2nd Prize of $5,000 = PotaVida

This UW PhD team (an electrical engineer, bio-engineer and policy analyst) created a device that measures water quality with a reusable, solar-powered electronic indicator for monitoring solar disinfection of drinking water. Their inexpensive indicator won a $40,000 design award last year and will be field tested in Bolivia this summer. PotaVida is advised by experts at PATH and Microsoft as well as UW professors.

Three honorable mention prizes of $2,500 each went to other UW interdisciplinary teams. Pterofin invented an affordable, more versatile alternative to wind turbines; the new device is lighter than current wind technology and harnesses wind energy at lower wind speeds. BioTek has a patented and patent-pending suite of tools to help optimize and scale the growing algal biofuel industry; their instruments and software are low-cost and field-ready. C6 Systems created a novel system to turn woody biomass into charcoal (or biochar) at forestry sites; their biochar can be sold to heating/electric plants or used as soil enhancement.

Starbucks VP of Sustainable Procurement Sue Mecklenburg, one of many business, science and venture capital judges at the event, said, “It just gets better every year.”

“The Environmental Innovation Challenge is supposed to be more than a university-level science fair. The goal is to be able to take these ideas into a real, revenue-generating business,” said James Barger, UW undergraduate mechanical engineering student who serves as VP of finance for Voltaic.

The UW Environmental Innovation Challenge is sponsored by the UW Foster School of Business Center for Innovation and Entrepreneurship, UW College of Engineering, UW College of the Environment and UW Center for Commercialization.

Clean technology: the next industrial revolution

Guest post by Trenten Huntington, UW Foster School of Business MBA student

I recently had the opportunity to interview US Representative Jay Inslee (WA-01) about his thoughts on clean technology and the economy. The timing for this was perfect, as we get set for the third annual University of Washington Environmental Innovation Challenge. As student chair of the Challenge, I realize how solutions to the environmental problems we face require the support of our elected leaders.

As an MBA student interested in entrepreneurship and clean-tech, I feel like I have limitless opportunities to change how we interact with the planet. After speaking with Representative Inslee, I see that the private sector working alone may not have the resources to enact the change we seek. With this in mind, it’s good to know that people like him are working on energy independence and sustainable development for Washington State and the nation.

Watch the video of highlights from my conversation with the congressman.

If you’d like to join us on March 31, 2011 for the UW Environmental Innovation Challenge, please RSVP soon to Pam Tufts.

Trenten Huntington is a full-time MBA student at the Foster School of Business specializing in environmental management. He is the first-year representative for Net Impact and is an active member of the Foster community. Originally from Los Angeles, Huntington is passionate about minimizing our environmental impact through business.

MBA students consult for Seattle shipyard

Located in the Ballard neighborhood of Seattle, Pacific Fishermen Shipyard and Electric is attempting to branch out from its traditional lines of revenue with new facilities for preparing and painting industrial equipment. To market its new capabilities and hopefully add jobs at the shipyard, Pacific Fishermen has tapped the marketing skills of MBA students through the Field Study Program at the University of Washington Foster School of Business.

Click on image above to play video.

The Field Study Program offers selected consulting projects proposed by businesses and non-profits to MBA candidates as an opportunity for Foster students to get real-world consulting experience while having a positive impact on the economy of the Puget Sound region.

This is the first of two videos to document the collaboration between Foster MBAs and Pacific Fishermen Shipyard and Electric. At the end of winter quarter 2011, we’ll check back with the MBA team to see what they have been able to accomplish for this historic Seattle shipyard.

Video: Clean energy trends and challenges

Wind power. Natural gas. Hydro power. Solar power. When Puget Sound Energy President Kimberly Harris spoke with University of Washington Foster School of Business alumni, students and faculty about clean energy recently, she was also speaking with her customers.

Puget Sound Energy is the 2nd largest owner and operator of wind power in the United States and the utility’s Green Power Program was named one of the US Department of Energy’s “top 10” renewable energy programs in the nation. The Washington-based company continues to look for new ways to address energy efficiency, smart grids and power Washington residents and businesses with heat and electricity. While offering a public service and being heavily regulated, Puget Sound Energy also operates like a business, focusing on customers, return on investment, return on energy, operations management and technology innovation.

What challenges and opportunities face our energy suppliers? How can we as consumers, communities and businesses contribute to clean energy and energy efficiency? What is the future of energy? Watch this 7-minute video of excerpts from Harris’ clean energy lecture.

Click on the image below to watch video.

Kimberly Harris was one of UW Foster School of Business Dean Jim Jiambalvo’s guest speakers at the annual Leaders to Legends Breakfast Lecture Series, which include notable leaders in an array of industries from greater Seattle and around the country.

Female bankers in Indian pay it forward

Guest blog post by Cate Goethals, UW Foster School of Business lecturer

Why do more women hold top banking positions in India than anywhere else in the world—including the US? My students and I went to India in September 2010 to study women’s leadership at all levels of society, including to get an answer this question.

India is a country where women are widely undervalued—a bride is burned every two hours. And where, equally counterintuitive, far fewer women go into banking, so the pool of qualified females is smaller.

