GW Business Magazine by GW School of Business

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GWBUSINESS THE GEORGE WASHINGTON UNIVERSITY SCHOOL OF BUSINESS

Welcome,

Dean Linda A. Livingstone Page 8

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Editor in Chief Dan Michaelis Copy Editor Mary A. Dempsey Contributing Writers Mary A. Dempsey Donna L. Hoffman Nathan M. Jensen Dan Michaelis Thomas Novak Srinivas Prasad Joel Renner Marshall Sashkin Refik Soyer Ayman El Tarabishy Photographers Abby Greenawalt Julie Ann Woodford Design Lloyd Greenberg Design, LLC GWBusiness magazine is published annually by the George Washington University School of Business. Comments and letters are welcomed. Please direct all correspondence to: GWBusiness 2201 G Street NW 452 DuquĂ¨s Hall Washington, DC 20052 or: dmichaelis@gwu.edu Please send change of address notices to: Alumni Records Suite 310 2033 K Street NW Washington, DC 20006

President STEVEN KNAPP Dean LINDA A. LIVINGSTONE Vice Dean of Faculty and Research JENNIFER W. SPENCER Vice Dean of Programs and Education PHILIP W. WIRTZ Associate Dean of Graduate Programs VANESSA PERRY Associate Dean of Undergraduate Programs ISABELLE G. BAJEUX-BESNAINOU Assistant Vice President Development and Alumni Relations ELIZABETH H. MITCHELL

Cover photograph: Abby Greenawalt

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08 Welcome, Dean Linda A. Livingstone

12 George Washington: Entrepreneurial Leader 16 Banker, Solider, Scholar 20 Business Analytics: Academic Challenges, Real-World Opportunities 24 The Lasting Legacy of Phillip Grub

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30 Consumer Experience in the “Internet of Things” 34 Putting Social Media to Work

DE PARTME NTS

02 News Briefs 29 Alumni Profile: Mustafa V. Koç 36 Development Report 40 Alumni Relations Update 45 Class Notes 48 Alumni Profile: Karima Morris Woods

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NEWS Briefs

PROFESSOR KRISHNA KUMAR

rofessor Krishna Kumar, who devoted most of his professional career to GWSB, died March 19, 2014, after a hard-fought battle with leukemia. Born in Pudukottai, India, he received a BS in electrical engineering from the Indian Institute of Technology, Madras, an MBA from the Indian Institute of Management, Calcutta, and a PhD from Columbia University. He joined GWSB as an assistant professor in 1992 and most recently held the position of the Benjamin Franklin Professor of Accountancy. for his compassion and kindness and for his He also served as associate dean for research cordial approach to difficult issues. and doctoral studies at GWSB, as well as chairDr. Krishna, who was unfailingly devoted to man of the Department of Accountancy. his family, was highly respected for Dr. Krishna distinguished himhis integrity and work ethic. He was self as a top scholar in his discipline, an active member of the Chinmaya publishing articles in each of the Mission Washington Regional Cenworldâ&#x20AC;&#x2122;s three leading accounting ter and was known for his willingness journals. Moreover, he was an exemThe number of years plary educator, teaching complex Dr. Kumar taught in the GW to help others. He loved to read, School of Busineess travel, play table tennis and watch courses well and actively engaging old Hindi films. with his students. He was admired

BLOGGING ABROAD Global MBA candidates in GWSBâ&#x20AC;&#x2122;s Consulting Abroad Program (CAP) shared their commentary and photos online as they worked on academic consulting projects last spring in Argentina, China, India, Rwanda and Turkey. The popular CAP Blog allowed faculty, staff and students to follow the program, share in the adventures of the CAP participants and benefit from the knowledge they gained overseas. Before leaving GWSB to meet with their overseas clients, CAP participants had the preliminary findings of their consulting projects evaluated by a panel of expert judges composed of faculty, alumni and industry leaders.

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FORD AND GWSB FIELD TEST INNOVATIVE HEALTH CARE IN RURAL INDIA

TRUSTEE’S GIFT BOOSTS GWSB CAREER SERVICES GW Trustee Mark R. Shenkman, MBA ’67, and his wife, Rosalind, recently made a donation to the GW Career Services Enhancement Initiative that will go a long way toward helping students and alumni develop and hone the skills needed to succeed in today’s highly competitive job market. A portion of the Shenkmans’ $5 million gift is specifically earmarked for the F. David Fowler Career Center (FDFCC). The additional funding will enable this center at the School of Business to expand its strategic career planning and lifelong experiential learning services and its resources for students, alumni, faculty and staff. The university created the Career Services Enhancement Initiative in 2012 to strengthen the overall career culture at GW. The initiative aims to empower students and alumni so that they can translate their academic and co-curricular experiences at GW into a lifetime of productive and engaged citizenship. “Many of our students already seek knowledge through internships and experiential education,” Mr. Shenkman said. “By providing more resources to redefine and expand career development, we are providing additional opportunities for students and alumni as they pursue their career aspirations.” In September, in recognition of the Shenkmans’ generosity, GW’s Ivory Tower residence hall at 616 23rd Street, N.W., was renamed Shenkman Hall.

Can a motor vehicle outfitted with cloud computing capabilities be used to improve health care for pregnant women and infants in insolated parts of southern India, while giving Ford Motor Co. valuable insight into future market opportunities? That was the question at the heart of Ford’s Sustainable Urban Mobility with Uncompromised Rural Reach (SUMURR) Maternal and Child Health pilot project, which ran for nine months with eight global partner organizations, including GWSB’s Institute for Corporate Responsibility (ICR). With its expertise and cutting-edge research into public-private partnerships, ICR facilitated, monitored and tracked the pilot program to see if the concept was viable. During the testing phase, SUMURR brought maternal and child care to 3,100 people in 54 remote villages in the underserved Kalrayan Hills area by combining health applications with the off-road capabilities of the Ford Endeavour. The result was that Ford has a promising prototype for how mobility and the Internet cloud can be combined to meet needs in the developing world. ICR is now designing an expansion of the program into New Delhi and Gujarat, including a financial model to support the work. Eventually, the health care model could be applied to education, energy or clean water projects.

RINGING THE BELL FOR FINANCIAL LITERACY Professor Annamaria Lusardi, academic director of GWSB’s Global Financial Literacy Excellence Center (GFLEC), celebrated National Financial Literacy Month in April by ringing the opening bell at the New York Stock Exchange.

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NEWS Briefs

The NYSE appearance was the highlight of a very busy— and very successful—month for GFLEC and Dr. Lusardi, who had a campaign of appearances, lectures, presentations, social media outreach, newsletters and interviews with news and financial media outlets. Financial Literacy Month is designed to send the message that financial literacy is a critical life skill for everyone, from preschoolers to senior citizens. Dr. Lusardi was at the NYSE to participate in a panel presentation on the financial empowerment of women—and to open the day’s trading. The panel also included Mary John Miller, U.S. treasury undersecretary for domestic finance, and Mary Ellen Iskenderian, president and CEO of Women’s World Banking.

GWSB GRAD TAKES SILVER IN SOCHI Elana Meyers, MTA ’11,

and her teammate Lauryn Williams won silver medals in the two-women bobsled event at the Sochi Winter Olympics, finishing a close second to the gold-medal Canadian team. Ms. Meyers also has a bronze medal from four years earlier at the Vancouver Winter Olympics. Ms. Meyers, who did undergraduate studies in public health, was a standout on the Colonials softball team, pitching and playing shortstop. In 2007 she was named to the conference all-star team and led the team to its first Atlantic 10 Tournament appearance.

GWSB ADVISES MYANMAR ON TOURISM GROWTH As it transitions from decades of military-ruled isolation to an exotic, adventure-tourism destination, Myanmar is getting some expert advice from GWSB. Eisenhower Professor of Tourism Policy Donald Hawkins, who spent two weeks in the Southeast Asian nation assessing its tourism potential, has been asked to serve as an adviser to 4

LEMONADE DAY Last spring, GWSB student-volunteers partnered with D.C. youth to learn about entrepreneurship through one simple tool: a cool glass of lemonade. Lemonade Day D.C. was the culmination of months of planning and more than 1,000 hours of service and mentoring by 600 GWSB students. Under their direction, 2,000 D.C. students fanned out across all eight wards of the district setting up lemonade stands. Lemonade Day was added to GWSB’s First Year Development Program curriculum last year as a for-credit course to support the school’s focus on social entrepreneurship. It emphasizes the importance of sustainable social engagement through fair business practices. Lemonade Day D.C. was sponsored by Aveya Creative, GW Athletics, GWSB, the GW Student Association, Arthur and Judith Mintz, PNC, the Program Board and Serve Your City. Special thanks to Kevin Chavous and D.C. Council member Kenyan McDuffie and his staff.

Myanmar Tourism Minister Htay Aung. Mr. Aung is seeking Dr. Hawkins’ input on developing strategies for creating a sustainable tourism sector in Myanmar, where tourism has greatly increased. Mr. Aung, who received a master’s of tourism administration degree from GWSB, was honored by the school’s International Institute of Tourism Studies with a distinguished alumni award in 2013.

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INSIDE THE FDIC John Bovenzi, partner at Oliver Wyman and former deputy

chairman and CEO of the Federal Deposit Insurance Corporation (FDIC), shared his experiences and insight into the federal financial regulatory system as the latest speaker in the Oliver Wyman-George Washington University Thought Leadership Series. Mr. Bovenzi discussed his career and shared anecdotes from his book, Inside the FDIC: Thirty Years of Bank Failures, Bailouts and Regulatory Battles. Mr. Bovenzi focused his presentation on regulatory efforts to address financial upheavals, ranging from the S&L failure of the 1980s to the 2008 financial crisis. Tapping his decades of experience, he made three recommendations: financial market regulation must be independent of the political process; effective checks and balances must be in place, both within and between regulatory agencies; and agencies should recognize the historical knowledge and perspective of career staff when formulating policy. Dean Linda Livingstone welcomed Mr. Bovenzi to GWSB. Professor William Handorf, whose has extensive professional experience in financial regulation, introduced Mr. Bovenzi and acted as moderator during a Q&A session following the keynote. The event was co-hosted by GWSB and GW-CIBER.

GRAD STUDENTS CREATE CAMPAIGN FOR EBOLA-STRICKEN NATION Two students in the Master of Science in Information Systems Technology Program have launched a charitable relief effort aimed at helping children in their native Liberia continue their education while schools are closed in response to the devastating Ebola outbreak in West Africa. Francis Wisseh and Zubah Koweh created Project 231 through Indiegogo, the popular online fundraising platform. The grassroots, volunteer-run effort seeks to raise money to assemble backpacks filled with school supplies—including notebooks, pencils and crayons—and distribute them to home-bound elementary school students in Liberia.

STUDENT RECOMMENDATIONS COULD HELP SEC IMPROVE FILING REQUIREMENTS An esteemed panel of judges has selected a set of recommendations developed by GWSB graduate students participating in the Initiative on Rethinking Financial Disclosure. Elizabeth Moehlenbrock (MBA ’15) and Liyuan Su (MSF ’15) took top honors with their recommendations to provide executive summaries of certain 10-K items to highlight year-over-year changes and new information and to provide more company-specific information, especially in the area of risk. Judging the students’ recommendations were Andy Cross, chief investment officer at Motley Fool; Catherine Odelbo, head of corporate strategy and partnerships at Morningstar; and Mary Schapiro, Promontory Advisory Board vice chair and former Securities and Exchange Commission (SEC) chair. “I commend the students for the great deal of effort and focus that they devoted to this important project,” said Ms. Schapiro. “Everyone can benefit from fresh perspective on a complex issue such as financial reporting disclosure. The students have made a valuable contribution to this ongoing dialogue.” The initiative, announced in May 2014, is a partnership between GWSB’s Institute for Corporate Responsibility (ICR) and the Center for Audit Quality. The Initiative was created in response to SEC Chair Mary Jo White’s challenge to streamline Form 10-K disclosure requirements. Students worked with faculty advisers throughout the summer to compile their recommendations into a comprehensive report that was submitted to the SEC in October.

From the Project 231 Indiegogo page: “Efforts to fight and contain the virus could take longer than expected, and that may impact our timeline to get supplies delivered. In addition, aid work in Liberia presents unique challenges, for example, transportation and security bottlenecks. However Project 231 is equipped to overcome such challenges, with a team in place that is working to build partnerships with our targeted schools and the local communities. These partnerships will ensure the safe delivery and distribution of donated supplies.”

