Merage School BUSINESS - Fall 2022

BUSINESS Merage School

Taking Initiative for Orange County’s Future Leaders

The Merage School invests early in the local talent pipeline with an ambitious, new program

Table of Contents

A Message from Dean Williamson 1

Future Leaders Initiative Invests Early in Orange County Talent 2 Investing in Future Leaders 5

Bringing Financial Literacy Lessons to Life 6

Emerging Entrepreneurs Gain Experience and Funding –‘Shark Tank’-Style 9

Closing the Entrepreneurial Equity Gaps 13

Fall 2022 Student Cohort 16

Helping Account for the Success of Future Generations of MPAc Students 17 Dean’s Advisory Board 20 Dean’s Leadership Circle 22 Rankings 23 Shoutouts 24 5

Future Leaders Initiative Aspires to Develop Local Talent for Orange County and Beyond

Dean Williamson saw an opportunity to bring the Merage School’s worldclass resources and educators to students even earlier than their arrival at UCI. The result was the Future Leaders Initiative focused on engaging and developing young talent.

6

9

Investing in Future Leaders

Gareth Forde’s desire to blend his zeal for business with his extensive educational background, medical experience, and interest in helping others drove him to partner with the Merage School to make FLI a reality.

Helping Students from Underserved Communities

For more than a decade, the Pacific Life LIFEvest program has helped high school students tackle the economic realities of becoming first-generation college graduates.

Emerging Entrepreneurs Gain Experience and Funding – ‘Shark Tank’ Style

NVC offers contestants the chance to form a team, get paired with seasoned coaches, launch a startup and potentially fund a business idea, all within seven months.

Dear Reader,

It is with great excitement that we unveil the launch of this magazine, the first of its kind showcasing the innovative new initiatives, alumni successes and continued impact at the Merage School. As we begin to look ahead to the new year, this first issue focuses on the future of business, technology and education through the lens of students at the beginning of their higher education journey, alumni stepping into roles as change makers, and faculty dedicated to making lasting impacts on industry.

I am continually inspired by the Merage School community’s investment in people not only on journeys similar to their own, but those who are blazing uncharted paths forward in the realms of business, education, technology and their own personal growth. In this issue, you will learn more about our students, faculty, alumni and industry partners who are working together to launch an immersive summer program and new venture competition, develop financial literacy and entrepreneurial mindsets in future college applicants, investigate and alleviate issues affecting Orange County businesses, and uplift one another through scholarship and fellowship efforts.

I hope you enjoy the stories found within these pages and feel connected to the programs and people that make the Merage School an incubator for innovation. It is thanks to your past and ongoing investment that we are empowered to forge ahead as a leading institution for education, research, and industry.

With gratitude, Ian O. Williamson

Dean, UCI Paul Merage School of Business

Future Leaders Initiative Invests Early in Orange County Talent

By: Tanner Celestin

On the first morning of the Future Leaders Initiative program, Dean Ian O. Williamson had just finished his opening remarks. Standing at the front of a lecture hall filled front to back with high school and community college students, he asked if they now had any questions for him. After a moment of consideration, half a dozen hands raised, and the students jumped into this new summer experience by demonstrating not only depths of insightfulness beyond their years, but a hunger to engage and be heard by the Dean of the Merage School himself.

While touring local high schools the year before, Dean Williamson considered what might happen if he could bring the Merage School’s worldclass resources and educators to students even earlier than their arrival at UCI. When pairing this possibility with the thought of industry’s ongoing talent pipeline problem, he saw an opportunity to not only engage and develop young talent, but to impact Orange County’s future employers, start-up founders and decision makers that will soon change the digitallydriven landscapes of business and technology.

learn directly from Merage School professors, industry-leading alumni, and groundbreaking experts in the fields of artificial intelligence, biotechnology, real estate, finance and entrepreneurship. Students are encouraged to explore what dreams they might accomplish by investigating career paths they had not considered possible before.

“We have a pretty big vision for this,” said Dean Williamson on the program’s potential for long-term community impact. “We’re thinking about this program over the next ten years and how we can change the pipeline of talent that is flowing through these communities and into these sectors.”

“The Future Leaders Initiative (FLI) is a sixweek certificate program designed for local high school and community college students to learn directly from Merage School professors, industry-leading alumni, and groundbreaking experts in the fields of artificial intelligence, biotechnology, real estate, finance and entrepreneurship.”

FLI not only exposes students to new possibilities, but strengthens the talent pool by providing companies with decision makers from diverse backgrounds, worldviews and passions. During the inaugural program this summer, the Merage School partnered with several businesses, including LandSpire Group, We Global Studios, and PIMCO.

The cohort was invited onto PIMCO’s campus in Newport Beach for an immersive lesson in the field of finance.

The Future Leaders Initiative (FLI) is a six-week certificate program designed for local high school and community college students to

Javier Romo, executive vice president and emerging markets portfolio manager at PIMCO, believes that the program is valuable for prospective students and local employers. In

The summer program encourages young students to explore classrooms and boardrooms just beyond their backyards.

