Getting to Know the Class of 2018: Madeline Brumberg

Prior to joining The Sustainable Innovation MBA program, Madeline Brumberg ’18  spent her career in the Geographic Information Systems (GIS) field and worked as an analyst for both the private and the public sector.

Why did you choose to attend The Sustainable Innovation MBA program?

I chose to attend The Sustainable Innovation MBA program because I want to find real-world solutions for the social and environmental issues we face today. I see deficiencies in the private, public and NGO worlds that are preventing each of these sectors from properly addressing these issues. I think that business has the most opportunity to transform itself to become an engine for change in the world. I hope to be a change agent in the business world to leverage its power for good.

What has been your favorite part/element of the program thus far?

I have loved the leadership and teamwork component of this program. I was not expecting this to be such a big focus of the program but I am eternally grateful that it is. I am so excited by it because companies are nothing without their employees so to make the best companies, you need to make your employees the best. I am excited to be gaining the skill set to help employees reach their full potential.

What are three things someone considering the program should be aware of?
1. There is a huge focus on leadership and you will learn more about yourself than you knew was possible.
2. This program is not greenwashing. Sustainability is truly at the heart of the program and we are reminded of it at every turn.
3. Community is a central tenant of this program and it will serve you well. You will be supported by your classmates and you will support them throughout the year. It will be frustrating at times but ultimately you will be in it together.
How has the Sustainable Innovation MBA helped you?
The Sustainable Innovation MBA program has helped me to see a future in business that is meaningful and has impact. It is a very fuzzy path that I am beginning to see but it is a path.

In Our Own Backyard: The Invention2Venture Conference

This post was written by Lauren Emenaker ’18

On April 5th, 2018 the University of Vermont hosted the 13th annual Invention2Venture Conference for entrepreneurs, inventors and students alike. The conference focused on how to finance, protect and commercialize inventions, as well as how to thrive in the New England tech world.

The conference kicked off with Dr. Richard Galbriath, Vice President for Research at UVM, and Corine Farewell, Director of UVM Innovations, presenting awards to a number of university innovators. Eleven patents were issued in the past year from an improved cardiac pacemaker to an energy transfer system. It was exciting to see what technology is being created on our own campus!

Next, Dawn Berry, CEO and president of Luna DNA and UVM alum ‘96, gave an inspiring keynote entitled “The DNA of Authentic Leadership.” She detailed three qualities that leaders need: credibility, logic and emotion. Credibility is necessary to show trustworthiness and integrity. Logic is necessary to show strategic thinking and reasoning. Emotion is necessary to show that someone is human — full of excitement, anxiety and confidence. Berry then went on to explain her view of authentic leaders. They are genuine and have strong sense of self. They lead with their hearts and show empathy towards others. They are mission driven and focused on results that will change the world for the better. Authentic leadership fosters diversity which in turn enhances businesses and their practices. She argued that someone cannot call themselves a leader; only other people can call that person a leader.

Finally, Barry shared her own experiences with the audience, including her latest start-up venture. In 2017, she co-founded Luna DNA, “the first and only genomic and medical research database that is owned by its community.” Based on the belief that people should be treated as research partners and not just data subjects, the platform allows for the public to share their genomic information to further medical research. Established as a public benefit corporation, LunaDNA hopes to enable the medical community.

Participants of the conference were then given the opportunity to attend three round table discussions of their choosing. Discussions were held about prototyping, financing, pitching, legal resources, biomedical technologies and lessons learnt from start-ups in Vermont. I had the pleasure of attending the following three sessions: Concept to Prototype, Corporate Legal Necessities for Your Start-Up, and Intellectual Property Primer. The following themes emerged in my discussions:

  • Try and fail often
  • Run the company like you are going to sell it later
  • Protect your intellectual property
  • Do what you enjoy, hire someone else to do the pieces you don’t enjoy

After the final round table session, attendees were encouraged to network with those they had met throughout the afternoon. Advice was given, business cards were exchanged, and ideas were sparked. From the presentation of UVM research awards to networking over drinks and appetizers, I felt fortunate to be a part of such a forward-thinking community. This is an event you won’t want to miss in 2019.