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NEWS Briefs

PROFESSOR ANGELA GORE WINS DISTINGUISHED SERVICE AWARD Angela Gore, chair of the Department of Accountancy, was

PROFESSOR SUSAN KULP HONORED FOR SCHOLARSHIP Susan Kulp, associate professor of accountancy, won the

2014 Notable Contribution to Management Accounting Literature Award for a paper she co-authored, “Interrelated Performance Measures, Interactive Effort, and Incentive Weights,” which was published in the Journal of Management Accounting Research. The Notable Contributions to Management Accounting Literature Award is given annually to that work which has withstood a rigorous process of screening and scrutiny based on certain criteria, such as originality, breadth of potential interest, soundness of methodology and potential impact on accounting education. Dr. Kulp and her co-authors received their honor at the 2014 American Accounting Association conference in Atlanta.

named recipient of this year’s Distinguished Service to the Financial Management Community Award by the Washington, D.C., chapter of the Association of Government Accountants (AGA). The Washington, D.C., Chapter of AGA serves the government financial management community by providing quality continuing education for professionals, by fostering professional development and certification and by supporting standards and research to advance government accountability. Dr. Gore received her honor in May at the AGA chapter’s 55th Annual Member Awards Dinner and Celebration in Washington, D.C.

LONG-TIME PROFESSORS RETIRE Stuart Umpleby, professor of management, and Douglas Frechtling, professor of tourism studies, retired last spring after long and distinguished careers at the School of Business.

Stuart Umpleby

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Douglas Frechtling

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GWSB TEAM WINS CASE COMPETITION The GWSB team LivePepsi won the 2014 National Society of Hispanic MBAs Annual Conference PepsiCo Case Competition. Students from all over the country participated in PepsiCo’s “Quest for a New Mobile Experience in Beverages and Snacks” competition. The goal was to use innovative technology to empower consumers and create ways for them to engage with their brands, social networks and each other at the point of purchase. The winning team was made up of MBA students Daniel DiRocco, Diana Robledo, Ali Yaseen and Vinu Vargese.

SENIOR RECEIVES INDUSTRY SCHOLARSHIP Tavyen Williams-Jackson, a senior at GWSB, has received

GWSB’s case-competition winning team, LivePepsi.

the American Hotel & Lodging Investment Summit Scholarship in recognition of his outstanding academic record. Originally from Baltimore, Mr. Williams-Jackson is majoring in business administration with a concentration in sport, event & hospitality management and a minor in organizational sciences. He has done multiple internships in event management and human resources and said he is excited to pursue a career at the nexus of these two focal areas. “Tavyen is tremendously deserving of this scholarship award, given his professionalism, work ethic, industry experience and passion for hospitality,” Stuart Levy, associate teaching professor of management, said. “We extend our warm congratulations to Tavyen and look forward to celebrating many more of his achievements as his career continues to develop.” The American Hotel & Lodging Educational Foundation administers the scholarship. The foundation is a primary source of support for industry-related academic and professional development scholarships, which are used to attract and develop future leaders of the hospitality industry. GW

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Features

Welcome, Dean Linda A. Livingstone

Meet GWSBâ&#x20AC;&#x2122;s New Dean Interview by Dan Michaelis

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Linda A. Livingstone became dean of the George Washington University School of Business in August. She recently sat down with GWBusiness magazine to talk about her background, her first semester as GWSB dean and her thoughts on the school’s future.

Tell us a bit about your background—where you grew up, your education, your academic career, your family.

I was born and raised in Oklahoma and grew up on a farm in the very small town of Perkins. There were 58 students in my high school graduating class. I ended up going to Oklahoma State University in Stillwater, about 10 miles from where I grew up. I had the privilege of playing on the women’s basketball team at a time when women’s college sports were just starting to come of age. Title IX was enacted in 1972, and I started school in 1978. I wasn’t aware of it at the time, but looking back I think, wow, I was one of those people who helped blaze the trail in collegiate women’s athletics. After completing my undergraduate work and earning my MBA, my husband, Brad, and I moved to western Oklahoma. I ran a community recreation program and he worked for the Fellowship of Christian Athletes. We both returned to OSU, where he enrolled in graduate school and I got my PhD. When I got a position on faculty at Baylor University, we moved to Waco, Texas, and my husband taught high school history at a private school. Our daughter, Shelby, was born while we were in Texas. I was at Baylor for 11 years, the last four as associate dean for graduate programs. I was hired as dean of the school of business at Pepperdine University, and we moved to Southern California. We were there for 12 years, Brad taught at a private school, and of course, Shelby grew up there, completing grade school, middle school and high school, although she’ll always be a Texan at heart.

Photograph: Abby Greenawalt

And your decision to join GW? When I got a call from the search firm about the position at the George Washington University School of Business, I first told them I wasn’t interested. I couldn’t conceive of moving cross country from Southern California to Washington, D.C. But the more we learned about the university and the business school and all that was going on in the capital and the D.C. community, my husband and I thought maybe this is an opportunity we should consider. Our daughter was going off to college as a freshman at Rice University. We thought, “Well she’s starting a new life, so maybe it’s time for us to start a new life as well.” Ultimately, we decided it was a great opportunity. George Washington is a tremendous university—a different kind of university than Pepperdine—and that was appealing to me as well. How does living in Washington, D.C., compare to living in Malibu? Obviously there are significant differences, like the weather. We’re enjoying the change of seasons, something we didn’t have in Southern California. We’re really enjoying Washington, D.C., although we’ve been so busy that we haven’t had the chance to get out and explore the city or the region as much as we would like. Pepperdine and GW are both very place-centric universities, Pepperdine being in Malibu and, of course, GW being in Washington, D.C. The locations inform deeply the kinds of institutions that they are. But culturally they are very different. Washington is a much more formal town—more coats and ties than you would ever see in L.A. Washington is a very educated city, as well, because of the government and international nature of the work done here. People in the area appreciate and value education.

Prior to coming to GWSB, Dr. Livingstone was a member of the faculty at Baylor University for 11 years, and served as dean of the Graziadio School of Business and Management at Pepperdine University for 12 years.

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I also see it as a school that’s on the rise, that’s really becoming much, much more of a national and international player. It’s the kind of place you want to be.

Photograph: Abby Greenawalt

AACSB International The Association to Advance Collegiate Schools of Business is a global, nonprofit membership organization of educational institutions, businesses, and other entities devoted to the advancement of management education. Established in 1916, AACSB International provides its members with a variety of products and services to assist them with the continuous improvement of their business programs and schools.

What are your impressions of the School of Business as you come to the end of your first semester as dean? First, and this is certainly one of the reasons that I chose to come, is what great people there are here— really high quality faculty and staff who care deeply about the students, who care deeply about quality research and who are trying to have a significant impact in helping our students to be better business people, while helping them to be responsible world citizens. Our faculty is very thoughtful and engaged with the community and understands what business, the government and the NGO sectors need. And we have some exceptional, high-quality programs that I think are quite innovative. I was also impressed by the international focus of the school. The mix of domestic and international students makes us really representative of the world and brings different perspectives to the classroom, allowing students to learn from one another. The experiences we provide students to study abroad and to engage some of the international organizations here in D.C.—whether it’s the World Bank or the IMF or some of the leading NGOs in the world—are also key to GWSB’s well-deserved reputation as a truly international academic institution. One of the major criticisms of business schools is that they’re “generic,” you can’t really differentiate what they do. We’re in a unique location here in Washington, D.C., and that gives us opportunities to do some things differently than most business schools. Our faculty and students have access to the federal government and leading international organizations that are working to solve critical world problems. It’s a unique perspective that provides distinctive educational and research opportunities.

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How can business education keep pace with the changing business world? The business world is changing more and more rapidly than education generally. Business education, more particularly, is certainly recognizing this. We have to be much more adaptable and flexible, to be able to change much more quickly. That can be challenging for educational institutions. Our systems and processes are set up for stability and continuity, which is why there are universities lasting and existing for hundreds of years. GW is almost 200 years old. Very few businesses have lasted that long. Those same processes and systems that have allowed universities to be successful and sustainable over the long run sometimes pose challenges when universities need to be adaptable and flexible. We have to work hard as an educational institution to be adaptable where we need to be, while maintaining the infrastructure for sustainability over the long run. Does GWSB have that necessary flexibility and adaptability? I think we do. The faculty’s connection with the government and business communities is really helpful in keeping us grounded in reality. It’s helping us see clearly where we need to be going and how we need to be changing. Certainly, over time we’ll have to look at our processes and procedures while ensuring that we maintain high quality and standards for what we’re doing. But that’s a normal part of evolving as an organization. Has your position as chair of the board of directors of the Association to Advance Collegiate Schools of Business (AACSB) been helpful in your duties as dean? I served on the board of the AACSB, the international accrediting body for business schools, for a number of years before moving into the vice chair’s role and

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“We’re in a unique location here in Washington, D.C., and that gives us opportunities to do some things differently than most business schools.”

now the chair’s. I’ve had the opportunity to get to know a lot of business school deans from all over the world, and in the process made some wonderful friends. It’s been a great learning and sharing experience. I’ve also had the opportunity through AACSB to do accreditation visits around the world. I’ve done many visits in the United States, but I’ve also made accreditation visits to several countries in Asia and Europe. I’ve been to Latin America. I’ve been to Australia. It really broadens your perspective on business education, and education in general, when you see how things are done in other places around the world. From a thought-leadership perspective, my involvement with AACSB has been a valuable experience. I’ve been involved in really thoughtful discussions about how business is changing and what that means for the future of business education in its role of educating leaders and supporting business.

What is your vision for GWSB? Where do you see the school in five years? I have great optimism about where GWSB will be in five years. What I’d like to see is a strengthening of our high-quality reputation in the international business arena, in terms of our engagement with business, public policy and society. I would like to see us more engaged in inter-disciplinary cooperation across the university, whether

that’s faculty research or academic programs. That’s certainly a plank in the university’s strategic platform. It’s a place where we have a lot of opportunities to develop strong partnerships with other schools in the university in ways that will make a difference for our students and for society. Our reputation is on an upward trajectory, both for the quality of the research the faculty is doing and the strength of our programs. I want to see that trajectory continue and build on that solid reputation. We want to continue to hire great faculty and support the faculty we have to continue doing exceptional work in research and in the classroom. And life beyond work? What do you like to do during your downtime? Until quite recently, our main outside interest was raising our daughter. We spent many hours watching volleyball tournaments and driving her to practice all over southern California. We loved it and wouldn’t trade the experience for anything! I love to read — the latest business books, historical fiction and international intrigue novels. I travel a lot, so I try to read on the plane as much as possible. As former college athletes, my husband and I both love college sports. We look forward to getting engaged and supporting GW athletics. We also love to get into the outdoors and hike. Most of all, I love spending time with my family. Whenever I have the chance, I really want to spend my downtime with my family Is there anything you’d like to add? I’m thrilled to be at GWSB and excited about the opportunity we have to work together as a community. It is appropriate that I arrived just as the university launched the public phase of our Making History capital campaign, as a large part of my role as dean is fostering connections and encouraging philanthropy. Through our alumni, parents, trusted partners, sponsoring companies and foundations, we have the resources necessary to not just sustain, but also expand upon the strong, solid foundation we already have. GW

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Features

George Washington:

Entrepreneurial Leader

By Ayman El Tarabishy

Executive Director, International Council for Small Business Associate Teaching Professor of Management

and Marshall Sashkin

Professor Emeritus GW School of Education and Human Development

n area that has excited much interest in both business and business schools is the intersection of leadership and entrepreneurship. The last quarter of the 20th century saw an explosion of research and research-based practice in these areas, but only in the present century have they come together to form a newâ&#x20AC;&#x201D;and relevantâ&#x20AC;&#x201D;focus for both research and practice. In the last century considerable progress was made in understanding the nature of leadership, as based in the person of the leader, in the skills he or she could display and in the nature of the organization in which leadership was exercised. Similarly, an explosion of research on entrepreneurship led to a better understanding of the nature of entrepreneurial activity, which involves innovation, risk and marketing, as well as certain characteristics of entrepreneurs.

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Marshall Sashkin

Leaders are characterized by self-confidence, but this is not necessarily an inborn trait

cause-effect relationships and how to link actions to outcomes. Effective leaders’ most important skill is that of communication. They are, however, not just good communicators, they express themselves so that others see that the leader’s words are followed by consistent actions, resulting in followers’ trust. Finally, the leader’s understanding of how to make things happen, of the actions needed to achieve desired results, is applied to the team, the firm or the state as a “vision.” Leaders’ communication skill is critical here, as is followers’ trust in the leader. But the most important factor for turning a vision into results is an understanding of cause-effect relationships—the basis for self-confidence.

