Category Archives: MBA

$27,500 Awarded to Entrepreneurial Student Innovators

UW EIC 2014 Winners Korvata and NOVA Solar Window

UW EIC 2014 Winners Korvata and NOVA Solar Window

 

The annual UW Environmental Innovation Challenge (EIC), now in its sixth year, challenges interdisciplinary student teams to define an environmental problem, develop a solution, produce a prototype, and create a business summary that demonstrates the commercial viability of their product, process or service.

23 teams were selected to compete in the 2014 UW EIC. Each of these teams proved that students have the potential to address our most pressing environmental needs—alternative fuels,  recycling, solar power, water treatment—with novel solutions that have market potential. After pitching their innovations to a group of 170+ judges—investors, entrepreneurs, policy-makers, and experts from across sectors—the six teams with the highest scores were awarded up to $10,000 in prize money. Congratulations to this year’s winners:


$10,000 Grand Prize
Korvata (University of Washington)
Korvata has created a cutting edge alternative energy product that allows companies to mitigate their environmental impact by replacing the use of nitrous oxide as a whipped cream propellant.
(sponsored by the UW Center for Commercialization)
 
$5,000 Second Place Prize and $5,000 Clean Energy Prize
NOVA Solar Window (Western Washington University)
NOVA Solar Window combines the power producing capabilities of a solar panel with the utility of a traditional window. The utilization of transparent solar energy technology allows solar windows to provide renewable energy where traditional solar panels cannot.
(sponsored by Puget Sound Energy the UW Clean Energy Institute)
 
$2,500 Honorable Mentions
Loopool (Bainbridge Graduate Institute, Seattle Central Community College, University of Washington)
Loopool is reinventing the garment industry business model by creating a closed-loop supply chain, transforming reclaimed cotton garments and textiles into high-quality, bio-based fiber.
(sponsored by Starbucks) 

Salon Solids (University of Washington)
Salon Solids reduces the amount of plastic waste and hazardous chemical consumption that occurs with most hair products. Its six-ingredient shampoo and conditioner comes in solid form, eliminating the need for the preservatives necessary for a product with water in it, and its packaging is recyclable, biodegradable and does not contain plastic, further reducing waste.
(sponsored by Fenwick & West) 

Ionometal Technologies (University of Washington)
Ionometal Technologies has created a metal plating technique that allows for precise metal-on-metal deposition which can be used to repair gold test boards. The Ionometal printer prints metal plates that are smaller than can be seen with the naked eye.
(sponsored by WRF Capital)

 

Check out what guests, judges, and teams had to say about the 2014 UW EIC on Twitter: #UWEIC2014

MBAs sharpen consulting skills with local non-profits

ServiceCorp7MBAs at the Foster School are honing their consulting skills and giving back at the same time. The Service Corp initiative matched teams of Foster students with local non-profits that needed assistance with a specific business problem. This year, 20 MBAs worked on projects with the YMCA and the Children’s Therapy Center, an organization that serves families of children with special needs.

MBA Career Management organized and brought together Social Venture Partners, McKinsey and Accenture around the Service Corp projects. Paul Shoemaker, executive director of Social Venture Partners (SVP) – an organization devoted to cultivating effective philanthropists and strengthening organizations that drive community change – provided preliminary contacts with local nonprofits needing strategic consulting help. Paul came to Foster to launch the Service Corp initiative and discuss how MBA skills can be leveraged in ways that make a huge impact to nonprofits. McKinsey and Accenture played a key role in mentoring Foster students, helping them develop business models and consulting skills that were used in working with their clients.

ServiceCorp5During the course of the project, the MBAs attended seminars where Jun Kamata, a former McKinsey consultant now in charge of strategy at Nordstrom, presented models used by consultants on how to manage project workflow, manage client engagement, present data and make recommendations to clients. Mike Quinn of Social Venture Partners instructed students on how to navigate from the profit to non-profit world while building consulting skills with clients.

The student’s primary goal in working with each of the non-profits was to enhance their current effectiveness in the non-profit sector while also investigating opportunities to diversify the non-profits into opportunities that might support the core mission. For Children’s Therapy Center, the students helped the center develop a sales and marketing plan for products that would provide additional revenue opportunities for the organization. The students helped the YMCA develop a new donor strategy to increase annual funding.

