The Power of the Journey

Prof. Davis teaches Business Policy, Strategy Symposium & Strategy Lab courses at Booth

Prof. Davis teaches Business Policy, Strategy Symposium & Strategy Lab courses at Booth

“Give some advice to the graduating students” was an email request I received early in the morning on Tuesday.

I immediately thought that perhaps I didn’t have any meaningful advice to give. Norman Maclean, a renowned Professor of English at this University and author of the novella A River Runs Through It, shared my concern. He wrote: “I can seldom help anybody. Either I don’t know what part to give or I don’t like to give any part of myself. Then, more often than not, the part that is needed is not wanted. And even more often, I do not have the part that is wanted.”

But if I did commit to give some advice, I would definitely stress the importance of focusing on the journey in the years ahead—i.e., the process—as much if not more than the outcome. It’s tempting to fixate on the destination given expectations of others not to mention one’s own criteria for success. In my experience it’s costly to ignore the rich learning opportunities of being fully present in one’s day-to-day experiences.

Here are three behaviors that I have found helpful in making this happen.

1. Ownership

As the traveller, take ownership in shaping your journey and how you play your many roles over time. For example, occupying a position within an organization obviously sets some boundaries and expectations. But there is considerable wiggle room. You can bring your work role to life in ways that highlight your values and unique capabilities far beyond the job description. Those performances frequently benefit an organization and bring more fulfillment into your life.

2. Persistence

Journeys often have sunsets, beautiful vistas, and memorable photos but also impassable roads, dead ends or getting lost. Careers can follow a similar trajectory. In my own years at Chicago there have been times of excitement, new ideas, new initiatives, applause. At other times, a bit of boredom, a feeling of nothing new, some fatigue and occasional boos. Loyalty and persistence may sometimes be challenging to maintain, but both can have a positive net present value.

3. Attention

Opportunities can arise unexpectedly and from unusual sources outside of your usual network. Some of my most important actions resulted from “blind dates,” saying “yes” without knowing very much about what was going to happen, or taking side trips. These behaviors do not imply just wandering aimlessly. They manifest from a discipline of paying attention to what is being heard, seen and felt. Attention demands a willingness to improvise, experiment, make mistakes, and being forever curious.  

Someone asked me the other day how my own journey is unfolding (or has unfolded) after spending more than a half century as a member of this great institution. I think she was surprised when I suggested that the journey still continues. To use the metaphor of a sculptor, I still keep sanding away. I’m not sure I have any precise plan other than a general direction. I will continue to chip away, sand and polish to see what emerges.

I hope all of you who are graduating will throw yourself into your lifelong journey. If you do, I predict you will discover more about your “something special,” and experience outcomes that are both unexpected and deeply meaningful.

Madhav Rajan: ‘I’m Exactly Where I’d Like to Be’

Incoming Dean Madhav Rajan

Incoming Dean Madhav Rajan

Why are you here and not somewhere else?

I guess I’m just lucky. Steve Jobs famously said that you can never connect the dots looking forward but only backwards. However, considering my background, the things I have done and where the new role might lead me, I’m pretty much exactly where I would like to be. In particular, I believe I think very similarly about academic life and research as does the University of Chicago: I share the belief of using the latest research as a basis for teaching, business practice and policy making.

Speaking of research, how did you discover your passion for accounting?

I wouldn’t say this is how I became an accounting professor. One makes several decisions for all kinds of random reasons. My older brothers were engineers, which is the standard thing that everyone does in India. And I thought I didn’t want to be exactly like my brothers, I wanted to do something different. So, I decided to study ‘commerce’, which is an equivalent of Wharton’s undergrad business degree. However, becoming an accounting professor obviously was not on my radar.

Later, I moved to pursue a masters degree at Carnegie Mellon University where my father worked. I did well and eventually a faculty member asked me whether I had ever thought about doing a Ph.D. – I hadn't. But they offered me funding and I thought, "hey, getting paid to study, that’s really cool! This particular professor was in accounting and that’s how I also ended up in accounting. However, Carnegie is very unique in not having an economics department separate from the business school. I did all the coursework for economics even though I majored in accounting.

Even then I wasn’t sure I would become an academic. Many of my Ph.D. friends ended up in consulting and I always thought the same would happen to me. But I liked the academic work and I was successful at it, so when I got a job offer from Wharton it was opportunity to keep going.

What made you take the step from research to school administration later?

When I joined Stanford, they hired me as faculty member because they liked the research I was doing. A year later, the head of the accounting department stepped down and asked whether I would be interested in overseeing the area. Being still quite new at the school, I thought I needed to engage in school matters as a service.

However, the intersection of faculty that have interest in working with the school administration and faculty who are at least mildly competent at it, is extremely small. If you exhibit even a little bit of talent, or just don’t say no, you will keep getting asked to do more. Eventually 7 years ago, I join the Dean’s Office. First, I thought it would be an interesting thing to try. I think I wasn’t fully aware at the time that if you take that step and if you are successful in the new position for a while, it’s very hard to return to being a pure academic.

At Stanford, I oversaw the MBA program and a part of faculty matters. Some time ago, when former Stanford dean went on a sabbatical, I became the acting dean and here is where I am now.

How do you see your new role at Booth? What areas do you plan to focus on?

I think the big difference being the Dean instead of a Deputy Dean is that the focus shifts from internal to external. I expect to spend perhaps 50% of my time being the face and voice of the school towards external audiences, primarily the alumni. That’s the big change and it’s particularly important now when the university is running an ongoing fundraising campaign, which has been a slightly disrupted by the transition. Therefore, getting into this role will be a big priority from the beginning.

The second area that I’m keen on is connecting Booth more closely with the university. Booth has largely been a stand-alone entity and the university would like to see Booth taking on a bigger role. This was a considerable part of my work at Stanford.

What would this mean for Booth students?

One thing that I want to push for is increasing the number of joint degree students (JD, MD, computer science etc.) to ~25% of all degrees awarded. That’s a lot, but Stanford, an admittedly smaller business school, is almost there now. There are joint degrees at Booth already but very few students actually do them. So, I’m very interested in understanding why and identifying the pain points.

Secondly, we may be able to better serve the University of Chicago undergrads. I spent 12 years at Wharton and I always loved teaching undergrads, they were amazing students. Quality of undergrad students at Chicago has gone up dramatically in the past 10-15 years. For instance, the econ majors are a great student body and Booth should engage them more.

What opportunities for undergrads do you see specifically?

Many of Chicago’s econ majors eventually end up doing an MBA. Perhaps, we could offer them to the opportunity to take some Booth courses now, go away to work for 2 years and come back to finish their MBA. The 2+2 model, wherein you apply to MBA as a senior at college and get deferred admission, is currently very popular at HBS and Stanford. Booth doesn’t do that too much yet. But it’s a great pool of talent, at Stanford it forms about 20% of the class.

How much room for collaboration do you see at the faculty level?

We should consider engaging more with other parts of the university in research. I see Booth as a preeminent institution that believes in empirical research, data and analytics. But that world is changing – you have different types and sizes of data sets and new processing tools. Booth needs to remain at the forefront, and to that effect, collaborating with the computer science and other departments of the university would be beneficial.

Historically, Booth has been reputed mostly for finance. What is your perception of that?

I think about Booth as an economics-based school and finance is just one application of that. When you look at the current faculty, economics, finance and accounting are certainly huge areas of strength. But at the heart of all these disciplines are data and analytics. Booth should profile itself accordingly. That’s where the world is going and we are uniquely positioned due to our strengths.

