Category Archives: Leadership

Video: Richard Tait on entrepreneurship and Cranium

Cranium co-founder Richard Tait discusses his passion for entrepreneurship, the inspiration behind Cranium and his latest business venture, Golazo. He considers himself an inventor and at the top of his game when combining invention with entrepreneurship. Interviewed by UW Foster School of Business student Vance Roush (BA 2011), Tait offers inspiring insights about his leadership philosophy and how he captures trends to start new ventures.

“Entrepreneurship is about galvanizing teams of people around a mission. …the development and pursuit of a passionate dream,” says Tait. “I’m driven by a fear of failure rather than the glow of success. For me, it’s not about the prize, it’s more about the journey.”

Tait also believes everyone has a creative spirit and while society sometimes squashes that, it is in all of us.

This video is part of a series of entrepreneur interviews conducted by University of Washington undergraduate students who are involved in the UW Foster School of Business Lavin Entrepreneurial Action Program.

Foster MBAs summit Mount Rainier and raise $7000 for charity

Guest post by Anders Zwartjes (Foster MBA 2012)

Foster MBA students climb Mt. Rainier's Emmons Glacier

This 4th of July, as the sun crept above the Cascades in the east and many hours before the fireworks would start exploding above Seattle, a team of 11 tired but excited UW Foster MBA students stood at the top of the tallest mountain in Washington state. The group had started the ascent six and a half hours earlier, but had truly started their journey six months earlier during winter quarter.

What began in January of 2011 as an idea to take an exercise from Professor Michael Johnson’s leadership class a step further and to raise money for the Foster MBA Challenge for Charity fundraising drive, quickly took form and resulted in six months of dedicated training and preparation. Although the group that stood on the Summit of Mount Rainier numbered only 11, the entire effort was successful thanks to the support of more than 100 Foster students, faculty, staff, plus friends and family. As a result of their help, the climb raised $7,000 for the Boys and Girls Club and Special Olympics of Washington.

On the mountain, teamwork and discipline were key. During the final ascent up Rainier’s Emmons glacier the group was divided into three different rope teams, with each member paying fastidious attention to the progress of those around them and the tension of the lines as the teams passed over more than a dozen crevasses. Communication is key to a successful ascent, and everyone looked after each other as the elevation increased and the temperature dropped. Collaboration was of even greater importance on the way down, as joint problem solving quickly fixed the few obstacles our group encountered.

As the sun dropped on July 4, 2011, the line of tired MBA students arrived at their cars, tired but healthy and jubilant about the climb. While one party member had been forced by altitude sickness to stay at base camp, the day had seen 11 climbers successfully make it to the top of one of Washington’s greatest natural wonders, but even more importantly marked the safe end to a trying but hugely rewarding feat.

A view from inside one MBA student's tent on the Mt. Rainier trek

This experience would not have been possible without community support. MBA climbers would like to add a special thank you to Eli Rosenberg and Eric Docktor for assisting in climbing training and helping to lead the team up the mountain. We would also like to extend a heartfelt thank you to Scott Heinz for patient coaching, impeccable focus on safety, constant encouragement and altogether exemplary leadership.

“It’s a round trip. Getting to the summit is optional, getting down is mandatory.” – Ed Viesturs

Video of Lululemon CEO Christine Day

Former Starbucks executive Christine Day became Lululemon Athletica CEO in 2008 and has turned the under-performing athletic clothing retailer into a near-billion-dollar company. Lululemon’s business is as healthy as the lifestyle the brand supports and customers who buy its yoga and exercise gear. Aside from clothing quality, Day believes in sharing profits, supporting employee life goals, partnering with communities and providing a unique store experience for guests.

At a sold-out lecture on University of Washington campus in spring 2011, Day shared insights of her Lululemon leadership philosophy and strategy with Foster School of Business alumni, faculty and students. Lululemon is bucking the recession using a steady growth model centered on customers, community and staff.

Watch video highlights of her lecture.

Christine Day 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.

$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.