Videos

Checking in on YEOC: The May Session

“The building bridges program’s primary goal is to assimilate prospective workers into a more international cultural body, and to succinctly mend the gap between differing generations of workers. This program will not only expand the worker’s knowledge of various cultures, but will also elevate their opportunity to grow through art and culture, to allow for a more well-rounded workforce.”

The quote above is the mission statement of Building Bridges, a social program aimed to engage millennials in the workplace. On their website, interested clients can find more information regarding future activities, daily reads and program benefits. Here’s the thing: Building Bridges does not exist… at least not yet. The organization is the winning creation of a team of YEOC students participating in the YEOC Case Competition Challenge. With Amazon Kindle Fires at stake, the competing student teams (18 in total) were tasked with developing a one page proposal describing their millennial workplace engagement plan and presenting for 10 minutes in front of a panel of business and community leaders. After successfully wowing the judges with their carefully designed website, brochure and presentation, Building Bridges was declared victorious at the YEOC End of Year Celebration in the HUB Ballroom. The announcement was just one of the many highpoints of the evening.

At the celebration, five $2,000 YEOC Senior Scholarships were awarded to students attending UW in the fall. Attendees also heard remarks from Keynote speaker Carlos Gutierrez, partner at EY, and student speaker (and future Foster student) Ashlyn Thomas.

Since YEOC is a college-prep program, we would be remiss if we didn’t mention what a few of the YEOC seniors have in store after graduation. Some highlights:

  • 50 of the 79 seniors who applied to UW were accepted for a 63% acceptance rate –higher than the UW’s acceptance rate of 55%
  • Eight YEOC seniors were admitted to the Foster Freshman Direct program
  • Schools that YEOC seniors will be attending include: University of Washington, Washington State University, Evergreen College, Babson College, Northeastern University, Hawaii Pacific University, University of Southern California and the University of Oregon

With stats like these, YEOC students are a true testament that anything is possible. Take part in the celebration by watching the end of the year compilation video and checking out some of the photos below:

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Checking in on YEOC: The March and April Sessions

March: International Experiences
In an ever-connected world, with the lines that divide nations, ethnicities and philosophies becoming blurrier with each passing year, cultural competency will be (if it is not already) key when it comes to professional success. With the theme “International Experiences,” YEOC students are once again proving themselves to be ahead of the curve. The day began with college prep workshops in cultural awareness and leadership, preparing them for the month’s activity. In an event dubbed Global Student Experiences and Around the World Lunch, students rotated between three themed rooms (China, India and Brazil) where they ate lunch (also themed) and listened to a panel of students who had visited that particular country. Afterward, parents joined the students to watch the highly anticipated annual YEOC Cultural Showcase. Performers included UW’s African Student Association, Perlas Mestiza, Jamela Mohammed, Myanmar Student Association, Khmer Student Association and Seattle Karen Don Dance group. Be sure to watch the video for snippets of the showcase and to see the YEOC Flash Mob!

April: Accounting
Just in time for tax season, this month’s theme was “Accounting.” Students kicked things off with a mentor lecture on accounting and a workshop on dining etiquette. Led by Pamela Lacson (Foster’s Associate Director of Diversity & Recruitment), the workshop included the 3 “D’s” of etiquette: Demeanor, Dining and Don’ts. Students also learned the importance of first impressions, voice, eye contact, appropriate attire, handshakes and elevator pitches. Afterward, Beth Lambert, senior manager of EY Fraud Investigative Dispute Services, joined students for this month’s YEOC Talk on Forensic Accounting. Fans of the popular Crime TV genre may be familiar with the term “forensic” as a scientific means to solving grisly crimes. As it turns out, those same skills (gathering and analyzing evidence) can be used to solve white-collar financial crimes like embezzlement, bankruptcy or fraud. Not many high school students can say they spent the day learning the ins and outs of a crucial specialty practice area of accounting. Near the end of the session, students were introduced to their last YEOC activity of the 2013-2014 school year—the case competition. Students will present their findings to a panel of Seattle-area professionals during the May session.

This blog post is a part of a series focusing on monthly YEOC student activities. Visit the YEOC page to learn more about the program.

