Make It Happen 2015

make it happen Fall 2015 | Harvard Undergraduate Women in Business

Tenth Edition

the fashionforward startup an interview with Rent the Runway co-founder Jennifer Hyman

start investing in your 20s with tips from Harvard’s Smart Woman Securities

taking the (cup)cake how Kara’s Cupcakes is redefining the baking industry

Reshma Saujani CEO and founder of Girls Who Code photo by Adrian Horton

make it happen Harvard Undergraduate Women in Business

Fall 2015 | v.10

Ed i tors-I n-Chi ef Content Director

Design Director

Caie Kelley

Nadia Haile

Harvard University ’18

Harvard University ’17

Co ntributin g Write rs Dianisbeth Acquie

Bianca Mulaney

Harvard University ’16

Harvard University ’16

Antonia Chan

Kyle O’Hara

Harvard University ’18

Harvard University ’18

Camila Costa

Sarah Rodriguez

Northeastern University ’16

Harvard University ’18

Ealoni Friedenthal

Sophia Samutin

Pitzer College ’16

Harvard University ’18

Kristina Hu

Rachel Talamo

Harvard University ’16

Harvard University ’18

Zoe Mitchell

Alexandra Walsh

Berklee College of Music ’15

Harvard University ’18

HUW I B Board Co-Presidents

Outreach Chair

Rosalie Nathans ’16

Jane Labanowski ’17

Sydney Sykes ’16 External Initiatives Chair Operations Chair

Julie Salzinger ’17

Sarah Sohn ’16 Intercollegiate Business

2 | Fall 2015

Treasurer

Convention Chair

Joy Jing ’17

Karen Kennedy ’17

Alumni Relations Chair

Membership Development Chair

Lillian Zuo ’16

Solange Ganthier ’17

Career Development Chair

Sponsorships Chair

Madeline Zimmerman ’17

Camila Rey ’17

Communications Chair

Technology Chair

Sadie McQuilkin ’16

Anna Zhong ’16

a letter from the

presidents Dear Readers,

our international trips. The

change and our organization

network of women we have

develops each year, HUWIB

Whether you are entering

formed through our history is

hopes to constantly reflect

college, beginning your

the foundation of our success.

our members on campus, the

professional career, or

Each of you is a crucial part of

undergraduate women across

becoming a leader in

this network. We appreciate

the globe, and the dynamic

business, we are glad you

your continued support as we

business world around us.

are reading Make it Happen

push society’s boundaries and

For the past ten years,

magazine! We are Sydney

surpass our own goals.

Sykes and Rosalie Nathans,

Our goals for 2015 have

Make it Happen magazine has celebrated the successes

the 2015 Co-Presidents of

revolved around bringing

of businesswomen across the

Harvard Undergraduate

HUWIB’s benefits to a larger,

world and confronted fluid

Women in Business (HUWIB).

more diverse audience.

challenges facing women

HUWIB is Harvard’s largest

Specifically, we have

in business. We hope that

undergraduate business

aimed to increase diversity

this year’s issue will inspire,

organization with over 300

within our membership,

empower, and enlighten you.

members. For the past 15

broaden our global network,

Enjoy!

years HUWIB has empowered

and strengthen our core

future female business

offerings. We have created

Sincerely,

leaders by uniting them

new initiatives, installed

through business education

new HUWIB leadership

and experience on campus,

positions, and traveled across

Sydney Sykes & Rosalie Nathans

at our conferences, and on

the globe. Though our goals

2015 HUWIB Co-Presidents Make It Happen |

3

in our tenth issue of

make it happen

Letter from the Editors of Make It Happen, Caie and Nadia

Pushing for a Strong Female Voice Matters: Here’s Why 4 | Fall 2015

Jennifer Hyman and Rent the Runway

fashion spotlight: internship attire

The CEO and cofounder discusses the fashionforward startup and where it is headed next

Harvard Women in Business members model the outfits that helped them rock their summer internships

Unlocking Your Potential with LinkedIn, the New World of Online Networking

A Few of the Apps Changing the Game for Medicine, Food, and Entertainment

Reshma Saujani and Girls Who Code

how to start investing in your 20s

Dyllan McGee and MAKERS

the Kara’s Cupcakes baking revolution

The summer program helping girls find their calling for coding and computer science

Tips for budgeting wisely and taking advantage of the most important investing years of your life

The inspiration behind the documentary series about the most powerful women in America

The business that is helping to redefine the baking industry in San Francisco and beyond

Diversity on Madison Avenue and Marketing in a Multicultural Age

Making an Impact: Investing with Caldy Group CEO and founder Jem Hudson

The Business of Preservation: a Discussion of the Economic Side of Museums

A Thank You to Our Intercollegiate Business Convention Sponsors

Sleep for Success: Why You Should Make Snoozing a Priority Make It Happen |

5

a letter from

the editors

“B

usiness” is a

style presentations) held each

has come into regular use,

broad word, and

week during the semester

where people rent their

even Harvard

cover all different types of

dresses instead of purchasing

Undergraduate Women in

careers, ones that can hardly

them in-store, and where

Business has at times had

be confined to the most

multicultural, diverse faces

difficulty defining it. The

common categories of finance

are finally starting to break

women who participate in

or consulting. When thinking

through into advertising,

our program through the

of this year’s theme, then, we

technology, and business as a

WIBternship (the semester-

at Make It Happen wanted

whole.

long training that grants

to take a look into the less

undergraduates membership

traditional sides of business

on all of that—the ways

in WIB) or WIBtalks (pre-

where online networking

in which business is

professional panels and TED-

through sites like LinkedIn

continuing to evolve with

6 | Fall 2015

In this issue, we focus

both social and technological

In finance, we are taking a

and Forbes has called her one

developments. Harvard

look at the new field of impact

of the “most disruptive names

Undergraduate Women in

investing, a form of socially

in business.”

Business has always been

responsible investing that has

Finally, our cover woman

focused on helping college

caught the eye of major firms

this year is Reshma Saujani,

women explore their career

including Goldman Sachs

the CEO of the national

possibilities and reach their

through GS Sustain and J.P.

nonprofit Girls Who Code.

goals, but this year, we have

Morgan, with its brand new

She is the first woman of

decided to look at the ways

Global Health Investment

color to be featured on Make

in which young women can

Fund. We sat down with

It Happen’s cover. Saujani

make those goals come true by following a variety of inspirations. In our annual business fashion section, we photographed women

when thinking of this year’s theme, we at Make It Happen wanted to take a look into the less traditional sides of business

wearing clothing that would be appropriate for their

Caldy Group’s Jem Hudson,

is the child of Ugandan

respective internships—

who is at the head of this

refugees and a woman who,

business formal may still be

emerging type of investing,

despite her many obstacles,

the norm for major financial

to talk about the new focus

went on to attend both Yale

and consulting companies,

on finding companies that

Law School and the Harvard

for example, but one woman’s

deliver strong financial

Kennedy School. She has had

summer job at Microsoft had

results alongside positive

experience in almost every

very different expectations.

impact.

imaginable field, from law

We also interviewed the

The world of fashion has

to finance to technology,

founder of Kara’s Cupcakes, a

also been revolutionized in

and her journey to finding

West Coast baking company

a business sense by Jennifer

her own calling in nonprofit

that is credited with

Hyman, the CEO of Rent the

technology work holds lessons

beginning the cupcake craze,

Runway who is featured in

for all different types of

about her nontraditional

this year’s magazine. Before

college-age women. We are so

methods in integrating

founding the company,

excited about this year’s issue

community involvement and

Hyman was the director

and what we have been able to

environmental awareness

of Business Development

put together, and we hope you

into her business model. You

at IMG, in ad sales at

enjoy reading this and join

will also find advice about

WeddingChannel.com, and

us in making it happen in the

how to fully utilize the social

an entrepreneur for Starwood

future—in any way that you

network that is LinkedIn,

Hotels. The New York Times

choose.

as well as practical tips for

has called her business “a

investing in your twenties.

Netflix model for couture,”

Caie and Nadia Make It Happen |

7

Pushing for a Strong Female Voice

by Rachel Talamo ’18

A

few weeks ago, some friends

should focus on its purpose to educate

looking at a film that has managed to

and I started discussing a

viewers about sexual assault or focus

bring critical attention to an issue as

recent film about sexual

on its few factual shortcomings. There

important and as delicate as sexual

assault on college campuses, The

were about six men and two women,

assault, we focus on the film’s minor

Hunting Ground. Perhaps expectedly,

including me, in the room. Our

factual discrepancies, we waste an

our casual conversation escalated into

opinions were divided along gender

opportunity to bring legitimacy

a heated argument.

lines.

and scrutiny to a serious problem.

The central debate was whether, when talking about the film, we

8 | Fall 2015

The women in the room argued for the first stance—that if, when

Alternatively, the men in the room argued that journalistic integrity

required observers to emphasize the

Finally, I came up with a position

your high school’s SAT prep classes,

movie’s factual discrepancies. The one

that I really believe: while men

college looks different. When you

other woman in attendance and I were

and women can have the same

are told “random selection” and not

outnumbered.

opinions, they cannot have the same

the color of your skin gets you pulled

perspectives. Even if our thoughts

from the TSA security line every time

had been more women in the room,

Frustrated, I said that if there

on the film hadn’t been gender-split,

you go to the airport, America looks

the stance that prioritized women’s

the women in the room would still

different.

safety would have been more popular: “This is part of the reason why it’s so important to have women in these discussions. Women are most affected by sexual assault—how can we only consider men’s perspectives on the issue?”

men and women can have “ while the same opinions, they cannot have the same perspectives ”

One of my male friends pushed

have had a perspective, colored by

Diverse perspectives—especially

back: “Men and women can have the

personal experience, that the men

in a world rife with sexism, classism,

same perspectives. Men are against

would not have. When you don’t have

racism, and a whole slew of other

sexual assault, too, so what makes a

to worry about being accosted on your

-isms that are far from living only

woman’s perspective different?”

way back from the library or having

in history books—are crucial to

And despite my fervor, it took me a

something slipped in your drink at a

understanding the problems we face

moment to find a response to that. It’s

party, sexual assault looks different.

as a society. Diversity in the workplace

true: on lots of issues, including issues

Perspective is key. When you have

is not just valuable because it can pave

that largely concern women, attitudes

to spend your extra cash on food for

the way for marginalized groups or

are not gendered.

your younger siblings instead of on

bring minority experiences to light.

Rather, diversity is valuable because it unearths truths that one

Women in the World by Percentages

perspective can’t discover. An allmale debate about sexual assault on college campuses may produce opinions, but it will lack the nuance that women of all kinds—women of color, LGBTQ women, women of

Women make up 50.8% of the US population...

...and are 59% of the entry-level, college-educated workforce...

...but make up only 37% of MBAs.

varied socioeconomic statuses—with different views could provide. The richness of the conversation only increases with more diversity in perspective. This extends to marketing meetings and campaigns and company leadership: one perspective will result in a narrow-minded

In 90% of 143 countries, legal differences restrict women’s economic opportunities...

...and 55% of the world’s economies restrict the type of work women can do.

approach to strategy. We need to open up the conversation.

So if your perspective feels lonely, if your voice is heavy with rebuttal, if your vote never seems to be on the winning side, stay at your meeting.

Stay on the board. Rise to a leadership

Overall, women make up only 8.1% of top earners. data from americanprogress.org

position. Inspire others who can share your perspective, and even more who cannot, to join your ranks.

Make It Happen |

9

JENNIFER JENNIFER HYMAN HYMAN and the

FASHION FASHION FORWAR FORWAR startup interview by Sophia Samutin ’18 10 | Fall 2015

S

ince its founding in 2009, Rent the Runway has become a company whose business model

challenges traditional methods of shopping and fashion consumption.