Washington the Leader Ayman El Tarabishy

Recent biographies of George Washington have identified ways in which the first U.S. president and the namesake of our university exhibited both great leadership and great entrepreneurship and how these two forces may combine.

What Is Leadership? Ask a hundred leadership scholars the question, “What is leadership?” and chances are you’ll get a hundred different answers. But underlying those answers is a common set of basic elements. Leadership involves the leader’s personal character. It relies on certain skills. And its focus is a “system,” be it a team, an organization or a nation. Leaders are characterized by self-confidence, but this is not necessarily an inborn trait. More often it is learned at an early age, as future leaders engage in actions that result in positive results and come to understand that they are capable of attaining their desired goals by means of their own behavior. More generally, leaders understand

A leader as renowned as Dwight Eisenhower is reputed to have said that leadership is about getting others to do what you want while thinking they are doing so because they want to. But in action, as both general of the army and chief executive of the nation, Eisenhower knew full well that effective leadership empowers followers to act to achieve shared goals. But our focus is the example set by Washington. There is little argument that Washington was an extraordinarily effective leader, both as commanding general of the Continental Army and as our first president. His biographers and contemporaries have observed that his self-confidence played an important part in his success as a leader. Self-confidence is, however, rarely a natural characteristic. It has to be learned. Washington was fortunate in his work as a surveyor at the age of 16. He was able to develop and apply practical skills and receive positive judgments from his employers, a crucial step in developing the self-confidence that would serve him well in later life. Both scholars and popular writers examining leadership note the importance of a second personal characteristic, typically labeled “vision.” Washington’s contemporaries noted his long-term outlook, which is a

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Features

Leaders are characterized by self-confidence, but this is not necessarily an inborn trait.

key element of vision. A leader’s vision is not simply the image of a desirable future or goal. Rather, vision consists of the ability to understand how to get to that future, through a series of step-by-step actions over time. Most of us can think through actions and outcomes over the short run—days and, perhaps, weeks. Leaders look at sequences of actions over months and even years. Certainly that is true of Washington as a military leader. He was not simply looking at how to provision his freezing and starving troops so as to survive the harsh winter of 1777 in Valley Forge. He was, even then, working on the strategy that would defeat Cornwallis at Yorktown in 1781.

What Is Entrepreneurship? Entrepreneurship is not a new development. In the 16th century, as England moved from feudalism to a market economy, Richard Cantillon wrote what seems to be the first modern treatise on macroeconomics. In that work he describes what he called “undertakers.” By that he meant not individuals who deal with deceased persons but those who undertake new—and often previously unknown—ventures. Such a person might, for example, establish a laundry, offering to clean others’ clothing for a price in contrast to the social norm of doing one’s own laundry. But this innovative undertaker, this entrepreneur, need not be the inventor of a new service or product. Rather, the entrepreneur carries an innovation to market, after assessing the risk of failure and concluding that such risk would not be so great as to outweigh the potential rewards of success. Successful entrepreneurs find (or, sometimes, create) innovations that they assess as worth the risk involved in bringing them to the market. They must, then, have a good understanding of markets as well as be good at assessing risk. Innovation, risk assessment and marketing are, then, the key elements of entrepreneurship.

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Washington as Entrepreneur In private life, before the American Revolution, Washington was a well-to-do planter with a large estate, in part the result of inheritance and in part the result of his marriage to Martha Custis, a wealthy widow. Tobacco, an innovative crop of the New World, had a good market in England. However, in his career as tobacco plantation manager Washington found it difficult to turn a profit, given strong competition. Owning and running a tobacco plantation gave him socially desirable status, but Washington assessed the economic risk involved and concluded that he was more likely to prosper as a farmer—an occupation of clearly lower status. Therefore, he changed the focus of his plantation from raising tobacco to raising food crops—a profitable decision, as it turned out. Washington’s innovation was to move his plantation from unprofitable tobacco-growing to profitable farming, an innovation in organizational focus rather than specific product. Americans are generally most familiar with Washington’s role as a military leader and a national leader. We are less aware of his key role as one of the founders of our constitutional republic. Washington had a major role in setting up the constitutional convention. He worked tirelessly behind the scenes to ensure that the major players in each state were committed to attending. And he worked just as hard as president of the convention to create the first constitutional republic in history. But it was not Washington “on his own” who constructed either the constitution or this new form of government. What he did was to facilitate rather than to invent.

In his role as president, however, Washington became very much of an entrepreneur. As leader of the first constitutional republic, he undertook to carry this innovation into the “marketplace” of nations. Today there are no more than a dozen or so constitutional republics, none nearly as old as the one Washington helped create and led into existence. One factor may be the culture that Washington created within this new system of government. As mentioned earlier, leadership involves action within a system, be it a team, a business (such as running a plantation) or a nation. An obvious example at the nation-level is Washington’s refusal to become “president for life” and his modeling of the two-term limit, which held for well over a hundred years and then was written into the constitution itself.

In Sum… A closer look at his life demonstrates that George Washington was not only a great leader but was an entrepreneurial leader. GW University is committed to providing an environment where knowledge is created and acquired and where creative endeavors seek to enrich the experiences of the global society. It’s clear that 21st century challenges will call for effective entrepreneurial leaders, just as the 18th century called for leaders like George Washington. More than ever, the George Washington University, through its development of entrepreneurial leaders, is “at the center of it all.” WG The authors thank GWSB Department of Management Chairman Paul Swiercz for the stimulating conversations on George Washington.

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Features

BANKER, SOLDIER, Professor William Handorf influences generations of students

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, SCHOLAR

here’s no secret to Professor of Finance William Handorf’s effectiveness as an academic. He simply loves teaching. And his ability to make complex financial concepts understandable has contributed to the School of Business’s strong reputation in finance and earned the professor a dedicated fan club among former students. Dr. Handorf describes teaching as the most important thing in his life after his family. After nearly four decades at the George Washington University School of Business, he not only continues to prepare meticulously for each class but he provides his students with an understanding of finance that extends beyond the textbooks and into the real world. By Mary A. Dempsey Photography Julie Ann Woodford

“I update my presentation each semester, and I try to relate financial concepts and theory to what is occurring in the market on each day of the class. That’s why I use the Wall Street Journal as a source for test questions,” Dr. Handorf said. “I tend to be a ‘real-life’ professor, encouraging students to see how markets react to economics, politics and even the weather.” Steven Ross, BBA ’81, found himself in a finance class during Dr. Handorf’s first years on the faculty. Mr. Ross, the senior vice president of RBC Wealth Management, said the class made finance seem relevant and interesting. Even more, Dr. Handorf made students want to learn. “You always came to his class prepared, not because of fear but because of respect for him,” said Mr. Ross, who sits on the GW Board of Trustees and the GWSB Board of Advisors. “My life changed because of him and so did the lives of my classmates.” So powerful was Dr. Handorf’s influence that Mr. Ross funded the William B. Handorf MBA Scholarship in his honor. And he wasn’t the only student deeply affected by Dr. Handorf’s teaching. Alexander Greene, BBA ’80,

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“You always came to his class prepared, not because of fear but because of respect for him”

who is a former managing partner and head of U.S. private equity at Brookfield Asset Management, said Dr. Handorf “took an interest in me and is one of the people I can say made a real difference in my life.” Mr. Greene, too, has directed his philanthropy to a scholarship honoring his former professor. The William C. Handorf Veteran Scholarship provides support for students with military backgrounds. Mr. Greene had a full plate while enrolled at GW, holding down a job while studying and also serving as president of the Finance and Investment Club, which Dr. Handorf advised. The professor nominated Mr. Greene for a Wall Street Journal Student Achievement Award. “I appreciated his recognition that I had worked very hard academically,” Mr. Greene said, adding that his decision to fund a scholarship came after some reflection about “the doors that were opened for me along the way.” He recalled Dr. Handorf as a thoughtful and committed professor. “I was aware he had a distinguished military background and when I asked what he would like a scholarship to accomplish, he said he was interested in supporting veterans,” Mr. Greene said. Dr. Handorf began his career as a banker in his hometown, Detroit, joining what was then the largest financial institution between New York and Chicago, the National Bank of Detroit. He had been in ROTC at the University of Michigan, where he received a BA and an MBA, and the Vietnam War triggered his obligation to serve in the military. He said the experience as a U.S. army lieutenant tapped the side of his personality that appreciated self-restraint and time management. Students today can

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see an example of that in the grading turnaround time for exams. “I always return exams and papers in one week. I have never failed that time discipline,” Dr. Handorf explained. “And I don’t use teaching assistants to grade. I do everything myself so I can assess how the students are progressing.” So disciplined is this professor that only once did he accept a cell-phone call in class, and that was after giving his students advance warning. The call let him know of the birth of his granddaughter. In the army, Dr. Handorf first worked as a research economist alongside PhDs at the Aberdeen Proving Ground, the Maryland facility where military ordnance is tested. Then he was sent to Vietnam as the executive officer of a support company. He was wounded during 1969 and returned stateside with a Purple Heart and a disability stipend. “In 1970, that stipend was enough for me and my wife to have a beer and a steak dinner,” he said, revealing the wry humor for which he’s known. After an assignment at Army Tank Automotive Command in Warren, Michigan, he left the military and completed a doctorate at Michigan State University. ROCK STAR PROFESSOR Professor of Finance George Jabbour has worked with Dr. Handorf for 27 years. “He is among the best teachers in the School of Business and has won several teaching awards,” said Dr. Jabbour, who directs GWSB’s Master of Science in Finance (MSF) Program. “He integrates global markets and business experience into the classroom. He has published several sole author articles on real estate and banking.” Dr. Handorf teaches a required MSF course, meaning his students do not get to select him. “But I know from his evaluations that the students love his style of teaching,” said Dr. Jabbour, who serves as GWSB’s associate dean for executive education. “He’s very well organized. He’s knowledgeable, efficient and helpful. And he’s very clear in his presentation.” Liesl Riddle, associate professor of international business, calls Dr. Handorf a “rock star teacher.”

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Please see page 36 for information on how you can support the William C. Handorf MBA Scholarship or the William C. Handorf Veteran Scholarship

“The students refer to him that way. He has a very gifted way of taking complex issues and breaking them down and making them accessible to students,” she said. “He’s very passionate about what he does. “And he loves teaching so much that he seeks out opportunities to teach,” she added, referring to his penchant for carrying a larger course load than other professors. Dr. Riddle said Dr. Handorf is also known for being a good sport, especially when students are involved. As evidence, she described a GWSB Follies performance a few years ago. “Bill and I were both in this skit as students,” she recalled. “He played the role of a student with a hangover who was unable to focus. He played the part extremely well, improvising around the script.” “I have no qualms about making a fool of myself,” said Dr. Handorf, adding that past Follies included songs that made reference to him. Phil Wirtz, professor of decision sciences and vice dean for programs and education, said Dr. Handorf’s credentials outside of academia have made him a tremendous asset to the school. Dr. Handorf is vice chairman of the Federal Home Loan Bank of Atlanta and served as chairman of the Baltimore Branch Board of Directors for the Federal Reserve Bank of Richmond. Aside from work as a regulator, he sits on corporate boards and has done extensive consulting work, particularly in Asia and South America. “He has an extraordinary past. I’m not sure his colleagues and students recognize just how big a deal he is outside of GW,” said Dr. Wirtz. “This is the kind of person you want on the faculty, someone who has considerable experience outside GW and can engage at the scholarly level but is able to transmit to students the real-life, hereand-now importance of what they are studying.” Colleagues pointed out that Dr. Handorf’s

interest in his students doesn’t stop at the classroom door. He encourages students to come speak with him after class and as many as 20 may routinely line up during his office hours. He taps his connections and experience in government and the regulatory arena to help students secure jobs and internships. And he maintains relationships with his students decades after they graduate. “When I find out about a job opportunity, I forward it to the Fowler Center,” Dr. Handorf said, referring to GWSB’s career services office. “Recently I was with a student from 20 years ago. He was from Deutsche Bank in New York. I asked him about interviewing some of our undergraduate students and asked Associate Dean of Undergraduate Programs Isabelle Bajeux-Besnainou to recommend a couple.” Dr. Handorf has seen the student body shift over time, including greater numbers of females in the graduate programs and interesting changes in international student enrollment. “The student body, both undergraduates and graduates, changes in tandem with the global economic status of countries,” he said. “Forty years ago we would have had many Japanese students. Then, as that country’s economy declined, we saw many Korean students. And we since have had many Chinese students.” At 70, Dr. Handorf isn’t talking about retirement but he has clear plans for what will happen once he does. He’s heading back to Michigan, closer to his two sons and to indulge his biggest secret: He is a fanatical follower of the University of Michigan Wolverines. “I think people would be surprised to learn what a big Wolverine fan I am. Every Saturday, win or lose, I put up the Michigan flag,” said Dr. Handorf, who returns to Michigan annually with his wife. He has also picked out cemetery plots in Ann Arbor’s historic Forest Hills Cemetery, the final resting place of many prominent business leaders and academics in Michigan. He acknowledges that the cemetery is beautiful but he gets a chuckle out of another Forest Hills fact. “We have a plot about 20 yards from Bo Schembechler,” he said, referring to Michigan football’s coaching icon. GW