Abonty Banerjee, general manager of global operations at Indian bank ICICI
Abonty Banerjee, general manager of global operations at Indian bank ICICI

Our first visit was with top female executives at ICICI Bank in Mumbai, the country’s largest private bank.  ICICI has been the training ground for most of the top women in Indian banking. Why? It grew rapidly beginning with India’s economic reforms in 1991, providing opportunities for women. It also paid less than other banks and so attracted proportionately fewer men than other banks.

“We don’t do anything special for women,” says CEO Chanda Kochhar. “But we are in a way special because we don’t have any biases. When it’s an employee, we go by the merit of the employee. When it’s an entrepreneur, we go by the merit of the entrepreneur.”

Women also work harder even in an organization of hard workers, explains Abonty Banerjee, general manager for ICICI’s global operations. “We work very long hours, typically 12 hours per day, six days per week. That is a function of our population. If you don’t do it, there are so many others to fill the job.” There is no daycare, though relatives often babysit. Women are generally expected to manage households and children regardless of career. “Women succeed because they work harder at home and at work.”

Indian banker Veena Mankar discusses women in leadership with Foster students
Indian banker Veena Mankar discusses women in leadership with Foster students

We also visited with one of ICICI’s prominent alums, Veena Mankar. Veena founded Swahaar (“self-support” in Hindi), a bank and finance organization dedicated to making tiny loans to Mumbai’s urban poor—especially women—and teaching them how to manage money.

Inspired by the plight of her own household help, Veena is determined to make a difference in the lives of poor women. The challenge, she says, is to change their mindsets, to convince them they are as deserving as men and that their daughters as well as sons should be educated. Once they realize this, their girls often go to college, marry later, delay childbearing and have healthier children, thus ensuring a better life for future generations and the community.

This is where it comes full circle. Highly-educated and affluent women in banking use their success to change the context for women at other levels of society. “It’s not just about giving a woman a loan. It’s about giving her a place in society and her family,” explains Veena.

For background and a comparison of women in American vs. Indian banking industry, I recommend these New York Times articles: Female Bankers in India Earn Chances to Rule and Where Are the Women on Wall Street?

Cate Goethals, University of Washington Foster School of Business lecturer and Seattle consultant, leads global business seminars and study trips focused on women and international business. She has taught at the UW Foster School for more than 20 years—including a class called “Women at the Top” that was named one of the 10 most innovative MBA classes in the country by Forbes in 2010.

Generosity of women leaders in India

Guest blog post by Cate Goethals, UW Foster School of Business lecturer

Women Leadership Trip - India 2010I first noticed it on the plane before I even reached Mumbai when I sat next to a woman who owned a handicraft business. I told her I was bringing a group of 22 students to India. “Come to my home,” she said. “Let me cook for you.” Her sister-in-law, who ran a different business, came to sit in our row. “Please let me host your group,” she said.

University of Washington students and I (their faculty trip organizer) had set out to study women’s leadership in India. I expected the accomplished women we met to be powerful, visionary, confident, charismatic, any number of traits. What I had not anticipated was generosity.  Extreme generosity. The more responsibility someone had, the more time and attention and respect they gave us.  Some more examples:

  • Rohini Nilekani, who runs a multimillion-dollar foundation in Bangalore and is known as “the Melinda Gates of India,” spoke to us and then had to go to a meeting.  After the meeting, she returned and gave us another hour of her time.  Half of that was spent asking us for our ideas.
  • Poorvi Chothani, well-known attorney often seen on Mumbai TV, not only agreed to brief my group on women and the law in India – but went on to spend many more hours organizing a special session of the Ladies Wing (!) of the Mumbai Merchants Chamber to gather dozens of women in our honor. She turned what could have been a personal platform into an exchange of ideas.
  • Veena Mankar, leading banker and co-founder of microfinance institution Swadhaar, had to cancel our visit to go to a funeral. She then rearranged her schedule and spent more than an hour driving across Mumbai to meet with us at our hotel early one morning. “Young people have the best ideas,” she told me. “I talk to them whenever I can.”
  • Amma, “the hugging saint” and most well-known female spiritual guru in the world, heard that we were rushed through our first session with her. Although she hugged thousands of other people that day, she invited us for a second session, asked that we sit at her feet and personally answered our questions about women’s leadership. Then she asked her swami to give us back the money we paid to stay at her ashram. “Students should have pocket money,” she said.
  • Women of the world-famous Self Employed Women’s Association greeted each of us several times with a personal flower, a special bindi (red dot pressed with rice on our foreheads to nourish our spirits) and a bit of sugar to eat.

I was struck by this generosity on nearly every visit.  It may be part of Indian culture, it may be related to gender, it may be a function of the exceptional people we saw.  In any case, it is an overlooked and undervalued leadership trait – and one that is infectious, making the students and I want to give back…and give elsewhere…and do it again, creating new cycles of generosity even now that we’re home.  The ripples are still being felt.

Cate Goethals, University of Washington Foster School of Business lecturer and Seattle consultant, leads global business seminars and study trips focused on women and international business. She has taught at the UW Foster School for more than 20 years—including a class called “Women at the Top” that was named one of the 10 most innovative MBA classes in the country by Forbes in 2010.

The India exploration seminar abroad, called Half the Sky: Women Leaders and Entrepreneurs, included 22 graduate and undergraduate students.