Based on co-founders Jennifer Hyman and Jennifer Fleiss’ vision of providing every woman with a subscription to fashion, Rent the Runway is redefining what women have access to and wear, with normally highpriced, fashion-forward items discounted for a one-time use. Hyman herself has a notable history: after graduating from Harvard College in 2002 and then Harvard Business School in 2009, she was the director of business development at the global talent management firm IMG, focusing on the creation of new

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media businesses for IMG’s fashion division. She was also the leader of an online sales advertising team for WeddingChannel.com and the creator of Starwood Hotels and Resorts Worldwide’s first wedding business before she founded Rent the Runway.

Hyman was a 2013 finalist for Ernst & Young’s “Entrepreneur of the Year,” and has been listed among Fortune magazine’s “Trailblazers,” “40 under 40,” and “Most Powerful Women Entrepreneurs.” In this interview, Make It Happen speaks with Rent the Runway CEO Jennifer Hyman about her company, the future of e-commerce and the fashion industry, and her approach to balancing business with personal life.

creating a new way of accessing fashion What inspired you to create Rent the Runway?

Most businesses come out of personal experiences. I was visiting my sister, photos courtesy of the Rent the Runway team

who already had a closet filled with

Make It Happen |

11

dresses but felt a need to buy a new

a world class logistics business, hiring

needs for something to wear during

one because she had already been

an amazing team. Building a strong

a special occasion. The model hasn’t

photographed in all of her clothes.

brand that customers love because of

changed, it has just taken a few years

She was getting herself into credit

the ethos of the brand is a process. It

to implement subscription, which we

card debt because of her need for new

has been a wonderful adventure, but

have with our recent launch of Rent the

clothes. I think that social media has

there is no guidebook on how to build

Runway Unlimited.

“

it has been a wonderful adventure, but there is no guidebook on how to build a team from zero to 400 people

What do you think is a defining characteristic of the company? What do you think sets it apart?

”

Rent the Runway is innovative, seeks opportunities to take risks,

created more pressure for women

a team from zero to 400 people. You

has the right mix of people who are

to have new outfits continuously, as

learn on the way, make mistakes and

entrepreneurial and understand

no one wants to be photographed in

go forward.

that there is no right answer and are

the same dress twice. But also, most

curious, experimental, and bold. We

women cannot afford the prices of the

How has your vision for Rent the

are always trying new things. It’s

dresses they want. Rent the Runway

Runway changed from the first time

important to fail quickly because then

was founded on the premise of giving

that you came up with this idea?

you can forge new ways to think about

women the ability to achieve that.

your closet and how to get dressed.

The original idea was that every

What are some of the challenges you

woman should have a subscription

What direction do you see Rent the

faced in growing Rent the Runway?

to fashion, similar to how Spotify is a

Runway going in?

subscription to music and Netflix to We [co-founder Jennifer Fleiss and

movies. Fifty percent of a woman’s

Continuing to build out subscription to

I] started from scratch. Now we have

closet is comprised of outfits worn

fashion, with a goal that in the next five

$120 million in funding. There was

on average three times or less. We

years every woman has a subscription.

a challenge in every step of the way:

wanted to create an à la carte business,

Creating retail stores and adding new

learning how to be a leader, building

something that catered to women’s

designers are in the plans as well.

12 | Fall 2015

personal life and experiences with growth

Do not “prime” for a job; everyone at

and error to get to the right answer.

Harvard is so Type A. What matters is that you find something you love

Who is your role model?

and are passionate about. Remember that it’s 1600 of us. We are all so

I have many. Definitely Sara Blakely

If you could tell your college-age,

smart. People play it safe way too

(founder of Spanx), one of the first

pre-career self anything, what would

much at Harvard. Don’t worry about

female billionaires who built a brand

it be?

not having a job. Worry about finding

that’s authentic, making women feel

something you are passionate about

confident, fun, and happy. She is the

The most important thing in college,

that brings you happiness. People are

voice of the customer; she’s still so

especially at Harvard, is to go out and

only great when they love what they

focused on the customer. She knew

party as much as humanly possible.

do. There is too much of a focus on the

how to hustle to build her brand.

These relationships you build are

traditional path to success. Look at

going to be a foundation of your social

who is actually successful: the ones not

Can you share some of the least-

life and career. So many of the good

on the traditional path. There’s a new

expected advice that you’ve learned

things that have happened in Rent the

type of success: entrepreneurship and

in your time in business?

Runway have been through college

innovation.

classmates: people hired, investors.

Have fun every day at work and act like

You are in the same class with some of

What type of qualities do you look

yourself. There shouldn’t be a divide

the most interesting, diverse, creative

for in creating a team for Rent the

between home life and work life. Bring

people; make use of that and build

Runway?

your authentic self into the office:

authentic friendships.

you’ll have more fun, inspire more People who are extremely appreciative

people, and be happier. The Millennial

That certainly is some untraditional

of the opportunity to change an

generation is trained to answer

advice. Are there other pieces of

industry. We look for people excited

questions perfectly, take off some of

advice you would tell your college-

about our mission, who are smart and

the gloss and let everyone see the real

age self?

entrepreneurial. It takes a lot of trial

you.

Make It Happen |

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unlocking your potential with:

Linked in The New World of Online Networking by Kyle O’Hara ’18

H

aving an updated LinkedIn profile is an important step towards building up your career and making important connections with those in fields that you are most interested in pursuing. These five quick steps will help you update your profile and make the most of what LinkedIn has to offer.

1.

Choose a high-quality profile photograph to get noticed and make connections.

Think professional. Instagram selfies or other low-resolution photographs are not the ideal choice for this medium. This is the first thing people who view your profile will see, so it needs to send the right message. Your LinkedIn profile picture should be a photo of you (no friends or pets) in clothes appropriate to your industry. When photographing, remember that you want a neutral, relatively conservative outfit set against a simple background. This step is worth it, because profiles with photographs get 14 times more views than those without.

2.

Use the alumni tool to find graduates with career paths that match your goals.

The alumni tool allows you to reach out to individuals who went to your college, and even allows you to search individuals who followed a similar path of interest. Alumni from your university will likely be willing to talk with you about the industry, and have insights on how to make the most of both on and off campus experiences that will help you get into similar career paths. Utilizing this tool is straightforward—simply click on the “education” tab on LinkedIn, and then use the link called “find alumni” to reach out to others who went to your school.

14 | Fall 2015

3.

Get recommendations to highlight your abilities for potential employers.

Show potential employers how great you are! Get letters of recommendation whenever you can: from professors you work with, managers, mentors—essentially anyone who knows you well and can speak to your range of abilities and depth of character. When people go to your profile, they’ll be able to see all of this deserved praise, letting them know what a good match you would be for positions you may apply for in the future. A shorter version of a full recommendation is an endorsement, and recruiters find these short recommendations to be crucial for a complete profile. One way to receive endorsements from your peers is to start by doing it yourself—endorse connections in areas where you know they are skilled, and they will be likely to return the favor.

4.

Join groups that showcase your interests and activities outside of academics.

Groups do double duty on LinkedIn. They show anyone who views your profile your interests and convey commitment. Joining groups on LinkedIn will send a clear message that will allow you to come off as more approachable and likely to communicate with someone who reaches out to you via the social media site. Groups, even if they are not in your targeted career path but represent a hobby or a serious interest, will allow you to connect with people who can share their experiences in other, potentially enriching career paths. They provide an easy way to network and to learn about different approaches to a shared interest.

5.

Keep your profile updated with recent accomplishments.

Updating your profile is imperative. In particular, utilizing key buzzwords in your profile will allow potential connectors to find you when they need the service you offer. You can find words that help to improve your rank on LinkedIn’s search engine by looking at the wording of job openings you want and matching your profile to the language of your desired industry.

Keep your resume up to date, find people online when you meet them, and generally maintain an active presence on LinkedIn. This will allow potential employers to see what you are doing in real time.

Make It Happen |

15

a guide to internship attire From fashion to finance, HUWIB members model the outfits that landed them summer internships and show how to impress an employer with presentation and style photographed by Caie Kelley ’18

16 | Fall 2015

Make It Happen |

17

the work is “ challenging,...but I am excited for all of the opportunities I will have to learn and grow - Julie Salzinger ’17

18 | Fall 2015

”

outfit] is classic “ [this and understated, allowing you to build a personal brand that’s not tied to any specific piece - Julie Salzinger ’17

”

business formal Julie Salzinger ’17 spent her summer at J.P. Morgan, working with clients on their buy-side and financing strategies. She paired a black skirt suit with a white button-down for a sophisticated style. Simple stud earrings and black pumps complete her office look.

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business formal Lillian Zuo ’16 worked as a investment banking summer analyst at Goldman Sachs. She paired a peppery gray blazer with a black business dress for a professional appearance. Patent leather heels and a pearl necklace add a classy touch to the workplace attire.

this outfit “ I chose because it’s conservative and not too flashy - Lillian Zuo ’16

20 | Fall 2015

”

staying away from “super vibrant colors is good, but it’s okay to add some simple and classy accessories - Lillian Zuo ’16

”

Make It Happen |

21

outfit] is “[this appropriate for the work setting but also comfortable and stylish - Lucy Guo ’16 (left)

”

business casual Lucy Guo ’16 was a part of Burger King’s Leadership Development Program this summer, and Jennifer Leung ’16 worked at DigitasLBI in their strategy and analysis group. Lucy chose to pair a casual blazer with a bright blue dress for a fun, professional style. Jennifer picked a navy patterned dress, along with a sophisticated watch for a more summertime look. Both chose statement necklaces to finish off their office casual outfits.

22 | Fall 2015

I love statement “necklaces because they showcase your personality,which is perfect for a marketing internship - Jennifer Leung ’16 (left)

”

Make It Happen |

23

these clothes allow “me to create a model of professionalism for the students who are looking to me as a teacher and role model - Adhana Asfaw ’18

24 | Fall 2015

”

business casual Adhana Asfaw ’18 worked at an independent school in Rustenburg, South Africa as a marketer and teacher. She chose a tan blazer with a white patterned blouse, black pants, and black pumps to keep her attire professional and chic.

faculty members “ theuphold a sense of professionalism and excellence throughout the school - Adhana Asfaw ’18

”

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business casual Catherine Qin ’17 interned as a research assistant at Harvard Business School’s Global Research Center in Istanbul, Turkey. She chose a jewel-toned button-up along with black slacks and pumps for a comfortable and simple business casual look.

working with faculty “and researchers at a research center requires professional but comfortable clothing - Catherine Qin ’17

26 | Fall 2015

”

I selected this outfit “because most of my wardrobe is black and white (some grey), and I’m conscientiously trying to build more color into my outfits - Rosalie Nathans ’16

”

smart casual Rosalie Nathans ’16 worked in merchandising and sales as a member of the Executive Excellence Program at Saks Fifth Avenue. She chose a pair of bright red pants to add a statement to her simple white blouse and black clutch. The pop of color fits right in with her fashion-forward workplace.

Make It Happen |

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everyday casual Nayiri Ayanian ’18 spent the summer in Armenia as part of the Develop Armenia Together program of the Luys Foundation, and Katherine Scott ’18 studied abroad in Aix-en-Provence, France. Nayiri picked a polka dot dress with black flats to keep her style polished. Katherine paired a white blouse with a floral patterned skirt and black booties for an edgier everyday look.

I decided on the “ booties because they added a bit of edge and personality to the outfit

”

- Katherine Scott ’18 (right)

28 | Fall 2015

“

I need to look put together when I am meeting with representatives from the government, but I also like to look fashionable - Nayiri Ayanian ’18 (left)

”

Make It Happen |

29

dress “ tech code is comfortable and casual attire

”

- Karen Kennedy ’17

tech casual Karen Kennedy ’17 worked as a program manager at Microsoft for the summer.

With a gray Microsoft tee and navy pants, she kept her look casual and simple.

Some white Keds made a fun, comfortable addition that fit right into the tech atmosphere.

30 | Fall 2015

tech casual Avika Dua ’17 spent the summer in San Francisco working in product communications for Square, Inc. By pairing skinny slacks with a floral patterned top, she kept her outfit “business casual but erring on the side of casual.” Some platform sandals and simple jewelry dressed up the fun look.

color or pattern allows “you to demonstrate your creativity, while showing that you are friendly and approachable - Avika Dua ’17

”

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31

apps changing the business game One aspect of “new business� falls under the broad category of technology and its role in shaping how and what we consume. Here, several authors reflect on particular apps that have changed the game for medicine, food, and entertainment.

