On March 8, 2013 Foster undergraduate students competed in a case competition, which also served as the students’ capstone experience for strategic management—a required course for all Foster undergraduates. The case, “Apple Inc. in 2012,” was developed by Harvard Business School. The premise: Apple, like other firms in technology, has a number of successful products, but they also need to remain competitive. The students had to determine whether Apple can innovate on current products well enough to survive and prosper or whether they need to create new products to remain competitive.
The students had two weeks to analyze the case and develop their recommendations for what Apple should do. In the competition the students presented their analysis of the company, discussed the various paths Apple could take and made their recommendations.
Twenty teams competed and five made it to the final round. The final round teams made varying recommendations for Apple. Several suggested Apple should improve Apple TV, one of its current products. The winning team, however, presented a completely different solution. They recommended Apple create an integrated mobile device for cars, similar to the Ford SYNC® from Microsoft.
According to the team, “We compared the various strategies and decided the car system strengthens what Apple already offers, and it stays within one of their core competencies, which is producing disruptive technology. The problem with TV isn’t the set-top box, it’s that the cable companies own all the content.” They felt Toyota would be an ideal initial partner due to shared corporate values between the two companies. The judges appreciated the team’s comprehensive analysis. Jeff Barden, assistant professor of management said, “They carefully considered the user experience, where people would use the product, and absolutely picked the right partner in Toyota.” Winning team members were Hadis Ali, Alex Auerbach, Shaun Maurer, Ben Peven, and Cory Scancella.
The second place team recommended innovating on Apple TV by focusing on making content available to consumers by forming a strategic alliance with Comcast. They felt a key improvement to the current situation would be to allow customers to consume TV content à la carte. The judges were impressed with how this team tailored their solution to the market. Team members were Gwendolyn Moruzzi, Aaron Dentler, Katie Emoto, and Rachna Hajari.
Rick McPherson, lecturer in management at the Foster School, added the case competition to the strategic management course last fall. He said, “It is an enrichment of the course to give the students real life experiences of analyzing and making recommendations to an upper management team.”
On February 23, 2013 Foster students won the Intercollegiate Marketing Competition held at Simon Fraser University in Vancouver, Canada. This is the third time Foster students have won the competition. The case was about Modo, a Vancouver co-op that offers a car sharing program. The students had three hours to read the marketing case and prepare a solution. At the competition they had 20 minutes to present their solution and 10 minutes for Q&A with the judges.
The judges commented on how professional the team was and how they were the only team to “understand the total picture” of the problem and address the main issue Modo is facing.
The team was comprised of Jordan Barr, Marnie Brown and Elliott Klein, all are juniors at Foster and members of the UW American Marketing Association (AMA). They, along with Leta Beard, their faculty coach and lecturer of marketing at Foster, traveled to Vancouver to compete in the competition. Barr is president of AMA and studying marketing, Brown is studying accounting and Klein is studying marketing. The three were selected from a pool of applicants from the UW American Marketing Association.
“I am extremely proud of this team. They worked very hard on their case practice sessions and took the initiative to learn as much as they could before heading up to Vancouver. The judges came up to the team after the announcement and commented on how well they did and said they were anxious to implement some of the team’s suggestions,” said Beard.
The American Marketing Association is a national organization comprised of marketing professionals and students of marketing. The UW AMA is a student run organization at the Foster School of Business.
Bruce Avolio, executive director of the Foster School’s Center for Leadership and Strategic Thinking, spoke at TEDxUmeå on January 17, 2013. The theme was “Leadership, creativity and innovation” and Avolio’s talk was titled, “Showing up for leadership…Ta Dah!” In his talk Avolio discusses three types of leadership: leadership that grows people, leadership that sustains people and leadership that diminishes people.
When a leader grows people, she empowers them to take ownership and challenge conventions. Leaders who grow people share a common trait—they all had people in their lives who set extremely high expectations for them. When they failed to meet these expectations, they were supported and encouraged to get up and do it again, and this process was repeated over and over. As a result they developed the ability to transform other people into leaders.
Avolio shared examples of how people can show up for leadership. You can be a leader who grows people by:
Showing up with great expectations.
Showing up claiming leadership.
Showing up over and over.
Showing up with everyone.
Avolio said, “We can all grow a better world together. Why don’t we do it?”
After proving herself on Wall Street, Kate Kingen is out to reform America’s schools
It is likely that no young finance prodigy has ever followed up a promising analyst program at a prestigious Wall Street firm such as Deutsche Bank by going to work for the Newark Public Schools.