Marketing is a good example. Externally, Booth doesn’t seem to have the reputation for being a marketing school. But we have a phenomenal marketing group that is very good at the quantitative aspects of marketing. The trend towards more a more data-driven approach to not just marketing but also other functions, is clearly in our favor. We just need to capture it.

There exists a perception that Booth produces CFOs or COOs but Stanford and Harvard produce CEOs. Do you think there is any merit to this argument and if yes, should Booth try and change that image?

I think data doesn’t really support that claim. Harvard and Stanford are general management schools, they don’t offer any concentrations. So maybe that’s where the perception comes from. Regardless, we should definitely aspire to change that perception. Anybody who comes to a school like Booth has the ability to become a general manager, entrepreneur or a c-suite executive.

What students actually do at Booth has changed dramatically over past 10 years. Entrepreneurship is the top concentration now. Investment banking no longer tops student target industry surveys, more people want to work in technology. Our aspiration should continue to be this: being the best school that provides discipline-based learning in the most important business fields and let students decide where they want to go.

Recently, there is an increasing debate over the usefulness of a business education and MBA programs, in particular. What is your take on this?

If you take the top 10-20 business schools, the MBA market has not changed significantly. However, the market below that market has almost completely dropped out, with second-tier schools struggling to fill even their full-time programs. Students question the ROI of doing an MBA and losing their job security. As a result, they are increasingly interested in evening or part-time programs.

Nevertheless, applications to Booth have been going up and students’ caliber in terms of GMAT or GPA has also improved dramatically. People still see the value of a top MBA and I don’t think it’s going to change. However, the set of skills demanded by industries is evolving and we need to adapt. Whether it’s entrepreneurship, machine learning or whatever else. If we keep innovating, we will be fine.

In some parts of the world such as Europe, one-year program have become the standard MBA format. Do you think Booth will ever move in that direction?

Europe has moved there, Asia is mixed. But essentially, no top US school has followed that route and I don’t see it that changing. Treating an MBA as a purely academic degree that you finish in 10 months would not create the same value in terms of skills, connections or the opportunity to do an internship.

However, I see changes in what you actually do during the two years. Be it joint degrees or other experiences, the ability to skip basic courses if you have a specific background. I can see that happening.

As you are about to move to a new city, do you have a list of things you would like to do in Chicago? What are your hobbies?

I honestly don’t know enough about the city yet. My wife and I definitely want to do the architecture tour. This weekend we are going house-hunting. We would like to live downtown like all the MBAs, although probably not in MPP. :-) Both at Wharton and Stanford, we lived in the suburbs so I’m quite excited about exploring city life.

With respect to hobbies, I used to do trivia. At Stanford, I organized trivia contests for faculty and the executive program participants. Perhaps I’ll get to do at Booth as well, at some point.

Finally, how would you recommend MBA students to make the best use of their time at school?

At Stanford, I used to tell students not to feel the need to do everything right now. I think MBA students tend to be highly driven by what other students are doing and I would discourage that. Take your time and enjoy the experience. For almost all of you, this is the last time you will be in school. There is plenty of time after you graduate, so do not neglect the academic experience. Also, don’t obsess about the first job and the recruiting process. A vast majority of you will change your job within 2 years of graduation– it’s just another stepping stone.

France and Turkey Show That Liberal Democracies Struggle for Survival

Despite living under a prolonged state of emergency, citizens of Turkey and France went to polls that can radically alter direction of both countries. Results confirm that the established liberal democratic model of governance continues to face lethal challenges. Results confirm that the established liberal democratic model of governance continues to face lethal challenges.

Turkish voters were asked to approve constitutional changes that the opposition calls a power grab by President Erdogan. The main changes proposed would introduce a presidential system and erase several key checks and balances, raising the fear that Turkey’s short-lived plural democracy is coming to the end.

The referendum was organized under conditions that were strongly condemned by international observers. Almost a year after an attempted coup d’etat, Turkey remains in a state of emergency. At the same time, it is involved in a messy conflicts in Syria and with domestic Kurdish insurgents. Moreover, years of aggressive persecution of independent media prevented opposition from effectively addressing Turkish public. The changes were approved with the thinnest possible majority (51-49%) with a lingering suspicion of voting fraud.

A week later, France voted in the first round of the presidential election. Its winner Emmanuel Macron is sometimes called the “French Justin Trudeau” for his young age and uncompromisingly liberal positions. Given his strong advocacy of open borders, free trade and European integration, France seemed to resist the move towards illiberalism sweeping through the world recently.

However, that perception was deceptive. Macron won the first round and is an overwhelming favourite for overall victory. But he was the only major candidate that ran on a liberal platform. Extreme-right and extreme-left candidates that explicitly wish to close borders to trade and/or migration gained combined 40% of votes. Marine Le Pen, whose party has a history of holocaust denial, attacks on foreigners and extreme nationalism, gained only 4% less votes than Macron and will face him in the second round.

The sharp divide between the friends and enemies of liberal democracy in the two major NATO member countries show that the populist uprisings in 2016 were not one-off events but part of a fierce battle over the character of our societies that rages all around the world. In Turkey, liberal democracy seems to have lost. In France it is likely to survive another round. But for how long?

Karl Popper in his The Poverty of Historicism well explains why claims of “historical inevitability” are fundamentally unscientific and likely false. Indeed, the ongoing deterioration of democracy, social liberties and press freedom in Western and non-Western countries may well be reversed eventually. However, the scary abyss is getting closer.

By the way, who was the only Western leader that called Erdogan to “congratulate him on the referendum victory”? The same US President that backhandedly endorsed Le Pen on Twitter.

Marine Le Pen surrounded by allied European extreme-right leaders

Marine Le Pen surrounded by allied European extreme-right leaders

First Booth Conference on Machine Learning Draws a Large Crowd

On April 19, Built@Booth organized the inaugural Chicago Machine Learning Venture Capital Summit. The team, led by Cayse Llorens, managed to bring together entrepreneurs, investors and student for a 5-hour conversation on machine learning, Artificial Intelligence and their application in the business realm.

Booth’s first conference focused on machine learning attracted over 600 attendees to the downtown Marriott’s conference center. The summit featured a number accessible yet technical lectures such as “Cutting Edge Concepts from Applied Machine Learning Research” by Booth’s professor Sanjog Misra. However, most of the evening focused on finding ways to apply machine learning techniques to solve practical issues and commercialize the technology.

In this spirit, panelists from several leading Chicago-based analytics start-ups warned that actual problem-solving is crucial for real value-creation rather than letting technology be a hyped fad. Szabolcs Paldy from Discover Financial Services expressed a hope that companies have learnt the lesson from the ‘big data’ frenzy 5 years ago and will approach the emerging AI opportunity pragmatically. Not every problem requires AI and not every pile of data is useful.

Several speakers also expressed opinion that good machine learning models are unlikely to provide sustainable competitive advantage to ML-focused start-ups unless they manage to build superior data sets. A wave of open-sourcing in the industry makes many powerful tools easily available and commoditized. Gaining access to better data than competitors thus becomes critical.

An important part of the summit was a pitch competition. Three entrepreneurs had an opportunity to showcase what type of problems machine learning can help solve. Booth alumnus Abraham Pabbathi talked about his early prototype of a diabetes management app that leverages ML to predict blood glucose levels. Other entrants talked about Enodo Score, a predictive analytics platform for real estate investors, and Heretik, an M&A due diligence analytics tool for automated analysis of contractual data.