Pimco’s Executive Vice President and Emerging Markets Portfolio Manager, Javier Romo, shares insights with this year’s FLI cohort while visit the PIMCO campus.

particular, the dynamic program aligns with PIMCO’s goals to foster better diversity in the workplace. He said young people from local communities may not be aware of the potential jobs they could pursue in the financial sector, so a program like the Future Leaders Initiative can have a transformational impact on participants’ lives.

to explore various career paths that I could potentially envision myself pursuing,” said student Andrew Rodriguez. “One particular field that I found eye opening was the space of medical technology. Hearing how gradual the progression is compared to consumer technology allowed me to brainstorm some questions. Luckily, FLI invited experienced professionals within the healthcare space to answer all my questions and provide future assistance with my business endeavors.“

Samueli Academy student Sean Doomun has always had an entrepreneurial spirit, but the Future Leaders Initiative showed him how to leverage his talents into a career. Sean has also expanded his business network by using his newly-acquired communication skills and the connections he made during the program.

“We were very excited to participate in the program,” Javier said. “I was particularly struck by the enthusiasm of the kids. They were all engaged and asked thoughtful questions. Also by taking part in the program, we’re not only helping these underrepresented groups, we’re also helping companies and employers diversify their employee base. That’s important because it provides more diverse views, which can only result in better outcomes.”

Javier also said that it was fulfilling for him to take part in the program because of his own background.

“Throughout the FLI sessions, I was able to develop a confidence in myself that I know I want to create and run my own startup,” he said. “One of the greatest things I learned that I didn’t know at all before FLI is that being a likable and effective leader is as simple as sparking genuine interest in those you delegate tasks to.”

For more information about the Future Leaders Initiative:

“I am of Hispanic descent and I have my own story,” he said. “I’ve been lucky enough to do well and prosper in an industry of which I didn’t know much about when I started. So, seeing that there are kids out there who are starting to show some interest and are excited about exploring this field, by helping them it makes me feel like I’m adding a little bit of value.”

Learning from distinguished professionals like Javier, students from the first cohort found the program to be revelatory.

“The Future Leaders Initiative allowed me

Dean Williamson’s long-term goals for the program include the development of a thriving student alumni network in addition to diverse industry and faculty partnerships. 10-20 years from now, students like Sean hope to have the opportunity to be the ones presenting new ideas to those following in their footsteps. For now, Sean is aiming to give back to FLI by mentoring and providing crucial guidance to the next wave of students. His primary piece of advice: be curious.

“Throughout the program I used the platform given to me and the immense knowledge that speakers and faculty had to answer any questions that I had,” Sean said. “The speakers and faculty at FLI have the knowledge and experience to facilitate your curiosity, so I would advise students to be curious. These students can prove to be assets to innovative companies.”

Investing

in Future Leaders

By: Alex Bennett and Tanner Celestin

Those familiar with Merage School alumnus Gareth K. Forde know him to be an inspirational colleague, visionary and standout friend. Having earned his MD, PhD, and MBA, Forde is no stranger to an educational pursuit, and this boundless passion for learning is, in part, why he is also known as a mentor to the very first Future Leaders Initiative (FLI) graduating cohort.

A Knack for Business Forde’s entrepreneurial spirit became evident when he was just 18 years old, the same age as many of the students who entered this summer’s FLI program. “I’ve always been involved on the business side of things and started several successful companies over the years,” he says. “My first business was selling snow cones in front of the Walmart near my house.” The experience of creating and owning a small but thriving business as a teenager is just one piece of Forde’s journey to investing in ambitious, young students.

Making an Impact: Future Leaders Program

When Forde arrived at UCI for his MBA, he came into conversation with Dean Ian Williamson who was, at the time, developing a program that would address industry’s ongoing talent pipeline issue. Forde’s desire to blend his zeal for business with his extensive educational background, medical experience, and interest in helping others is what fueled his eventual partnership with the Merage School to make FLI a reality.

A Proud Moment and A Promising Future

“The Future Leaders Initiative focuses on high school and community college students who want to be leaders in business and their communities,” says Forde. “At this age, the reality of life starts to set in for many students, and they’re at the point in their life where they’re capable of making better decisions about their life.”

All of Forde’s tireless passion he is known to apply to his various crafts came to fruition on August 6, 2022 as he witnessed 47 students from the inaugural Future Leaders Initiative program participate in its graduation ceremony at the Merage School. Watching these students beam with pride as they shook hands with Dean Williamson and receive their diplomas in front of university mentors, classmates, and family was a moment made possible thanks to Forde’s generosity.

Bringing Financial Literacy Lessons to Life

Experts agree, we are all living in uncertain financial times. With a recession looming, rapid inflation, and interest rates rising, it remains critically important to equip ourselves with tools for financial literacy. Young adults just beginning their higher academic journey are uniquely positioned to apply such skills to best overcome these challenges with confidence and belief in their financial futures.

For more than a decade, the Pacific Life LIFEvest program has helped high school students tackle the economic realities of becoming first-generation college graduates.

“Many first-generation students don’t have anyone to talk to about college, and so they get to live in the dorms for a week and have undergrad RA’s talk to them about the college experience,” said Professor Chris Schwarz, who oversees the program. “So they get a sense of the feel and vision of what it would be like to be a college student.”