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By Srinivas Prasad

Associate Professor of Decision Sciences

and Refik Soyer

Professor of Decision Sciences

Business Analytics: Academic Challenges, Real-World Opportunities n the last several years, we have witnessed an explosive growth in the volume and variety of data available to organizations. The advent of “Big Data,” spurred by the connectivity of the web allowing access to disparate data sources and the growing sophistication of models and algorithms employing this data, has motivated organizations to ask the question: What can we do to maximize the business value of the increasing amounts of available data and make data-driven decisions? Indeed, several organizations have made a data-driven focus the cornerstone of everything they do, a strategy described as sustaining a competitive advantage through analytics. These include Dell, Amazon and Walmart in the supply chain function to reduce inventories and stockouts; Harrah’s, Capital One and Barclays in the areas of customer selection, loyalty and service; Progressive and Marriott in the pricing function; sports franchises such as the New England Patriots, Oakland A’s and the Boston Red Sox in the area of human capital (in what is now referred to as people analytics); and Honda and Intel in the product- and service-quality function. At Google, Netflix, Facebook and Zynga, data and analytics form the core of all aspects of their business.

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It is clear that analytics encompasses data-driven solutions to everything from operational questions to long-term strategic concerns, with solutions ranging from the fairly simple to the quite complex. The Institute for Operations Research and Management Science (INFORMS) offers a concise definition: Analytics facilitates realization of business objectives through reporting of data to analyze trends, creating predictive models for forecasting and optimizing business processes for enhanced performance.

This definition provides an organizing framework (shown in Figure 1) to assess the analytic capability of an organization in terms of the questions it is able to answer. These are often categorized in increasing order of complexity into descriptive, predictive and prescriptive analytics—suggesting different levels of analytical maturity through which an organization may evolve. GROWTH OF THE ANALYTICS MARKET Recent studies have shown that more and more organizations are realizing the value of analytics. For example, an IBM 2010 global CFO study revealed that analyticsdriven organizations had 33 percent more revenue growth, with 32 percent more return on capital invested. This growing value placed on analytics is creating a need in the marketplace for business leaders skilled in analytics. Analytics providers such as IBM are responding to these trends by investing heavily to improve their analytics capabilities. In the last seven to eight years, IBM has invested more than $14 billion in more than two dozen analytics-related acquisitions, opened eight new analytics centers worldwide—including one in Washington, D.C.,

competitive advantage

TYPES OF ANALYTICS

Figure 1

Stochastic optimization

How can we achieve the best outcome including the effects of variability?

Optimization

How can we achieve the best outcome?

Predictive modeling

What will happen next?

Forcasting

What if these trends continue?

Simulation

What could happen…?

Alerts

Predictive

What actions are needed?

Query/drill down

What exactly is the problem?

Ad hoc reporting

How many, how often, where?

Standard reporting

Prescriptive

Descriptive

What happened?

degree of complexity The methods and models used in each of these three categories draw from different disciplines, including statistics, operations research, computer science and information systems technology, to name a few. The applications, however, arise across all functional areas of business, and it is the decision-focused, applied orientation of analytics that distinguishes it from “data science,” another term often used in conjunction with “Big Data.”

...an IBM 2010 global CFO study revealed that analytics-driven organizations had 33 percent more revenue growth, with 32 percent more return on capital invested.

Based on: Competing on Analytics, Davenport and Harris, 2007

focused on analytics in government—and has assembled 7,000 analytics consultants with industry expertise. Other key providers, such as SAS, have also been making sizable investments. Further, the U.S. Bureau of Labor Statistics forecasts an increase in demand by 2018 in the following categories: statisticians (13 percent), operations research analysts (22 percent) and management analysts (24 percent). Fields such as marketing, health care and finance are expected to show a particularly strong need for analytics skills. These trends have drawn attention to the potential shortage of talent. A recent report by McKinsey on “Big Data” emphasizes that “by 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.” A practical understanding of analytics is key for 21st century jobs, and many schools have started creating masters programs or concentrations in analytics. In fact, just over the last couple of years, about 50 new programs in analytics/data science have been launched across the United States. Twenty-two of them are in business schools.

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The Institute for Operations Research and Management Science (INFORMS) offers a concise definition: Analytics facilitates realization of business objectives through reporting of data to analyze trends, creating predictive models for forecasting and optimizing business processes for enhanced performance.

GROWTH IN ANALYTICS PROGRAM

Figure 2

Number of Programs

30 25 20 15 10 5 0

2007 Total

2008

2009 Business

2010

2011

2012

2013

2014

2015* *projected

ANALYTICS AT GWSB At the GW School of Business, the faculty in the Department of Decision Sciences has been working on analytics offerings since 2010. Our efforts started with a series of discussions with IBM’s Analytics Solutions Center in Washington, D.C. (headed by GWSB alumnus Frank Stein, MBA ’85) to develop a better understanding of the rapidly evolving analytics landscape. We launched a concentration in analytics in 2011, while continuing to engage with several industry leaders and reviewing analytics programs at other universities. We held a joint symposium with IBM in the fall of 2011 on “Analytics and Srinivas Prasad the 21st Century MBA” that brought together analytics experts in a number of different domains. We continued our curriculum devel-

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opment work over spring and summer 2012 and designed a master’s degree program in business analytics. The curriculum is a distinctive blend of foundational courses in descriptive, predictive and prescriptive analytics (methods), elective courses in analytics applied to a specific functional area or an industry (applications), workshops in communication, team and project management (skills) and hands-on exposure to industry standard analytics tools and software (technology). The 33-credithour program is offered in a part-time, two-year format designed for the working professional or in an intensive 10-month format designed for the full-time student. Aimed at individuals with strong quantitative backgrounds, the two tracks are geared toward young professionals working in analytics who seek to develop their skills or recent graduates with strong analytical backgrounds who look to gain a competitive edge before entering the job market. PARTNERSHIPS We have developed partnerships with several organizations, many of which are represented on our program’s corporate advisory board, among them IBM, Deloitte, Elder Research, FinCEN, Catalist, PwC and American Airlines. We also have partnerships with analytics providers such as IBM and SAS through which students have access to state-of-the-art analytics tools. The partnerships have enabled us to identify practicum opportunities that allow our students to work on an industry-related project with the advisory partner firm or another firm or organization of their choosing. The practicum is a distinctive element of the program. It allows students to apply course work knowledge to reallife analytics settings. The practicums for the first cohort of the program included topics such as the “Walkability of Political Campaigns” (Catalist), “Marketing and Vendor Analysis” (Discovery Communications) and open-data projects related to D.C. real estate development and USAID that were mentored by GW alumni at Deloitte.

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A recent report by McKinsey on “Big Data” emphasizes that “by 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.”

OPPORTUNITIES The “Open Data” movement presents an opportunity for GWSB to take advantage of its location and partner with federal and D.C. government agencies as well as with the World Bank, International Finance Corporation and IBM’s Analytics Solutions Center. This effort ties in with the focus on governance and public policy in GW’s strategic plan. Our MS in business analytics program also provides an excellent way for GWSB to collaborate with other schools and departments within the university, supporting the interdisciplinary pillar of GW’s strategic plan. Through the Institute for Integrating Statistics in the Decision Sciences (I2SDS), directed by Refik Soyer, professor and chairman of the Department of Decision Sciences, we already have close relationships with the Department of Statistics in Columbian College of Arts and Sciences and the Department of Engineering Management in the School of Engineering and Applied Science, and we look forward to working with others. Analytics is increasingly important in a number of business disciplines including finance, marketing and operations, and it is already offered in many schools as an analytics concentration in a functional area (such as marketing analytics, supply chain analytics or financial analytics). A focus on analytics helps emphasize quantitative problem solving and analytical skills in core business areas and could play a role in the broader science-technology-engineering-and-mathematics academy initiative outlined in the university’s strategic plan. Our faculty is currently working on developing an undergraduate concentration in analytics. CHALLENGES As other universities develop analytics programs and invest substantial resources in them, it is important for GWSB to continue to improve its analytics offerings and elevate its reputation. Our strategy is to make our program truly distinctive by making it multidisciplinary, but practical, and relevant to all areas of business. To accom-

plish this will entail infusing analytics into all the core business areas so that students develop expertise not just in analytics but also in analytics applied to a function. Developing such courses will be challenging and will require coordination across departments and schools as well as commitment from faculty and administration. We look forward to working with colleagues in other departments at GWSB to develop course materials, including cases and data sets, and to involve them in our MS business analytics student practicums. GWSB also needs career services that emphasize the specific needs of the analytics marketplace. Our program’s corporate advisory board has been instrumental in providing career development and networking opportunities for our students. It has been a strong voice for business analytics efforts at GWSB. Our mission is to prepare students for successful careers helping organizations make better decisions through analytics. Our program addresses an increasingly critical need for graduates skilled in business analytics and supports GWSB’s vision of being recognized for innovative curricula. The program goals are to provide a deep foundation in various methodologies and technologies of analytics along with the necessary team and project skills to apply them in the real world. These aims align with the strategic goals of GWSB in that they aim to provide outstanding educational opportunities for students in degree programs built on strong conceptual foundations, responsive to their needs and able to provide experiential learning opportunities. GW

Refik Soyer

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Features

The Lasting Legacy of Phillip Grub

GWSB at the forefront of international business education

duardo Stern, MBA ’84, grew up in two countries— Mexico and the United States—and today directs a Florida real estate development company that markets to investors around the world. But as a student, he had no concept of international business. That is, until he met Phillip Grub. “I was at Georgetown [University] and a friend invited me to a George Washington event where Phil Grub was speaking about international business,” said Mr. Stern, managing director of Landstar Development Group and a member of the School of Business Board of Advisors. “It was my first exposure to the idea of international business.” So impressed was Mr. Stern by the presentation that he enrolled in GW’s MBA program while still at Georgetown.