32 | Fall 2015

business and the internet

by Ealoni Friedenthal ‘16, Pitzer College

T

he fields of business and

department store. The ultimate goal,

what they could do better next time—a

technology are constantly

for manufacturers who advertise

new form of direct interaction.

changing and revamping

via this medium, is to create a shop-

Having a highly positive reputation

the consumer experience. This is a

ping atmosphere that is friendlier,

on social media is extremely import-

common understanding—but what

easier, and more economical than

ant for any business. As a result, web-

are the characteristics that link the

the traditional action of going to the

sites specifically devoted to customer

most powerful, innovative companies

department store. With this aim in

opinion, such as Yelp, have been creat-

in the world today? Yelp and Twitter, two of Fast Company’s Most Innovative of 2014, are both apps that have revolutionized the way we share information. In an average month, more than 140 million individuals use Yelp. Twitter boasts similarly

are learning to utilize social “ companies media in a new way and responding to both positive and negative comments ”

impressive statistics— there are more

mind, social media retailers carefully

ed. Word-of-mouth recommendations

than a billion Twitter accounts and

nurture the opinions and criticisms of

are outdated, because individuals can

more than 300 million active monthly

the masses they serve.

instead use Yelp and find a restaurant

users. Using Yelp, one can read about

If a company’s social media de-

that meets their specific qualifications

how the experiences of others were

partment is proactive and receptive to

while also viewing the critiques of

for anything from local restaurants

both customer suggestions as well as

many “friends.”

to doctors. Twitter, though it may

grievances, the level of their success

appear different on the surface for its

could be immeasurable as “user to

work as evaluation and opinion-shar-

limited-character interface, is also a

user” praise is passed from social

ing is Nextdoor.com. On the site,

venue for people to either rave or rant

media consumer to social media con-

neighbors can connect with each other

about their experience with a product

sumer. In the same way that Yelp and

on virtually any topic. This website

or service. These two platforms are

Twitter are popular because their plat-

allows individuals to share and receive

innovative because they provide the

forms allow individuals to share opin-

important information about what

consumer with the power to search

ions to large masses of others, com-

is going on in and near the neigh-

and have conversations about the

panies are learning to utilize social

borhood and arrange meetings with

products and services they are seeking

media in a new way and responding to

neighbors through a centralized site.

to consume.

both positive and negative comments

With specific regard to social media

Another example of a social net-

The technological and business

they receive from customers. If some-

worlds will continue to evolve, but

marketing, the goal is to create within

one has a positive review, the brand

this trend—a desire to understand

the social media paradigm a commu-

will thank them for their input. If

and be able to follow the direction and

nity of subscribers who shop via this

the review is negative, the brand will

opinions of others—seems destined to

vehicle as readily as they would in a

reach out and apologize and often ask

last.

Make It Happen |

33

musicians and data

by Zoe Mitchell ‘15, Berklee College of Music

M

usicians on a budget are

“For decades, labels were the sole

quickly realizing that simply

owner and beneficiary of artist data

looking for vacant gigs is

song or artist gives listeners a better experience and artists better exposure.

they collected from their licensees and

Pandora is an Internet radio com-

not always the most efficient and

distributors, with little insights shared

pany whose entire business model is

effective way to tour. To solve this

back to artists,” Julien Mitelberg,

based on song suggestions. Their re-

problem, apps and data companies are

the COO of Bandsintown told Fast

cent acquisition of Next Big Sound in

making valuable information more

Company, an online media brand.

May of this year was Pandora’s way of

accessible to musicians, and changing

“Our social media marketing platform

expanding upon an already viable data

the way the music industry is run. The

provides free tools that work for

company. Last year Pandora started

widespread use of data has greatly

artists, to maximize ticket sales, which

the Artists Marketing Platform, which

influenced the way musicians and

are already a primary and healthy

allows musicians access to Pandora’s

music organizations now do business,

source of income.”

massive data collection. It contains

as data is capable of accurately

The Bandsintown website claims its

information about general listener

pinpointing where an artist’s major

product is being used by 65 percent of

interaction with artists, and their

fan base is located.

all touring artists in the US. Musicians

music and listenership, across the US.

like Adele, Maroon 5, and Coldplay

Incorporating data into the streaming

organizations to view fans’ listening

are some of the top tracked artists on

service is a way for Pandora to boost

habits and engagement with the mu-

the mobile app. Fans can track their

product usage.

sic to better promote and develop the

favorite artists to get notifications of

artist’s career. Record companies like

an upcoming tour nearest them. There

companies aren’t the only ones

Sony and Universal use this informa-

are other companies and apps that are

using data to grow consumers. This

tion to better promote their artists.

popping up that also share the same

technology has been used for years

Moreover, this valuable information is

function such as StubHub Music, Live

by companies like Facebook, Netflix,

no longer exclusively held by major la-

Nation, Songkick and Crowdsurge.

and Amazon. These companies have

The data can also be analyzed by

bels. Where there is new development,

Companies like Next Big Sound

Music streaming and app

been using data for better suggestions

there is new opportunity. In turn,

and The Echo Nest were created to

of friends, movies, and products.

there are more and more apps that

focus solely on collecting data. Music

Companies are teaming up with

allow musicians to harness this data.

streaming companies such as Pandora

data or data-strong companies to

and Spotify have been buying these

better ensure growth and consumer

apps that collects its own data from

Bandsintown is one of the largest

data companies in hopes of supplying

retention within the company.

its 15 million users. This app not only

their roster of musicians and listeners

Examples include: Twitter with IBM,

allows the user to buy tickets and

with a better service. The Boston-based

Sony with Semetric, and Facebook

RSVP for shows, but also allows artists

company, The Echo Nest, was acquired

with WPP Data Alliance. These

to know where these tickets have been

by Spotify last year. Using data

companies are aware of a growing

sold, thus showing them where they

from The Echo Nest to better match

trend: harnessing data is key to future

should be performing.

the listener with a new suggested

success.

34 | Fall 2015

blood testing and business

by Camila Costa ‘16, Northeastern University

M

ost of us avoid blood tests

it plans to expand to the remainder of

the financial burden placed on the

whenever possible, yet

the country in the next few years.

government and on patients. The new

they remain one of the

Theranos’s first big victory was that

process used by Theranos costs a small

most important exams that can be

it made health information accessible

fraction of what a conventional exam

performed on a patient—according

for its main stakeholders: the patients.

would cost, allowing lower-income

to some estimates, 70 percent of

According to Holmes, only a couple

brackets of the population to get

all decisions regarding a patient’s

years ago, in many states, the only

blood tested regularly. Accessibility

treatment and diagnosis are based

people with access to blood results

and empowerment are key words in

on laboratory tests, which include

were physicians. By contrast, the

Theranos’s mission statement.

drawing blood. The bureaucracy and

company aims to engage people in

cost involved in this procedure both

their own treatment, diagnosis, and

claim beyond the science community

for the government and patients

most importantly, prevention. Time

since the product was launched. And

have posed significant challenges

is of the essence when it comes to the

Holmes has also gained attention for

for decades. Yet they won’t for much

human body. If people can discover

achieving such tremendous success

longer, because of one woman who

early that they have a treatable

at a young age. Her story has gained

set out to change the game: Elizabeth

condition and doctors can analyze

attention at a time when discus-

Holmes. Since dropping out of college

in almost real-time the effects of

sions of female roles in traditionally

and starting her own company

mediation, then a patient’s chances

male-dominated professions are in

Theranos, she has become the

to overcome a disease increase

the spotlight, and rightfully so. What

youngest self-made female billionaire

dramatically.

Theranos’s story proves is that com-

Elizabeth’s work has achieved ac-

thanks to the revolutionary process

Another accomplishment from

munities can only gain from having

she and her team created for blood

the creation of this process is that it

more women working in fields that

testing.

The company’s premise is simple: an individual can visit the nearest Theranos location (inside a Walgreens, for example) where a lab technician draws a few blood drops from his or her body rather than the multiple

Theranos’s first big victory was that it “ made health information accessible for its main stakeholders: the patients ”

blood tubes required in normal tests.

reduces costs compared to the current

historically have been dominated by

Results become available within

system used for blood drawing. In an

men, such as science or engineering.

a few hours, and both patient and

era where healthcare accessibility and

If a community can harness more

physician have access to it through

cost have been widely discussed as a

brainpower from brilliant, tradition-

the company’s app. As of now, the

government issue, the opportunity

ally underrepresented minds, then

company has locations open to the

to cut back on billions of dollars on

life-altering ideas such as Elizabeth’s

public in Arizona and California, but

blood tests comes as a solution to

will come to fruition.

Make It Happen |

35

photos courtesy of Girls Who Code

36 | Fall 2015

a calling for coding An Interview with Reshma Saujani, Founder and CEO of Girls Who Code interview by Caie Kelley ’18

Make It Happen |

37

wanted to see if “ I you taught girls how to code, what would happen?

”

B

efore she was CEO of a national

for a federal political office, a child

Saujani is the visionary behind

nonprofit, she was running

of Ugandan refugees who became

Girls Who Code, established in 2012

to become a member of

the first politician to utilize social

with the aim of closing the gender

Congress in the 2010 House elections.

media platforms and strategies such

gap in engineering and technology by

Before she was a politician, she was

as Square, NationBuilder, and Fast

teaching girls computing skills. It’s a

in private equity and investment

Society in her 2010 campaign. Saujani

seven-week summer immersion pro-

banking, working for Carret Asset

hasn’t stopped working, and this

gram limited to 20 rising high school

Management and Blue Wave Partners

summer she successfully ran another

juniors and seniors. Since its relatively

Management. And before business,

program of Girls Who Code. This year,

recent beginning, it has expanded to

she was in law, defending securities

she was selected by Crain’s New York

more than 24 cities and expects to ed-

fraud and pro bono asylum cases. So

Business as one of the most influential

ucate 10,000 girls by the end of 2015.

Saujani, a politician, businesswoman,

“40 under 40,” and she’s also been

This year, the program was backed by

lawyer, nonprofit leader, and author

named one of Forbes’ “Most Powerful

more than eight million dollars from

of Women Who Don’t Wait In Line

Women Changing the World,” Fast

corporations that included Amazon,

has led a career that can hardly be

Company’s 100 Most Creative People,”

Google, Twitter, Facebook, Intel, and

defined by a single category. She was

and Business Insider’s “50 Women

Microsoft. It’s an incredibly fast-grow-

the first South Asian woman to run

Who Are Changing the World.”

ing nonprofit with astounding results:

38 | Fall 2015

You have worked in a variety of

and technology and saw that women

different careers, including serving

were not a part of that growth. I

as the Deputy Advocate for Special

wanted to do something about it, so

Initiatives, running for Congress,

Girls Who Code really started out

and writing a book. Can you talk

as an experiment. I didn’t start out

a little bit about that journey and

intending to build a large nonprofit

background before you founded Girls

that would reach 10,000 girls. I

Who Code?

wanted to see, hey, if you taught girls how to code, what would happen?

