Category Archives: Student Life

Foster students return to Panama for spring break

This spring break roughly 29 University of Washington students, most from the Foster School, will descend on a mountain village in Panama to help the villagers there improve their farming business and hopefully rise a little further above subsistence-level farming.

The trip was set up by the Global Business Brigades, a nationwide student-led organization with a UW chapter. A dozen students are also getting course credits for the trip through the Foster School. The lead UW student organizers—Foster students David Almeida and Blake Strickland—said the team plans also to revisit a coffee plantation where 18 Foster students spent the 2009 spring break. Almeida’s group will evaluate the impact the students had on the coffee plantation and find out if the farmers have put into practice the team’s recommendations.

“All 29 of us are extremely excited for this chance to make a real and positive impact in the lives of people living in Machuca,” Almeida said. “Through working with the farmers, living in the village, embracing their culture, and making a difference, the next week will be sure to change our lives as much as theirs.”

This year, the team will spend most of their spring break on the Machuca Farm located in the Cocle province, roughly three hours from Panama City. The farm is a 25-minute hike from the end of the nearest roadway. The community has about 800 inhabitants, but the farm group that the students are focusing on has 14 members and supports roughly 35 people. The farm grows yucca, plantain, rice, beans, corn and other crops and also raises chickens, goats and fish in a pond.

In the team’s trip preparations, the undergraduates identified four main areas where they hope to have an impact—processing chickens, bread making, goat milk products and organic products.

Almeida and several other team members plan to post updates on this blog. Stay tuned.

Mentors do matter

Students at Lavin Entrepreneurial Action ProgramTake just a minute and ask yourself: Who’s the person who has played the most influential role in your career?  Chances are it was someone who listened to your ideas and gave you feedback—but left the real decision up to you. Or someone who encouraged you just at that point when you were about to give up on your plan. Or someone who made a few key introductions that opened a huge door for your start-up.  A mentor. And mentors REALLY matter when you’re a young entrepreneur.

The Center’s Lavin Entrepreneurial Action Program, named for Alberto Culver’s Leonard Lavin, admits freshmen to an “honors program” in entrepreneurship. No, it’s not based on the students’ GPA or SAT scores, but rather on their level of entrepreneurial drive. Many of these students started their first companies in high school, and most them are already thinking about their next start-up.

Part of the Lavin Program’s promise is matching the students with entrepreneurial mentors, and CIE’s 28-person Advisory Board volunteered to be the “first line of mentors.” At the Center’s winter board meeting, director Connie Bourassa-Shaw moderated a discussion on mentoring, which elicited comments and stories from both board members and students. The group then began “mentor speed-dating,” with 10-minute intervals for striking up new conversations.  “I’d expected the students to be a little reticent, a little shy,” said Lisa Hjorten, the founder of Informia, “but there was none of that. The Lavin students had business cards ready to hand out. And had come to the meeting knowing which of us they wanted to meet. I never could have done that as a sophomore!”

There are now 20 mentor-student pairings going forward, with more on the way. Read more about the Lavin Program.

First legislative visit: a student’s perspective of minority business policy

Guest blog post by Caroline Gabriel, Foster undergraduate student

Caroline Gabriel at WA State CapitolLegislature.  Am I the only one who cannot correctly pronounce the term? I looked it up and found it is pronounced “lej-is-ley-cher,” courtesy of dictionary.com. I mention this word for a reason. I am a student assistant at the UW Foster School Business and Economic Development Center (BEDC). Since coming to the University of Washington, I have had many amazing experiences.

One memorable experience transpired the morning of March 3 when I journeyed with my boss and BEDC Director Michael Verchot to the marble steps of the state’s capitol to attend a hearing of the Washington State Legislature Community & Economic Development & Trade Committee. Here, Michael gave a speech on Washington small minority-owned businesses. He drew attention to some startling data from the U.S. Bureau of Labor Statistics—that while Caucasians have dealt with increasing rates of unemployment, minorities have dealt with outstandingly high rates for many years. With African-American unemployment rates at 7.8% in 2006 to 12.9% in 2009 and the Caucasian unemployment rate at 4.9% in 2006 and 8.8% in 2009, it represents a stark contrast. This fact seems to have been swept under the table of economic affairs recently. One thing the BEDC director was trying to convey was how existing policies address the problems of Caucasian businesses, such as high taxes and regulation red tape, but have failed to subscribe policies to the more prominent and recurrent problems within minority businesses.

Friendly legislators

Sitting from left to right were representatives Parker, Orcutt, Smith, Kenney (madam chair), Maxwell and Chase.  All dressed in business attire, some appearing happier than others. I always imagined representatives, any politicians really, to be boring, dry shells of government policy. I was proven wrong as I saw Representative Smith chatting away with a broad smile. Perhaps I had a misguided opinion of the people in power. It was interesting to listen to, after Michael’s presentation, a number of representatives quickly responding with very intellectual questions. I suppose you have to be intelligent and likeable to be a politician, but I was surprised by their excellent speech, even their perkiness.