By Mary A. Dempsey

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Mr. Stern is among the alumni who credit the late Dr. Grub, MBA ’60 and DBA ’64, for not only putting them on successful career tracks but for also positioning the George Washington University to be a leader in international business education. Dr. Grub did this by designing a pioneering program, recruiting talented faculty and creating a high-profile alumni network—long before anyone spoke of globalization. Dr. Grub, who died in 2008 at age 76, started the university’s first stand-alone international business program in the School of Government and Business Administration, a predecessor to the School of Business. Robert Weiner, chairman of the Department of International Business, said that act was a bold one. Even today few business schools have a separate department focused on international business. For GW, the move paid off. The international business program has consistently received high accolades. GWSB is known worldwide for international business; in its recent 2015 Best Colleges issues, U.S. News & World Report ranked it No. 10 in the nation. “Our success is a combination of getting a head start and also our location. We’re right next to the World Bank and the IMF and the Federal Reserve and the embassies,” said Dr. Weiner. Professor of International Marketing Fernando Robles joined GWSB in 1984 and worked closely with Dr. Grub for nearly a decade. He said his colleague saw international business as more than import and export operations. Dr. Grub planted the seeds of a movement that expanded the study of international business to encompass the management of international operations, foreign investment and the role of business in nation-building, especially for countries moving from commu-

nism to market-oriented economies. “Phil was a big person in terms of his personality and character. If he walked into a room, he commanded a presence,” said Dr. Robles. “And he was very knowledgeable, which is why he was so notable in his field, nationally and internationally. “This was a time when the discipline of international business wasn’t even recognized. Phil made GW visible in the academic world,” he said. Among other things, Dr. Grub was a fellow of the Academy of International Business and also served in the mid 1970s as its president. FORGING ALUMNI CONNECTIONS Dr. Grub did something else that was uncommon at the time. He built a strong alumni network. Today with social media and the Internet, it’s easy, but Phil Grub had to create a database with a fax machine and a copy machine—and he was working with a group that was dispersed worldwide. “He created a connection among our students, and he would publish an alumni directory every year. It was quite impressive, filled with the names of CEOs and even presidents of countries, all of whom looked at Phil as a mentor,” said Dr. Robles. Within that effort, Dr. Grub was instrumental in developing alumni chapters in Japan, Korea, Taiwan, Thailand, Indonesia, France and Germany. Din Merican, MBA ’70, said Dr. Grub changed his life. Mr. Merican was working at the Bank Negara Malaysia, his country’s central bank, when a senior colleague who received a PhD in economics from GW encouraged him to pursue a graduate degree in business. “He said I would get a good education at GW because it is located in the nation’s capital. Both the World Bank and the International Monetary Fund were in the neighborhood and the White House was only a few blocks away,” Mr. Merican said. “I was also told by my friends at the U.S. Embassy in Malaysia that I would enjoy Washington because it

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Features

The Consulting Abroad Program and other international study programs bring GWSB students to every corner of the world

India

Argentina was an exciting place, a very international city.” That central bank colleague, Rais Saniman, made introductions to Dr. Grub, who guided Mr. Merican through the admission process. “I had not met Dr. Grub but when I came to Washington, he received me…with warmth and we became friends,” Mr. Merican said. “He made me feel at home from Day One and guided me in my studies. And he introduced me to a lot of his students—from France,

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Ireland, Korea, Iran, the United States—and his academic colleagues and his business associates.” Dr. Grub’s students said cross-cultural understanding was an important part of his vision, and they speak fondly of dinners and regular get-togethers he organized, not only with fellow students and other faculty members but also with his colleagues and friends from international development agencies, the World Bank and the IMF. Henry Yu, MBA ’93, has powerful memories of a traditional Thanksgiving dinner—complete with an oversized turkey—to which Dr. Grub invited eight or 10 students from China, Indonesia and Thailand. “He cared about the international students,” said Mr. Yu, adding that Dr. Grub helped prepare him for his first professional job identifying Chinese investment projects for a brokerage house in Stanford, Connecticut. In 1990, Mr. Yu was studying at Emporia State University in Kansas. It was a time when Chinese families like his could not afford the tuition at U.S. universities, so he worked during the summer and on vacations to stay in school. A family friend who graduated from GW encouraged him to meet Dr. Grub. “I flew from Kansas to D.C. in the summer of 1990 and had lunch with Dr. Grub. I was nervous but he was very nice as he asked me questions,” Mr. Yu recalled. “I think that what impressed him was how I supported myself in the United States, sometimes working two jobs, while keeping up with my academic work. “I think he was also impressed to learn that I had organized students and was the chairman of the Chinese Student Association at Emporia State University,” he added. Mr. Yu not only was accepted into the graduate business program, but he received a scholarship to make move possible. He said the GW program gave him exposure to international business in a way that would have not been possible at Emporia State. In 1995 Mr. Yu returned to China, where he owns two entrepreneurial companies. One is focused on health care management and the other is an environmental protection business. He said he has tapped the international business lessons he took from Dr. Grub for both operations. “Children’s Hospital of Philadelphia just entered its

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Today with social media and the Internet, it’s easy, but Phil Grub had to create a database with a fax machine and a copy machine—and he was working with a group that was dispersed worldwide.

first joint venture in Beijing and my management firm initiated the deal,” he said. “We’re also working with Mount Sinai Hospital in Manhattan. We run a major program to train hospital administrators. Inova Health System in Virginia does some of the teaching.” Mr. Stern concurred that the cross-cultural awareness forged by Dr. Grub was instrumental in his career. “Phil Grub basically had the ability to put together a group of international students that he felt were going to be successful in the future because of their background and international exposure,” Mr. Stern said. “He mentored these students personally. I was lucky enough to be one of them.” Mr. Stern said Dr. Grub counseled the students on the courses they should take, introduced them to resources at the university and hosted social events that forged friendships. He urged them to reach out to newly arriving students from abroad, spent a lot of time talking to them about international business and “even got jobs for a few of us.” ADDING DEPTH AND BREADTH Today international business knowledge is such a core part of GWSB programs that Global MBA students are required to undertake consulting projects in other countries. Study abroad and foreign exchange programs are common, international students are welcomed on campus and innovative cross-border programs have appeared, such as the Master’s in Finance degree for Chinese students, jointly offered by GWSB and Renmin University of China International College. GWSB’s Global and Experiential Education Office provides services and supports for students seeking these international experiences. Many of the ideas championed by Dr. Grub are an integral part of both the School of Business and the

China

university as a whole. Indeed, “globalization” is one of the four themes spotlighted in the university’s strategic plan, Vision 2021.

GWSB’s reputation in this arena did not go unnoticed when Linda Livingstone accepted the position of dean. “I was impressed by the international focus of the school,” she said. “The mix of domestic and international students makes us really representative of the world and

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Features

Mary A. Dempsey

Please see page 36 for information on how you can support the Phillip D.Grub Professorial Fellowship or contribute to the creation of a fully endowed professorship in Dr. Grub’s honor.

Argentina

brings different perspectives to the classroom, allowing students to learn from one another. “The experience we provide students to study abroad and to engage some of the international organizations here in D.C.—whether it’s the World Bank or the IMF or some of the leading NGOs in the world—is also key to GWSB’s well-deserved reputation as a truly international academic institution,” she added. Dr. Grub’s career took him around the globe. He was named the Aryamehr Chair in Multinational Management, established by the late Shah of Iran in 1974. He served as honorary professor at the University of International Business and Economics in Beijing. He also held numerous visiting professorships in the United States, Europe and Asia. Nowadays, reputation in the international business field entails attracting top scholars. The Phillip D. Grub Professorial Fellowship in International Business was created by gifts from alumni and corporations when Dr. Grub retired from the GWSB faculty in 1994. GWSB hopes to secure additional funds to establish a fully endowed professorship in honor of Dr. Grub. Anupama Phene has been the Phillip Grub Professorial Fellow since 2008. Like Dr. Grub, she is beloved by her students, who nominated her for the Trachtenberg teaching prize for best instructor at the university. She

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won last year, the second winner from the business school in the prize’s 25-year history. Dr. Phene said the fellowship has allowed her to pursue research that explores innovation, knowledge transfer and the success of international firms. One of her studies evaluated whether countries embedded in an intergovernmental organizational network are more successful at innovation. Another examined whether a firm’s innovation benefits if an overseas R&D network is aligned with science strengths in a home country. And another of her projects looks at subsidiaries of large multinational firms to see what stimuli they respond to around new technology development. Most recently she has looked at how firms are organized and whether the geographic location of their R&D divisions affects innovation. “The culture of R&D is different in different countries,” said Dr. Phene, who teaches international business at GWSB. “If you want your R&D to be successful, you have to embed your R&D in the countries where you are operating.” There are several elements of that research that no doubt would have appealed to Dr. Grub, not least of all the element of international collaboration. Dr. Phene worked with a colleague in Singapore on her most recent project. Dr. Grub advised heads of state and used his sabbaticals to help the private sector and foreign governments on economic development and foreign investment issues. He was credited with introducing South Korean construction firms to markets in Iran, with turning around the first joint venture bank in Vietnam and with taking the first billion-dollar investment into China. Din Merican said he was deeply saddened when he learned of Dr. Grub’s death. “It was my privilege and distinct honor that he agreed to be my academic adviser, my professor and my mentor. He was a visionary man and believed in free market competition and was optimistic about U.S. multinationals. “He was a global man, long before globalization,” Mr. Merican added. GW

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Alumni Profile

MUSTAFA V. KOÇ

NAME:

Mustafa V. Koç DEGREE:

GWSB BBA ’84 CURRENT POSTION:

HOW GWSB HELPED LEAD TO YOUR CAREER:

Chairman, Koç Holding A.S.

In a large sense, the education you receive shapes how you engage, interpret and act in the world around you. The life experiences that you undergo during your undergraduate education contribute greatly to the development of your character, ultimately preparing you to deal with life’s twists and turns. My years at GWSB helped me build a visionary approach, independence of thought and pursuit of excellence that I brought to my work, as well as to my personal life.

FIRST JOB:

Sales and consultancy roles at Koç Group subsidiaries BIGGEST CHALLENGES:

Being chairman of a group with a wide range of industries in its business portfolio, which also constitutes an essential part of the Turkish economy and involves active engagement and management. Clearly, Turkey is based in a very dynamic part of the world, offering lots of opportunities as well as risks. Furthermore, in line with our growing business, I have to lead a growing network of international partnerships, investments, businesses and people from all around the world, in the U.S., Europe, the Middle East and Africa.

GOALS:

My personal goal is to successfully steer the Koç Group to a more global future, building a more globalized business, technology and brand portfolio. FAVORITE BOOK:

The Amateur by Edward Klein BEST B-SCHOOL MEMORY:

The taste of champagne after the last final exam before graduation.

PERSONAL:

I am a passionate golfer. I also love photography, model planes and diving.

https://www.youtube.com/ watch?v=0bEFUP1KJmE&feature=share

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Features

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CONSUMER EXPERIENCE

in the ‘Internet of Things' By Donna L. Hoffman

Professor of Marketing, Louis Rosenfeld Distinguished Scholar

and Thomas P. Novak

Professor Marketing, Denit Trust Distinguished Scholar

he way people interact with each other—and with the everyday objects and products in their lives—is evolving, with enormous implications for the future of marketing and business. In the pre-Web era, people either interacted with each other directly, face to face, or their interactions were mediated by simple technologies like the telephone or the postal service. By the “Web 1.0” world of the 1990s, these interactions were electronically mediated by smarter computer-based applications like email and discussion boards. During the “Web 2.0” phase, which started around 2004, interactions were mediated through even smarter social media applications like Facebook, Twitter and YouTube.

Now, in 2014, we are entering what we call a “post-social phase” with even smarter applications. People’s interactions are becoming focused more on these applications themselves and less on interactions with other people. Google Now is a good example. Google Now is a smart assistant that users can activate on their smartphones or through the Google Chrome browser. It seeks to give users the “right information at just the right time.” Through the use of what Google calls “cards,” information is collected about a person’s location, what that person has searched for, his or her calendar entries and so on. Google Now organizes the information it thinks a person needs (as he or she uses a phone), without the user having to explicitly search for it. In the first decade of Web 1.0, people used Google search (we can call this Google 1.0) to ask Google for information. In the second decade of Web 2.0, the social network Google Plus (let’s call it Google 2.0) allowed us to ask our friends for information. Now, in the decade of

Web 3.0, Google Now (the equivalent of Google 3.0) give us answers even before we ask the questions. Where is this heading? Right into what is known as the “Internet of Things” (IoT). We are especially interested in the subset of the IoT that we call the “consumer IoT”—everyday products that have the ability to interact and communicate with themselves, other products and people thanks to embedded technology and the ability to wirelessly connect with the Internet. These smart products have interfaces that allow humans to directly engage with them but, at the same time, these products are always on and constantly monitoring their internal state and their environment. That means they can operate autonomously. One of the things we are exploring in our lab at the Center for the Connected Consumer is the implication of consumer experience when smart objects are connected to each other and other humans through the Internet and associated databases.

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Features

We think there is no question that the Internet of Things is going to be very important to the global economy. According to the Gartner Group, manufacturing, health care and insurance are early industrial adopters. A recent forecast from International Data Corp. estimates the market size by 2020 at around $8.9 trillion, with 212 billion devices connected to the Internet, 30 billion of which will be autonomous. Intel projects 20 billion devices, while Cisco expects the market to hit $14.4 trillion by 2022, encompassing more than 50 billion devices. Regardless of which forecast turns out to be exactly right, it’s clear that there will be many, many more things connected to the Internet than people. And in just a few short years, many of those things will be autonomous. The implications for marketers are enormous. One immediate implication is the need to pay close attention to the evolution of content because sensors, actuators and network connectivity are redefining content. Consider that current digital content involves blog posts, status updates, photo uploads, tweets, videos, purchase clicks, navigational patterns, etc. When we think of digital content, we tend to think of user-generated content that is directly created by people’s activities as they interact with computers or mobile devices. This kind of content primarily involves things that happen online. It is the type of content with which marketers and advertisers are very comfortable. But the IoT is capturing people’s behaviors as they move about in the real world and the behaviors and state of smart things that people own. This new content isn’t the sort of thing marketers usually think of when they try to understand consumer behavior. After 10 years of social media, marketers know how to work with user-generated content like status updates, Instagram pictures and tweets. But now we can know whether a door in your home is open, if your child has come home from school, which lights are on or off in your house, whether your plants need to be watered and literally hundreds of other behaviors and settings.