Given this year’s success, the summit’s organizers already contemplate the format of the next year. Cayse says: “There's clearly a lot of interest in commercializing ML and AI and we are very excited to be part of such important conversation. Initial feedback from summit’s participants is very positive. Importantly, our sponsors see excellent value in it and already expressed interest in participating the next year. Many people would like the summit to take a full day.

Recently, Booth started to pay a lot of attention to machine learning and related data analytics tools. Classes such as Machine Learning, Big Data, Augmented Intelligence or Digital and Algorithmic Marketing offer hands-on glimpse into the still not widely understood field. The Chicago Machine Learning Venture Capital Summit adds a welcome connection to real-life applications and businesses. Our school’s effort to claim leadership among MBA programmes in this extremely hot area is highly commendable.

 

Attendees of the summit almost completely filled Marriott’s large conference room

Attendees of the summit almost completely filled Marriott’s large conference room

Team of Boothies who prepared and organized the summit

Team of Boothies who prepared and organized the summit

How United Airlines Could Have Avoided a PR Disaster

Imagine you run an airline. One of your flights is overbooked – a typical revenue maximization strategy. Unexpectedly, you also need to fly four crew members because some pilots at the destination airport got sick and you need a replacement team. You offer cash incentives to the passengers but do not find enough volunteers, even for $800. Your corporate rules limit how high you can go and your employees follow the supposedly unlikely procedure of randomly choosing passengers to be involuntarily removed from the flight. No one is happy to be kicked out of a plane but few physically resist – unfortunately, that’s exactly what happens this time. You are inevitably embroiled in a huge PR problem.

Business schools teach you: PR issues are incredibly hard to manage and prevention is better than a cure. In early March, the Booth Leadership Development center organized a Leadership in Crisis simulation with seven teams working on resolving a strangely similar case. Assuming roles of CEO, Marketing and HR executives and Social Media managers, we had to manage a quickly evolving PR situation where a our company’s good was involved in a tragedy that damaged lives of several people. A team from Hill+Knowton, a communication agency that created the simulation, prepared all elements of a first-class PR crisis: social media exaggerations, fake and true news reports, speculations, and facts release. Our job was to craft messages to different audiences (media, employees, NGOs, the general public etc.), distribute them through appropriate channels, and build alliances with some stakeholders.

Three lessons that I learned from the simulation would be very much applicable to United.

First, respond with a quick public statement quickly and use very clear language. Instead, United ended up creating a widely-mocked euphemism ‘re-accommodate’ that people will remember for a long time.

Second, make sure your internal and external communication is consistent. Any internal email to employees should be assumed to be public and should be released only after you craft the public message. United’s defiant internal message was a stark contrast to its public apologies to customers and made the company look disingenuous.

Third, take responsibility and find a solution that demonstrates empathy (after checking with legal). Public opinion assesses companies by how they managed the crisis aftermath, not by the crisis itself. Perhaps, United can still ‘win’ the situation by enacting well-visible changes.

Last week, the Operations Strategy Group brought fifteen Boothies to United’s headquarters at the Willis Tower to meet several operations managers and tour the Network Operations Center. While our discussion mostly focused on how to make 2+2 equal 3 (by combining LatAm and Asian routes - each of which require two airplanes otherwise), the tension from the incident was palpable.

Interestingly, we learned that only pilots trained by United can operate their airplanes. If the industry managed to commoditize pilots, airlines would not need replacement crews from other cities as they could ‘borrow’ crews from other airlines. Perhaps, as a bigger business strategy, instead of managing PR disasters, United could find a way how to stop ‘re-accommodating’ its customers.

The large screen depicting United flights live sits in the middle of its Network Operations Center. Its sole purpose is to entertain visitors.

The large screen depicting United flights live sits in the middle of its Network Operations Center. Its sole purpose is to entertain visitors.

European MBA Students Meet at Annual Retreat

Europe faces severe disintegration pressures but European MBA students would have none of it as they continued a tradition of yearly meetups. Between 7-9 April, over 120 Europeans from 8 schools (Booth, Harvard, Wharton, MIT, Columbia, NYU, Yale and INSEAD) met in Mystic, Connecticut for a week-end of drinking, eating and chatting.

Mocking each other’s accent, cuisine and politicians, participants demonstrated the best of European camaraderie. Calling alcohol alcohol (instead of frosty beverages), being slightly overdressed and partying till 5am, the retreat really felt like being back in the Old Continent. Booth was represented by 14 students (half first years, half second years) - a solid number for the farthest participating school with low number of Europeans relative to other schools.

Small seaside town Mystic with a long fishing history proved to be a pleasant, if hard to reach, place. Having filled every single restaurant in the town for Saturday brunch, we were certainly attracting a lot of attention. Especially when answer to the usual “where are you from” question was followed by a list that often exceeded number of people in the group. Mystic features the US largest maritime museum with several preserved ships including the last surviving wooden whaling ship. Some people also visited nearby vineyard, aquarium and adventure park. However, everyone’s favourite activity was the evening party in a rented mansion.

Booth participants appreciated the opportunity to meet new peers from other schools. Nikolai Oudalov says: “It was a great way to expand my network to other business schools, make new friends and have lots of fun!”. Irene Dien says: “I loved meeting other MBAs and learning about their experiences.”

However, cross-school mixing still offered some space for improvement. With so many people and just two days, there was little chance to get to know each other well. As Irene says: “I would definitely appreciate if the organized events more strongly encouraged interactions between schools and forced people to abandon their home bubbles a bit.” For Boothies, it would be also nice if some of the future meetups could be take place in the Midwest. However, dominance of East Coast schools makes it very unlikely to ever happen.

The European Union is often criticised for lacking European demos - shared sense of citizenship. Nevertheless, among MBA expats shared European identity was clearly felt and national clustering was almost unseen as participants mingled freely. Perhaps, one needs to step outside home to truly appreciate it.

Over 120 Europeans met for an annual retreat

Over 120 Europeans met for an annual retreat

Some Boothies extended the trip with a short visit of Boston

Some Boothies extended the trip with a short visit of Boston

Will the Second City Become the Sixth?

In 1984, Los Angeles overtook Chicago as the second most populous US city. With current demographic trends, Chicago will be soon overtaken by Houston and eventually also by Dallas and Phoenix. Can anything stop the slow decline of the Second City?

Chicago's iconic skyline.

Chicago's iconic skyline.

The numbers are out - for the second year in a row, Chicago is the only shrinking US megapolis. According to the US Census Bureau, Chicago lost 20,000 people (-0.2%) in 2016. That is than three times more than it lost in 2015 and almost five times more than the second-worst performing Cleveland. During the same period, New York gained 36,000 (+0.2%), Los Angeles 42,000 (+0.3%) Phoenix 94,000 (+2.1%), Houston 125,000 (+1.9%), and Dallas whopping 143,000 (+2.0%). Chicago is clearly going through difficult times.

For those of us who mostly frequent the Hyde Park, Loop and perhaps Wicker Park areas, Chicago’s decline is not very obvious. All mentioned neighborhoods undergo rapid development as Central Chicago grew 25% between 2010 and 2015. In fact, Chicago’s downtown is experiencing a strong construction boom with currently 31 cranes building new residential towers - more than in any other US city.