Not-so-friendly questions

They asked very direct, yet sometimes infuriating questions. It was disheartening to hear them inquire why some data was not present and if BEDC could include it in its next report. The truth is that the economy, as the statistics describe, affects everyone. As a result, BEDC does not have enough funding to conduct such extensive surveys as the legislature would have liked. It seems meetings such as these would be more efficiently spent if the representatives asked beforehand what exactly they were looking for as far as numbers and statistics were concerned, rather than reprimanding the presenter about limited information after they have put much time and effort into their presentation.

Okay, I am done venting. As for the whole meeting, it was conducted with civility; everyone addressed each other formally, never interrupting, and everything else went very smoothly. I had the pleasure of sitting at the presenter’s table and was recognized for collecting and analyzing the data, and was able to get an up-close-and-personal view of committee procedures and protocols.

Despite going to a university, I have met some really naïve people. People who cannot pronounce “legislature” or do not know how to get to UW’s Red Square are just victims of naiveté. I would be one of them. The only way to cure this is to experience more of what is right at our fingertips. I encourage you to sit in on a committee meeting. It was both educational about government policies and eye opening to glimpse everyday tasks of policy-making.

3 teams win high honors for global solutions to poverty

gsec-nuruGrand Prize of $10,000

The 2010 Global Social Entrepreneurship Competition winning team was Nuru Light, also winner of the People’s Choice Award and Investor’s Choice Award, for their affordable, clean, safe alternative to kerosene as a light source in Rwanda. Nuru lights can be recharged quickly via the world’s first pedal generator. Team Nuru consists of students from Adventist University of Central Africa and the University of Massachusetts Medical School. Photo (L-R): Charles Ishimwe, Bill Gates, Sr., Max Fraden

 

gsec-touchhbGlobal Health Grand Prize of $5,000

UW Global Health’s largest prize went to TouchHb, an affordable, prick-less anemia scanner used by low-skilled village health workers in rural India that measures, helps diagnose, monitors and screens for anemia. Team TouchHb consists of two doctors from the Maharashtra University of Health Sciences.

 

 

 

gsec-maloJudges’ Choice Prize of $3,000

Judges this year created a spontaneous award and personally pitched in a total of $3,000 for an on-the-fly Judges’ Choice Award which went to Malo Traders for their business plan that provides technological consultation that minimizes risks of post-harvest losses for small-scale rice farmers in Mali. Team Malo consists of two brothers who grew up in Africa and are now pursuing degrees—one is a PhD student in political science at Purdue University and the other a business student at Temple University.

The Global Business Center at the UW Foster School of Business puts on the Global Social Entrepreneurship Competition each year – when international student teams are coached, critiqued and judged by Seattle-area business leaders. A record number of applicants (161) from around the world applied for the 6th annual event with innovative ideas to help solve global poverty. Watch the video.

Nuru wins People’s Choice Award at Global Social Entrepreneurship Competition

gsec-3936

 

 

 

 

 

 

 

 

 

University of Washington Foster School’s Global Social Entrepreneurship Competition is underway this week and 11 semi-finalist teams are competing for a chance to win over judges and beat out other innovative business ideas to combat global poverty.

At a trade show this week, the People’s Choice Award went to a team with an idea called “Nuru Light: a Solution to Africa’s Lighting Crisis” which provides affordable, renewable, clean lighting to replace kerosene in households. One of the team members traveled outside of Rwanda for the first time in his life to pitch this business idea along with a medical student from Massachusetts Medical School.

Winners will announced at tonight’s GSEC Award’s Ceremony which will also feature keynote speaker Bill Gates, Sr.

Good luck to the 11 teams and 5 finalist teams – part of a record-breaking number of applicants who chose to solve poverty with business innovations.

Foster students consult for Brazilian restaurant in Seattle: part 3

In this installment of our video series following student business consultants from the Foster School, the UW Business and Economic Development Center team members discuss the biggest challenges they face in improving the bottom line of a small Brazilian restaurant. This is the third in the series on Foster Unplugged where you can follow the five-member student team assigned to help Tempero do Brasil, a restaurant at 5628 University Way Northeast. Check back to follow more of the student team’s efforts as the winter quarter class progresses (under Student Life blog category).

A visit with the oracle, Warren Buffett

MBA Students in Omaha SnowEvery year the richest man in the country (or maybe 2nd richest depending on the most recent Forbes article) Warren Buffett invites groups from 5 to 6 business schools to visit him in the unassuming town of Omaha, Nebraska. The premise is simple. 120 business school students from across the country put on their best suits, tackle the Omaha snow (see photo), pepper Mr. Buffett with questions for over 2 hours, and then he takes us to his favorite restaurant in town for steak and root beer floats.