As Jun Kamata, director of strategy at Nordstrom noted, this collaboration is a win for the nonprofits, for the students, and for the consulting firms. Nonprofits get needed help in developing their strategy and effectiveness, students get hands-on experience with some of the leading consulting firms in the world, and McKinsey and Accenture get the opportunity to mentor and engage with Foster students

ServiceCorp11According to Jon Botten, executive director of the Children’s Therapy Center, “We have been blown away by the commitment of the students! They asked probing questions, listened to our needs, generated quality ideas and delivered beyond our expectations. I can honestly say that we will be implementing many of their suggestions, and as a result, the children we serve will be that much closer to reaching their full potential.”

Foster students benefit too. John Czerniak, a first-year MBA who accepted a McKinsey summer internship, stated, “As a part of Net Impact’s Service Corps program, I have had the opportunity to work with some amazing people – including our client, Children’s Therapy Center, and Social Venture Partners, McKinsey, and of course, my Foster teammates. I have been able to use the skills and classroom experiences from my MBA to influence a real business decision for an organization making a big difference in peoples’ lives. In addition to the wonderful parts of the project, we have faced several challenges that only come with working on a real-world project. Working through these challenges with my team and client was one of the most valuable parts of my Foster experience thus far. As I go into consulting for my internship this summer, I’m confident that my Service Corps experience will serve me well in working with clients and solving complex business problems.”

When the path isn’t always clear: Congresswoman Suzan DelBene on leadership

“A key part of leading is deciding. Deciding with imperfect data. Deciding when there isn’t always a path that’s clear.”

Congresswoman Suzan DelBene says she came to this particularly astute conclusion while working as a youth football referee. Like her positions at Microsoft and Drugstore.com (she served as vice-president) it provided her with two essential lessons; 1) the importance of decision making when there are still unknowns and 2) a leader must always provide a vision and a path forward.  Further qualifying this belief, the congresswoman stated, “With any organization, people are most effective when they have that vision going forward and they know where they’re heading and they know why they’re heading in that direction.”

A Foster MBA Alum, Congresswoman DelBene says she was inspired to run for Congress during her time at Global Partnerships, a micro-finance non-profit that provides loans to small business owners in Latin America and the Caribbean. After her first run for Congress in 2010 (in which she was unsuccessful) she was appointed by then governor Christine Gregoire to serve as the Director of Washington state’s Department of Treasury. In 2012, she successfully ran for a congressional seat in the newly drawn 1st district. Sitting on the House Judiciary and House Agriculture Committees, DelBene now deals with issues such as copyright laws, biotechnology and more.

Using terminology such as ROI (return on investment), the congresswoman routinely uses her business experience when approaching policy-making. Pointing to the seemingly unending federal budget debate, DelBene believes that too many of her colleagues are plagued by short-term thinking. She argues that Congress should approach budgeting concerns like successful CEOS, focusing on investment and long-term strategy. She points to the indelible benefits and returns from federal programs that invest in early learning, unemployment insurance, research and infrastructure as examples.

During her time at the podium, the congresswoman also stressed the importance of being good stewards of policy and citizen engagement, urging audience members to work in conjunction with business and community leaders to pressure Congress in to action.

Watch some highlights below:

Congresswoman Suzan DelBene 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.

You’re in charge–now what?

EMBA Panel

Left to right: EMBA student Christy Bermensolo and alums Vetri Vellore, Kevin Conroy, and René Ancinas shared insights at the Forum on Leadership and the Executive MBA.

Three Foster Executive MBA alumni and one current student, all of whom are CEOs at mid-career, shared their experiences on the challenges and rewards of leadership with an attentive audience of students, prospective students and alumni on January 29.

The four came to their leadership roles in different ways. Kevin Conroy (EMBA 2004), president and founder of Blue Rooster, has been self-employed since 1990 and has started several companies. René Ancinas (EMBA 2009), president and CEO at Port Blakely Companies, and Christy Bermensolo (EMBA 2015), CEO at Engineered Software, Inc., assumed leadership of family-owned companies fairly recently–Christy just last year. Vetri Vellore (EMBA 2006), CEO and co-founder at Chronus Corporation, started his company in 2007 after a successful 14-year career at Microsoft.

René and Christy found getting comfortable in the leadership role especially challenging. Both said the advice and guidance they received from mentors inside and outside their organizations, including EMBA classmates, had been tremendously helpful. They both quickly realized their responsibilities required the ability to manage change. For René, the challenge was growth–unusual for a family business, he said. For Christy, it was the need to adopt a style of management different from her parents’ intensely hands-on approach.

All the panelists said finding mentors who offer sound advice and counsel was a key priority, no matter how long they had been in the lead. Kevin spoke about his recent experience recruiting a board of directors, and how much he had learned in the process of preparing to take his business to the next level. René looked to his board, experienced staff members and colleagues in the Young Presidents Organization. Velore sought out executives who he considered 3-5 years ahead of him in their development.