Getting to Know the Class of 2018: Ariella Pasackow

Ariella Pasackow ’18 left her previous position as Program Officer for RefugePoint to join The Sustainable Innovation MBA program.  She was interviewed by Isabel Russell, an undergraduate at UVM.

Why did you choose to attend The Sustainable Innovation MBA program?

I grew up in Vermont, but built my career out-of-state and overseas, so The Sustainable Innovation MBA was the perfect bridge to return home and grow my professional network in Burlington. With a background in nonprofit administration and international development, I wanted to gain business tools and frameworks for growing sustainable enterprises and inclusive company cultures. I am passionate about social justice issues, gender equity, and refugee resettlement in Vermont, and plan to work in greater Burlington for the foreseeable future.

What has been your favorite part/element of the program thus far?

I have learned just as much from my peers as I have from my professors, and am so grateful for my cohort community. Unlike more traditional MBAs, we have cultivated an incredibly supportive learning environment, where all different types of learners can thrive. By building trust, respect, and strong interpersonal relationships, we have been able to communicate effectively through periods of stress, confusion, and anxiety. We cheered each other on before tests and presentations, and made sure to keep the the classroom energy high despite too many hours indoors.

What are three things someone considering the program should be aware of?

REST. Do whatever you need to do to take time off before the program starts, and allow yourself the time and space to transition. Classes start Day 1, and orientation is no breeze! Whether you are coming from undergrad or a career, moving across the country, or commuting from down the street, take time to rest and rejuvenate before the program starts. You will be nonstop for twelve months.

REFLECT. Taking one year out of your career to be a full-time student is an incredible privilege and opportunity. Don’t let the weeks slip away bogged down in the daily grind without reminding yourself why you are here, what you want to learn, and where you want to put your energy. You can’t do everything, but you can commit to prioritize, plan, and proactively work towards your personal and professional goals. The Sustainable Innovation MBA students have shared values, but often very different expectations for during and after the program. Celebrate this, and learn from each other.

PRIORITIZE TEAMS. Every module, you will be assigned a small group to work with for eight weeks on every class assignment and deliverable. Teamwork is both the most challenging and most rewarding part of The Sustainable Innovation MBA experience. It will be fun, frustrating, time consuming, and hilarious. You will design and create products you would never think of alone, and test processes and procedures on how to best work together, designate roles, delegate, and download. You will learn how to brainstorm without judgement, make decisions under stress, and maximize the quantity and quality of your work despite minimal time and resources. Individual assignments are few and far between, and readings can always wait until later. Your grad school success is dependent upon the success of your team. Cherish them.

How has the Sustainable Innovation MBA helped you?

The Sustainable Innovation MBA has introduced me to more people, ideas, and resources in the last eight months than I could have ever imagined. I have gained a vocabulary and confidence to ask questions and solve problems I had only thought about through a nonprofit lens. It has shown me the immense value of my previous work experience, and the endless possibilities for leadership, growth, and opportunities in sustainable business with a triple bottom line approach (people, profit, planet).  The Sustainable Innovation MBA could have not come at a better time in my life as I seek to pivot into for profit ventures and social entrepreneurship. I am immensely grateful for my peers, professors, and alumni network that has grown to create a true community.

CEO Magazine Ranks The Sustainable Innovation MBA Among World’s Best

This post was written by Jon Reidel, University Communications, and first appeared on uvm.edu.

The University of Vermont’s Sustainable Innovation MBA in the Grossman School of Business continues to gain international recognition by earning top-tier status in CEO Magazine’s 2018 Global MBA rankings.

The Tier I ranking by the London-based business publication places UVM’s Sustainable Innovation MBA among the top 116 programs worldwide. It was also listed among the top 71 Top Tier programs in North America, with both rankings focusing on programs that combine exceptional quality with great return on investment.

“This is an important ranking for us because most other rankings are for MBA programs that specialize in sustainability/green business and this is a global ranking of the top MBA programs regardless of area of specialization,” said Sanjay Sharma, dean of the Grossman School of Business.

The 2018 rankings were based on 11 weighted criteria using data provided by more than 270 business schools from across North America, Europe, New Zealand, Australia and the BRICS. Quality of faculty was given the most weight (34.95 percent), followed by international diversity, class size, accreditation, faculty-student ratio, price, international exposure, work experience, professional development, gender parity and delivery methods.