But focusing on the most hip neighborhoods is misleading. Central Chicago offers more and more luxury housing but it still hosts only about 250,000 people. That’s less than a half of Far South Side, which declines the fastest of all neighborhoods. While small affluent areas thrive, rest of the city shrinks.

Multiple complex factors seem to drive the decline. Weather is the simplest explanation: all southern cities of the ‘Sun Belt’ exhibit strong growth rates as affordable air-conditioning made warm states more attractive than the unpredictable north. Nevertheless, some “cold” cities don’t seem to struggle with attracting people: last year, Boston gained 28,000 inhabitants (+0.6%) and Seattle 72,000 (+1.9%).

Chicago’s decline also likely reflects the shared troubles of the Midwest region. Most ‘Rust Belt’ cities have gone through double-digit population decline in the past decades. Chicago has resisted by shifting its economy away from its industrial past but history seems to be catching up after all. However, some other Midwestern cities are not shrinking: Columbus added 21,000 people (+1.1%) last year, Cincinnati 10,000 (+0.5%) and even revitalizing Detroit grew a little bit.

Hence, Chicago-specific issues must be at play as well. Indeed, the city has attracted a good deal of bad publicity recently for exorbitant crime rate, debt crisis and political stand-off between the city and state governance. Moreover, there are several clear deeper underlying legacies that continue to haunt the city. Despite progress, Chicago remains the 3rd most segregated city in the US. The “Chicago Political Machine” is world-famous for its corruption and nepotism. Just these two factors alone form huge obstacles for building an inclusive environment attractive to everyone.

So how can we find solutions that would save this beautiful city from further decline? The winter term’s Urban Entrepreneurship lab class by Professor Abbie Smith might be a great opportunity to examine useful innovations. Jill Hoang who already took the course says: “The class tapped into several emerging urban issues and we explored applying entrepreneurship for solving them. The class also featured a large number of very interesting guest speakers.

Winter Formal Brings Together Boothies for a Good Cause

The Charity Auction is one of the most awaited annual events at Booth conducted during the Winter Formal…the record sale of tickets this year should be proof enough! As proud members of the Booth community, ‘giving back’ is a commitment we all uphold and the auction gives us the opportunity to reaffirm this commitment towards our local community. Since its inception, the Auction has always ensured that the funds it raises go towards local charities so that as an institution we can make a positive change in the place we call home for at least 2 years – Chicago.

Winter Formal 2016 was held at The Field Museum in Chicago and proved to be a glamorous night of dinner, dancing, and bonding time for classmates. In picture left to right: Curtis Miller (17'), Manya Garg (17'), Susann Almasi (17'), and Karthik Muralidharan (17'). 

Winter Formal 2016 was held at The Field Museum in Chicago and proved to be a glamorous night of dinner, dancing, and bonding time for classmates. In picture left to right: Curtis Miller (17'), Manya Garg (17'), Susann Almasi (17'), and Karthik Muralidharan (17'). 

This year we plan to donate our auction proceeds to 2 local charities – A Better Chicago and Brave Initiatives. The former is an initiative that aims to transform education for Chicago’s low income youth by harnessing some of the best practices that exist in private education while Brave Initiatives is another venture that hopes to channel change in society by empowering high school girls to become agents of change in society by providing them with essential computer skills and leadership training.

This year we wanted to provide a bit of historical flavor behind this auction to the Booth community and met up with Jessica Jaggers, Senior Director of Diversity Affairs and Student Life who has been closely involved with auction for over 7 years. Interestingly, long before the auction was conducted in its present format, it used to be a standalone event at a bar in downtown Chicago. However, overtime everyone wanted it to be a more of a formal gala and it was then tied up with the Spring Fling (spoiler alert first years – we have a boat cruise party planned for the spring quarter!). Conducting the auction on a boat proved a little inconvenient (things got to(i)psy-turvy, both literally and figuratively) and it has been paired up with the Winter Formal ever since. One thing that hasn’t changed throughout the years is the spirit behind the auction. This is an event that brings together everyone in the community – students, faculty, staff, corporates and even local businesses - for great social causes.

Not just the students, but even the professors are excited about it. Prof. Emir Kamenica says “I’ve participated for several years now. This is something that I also experienced as a student when I was in graduate school, but the only things that were being auctioned were items donated by faculty. So, this is something that I see as being part of a university. This format [the auction item he offers i.e. – dinner with him] has tended to bring out good interactions with students”

The Booth community has always risen up to support social causes and in true Chicagoan style we see the data supporting this with annual donation contributions trending up each year. Last year we managed to collect $20,000. This year let us aim to beat that figure. Hope you are all up for the challenge because we definitely have some pretty sweet packages up for the bids. Stay tuned and bid well folks!

 

Is the TV, Movie, & Music Industry Dead? PULSE Conference Raises the Question

PULSE Media, Entertainment and Technology Conference hosted by UCLA  brought out some of the businesses heavy hitters like Def Jam CEO Steve Bartels.

PULSE Media, Entertainment and Technology Conference hosted by UCLA  brought out some of the businesses heavy hitters like Def Jam CEO Steve Bartels.

Booth showed up to support the 3rd annual 2017 PULSE Media, Entertainment, and Technology Conference hosted by UCLA Anderson on February 10th. Bringing together some of the media and entertainment business’ heavy hitters including President and CEO of CBS Corporation, Les Moonves, President and CEO of the LA Dodgers, Stan Kasten, and CEO of Def Jam Recordings, Steve Bartels. Diving into the dynamic intersection of content, technology and data, the conference addressed how disruptors like Netflix and Amazon are changing the way traditional media companies operate across the board. The conference showed that all sectors including sports, music, live performances, and television are facing the ripple effects of streaming content and smaller start up innovations that appeal to growing audience of digital savvy consumers.

Many of the key innovations coming out of tech like VR and augmented reality, are important spaces that these traditional media outlets are looking to play in. The Chief Strategy Officer of AEG Live, Ron Chiu, said on a panel called Larger than Live: Monetizing the Experiential Economy, that during Coachella, AEG sent out Google Cardboards to ticket holders before the show, so that they could experience the venue on VR before the actual show. Chui said, “This experience helped create buzz around the highly popular Coachella concert and was a pilot for innovating around live music experiences within the VR space.” Also mobile, streaming video, and VR are infusing its way into sporting events, with ESPN launching content from NCAA March Madness and Super Bowl Sunday exclusively available on their digital platform.  Moonves.

With streaming music like Spotify, Pandora and I-Tunes capturing the ears of millions of music fans, traditional labels like Def Jam are getting their artists music out to the listeners with more breadth than ever before. Steve Bartels commented on how when he’s looking to sign artists, social media, data and analytics play a much larger role in the scouting process for new talent. He also said the streaming services are actually helping the brand of his artists and getting their music introduced to new audiences. Jason Miller, Sr. VP of International and Emerging Markets, Live Nation during a panel said that holograms of famous pop stars who have deceased like Michael Jackson, would be a major part of live performance experience as he believes people will pay big bucks to see these icons perform again.

According to a PWC study on the entertainment and media industry, currently there is a rapid transition from the traditional programmer (NBC, FOX, HBO) and operator (COMCAST, AT&T, Time Warner) business model to a direct-to-consumer world (NETFLIX), where most content will remain the same — at first, anyway — but the packaging and distribution will change significantly. Specifically, the expansion of digital technology will foster connectivity, enabling growing numbers of connected devices and new routes to the user. This is altering the industry’s structure, driving new ways to produce, distribute, and monetize content across its landscape.