Christy offered some insight into the reason all these leaders had chosen to enroll in Foster’s Executive MBA Program. Preparing to assume her new role, Christy–an engineer by training and analytical by nature–developed a spreadsheet listing expertise that she figured she would need in order to handle the CEO job effectively. She quickly realized her list closely matched the curriculum of the Executive MBA Program. That made one of her first big decisions an easy one.

$120,000 awarded to student-led startups

JonesPresentation2014_ZGirls2

Z Girls co-presidents Libby Ludlow and Jilyne Higgins present their progress to a panel of judges

The Buerk Center for Entrepreneurship’s Jones + Foster Accelerator is a TechStars-like program that helps student-led startups get off the ground.

This year, five teams completed the six-month accelerator program, identifying and meeting milestones with the guidance of top entrepreneurs, lawyers and investors from Seattle’s entrepreneurial community.  From July 2013 to February 2014 they worked to build their teams, develop their services or technologies, get their products to market, and raise early-stage funding.

On February 4, the five teams made final presentations to a panel of judges and were awarded up to $25,000 in follow-on funding to pursue their next set of milestones.

  • PolyDropPolyDrop manufactures additives that transform regular coatings (think paint) into conductive coatings that dissipate static electricity and prevent interference caused by electric current flow.  PolyDrop has been awarded a Commercialization Gap Fund grant of $50,000 and a National Science Foundation STTR grant of $225,000, providing the funds necessary for 2014 operations and develop a prototype proving the viability of their product.
  • PureBluePure Blue Technologies, a water treatment technology company that provides visible light photo disinfection and desalination technology, is currently finalizing a license with the UW Center for Commercialization. The company has negotiated lab space with Ondine biomedical and has a term sheet for up to $1.5 million in equity funding, which will give them 18 months of runway to cover additional research and development and get them to the pilot stage.
  • ZGirlsZ Girls educates female athletes ages 11-14 on the mental and emotional skills important in sports and life. The company has received a $100,000 convertible note, raised $50,000 to provide scholarships for girls who demonstrate need, and hired 27 program leaders (all college or pro-level female athletes). In the last six months 182 girls have gone through Z Girls’ Seattle-based programs. (Check out Z Girls’ promotional videos on their website!)
  • StudentRNDStudentRND runs programs aimed at educating students (middle-school through college) about programming and engineering.  The nonprofit has created an advisory board, raised over $135,000 in sponsorships, and put together an operations plan that includes hosting 20 Code Days in Spring 2014.
  • LuckyStepsLuckySteps, a wellness program for companies and their employees, has raised $30,000 in the past six months. The company is working with a UW Human Centered Design and Engineering group on a usability study and has run beta tests with four prospective clients in order to prove its business model and pricing structure. Lucky Steps plans to wow the judges in this year’s UW Business Plan Competition.

MBA Strategic Consulting Program heads to Singapore

A team of Foster students recently traveled to Singapore for an MBA Strategic Consulting Project. The following is an account by Kyle Sullivan (MBA 2014) of his experiences there and observations of the city-state.

Foster MBA students in SingaporeIt’s cold and rainy in Seattle; typical winter conditions. It’s hard to imagine I was enjoying 85-degree weather just a few weeks ago in Singapore.

Despite having lived in Asia for an extended period, I had never visited Singapore before. My friends often described it as uneventful, that it had none of the dynamism of China or Hong Kong; “Asia lite,” they would call it. I could not disagree more.

From the moment we landed, I noticed a sense of significance about the place. Driving westward into town along Singapore’s East Coast Parkway (ECP), parallel to the waterfront, it is all but impossible to ignore the armada of container ships lingering in the Singapore Strait. A few miles down the road, the view of the ships becomes obscured by an army of quay cranes towering above the Port of Singapore, Asia’s second largest port. Adjacent to the port, gleaming skyscrapers bearing the names Standard Chartered, HSBC, and Microsoft press up against Singapore’s Marina Bay. Surrounded by so much commercial activity, it feels as if you are in the center of the world.

I traveled to Singapore with a team of three classmates—Noah, Shalini, and Lisa—to work on a project for a Washington-state manufacturing company. The company had been exploring the possibility of opening a warehouse in Singapore in order to be closer to its customers in Asia Pacific. Our task was three-fold: gather information about the local market for the company’s products, assess the local real estate market, and make connections with headhunters. The project’s intent was to inform the client company about the most appropriate way to set up an operation in Singapore.