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Sensors embedded in products can measure digital or precise analog values of hundreds of different things, from location and motion, to moisture, speed and the beating of our hearts. Embedded actuators can produce actions or changes in settings, from turning off a light, sounding a buzzer, changing a radio station or logging activity to a spreadsheet. Add Internet connectivity to this and we have a revolutionary recipe for integrating the digital and physical worlds in ways previously unimaginable. But marketers don’t yet have even the vocabulary to discuss what this means for understanding consumer behavior. Smart products for the home have led to a few different visions of where things are heading. One vision of the smart home gives a consumer access to the ultimate remote control. Consumers can control and monitor their thermostats remotely, receive notifications when windows and doors are open, automatically lock and unlock their doors, play their favorite music through connected speakers when they walk through the front door every night, start brewing the coffee while they are still lying in bed and be notified when it’s time to feed the dog. But this is a pretty limited view of what the smart home can be. Manufacturers like Qualcomm are working on more elaborate visions where the smart home becomes a partner in life, not just a device to be controlled remotely. For example, suppose a child is watching TV in her room when she is supposed to be asleep. Her parents might receive a notification on their smartphone, and the home would then by itself direct a smart teddy bear to tell the child to go to sleep, dim the lights, play a lullaby and, of course, turn off the TV.

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Wearables—what Intel defines as “attached, embedded or worn on the body”—are a second important category of smart products. According to Wearable World, the global market for wearables was estimated at $5 billion in 2013 and forecasted to grow to $30.2 billion by 2018. However, the category has been slow to take off, probably because the products are chunky, clunky, have narrow and limited functionality and feature poor interfaces. For example, the churn rate for fitness trackers is around 30 percent. According to a recent Endeavor Partners study, about one in 10 Americans owns a fitness tracker, but half never even use it. This suggests the value proposition still has a way to go, although newer wearables, such as the Apple Watch and a number of others likely to debut in early 2015 promise to be more interesting. At the same time, categories of wearables are expanding rapidly. The most prominent forms are smart bands, watches, glasses, jewelry, clothing and headgear. Entrepreneurs are hoping that consumers take to smart products that promise to simplify the tasks of daily living, provide new forms of entertainment and empower and motivate people to take charge of their health and fitness. We think the Apple Watch—set to be introduced next year—is a pretty good example of what consumers can expect in the wearable category of the IoT over the next few years. The Apple Watch will understand who you are (authenticated via skin contact), where you are (via the iPhone’s GPS), what you are doing (via gyroscope, accelerometer and apps) and even how you are feeling (via body monitoring technologies). It will literally be able to touch you in a way that only you are aware of, making it the most personal and powerful computer ever. It will understand more about your context and how to meet your needs than any computer before it. Just as the technology of the Web enabled Facebook to surface as a standard for how people interact with each other, wearable technology will allow the emergence

International Data Corp. estimates the market size by 2020 at around $8.9 trillion, with 212 billion devices connected to the Internet, 30 billion of which will be autonomous. Intel projects 20 billion devices, while Cisco expects the market to hit $14.4 trillion by 2022, encompassing more than 50 billion devices.

of apps based on entirely new modes of interpersonal communication. One of these wearable-inspired apps might become so popular that Facebook will recede to the shadows. Many in the industry believe that the IoT will be more important than the Internet. With Intel’s tiny Edison computer—the size of an SD card—powerful computers are getting so small that soon they will be in just about everything. That said, consumer adoption of smart products will depend on ease of use. Right now, products for the smart home are a confusing and expensive array of hubs and sensors that rarely inter-operate and have yet to see mainstream consumer adoption. Consumers are struggling to understand the clear benefits of spending incremental dollars on products that are smart versions of things they already do now. And significant barriers remain to be addressed, particularly data privacy and security. The Internet of Things represents a post-social phase of the Internet where the connections among smart objects and people present new opportunities for marketers. The challenge for marketers will be to figure out how to connect the dots between smart products, people and the places they inhabit. It is very difficult to predict how the consumer Internet of Things will play out over the next few years. However, it makes sense for marketers to think now about how their brands’ digital selves and physical selves are likely to merge in a world where the potential exists for almost every object and person to be connected to every other object and person. GW

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Features

Putting Social Media to Work

Using LinkedIn, Facebook and Twitter in Career Management

By Joel Renner

Manager, Digital Strategy & Career Systems F. David Fowler Career Center

Joel Renner

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ocial media are a part of our everyday lives, from the Facebook updates from our families and friends to the latest tweet from our favorite journalist or celebrity. For current students, alumni or anyone else who may one day make a career move, social media can—and undoubtedly will—also play a key role in job searches. Social media can be a powerful tool for managing and meeting career goals.

At the F. David Fowler Career Center (FDFCC), we are bridging the knowledge gap to help students understand the difference between using social media for personal interactions and using it to help facilitate successful, fulfilling careers. We are coaching students on how to achieve their career goals through the use of LinkedIn, Facebook and Twitter. Our staff works with both undergraduate and graduate students to help them gain a better understanding of their unique personal brands, both online and in person. When advising students on their social media profiles, we are not talking about rigid “cookie-cutter” templates that take away all semblance of personality. On the contrary, infusing one’s personality both inside and outside of the workplace into social media profiles helps recruiters gain insight into skills and experience—insight that might otherwise be difficult to glean from a resume. A carefully crafted social media presence can also help a recruiter decide if an individual would be a strong fit with a company’s culture, one of the most important criteria for recruiting recent graduates. Facebook “f ” Logo

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The importance of social media in the job search has grown immensely over the past few years. Since 2012, surveys by Bullhorn and Jobvite have reported that 98 percent of recruiters use some form of social media in their recruiting. LinkedIn is far and away the favorite social media platform, with more than 90 percent of recruiters reporting that they use LinkedIn. This has created an opportunity: Proactive business school students and alumni can enhance their chances for a successful job search by giving more information to recruiters, while at the same time targeting new network connections that can help them achieve their career goals. The targeted connections made through social networks can lead to larger and more effective personal business networks than previously possible, making it much easier to obtain a job referral. It is almost a given that someone will look at your LinkedIn profile if he or she has met you, reviewed your resume or just heard about you. Whether you are actively seeking a career move or not, your LinkedIn profile is generally the first stop for anyone considering you for CMYK / .ai

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a position or wanting to learn more about you. Because of this, it is important to employ a touch of caution when using these tools—always keeping in mind your “brand” or the image you are sharing. As we studied this growing trend, the FDFCC created specific programs to help GWSB students at every level. We have workshops on personal branding and social media at both the undergraduate and graduate levels, beginning with freshman through the First Year Development Program. We stress the importance of LinkedIn and the basics of developing a strong online presence. The presentations for our undergraduate students are given by our Fowler Student Program Coordinators, a group of GWSB juniors and seniors trained to help their peers with their professional development. They also give a more advanced presentation on LinkedIn and networking through social media in the second piece of our undergraduate career management curriculum, the Career Management Strategy course. In this course, undergraduate students are taken through our Career Management Cycle, including a section on social media. For our MBA students, an online Career Roadmap course is available before they even get to campus. It includes information on personal branding and using social media for their careers. Once at GWSB, we have in-person course offerings designed to enhance the students’ LinkedIn profiles, expand their networks and help them research companies through various social media networks. The FDFCC holds monthly social media workshops and/or webinars for graduate students and offers personal office appointments for students seeking help with the tricky questions that can arise when using social media. All the FDFCC’s social media programs are designed to help students make connections that can lead to meaningful career opportunities and to provide information necessary to impress employers. By using the LinkedIn “Find Alumni” tool, students can identify GW alumni at organizations that interest them. Alumni can help the students understand the skills that those companies are seeking. Frequent users of LinkedIn also receive lots of information and insight about specific positions and career opportunities. The largest social network in the world, Facebook, allows users to search for “a friend of a friend who works at [company name here],” providing leads nearly

impossible to find anywhere else. Once they have used the Facebook search bar, users can filter the results to find those people in their networks (and friends’ networks) with whom they have something in common, creating an instant ice-breaker for conversation. Additionally, creating a Twitter account to follow industry leaders and recruiters provides access to business intelligence that was previously only available to the most connected of people. GWSB alumni can help current students reach their career goals by connecting with them via LinkedIn—just add #GWSBProud to your profile summary so that it will be a searchable term for students. If you want to hear about some of the great things that are happening here at GWSB, be sure to search Twitter for #GWSBProud, and if you know of something that makes you #GWSBProud, please share it with us: @GWBusiness @GWSBfowler #GWSBProud. GW

#GWSBProud

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Development

Development Report

GW Making History Campaign

75M To make a gift online:

go.gwu.edu/give2gwsb

A Message from Mitch Blaser University Campaign Steering Committee Chairman GWSB Board of Advisors

he Campaign for GW, is an ambitious and comprehensive $1 billion philanthropic campaign to carry the University to the future outlined in Vision 2021, GWâ&#x20AC;&#x2122;s dynamic strategic plan. The talented students of GW will be able to capitalize on the Schoolâ&#x20AC;&#x2122;s unmatched location, faculty and relationships with influential organizations to produce historic achievements on a truly global scale. The School of Business has a $75 million goal for the campaign. Within the framework of the overall campaign, GWSB is uniquely poised to respond to challenges and opportunities at the intersection of business, government and society. We are offering a 21st-century business school education that meets the evolving needs of faculty and students.

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Our curriculum and vision also incorporate the three pillars of the George Washington Universityâ&#x20AC;&#x2122;s strategic plan: first, globalization and internationalism; second, social responsibility and sustainability; and third, the intersection of business and society, leveraging the inter-disciplinary cooperation across the University. This momentous campaign, which is carefully designed to support these goals, will advance GWSBâ&#x20AC;&#x2122;s ability to carve out a distinctive and highly recognized place among business schools.

We are making history. Please join us on this exciting journey. To realize the strategic execution of our vision, we have identified five priority areas for philanthropic giving and investment over a seven-year campaign period: GLOBAL INITIATIVES: BUILDING BRIDGES FOR INNOVATION, LEADERSHIP AND EDUCATIONAL EXCELLENCE

($25 M)

The GWSB Global Initiatives plan recasts traditional approaches to business education. Among its hallmarks are signature academic programs that apply business and

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To make a gift online: go.gwu.edu/give2gwsb

Total Campaign Raised $35,890,726 GWSB Campaign Goal $75 M

management knowledge in new and meaningful ways, dynamic channels for dialogue with a broad range of stakeholders and thought leaders within GW and throughout the international business community, and entrepreneurial partnerships that bring unusual depth and relevance to this new educational model. GWSB has established an academic partnership with a strategic anchor in Suzhou, a major city adjacent to Shanghai in eastern China. Suzhou is home to Renmin University of China-International College (RUC-IC) and the Suzhou Industrial Park (SIP), a modern undertaking that represents the largest cooperative project between China and Singapore.

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CENTERS OF EXCELLENCE AND INNOVATION

($20 M)

GWSB’s internationally recognized centers work on innovative research, scholarship and strategy. They put forth bold ideas and creative solutions as they turn theory into practice, provide a competitive edge and yield benefits to society as a whole. These centers of excellence and innovation, vital to the school’s reputation for research, will be the focal point for many of our development activities.

THE ACADEMIC ENTERPRISE AND THOUGHT LEADERSHIP

ADVANCED LEARNING INITIATIVES

($10 M)

Advanced Learning Initiatives strengthen the school and ensure that it meets the evolving needs of students and faculty. These initiatives range from funding for experiential programs for students to civic consulting partnerships, and from improvements in career services to more agile technological tools for our faculty and students. Our signature capstone projects give students the invaluable opportunity to bring theory together with practice as they assist organizations in tackling real-life challenges. The F. David Fowler Career Center cultivates life-long career management skills and builds partnerships among students, alumni, employers and faculty. We also must renew our technology to provide GWSB students with access to the newest tools for engaged learning, including expanded online and distance education options.