In early February, I was fortunate enough to make the trek. Naturally, people keep asking me what I took away from the trip. I respond with random facts about Berkshire Hathaway’s corporate philanthropy program and Buffett’s friendship with and admiration for former Geico executive, Lloyd Kreeger. And I love to share some of Buffett’s best lines such as, “You can’t make a baby in 1 month by getting 9 women pregnant.” He followed, laughing, “I probably should have told Tiger Woods that.” That’s classic wisdom, both literally and figuratively, and it demonstrates just how sharp and witty this 78-year-old man is.

BuffetwalletWhy does he meet with MBA students?
It is certainly not for us to hear stories we can see him tell on YouTube, nor to make sure I have a photo of me with an awkwardly devilish face stealing his wallet (see photo). No, I think this is Mr. Buffett’s opportunity to share his vision for investments, business, and life with the next generation of business leaders.

Buffett’s vision: Find passion, practice simplicity.
The man has more money than I can comprehend. Buying 120 people lunch is like me buying a gumball, or more likely, sharing a gumball. But he drives a simple car (a 1980s Cadillac), has lived in the same home for his entire life, and doesn’t seem to want more. His investment philosophy is the same. Find an undervalued company with good management, buy low, sell high. He doesn’t need fancy financial products that no one really understands; he just looks for good businesses. Oh, and he loves what he does. You can see how it sustains him, keeping him engaged day in and day out. I think he wanted to show us that. At a time in our lives when we’ve taken ourselves out of the workforce to build our skill set and reflect on our careers, he wanted to show us that money follows passion and simplicity brings happiness.

Meghann Glavin is a University of Washington Foster School of Business full-time MBA student slated to graduate in 2010. 27 Foster MBAs met with Warren Buffett this year.

Foster students consult for Brazilian restaurant in Seattle: part 2

Watch the second installment of our video series following student business consultants from the Foster School as they help a small Brazilian restaurant improve its bottom line and sell its hot sauce. Undergraduate students visit the restaurant for the first time on January 12, sample the food and hot sauce, and finalize their consulting contract with the business.

This is the second of a series of videos on Foster Unplugged where you can follow the five-member student team assigned to help Tempero do Brasil, a restaurant at 5628 University Way Northeast. Check back to follow more of the student team’s efforts as the winter quarter class progresses (under Student Life blog category).


The team was organized through the UW Business and Economic Development Center‘s Marketing 445 class. During winter quarter, dozens of students join teams and are paired with professional consultants from Hitachi Consulting, Deloitte, Ernst & Young as well as senior executives through the Seattle Rotary Club to help minority business owners expand their businesses and improve their bottom lines.

Foster students consult for Brazilian restaurant in Seattle: part 1

The UW Foster School of Business annual Multicultural Marketing and Business Development class is underway and that means local businesses owned by people of color and women will get hundreds of hours of free consulting from student teams, their advisors and mentors.

Through the Business and Economic Development Center’s Marketing 445 class, students are paired with professional consultants from Hitachi Consulting, Deloitte, Ernst & Young as well as senior executives through the Seattle Rotary Club to help minority business owners expand their businesses and improve their bottom lines.

In a series of videos on Foster Unplugged you can follow the five-member student team assigned to help Tempero do Brasil, a small restaurant at 5628 University Way Northeast, as the students experience the challenges and success of helping  this business with its accounting practices and market its unique hot sauce.

In this first installment, watch as Foster teams meet Tempero do Brasil owners for the first time on January 11. Check back to follow more of the student team’s efforts as the winter quarter class progresses (under Student Life blog category).

The power of three: LaunchPad teams are fearless

“This partnership with CIE is absolutely unique,” said Jim Roberts, the business development officer for UW TechTransfer’s LaunchPad. “We create teams of three:  an entrepreneurship MBA, a UW inventor and a TechTransfer manager. The job for the team is to assess potential applications for very early-stage technologies and develop strategies for taking them to market.  The results have been invaluable.”

The teams of three work very well. It all begins with the UW tech managers identifying research faculty/inventors who have developed technologies that could well move quickly into the marketplace. The descriptions of these projects are sent over to the CIE, which in turn advertises the 2-credit ENTRE 600 internship to second-year MBAs and other graduate students who have taken the entrepreneurship core courses. There are multiple deliverables for the internships, and CIE is very clear about the personality requirement: “fearless in conducting market research, talking with potential customers, making findings/recommendations presentations.”  Students must apply to specific technologies, relating their experience and interest in that specific project.  Not every project gets a student, not every student comes away with a project.

Once the pairings are complete, the real work gets underway. “What we’re seeing is that these teams have become very skilled at communicating the details and are developing trust in each other’s knowledge and experience,” said Connie Bourassa-Shaw, CIE director. “The results have been impressive—more  commercialization licenses and start-up companies. It’s a great practical experience.” The program launched in Fall 2008 with 14 teams and ramped up to 32 teams in Fall 2009.