Amidst the Bentleys, Mercedes, Porsches and the real fancy cars in Dubai and Abu Dhabi, all may not be as well as it appears on the surface. We learned that a very large percentage of Emeriti’s doesn’t graduate high school and many are functionally illiterate. Yet, when they do leave school – most can and do apply for a government job and of course get it – being paid $90,000, while also receiving 60 days vacation a year, housing and car allowance, all utilities paid for and many other benefits including healthcare. So why learn! As one Emeriti entrepreneur told us, most Emiratis who want to be entrepreneurs, and they are few and far between, cannot compose an email or structure a sentence! On the other hand, there are Emeriti’s that you could compare to the best and brightest in the world. So as someone said, they have a ‘software’ problem not a ‘hardware’ problem that the government’s rulers have to address to sustain this amazing growth over the next 100 years, let alone 50. In this regard, a most telling saying we heard about the past and future in this region goes as follows: My grandfather drove a camel, my father drove a Chevy, I drive a Porsche and my son drives a Bentley, but likely his son will drive a camel….again.
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 Jackie Nguyen, Foster undergraduate
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.
Foster alum and faculty fellow Emer Dooley has a passion for pushing boundaries
How does a North Pole marathon winner become one of TechFlash’s top 100 tech women in Seattle? For Emer Dooley—engineer, PhD, entrepreneurship lecturer, angel investor, advisor—it’s easy. Dooley pushed boundaries long before her career began.
Her first broken barrier? Becoming an electrical engineer, a field dominated by men.
“In Ireland when growing up, I wanted to be a science teacher. That’s what girls did. My dad talked me out of it. He persuaded me to do electronic engineering. That changed my life,” says Dooley.
After working as an engineer for seven years, Dooley circled back to her original passion. “I’ve always wanted to teach. I sort of knew I wasn’t really an engineer in my heart.” She earned an MBA (1992) from Foster, worked as marketing manager for Seattle start-up Mosaix, came back to earn her PhD (2000), and taught at UW through 2011.
“I thought that doing an MBA in Seattle would be high-tech nirvana,” says Dooley. “I’m also a huge outdoor person. I like to ski, climb, water ski, run, bike. I just love Seattle. I never applied anywhere else.” At the UW, she launched a high-tech speaker series, software entrepreneurship class and co-taught with various UW computer science professors, including Oren Etzioni, founder of Farecast and Decide.
Her first guest speaker? Venture capitalist Mike Slade, a Microsoft and Apple veteran and entrepreneur. Dooley continued to bring in heavyweight guest speakers year after year.
“It was using the community to change the way that the old classes had been taught,” says Dooley. A memorable speaker was Tom Burt who led the Microsoft defense in the antitrust lawsuit. He shared the reality of being sued. “During discovery, they had so many documents piled up in the corridors that they were cited by the Redmond fire department.”
After 11 years of teaching entrepreneurship to business, engineering and computer science students, Dooley now serves as strategic planner, board member and faculty advisor for the Foster School’s Center for Innovation & Entrepreneurship. She successfully launched a $3 million fundraising campaign to move the center into a new building and open a new innovation lab.
Dooley also manages a $4.4 million fund at Alliance of Angels and is setting up an angel fund for UW students and a visiting professor to invest in start-ups.
She sees companies bootstrap in ways inconceivable to previous generations of entrepreneurs. “After the big dot com crash, nobody would fund anything. It used to take $30 million to get a company to market. And now with the advances in the tools, people can start companies from nothing. It’s just incredible to me that if you’re really savvy about social media, there’s still opportunity there to run rings around the traditional companies.”
The other pivotal change she’s witnessed in the last 10 years in Seattle is start-up expertise from second-generation entrepreneurs. “It used to be all Microsoft start-ups. Now there’s Expedia, Amazon, Real Networks. That’s really changed the level of talent in the area.”
One of the few women in the angel investing community, Dooley hopes to encourage her kids to push boundaries themselves. She and her husband, also an Ireland native, choose to raise their daughters in Seattle to expand their opportunities.
“I love the abundance of opportunity for women here, and the incredible role models like Bonnie Dunbar that my daughters get to see and meet in the community.”
Speaking of incredible role models… Dooley won the 2010 North Pole Marathon in a blizzard and finished second in the 2011 Antarctic Ice Marathon. “My goal is to run a marathon on every continent.”
Pete Findley saw the writing on the wall. Or rather, the pixels on the screen. After spending a decade building Giant Campus from a scrappy start-up into a nationwide network of technology summer camps for kids, the inaugural Business Plan Competition champ floated the company’s first online course in 2005. Findley (BA 1998) envisioned a giant campus for the Internet age, a virtual school majoring in technology, science, engineering, and innovation courses that are all too often unavailable to teens attending thinly populated rural schools, cash-strapped urban districts, or who are home-schooled.
It took a few years for technology to catch up. But today broadband is pervasive, Web-based education delivery is rapidly becoming mainstream, and Giant Campus is virtually everywhere. “We’ve been waiting for this time,” Findley says. “Education has evolved, and we believe that we can transform the way specialized education is delivered, particularly to high school students.”
The company offers an accredited program with an array of online elective courses in computer science, digital arts, and business innovation—plus a core curriculum of language arts, math, science, and social studies. Through Giant Campus Academy, the curriculum is available on a tuition basis to high school students around the world (and is free for students in Washington, thanks to a partnership with the state Board of Education).
By shedding the constraints of camps and classrooms, Giant Campus offers students both accessibility and affordability. And the company is rapidly becoming the essential framework for such education providers such as Kaplan, K12 and Insight, as well as other state public school districts.
“We’re basically the ‘Intel Inside’ for every online school operating today. We provide them the curriculum and, many times, the teachers,” Findley says. “In five years, I expect to see us in a lot of school districts in a lot of state systems.”