“The Tier One status of the University of Vermont’s AACSB-accredited Sustainable Innovation MBA program is well deserved,” said Alexander Skinner, group editor-in-chief of CEO Magazine. “Individuals enrolling in the Grossman School of Business’s one-year MBA will benefit from small classes with other experienced professionals, great access to highly-qualified faculty, and opportunities for international travel via the program’s summer practicum project. Bringing together students and industry leaders, the program equips graduates with the knowledge, skills and experience required to directly impact positive, sustainable change, post-graduation.”

The third consecutive Tier I ranking by CEO Magazine comes on the heels of being named the No. 1 “Best Green MBA” program in the U.S. by The Princeton Review. Corporate Knights also included the program in its top 10 “Better World MBA Ranking.”

Getting to Know the Class of 2018: Julia Lyon

Julia Lyon left her previous position as an Internal Communications Manager  for Enel Green Power to join The Sustainable Innovation MBA program. She was interviewed by Isabel Russell, an undergraduate at UVM.

Why did you choose to attend The Sustainable Innovation MBA program? 

When I was an undergraduate student at UVM and took my first course on corporate social responsibility (CSR), I had an epiphany. I knew that I wanted to create environmental and social good using the power of business and that earning an MBA was likely in my future. I chose to attend The Sustainable Innovation MBA for several reasons. I was drawn to the one-year accelerated program, the program’s holistic approach to incorporating sustainability in all coursework, and the opportunity to return to beautiful Vermont.

What has been your favorite part/element of the program thus far?

My favorite part of the program has been getting to know my peers. We’re a group with a diverse set of backgrounds and interests and I find that I’m continuously learning from my classmates. With the amount of team assignments required throughout the coursework (there are a lot!), you get to know your classmates very quickly.

What are three things someone considering the program should be aware of?

  1. The leadership component of The Sustainable Innovation MBA curriculum. If developing strong leadership capabilities is of interest to a potential student – I recommend this program. We have multiple leadership-focused courses, a year-long leadership seminar, and many opportunities to connect with local business leaders to learn from their experiences.
  2. The amount of team collaboration that’s involved. At various points in the program you’ll have as many of three different teams that you complete projects and coursework with. This is a great opportunity to learn from one another that really develops your time management, communication, and collaboration skills.
  3. Practicum projects. These summer consulting projects are a way to apply the skills you’ve developed over the year, so it’s important to explore early on what you’re looking to gain from your practicum experience.

How has The Sustainable Innovation MBA helped you?

The Sustainable Innovation MBA has helped me explore my quantitative skills in finance and accounting and made me realize that I do really enjoy finance. The leadership component of the program has also helped me understand the importance of leadership of any business and think more about my future impact as a leader.

Lessons and Insights from the Climate Cap Summit

This post was written by Shari Siegel ’18

Four members of The Sustainable Innovation MBA Class of 2018 — Ian Dechow, Andria Denome, Kaitlin Sampson and Shari Siegel — recently headed south to attend the inaugural Climate Cap Summit at Duke University. The Summit was a chance for our travelers to listen to and exchange views with professional investors, bankers, scientists, financial strategists and advisors, corporate executives, academics and MBA students from other schools on a variety of business, finance, political, and social issues related to climate change and other sustainability challenges.

The program opened with a keynote presentation by Scott Jacobs, co-founder of Generate Capital, and a conversation between Jacobs and Greg Dalton from Climate One.  Jacobs posited that the challenge of “clean tech” is not so much about invention as it is about infrastructure: energy, land, water, food and clean air are critical and are made available through infrastructure, which requires substantial capital up-front. Thus, while there are hundreds of infrastructure projects that it might be in economic actors’ rational self-interest to pursue, it is often difficult to get these projects funded.

For the owners/developers of the technology, the “Silicon Valley” funding model (a small investment in a small, early stage company with the potential for rapid growth at exponential returns) does not fit: these companies have proven (potentially improved) technology that requires substantial investment that will yield long-term steady, but not exponential returns. For the potential clean tech customers, investing in a large capital project with substantial up-front costs that turn what was an operating expense into a capital expenditure is a difficult decision to make, especially in the current capital markets environment where there is so much focus on short-term results rather than long-term sustainability.