I really believe that it’s important to bound out of bed on a Monday

You’ve also worked in finance

morning, and I think for me my

before, and it’s interesting that

career journey was about finding

you started as a lawyer, worked in

that job and finding what I loved to

finance, moved to public service, and

do. My family came here as refugees

then founded a nonprofit centered

from Uganda, so I’ve always had a

around technology. What is different

passion for public service and giving

to you about technology than the

back. But at the same time, when I

other fields that you’ve worked in?

graduated law school I had $300,000 in student loan debt, and so I made

I worked as an attorney for financial

a lot of professional choices so that I

services, so as a corporate attorney,

could pay my loans. When I got to a

and then I worked for an investment

place where I could really dedicate my

firm. But all of the careers have made

career professionally to public service,

me a great nonprofit leader. I use my

I ran for office and lost, but because of

legal skills all the time, just like I use

that race I was inspired to start Girls

my business understanding all the

Who Code and I’ve had a tremendous

time. I feel like what I’m doing now

opportunity to build an organization

is such a celebration of everything

that I really believe is changing the

I feel like I’ve done. I’m thinking

world.

about policy when I sit down with my team and think about how we can

So you’ve mentioned that you ran for

engage public servants in caring and

public office and then were inspired

encouraging more girls to become

100% of the alumnae reported that

to found Girls Who Code. What about

interested in computer science. So I’m

they were planning on majoring in

that race made you want to create

always using those other skill sets,

computer science or engineering after

this nonprofit?

and my work in technology now is a

completing the first summer immer-

product of all of what I’ve done before.

sion program three years ago. Here,

When you run for office you get to

Saujani spoke with Make It Happen

visit a lot of schools and spend time

Do you think that men and women

about her journey, her ideas about

with a lot of parents and educators

have different experiences in the

balancing personal life with work, and

and young people, and so as part of

variety of different industries in

her organization that is currently rev-

that I really saw the gender divide

which you’ve worked?

olutionizing young women and their

in New York City public schools and

entrance into the field of computer

realized that what was happening in

Half of my law school classes were

science.

my little congressional district was

women, but when I actually worked

also happening across the country.

in the firm there was a gender divide

I’ve always been passionate about

in terms of partnership track. That’s

issues that are affecting women and

still the same, and we haven’t really

girls, and I really saw the job creation

cracked the glass ceiling in terms of

opportunities available in science

partners. Absolutely the same thing

experiences in law, business, and public policy

Make It Happen |

39

is happening in terms of the financial

fact that we have more girls who apply

at-home life. I’ve just had a child, and

services industry. So we’re still not

than we have room for in our program

there’s no places to breastfeed in an

breaking those barriers, and I see

makes me incredibly sad, every year. I

airport, so if I’m going to go give a

the same problem in tech as I saw in

wish I could build an organization that

speech and need to travel, everything

law and finance. But the difference

could reach every single girl who is

is more complicated. Women still

is that in technology, the number of

interested in coding.

have to go back to work if they’re lucky after a couple weeks right after

them to learn how to fail, “I want and take risks. and then I want

they’ve had their child. I am lucky, I took three months of maternity leave, but I think it’s really hard.

”

them to learn about the sisterhood

Three months is still not enough, and it should be longer. That’s something that I really try to advocate for other moms.

women educationally, the number

What lesson do you most want the

of computer science graduates that

girls who participate in the program

Along those lines, do you think when

are female is still low. In law and in

to learn?

you were first starting out that it was possible to separate or focus

finance you’re getting gender parity in graduate schools, but we don’t have

I want them to learn how to fail, and

as much as you wanted to on your

that in tech.

take risks. And then I want them to

personal life and your public career?

learn about the sisterhood. What we

founding Girls Who Code

really teach is about how we are all

It’s really important for me to find

in this together, and that by learning

a partner that is supportive. My

to code and to program you’ve been

husband is my biggest supporter in

What has been your favorite part of

given a gift that we want them to

the world. I think especially now,

founding Girls Who Code?

share with other girls. Almost all of

having my son, I wouldn’t be able to

our girls have taught another girl to

do what I wanted to do without him

The girls. They’re amazing. They want

program, and that’s something that

doing honestly probably more than

to build, they want to create, and

we do not require of our graduates

50 percent of the household work.

even at their young age they really

but something that they do on their

So I think making that choice and

believe that they can and will change

own, because they understand what it

having that is really, really important.

the world. They want to be a great

means to build a true community of

I always tell young women to think

engineer and a great developer that

women in technology.

about who you choose to spend the

will do something to make the world

rest of your life with, and make sure

are passionate about gender studies,

creating an individual meaning of success

they’re passionate about business,

Now turning away from Girls Who

possible to develop that support

they’re passionate about law, but they

Code, what would be your definition

without giving up some aspect of

also want to code. And so the truth

of success in the context of the

their career?

is that individuals who care about

recent debates about whether or not

humanities and about technology are

women can “have it all”?

a little better. If I were to do it all over again, I would major in computer science and public policy. These girls

the ones who are going to make the best engineers.

that they believe in you more than you believe in yourself.

Do you think for most women it’s

No, I don’t think it has to be one way or the other. I don’t believe in face time

I guess what I’d say is that you can

and we have work from home Fridays.

have it all but you can’t at the same

I have a lot of stay-at-home moms who

What has been the hardest part of

time. There’s not really such a thing as

work from home and they’re the best

Girls Who Code?

perfect balance. We don’t quite yet live

workers. So we have to change what

in a world where it’s entirely possible

we think we expect from women and

to have a full career and have a full

understand that working from home

That we have to turn away girls. The

40 | Fall 2015

is not a trade off.

their wisdom. You just have to ask.

If you were to give advice to your college-self, what would you say?

How do you see your career changing

Do you think that women ask less?

in the next five to ten years?

To figure out what you’re passionate I don’t think that we ask in the same

about. Keep trying things until you

Right now, I’m really playing it one

way that men ask. We don’t ask

figure out what you want to do. I

day at a time. I think whenever I’ve

unabashedly, instead we think about

think of Hinduism when I say this,

planned out my life, it has not worked

how we are imposing on someone

and dharma. What are you put on

out, and in good ways. If I never lost

else’s time. We think, I don’t want

this earth to do? I think I would tell

my congressional race, I wouldn’t

to burden you, and men don’t care

myself to keep, keep trying things.

have built Girls Who Code. Sometimes

about that. We need to stop caring. I

Don’t worry about pedigree, don’t

you just kind of have to be open to

think it’s definitely cultural, and it’s

think about how I want to work at

what is in front of you, and get out

something unfortunately that we’ve

Google because it’s cool, but figure out

there and be resilient and take those

taught our girls: to be nice, to go slow,

what you love. I love my job. I love it.

risks.

to not call attention to ourselves.

I was working up until the end before I had my son because I loved it. And

How do you suggest young women

Is there a female role model that you

it took me until I was 39 to find that.

go about seeking the right kind of

look up to in particular?

And it’s going to take time to find

support in finding whatever it is that they want to do?

that. The journey is long, and you just Hillary Clinton. I see her get beat up

can’t give up. And I got to where I am

every day and yet she is still so true to

today because other things didn’t

Part of that is just building

who she is and what she believes and

work out. I worked at a law firm and

relationships, and not being afraid

why she’s in the fight. She inspires me.

I hated it. I worked in finance and I

to reach out and to ask. I have girls

was miserable. I ran for office and

who email me or text me all the time

What is the most helpful advice

then I loved it, and then I started Girls

asking if they can just have five

you’ve received in your career?

Who Code and I loved it. And so it

minutes of my time. Women like me want to be helpful and want to share

was through misery that I found my To not be afraid of failure.

passion.

Make It Happen |

41

diversity on madison avenue

by Dianisbeth Acquie ’16 photos by Elvert Barnes Photography / CC BY-SA 2.0

O

ver the last decade, marketers

a combined buying power of $3.8

specialize in multicultural research

and media companies alike

trillion by 2017 across multicultural

in order to ensure that they are

have begun to seriously

audiences—in a variety of categories.

successfully reaching these

consider new opportunities for

According to Nielsen and Pew

populations. The last few years have

growth in one of the most sought-

research, for example, multicultural

generated an incredible amount

after target groups: the multicultural

consumers tend to over-index on

of interest and investment in

market. In September 2011, AdAge

school supplies, beauty and hair

multicultural consumers. In which

announced: “Multicultural is the

products, and family goods. This

ways can we expect advertisers and

Wave of the Future.” According to the

research has inspired an exponential

corporations to change their approach

most recent United States Census, 80

increase in media spending: from

over the next few decades?

percent of all population growth in

2011 to 2012, the overall growth in

the United States between 2000 and

media spending was 3.2 percent,

of multicultural marketing will be

2010 is attributable to Latinos, African

yet Hispanic ad spending grew by a

strongly influenced by a demographic

Americans, and Asian Americans.

formidable 11.1 percent. Companies

group that is also in exceptionally

There is no doubt that the future

high demand: the millennial market, which comprises adults in the United

“

multicultural Millennials are impacting the way that advertisers perceive and reach multicultural cohorts

States roughly between the ages of 18 and 34 and accounts for $1.3

”

trillion in purchasing power. As we discuss the present and future of multicultural marketing, we must remember that the multicultural

These large population increases

are more frequently seeking the

market and the millennial market

correspond with great amounts of

advice of multicultural advertising

are not mutually exclusive ones with

spending power—experts forecast

agencies and consultancies that

disparate interests. In fact, a Venn

42 | Fall 2015

diagram of the two would find a

can obtain from social listening

to Forbes, this generation places a

significant portion of each market

can be powerful to shape ways to

higher value on diversity than any

in the center. According to Kantar

engage multicultural audiences.

preceding generations, and so we will

Research, Millennials make up the

Social listening will be driven by

be seeing a movement towards more

most diverse generation in American

multicultural Millennials and will

diverse representation in total market

history; Latinos, African Americans

undoubtedly shape multicultural

campaigns.

and Asian Americans make up 41

marketing, because it focuses on the

percent of the millennial market, and

authentic and the personal.

Latinos alone account for 18 percent of all Millennials.

For the most part, multicultural

In order to stay relevant to multicultural Millennials and the

The millennial focus on

increasingly diverse population of the

personalization will also shape the

future, marketers must incorporate

way that we think about multicultural

multicultural marketing into the

Millennials are English-dominant

marketing. Millennials are less likely

company’s central mission and

consumers, yet it is not unusual for

to be content with a company simply

strategy. General market campaigns

them to speak another language

including other racial minorities in

should thoroughly incorporate

with family members at home. These

advertising: diverse representation

insights from multicultural markets

adults, who have grown up living

in advertising is seen as a given,

while being culturally sensitive

in multicultural kaleidoscopes, are both deeply in touch with their cultural identities and firmly rooted in American culture. By changing the face, voice, and identity politics of America, multicultural Millennials are also impacting the way that advertisers perceive and reach multicultural cohorts.

Recent research discovered that Latinos and African Americans are more likely to access news only through their Apple or Android mobile devices, shifting the attention of media planners and buyers to a mobile playing field. Furthermore, African-American and Latino

toward a more diverse future

92% >50% 32% of the total growth in the US population in the past 10 years has come from multicultural consumers of all growth in population

by 2020, Hispanics will account for

the 2010 US Census Bureau’s 10year growth rate for the multiple race population was

data from ethnifacts.com

consumers are more likely to jump on social network trends early and

not a plus. Furthermore, they want

and firmly committed to the needs

over-index their usage of Twitter and

individualized, targeted messaging.

and wants of their consumers.

Instagram.

Social media has recently

In the future, Diaz firmly argues,

To accomplish this, Diaz believes,

marketing messages will have

everyone in an organization must be

achieved greater levels of legitimacy

individuals, rather than segments,

trained to achieve higher levels of

in the advertising industry and

as their targets. This is as a result

cultural fluency. This will ultimately

will continue to play an important

of the millennial mindset, which

create more effective, personal, and

role for both agencies and clients,

studies have found is geared towards

fluid advertising.

and the exponentially increasing

individuality. As a result, corporations

presence of multicultural Millennials

will move away from defining

longer be about simply translating

on these networks will raise the

multicultural Millennials simply by

an ad from English to Spanish

stakes of studying social media even

either their ages or their nationalities,

and limiting it to a niche Spanish-

more dramatically. Sandra Diaz,

but will see these as important

language website; it will be about

a multicultural marketing pundit

cultural characteristics that are also

using Spanglish and putting it on

expert and executive, writes that the

beginning to influence the American

a billboard in the middle of Times

insight that marketers and companies

mainstream market. According

Square.