By: Tanner Celestin

The Merage School program, run by the Center for Investment and Wealth Management, prepares and motivates students to pursue their college degrees through first hand exposure to university life and financial lessons.

LIFEvest Director Adriana Lucas believes the program is important because it fills an education gap created by the lack of financial literacy courses offered in most high schools. While many kids may sporadically receive financial guidance from family members, LIFEvest empowers students to financially plan for the future early on.

Lucas said the program also aims to counteract some of the students’

As the Pacific Life LIFEvest program has grown and expanded, hundreds of teens have gained a better understanding of financial literacy and become firstgeneration college graduates.

preconceived understanding of college.

“We’re getting them to think about college as something that’s accessible to them, because a lot of them don’t even know that if they’re coming from low-income backgrounds, they don’t actually have to pay those big six-figure prices that they see advertised for college,” Lucas said. “That’s a big deal because it can be really daunting for young students.”

Lucas said that many students are constantly thinking about money due to their financial status, facing pressure to start working as quickly as possible to earn an income.

One of the program’s classes, “Education Pays,” puts into context the increase in earning potential somebody can achieve by holding a college degree.

“For some students, they think ‘Do I go to college and miss out on four years of employment or do I start working immediately,’” she said. “They don’t understand fully that college is an investment.”

Schwarz said the LIFEvest program has evolved “in every conceivable way” since it was created in 2010.

“Many first-generation students don’t have anyone to talk to about college, and so they get to live in the dorms for a week and have undergrad RA’s talk to them about the college experience.”

Initially, the program ran for a week each summer and alternated between boys and girls every year. After receiving a generous $2 million donation from Pacific Life three years ago, the program now runs four separate weeks each year, including two for girls and two for boys.

A group of LIFEvest students take in financial guidance at the Merage School.

The curriculum has also become much more structured. Staying in the dorms and visiting business campuses, including this year’s trip to Edwards Lifesciences, a global medical technology company, allow students to see that they have a place at college and within industry.

“One of the program’s classes, “Education Pays,” puts into context the increase in earning potential somebody can achieve by holding a college degree.”

summer, Clayton State University in Atlanta ran a LIFEvest week with 40 attendees. Schwarz is also aiming to expand the program by another week and add more opportunities for mentoring and alumni events.

Learn more about the Pacific Life LIFEvest program:

About 150 students attended LIFEvest this summer. Most of the students come from Orange and Los Angeles counties. However, a few teens from Riverside and San Bernardino counties have gone through the program.

Schwarz is planning to expand the program to other universities locally and across the country since the LIFEvest program was granted a trademark earlier this year. This

“We only have so much capacity here, and there’s about 250,000 underserved students in Orange County, so there’s no way that we can serve all of those students,” he said. “It’d be great to get other universities both locally and nationally to put on the program. We’ll provide these other schools with financial support to put on the program and help them get off the ground with a grant. Then they can find local support after a year or two and run it themselves.”

Emerging Entrepreneurs Gain Experience and Funding – ‘Shark Tank’-Style

Several new businesses received financial support and training during this year’s Stella Zhang New Venture Competition.

Each year, dozens of up-and-coming startups and aspiring entrepreneurs in the UCI community develop and pitch their business ideas in the Stella Zhang New Venture Competition (NVC), which is hosted by the Beall Center for Innovation and Entrepreneurship at the Merage School. The NVC offers UCI students, staff members, researchers and community members the opportunity to form a team, get paired with seasoned coaches, launch a startup and potentially fund a business idea, all within seven months.

The event provides competitors with the tools they need to bring their business concepts to life. This year’s contest was particularly notable because it received a generous gift from Stella Zhang, who earned her MBA from the Merage School in 2005. After getting her

degree, Zhang started the American Lending Center, which helps grow small businesses.

“The New Venture Competition is at a crucial stage, and I know that support at this stage will go a long way,” Zhang said.

Over the course of seven months, 86 contestants were whittled down to 10 during this year’s competition. The finalists competed in an event similar to an episode of “Shark Tank,” where they pitched products and services to a panel of judges made up of Orange County entrepreneurs and investors. This year’s panel included UCI Beall Applied Innovation’s SBDC Director & Founder of Impact Innovator, Isabelle Bart, Merage School’s Assistant Dean of External Relations and Engagement, Rodrigo Mahs, Sounding Board, Inc.’s

Co-Founder, President and Chief Coaching Officer, Lori Mazan, and Caris Life Sciences’ Vice President of Strategic Partnerships Precision Oncology, Debbie Lin.

Through the generosity of donors who believe in NVC’s mission, UCI is able to award more than $100,000 in cash prizes over a five-year period to businesses in several categories, including business products and services, consumer products, consumer services, life sciences, and social enterprise.

This year, first place winners were given $10,000 and second place received $5,000. An audience favorite was also chosen and awarded $5,000. These groups were all early stage startups with minority led founders. Noveil claimed the $20,000 grand prize with a proposal to bring a more human element back to online dating with an application featuring a video dating option.