The solution proposed by Jacobs and his co-founder at Generate, Jigar Shah, is to provide “infrastructure as a service” using project finance structures under which independent developers build and operate infrastructure owned by a special purpose company financed by Generate. It is, in many ways, a macro version of successful strategies studied by students in The Sustainable Innovation MBA in connection with bringing solar power, mobile phone service, and other technology to the base of the pyramid.

The opening discussion was followed by a discussion between Truman Semans, founder and chief executive officer of Element Strategies and Matt Arnold, global head of Sustainable Finance at JPMorgan Chase regarding environmental, social and governance (“ESG”) investing, the UN Sustainable Development Goals (“SDGs”) and risk management.

Attracting private investment in projects related to the SDGs requires reducing risk for the providers of capital. Among the strategies to further risk reduction is better (more transparent and standardized) disclosure relating to ESG matters.  The speakers noted the ESG disclosure scores promulgated by Bloomberg.  Another risk-reduction strategy is the one put forward in the Blended Finance, Better World discussion paper released for discussion by the World Economic Forum in 2017.[1]  It proposes using multilateral development banks to provide public money which can attract investment of private capital into major infrastructure projects in the developing world to meet the SDGs. Estimates are that investment of approximately US$6 trillion is needed annually to meet the SDGs.

Later panels returned to the subject of assessing ESG factors as part of fundamental long-term risk management.  While in the early days of ESG investing, such a strategy was thought to reflect a willingness to eschew higher returns in exchange for desired impacts, it is becoming increasingly clear that investors ignore environmental, social and governance aspects of a company’s operations at their peril and incorporating ESG factors into an investment strategy likely leads to better long-term performance.  As Ron Temple, head of US Equities and co-head of Multi-Asset Investing at Lazard Asset Management, said, it is “simply irresponsible” not to look at ESG factors in evaluating risk.

Elizabeth Lewis of Terra Alpha Investments, Mark McDivitt of State Street Corporation and Kate Gordon of the Paulson Institute agreed, particularly when talking about climate change. According to the 2017 Global Risks Report published by the World Economic Forum, extreme weather events and natural disasters are two of the top 5 global risks in terms of likelihood to occur and impact; water crises and failure of climate-change mitigation and adaptation are also in the top 5 global risks in terms of impact.[2]  The key to talking about business and climate change is to understand the pricing of climate change risk.

Fundamental risk and opportunity presented by ESG factors, especially those relating to climate destabilization, was hammered home again in a later presentation by Tiiram Sunderland of Bain & Co, who noted that climate change represents the biggest issue affecting business today.  He also noted that unless sustainability is embedded in the core of a business school’s curriculum, the school is failing its students. 

This last point was, of course, happily endorsed by The Sustainable Innovation MBA students.

[1]           See https://www.weforum.org/reports/blended-finance-toolkit.

[2]           See http://reports.weforum.org/global-risks-2017/

Getting to Know the Class of 2018: Kathrin Kaiser

Kathrin Kaiser ’18 left her previous position as EU Associate Category Manager – Business Manager for Wayfair to join The Sustainable Innovation MBA program.  She was interviewed by Isabel Russell, an undergraduate at UVM.

Why did you choose to attend The Sustainable Innovation MBA program?

I always knew I wanted to get an MBA in the U.S. to learn all the necessary skills it takes to be an entrepreneur, but after working in an exclusively profit-driven environment, I wanted to make a career change and use my resources to do “something good.” I felt that The Sustainable Innovation MBA would teach me fundamental business skills and combine them with a sustainable perspective to create profitable businesses that benefit the environment and society — plus Vermont seemed like the perfect environment for a green MBA program.

What has been your favorite part/element of the program thus far?

I really enjoyed the quant classes of the program – we were lucky to have had amazing finance and economics teachers who made learning about numbers really fun. I would say in general, the teachers are the greatest part of the program – they are so enthusiastic, caring, patient and knowledgeable.