 

Ringing in the Lunar New Year Tastes so Good

In China and in ethnic communities around the world, the lunar new year is the most festive holiday of the year.

In China and in ethnic communities around the world, the lunar new year is the most festive holiday of the year.

The Booth Epicurean Club, in celebration of the Lunar New Year, organized a 10-course feast at Sun Wah Restaurant in the Argyle area of Chicago. Sun Wah is a long standing Chicago food destination originally established in 1987 on Argyle Street. The owner, Eric Cheng, a Chinese immigrant who specialized in Hong Kong style Barbecue, uprooted his family in the 80’s to seek opportunity. After attracting numerous food lovers and local admirers over the years, Sun Wah passed hands in management as Cheng’s 4 adult children took over. His children pride themselves in keeping their father’s culinary traditions alive.

Over two dozen Boothies got the chance to taste Sun Wah’s carved tableside whole Peking style duck, along with an assortment of other scrumptious duck inspired dishes including duck soup, made from the carved carcass, and duck fried rice.  Peking Duck is a dish from Beijing that dates back as far as the imperial era. The meat tends to be thin, crisp skin, with authentic versions of the dish serving mostly the skin and little meat, sliced in front of diners by the chef. The traditional way to enjoy the duck is to spread the sweet bean or hoisin sauce over the pancake and then wrap it around the meat with scallions and cucumbers. Most people eat this by hand. The remaining fat, meat and bones can be turned into broth or chopped up and stir fried. The traditional method for preparing the dish, called Menlu, involves using a closed oven, but in the 1860s a new method, Gualu, where the birds are hung inside an open oven, became popular. There is still a debate to this day about which method is best.

Peking duck is carved Tableside at Sun Wah in this off the menu item that has brought notoriety to this Chicago restaurant staple.

Peking duck is carved Tableside at Sun Wah in this off the menu item that has brought notoriety to this Chicago restaurant staple.

 

In China and in ethnic communities around the world, the lunar new year is the most festive holiday of the year. Beginning on January 28th, the colorful celebrations to welcome in the year of the rooster will continue for around two weeks, ending on February 2nd. Chinese Near Year is the longest national holiday in China and New Year's day is the most important date in the Chinese calendar. Although China has used the Gregorian calendar since 1912, Lunar New Year is based on the ancient Chinese lunar calendar, falling on the second new moon after winter solstice, which means it changes each year. Nearly a sixth of the world will observe Lunar New Years, with celebrations in Taiwan, Singapore and Malaysia, along with other countries with significant Chinese populations. The Year of the Fire Rooster was also celebrated at Booth during Friday’s LPF sponsored by CAP, GCC, KBG and GBC. Hundreds of Boothies in a festively decked out Winter Garden, experienced a number of Asian inspired dishes including apchae, Sweet and Sour Fish, Kungpao Chicken, Garlic Pea Sprouts, Korean Spicy and Sweet Fried Chicken.

The holiday falls on a Saturday this year and although Lunar New Year is rooted in folklore, in recent decades the holiday has become a largely secular, cultural celebration.  It’s a great opportunity for many Chinese to reunite with their families, enjoy a plentiful meal, and celebrate good luck in the new year.

 

‘People Power’ shows in Full force at Historic Women’s March

Panels and speakers including Michael Moore, addressed an audience of highly passionate and engaged crowd of both men and women during the Women’s March on Washington.

Panels and speakers including Michael Moore, addressed an audience of highly passionate and engaged crowd of both men and women during the Women’s March on Washington.

Thousands of both passionate women and men gathered across cities throughout the United States including Chicago, Los Angeles, and Miami to support the Women’s March on Washington. The Women’s March on January 21st, a day after the inauguration for President Donald Trump, turned into a worldwide protest in support of women’s rights and other causes including immigration reform, healthcare, LGBTQ rights, protection of the environment, as well as a number of other key issues facing the country. The first march was planned in DC, but in total official organizers noted that 408 marches were reported happening that day, making it the largest one-day protest in U.S. History, with nearly half a million in DC alone.

 

Booth 2nd years Alice Thompson and Andrea McPike attended the Women’s March on Washington and said it was an ‘empowering’ experience for them. Some of the key takeaways that these Boothies observed included the message that “Women tend to have to be asked to do something (like run for political office) to feel qualified to do something compared to men,” said McPike. She added, “This weekend at an event organized by the Huffington Post and Bustle called ‘Watch Us Run’, one of the all-female panels told the audience of mostly female audience ‘consider yourselves asked’ to run for office and just go for it.”  Another important sentiment from the march was to “not be afraid to speak up, to say your truth, but say it with love. Anger can spark the fire, but it cannot keep the flame lit,” remarked McPike.

Many people who were Hillary supporters used the march as catharsis of emotions from the election. Alice Thompson shared some of her feelings surrounding the march saying, “When Hillary lost the election, the glass ceiling weighed heavier on my head than ever before. Today, as I marched in Washington, I felt empowered, and united with the majority of US citizens, who voted for the politics of love over the politics of hate.” Many of the people who were disheartened by the election results were able to use the March as a gathering place to share ideas and strategize on effective tactics moving forward. Renowned author and activist, Gloria Steinem, during her speech to the sea of crowds at the rally on the National Mall, said “because of people power” positive change will be possible and women’s rights will be upheld, referencing the power of the masses to invoke change. Many celebrities like Scarlett Johansson, Alicia Keys, Katy Perry and even Madonna were some of the many high profile women, who came out to show their support for this movement.  

 

In an effort to keep up the momentum from this historic event, afterwards the organizers of the Women's March on Washington posted the "10 Actions for the first 100 Days" campaign for joint activism. For those Boothies who couldn’t make it to Washington, many came out to support the rally here in Chicago at Grant Park, which turned out to be the second largest gathering outside of DC.  For more information about the continued movement and what you can do to help contribute to the 10 actions for the first 100 days, check the website https://www.womensmarch.com/100/

 

Booth 2yrs Andrea McPike and Alice Thompson went to DC to show their support for the Women’s March on Washington and came back with valuable life lessons.

Booth 2yrs Andrea McPike and Alice Thompson went to DC to show their support for the Women’s March on Washington and came back with valuable life lessons.

Reflections from Boothies on End of Quarter Wrap up

Autumn quarter is wrapping up and many Booth students are reflecting on the whirlwind of classes, recruiting, and all the social frolics quintessential to the Booth experience. ChiBus caught up with a couple Boothies to find out what’s on the top of their mind as the quarter winds down.

ChiBus Q: What are your Winter Break plans

Samantha Set (17’):Ski trip, Christmas with family in New Hampshire and Chicago for New Years Dan Patton (18’):I have a number of trips lined up for the break. The Saturday after finals I'm heading off to DC to catch up with some childhood friends. From there, I will head to NYC for my bday weekend, where I plan to catch up with close friends from my time living in the city. The next week I head to Wolf Creek in Colorado for a ski trip before bringing in the new year in Miami Beach!

John Frame(17’):  I plan to have Xmas with my mom in Georgia and spend New Year’s Eve with my best friends in New York City, one of which just got engaged!

ChiBus Q: What are you most looking forward to about the break?

Set: Most looking forward to catching up with family and friends at home

ChiBus Q: What was the most memorable aspect of the Winter Quarter?