Enjovu Paper, a group that embodied the Merage School’s mission of strengthening the intersections of business and technology, was chosen as the runner-up for their proposal to use regenerated fibers from elephant feces to create sustainable paper

products. The company argued that this will lessen the environmental impact of paper production and raise awareness for endangered elephants. Additionally, Sayenza Biosciences, forMED Technologies, Nutripair, EmpowerMi, HAI, GaleGauge, Blue Aqua Food Tech, and SnapHealth all received prizes.

The competition is valuable for many small businesses because it provides them with workshops and funding to further develop their products.

The founders of forMED Technologies said the competition helped them refine their business plan and earn more money to put towards the development of their product. UC Irvine alums Aryan Agarwal, Ruben Shakya, and Francis Aguas started the business to provide glaucoma patients with an at-home eye pressure monitoring system to prevent blindness and make sure that patients are receiving the correct amount of medication.

The company finished as a semifinalist

UCI Paul Merage School of Business

Professor Imran Currim encourages contestants to look at business problems in a new way.

“The Stella Zhang New Venture Competition connects today’s rising business leaders with the guidance and the tools to transform their ideas into a concept that blossoms into a new business.”

to the grand prize and also won first place in the Life Science category.

“It allowed us to question everything that we were doing as we’re going through the competition,” said Agarwal, the company’s CEO. “We were able to find any holes that existed in our business and patch them up as we prepared a pitch that we’re going to give to potential investors.”

Aguas, the company’s CTO, said the competition also helped them learn essential skills, like public speaking.

“I think one of the most useful things we learned was from a workshop on financial projection,” Aguas said. “We hadn’t crunched those numbers before, so the workshop was very helpful.”

The company is currently working on improving its prototype of a device called the TonoLase. This athome, non-invasive tool will be used for measuring intraocular pressure (IOP), which is crucial to determine whether glaucoma medication is working.

Currently, IOP is measured with an invasive procedure

in a medical office. Patients are only able to have their IOP measured a few times a year because of the requirements of the procedure. This lack of regularity can result in less effective treatment plans.

Agarwal said the portable device will empower patients to take more frequent measurements, which can improve healthcare decisions and outcomes. The TonoLase will also be beneficial to patients because it will utilize optical laser technology, removing the need for making contact with the eye. Standard techniques for checking IOP require some kind of force being applied to the eye. These methods may also require anesthetization.

“So with more frequent measurements with our device, patients have the opportunity and advantage for doctors to see how their IOP is changing more frequently,” Agarwal said. “This allows for earlier intervention and medications can be changed accordingly.”

The group first came up with the idea about two years ago, after Aguas had mentioned that he encountered the issue while caring for his grandmother as she suffered with glaucoma. The three biomedical engineering graduates then spoke with ophthalmologists and glaucoma patients to see whether their idea had merit. They also reached out to UCI professors and sought guidance from the school’s

This year’s winning NVC teams proudly display their checks which will help support them in each of their entrepreneurial journeys ahead.

Video dating app team, Noveil, stands alongside Dean Ian O. Williamson (center) and displays their grand prize earnings from NVC.

Entrepreneur Center. The university has been a constant resource for the co-founders as they’ve developed their business plan.

“These rising entrepreneurs come to the New Venture Competition with their initial concept and desire to solve a problem through business. By tapping into the Merage School’s entrepreneurial ecosystem, these students are given a front row seat of looking at a problem rather than the engineering side of the problem,” said Faculty Director of the Beall Center for Innovation and Entrepreneurship and Distinguished Professor of Marketing, Imran Currim. “That encourages them to take on a new way of analyzing how to grow something from an idea.” forMED Technologies group decided to incorporate in 2021 with the funds it received from winning a first-place prize in the 2021 Annual

UCI Beall Product Design Competition. Then they took on the New Venture Competition.

Currim has had the pleasure of watching these groups of entrepreneurs evolve through the NVC since its initial inception. “The Stella Zhang New Venture Competition connects today’s rising business leaders with the guidance and the tools to transform their ideas into a concept that blossoms into a new business. Resources such as matching teams with industry mentors help these aspiring entrepreneurs to develop a concept into a viable business.”

More information about the Stella Zhang New Venture Competition:

“I think the highlight was that we had this general idea of what our business model should really be looking like, but the competition really forced us to grow and refine our business model,” said Shakya, the company’s COO. “Now moving forward after the New Venture Competition, we have a blueprint that we’ve been referencing whenever we talk to investors.”

UCI Paul Merage School of Business

Closing the Entrepreneurial Equity Gaps

By: Alex Bennett and Tanner Celestin

Entrepreneurialism is a distinct microcosm within the broader business world. When measured by outcomes, it is a game played on a profoundly uneven playing field. An aspiring business owner’s background and access to resources impacts the speed and scope of which they are able to capitalize on opportunities.

For entreprepreneurs who find themselves outside of prosperous social and professional networks, gaining access to capital and mentorship presents a significant challenge. This added barrier has historically impacted underserved social groups, including women, underrepresented racial minorities, and people with disabilities.