The class discussions are also one of my favorite parts – sometimes we completely lost track of time because we had such engaging and interesting discussions and its amazing how much you learn from hearing all the different perspectives from your class mates and their large variety of backgrounds. The level of engagement in our cohort is just amazing!

What are three things someone considering the program should be aware of?

  1. You might not notice the amazing development you and your classmates make throughout the year – suddenly, it will be March and you will look back and compare yourself and your cohort to last summer and realize what amazing progress you all have made together.
  2. Your cohort will be more than just your classmates — your classmates will become a big family that supports, encourages, and empowers each other.
  3. You will become very confident with public speaking.

How has the Sustainable Innovation MBA helped you?

One of the greatest things is the broad network we’ve been building in the program and all the different perspectives we get to hear about — numerous guest speakers, events with the Advisory Board, or just engaging in discussions with my classmates have tremendously broadened my horizon and changed the way I look at things.

Wellington Management Talks About Investing in a Better Future

This post was written by Shari Siegel ’18

According to the Global Impact Investing Network (the “GIIN”), the financial markets will have to provide several trillion dollars annually if the U.N. Sustainable Development Goals (“SDGs”) are to be met by 2030.[1]  Thus far, impact investing has been mainly the realm of a small group of institutional and wealthy individual investors, but that situation is now poised for change.  The GIIN’s new framework is calling for impact investing to be “made more accessible by developing new products suited to the needs and preferences of the full spectrum of investors (from retail to institutional) and to accommodate the capital needs of various types of investees.”[2]

The Sustainable Innovation MBA Class of 2018 started Module 4 of its program with a visit from Meredith Joly, Christopher Kaufman, and Quyen Tran from Wellington Management arranged by Professor Charles Schnitzlein.  The Wellington trio came to discuss how the privately held Boston-based investment manager is making impact investing a viable option for a larger pool of investors.

First, A Little Vocabulary.  “Impact investing” differs from “ESG investing.”  ESG investing is a strategy in which investments, usually equity in publicly traded companies, are chosen because the issuers have environmental, social or governance practices that align with the investor’s values; the companies in question may or may not offer products or services that are intended to address social or environmental problems.  (For example, an ice cream manufacturer that is well known for its advocacy of better environmental practices and equality issues may be an ESG investment, but wouldn’t be an impact investment.)  Impact investing is a strategy in which the investor chooses investments with a view to addressing specific social and environmental issues.  The core businesses of the companies that the impact investor invests in are specifically aimed at solving one or more social or environmental problem.  (For example, a healthcare technology company that enables people in remote locations to have “virtual” doctor visits so that they can obtain otherwise unavailable or cost-prohibitive care could be an impact investment.)  The social and environmental issues impact investing usually attempts to address are subsets of the SDGs, including addressing adequate housing, access to education, healthcare, climate, water resources, etc.

Traditionally, impact investing has largely been done through large private investments in private companies.  Such investments would normally be limited to institutional investors or Very or Ultra High Net Worth individual investors (i.e., investors with more than $5 million to invest).  The Wellington team came to talk about how impact investing can be done through selecting publicly traded stocks, bonds and mutual funds, which are much more liquid and have much smaller minimum investment requirements than private equity, thus making such strategies more widely accessible.

The SDGs establish a common language for NGOs (non-governmental organizations), foundations, governments and private investors as they each work in their own ways to solve the world’s most pressing problems.  Supported by its large, centralized research team, Wellington has identified hundreds of publicly traded securities that provide capital for companies and projects whose core businesses and missions address SDGs in one of three impact themes: life essentials (housing, clean water/sanitation, sustainable agriculture/nutrition, and health), human empowerment (education and job training, digital divide and financial inclusion) and environment (alternative energy, resource efficiency and resource stewardship).  As the manager of its own equity and bond funds and subadvisor for third party funds, Wellington monitors and measures not only the financial performance of the securities in its portfolios but also the social and environmental impact the companies and projects are having to ensure that investor goals are being achieved.  This is an example of one more way business is being used as a force for good.

[1]           Global Impact Investing Network, Roadmap for the Future of Impact Investing: Reshaping Financial Markets (March 2018) at 9.

[2]           Id. at 49.