Set: The most memorable part of the quarter was consumer behavior, which was one of my favorite classes at Booth both because Professor Bartels is fantastic and my excitement over the course content affirms that marketing/ brand management is the right career path for me.

Frame: My fondest memory of this quarter is planning and executing with the help of the other  Affinity Admissions Fellows, a successful Diversity Day for prospective students. I made a commitment last Spring to give back by helping to attract more diverse populations to Booth and this was a realization of that commitment.

Paton: The most memorable part of the quarter was definitely a recent trip to Mexico City I took with a bunch of Booth classmates. While there, we did the mannequin challenge atop the ancient Teotithuacan pyramid. #whybooth.

 

Booth Students Capture Big Win with Virtual Reality Case Competition

Vivian Fan 17', Ray Lui 17',  and Alexis Miller 17' pose holding the team’s 1st place cash prize with Interactive TV Works  Case  Competition Organizer Craig Leddy and Arris’ coach Jonathan Ruff.

Vivian Fan 17', Ray Lui 17',  and Alexis Miller 17' pose holding the team’s 1st place cash prize with Interactive TV Works  Case  Competition Organizer Craig Leddy and Arris’ coach Jonathan Ruff.

Chicago Booth students made a footprint in the media industry, taking home 1st place in the Interactive TV Works Competition sponsored by Comcast. The team of both 1st and 2nd years including Vivian Fan (17’), Ray Lui (17’), Alexis Miller (17’), Diego Celayeta (18’), and Peter Randaccio (18’) represented Booth in Philadelphia at the Comcast Center, competing against four other business school including NYU Stern, which notably offers a media and entertainment business concentration. Although Booth may not be known for its strong media business track, the Media, Entertainment, & Sports Group at Booth has an active membership and strives to provide resources for students looking to go into the industry.

The competition brought together MBA students from a number of schools and allowed them to network with media and technology  industry executives and recruiters while at the Comcast Center in Philadelphia.

The competition brought together MBA students from a number of schools and allowed them to network with media and technology  industry executives and recruiters while at the Comcast Center in Philadelphia.

The Interactive TV Works competition, started by TV industry veteran, Craig Leddy, engages MBA student teams to compete in creating winning go-to-market strategies and marketing plans for advanced TV and online video innovations. The competition is designed to promote emerging video technologies by encouraging innovative launch strategies and marketing plans. Each MBA team was assigned a different case question that centered around the evolving media landscape as it related to Cable providers like TV Everywhere, Big Data in media, and how to reach cord cutters using digital content platforms.  The Booth team was assigned a case prompt about virtual reality and was tasked to build a business strategy and marketing plan for the feasibility of Cable providers entering this market. VR is revolutionizing video games and cropping up in ancillary uses for television content, such as a Game of Thrones opening credits in VR. Producers also are finding unique ways to use 360-degree video, a less immersive experience, but one that does not require a headset.  The ultimate success of many video innovations – be it digital video, HDTV, 3DTV, 4K Ultra HDTV or VR – depends largely on service providers’ willingness to support the technical capability and distribute the content to their customers. The Booth team had to build a case around whether it makes business sense for cable operators to invest in the growing VR trend and if so what that should look like. To help provide scope and direction, the Interactive Case competition provided both coaches and mentor companies within the media, tech and cable space to guide the team’s recommendations. The Booth team was paired with a coach from the company Arris, which is a telecommunications equipment manufacturing company that provides cable operators with high-speed data, video and telephony systems for homes and businesses. The team also received perspective about the VR space from Comcast executives, who spoke about how they viewed possible routes into VR.

Since tech giants like Google cardboard and Facebook Oculus are investing heavily in both the hardware and content around VR, these companies have a competitive advantage over operators entering this space. The Booth team recommended that cable operators, who are also Internet Service Providers (ISP), should leverage their current subscriber base and increase their bandwidth capabilities in order to offer a VR package to their current customers. Also suggested in the recommendation, operators should partner with content creators to create a VR marketplace where both premium and indie content could be upload for cable subscribers as well as non-subscribers. The judges at the competition, who ranged from TV service providers and content programmers like NBCU to tech providers like Juniper Network, were impressed by the Booth team’s analysis and presentation of this emerging disruptive technology.  

 

 

 

Booth Voices Bring to life the Stories of the Our Dynamic Community By Cissy Zhou

The MBA experience passes in the blink of an eye.

One of the main reasons I came to Booth was to make lasting friendships. After being here for a year, I’ve gotten to know most of my classmates’ names and what they recruited for—but there is still so much more about them to discover. I have often asked myself: how can I take my Booth relationships to the next level? When I graduate, I don’t want to regret that I didn’t take the risk to push relationships beyond the surface level interactions that Boothies gravitate towards.

Last year, GBC’s Booth Voices was created as a first step to solving this problem: to help Boothies get to know each other on a deeper, more substantive level. Whether it’s talking about “the most defining moment in your life”, “if you can marry someone that your parents don’t approve of”, or “experiencing discrimination for your race, sex, or beliefs”, Voices is a platform to create conversation. Through three different formats (Insights, Stories, and Ignite), you’ll gain a better understanding of your classmates and help your classmates gain a better understanding of you.

GBC Voices has three different components and Boothies can choose to engage in one or all of them:

As our paths separate in a short number of months, I hope to leave Booth with meaningful and lifelong friendships. I want to remember my classmates not by what they recruited for—but by their passions, their motivations, and what they stand for.

So the next time I see you in the Winter Garden, instead of asking how TNDC was, I will strive to stop and have an actual conversation. I may even share something personal about myself so you can get to know me better. I hope you will return the favor.

 

Booth Rugby Takes on MBA Rivals at the “Fall Brawl” by Kyle Vetch 18'

Booth Rugby team competes hard in Austin, TX during the 'Fall Brawl' 2016

Booth Rugby team competes hard in Austin, TX during the 'Fall Brawl' 2016

In the last weekend of October, the Chicago Booth Rugby Club travelled down to sunny Austin, Texas for the annual “Fall Brawl” to battle against some of the best teams on the MBA circuit.  The 27-strong team, a mix of veterans and first timers, represented Booth’s largest-ever participation in the tournament.  

In the first match of the tournament, Booth came out aggressively against SMU and jumped to a lead of 21-0 by the end of the first half.  The forwards led the way with Julian Rowlands (Co-Captain, ‘17) and Brandon Hemming (‘17) both punching in tries from a few yards out and flanker Rob Weir (‘18) trampling a few SMU men on a 30-meter run up the sideline.  In the second half, SMU managed to get a few points on the board before Booth finished the job with tries by inside center Kyle Veatch (‘18), who took a pass from the James McDougall (Australian exchange student) up the middle, and a long run from flanker Andrew Shanley (‘18), who powered his way right through the heart of SMU’s defense.  Outside center Dan O’Brien (‘17) was perfect on all kick conversions for the 35-14 win over SMU.

In the second match, Booth faced off against Wharton - the tournament favorites and eventual champions - who came out of the gates fast with a couple tries and held Booth scoreless with a 21-0 lead at the end of the first half.  After a halftime huddle and a change in defensive strategy, Booth slowed the advance of Wharton, but failed to put any points on the board, losing 28-0.

In the semi-final on Sunday morning, Booth, down a few key players due to overexertion on the dance floors of Austin, matched up against HBS.  HBS jumped out to an early lead, but Booth responded with an interception by inside center Kyle Veatch (‘18) who ran it in for a try before the first half ended with HBS’s advantage 14-5.  In the second half, Booth battled back with a try from forward Rob Weir (‘18) who showed off his speed with another run up the sideline.  Booth continued to fight until the end of the game, but was outlasted by HBS, losing the match 28-10.  