Until Kate Kingen (BA 2009).
But then, Kingen has never followed a script. The daughter of Seattle restaurateurs (Red Robin, Salty’s) chose to study accounting at the University of Washington Foster School of Business, earning the Most Outstanding Accounting Graduate Award at the top of a long ledger of accolades. But when an internship with Deutsche Bank’s Mergers & Acquisitions group turned into a job offer, she packed her bags for New York City.
The analyst program is Wall Street’s trial by fire for the elite young members of a testosterone-fueled fraternity of high finance—“mainly male, very aggressive,” asserts Kingen.
Those who survive write their own ticket. Kingen thrived.
She rocketed to the top of her class at Deutsche Bank, and was named lead analyst on a number of marquee deals, most notably the $9.7 billion announced merger of Deutsche Boerse and NYSE and the $8.8 billion sale of Bucyrus to Caterpillar.
When she emerged triumphant from this two-year crucible, a gold-plated career at an investment bank or hedge fund or private equity firm was hers for the taking.
But Kingen had something more in mind. “I really enjoyed the experience and learned a lot,” she says. “But I wanted to apply my finance skills where they could make the most impact.”
Kingen had been raised to revere education. So when she was invited by the new chief operating and financial officer of the Newark School District—a Morgan Stanley veteran named Photeine Anagnostopoulos—to help implement sweeping reforms in finance, operations and strategy, Kingen jumped at the opportunity.
“If I wanted to be part of the coming change in education,” she says, “there’s no better place to start than Newark.”
After a 360-degree analysis of one of the nation’s poorest-performing districts, their team cleaned up the nearly $1 billion budget and closed under-enrolled schools. Kingen introduced a more equitable funding model that gives principles more autonomy and developed a graduation tracker that now allows parents, teachers, and students to monitor academic progress.
Going to state
With knowledge of their breakthrough work in Newark, the New Jersey Commissioner of Education hired Anagnostopoulos and Kingen to analyze the critical links between funding and performance across the state. They’re currently studying a cross-section of districts in search of the best practices that can be replicated elsewhere in the state.
“Most studies and reform efforts are focused on instruction—as it should be,” Kingen says. “But I believe that connecting finance and resource allocation to performance is going to be the next big step in education reform.”
More than just some quixotic idealist tilting at academic dysfunction, Kingen may be onto something big.
The past year’s efforts are revealing a possible new paradigm: an interdisciplinary “systems” approach to education management that marries the wisdom of pedagogy and social science with the insights of data analytics, organizational behavior, accounting and finance. Its potential to improve student performance is transformational.
Once her work in New Jersey is complete, Kingen is planning to go for an MBA. She’d also like to start a company in this new area of expertise. “When you’re in education reform, you’re working against the clock,” she says. “Because every day you don’t make progress is another day lost for a child. So we need to keep pushing to make these changes.”
It will take some serious pushing. But Kingen—experienced, smart, energetic, ambitious, and appropriately impatient—is more than game.
“I’ve learned that management and finance acumen are sorely missing in K-12 education,” she says. “There’s a huge opportunity. It’s exciting to be at leading edge of something so important.”
Guest post by Tom Jensen, co-founder of Enterprise Futures network who helped source mentors for GSEC 2013, and mentor to Grand Prize winning team Jorsey Ashbel Farms.
Last week, 15 people including investors, entrepreneurs, consultants and non-profit executives joined students on 14 teams that competed in the Global Social Entrepreneurship Competition (GSEC) in Seattle – either in person or virtually, to finalize their business plans and presentations for a winning social enterprise. The teams from Africa, Asia and the U.S created business plans to address health and economic development problems in developing countries and competed for prizes.
After mentoring and judging in university competitions for the past 12 years, I know what it takes for a university to make a competition successful. UW’s Foster School’s Global Business Center did a great job making the experience very rewarding for the teams, judges, coaches, student ambassadors, mentors and sponsors. An organization that I am a co-founder in, Enterprise Futures Network (www.enterprisefutures.org) , is the Competition’s Mentorship Partner and has helped source mentors for two years.
GSEC’s mentors are located in Seattle, the San Francisco Bay Area, and from Europe, particularly Denmark. Each mentor donates about eight hours of his or her time over a six week period to help the team prepare before the competition and then several more hours during the week of the competition if possible. While about half of the mentors have mentored for GSEC before, the other half experienced this competition for the first time this year.