Multicultural marketing will no

Make It Happen |

43

sleep

for success

by Sophia Samutin ’18

T

he value of getting enough rest is drilled into our minds from a young age: we have all heard how important it is to get a solid night of sleep before a major exam or event, and most of us are well aware that sleep is critical for a healthy metabolism and for the ability to think and function well. Yet so many of us ignore these facts in favor of

an extra hour of work or play. In the business world today, 40% of Americans report that they regularly sleep less than the necessary amount for proper functioning. When this sleep deprivation is compounded over a number of years, there are serious consequences for the working capability of the average American. The fact remains: sleep matters, and here’s why.

photo courtesy of Flickr / CC

1

by lack of sleep. You will be happier when you sleep more, and

2

perform better in work as a result. As Mark Rosekind, a mem-

experts. In fact, sleep deprivation is nearly universal

ber of the National Transportation Safety Board, explains in a

in psychiatric conditions, from bipolar disorder to

2010 National Geographic documentary, “Every aspect of who

anxiety disorders. As a Harvard Health Publication

you are as a human, every capability is degraded, impaired,

helps to highlight, chronic sleep problems affect 50

when you lose sleep. What does that mean? Your deci-

to 80 percent of patients with psychiatric conditions.

sion-making, reaction time, situational awareness, memory,

REM (rapid eye movement) is one important

and ability to communicate go down by 20 to 50 percent.” As

category of sleep. REM sleep is crucial because of its

college students, lack of sleep can impair our performance on

effect on enhancing learning and memory. Sleep

tests, social decisions, and overall enjoyment of the college

disruption affects neurotransmitters and stress

experience. As a Business Insider article showcases, in a study

hormones, which in turn damage the brain. In other

of 909 working women, a poor night’s rest affected happiness

words, insomnia amplifies the consequences of

as much as difficult work deadlines.

psychiatric disorders.

44 | Fall 2015

Communicate better, be happier.

Your ability to properly communicate is impaired

Maintain your mental health.

Sleep deprivation is correlated with

almost all mental health conditions, according to

3

4

Get 7-9 hours for peak performance.

We are biologically programmed to sleep less in

Boost your memory.

Lack of sleep impairs memory, which can hurt your work performance.

adolescence than in childhood, but not as few hours as we

Researchers determined that “sharp wave ripples,”

currently get. It’s a normal part of adolescent development to

which are brain events needed for consolidating

stay up later and wake up later, yet high schools force their

memory, occur during the deepest levels of sleep.

students to wake up earlier than what is ideal for proper

The ripples transfer information to the part of the

growth. Studies show that high school students who sleep

brain where long-term memories are stored. In fact,

more have higher test scores and lower rates of depression.

researchers have found that we may be able to learn

When we continue onto college, we have more freedom over

information during sleep. In the study, the research-

our schedules and therefore have the luxury of being able

ers exposed subjects to a pleasant smell and sound

to stay up and wake up later than before. However, nearly

while they slept. When the patients woke in the

two-thirds of college age students still do not get enough sleep

morning, they began to sniff when they heard the

each night, according to a study at the University of Alabama.

sound—the association had been learned in sleep.

5

Reduce risky decisions & mistakes.

When you sleep more, you will make fewer risky financial decisions and do better in business. As one Forbes magazine

article highlights, when people are tired, they look for risky gains when making financial decisions. Before making any big purchases, it is important to sleep. In addition, staying awake too long can alter your speech, resulting in a monotonous tone, repetitive word usage, and slurred words, which hurts a sleep-deprived individual’s ability to make a good impression at work. Moreover, a Harvard study found that when medical residents reduced their work hours, they made fewer errors. All sleep60% of college students are sleep-deprived, according to a University of Alabama study.

deprived workers are more likely to have accidents, and even if business is not life-or-death, sleep has consequences for performance in every field.

Okay, sleep is important. What can I do to improve my sleep habits?

Improved, restorative sleep can be key to success for busy college students or professionals fresh on the job.

Here’s how you can make the most of your sleep—and your career.

Exercising regularly boosts

Try to keep a regular sleep schedule, meaning that

energy during the day and helps

you set a regular bedtime and wake up at about the

you sleep better at night.

same time each day.

Turn off your TV, computer,

Avoid big meals before bedtime. If you are hungry, a

and any bright lights at least

turkey sandwich, banana, or granola are smart options

an hour before you go to sleep.

that contain tryptophan, which helps calm the brain.

Artificial lights can suppress your production of melatonin, the hormone that makes you sleepy,

Still feeling groggy? Building short

so texting a friend right before

naps (10-25 minutes) into your routine

going to bed can affect your REM

can improve your daily function.

cycle and your overall memory. icons courtesy of Sathish Selladurai, Arthur Shlain, Thomas Helbig, Nicholas Menghini, Luis Prado

Make It Happen |

45

how to start investing in your 20s

by Kristina Hu ’16 and Bianca Mulaney ’16

Hu and Mulaney are co-CEOs of Harvard Smart Woman Securities, a non-profit organization focused on empowering women through investment education at the undergraduate level. In this article, they share their investment tips with Make It Happen magazine. photos by Caie Kelley

46 | Fall 2015

O

ur lives are filled with choices.

budgeting app such as Mint or a

over that time frame! ($50 earning 7%

Often, it is as simple as

Google/Excel spreadsheet to keep

interest compounded monthly for 40

choosing between mustard

track of your personal finances.

years would give you $107,241)

or ketchup on your burger, but

Be frugal with your dollars—when

sometimes these decisions involve

you add grabbing Starbucks in the

in your life? Whether it is for a

more serious matters such as choosing

morning, fast food and a pack of gum

car, an apartment, retirement, or

a spouse or deciding what house

to your daily routine, these seemingly

your children’s college fund, you

or car to buy. In many situations,

insignificant items can easily add

need a plan to achieve these goals.

we are so caught up in the choices

up to $10 a day, $70 a week and $280

Start by making a list of all of your

themselves that we neglect an

a month. As another example, take

big financial goals. For each goal,

important consideration: how to get

Spotify Premium. While it may be

estimate the dollar amount needed

there. Specifically, how to get there

nice to have for the “bargain price” of

to achieve that goal as well as a time

financially.

$4.99/month, would you really shell

horizon for when you will need that

out $60 a year just for commercial-

money. Here is an example:

As college students, we might

What are the big financial goals

think that there is little we can do to increase our wealth. But what if

goal

amount

time left

New Car

$40,000

7 years

Wedding

$10,000

10 years

Retirement

$1,000,000

40 years

you could grow your money by doing absolutely nothing? Personal financial investing is an activity that has the potential to produce exponential returns. In fact, as students in our early 20s, we are in the middle of some of the most powerful investing years of our lives because we have one thing on our side that those who tend to be more experienced do not: time. Importantly, decades of time.

Enter the world of investing—

free internet radio?

By budgeting wisely and

You will want to chose an investment plan depending on

establishing good credit early on,

when you will need the money—for

where you can multiply your wealth

you can accumulate the funds

instance, if the goal you are saving

over time by putting it to work

needed for investing. Although some

for is less than two years away, you

elsewhere. Below are some tips on how

mutual funds may require an initial

might be better off simply putting

to get started, from how to obtain the

investment of $1,000-$3,000, keep in

your money in a savings account than

cash you need to start investing to

mind that you can start investing with

dealing with the potential perils of

what sorts of funds to invest in.

as little as $100 if you know where to

the stock market (to be discussed in

look.

the next section). How much can you

budget wisely

commit to investing in each goal every

start planning now

month? Whether it is $10 or $200,

Saving money is the first step; learning how to invest is the second.

Smart savers know that it is never too

certain number of dollars each month

Budget wisely! Calculate your monthly

early to start investing for the future.

towards each goal. Online financial

after-tax income and subtract your

This is because money stashed away

advisors such as Betterment and

monthly expenses. What remains

and invested when you are 25 will

Wealthfront are great places to start

is your disposable income. It is

enjoy four decades or more of market

when it comes to goal-based investing.

important never to spend more than

gains and compounding interest by

you earn—that is a sure recipe for

the time retirement rolls around. As

insolvency. Commit to saving at least

a result, $1 invested at age 25 could be

do your research

10% of your disposable income—even

worth nearly $15 at age 65, assuming

There are two types of basic

20 extra dollars a month can go a long

an annual market growth rate of 7%.

investment vehicles: stocks and bonds.

way.

Think about how much you could earn

Bonds are loans made to organizations

if you invested just $50 per month

(companies, governments, etc.) for

We recommend using an online

make it a monthly habit to set aside a

Make It Happen |

47

which you earn a fixed interest rate

A good portfolio will have a

return, typically between 0.25% and

combination of diversified stocks,

asset allocation will ultimately come

15% annually. The riskier the bond,

bonds, or other financial instruments.

down to your own preferences and risk

the higher the interest rate paid—

This specific combination is also known

tolerance.

though compared to stocks, bonds are

as your asset allocation. In general,

generally seen as low-risk, low-reward.

the shorter the time-horizon, the more

allocation depends on two factors: your

Stocks are shares of ownership in

bond-weighted your portfolio should

age and your relative risk tolerance.

a company that entitle you to part

be (so that you have more stability

One common rule of thumb is that

of its profits—you can make money

in knowing you will have the money

[110 - your age = percentage of your

by selling shares when its price has

when you need it), and the longer the

portfolio that should be stocks]. So,

increased, or if the stock pays regular

time-horizon, the more stock-weighted

a person in their 20s should have

dividends. Stocks are generally seen as

your portfolio can be (since you have

roughly 90% of their portfolio in

high-risk, high-reward.

the time to ride out volatility and reap

stocks and 10% in bonds. As you

48 | Fall 2015

potentially higher rewards). Your ideal

For a retirement fund, your asset

get older and closer to retirement, you will want your portfolio to be

getting started!

investments depending upon the size

If you do not have an employer-

of your account. Regardless, you should

less volatile. To determine your risk

sponsored 401(k), you will want to

max out your accounts whenever

tolerance, you might ask yourself,

open an individual retirement account,

possible—that means that if you have

“How much am I willing to lose to gain

or IRA. There are two main types of

a Roth IRA, contribute as much of the

the potential upside?” If you choose

IRAs: Traditional and Roth. If you

$5,500 federal annual maximum as

a more aggressive allocation that has

are already in a higher tax bracket

you can each year. This only gives your

more stocks than bonds and the market

now, go with a traditional IRA, but

portfolio more and more time to grow

tanks, do not panic and sell right

if you will be in a higher tax bracket

by the time you need the money.

away—remember, you have time on

when you retire, go with Roth. You

your side. Also remember to rebalance

make regular annual contributions to

remember also the power of dollar-

your asset allocation every few years.

your IRA based on federal limits and

cost averaging. Dollar-cost-averaging

the money you are able to save. To tie

is the technique of buying a fixed dollar

age a portfolio (what we recommend),

in our discussion from the previous

amount of a particular investment

buy shares of a mutual fund (basical-

section, the contributions you make

on a regular schedule, regardless of

ly, a pool of money from thousands

to your IRA are actually purchases of

the share price. Thus, more shares are

of people run by a professional fund

shares of stocks and bonds, using an

purchased when prices are low, and

manager, who takes care of making the

asset allocation that you choose.

fewer shares are bought when prices

If you do not want to actively man-

decisions about what to buy and sell)

When it comes to investing,

Let’s say you would like to open

are high. Dollar-cost averaging lessens

or an exchange-traded-fund (a fund

a Roth IRA for retirement. With

the risk of investing a large amount

that is traded on an exchange just like

Vanguard and Fidelity, you can open

in a single investment at the wrong

a stock, but is specifically designed to

a Roth IRA with a contribution as

time. One tip is to set regular calendar

track an index). For example, choose

little as $1000. If $1000 is too much,

notifications or reminders to ensure

an S&P 500 index fund like the Van-

a number of financial-tech startups

that you never miss a payment.

guard Total Stock Market Index Fund

offer Roth IRAs with no minimum

or a bond index fund like the Vanguard

to open and low additional fees. One

scary, but our generation is better

Total Bond Market Index Fund, which

example is Betterment, an online

equipped than ever to make the most

provide instant diversification without

service which automates savings and

of it. There is no better day to start than

the need to contribute large amounts

asset allocation for an annual fee of

today—it will be well worth your time

of cash. Mutual funds also allow you

between 0.15% and 0.35% of your total

(and money).