The delivery of a quality education is GWSB’s priority, and the school has Mitch Blaser much to celebrate. To continue to elevate University Campaign Steering Committee standards of excellence in teaching and Chairman, GWSB Board of Advisors research, we must recruit preeminent scholars and invest in our current top faculty. This will be accomplished by dedicating increased resources to endowed chairs and professorships. In addition, GWSB must build on existing department capabilities by increasing funding for faculty research and strengthening support systems for junior faculty. One of the most effective ways to do this is through professorial fellowships. Not only do these fellowships allow the school to recruit exceptional

mid-career faculty who, in turn, attract the most competitive students, but professorial fellowships help universities retain faculty who have shown a commitment to students. They also make the school more attractive to promising junior faculty.

($15 M)

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SCHOLARSHIPS

($5 M)

Since its founding in 1821, the George Washington University has been committed to making its education programs accessible to all students, and scholarship resources are part of the university’s comprehensive campaign goals. Scholarships and fellowships play an important role in creating a diverse and outstanding student body—a defining characteristic and strength of the GWSB community. The university provides up to $150 million annually in scholarships, activity awards and need-based awards for deserving students. Yet even with this level of assistance, some students still cannot afford tuition. The university’s Power & Promise Fund helps deserving undergraduate and graduate students achieve the dream of a GW education.

NOTABLE PHILANTHROPIC GIFTS TO THE SCHOOL OF BUSINESS IN FISCAL YEAR 2014 AVRAM TUCKER’S $750,000 PLEDGE TO THE GWSB DEAN’S FUND

GW Trustee and GWSB Dean’s Board of Advisors member Avram Tucker, BBA ’77, generously pledged $750,000 to the School of Business in support of the dean’s highest priorities as they relate to supporting faculty research. Mr. Tucker’s meaningful commitment to GWSB will provide current-use support for faculty research, a strategic GWSB funding priority within Making History: The Campaign for GW. This GWSB support comprised part of Mr. Tucker’s overarching $2 million pledge to GW that will also support the Buff and Blue Athletics Fund, the baseball program, and GW Law’s Government and Procurement Associate Dean Endowed Fund.

ANONYMOUS $300,000 GIFT IN SUPPORT OF THE SCHOOL OF BUSINESS DEAN’S FUND

This generous gift will support the dean’s highest strategic priorities. MARK SHENKMAN’S $2,000,000 PLEDGE IN SUPPORT OF THE F. DAVID FOWLER CAREER CENTER

GW Trustee and GWSB Dean’s Board of Advisors member Mark Shenkman, MBA ’67, and his wife Rosalind donated $2 million—as part of an overall $5 million transformational pledge supporting career services at GW—to the F. David Fowler Career Center at the School of Business. Mr. Shenkman’s generous pledge will enable the career center to provide services and resources to students, alumni, faculty and staff for strategic career planning and lifelong experiential learning. In recognition of these gifts, the GW Board of Trustees voted to permanently name the Ivory Tower residence hall on campus “Shenkman Hall.” BENJAMIN KANE GUPTA FELLOWS PROGRAM

With the generous support of donor Vinod Gupta, in 2014 GWSB and the U.S. Department of State’s Office of Global Partnerships launched the Benjamin Kane Gupta Fellows program, a unique fellowship opportunity for MBA students across the country to learn the art of creating private-public partnerships in order to engender prosperity on a global scale. The 2014 cohort comprised two outstanding inaugural fellows: Christopher Hartley, who focuses on development economics as an MBA student at Marshall University, and Jasmine Tirado, an MBA candidate studying international finance at the University of Maryland University College. The dedication, talent and enthusiasm of Mr. Hartley and Ms. Tirado made for a remarkable inaugural cohort, and we look forward to the continued momentum of this distinctive program. GW

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Alumni Relations Update Features

GWSB Alumni Make History.

How

will you leave your mark?

ith more than 53,000 graduates, the GW School of Business alumni network is an extensive, global community that contributes greatly to the overall success of GWSB. Alumni contribute their work, wealth and wisdom creating a powerful network and culture of philanthropy that benefit students and alumni alike. Alumni are actively helping GWSB evolve, expand and progress by keeping informed about news of the school, attending events, volunteering through a variety of programs and investing their financial contributions.

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Alumni Volunteers From July 1, 2013, to June 30, 2014, 365 alumni in six countries generously gave of their time and talents for a variety of activities and programs including MBA Institute, GWSB Career Treks, case competition judging, MBA roundtables, dinner with alumni mentoring programs, admissions fairs, orientation panels, speaking roles, Giving Tuesday and Lemonade Day D.C. In addition, 41 of those alumni volunteered through online programs. Gifts of time and wisdom are invaluable to building a strong GWSB alumni network and maintaining a culture of giving back for our students. We are already on track this year to grow our alumni volunteer involvement. If you are interested in becoming more engaged in the GWSB community online or in person, please complete our online volunteer form at: http://business.gwu.edu/ alumni/volunteer/.

For those already contributing work, wealth and wisdom to GWSB, thank you for all that you do. Your continued support of GWSB is the reason for our success and the foundation for our future endeavors.

MBA In-Action Roundtable The MBA In-Action Roundtable, now in its third year, continues to be a signature student-alumni event, providing our students the opportunity to interact with alumni business leaders from various industries. Alumni participants in this year’s MBA roundtables include Board of Advisors members Mark Levine, MBA ‘78, Justin C. Bakewell, MBA ’09, and Ed Barrientos, MBA ’90.

Alumni Weekend 2014 Overview Now in its eighth year, Alumni Weekend 2014 began with the Distinguished Alumni Achievement Awards where Gerry Lopez, BBA ’80, CEO of AMC Entertainment Inc., was honored along with five other GW graduates. (To read more, please visit: http://gwtoday. gwu.edu/gw-honors-six-alumniachievement-award.) GWSB-specific activities kicked off with a keynote address from Julie Monaco, ESIA BA ’85, managing director, global head Public Sector, Corporate and Investment Banking Division, Institutional Clients Group at Citi, at the 8th Annual Ramsey Student Investment Fund Conference.

Justin Bakewell, MBA ‘09, advises students at the MBA In-Action Roundtable.

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Features

Around the World with Dean Livingstone During Dean Linda Livingstone’s first 100 days at GWSB, she traveled across the country and around the world to meet with alumni and friends. She has been enjoying connecting with the community, hearing new ideas and enlisting help with Making History: The Campaign for GW. Her travels have taken her to Chicago, Houston, Florida, New York, San Francisco, London and China.

San Francisco—Fifth Annual GW Food and Wine Tasting Julie Monaco, BA ‘85, addresses the audience, at the Ramsey Student Investment Fund Conference.

The remainder of the Ramsey Conference featured stock pitches presented by alumni and friends of the fund, which was established in 2005 thanks to a $1 million gift from alumnus and former GW Board Chairman W. Russell Ramsey, BA ’81, and his wife, Norma. Alumni presenters included: • Evan Vanderveer, BBA ’09, Vanshap Capital. • Brian Katz, MBA ’06, CFA, managing member, Katz Capital Management. • Recent alumni Laura Schonfeld, MBA ’14, and Jonathan Keypour, MBA ’14.

On Friday evening, alumni enjoyed a performance by Rock and Roll Hall of Famers Hall & Oates. More than 125 guests came together at the GWSB pre-concert tailgate and reception to meet Dean Linda Livingstone. Michelle Harris, BBA ’89, MBA’90, GW School of Business representative on the GW Alumni Association Board of Directors, recognized the service of alumni volunteers at the event. It is never too early to start planning your trip back to Foggy Bottom. Mark your calendars for Alumni Weekend 2015, Sept. 24-27.

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The Fifth Annual GW Food and Wine Tasting was held in Healdsburg, California, at the Selby Winery’s tasting room, hosted by winemaker and owner Susie Selby, MBA ’84. Guests, including GW Board of Trustees member Art Wong, MD ‘67, and Dean Linda A. Livingstone, enjoyed tasting stations and food pairings for five different Selby wines. These included Ms. Selby’s 2013 Sonoma County Sauvignon Blanc, winner of the 2014 Sweepstakes White Wine at the Sonoma County Harvest Fair, and her 2012 Russian River Valley Chardonnay, which has become a favorite at the White House.

GW Makes History in New York, Philadelphia and Miami Nearly 500 George Washington University alumni, trustees, parents and friends gathered on the evening of Oct. 28, 2014 to celebrate Making History: The Campaign for GW. The first of several celebrations that take the campaign on the road over the coming year, the event brought together the GW community in New York to greet old friends and forge new connections, and to learn more about the ambitious $1 billion philanthropic endeavor that will take the George Washington University into its third century.

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Gifts of time and wisdom are invaluable to building a strong GWSB alumni network and maintaining a culture of giving back for our students.

Three of the university’s outstanding citizen-leaders offered testimonials that illustrated how their GW experiences are enabling them to make history, including Dean’s Board of Advisors member, Jonathan Hochberg, BBA ’85. Similar events were hosted in Philadelphia and Miami. For more information on Making History, visit campaign.gwu.edu.

Career Trek Fall 2014 This year the MBA and Undergraduate GWSB Networking Trek to New York took place on Oct. 23 and 24. Since 1998, students in the undergraduate business program have taken an annual career trip to New York. The trip is an important opportunity for students to conduct company visits and network toward internships and jobs.

A student committee, led by chairs in finance, marketing, consulting, sports management and real estate, and with the help of staff and alumni volunteers, secures the site visits, arranges for transportation, manages the budget, communicates with students and alumni, and coordinates pre-trip activities. The trip is open to sophomores, juniors and seniors in the school. Since 2004, finance, marketing and consulting students in the MBA program have led a similar trip to New York. Just as with the undergraduate trip, the students are responsible for organizing the logistics and setting up the site visits. The F. David Fowler Career Center is an active partner in the trips, presenting information sessions to brief students on the organizations they will visit and help them prepare to make lasting connections. GW

Jonathan Hochberg, BBA ‘85, addresses the attendees of the New York Making History campaign launch event.

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Features

Alumni and company hosts shared an overview of what it is like to work at their firms, provided professional advice and swapped stories with the students about their GW experiences.

Deep Focus Ian Schafer, BBA ’97

Major League Baseball Players Association Mickey Shupin, ESIA BA ’06; MTA ’08

Dentsu Aegis Network A special thank you to this year’s alumni and company hosts:

Analisa Cortez

Michael Kors Siddharth Dugar, MBA ’13

Deutsch Bank Access Communications Brian Regan

Felicia Geiger William Healy, BBA ’86

Ackman-Ziff

ED&F Man Capital Markets

Gerald S. Cohen

Thomas L. di Galoma, MBA ’85, Parent

Morgan Stanley Jim Flaum, Parent Lori Krikorian 1984-1988 (D.C. consortium)

NFL Agent AMEX

Empire State Realty Trust

Joel Segal, CCAS BA ’86

Cam Johnson, BBA ’04

Keith A. Cody Billy Cohen Fred Posniak

National Football League

Gallup

NY Life

Deann Wootton

John M. Boccio Adriana De-Riva, ESIA BA ’04 Kari Welch Desai, MBA ’11

AvalonBay Communities

Brett Diamond, BBA ’04

Christopher Capece, BBA ’95

Barclays Product Control Deena Elmaghrabi, BBA ’10

Goldman Sachs Biederman Redevelopment Ventures Corporation

Puneet Pardasani , BBA ’03

George Roberts

Halstead Property

OgilvyOne Gabbi Baker, BBA ’13

Stephen Kliegerman, BBA ’89

Bloomberg Gigi Balagot

Prudential Center Holliday Fenoglio Fowler LP

Joseph Altenau, CCAS BA ’08

Evan Pariser, MBA ’82

Blue Fountain Media Austin Paley

Ralph Lauren Hillview Jonathan Hochberg, BBA ’85, parent

Nii Annan, CCAS BA ’09 Scott Rudin, CCAS BA ’07

Heather Roberts Nick Perna, BBA ’02; MTA ’02

Ivanka Trump

Regions Capital

Marissa Kraxberger

Hossein Khajehnouri, MBA ’10 Gene Wilson

Citigroup

IZEA

Rebecca Cash Maggie Flynn Clarissa Moorhead

Brian Landau, MBA ’13

Creative Artists Agency

Maressa Brennan, ESIA, BA ’12

Macy’s Megan Mikailonis

ThePostGame

Madison Square Garden

Eric Herd, BBA ’06 Ariel Gaylinn, BBA ’12

Credit Suisse PW Drew Kimm, MBA ’09

Russell Index & Asset Mgt

Billie Streets

Cushman & Wakefield

Trevian Capital

Josh Kuriloff, BBA ’81

Michael Hoffenberg

Deutsche Asset Management

Voya

Matthew Plomin, MBA ’10

Russell Greig, BBA ’06 Zane Howard, MBA ’11

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CLASS Notes

Save the Date for Alumni Weekend 2015: Sept. 24-27 All Alumni are invited to attend! Class-specific reunions include: MBA reunions for full-time classes: 2014, 2010 and 2005 Undergraduate reunions for classes ending in 0 and 5 #GWAW15 http://business. gwu.edu/alumni/ alumni-weekend/