The problem has received widespread attention and study within industry and higher education. JPMorgan established a $30 billion fund to address racial equity, with a partial focus on growing Black and Latino-owned businesses. Aggregate funding for Black entrepreneurs roughly quadrupled in 2021 when compared to 2020.

Within the Merage School community specifically, leaders such as CoFounder and CEO of the National Association of Hispanic Real Estate Professionals (NAHREP), Gary Acosta and the Founder of Landspire Group, Josh Childress are starting their own fund to address such gaps. While such efforts are paving the way, the relative share of investment capital placed with companies led by members of underserved social groups remains small compared to their share of the overall population.

and potential sources of venture financing. In theory, they can serve as catalysts for entrepreneurs of all backgrounds.

Despite their promise, support organizations have struggled to overcome the equity gaps within the entrepreneurial ecosystem. Many of them are beginning to ask why that is.

UCI Professors Set Out to Find Answers

Professors Ming Leung and Travis Howell of the UCI Paul Merage School of Business are in the early stages of launching a research program that will provide entrepreneurial support organizations with practical solutions to ensure opportunities for business owners to succeed.

The pair is focusing on how to effectively support entrepreneurs in concrete terms. What resources and approaches do members of under-represented groups need to become successful?

“Our work stems from an initiative spearheaded by the Dean to explore solutions to the diversity, equity and inclusion issues in business. We’re specifically interested in Orange County and the surrounding area, although we expect our work to have applicability everywhere.”

“Our work stems from an initiative spearheaded by the Dean to explore solutions to the diversity, equity and inclusion issues in business. We’re specifically interested in Orange County and the surrounding area, although we expect our work to have applicability everywhere,” Howell says.

Entrepreneurial support organizations or “incubators” are among the institutions keen to find solutions to the equity problem. These organizations offer training, networking opportunities, and access to resources

Leung and Howell paired up on this project to leverage the intersection between their areas of study. Howell’s work largely focuses on entrepreneurialism, while Leung’s research explores issues of bias and discrimination.

The pair have spent a good part of 2022 refining their study aims and design. “The plan is to collect data at four specific organizations,” Howell says. “We’ll

Ming D. Leung Associate Professor of Organization and Management

Travis Howell Assistant Professor of Strategy and Entrepreneurship

conduct interviews and surveys of the entrepreneurs in their programs to begin to uncover the ways in which organizations are falling short.”

“We need to know the sources of these disadvantages in order to fix them,” Leung says.

The team is already in advanced discussions with several entrepreneurial support organizations that would like to be in the first batch of study participants. They hope to begin the first set of interviews before the end of the year.

Bringing Industry and UCI Students Together

Aside from the potential for academic papers that could come out of the program, Howell sees two key beneficiaries. “I teach an introduction to entrepreneurship course at UCI,” he says. “The students who are most interested in entrepreneurship will have the opportunity to work as research assistants and conduct interviews. It will be a way for them to access mentorship and connections to help them hit the ground running after graduation.”

Some gaps are driven by investor incentives. Venture funds look for big potential returns to offset their risk. As a consequence, entrepreneurs can face a scope gap if their venture aims for goals that are local or limited to a narrow market. Support organizations often mirror this phenomenon in how they select entrepreneurs to incubate. “They often are only looking for ideas that could change the world, which means they ignore great ideas that have a more local focus,” Leung says.

Others may spring from an entrepreneur’s distinctive culture or background. Gaps in confidence or risk appetite may have complex origins that an entrepreneurial support organization must understand to provide the best outcomes for each participant. “In some situations, the disconnect is not that the entrepreneurs don’t have cultural capital, it’s that the organizations only recognize one kind of cultural capital,” Leung says.

“We would like to make this a recurring study so a new slate of students can benefit from talking to the next wave of entrepreneurs.”

The entrepreneurial support organizations will also gain from the process. “We’re looking for practical insights to help the organizations broaden their impacts,” Howell says. “We’re hoping to identify ways they can structure events like pitch competitions to make them more flexible and reach more people.”

If all goes well, the program will gain sufficient traction to warrant being repeated on an annual basis. “We would like to make this a recurring study so a new slate of students can benefit from talking to the next wave of entrepreneurs,” Howell says.

“It should be a win-win for everyone involved,” Leung says. “The organizations achieve better results for their participants, the entrepreneurs have a greater chance of success, and it’s a great opportunity for the Merage School to engage with the community.”

Moving to Close the Gaps

The work of entrepreneurial support organizations to address the equity challenge is inherently complex, in part because entrepreneurs face not one but many distinct gaps that may overlap and intersect in determining an individual’s outcomes.

Still other gaps arise from the relatively closed circle at the top of the entrepreneurial ladder. Representation gaps create barriers for new entrepreneurs as they try to break into existing social networks, while potentially lacking access to existing networks of their own. Not having grown up around the language of business can also leave a knowledge gap that organizations can help to close.

Progress Through Better Understanding

“The way I see my job is to figure out which of these sources matter in a given situation,” Leung says. “We have been speaking with leaders in the entrepreneurial ecosystem here in Orange County and southern California and everyone has expressed an interest in understanding how women- and minority-led businesses can be better supported,” Leung says. “We’re hoping to reveal something they haven’t seen before.”