Checking in on YEOC: The January and February Sessions

January: iCreate
Imagine going to a meeting and finding out that you and your team must write, film and produce a commercial for a client within a few hours. How do you think you’d do? This is exactly what Young Executives of Color (YEOC) students were tasked with during their January session. Upon arriving to campus, students were separated into groups, paired with a mentor and presented with iCreate. According to Korrie Miller, YEOC Program Manager, “iCreate allows students to create their own commercial for a client that follows their branding, strategy and business goals.” The client in this case was APLUS Youth, a non-profit based in Washington state that focuses on character development and education through sports. “APLUS Youth is launching a new running program and asked the YEOC students to act as consultants and create not only commercials (on our YouTube Channel), but also fresh ideas for their program,” says Miller.  Watch the session video below:

February: Information Systems
This session’s business activity was inspired by the ABC Show “Shark Tank.” When describing the project, Miller says, “On the show, investors called “sharks” consider offers from aspiring entrepreneurs seeking investments for their business or product. At YEOC, students decided on a problem they wanted to solve and came up with creative solutions involving technology. Each team presented their product in front of the sharks, who were professionals from EY (YEOC sponsors).” Students also heard lectures on social image and online correspondence and information systems. Watch the session video below (and don’t miss the Seahawks gear!):

This blog post is a part of a series focusing on monthly YEOC student activities. Visit the YEOC page to learn more about the program.

CEOs and investment bankers give a rare glimpse into the IPO and M&A process

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

You’ve probably seen the headline; “Major company goes public.” Perhaps you’ve even heard the breathless analysis that follows when said company’s stock prices decrease. What you’re probably less likely to hear or read in the news are the debates between CEOs and investment bankers, the strategy CEOs use to discuss going public with their employees, and how bankers negotiate stock price. These are the exact conversations current Fritzky Chair Neal Dempsey had in mind when he invited Vice Chair of JP Morgan Chase Cristina Morgan, former Eloqua CEO Joe Payne, Guidewire CEO Marcus Ryu and Head of Capital Markets at JP Morgan Chase Mike Millman to participate in a panel discussion on the IPO and M&A process. Moderated by Foster Professor Jennifer Koski, the panelists gave what is probably the most inside view possible of going public. Below are a few of the questions they tackled:

How do companies decide they’re ready to go public?
All of the panelists agreed that there are several things you must take in to consideration before making a final decision. For Ryu, it is asking one’s self, “Why do you want to go public?” Payne agreed, adding “Going public as a sole goal is an empty goal.” When preparing to take Eloqua public, Payne said that he and his colleagues spent a lot of time thinking about their customers and how they would feel about the move. Speaking from the investment bank perspective, Morgan argued that “the worst thing you can do is take a company public before they’re ready.” Furthering this point, Millman said that companies must consider three points before they go public; 1) Currency 2) Branding and 3) Capitol.

How do you maintain enthusiasm among your employees during the IPO process?
Ryu believes it is important for companies to operate with a long-term outlook. Since the stock market isn’t exactly the most steadfast entity, he came up with a two-pronged strategy for communicating with his employees about the IPO process: 1) Talk down the IPO and 2) Get everyone to understand the fickleness of the stock market. Having survived the dot com bubble of the 90s, when CEOs gained —and lost— millions of dollars in a matter of months, Payne had a similar revelation. “The issue of stock prices and IPO is only as important as you make it,” he stated in agreement with Ryu.  In fact, Payne and Ryu said that they both designated a few minutes during staff meetings to answer questions about the IPO.

What is the biggest source of contention when going public?
When discussing the relationship between investment bankers and entrepreneurs, Morgan said “We’re [the investment bankers] representing the buyers as well as the sellers” and that all involved parties act as each other’s “checks and balances.”  Adding, “[There’s a] natural suspicion that the investment bank is slightly more in league with the other side than with the company.” Simply put, bankers are predisposed to believe that the company is trying to get the stock prices higher while the company believes investment bankers are trying to get the price lower.
For Millman, there are three sources of contention:

1)      Evaluation- It’s difficult to educate the company’s board on the IPO.

2)      Employee selling- It can be very confusing for employees to know when and if they should sell.

3)      Fees- Banks will argue with each other on the best way to “divide the pie.”

Speaking to Morgan’s “natural suspicion” comment, Ryu admitted that he was initially skeptical of investment bankers. However, having gone through the IPO process, he now understands the importance of the work they do. Looking to Millman, whom he worked with when Guidewire went public, Ryu stated “I can say emphatically that the fee is well-earned.”

Watch the discussion in its entirety below:

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