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
NNRD RD
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 |
13
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.
Make It Happen |
19
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
”
Make It Happen |
25
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 |
27
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
”
Make It Happen |
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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