Tag Archives: Neal Dempsey

Innovation and Entrepreneurship Symposium

InnovEntreSymposiumOn Wednesday, April 2, the Foster School of Business held its 2nd annual Innovation and Entrepreneurship Symposium. Neal Dempsey, the visiting 2013-2014 Edward V. Fritzky Chair in Leadership, hosted an interactive day where students and business representatives came together to discuss the latest challenges in design and innovation.

The symposium started with Christian Chabot, founder CEO of Tableau Software. Next, Salman Ullah of Merus Capital and Neal Dempsey gave an insightful talk and provided advice to aspiring entrepreneurs. Highlights included:

  • It’s hard to be an entrepreneur. You have to fail to succeed. And after you fail, you have to get up and do it again.
  •  To be successful today, you have to work really, really hard—harder than those in previous generations. Why? Because the world is full of people who are also working really, really hard, and you’re competing against them.
  • Raising money.
    • There are many sources from which to raise money. Ullah made the point, however, that it’s good to raise money from traditional sources (venture capitalists) because they have a high bar, which is good for you and your business.
    • The real work of an entrepreneur starts after you’ve raised money. Ullah said, “Have enough psychic energy to get past the initial euphoria of raising money.”
  • Take responsibility for your own career path. Regularly evaluate your career to ensure it’s what you want. If it isn’t, make a change.
  • In every job you have figure out who will give you air cover. In this context air cover refers to a person who will back you and your ideas up when you need it. This person could be someone you’ve done a favor for, your mentor or a colleague.

Learn more about all the Innovation and Entrepreneurship Symposium sessions.

The art of failing

This event was hosted by Neal Dempsey, the Foster School’s visiting 2013-2014 Edward V. Fritzky Chair in Leadership.

art-of-failing-eventFailure is part of life. In fact, success often starts with failure. But that doesn’t mean it isn’t hard or painful. On January 21, a panel at the Foster School tackled the art of failing. The panelists were Steve Singh, CEO of Concur; Sean Dempsey, founder and general partner of Merus Capital; and Emilia Griswold, Foster MBA, Class of 2014. Bruce Avolio, professor of management and executive director of Foster’s Center for Leadership and Strategic Thinking, moderated the discussion.

The discussion covered a range of topics and often oscillated between risk, failure and success. It’s difficult to have real success without risk and the potential for failure. There was also an emphasis on the ability to adapt to change, particularly when faced with the potential for failure.

Griswold spoke about changing her strategy for finding an internship after several months of no success. Ultimately, she was successful in landing an internship because she approached her goal from a broader view and was willing to risk failure. She said this experience taught her three things:

  1. Focus on the goal. She came to the MBA Program as career changer. For her, conducting informational interviews with people who had successful career paths, not people who worked at a particular company, was most effective.
  2. Believe in yourself. If you’re trying to convince someone else you can do something before you have convinced yourself, it won’t work.
  3. Embrace risk. Look for opportunities that scare you—ones where you could actually fail.

In order to cope with risk, you have to possess the patience and persistence to work until it pays off. Dempsey said, whether you are building your career or a company, “You should be short-term impatient and long-term patient.” In other words, you have to keep moving forward on a day to day basis, but you also have to realize change happens over time. Persistence, even in the face of failure, is critical for success.

Trying to accomplish a goal too quickly can also lead to failure, especially if you don’t consider the big picture. Instead of making decisions based on the next 90 days, Singh, who has been the CEO of Concur for over 20 years, said he considers the impact of his decisions on the next five to ten years. He said he realized, “There are goals along the way, but there is no end goal.” For him, getting to success is a long-term process. He tells his team, “Your job is to define the world the way it should be defined. Not in the way that is best for you, not in the way where you get the most value out of it, but the way it should be.” Once you figure that out, he said, “You step back and think about how you get from here to there.”

When implementing what you’ve defined as the way the world should be, be prepared to face challenges and failure. Dempsey likened this process to being at the top of a black diamond ski run. From the top, it looks long and intimidating and there are obstacles to overcome, but he said, “The thing to do is only worry about what you can control.” From there, the strategy is to take it one step at a time.

The panelists also talked about how failing can be the ultimate teaching tool, and they pointed out that not failing is also risky—it means you’re not challenging yourself. Click on the video below to watch the entire discussion.

Pivoting for success: a CEO panel on adapting for growth

DempseyPanelWhen most people hear the word “pivot” they imagine the agile, effortless movement of an experienced athlete. But, for CEOs like Chet Kapoor, Christopher Cabrera, and Joe Ruck, pivoting in the business world–making sharp turns in strategy to capitalize on new opportunities–is anything but effortless.