“I’m expecting the simple answer to be that different things work for different people,” Howell says. “In truth, I don’t know if my assumption will be validated. Figuring out the best formula for matching entrepreneurs with mentors will probably lead to some surprises.”

Professors Leung and Howell are in the beginning stages of securing funding that will generate local industry partnerships and support students seeking research opportunities through their project.

Undergraduate Students

517 new undergraduate students

22% are URM students

22% come from low-income households

31% are first-generation college students

Graduate Students

587 new graduate students

FTMBA: 41 (avg GMAT of 653)

FEMBA: 75 (avg work experience of 6 years)

EMBA: 46 (avg work experience of 18 years)

MPAc: 74 (69 full-time and 5 two-year)

MFin: 133 (the largest cohort yet!)

MSBA: 142 (the largest cohort yet!)

MIE: 67 (the largest cohort yet!)

28 Countries and Regions represented: Brazil, Canada, Cambodia, Chile, China, Ecuador, Germany, Hungary, India, Indonesia, Iran, Jamaica, Japan, Kazakhstan, Korea, Mexico, Myanmar, Nicaragua, Nigeria, Pakistan, Peru, Saudi Arabia, Sri Lanka, Thailand, Taiwan, United Arab Emirates, the United States, Vietnam

Over 100 undergraduate institutions represented Gender parity overall

Fall 2022 Student Cohort

Helping Account for the Success of Future Generations of MPAc Students

By: Alex Bennett and Tanner Celestin

Stephen Miller worked to put himself through college and didn’t stop there. Beginning his first two years of study at UCI, he earned his bachelor’s degree in English from UCLA, and went on to obtain his Juris Doctor at Pepperdine University’s School of Law, and his Master of Laws in Taxation from George Washington University. By working his way through college, the distinguished Professor of Accounting at UCI’s Paul Merage of Business gained real-world experience, honed his time management skills, and learned to budget and account for the value of money early on in life.

When the Orange County native first attended UCI, he recalls, “We only had the Commons and a little Italian restaurant that was across the street in what’s now a shopping center. So, if we felt like celebrating, it was always over a plate of spaghetti.” During the late 1970s and early 1980s when he pursued his studies, the cost of a college education was far more affordable than it is today.

A Look Back in Time

The 1970s was a time of rapidly rising prices, oil embargos, queued-up fuel lines, interest rates closing in on 19%, and slow domestic growth. These economic challenges persisted through the 1980s when inflation hit a staggering 14%. The Feminist Movement was beginning to take shape with women playing a more prominent role in the workforce, and many industries

Stephen and Ellen Milner

were flanked by labor strikes from workers vying for better conditions and pay. Technology and automation were replacing jobs in manufacturing, farming, and construction, and new jobs were coming to the forefront that demanded specialized skills and professional certifications.

During those years, students who pursued degrees in the humanities had to advance their studies in disciplines like business, accounting, law, computer sciences, and healthcare to make themselves more marketable. “Unlike most accountants, I didn’t major in accounting. My major was in English, specializing in medieval and Elizabethan literature. But Chaucer was an accountant, so maybe it’s not that unusual if you think about it.” Today, proficiency in multiple disciplines rather than specializing in one is an imperative for longterm career success.

The Skyrocketing Cost of College

Fifty years ago when Stephen started out in college, annual tuition at a state-run institution averaged about $650. It was feasible to work and pay for college and even post graduate studies. In the intervening years, the annual cost of tuition at public institutions has climbed over 1,800%.

Factor in the typical addon fees for facilities usage, campus services, health insurances, books, room and board, and other costs, and the price tag can easily double or triple, especially for students from out-of-state.

because the family’s middle-class income exceeded the threshold, what they could do was work to put themselves through college. He laments, “Today, without a scholarship, it’s challenging for those in the middle class to get an education.”

Squeezed on both ends of the economic spectrum, middle-class students are often unable to afford the high price tag for college and are ineligible for federal grants or direct grants from the institutions themselves based on family income.

“Earlier this year, Milner and his wife Ellen, who also attended UCI, chose to step in and pay it forward. The Stephen and Ellen Milner Endowed Fund helps students avoid racking up years of student loan debt and benefit from the high caliber education they both received.”

The Conundrum of Being Stuck in the Middle

Today, there is no safety net for the average middleclass student seeking a college education. While Stephen and his sister were ineligible for scholarships

Helping Future Generations Secure Their Professional Goals

Earlier this year, Milner and his wife Ellen, who also attended UCI, chose to step in and pay it forward. The Stephen and Ellen Milner Endowed Fund helps students

Paul Merage School of Business

avoid racking up years of student loan debt and benefit from the high caliber education they both received. The award, which began accepting candidates for the Fall 2022 quarter, is presented to individuals who exhibit a passion for pursuing accounting at the master’s level, ultimately leading to the designation of CPA.

“This is our way of providing an opportunity for at least a few students to get a top-notch education without being saddled with onerous debt. Similarly, we can support students who otherwise might not even try to earn their degree,” he says “because they can’t afford it.” As the first to go to college in their respective families, being able to open the doors for today’s students is a priority for them.