SingaporeIt was a busy ten days for us, packed with meetings, dinners, and networking events. One of the key takeaways from our meetings with various business partners was that there are very clear trade-offs for conducting business in Singapore. For example, business registration is conducted online and takes a matter of hours (whereas in China it can take more than six months), laws and regulations are evenly enforced, and the corporate income tax rate is a flat 17 percent. The downside is that the average price for a warehouse is roughly triple the price in Seattle, and annual wage increases are some of the highest in Asia Pacific.

One of the most interesting meetings was with a company called Mapletree, which is one of Singapore’s largest industrial property management firms. We met with a man named James, who heads up marketing for Mapletree’s industrial property division, to hear his expertise on Singapore’s industrial property market and to understand his company’s portfolio of warehouse properties. As we were wrapping up the conversation, out of curiosity I asked James for his opinion about what country in Asia Pacific will be the next major driver of growth for industrial property sales. He paused for a moment, and grinned. Waiting in suspense, as if he was about to divulge a closely guarded secret, he simply replied, “Indonesia.”

Learn more about the MBA Strategic Consulting Program at the Foster School.

Study abroad photo contest winners for 2013

Over 300 University of Washington Foster School of Business undergraduate and MBA students studied or interned abroad last year.  These photos and short descriptions are a small taste of the transformative educational experiences these students have each year.  The UW Global Business Center held a competition for the best student photos in two categories:

  1. Foster Abroad: Photo that inspires others to study abroad or makes a statement about the student experience abroad
  2. My Global Lens: Views uniquely accessible to students living abroad – social issues, cultural interactions, landscapes, etc.

1st Place Foster Abroad: Kurt RiRicketts_India_FAcketts, Undergraduate; India Business Exploration Seminar

Namaste: What I didn’t expect was that by the end of my visit, India would have me in her grip, refuse to let go, and in exchange for my experience, instill a drive in me that would demand a call to action.

Experience abroad: What an experience. You expect to be challenged, but you don’t expect to be awakened.

 

 

bell_brazil_FA2nd Place Foster Abroad: Kainen Bell, Undergraduate; Brazil Business Exploration Seminar

A Dream Come True: This moment was surreal because ever since high school my dream was to travel to Brazil, but I didn’t think it was possible because no one in my family or community had ever done so. Despite my circumstances I heavily pursued my dream and was accepted in the Brazil program,  received scholarships to pay for it, and was the first in my family to study abroad and now I am a living proof that dreams really do come true, but you can’t be afraid to pursue them.

Experience abroad: My Study Abroad Experience in Brazil was life changing. During the trip my perspective was changed. I saw how essential it was for the Brazilian to learn other languages to and know about global news, while I just knew English and a little Spanish. It made me value different languages and cultures more.  Meeting with Brazilian students was a great experience and cultural exchange – even though we were from different parts of the world, we could still relate to each other and have fun. Overall, I was inspired by this trip and mind blown.

Marks_Argentina_GL1st Place My Global Lens: Kate Marks, Undergraduate; Buenos Aires, Argentina

Convergence: Argentina struggles to reconcile their “dirty” past of military dictatorship with the hopeful future the election of Pope Francisco brings to the country. Taken March 24, 2013, the day of national remembrance of the “disappeared persons”, Buenos Aires, Argentina.

Experience abroad: Living and studying in Argentina gave me an unparalleled perspective of what it is like to live with an unstable government and economy. Populism is still alive and well in Argentina, well after the fall of many other Latin American military dictatorships. I spoke with and befriended many young people who see a different future for their country–which now seems possible with the election of the first ever South American (specifically, Argentine) pope. The convergence of Argentina’s violent and unstable recent history with the new movement towards democracy and change created a dynamic and complicated environment in which to live and observe.

Bozeman_Spain_MGL2nd Place My Global Lens: Ashley Bozeman, Undergraduate; Leon, Spain

Las Medulas: An unexpected gold mine in Northern Spain.

Experience abroad: I had a wonderful experience abroad with my 12 amigas from UW, our loving and caring host families, and awesome Spanish teachers at the UW Leon Center in Leon, Spain. These were some of the most rewarding and fun three months of my college career and I would encourage anyone and everyone to study abroad during their time at the UW.

See all photos submitted for the contest. Judges included over 40 faculty and staff members. Learn more about MBA and undergraduate study abroad opportunities at the Foster School.