On Thursday, November 21, in a room packed with students and faculty, a panel of three CEOs discussed their theories and hands-on experience in adapting their businesses for growth. The event was moderated by Professor Charles Hill and hosted by Neal Dempsey–the Foster School’s visiting 2013-2014 Edward V. Fritzky Chair in Leadership–who brought the three Silicon Valley CEOs to Dempsey Hall.

The discussion began with each CEO describing how they knew when the time was right to “pivot”–i.e., redefine and reconfigure their business–and how they managed to enact such drastic change. Afterwards, the floor was opened for audience questions. Prompted by students, the CEOs launched into a discussion on the difficulties of managing both internal and external buyin. Cabrera emphasized the need for decisive action: “You’re the CEO; you’re on the ground; you have to make the decisions.” Kapoor mentioned transparency as an effective method of earning internal and external trust, and Ruck underscored the importance of having a core team of true believers.

The three CEOs combined brought over a half-century of experience to bear in the discussion. Kapoor, CEO of Apigee, has spent more than 20 years in leadership positions in innovative software and hardware companies. Cabrera, founder, president and CEO of Xactly, is a seasoned executive with more than two decades of successful senior management experience at both early-stage and public companies. Ruck, President and CEO of BoardVantage, held marketing and executive positions at several software companies prior to leading his company from being a startup to its current position as a technology leader.

Over the course of the evening, Cabrera, Kapoor, and Ruck discussed topics such as how to foster a culture of open dissent, how to react when pivoting goes awry, and what the life of a CEO is truly like. They offered a diverse array of strategies and opinions; however, on the subject of the challenge of maintaining a competitive advantage, the three CEOs professed similar beliefs in maintaining momentum by being open to new opportunities. “You don’t win a race by looking back. You win by looking ahead,” Kapoor said.

Neal Dempsey’s advice for the class of 2013

The Foster School of Business was honored to have Neal Dempsey (BA 1964) speak at the undergraduate commencement ceremony this year. Dempsey is managing general partner at Bay Partners, focusing on enterprise software applications. Over the past 19 years he has guided more than two dozen start-ups to obtain highly successful outcomes—either through an IPO or by acquisition. He recently made Forbes’ 2013 Midas List of top tech investors. In 2012 he had three companies go public and three others get acquired.

Dempsey gave an animated and insightful send off to the class of 2013. His three secrets for success in the real world: accept failure, embrace change and give back. Below is an excerpt from his blog and video of his speech. Congratulations to the class of 2013!

Re-posted from Dempsey’s blog:

I had the honor of being asked to give the commencement address for the University of Washington’s Foster School of Business undergraduate class this month. As many of you know, the University of Washington is my alma mater and near and dear to my heart. It was a real treat. To prepare for the speech, I spent some time with about 25 of this year’s graduating class. I wanted to know their hopes, dreams, and worries for what’s ahead. After all, these are some difficult times for new college graduates. I must say I was surprised and impressed with the caliber of these students. Most have jobs and all are prepared and ambitious. I expect to see great things from this group of students in the future.

This is not your ordinary commencement speech, so get ready for more than a few surprises. I hope you enjoy watching it as much as I enjoyed giving it. Congratulations to the class of 2013!

See more from the Foster School’s graduation ceremonies.

Announcing Dempsey Hall

Today the Foster School held a naming dedication for its newest facility: Dempsey Hall. The building is named after Neal and Jan Dempsey, who have been incredible supporters of the Foster School. Neal is a 1964 alumnus of the Foster School and has been engaged in myriad ways over the years. He has served on the Foster School Advisory Board for more than two decades and is a past chair. Alongside Mike Garvey and Ed Fritzky, he co-chaired the successful Foster School capital campaign that raised $181 million between 2000 and 2008. He has also given over $10M to the Foster School.

Dean Jiambalvo said at the dedication, “Neal is action oriented and unwavering in principle.” When Neal spoke, he called the next generation to action and encouraged them to give their time, energy, and money to the Foster School. He asked everyone in the crowd to raise their hand if they agreed to give back to the Foster School. Everyone’s hands were in the air. Neal took it a step further and shot of video of everyone with their hands raised–proof they would do what they said. He said it’s been a, “fantastic road to the finish line.” And he looks forward to seeing the next generation of supporters give back.

Dempsey Hall from Foster School of Business.