Getting to Know the Class of 2018: Julia Barnes

Julia Barnes ’18 joined The Sustainable Innovation MBA program after spending the past decade working in progressive politics to further access to affordable healthcare, combat income inequality and take on the growing threat of climate change.

Why did you choose to attend The Sustainable Innovation MBA program?

I chose The Sustainable Innovation MBA because I wanted a different MBA experience that approached business and startups from a disruptive, innovative perspective. I don’t feel invested in historical takes on economic growth and was more connected with designing a MBA that connected with my progressive values.

What has been your favorite part/element of the program thus far?

For me, my favorite part is the challenge. We are capturing all of the content and value of traditional business school, but are always pushed to think about with a sustainable, triple-bottom-line approach. In this way, I find our experience is more inline with the reality of what we will face in applying our MBA and less in simple academic recall.

What are three things someone considering the program should be aware of?

1.  The commitment is serious. 7 hours a day of class with double the work load of a normal program means you have to take this seriously.

2.  Value your time with your classmates and lean on them to help you get through. You get to know people really well in our module learning teams and those friendships can really help you succeed.

3.  Explore things you never knew would be important to you. I found a significant draw to marketing and impact investing, which was definitely not what I had expected, but The Sustainable Innovation MBA affords you that exposure instead of tracking you into something that may not be your passion.

How has The Sustainable Innovation MBA helped you?

So far, it’s helped me set aside time in my life to clarify my purpose, to make some great new friends and connections, and to find an environment to have a rigorous business education while staying true to my values.

Anything else?

Burlington is the best place to live in the country. Seriously. There really isn’t a place where you can get whatever you could want in a big city in the most beautiful part of the country with all the attraction of a small town. I love it.

Four Clever Ways Packaging Changes Can Help Companies Can Reduce Their Carbon Footprint

This post was written by Kathrin Kaiser ’18

Sixty-three pounds of plastic, per person, ends up in landfills in the United States. An increased consumer demand for sustainability and the amount of waste coming from disposing packaging makes companies re-think their packaging. They start to incorporate new, sustainable materials and construction methods into their packaging to reduce their impact on the planet. Here’s four clever ideas for companies to reduce their carbon footprint by changing their packaging:

  • Reducing the ink in company logos

Big brands like McDonald’s or Starbucks might be able to save millions of dollars every year and help preserve the planet just by slightly changing their logos. “Ecobranding” is a project by Sylvain Boyer, a French graphic designer, where he demonstrates the impact of this slight change. A simplified version of the logos could save companies 10-39% in ink and result in additional secondary benefits, such as reduced printing costs and a cut in energy consumption.

  • Arekapak

That certain uses of plastic are “evil” is no longer news, not only to environmentalists but also to large corporations. But just banning plastic bags at the register might not be good enough – vegetables and fruits are often shrink-wrapped in plastic, causing tons of landfill. Especially the food industry could benefit from the idea of two female innovators: Arekapak. It is a food packaging alternative, made out of palm leafs and produced with very few water and completely without chemicals. The product is also compostable, heat- and cold-resistant and has a water-resistant surface. And like that wasn’t enough good news, Arekapak packaging serves as a dinner plate, too.

  • Edible Packaging

What if you could eat the packaging off your food instead of sending it to a thousand years of landfill doom? An Indonesia-based start-up called Evoware has developed just that. Evoware is a biodegradable, dissolvable, edible packaging wrap made out of seaweed (which is also packed with vitamins!). The company plans to create several variations of the product for instant coffee, sugar and seasonings – the packaging can then just be dumped into the hot water and dissolves. Another upside is that this product could help seaweed farmers raising their revenue and do something good for the environment: seaweed absorbs a great deal of the carbon dioxide in the sea!

  • Just eliminate packaging completely

“Original Unverpackt” (“original unpacked”) is a Berlin-based supermarket that works without food packaging. Customers just bring their own containers and have those weighed – they only take what they need and the weight of the containers is being subtracted at the register. The entrepreneurial founder- duo wants to reply to the rising demand for more sustainable products and services and alternatives to the “lavish” handling of resources. Similar concepts exist in Austin, Texas (In.Gredients) and London (Unpackaged). Furthermore, Original Unverpackt hopes to make organic food more affordable for people with lower incomes because of the removal of packaging.