Despite getting knocked out in the semi-final, Booth, with just a few weeks of practice under their belt, looked strong in their first games of the year against the best MBA teams in the country.  “Booth gets started a full month after all of our rivals, leaving us with half the prep time of every team we faced in Austin”, said Co-Captain Julian Rowlands (’17).  “Despite that, our first years brought a ton of athleticism and heart to the field and our second years really showed their experience.  We are excited to bring those weapons to bear against Kellogg and feel well-positioned to earn some hardware at the MBA Rugby World Cup at Duke next spring.”

Booth Rugby will face off against archrivals Kellogg on Sunday, November 13th at 2pm at Diversey Field in Lincoln Park for its final match of the fall season.

 

Booth and Kellogg Host Third Annual ETA Conference by Kyle Veatch

Hundreds of Booth and Kellogg alums and current students gathered at the Chicago Cultural Center to engage during Entrepreneurship Through Acquisition Conference.

Hundreds of Booth and Kellogg alums and current students gathered at the Chicago Cultural Center to engage during Entrepreneurship Through Acquisition Conference.

The third annual Booth-Kellogg Entrepreneurship Through Acquisition (ETA) Conference was held at the Chicago Cultural Center on November 9th and attracted more than 400 attendees.  The attendance, according to Entrepreneur-in-Residence Alex Hodgkin, was the “largest ever gathering under the ETA banner that we know of.”  The conference hosted the “who’s who” of ETA, including some of the most prolific and successful investors, entrepreneurs, thought leaders, and educators, and was attended by hundreds of current and aspiring ETA entrepreneurs.

ETA, commonly referred to as a “search fund” investing, has become a buzz word at many of the top business schools around the country.  The investment model is unique as it gives an ambitious entrepreneur, often times a newly minted MBA, the opportunity to acquire and operate a small business with the financial backing and mentoring of an advisory board.

The comprehensive conference featured a series of panels covering a broad range of topics, including “How to Search and Close”, “The Young CEO Experience”, “ETA Career Path”, and “Evolving ETA Models”.  The expert panels offered candid insight into the challenges and rewards of life as an ETA entrepreneur, and the current state of the market.

A common theme that emerged from the panels is the proliferation of the ETA model over the last few years.  Five years ago, 10 to 15 search funds were raised in a given year; in 2016, there will be over 60.  The proliferation is driven in large part by awareness as more and more MBA programs launch their own ETA curriculum, inspiring new searchers.  

Erick Laseca (‘17), President of the Booth Search Fund Club, delivered the opening remarks at the conference and commented on the growing interest at Booth.  “ETA has become a highly desirable career path at Booth.  Booth MBAs are analytical and process-driven, but crave excitement and are open to calculated risk.  They are also confident enough to step into a CEO role right out of business school, yet humble enough to seek and accept the guidance of experienced investors.” 

Booth is one of the leaders among MBA programs in ETA and has ramped up its programming in the last few years – an effort spearheaded by Alex Hodgkin.  In addition to co-hosting the annual conference, Booth offers an ETA class, taught by adjunct professors and ETA experts Brian O’Connor and Mark Agnew, publishes a podcast series, frequently hosts ETA investors and entrepreneurs, and holds an annual investor summit that connects investors with UChicago students and alumni seeking to raise search funds.  “The ETA Conference, made possible by our flourishing partnership with Kellogg, was a tremendous success”, said Alex Hodgkin.  “Booth’s fast growing ETA program has firmly established Chicago and Booth as leaders in this growing area of entrepreneurship”.  

 

NMSDC Conference sets out to Empower Minority Business Owners

Conference attendees got a chance to network and connect with over 700 exhibitors across major industry giants like  GE and Google.

Conference attendees got a chance to network and connect with over 700 exhibitors across major industry giants like  GE and Google.

The 2016 National Minority Supplier Development Council Conference and Business Opportunity Exchange was held at McCormick Place in Chicago, Illinois, October 23-26. This annual event was the nation’s premier forum on minority supplier development. The conference, lasting four days, saw more than 6,000 corporate CEOs, procurement executives and supplier diversity professionals from the top multinational companies and international organizations, as well as leading Asian, Black, Hispanic and Native American business owners. Attendees convened to re-energize their collective efforts to develop and advocate for more vigorous participation by minority-owned firms in global corporate supply chains.

The theme of this year’s NMSDC Conference and Business Opportunity Exchange was “Minority Supplier Development: Investing in the Future.” During the event, more than 20 educational seminar sessions and interactive workshops engaged attendees with details of the latest commercial advances, strategies and techniques to prepare for economic developments in the coming years.

 

NMSDC president, Joset Wright-Lacy, addresses the 1000’s of conference attendees during the opening reception on Sunday.

NMSDC president, Joset Wright-Lacy, addresses the 1000’s of conference attendees during the opening reception on Sunday.

The  one-day Business Opportunity Exchange had more than 700 exhibit booths and opportunities for establishing business-to-business ties. One of the highlights of the Conference was  the U.S. Department of Commerce Minority Business Development Agency partnered with NMSDC to present Powered by MBDA, a cluster of learning sessions featuring the latest information and trends in federal procurement, international trade and technological innovation.

According to Joset Wright-Lacy, President of NMSDC, “The 2016 Conference and Business Opportunity Exchange will give forward-thinking corporate executives and minority business owners the tools to cope with shifting economic winds, and to take advantage of as-yet unimagined opportunities for commerce presented in the near – and more distant – future.”  Wright-Lacy also added that as the U.S. nears the point where minorities comprise greater than 50% of the population, the need for strong minority-owned businesses in national and global supply chains will be vital to the health of our economy

The economic impact generated by the Conference itself is considerable: $7.5 million total, including an estimate of more than $1 million in state and local taxes and 1,400+ jobs supported. A survey of last year’s Conference attendees show that 73% of the over 6,000 attendees spent more than $1,000 each in the Conference city.

The National Minority Supplier Development Council advances business opportunities for certified minority business enterprises and connects them to corporate members. NMSDC was chartered in 1972 to provide increased procurement and business opportunities for minority businesses of all sizes. For more information about NMSDC, check out their website at  www.NMSDC.org.

 

Booth Women Connect Conference Challenges the Status quo

Showing  strong attendance and support,  over 900 women registered for the Booth Women Connect Conference.

Showing  strong attendance and support,  over 900 women registered for the Booth Women Connect Conference.

Booth Women Connect Conference held at the Hyatt Regency Mccormick on Thursday 10/27, proved to be a day filled with inspiration, collaboration, and camaraderie. Over 900 students, alums, and Booth affiliated women registered for this dynamic conference. The conference opened with a keynote address from Marianne Bertrand, a Chris P. Dialynas Distinguished Service Professor of Economics. To a riveted sea of women, Bertrand addressed the topic of “breaking the glass ceiling” where she presented a number of her findings about women across business industries and the discrepancies between the genders in regards to treatment and salary. Bertrand's research encompasses economic, social, and psychological factors that account for the remaining underrepresentation of women in the top corporate echelons and the role of public policy in addressing this gender gap.