On breaking the mould

Guest post by Robert Mercer-Nairne (MBA 1971 and PhD 1989)
Dr. Mercer-Nairne actively seeks “to define how human organization forms and evolves as an expression of evolution as a whole.” His work can be found in novels like The Letter Writer, set in Bellevue, WA, to more recently in regular contributions to the Huffington PostMercer-Nairne currently resides back home in Scotland where he continues to grow beyond his original focus on organization theory.

Dr. Robert Mercer-NairneProbably the greatest challenge facing the developed world is growth. This is not least because we are unclear what the word means. We have various statistical definitions, such as the augmentation of our gross domestic product—essentially the level of our economic interactions with one another—but our gut instincts tell us that such measures may not address the quality of growth. One example of that is our increasing awareness that the lifestyles we enjoy today may be adversely affecting what our environment will be tomorrow. The post-war notion that we can look forward to a better future for ourselves and our children has become decidedly tarnished.

Probably the greatest challenge facing the academic profession right now is how to escape from its own departmental rigidities so that the challenges facing the human world can be looked at afresh. Are these problems connected? I think so. The expression Breaking the Mould refers to doing something differently, after it has been done in the same way for a long time. In the scientific world, the physicist Thomas Kuhn called these mould-breakings ‘paradigm shifts’. Because of their fundamental nature, they inevitably upset a lot of careers laboriously built upon the old way of seeing things. Consequently their heralds, like the three kings, are invariably dismissed as being weirdoes, troublemakers or just plain delusional.

In most walks of life, the line between maverick and idiot is narrow. Shakespeare’s Sir John Falstaff is a buffoon whose comic utterances often embody a wisdom which would be unpalatable to the status quo without humor. In his short story The Emperor’s New Clothes, Hans Christian Anderson uses the innocence of a child to puncture the crowd’s acceptance of the emperor’s sartorial magnificence (two swindlers make him an ‘invisible suit’ that can be ‘seen’ only by the worthy and naturally his sycophantic subjects see it even though there is nothing there). Philosophers occasionally debate whether the sane are insane and the insane sane. And even the scientific quest for objective reality can be subverted by the context within which a scientific question is phrased.

My own area of interest – the nature of structure in the evolutionary process—spans every discipline imaginable qualifying me for the accolade insane idiot, although I would prefer maverick. What I am fairly certain of, however, is that while we need the mould—without structure we have nothing – we must pay far more attention than we do to the process whereby moulds are broken and new moulds are formed. And unless you believe in a deterministic universe (and I certainly don’t) space must be left for the creative impulse to work—in politics, in business, in academe.

In the twentieth century we allowed ourselves to be led seriously astray by the false assumption that there was such a thing as inevitable social progress which overrode any moral notion of individual right or wrong. Structure always and everywhere is a function of context. In the conscious, human world, that context is shaped by our values. Start there and growth suddenly becomes limitless and sacred cows (or sacred moulds) less sacred.

Perfect is the enemy of good

The Evening MBA Program recently hosted its first ever case competition for the second-year Evening MBA students. The competition served as an opportunity for students to apply what they learned in their first-year core classes toward a simulated business case. This year’s case was developed by Sadie Raney, a third-year Evening MBA student. The winning team, comprised of Garin Wedeking, Abhi Thinesh Rathinavelu, Michael Pamphlet, Brad Waidelich and Derek Zahajko, has shared what helped them succeed.

EveMBACaseCompWhat did you learn from the competition?
This felt like a round of “speed-dating” with our new group. It gave us an opportunity in a week’s time to identify team members’ strengths and quickly discover how to best work together. The best trait we share is that none of us needs to be in charge for any reason other than to get the project done. We have quickly learned how to let each other take the reins, as well as to give each other space and time at one’s discretion with the understanding that everyone is overbooked. It’s a fact of grad school.

What made your team successful?
We set early expectations of what we were going to do, and then each executed on our commitments. Those expectations were not equal in work load, but that didn’t matter. When you start keeping score you make room for excuses. To quote a teammate “All (five) of us should be pulling 25%.” The trick is actually doing that.

How could you apply what you learned in the competition to your job?
Since the case intentionally provided little detail, it forced our team to quickly and rationally make assumptions and move forward. We could have chosen to jump down rabbit holes in order to make real-world parallels, but we didn’t think that would create a better product in the end. This parallels the real-world in that sometimes time-sensitive situations or opportunities arise where rapid action is required and time is not available to acquire more data or more data may simply not exist.

Did it teach you to think about business issues in a different way?
Often times we have the inclination to think there is only one right answer. In this case, all three options could have been viable options for the company. It came down to the rationality behind the option and ultimately the ability to execute on the idea within the time frame. Parfait est l’ennemi du bon.

Learn more about the Evening MBA Program.