Investing in your twenties can be

to essentially “set and forget” about your investment—there is no need to

Roth IRA

Traditional IRA

Contribution

post-tax dollars

pre-tax dollars

When Your Money Is Taxed

at the time you put money into the account (now) – your money grows tax-free

once you withdraw the money (upon retirement) – pay less in taxes now

constantly track your portfolio and it requires little maintenance. We recommend checking these types of funds around once every six months or once a year.

Whatever you decide to invest in, make sure that you research thoroughly before making a decision.

As always, all investments come with some degree of risk—but good research and a consistent strategy will almost surely reap rewards in the end.

invest regularly Okay, so you’ve learned how to budget, determined your financial goals, and have some idea of what to invest in. The next step is opening an account and

Recommendation /Advantage

good for someone good for someone who is in a lower who is in a higher tax bracket now or tax bracket now whose tax bracket may increase upon reaching retirement Make It Happen |

49

making an

IMPACT a conversation with Caldy Group CEO and Founder, JEM HUDSON interview by Caie Kelley ’18

photo by Doug Levy

50 | Fall 2015

A

graduate of Harvard College

How do we organize an event that has

you do and encourages students to be

and The University of

never been done before? I’ve come

creative, independent, thoughtful, and

Pennsylvania’s Wharton

to realize in my career that there is

really effective at solving problems.

School of Business, Jem Hudson has

something special and thrilling about

But Harvard is also an enormous

taken an nontraditional approach to

being a pioneer and developing a

privilege. Coming out of Harvard, you

the world of finance. After working

new concept from the ground up. The

see every day what a gift it is to have

for Deutsche Bank, Monitor Deloitte,

organization at the time was nascent

had the opportunity to go to Harvard

and as a research associate at Harvard

enough that it offered a great deal of

and develop such an extraordinary

Business School, Hudson founded

opportunity to innovate, and I really

network of peers and mentors. I know

Caldy Group in 2013. The Boston-

enjoyed that.

it’s a little bit of a bubble, and it’s

based firm aims to take advantage

difficult to see this while you are in

of the growing interest in leveraging

How do you suggest college-age

school, but I think it’s really important

finance as a force for good, as more

women approach their summers and

to remember how valuable this gift

investors look to contribute to

exploring their different options?

that you’ve been given really is, and to

greater sustainability and create

try and give back whenever possible.

financial returns along with positive

What’s interesting about the time

social and environmental impacts.

when I was in college—and I think

Through its advisory services and

some of it is similar today and some

its critically acclaimed insights,

of it has changed—is that there

creating Caldy Group

the firm has been breaking down a

was a very strong emphasis on

Can you explain the idea of impact

highly fragmented industry so that

pursuing career opportunities on

investing?

the finance community can learn

Wall Street. These days, both through

more about the emerging space of

the programming with WIB and

First, I’d like to stress that there are

impact investing. Hudson, an alumni

through other opportunities, there

three key concepts here—impact

of Harvard Undergraduate Women

is a broader range of options. My

investing, sustainable investing,

in Business herself, spoke with Make

advice is to try and find a balance

and ESG screens. Impact investing

It Happen about her experience as an

between challenging yourself through

is typically defined as an investment

undergraduate at Harvard, working

internships that offer you a rigorous

approach that intentionally seeks to

in finance, and her path toward

learning environment, and taking the

create both financial returns as well as

founding the firm.

time to immerse yourself in the things

a positive social and/or environmental

that you love. If you could do both in

impact that is actively measured.

the undergraduate experience You participated in Women in Business when you were a student at Harvard—what was the experience like during your time at the college?

is something special and thrilling “there about being a pioneer and developing a new concept from the ground up ” one internship, that would be the best

Sustainable investing is an investment

I was class of 2006 at Harvard, and

possible outcome, but many times

approach that aims to contribute

WIB has really grown and changed

there is a little bit of a trade-off.

to greater sustainability, especially

tremendously since that time. When

with respect to environmental issues.

I was in school, the group was still

What was the most valuable thing

It typically focuses on long-term

fairly young and everything was quite

that you learned at Harvard?

value creation. ESG screens take

new. For example, I was involved with

into account environmental, social

putting together the very first IBC

Everyone learns at Harvard that

and governance performance when

conference back in 2005, which was

they need to be diligent and apply

making investment decisions, and can

incredible. For us, it was a team of five

themselves on a whole new level

be positive screens (decision to select a

or six women looking at each other

of rigor. Harvard emphasizes the

security) or negative screens (decision

thinking, Okay, where do we begin?

importance of being excellent at what

to remove a security from a portfolio).

Make It Happen |

51

Can you give us some examples of

with the financial crisis, so it was an

this?

interesting time to be in business

So fast forward to 2013, and I

partners, for instance.

school and look at the world from

thought, if I don’t start Caldy Group

A typical impact investment would

that vantage point, having just come

now, I will always regret it! And I truly

involve making a direct, private

from Wall Street months before. I felt

do feel that way, because now we’re

equity investment into a company

that the financial system as we had

starting to see so much momentum

such as Warby Parker, which is

come to know it was in such a turmoil

in impact investing, sustainable

specifically designed to “do well by

that fundamental changes needed

investing, and ESG. Two or three years

doing good.” In the case of Warby

to be made. However, I noticed that

ago, I would tell someone that I was

Parker, for each pair of Warby Parker

many people around me, several of

interested in impact investing, and

glasses you buy, one pair goes to

whom had come from Wall Street,

they would look at me like I had lost

someone in need. In this way, the

couldn’t really accept that and were

my mind. Now they are wondering

company not only generates profit but

just waiting for the crisis to pass and

how I was interested so early. You

contributes to making a difference.

for everything to return to “normal.”

really have to have that conviction

On the sustainable investing side,

That’s when I first became intrigued

in what you’re doing and why you’re

we typically see a company that is

and inspired by the idea of flipping

doing it, because not everyone will see

very focused on sustainability in

finance around—instead of being

it immediately.

some aspect of its business—for

frustrated by the economy and the

instance in the way it sources raw

financial world, using those tools to

Can you talk a little bit about the

materials. In this case, an investor

make the world better.

assumptions people make about impact investing?

can generate strong financial returns

Second, while at Wharton, I

by investing in a company like this if

became involved in a group called

the company’s new way of sourcing

the Wharton Social Venture Fund,

The first myth I often come across

raw materials offsets present costs

and going back to that idea of doing

is that impact investing is not really

or mitigates an important future

something completely new, when I

investing, but really “philanthropy

risk. The ESG screens are fairly

first came to Wharton it was a very

2.0.” So there’s a part that’s just

straightforward—you can literally

new, undefined group. The group

informing people that you still have to perform sophisticated investment

“

innovative areas such as impact .investing...offer entirely new opportunities to talented graduates who want to change the world

”

research and analysis in order to make smart impact investments. The second myth is the question of relevance— some people perceive impact investing as fairly niche and wonder why they should care about it. I strongly believe that impact investing is the future of finance due to several

go through a checklist to see if the

focused on the then-brand-new space

converging secular trends, and that

company satisfies ESG considerations

of “social venture capital” (or what we

everyone should care about it. For

of interest to you, and make your

now refer to as impact investing), and

one, Millennials are really interested

investment decision accordingly.

I decided to dive in with both feet and

in this investment strategy, and

help develop the group, so I raised my

they are just starting to inherit their

What inspired you to create Caldy

hand and I led the group as president

families’ assets and rise to positions

Group?

during my second year. That’s

of power across the broader business

when I realized that I really enjoyed

community. In addition, some of the

Two main factors converged into

entrepreneurship and building

problems in the world, such as climate

the creation of Caldy Group. First,

something from scratch. I enjoyed

change, are just so vast that unless

when I graduated from Harvard in

both the high-level thinking about

companies and investors get involved,

2006, I went into investment banking

what the organization was trying to

these problems will not be solved any

and then I enrolled at Wharton in

achieve and the day-to-day creation

time soon because governments move

September 2008. This coincided

of a logo and a pitch for potential

too slowly and nonprofits have limited

52 | Fall 2015

resources. The third myth is that impact investing is out of reach for young people who are not personally making investments. But this is the story of our time. If you’re not seeking out opportunities to get involved in

Investing, Redefined Defining the key terms of the next wave of investment strategy

the impact investing movement, you are missing out on something that

Sustainability

is far greater than just making an investment.

• An investment approach • Environmentally and socially conscious • Focuses on long-term value creation

finding personal success and balance How do you find time to balance work and personal life?

Impact

When you create a company and you

• An investment approach • Dual goal of creating financial returns and positive social and/or environmental impact • Emphasis on quantifiable impact

feel really invested in its success, you think about it everyday. It just becomes a part of your life and who you are. I try to turn things off on the weekends as much as possible, but it can be hard. Entrepreneurship is about constant hands-on engagement, and there is always a lot to do in order

ESG Screen

to move things forward. It’s not like you can have someone else cover for

• Investment evaluation tool • Uses environmental, social, and governance performance metrics • Can be used for positive or negative screens

you when you’re on vacation.

What do you think has been most fundamental to your success?

It’s hard to say, but I think I have a unique combination of creativity and organization. Some people are very creative but don’t always

Finance is so much more than what

Is there anything else you’d like to

follow through, and some people are

meets the eye. Students sometimes

share with WIB readers?

very organized but new ideas don’t

have a narrow idea of what finance

always come easily to them. More

can be, often thinking of advisory

In my humble experience, desire

importantly, I really, really care about

investment banking as the only path

and motivation are one thing, but

what I do. When you feel deeply

in finance. But there’s also investment

feeling like you truly fundamentally

invested in your work, you really give

management, equity research, and

care about what you do drives you

it your all, and the results come on

much more. Today, we see that the

in a way that isn’t just about getting

their own.

innovative areas such as impact

promoted or getting to the next level.

investing, sustainable investing, and

I encourage WIB readers to find that

What is something that you think

ESG, in particular, offer entirely new

area that they really care about and

everybody should know about the

opportunities to talented graduates

then throw themselves into it. That’s

finance industry?

who want to change the world.

when true success will come.

Make It Happen |

53

photos courtesy of aol.com

54 | Fall 2015

an interview with MAKERS executive producer Dyllan McGee

interview by Sarah Rodriguez ’18

O

ver the past decade, as Harvard

documentary filmmaker, who helped to

Undergraduate Women in Business

produce “Gloria: In Her Own Words” (HBO),

and Make It Happen magazine have

“Finding Your Roots with Henry Louis Gates,

strived to highlight and promote, women have

Jr.” (PBS), and most recently, “MAKERS: Women

gained momentum in various platforms and in

Who Make America.” She is also the founding

various fields—earning their place in a history

executive director of the Meserve Kunhardt

dominated by men. One of these individuals,

Foundation and the Gordon Parks Foundation,

a woman who not only embodies female

and she has served as the director of content

empowerment but actively works to spread

and operations for the International Freedom

a positive message about other influential

Center on Ground Zero, a cultural institution

women, is Dyllan McGee. As the co-founder of

that was part of New York City’s redevelopment

MAKERS, an organization that creates short

of the World Trade Center Site. So McGee herself

videos based off of interviews conducted with

is a notable woman with a host of awards, who

motivated and powerful women, McGee is

serves as an example of female leadership

well on her way to creating the largest video

in filmmaking and in nonprofit work. In this

collection of women’s stories ever. McGee

interview, she gives us an insight into her life as

herself is a two-time Emmy Award-winning

a filmmaker, producer, and female leader.