A Unique Program in Graduate Public Accountancy Studies

Emphasizing both skill development and technical mastery, the School’s MPAc program offers an immersive educational experience for students seeking to succeed as CPAs at major corporations and accounting firms. Offering a strong foundation in finance and tax accounting, the program offers specialized tracks to prepare students to thrive in today’s digitally transformed workplace. Its three-course track in data analysis, developed in partnership with Deloitte, focuses on the application of technology and data analytics in planning, managing, and controlling the financial operations of today’s digital-first organizations.

How to Qualify for the MPAc Scholarship Award

The outcome for those who graduate from the MPAc program is strong. In 2021, there was a 95% employment rate within 6 months of graduating and the median salary rate was $60,000.

The scholarship is available to MPAc students based on financial need, and is the singular scholarship offering available for the School’s Specialty Masters Program. In addition to financial need, selection is based on students’ essay submissions.

Whether students selected to receive the Milners’ scholarship convey their aspirations of rising to the ranks of managing partner at a top six firm or opt to work in a small business is less a concern than their describing their whole-hearted passion for the field.

“This is our way of providing an opportunity for at least a few students to get a top-notch education without being saddled with onerous debt.”

Dean’s Advisory Board

The Dean’s Advisory Board (DAB) is composed of distinguished academic and business leaders who serve as the main advisors to the Dean of the UCI Paul Merage School of Business. Board members provide counsel to the dean and bring a wealth of expertise from their fields. Their combined knowledge helps assure that the Merage School continues to improve in every facet while also contributing to the success and growth of local communities. In doing so, members are at the forefront of where academic excellence and practical application coalesce.

Members

Melissa Beck, EMBA ’12

Chair of the Board President, Anonymous Philanthropy

Ali Abaye

Vice President, Marketing, AEONSEMI

David Baran

Founder & CEO, Symphony Financial Partners

Pamina Barkow, EMBA ’16 Owner & CEO, Orange County Pain Management

Donald Beall

Partner, Dartbrook Partners, LLC

Ken Beall Managing Member, Dartbook Partners, LLC

Craig Boundy Global Chief Operating Officer, Experian

Jane Buchan CEO, Martlet Asset Management, LLC

Josh Childress CEO, Landspire Group

Bernard Clark

Managing Director, Head of Advisor Services, Charles Schwab & Co., Inc.

Stephen Cooke Partner, Paul Hastings LLP

Colleen Dillaway

Market Vice President, Orange County, COX Communications

Daniel Doimo CEO, SolarLytics

Ramesh Dontha Managing Partner, Digital Transformation Pro

John Evans

Regional Managing Director (Ret.), Wells Fargo Wealth Management; UCI Board of Trustees

Dr. Gareth Forde, MBA ’14 Co-Founder, Managing Director & Physician, Synergistic Capital Partners, LLC & Kaiser Permanente

Edwin Fuller President, Laguna Strategic Advisors

Mary Garrett

Managing Partner, Ernst & Young LLP

Mike Gillis

Consulting Principal, RSM US LLP

Denica Gordon-Mandel

Director of Women’s Wellness Program, Cognitive Behavior Health Partners

Dr. Patrick Griffith, MBA ’13

President & CEO, Summit Cardiothoracic Surgical & Consulting Services Inc.

Todd Halbrook FEMBA ’05

Managing Director & Wealth Manager, First Republic Private Wealth Management

Susan Heller

Co-Managing Shareholder of OC Office, Greenberg Traurig, LLP

Lynn Hemans EMBA ’98

VP, Consumer Intelligence & Analytics, The Hershey Company

Lance Holman

President & CEO, Holman Capital Corporation

Scharrell Jackson

Founder & CEO, STJ Consulting Services, LLC

Reza Jahangiri

Founder & CEO, American Advisors Group

Anthony Jones

Senior EVP of Operations (Retired), CommonSpirit Health

Alan Kaye

Principal, Corona Summit Advisors

Greg Lai MBA ’88 Principal and Lead Portfolio Manager, Affinity Investment Advisors, LLC

Tim Leyden EMBA ’92

Non Executive Director & Board Advisor, Itron Inc., Elevator Facility Services, and BlytheCo.

Ashish Mehra

Senior Director, Engineering Customer Advocacy Practice, Splunk

Paul Merage Chairman, MIG Capital

Richard Milo MBA ’96

Principal, Deloitte Risk & Financial Advisory, Deloitte & Touche, LLP

Stephen Milner

Managing Partner, Western US, Baker Tilly US, LLP

Kristen Monson, MBA ’86

Owner and President, K Bar B, LLC

Ramin Mousavi FEMBA ‘11 President & CEO, CathWorks

Michael Polenzani Partner, KPMG LLP

Jennifer Povlitz

Division Director, UBS Wealth Management

Dr. Diana Ramos EMBA ’20 California Surgeon General

Pooja Sharma

Sr. Vice President, THV Strategy, Edwards LifeSciences

Peter Ueberroth

Managing Director, The Contrarian Group, Inc.