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Nicole Lynn, MBA ’14, & John Samuel, MBA ’14, were engaged in July 2014. The couple lives in Washington, D.C., where Ms. Lynn works as a consultant for Gartner and Mr. Samuel is director of products for Homestrings, an impact investment firm that focuses on diaspora investments. Natalie Meier, MBA ’14, & Eric Miller, MBA ’14, were engaged in February 2014. Heartland Energy Partners, founded by John English, EMBA ’09, has been recognized by Inc. magazine’s annual list of the 500 fastest-growing private companies in America. Heartland ranked 256 on the Inc. 500 list for 2014, only five years after its founding in 2009. Heartland was one of only 26 companies ranked in the Business + Services category across the country. Under the leadership of Mr. English, Heartland Energy Partners’ primary focus is providing innovative management consulting services to both the commercial and government sectors. The corporate vision that Mr. English has defined for Heartland ensures the firm continues to “create value for America.” Mr. English says he always had the ambition and drive to start and

build something of value, but getting his MBA from GWSB provided him the focus that allowed him to make the decision to quit his government job and start his company. “I owe a great deal of my business success and the accomplishment of being recognized in the 2014 Inc. 500 to my experience at GW,” said Mr. English. Mr. English credits Professors Larry Singleton and Bill Handorf for making a significant impression upon him in the areas of accounting and finance. “I use what I learned from the two of them every day in the decisions we make in allocating financial resources,” he added. As an alumnus, Mr. English maintains a strong connection with the university through both philanthropy and volunteerism. He has established the John English Scholarship for Marines who wish to study at the GW School of Business, and he has offered internship opportunities to both graduate and undergraduate students. “I did not know if my company would succeed or fail,” said Mr. English. “But the knowledge, tools and experience that I received from GW were instrumental to not only helping me to make my decision to start a company, but in ensuring its success.” Dana Sleeper, BBA ’12, was recently promoted to executive director of the Maryland, D.C., and

Virginia Solar Energy Industries Association. Ms. Sleeper also is a member of the national Solar Energy Industries Association Board of Directors and serves as a volunteer board member for the Ralph Verde Foundation. Jen Boulden, MBA ’04, was recently interviewed for the Energy & Environment section of the New York Times. Ms. Boulden talked about the development of her entrepreneurial spirit and the founding of her environmental website on the green lifestyle. Melissa Springer, CCAS BA ’04, MBA ’10, CERT ’12, is the first vice president of client strategy at digital innovation agency Social Driver. Her duties include managing multimilliondollar portfolios of projects and overseeing website redesigns, integrated branding efforts and other major change management initiatives. Nathan J. Gendelman, MBA ’01, became president and owner of The Family Firm, Inc. in 2012. In this role, he is responsible for the firm’s overall investment and financial planning policies and is a member of every client’s advisory team. Mr. Gendelman’s diverse work experience includes actuarial assignments with CIGNA and the Ohio Casualty Group. While earning his

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CLASS Notes

class notes

MBA at the GW School of Business, he held a fellowship at the Export-Import Bank of the United States. He holds a bachelor’s of science degree in mathematics from Drexel University. Mr. Gendelman also spent two years in the Peace Corps as a math teacher in Tanzania. He is an associate of the Casualty Actuarial Society. Mr. Gendelman recently volunteered his time with GWSB in order to help film a strategy course for the school’s digital community. Angela Atherton, MS ’99, has joined The Global Good Fund as its chief operating officer and chief financial officer. The nonprofit organization aims to accelerate the personal development of highpotential young leaders tackling global social issues through entrepreneurship. In her role, Ms. Atherton will lead the organization’s day-to-day operations as well as provide expert financial, strategic and tactical guidance as the organization shifts from an entirely donor-based entity into offering multiple forprofit, social good services. Brenda L. Silvils, MBA ’95, is president of BLS Consulting LLC, an independent information technology consulting business in the Washington, D.C., metro area, and the founder/CEO of Free2Rise Educational Foundation Inc. Free2Rise’s mission is to

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inspire girls who are in need of guidance and encouragement by preparing them to become “Forever Responsible, Educated, and Empowered” (FREE) to rise to their highest potential. Ms. Silvils was recently featured in her undergraduate school Delaware State University’s magazine The Echo discussing the organization. Ms. Silvils also received the Alpha Kappa Alpha, Rho Mu Omega Chapter Outstanding Community Service Award and was named Alumni of the Month in August by Delaware State University alumni Forever Friends Facebook Group. After over 30 years working for the U.S. Department of Defense in human resource management, including 10 years in Germany, 14 years in Japan and 10 years in Hawaii, Scott Kennedy, MBA ’81, retired in December 2012 from the Department of Army Intelligence & Security Command in Hawaii. He has completed seven Honolulu Marathons and continues to enjoy the good life in paradise!

Mindy A. Mora, BBA ’79, business & restructuring partner at Bilzin Sumberg Baena Price and Axelrod LLP, was named a 2015 Fellow of the American College of Bankruptcy, a distinction reserved for the top restructuring and bankruptcy professionals in the country. Ms. Mora is one of just 34 nominees nationwide to be so honored. In her over 30 years of practice, Ms. Mora has represented sizeable high-visibility business entities, creditors committees, lenders and other parties in numerous Chapter 7 and Chapter 11 bankruptcy proceedings and out-of-court restructurings. A partner at Miami-based law firm Bilzin Sumberg, Ms. Mora concentrates her practice on business finance, debt restructurings, loan workouts and creditors rights. She has represented numerous asset-based and mezzanine lenders and borrowers in complex commercial finance and real estate finance transactions. In addition to maintaining a robust practice, Ms. Mora regularly volunteers her time and professional resources in an effort to improve Florida’s commercial laws, and has been extremely active in their development. She chaired The Florida Bar Task Force that sponsored the 2007 revisions of the Assignment for

the Benefit of Creditors statute, as well as co-sponsored revisions to the Uniform Commercial Code. She is particularly involved in the Business Law Section of the Florida Bar, which represents the interests of over 5,000 business lawyers in the state of Florida. A member since 1997, she served as chair of the section in 2011-2012. Ms. Mora has also served on the executive board of the Association of Commercial Finance Attorneys since 1993. She frequently lectures and publishes articles on insolvency, restructuring and commercial lending. Ms. Mora has received the highest ranking in restructuring and bankruptcy from the esteemed legal publication Chambers USA, in which she has been consistently ranked top tier since 2004. She has also been recognized by The Best Lawyers in America, South Florida Legal Guide, Daily Business Review, Super Lawyers Corporate Counsel Edition, Florida Trends Legal Elite and Florida Super Lawyers. Ashok Batra, Esq., MBA ’75 and Law MS ’80, was elected chairperson of the Board of Social Services, Montgomery County, Maryland, for a twoyear term. Mr. Batra also recently received the Lifetime Achievement Award from the Family Court Trial Lawyer’s Association of the District of Columbia.

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Dr. Harry Halley, DBA ’71, passed away on May 23, 2014. At 90 years old, Dr. Halley was a lifelong Colonial and embodied the values of George Washington throughout his life. Dr. Harry served as a commissioned career naval officer from 1944 to 1965. Cdr. Halley, USN (ret), was ordered to active duty in World War II while in his senior year at Georgia School of Technology (now Georgia Institute of Technology). His naval career spanned field and national levels, both domestic and international, including liaison with the Admiralty and Ministry of Supply in the United Kingdom, world-wide management of shipboard

mechanical and electrical inventory (supporting the Polaris nuclear and submarine program), logistic support of naval aircraft and ships, directing industrial relations national institutes for the Office of Industrial Relations, and teaching introductory marine engineering at the U.S. Naval Academy. He earned an MS in management in 1962 from the U.S. Naval Postgraduate School. After his military service, Dr. Halley embarked on a second career as a federal government administrator at the Office of Economic Opportunity (OEO) when that agency was in its infancy under the leadership of its director, Sargent Shriver, and Dr. Joseph Kershaw (Office of Research, Plans,

Programs and Evaluation). After earning his doctor of business administration, he was recruited to the Board of Governors of the Federal Reserve System to serve as deputy controller and program director for Management Systems under the leadership of Chairman Arthur Burns and Governor William Sherrill. Following his government service, Dr. Halley served in many senior positions in both corporate America and higher education, eventually retiring as acting vice president for PENN Medical Center and executive director for the School of Medicine Administration. Upon retirement, Dr. Halley accepted positions in

many Florida posts including the Florida Real Estate Commission Education and Research Foundation Advisory Committee (member/ chair); Northeast Florida Regional Planning Council (member); and District Board of Trustees, Florida Community College at Jacksonville, (member/chair), to name a few. Dr. Halley is survived by his beloved wife of 68 years, Elinore Alexander Halley of Williamsburg, Virginia, and by a daughter, Alexis Ann Halley (spouse Bayard L. Catron III) of Charlottesville, Virginia. A second daughter, Patricia Lawton Halley, predeceased him. Dr. Halley’s final resting place is Arlington National Cemetery. GW

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alumnai profile

Alumni Profile

KARIMA MORRIS WOODS

NAME:

Karima Morris Woods DEGREES:

MBA, GWSB ’11; Bachelor of Arts in Law & Society, University of California at Santa Barbara, ’97 CURRENT POSTION:

Deputy Director of Business Development & Strategy, D.C. Office of the Deputy Mayor for Planning and Economic Development FIRST JOB:

Summer intern, HBO Finance Department in Century City, California. I loved this job! BIGGEST PERSONAL CHALLENGE:

Finding enough time to pursue my creative passions and interests. BIGGEST PROFESSIONAL CHALLENGE:

Identifying ways to attract investment and business to underserved communities in the District of Columbia, and making D.C. a more attractive place to conduct business.

and participated in a weeklong study-abroad trip to Paris. During this trip, I met and interacted with high-level representatives from global firms such as Microsoft France, Marriott International, GE and Moet & Hennessey. The experience broadened my understanding of international business and the importance of always thinking global when conducting business. HOW GWSB HELPED LEAD TO YOUR CAREER:

GWSB helped me develop a career path by providing academic rigor that challenged my conventional understanding of business; giving me access to esteemed faculty and staff members that cultivated my interest in entrepreneurship, international business, small business management, decision making, supply chain management and marketing; and giving me access to professional networks that continue to mentor and guide me through my career path. GWSB also provided a professional opportunity that combined my passion for the public and private sectors through a Mayoral Fellowship in the District’s Office of the Deputy Mayor for Planning and Economic Development. Overall, GWSB played a pivotal role in my career development, and I am honored to be an alumna of such an esteemed university.

BEST B-SCHOOL MEMORY:

One of my best B-School experiences was a capstone course taught by Dr. Joel Cook on strategic management in the European Union. I studied various strategies of multinational corporations in the U.S., Japan and the E.U.

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PERSONAL GOALS:

To incorporate more creative activities into my daily routine and to pursue an entrepreneurial endeavor full-time. GW

What’s New?

Business Keep us current on where you work, promotions, new business ventures, and any business or academic honors. Complete this form and send it to Class Notes, GW School of Business, Office of Development and Alumni Relations, 2033 K Street, NW, Suite 230, Washington, D.C., 20006. E-mail your information to gwsbalum@gwu.edu. The GW School of Business Alumni Network is with you wherever you go. Use this form to update your contact information so we can stay in touch, and you can continue to receive GWSB news, event announcements and access to networking opportunities.

PLEASE TYPE OR PRINT.

Name

Degree and year of graduation

Home address City/State/Zip Is this an address change? Yes Home phone Home fax

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Business Title and Company Business Address City/State/Zip Is this an address change? Business phone

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May we include your e-mail address in your class note?

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News Don’t forget to send us photos — wedding photos, baby photos, class reunion photos, etc. (Photos cannot be returned.) Thank you for sharing your news with GW and your classmates!

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