Make It Happen |

55

filming women in business

we look for in a woman, there are

the mapmaker of my own life. I

qualities that we look for in a man,

spent many years just moving on

and there are qualities we are looking

and moving up in my career and

What inspired you to create the

for in general. But, that said, I do think

taking the next step, but never really

MAKERS documentary series?

the question that we should be asking

realizing that I was in control. You are

is: what are the qualities of a leader,

in control of your own happiness and

I started this now about 10 years ago.

regardless of gender? [The skills

your own career, and sometimes that

I had done a bunch of films on men; I

required] to be a female leader today,

feels bold. But realizing that I could

had done all the American presidents.

especially when you get to the upper

do it, as simplistic as that sounds,

I had done a lot on African American

ranks, seem to demand that you have

was what allowed me to overcome

history and I realized I had never done

to almost work harder than your male

challenges. It is charting your own

anything on women. So I thought,

counterparts and be tough. You have

course. Women are in general afraid

why not do a documentary on Gloria

to realize that you can’t always be

of risk. Being a successful woman in

Steinem? She’s show-stopping. And

liked. I think women in general tend

business is being able to believe in

she said no—you can’t tell the story of

to like approval. When you’re striving

yourself and to be bold.

the women’s movement with the story

to be a leader and striving to succeed

of one person. So I, not wanting to

in business…you have to realize that

take no for an answer, said, well, what

not everyone is going to be your friend

if we tell the stories of all women?

along the way. And you have to have

reflections and personal advice

Video at the time was just starting to

thicker skin to get through that. I

What advancements would you

take off on the web. I met with Tim

think one of the amazing things that

hope to see in the realm of women’s

Armstrong, the CEO of AOL, and I

I love about female leaders is that

achievements, either within the

pitched him the idea and he loved it.

women are peacemakers. In one of

business/career sector or beyond?

The first documentary was the story

our documentaries about women in

of the modern American women’s

politics, we talk about the government

When I look in the business arena,

movement, and that aired in February

shutdown that happened a few years

women are still the minority of

2013. We got such positive feedback.

ago. The men were just yelling at

corporate boards. I actually believe,

There was clearly a hunger for more

each other, and they weren’t getting

and there is a lot of controversy

stories about women and their various

anywhere. Then the 20 women in the

around it, even amongst women, that

struggles and triumphs. We did six

Senate got together, had pizza, and

this is true. Germany has a thirty

documentaries, and one of them was

started mapping out the solution.

percent quota for females on boards

Women in Business. The business

That is what brought the end of the

now. I think there is something very

segment idea was created because

government shutdown. So there is this

interesting in quotas, because I think

women had really become stuck in

incredible negotiation, peacemaking

it would get us leaps ahead of where

middle management and we thought

skill that women do have that really

we are. Obviously the lack of equal

we could capture that in our series.

helps in business.

pay in our country is something that amazes me. How do women still make

there was clearly a hunger for more “stories about women and their various struggles and triumphs ”

70 cents on every man’s dollar? It’s

What qualities make a successful

What is the most difficult challenge

vote.” And I think the point is that

woman in business?

you overcame as a woman in

we need more women in politics.

business? How did you overcome

Because once we have more women

that challenge?

running the government, there will

I always like to say that, in a perfect world, we do not have to put people in buckets. There are qualities that

56 | Fall 2015

mind-boggling. It seems that that statistic is moving way too slowly.

It’s interesting­—when I interviewed Nancy Pelosi, I said, “What is the one thing that we can do to help women advance?” She said, “Get women to

be a huge trickle-down effect. And For me, it was realizing that I am

for some reason, in your generation,

Dyllan McGee (front) with Supervising Producer Deborah Porfido (left) and General Manager Samantha Leibovitz (right) on the set of MAKERS.

there is something about politics

and show that passion. And know that

inspiring person that you have

where it is not a field that women see

you are not stuck to one path.

interviewed? Who has resonated the most with you?

themselves in. It’s the same thing that we are doing in technology—trying

If you didn’t do the MAKERS

to get more women and girls into

documentary series, what would you

I honestly hate picking favorites

STEM fields. Because women like to do

be doing?

because they are all my favorites. But

good and change the world. And with

we had an incredible luck for our very

politics, there is no better place to go if

I completely stumbled upon my

first MAKERS interview, because it was

you are mission driven.

career. I got an internship out of

a woman called Katherine Switzer.

college and luckily loved what I was

She was the first woman to officially

What advice would you give to a

doing and worked my way up. I think

enter the Boston Marathon. There is

young woman in college?

that if you asked me when I was

something about her story that even

graduating college what I was going

today, as it happened in 1967, reso-

Don’t feel like you have to be the

to be, I wanted to be the next Katie

nates with equal strength. It is just an

CEO a few years out of college. Your

Couric, a television anchor. And I

extraordinary story. It was a story of

generation feels like they have to find

realized I was terrible on camera. Or

someone in a world where, when she

the perfect job, and find the perfect

I wanted to be an actor. And what I

was going to college, women weren’t

title right out of college. Learn that

found was that I was a creative person,

running marathons. She didn’t do it to

your career is going to have many

and documentary filmmaking was a

make a statement; she did it because

mistakes and wrong turns along the

great outlet for my creativity.

she wanted to run. It’s that idea that

way and the thing is to jump in, find something you are passionate about,

if there is something you love, if you

Who is your favorite or the most

have a passion, go for it.

Make It Happen |

57

The Business of Preserva 58 | Fall 2015

The exterior of the Dumbarton Oaks Museum in Washington, D.C.

tion: a discussion

by Alexandra Walsh ’18

photos by Katie Borrazzo

Make It Happen |

59

A

fter working in the museum world through various summer internships herself, Alexandra Walsh ’18 spoke with several museum curators and educators to discuss the role of business in the arts and to better understand the intersection of economics and art history preservation.

A canvas tote emblazoned with

everyone. In fact, today’s museums are

areas—like the National Gallery or

the Columbia Business School logo

grappling with some very significant

the Museum of Fine Arts—are less

leans against the wall. Among the

challenges, the most serious of which

vulnerable, but the scenario describes

exhibition posters depicting Byzantine

are falling attendance and dwindling

the daily struggle of museum directors

iconography and the volumes of

financial support. Many people,

in the thousands of smaller cultural

Sotheby’s catalogs stuffed into

including myself, tend to think of them

institutions in America.

shelving, it seems a bit out of place—

as important cultural institutions

an eruption of commerce in this

that are removed from the market

questions: what can be done to engage

temple of culture. The bag belongs to

economy. Yet while they have been

the public and encourage them to

Gudrun Bühl, the Museum director

an integral part of the American civic

visit our cultural hubs, and who

and curator of the Byzantine collection

and cultural landscape since the late

will do that work? As Judith Pineiro,

at Dumbarton Oaks in Washington,

nineteenth century, they’re in trouble.

executive director of the American

D.C. For the last hour, we have been

Consequently, recent years have seen

Association of Museum Curators

discussing business, art, and the role

an even greater focus on the role of

(AAMC) and the AAMC Foundation,

of women in the embattled future of

business in helping art survive.

says, “It’s not about just bringing in

cultural institutions.

I stumbled into the museum world

During a recent fellowship with

These problems lead to two key

that visitor once. It’s about reaching

the Center for Curatorial Leadership

out to the community and getting

the summer before my senior year in

(a program that provides museum

them to come back.” Moreover, cultural

high school when I got an internship in

curators with instruction from

institutions now have the even more

the Medieval and Byzantine Galleries

Columbia Business School faculty),

difficult task of balancing increasingly

at the Metropolitan Museum of Art in

Bühl acquired a new set of business

sophisticated scholarly presentation—

New York. Of course, I enjoyed visiting

skills to help cope with the many crises

an understanding and passion for the

museums and being exposed to art, but

confronting the modern museum.

work that is exhibited—with the ability

as a prospective Classics major with my

During our time together, she

to appeal to a general public that is

eye on law school and a career in public

suggested a theoretical case study: a

receiving less and less arts education in

policy, I never saw myself working in

mid-sized museum with a deficit and

schools and colleges every year.

Pineiro believes that collaboration between members of an entire

recent years have seen an even greater focus on the role of business in helping art survive

institution, including curators, educators, directors, administrators, marketers, and board members is crucial. That said, Pineiro makes it clear that there is no simple fix. The solution can only be reached when museum leaders acquire the skills to

one. My time at the Met was the best

an annual budget of only a few million

coordinate many different efforts from

experience of my life. Perhaps it was

dollars faces falling admissions and

many different areas and succeed in

the thrill of living in New York City, or

membership, difficulty finding donors

growing their businesses.

the exhilaration of being surrounded

for new exhibitions, aging sponsors,

by Monet and Hellenistic vases—either

falling staff morale due to dwindling

refocusing these institutions outward.

way, I was hooked.

audiences, and an inability to afford

Kym Rice, director of the Museum

salary increases for employees. Large

Studies Program at George Washington

and famous art museums in urban

University, stresses the importance

Unfortunately, museums do not hold the same fascination for

60 | Fall 2015

Much of the answer lies in

The Met in Numbers You pay $0 to enter.

The museum takes up about 7 acres of floor space (7.21 acres, to be exact).

It is the #1 largest museum in the United States.

It is home to more than 2 million paintings. The Met is also the 2nd most visited art museum in the world, after the Louvre in Paris.

The oldest piece, a storage jar, is dated to the 3rd century B.C.

Every year, about 6 million people pass through the iconic front entrance, which, by the way, has never been officially completed (look to the top of the columns next time you visit!)

There are 5 thousand historical musical instruments housed within the museum.

More than 4 hundred thousand people visited the special Alexander McQueen exhibit last year.

Over 8 thousand ice cream bars are purchased in the Met every year.

It has over 90 restrooms.

Today, you can visit it at 1000 Fifth Avenue (it was first located at 781 Fifth Avenue, and then in a large mansion before moving to its present location).

of drawing creative and community-

like high school internships, summer

general public. The events include

oriented people in as employees.

camp outings to galleries, and painting

art-making, performances, gallery

“Museums large and small,” Rice says,

classes—help to attract and excite

activities, music, and dancing targeted

“are at the centers of communities. We

people. In an age where museum-

towards teenagers. In addition, the

now have so many tools that we can use

goers are ever grayer and younger

program aims to inform teens about

to figure out how to connect visitors to

generations are less and less interested,

the opportunities at other NYC cultural

the missions of these places.”

attracting youth is crucial.

and community organizations during

These include education programs

The Metropolitan Museum of

the year.

and public involvement—events that

Art, like so many other museums,

But an equally large part of the

ensure museums and other cultural

recognizes the importance of this step.

solution lies in museums turning

institutions play an active role in their

One of its efforts, called Teens Take

towards business. “The time when

communities. Engagement is the new

the Met, takes place in the evening

curators didn’t have to pay attention

mantra. Today, community programs—

after the museum is closed to the

to the business side and to managing

Make It Happen |

61

costs is long gone,” says Dr. Helen C.

public. With regards to curators and

business models by non-profit cultural

Evans, who is the Mary and Michael

others involved in museum work,

institutions is now both prevalent and

Jaharis Curator of Byzantine Art at

Evans says, “Museums are increasingly

important. Betsy Gibbons, an Assistant

the Met. While most museums employ

driven by a business model. Therefore

Museum Educator at the Met, likes

specialists in development or finance,

you need to understand business and

to think of a museum as a business,

Evans assures me that she has to

hone these skills, even if you consider

though there is a distinction to be

understand both of these—in addition

yourself to be slightly other.”

made between a non-profit and a for-

to taking on fundraising, publishing

The adaptation of this business

profit business. Gibbons says, “There

and curating—in order to get the

model is not unique to the Met.

are undertakings in museums that

results she wants and to appeal to the

In fact, the adoption of for-profit

are done for the purposes of research

The gardens of the Dumbarton Oaks Museum in Washington, D.C.

62 | Fall 2015

and knowledge, things that are not

Program stresses,” Rice explains. For

work, and especially a curatorial

always made prioritized in a for-profit

example, GWU’s program focuses on

career, is a profession for women. “We

business.” However, she also insists

providing students with the practical

women,” Bühl says, “have come to hone

that thinking about for-profit business

tools needed for success in a museum

and train our communication skills.

models is necessary.

career, including management,

We know how to manage relationships,

finance, and development courses in

how to work hard, and how to get

come,” Gibbons says, “you need

“Whether or not people pay to

addition to curating. According to her,

things done.”

to think about the same business

business skills shape decisions and

Evans agrees that this is an

principles to get people to attend. You have to work like a business in the sense that respecting your audience and thinking about their positions as consumers and their consumption of the culture itself as important.” Pineiro of the AAMC agrees, saying that she sees business models in, for example, the way that museums forge corporate

when curators didn’t have to pay “ the time attention to the business side and to managing costs is long gone ” - Dr. Helen C. Evans

and non-corporate alliances.