Amit Verma Partner, PwC

Dean’s Leadership Circle

The Dean’s Leadership Circle (DLC) is the premier philanthropic academic support group for The Paul Merage School of Business. The DLC is a group of philanthropists and change makers who support the Merage School by sharing their resources and utilizing their connections. Members assist the Merage School in fostering closer ties between its prominent alumni, the business community, and current students. Ensuring students have an unparalleled academic experience while on campus is vital to the work of the DLC.

Executive Board Members

Omar Salah, FEMBA ’11

Alumni Chair

EVP, National Director of Small Business Banking, Comerica Bank

Levi Eastwood, EMBA ’21

Alumni Chair Elect Director of Marketing & Communications, UCI Paul Merage School of Business

Ramin Mousavi, FEMBA ’11 Chair

President & CEO, CathWorks

Dr. Diana Ramos, EMBA ’20 Vice Chair California Surgeon General

Ty Woolworth, FEMBA ’13

Advancement Chair

VP, Business Development, Synchrony

Rouzbeh Soleymani, ’15 Advancement Chair Elect Associate, Stradling Yocca Carlson & Rauth

Jenny Huang, FEMBA ’18

Membership Chair Senior Analyst, Project Management, Edwards Lifesciences

Kevin Mahoney, FEMBA ’13 Membership Chair Elect Founding Partner, Koru Risk Management

Edward Uy, MBA ’94 Service Chair

Vice President, Project Management and Data Protection Officer, PADI

Sujata Kamdar, FEMBA ’00 Service Chair Elect Chairman, GBS Linens, Inc.

The Dean’s Leadership Circle Grant Initiative

Through the DLC Grant Initiative, DLC members hear firsthand the projects, and associated funding needs, of student organizations that create programs and resources that directly impact the Merage School student body. The Dean’s Leadership Circle meets annually to select qualifying grantees. Grant funding typically ranges from $1,000-$10,000 per organization.

Learn more about the DLC Grant Initiative:

Merage School Rankings

#1 in the world for percentage of female faculty (Financial Times, 2022)

#3 in the world for percentage of female students (Financial Times, 2022)

#30 Undergraduate Business program in the U.S. (U.S. News & World Report, 2023)

#25 Part-time MBA in the U.S. (U.S. News & World Report, 2023)

#44 Full-Time MBA in the U.S. (U.S. News & World Report, 2023)

#8 Full-Time MBA Among Public Institutions (Financial Times, 2022)

#21 Full-Time MBA in the U.S. (Financial Times, 2022)

#25 Full-Time MBA in the U.S. and #40 worldwide (The Economist, 2022)

Facts & Figures

UCI Rankings

#1 University for doing the most for the American Dream (The New York Times, 2022)

#2 Public University for upward social mobility (U.S. News & World Report, 2022)

Top 10 “Cool School” in the U.S. for Sustainability (Sierra magazine for 12 years)

Top 10 Public University in the U.S. for seven consecutive years (U.S. News & World Report, 2022)

#3 in the nation for Diversity (The Wall Street Journal/Times Higher Education, 2022 College Rankings)

#1 choice of in-state first-generation students amoung all UC campuses for four consecutive years

Faculty Awards, Honors and Books

Professor Vijay Gurbaxani Named a Distinguished Fellow of the INFORMS Information Systems Society (ISS)

Professor Margarethe Wiersema Receives 2022 Strategic Management Society Service Award

Professor Philip Bromiley Elected as a Fellow of the Academy of Management

Professor Margarethe Wiersema Receives 2022 Academy of Management’s STR Irwin Outstanding Educator Award

Professor Terry Shevlin Awarded the American Taxation Association Outstanding Service Award

Professor Ed Coulson

GSSI Best Paper award at the Asian Real Estate Association/American Real Estate and Urban Economics Association International Meeting in July

Title: Housing Wealth, Fertility, and Child Quality.

Co-author: Ming-zhe Tang Accepted at: International Real Estate Review

Shoutouts

Shoutouts

Professor Imran Currim

2021 Marketing Science Institute Robert D. Buzzell Best Paper Award Title: The Right Metrics for Marketing Mix Decisions Co-authors: Ofer Mintz (PhD alumnus), Timothy Gilbride, and Peter Lenk Accepted at: International Journal of Research in Marketing

Professor Libby Weber

Best Paper Proceedings for the 2022 Academy of Management Conference

Title: Manipulating Perceptions of Asset Specificity in Alliances: A Microfoundational Approach Co-author: Russell Coff

Professor L. Robin Keller

Title: Valuing sequences of lives lost or saved over time: Preference for uniform sequences Co-authors: Jeffrey L. Guyse (PhD alumnus) and Candice Huynh (PhD alumna)

Accepted at: Decision Analysis

Retired Faculty

Robin Keller

Professor Emerita

New Faculty

Michael Imerman Associate Professor of Finance

Noah

Askin Assistant Professor of Teaching

4293 Pereira Drive Irvine, CA 92697-3125-30

Interested in joining a board or contributing a story to our next magazine edition? Please email advancement@merage.uci.edu.

4 UCI Paul Merage School of Business