The conference offered a number of relevant and timely panel breakout sessions like  “Fine Tuning your Executive Presence” taught by Executive Coach Carol Vernon and “If I Knew what I Knew Now” which facilitated networking to discuss career advancement, building advocacy, and balancing career/family questions. Other panels included a student-only panel called “Mentorship vs. Sponsorship,” which touched on the difference between a mentor and a sponsor, the relative strengths of each of these types of relationships, and how to facilitate and maintain productive connections in both contexts. Anna Chaldysheva ‘17 said “I learned from the panel that at our career level many of our coworkers can be seen as mentors and that we should bring certain mentors to the forefront depending on our objectives and turn them into sponsors for our career growth.”

Many women took full advantage of the amazing networking opportunity the conference presented.  

Many women took full advantage of the amazing networking opportunity the conference presented.  

There was also an entrepreneurship panel called “Ready, Set, Go: Create Shape and Launch your Entrepreneurial Venture.” During this interactive panel, attendees were able to hear from current female entrepreneurs like Andi Hadisutjipto, ('16), Founder and CEO, Riviter, Andrea Sreshta, ('16), Cofounder, LuminAID, and Julia Carmona, ('13), and Lauren Katzberg, ('13), Cofounders, Stylisted. The panel addressed the entire life cycle on entrepreneurship including find a great idea, establishing a team, honing the elevator pitch, and finding the right investors. Women attending the panel were encouraged to network among each other as well to discover synergies and possible business partners.

The lunch keynote speaker was Julie Roehm, '95, SVP Strategic Relationships and Chief Storyteller at SAP. Her speech covered the art of storytelling in business and how to leverage messaging to build your company’s brand equity. She touched on the history of successful storytelling campaigns including Apple’s famous Macintosh Super Bowl commercial in 1984. Roehm emphasized the importance of compelling storytelling and simplicity of brand imaging in order to be successful in today’s consumer marketplace. She mentioned how people gravitate towards simplicity in such a complicated society and the brands that are winning understand this component. She mentioned brands like Uber, Airbnb, and Blue Apron as examples of brands that are making consumers lives more simple and convenient.

Booth Crushes it at the Ross Investment Competition

Proving that Booth students truly are a force to be reckoned with, Brett Bateman (’18), Wyan Yarbrough (’18), and Jack Zhao (‘18)  brought home a win, placing 1st  at the Ross Investment Competition. The competition on Oct. 14th was  hosted by American Century Investments. This year’s victory marks the third consecutive year that Booth has won this challenge.

The competition was held at the Michigan Ross School of Business and consisted of three-member teams from Tepper (Carnegie Mellon), Columbia, Johnson (Cornell), Sloan (MIT), Kellogg (Northwestern), Booth, Ross (Michigan), and Wharton (UPenn). The panel of judges included investment professionals from American Century Investments, Catalyst Capital, INCORE Capital Management, Thrivent Asset Management, Columbia Wanger Asset Management, and Wells Fargo Asset Management.

The stock pitch event consisted of two rounds:  each team presenting during the first round with the top three teams advancing to the final round. Teams were provided a list of companies ten days prior to the competition and were required to prepare two stock pitches, which could be either long or short.

Brett Bateman (’18), Wyan Yarbrough (’18), and Jack Zhao (‘18) brought home a 1st place win for Booth, annihilating the steep competition at this year’s Ross Investment Competition.

Brett Bateman (’18), Wyan Yarbrough (’18), and Jack Zhao (‘18) brought home a 1st place win for Booth, annihilating the steep competition at this year’s Ross Investment Competition.

For the competition, the Booth team chose to pitch long Dave & Buster’s (Nasdaq: PLAY) for the First Round and long Dollar Tree (Nasdaq: TREE) for the Final Round.

For Dave & Buster’s (Nasdaq: PLAY) predicted based on market analysis that national unit count can both exceed the Street and management’s expectations. Also, an improvement in same-store-sales (the driver of the Company's valuation) would result in newer, higher performing stores  added to the comparable base, which would drive both upwards earnings revisions and multiple expansion.

The team presented that Dollar Tree (Nasdaq: TREE) is a defensive business that, along with the broader brick-and-mortar retail landscape, has come under pressure recently. This sell-off has created an attractive entry point given that the core business continues to grow at a healthy rate while the Family Dollar integration offers a multi-year pathway for upwards revisions to earnings estimates. The team’s thesis continued that the  Dollar Tree has a high quality management team and they have a significant opportunity to create shareholder value from the under-managed Family Dollar. Based on the combined  points of  margin expansion, improving returns on invested capital, and upwards earnings revisions, the team predicted that this stock would out perform.

Jack Zhao told Chibus,“The time spent researching these two businesses was an exceptional learning experience.” Reflecting on the preparation for the competition Zhao added, “Our diligence included store visits, customer surveys, detailed financial modeling, and calls with management / industry professionals.”  The team said the experience was very rewarding and they are proud to have brought home a 1st place win for Booth.

 

Fogel Dinner Brings Diversity to the Table

Booth alum and current students came together for a night of celebrating diversity and inclusion during the Fogel Dinner 

Booth alum and current students came together for a night of celebrating diversity and inclusion during the Fogel Dinner 

On October 14th, a number of Booth students and faculty gathered for dinner in honor of celebrating diversity inspired by Nobel Laureate Robert Fogel. The annual dinner, in its 33rd year, was started by Professor Robert Fogel and his wife, Enid, who wanted to bring students of color together in an intimate setting at their home in Hyde Park. As an interracial couple in the 50s and 60s, the Fogels faced discrimination and a feeling of isolation from the community due to the racist views of the time period. Due to this adversity, the Fogels wanted to preach acceptance and inclusion within the University of Chicago community, which they valued greatly. Although Robert Fogel and his wife both passed away a number of years ago, the dinner tradition and the communal experience continues to live on.

 

Booth alumni also attended this dinner and were excited about connecting and networking with current students. During this year's dinner, the Head of Diversity at Booth,Jessica Jaggers, spoke about the importance of keeping the spirit of the Fogel Dinner alive. She also reflected on how our country is still striving for acceptance and tolerance of all types of people. The Interim Dean,

Douglas J. Skinner, also attended the dinner, which was hosted on the 6th floor of the Gleacher center. Among stunning city views, Dean Skinner spoke to the dinner attendees about the importance of diversity in business and Booth’s efforts to improve diversity in both the student body and faculty. He mentioned that it only enriches the classroom experience when there is a diversity of backgrounds, cultures, and thinking. Fogel Dinner attendee and Booth 2nd year, Araba Nti, told ChiBus that the dinner was a great opportunity to catch up with fellow classmates and reflect on the memory of the Fogels, who were proponents of building relationships over good food and conversation.

In Photo from Left to Right: Alejandro Lozano, Elsa Rodriguez, Dan Patton, Wilther Merchan, Javier Rodriguez, Robert Weir, and Alda Lewis

In Photo from Left to Right: Alejandro Lozano, Elsa Rodriguez, Dan Patton, Wilther Merchan, Javier Rodriguez, Robert Weir, and Alda Lewis

Professor Robert Fogel, who passed away in 2013 at age of 86, used quantitative methods to explain economic and institutional change. His work often challenged conventional wisdom and was, at the time, controversial. His research showed that the economic impact of railroads in the 19th century was far less than generally assumed. Fogel was an active faculty member in Economics at Booth and joined the University of Chicago faculty in 1964, moved to Harvard in 1975, and returned in 1981 to the Chicago faculty, where he stayed for the rest of his career.