While Rice disagrees, arguing that she believes museums can

many kinds of museum work, from the

exciting moment for women. “We are

still maintain non-profit systems,

mission statement to the acquisition of

displaying more women artists than

she allows that museums are now

new artifacts to deciding how the gift

many of the men who were curators

held to the same standards of fiscal

shop is run.

in the past would have ever thought

responsibility as are for-profit

Dumbarton Oaks’ Bühl sees a

relevant,” she said. Similarly, Rice

corporations. Regardless, businesses

pervasive call for business skills in the

applauds the freedom and creativity

and cultural institutions are now

museum world. What if, she poses,

afforded to those in museum

located on the same planet, and

the director of a struggling museum

professions and assures me that

museums live or die according to

had to decide how to distribute a

the museum world today has many

their skills at marketing, social media

sponsor’s large donation? “Do you go

exciting opportunities for women.

outreach, event promotion, audience

with gut feeling and think: Which is

development, and fundraising.

the department that suffers most? Do

do not have to choose between an

Increasingly, museum leaders see

Moreover, all agree that women

we have an upcoming exhibition that is

ambition to succeed in business

business-oriented education as the

poorly funded, and therefore pull the

and a love for art, or museum work.

key to staying relevant and successful.

money into that?” Bühl asked.

With MBA, JD, and museum studies

Courses of study like Bühl’s fellowship

“A business orientation and a solid

programs geared towards connecting

at the CCL and George Washington

expertise and training in management

professional careers with the arts,

University’s Museum Studies Program

and in business will help you to assess

women will be able to easily marry the

are truly on the cutting edge. For

the situation objectively and choose

two passions. “This is a generation of

decades, working in an art museum

based on the direction with best

women,” Evans says, “that is able to

meant having a background in art

possible success,” she says.

dream of being anything they want.”

history and a passion for the works

Though all of the museum

As Gibbons summarizes: “Museum

of art—nothing more. But now,

professionals quoted in this piece come

work is rewarding because no matter

experience in business and the for-

from different backgrounds and areas

what job you’re doing, you are making

profit world is a resume booster, if not

of museum work, they agree on a few

it possible for people to come into a

a prerequisite, for museum work.

key points. First, that women have a

space that is inspiring and can spark

responsibility to help fix the problems

conversations. It can give them the

thought that it was important for

“From the ’90s on, museums have

facing museums, not only because

room they need to reflect on their day,

directors, curators, and others working

museums need more women in top

or it can be a space that motivates

in positions of responsibility to have

positions, but also because women are

people to push themselves to get

management and business skills, which

ideally suited for this high-powered

involved in a struggle that exists in the

is something the Museum Studies

world. Bühl believes that museum

world.”

Make It Happen |

63

taking the

cake

how Kara’s Cupcakes is redefining the bakery industry interview by Caie Kelley ’18 64 | Fall 2015

H

er father is a dentist, but Kara Haspel Lind, the executive pastry chef and

creator of Kara’s Cupcakes, did not let that stop her. Her business, founded in 2006, has grown to eight locations throughout the Northern California Bay Area and is credited with beginning the cupcake craze on the West Coast. In 2012, it was selected as one of the top 20 best cupcake stores in America by Food & Wine magazine. Some of her original creations, including “Sweet S’mores,” a chocolate cupcake with a graham cracker crust and a toasted marshmallow frosting, have been featured on the Food Network, and Kara herself has competed on Cupcake Wars along with the nation’s top bakers. However, Kara began in a very different world, working for more than a decade as an advertising and marketing executive for Allure magazine and for the publishing company Condé Nast. In this exclusive interview, she spoke with Make It Happen about her journey toward creating a business that combined a true passion with a successful career.

the beginning of the cupcake craze

photos courtesy of Kara’s Cupcakes

You began your career not as a pastry chef, but as an advertising

San Francisco, and I’d always been in

up a cupcake bakery before I enrolled

sales executive—can you describe

advertising and marketing. So I was

nine years ago, and once I enrolled I

your path before founding Kara’s

always creating marketing platforms

started working on my branding, and

Cupcakes?

for brands that were my clients, and

the cupcake flavors were born. To me,

that sensibility was basically my

cupcakes are like little outfits, the

Before I founded Kara’s Cupcakes I

career for fifteen years. I had always

dress being the cake and the handbag

was working as a director for Condé

had a love for sweets—my dad and

being the frosting. I took that passion

Nast, one of the world’s premier

my brother are both dentists, and I

and turned it into Kara’s.

publishing companies, and in

was never allowed to have them when

particular Allure magazine, which

I was younger—so I always wanted

What drew you to creating cupcakes

is a women’s fashion and beauty

them and have a mouthful of cavities

in particular?

magazine, and before that I worked

to prove it. I essentially merged my

for other magazines. So I started

love of sweets with my love of fashion

It goes back to that idea of design—a

my career in New York and then Los

and I enrolled in pastry school. I had

cake is beautiful and glorious and has

Angeles before making my way to

the knowledge that I wanted to open

a big “wow factor.” But a cupcake is a

Make It Happen |

65

little more mainstream, and it has a

creating the business?

little more potential for individuality.

to reinvent the business every time the market changes. It’s like a living,

I had traveled all over the country

There were so many challenges

breathing part of your life that you

and Canada before the cupcake craze

along the way, but life is a constant

have to take care of.

hit—I had gone to Magnolia’s Bakery

challenge, and you’ll always be

in New York City many years before,

challenged no matter what you do.

and I realized what a great idea it was.

As an entrepreneur, the challenge of

I wanted to do something similar in

starting it is actually easy, because

San Francisco, but I wanted to make

you don’t know how it’s going

reinventing the traditional business model

it mine and have it more community-

to go. Building the company and

A large part of your business model

driven.

keeping it built is a huge part of the

seems to focus on the idea of being

battle. Maintaining the business is a

green—can you talk about how a

What were some of the biggest

challenge—it’s always on your mind,

concern for the environment is

challenges you ran into when

24 hours a day, and you have to be able

integrated into the way Kara’s

66 | Fall 2015

Cupcakes is run?

personally delivers a couple times a

Another aspect of Kara’s

week. We use local, organic cake flour

cupcakes that sets it apart is your

When we entered the market, we were

and local sugar providers. It allows

commitment to buying local and

the only ones in the industry. We

for a really amazing connection with

giving back to the community—can

owned this sector of the San Francisco

the suppliers and the community,

you describe those efforts?

Bay Area from a dessert-designer

and it allows for us to make the

perspective. As the market became

best cupcakes in the area. A lot of

We do a charity cupcake every month

saturated, what set us apart was that

companies are using processed foods,

that gives back to certain aspects of

we were sourcing everything from

and as they get bigger and want to cut

the community. We have a breast

local suppliers. We are sustainable,

is a constant challenge, “andlifeyou’ll always be challenged no matter what you do. ”

organic when we can be. And we really built a connection with our suppliers, which was important in creating this San Francisco, Northern California brand. By utilizing some of our local suppliers such as our local strawberry farm company, a man who broke

costs, they start using cheap flour or

cancer cupcake in October that gives

away from Watsonville’s Driscoll’s

liquid eggs. But that’s just not who we

back to breast cancer patients in the

and created his own strawberry

are, and we’re going to stay true to our

Bay Area—it gives money to low-

patch, we created relationships with

mission-driven values and sustainable

income women to support the cost of

the people that we work with. He

story.

their care. We support Make-A-Wish,

Make It Happen |

67

you say?

Save the Bay, San Francisco General,

birthday, or cupcakes for someone’s

and so many local charities, so we feel

wedding or anniversary, we love

connected to our community and that

being part of those moments. We

You will follow many different pas-

we’re making a difference.

also love creating moments for them,

sions and you will reinvent yourself

when someone comes to us with an

many different times throughout

What’s your favorite part about

idea and we say okay, what does that

your life, and that’s okay because life

making cupcakes and creating the

look like? We’re doing something for

is about reinvention. Each change

different options available at your

Make-A-Wish, and so what we did

will lead you to the next passion. You

stores?

internally was we had each bakery

might not just be passionate about

create three to four cupcakes, and

one thing—I’m passionate about food,

Kara’s has a mission, and it’s that

send the recipe up to us. And then we

biking, cupcakes and yoga—and when

we make the planet a little sweeter

from a corporate level would select the

one reinvention doesn’t work, it’ll lead

by creating celebratory moments

best five that we liked, and then we

you down another path which will

with each sweet we serve. For me, I

had a Make-A-Wish recipient come in

lead to a personal connection which

like to live that mission in all aspects

and pick out the cupcake which will

will only help you grow as a person.

of my business, whether it’s with

be the special July cupcake. Proceeds

my employees, my suppliers, or my

from that cupcake will then go back to

vendors. The celebratory moments

Make-A-Wish.

we’re creating and who we’re creating it for is what matters—whether it’s

If you could give your college-age

celebrating Silicon Valley’s fifth

self one piece of advice, what would

68 | Fall 2015

advice on following a nontraditional career path

How do you find time to balance your

in me as a salesperson. I learned how

many opportunities, and you might

work and personal life?

to sell what I have, and convince

not go straight to where you want

people that this is why it is a positive

to be. It used to drive me crazy the

It all blends together. My husband

in your life. I’m comfortable working

idea of starting small, but you do

is my business partner, and we just

autonomously, and I learned a lot

want background in whatever you’re

try to put our best foot forward. I’m

about listening to people versus

interested in before you dive fully

lucky that I can do what I love, so I

speaking for people, and about letting

into your idea—don’t make a huge

just try and find a way to segment my

people figure out their own way.

investment before you are really sure

commitments. I can pick my daughter

that’s what you want to do with your

up from school, and organize my own

Do you have any advice for young

schedule, and that’s what’s really cool

women who may have more

when you have your own business.

“nontraditional” passions in the

Is there anything else you’d like to

You can call those shots—you may

world of cooking and/or dessert-

share?

have to give up one thing to get

making?

life.

another, but you just have to evaluate

You’re going to leave your degree

what is important. If my daughter

If you have a spark for something,

and have all these ideas about what

has a recital, then that’s what’s most

entertain it. Start small—if you love

you want to do, but ten years from

important, and my cupcake duties will

cooking, cook at home or cook for

now you’re probably not going to be

go by the wayside for a little, and I’ll

friends. If you want to be a great

doing what you thought you would.

need to delegate.

landscape architect, start with your

So don’t be so hard on yourself, it’s

own garden. You don’t want to start

not that important if you don’t know

What did you learn from your

grand, because it’s a recipe for falling

exactly what you want to be when you

previous careers before Kara’s

hard. If you start small, you trip a

graduate. You’re going to reinvent

Cupcakes?

little bit here and a little bit there

yourself throughout your life many,

and you learn as you go. Starting out

many times, and you’ll grow every

from college, you’re going to have

time.

I learned how to get people to invest

from classics to original creations, here are some of Kara’s most beloved flavors

passion fruit

java

organic strawberry cream

vanilla cupcake with passion fruit filling & vanilla buttercream frosting

chocolate cupcake with rich espresso buttercream

all-organic strawberry vanilla cupcake filled with strawberries & cream

hummingbird organic banana, pineapple, & pecan studded cake with toasted pecan cream cheese frosting

fleur de sel chocolate cupcake with caramel filling, chocolate ganache frosting, & fleur de sel

peanut butter milk chocolate ganache

sweet s’mores

chocolate cupcake with creamy smooth peanut butter & milk chocolate ganache frosting

chocolate cupcake with graham cracker crust & toasted marshmallow frosting

Make It Happen |

69

sponsors

S I LV E R S P O N S O R S

& Sankaty Advisors

70 | Fall 2015

sponsors

BRONZE SPONSORS

B E N E FA C TO R S

FRIENDS

Make It Happen |

71

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