One of those new mentors for this year was John Locher, who co-founded internet companies Classmates.com and Redweek.com. He thoroughly enjoyed mentoring his team from Bangladesh with his co-mentor Mike Siemion, a co-founder with John at these companies, and plans to be back next year. John and Mike were joined by Norm Bontje, George Economy, who co-mentored with Linda Long, Merrill Grogel, Greg Free, Michael Gilson, Thomas Jensen, Nils- Michael Langenborg, John Raabo Nielsen, Søren Therkelsen, Rick McPherson, Kim Nelson, Carol Sanford, Craig Bruya, Michael “Luni” Libes and Pete Peterson.
The teams also got coaching on their presentations from other volunteers that UW’s Foster School of Business engaged during the week of the competition (February 25-28th).
UW made our job to provide and train mentors to support the competition very easy. The GSEC team led by Deborah Wolf and Kirsten Aoyama had a great plan and executed it flawlessly. They were responsive to the needs of the mentors and made it possible for mentors to participate in very meaningful ways, including networking with other mentors at a mentor breakfast EFN and UW organized.
UW created the right environment for successful mentoring, including educating the teams and mentors on the benefits of a mentor based program, and by creating clear expectations for both mentees and mentors. UW and EFN shared helpful tips and examples of best practices, maintained regular communications and gave mentors the opportunity to share ideas to improve the process throughout the mentoring period. While all competitions that engage mentors do it somewhat differently, certainly UW’s well organized and straight forward approach makes it easier for mentors to engage compared to institutions that, for example, only facilitate informal mentor-team matching without framing mentoring expectations for participants (e.g., such as inviting mentors and teams to events where they can self-match).
Tips that really helped the teams included encouraging mentors to ask teams for a specific milestones schedule to complete their plans and pitches. This tool served as a roadmap from which the mentees and mentors could work from. From my experience mentoring Jorsey Ashbel Farms (JAF), a scalable chicken production venture in Nigeria that won the grand prize, the framework and expectations that UW created mentoring made the process more efficient, allowing JAF and me to focus on the hard work of validating assumptions and developing a scalable business model.
On a personal level, working with JAF’s co-founders, Mene Blessing and Ayuba Ashbel from the Nigeria was a tremendous pleasure, because of their commitment to the venture, professionalism and sincerity. I look forward to visiting with them in April when they will compete in the finals for the Global Social Venture Competition in Berkeley, California.
I was very impressed that most of the local mentors attended the finals and even the preliminary round to coach their teams. Many non-local mentors worked with their teams remotely until the preliminaries or finals. Greg Free, who mentored Breathsuite, a UW based team that invented a respiratory diagnostic application delivered through mobile phones, viewed the Foster School’s “live stream” of his team in the final round when he could not be there in person. Greg, a non-profit director and sales and software executive, told me that “over the time I spent with them, I dropped lots of suggestions and was left somewhat uneasy about whether they were landing. They got it – in spades – and did an outstanding job of transforming what they started with into a pretty darned good presentation.”
Carol Sanford, an author, consultant and speaker on responsible business, shared her thoughts about mentoring for this competition over the past three years. “I’m getting better at it; knowing how to help my team meet challenges and to ask them to focus on what judges look for”. She loves to help teams pivot their businesses “to improve and to think bigger about what they can do.” Carol’s team, Social Cops, won the competition’s ICT prize sponsored by Microsoft.
I hope that people who attended the events (and read this article!) will be inspired join the fun next year and chose to mentor or coach a team or become a judge. Take my word for it, future mentors will find this experience extremely rewarding and a great opportunity to engage with entrepreneurs changing the world. If you would like to apply to serve as a mentor next year, please apply! http://www.enterprisefutures.net/mentorappl.html.
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.
Who 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.
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. Teams 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.
I 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.
The 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.
Every student has his or her story about how they decided to enroll in the Foster Executive MBA Program. For Martin Fichter (VP, Product and Operations, HTC), a stint filling in as acting CEO made him realize that he still had a lot to learn about running a business. For sales executive Lala Somma (Shopper Marketing Manager, The Coca Cola Company), it was the realization that she needed to expand her knowledge of finance and other functions if she wanted to realize a dream of starting her own business. For Britt East (Ecommerce Director, Zones, Inc.), a scholarship from his employer created an opportunity to fill in gaps in his prior education and learn to speak the language of business fluently.
Like these Executive MBA students, you may have considered enrolling in an MBA program for months or years. Are you ready to put your plan into action?
– Faculty perspectives, alumni happenings, student experiences, Seattle and Pacific Northwest community connections, and a taste of life around the Foster School.