Kathrin Kaiser ’18 left her previous position as EU Associate Category Manager – Business Manager for Wayfairto 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?
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.
Your cohort will be more than just your classmates — your classmates will become a big family that supports, encourages, and empowers each other.
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.
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.
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.
Arielle Tatar ’18 left her previous position as Aquatics Director at the YMCA Southcoast 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 studied business in college and found it extremely interesting and applicable in daily life. I grew up in a sustainable household where the values of The Sustainable Innovation MBA were lived every day, so it’s always been important to me. Attending this program was a way to bring these two passions together!
What has been your favorite part/element of the program thus far?
Although brief, our “Marketing Under Uncertainty” class was extremely interesting to me as I am very interested in marketing. Also, the field trips we have taken to Ben & Jerry’s and Rhino Foods, among other places, offer a real opportunity to see what we learn in action.
What are three things someone considering the program should be aware of?
1. Be aware of the weekly time commitment. You’re fitting a lot of information into a short period of time, so you’re going to work a lot of hours every week.
2. The faculty are experts in their fields and really want you to succeed. Realize that this program is top notch and take advantage of the opportunities that it gives you.
3. The relationships you build here are strong and with amazing people. I get to go to class every day with some of the smartest and most influential people I’ve ever met and I get to learn and grow from them. We are not a traditional MBA where we compete with each other to survive. We are a family that helps and raises each other up.
How has The Sustainable Innovation MBA helped you?
It has given me so many opportunities to connect with influential business people, as well as learn from top professors. It has also helped me to better understand the issues we face in the sustainability sector and how I can create change.
Sarah Healey ’18 comes to The Sustainable Innovation MBA after a career in retail management. She was interviewed by Isabel Russell, an undergraduate at UVM.
Why did you choose to attend The Sustainable Innovation MBA program?
I chose to attend The Sustainable Innovation MBA program because I wanted to gain the skills necessary to have a productive role in my family’s business. The program drew my attention because of its small size and focus on sustainability and entrepreneurship.
What has been your favorite part/element of the program thus far?
My favorite element is the cohort itself. I really enjoy getting to spend five days a week in class with people who have similar interests to me. I feel like the cohort really allows you to develop strong relationships.
What are three things someone considering the program should be aware of?
1) it is very accelerated! but definitely doable. 2) there are so many support systems in place to help you through the challenging parts of the program. 3) Even when it is busy it is so much fun.
How has The Sustainable Innovation MBA helped you?
The program has helped me in ways I never imagined. It has greatly improved my emotional intelligence and provided me the toolkit to continue to improve into the future.
Liz Ford ’18 is the founder of the Green Mountain APA Pool League, a franchise of the world’s largest amateur league system.
Why did you choose to attend The Sustainable Innovation MBA program?
In 2011, I starting building a business in Vermont (an amateur pool league that now has close to 400 members) which I am still running. I really enjoyed building a business from the ground up and I’d like to start more businesses in Vermont in the future, but felt that I was missing some of the financial and organizational tools that could really help me prosper in a sustainable way. When I heard about The Sustainable Innovation MBA program, it seemed like an excellent opportunity to learn to approach future projects in the right and ethical way, both environmentally and socially.
What has been your favorite part/element of the program thus far?
I’ve always loved math, but I’m surprised how much I’ve taken to the finance classes – I’m really enjoying thinking about statistics and probabilities. Completely on the other side of the spectrum, I enjoy anytime I can infuse one of the many presentations that we have to give in The Sustainable Innovation MBA with a little silliness and humor.
What are three things someone considering the program should be aware of?
1) First off, there is the intense time commitment that a one-year master’s program entails – some weeks require 40 hours of work and class, but some require close to 80.
2) Given this intensity, be prepared that you will be sharing the full spectrum of your personality, both the good and the bad, with your teammates.
3) In accordance with this, you will have to learn to love giving and receiving feedback!
How has The Sustainable Innovation MBA helped you?
In addition to all the business tools that we’re learning in class, the social and professional network that we are building for ourselves is substantial. We are creating what will probably be life-long friendships with the other students in our cohort and the depth and breadth of the mentors and connections that the program provides are impressive. We are encouraged to reach out to as many business leaders as we can to conduct informational interviews and it’s really astounding how open people are to talking to students.
Anything else?
This has really been an amazing experience so far. It’s very intense and at times very difficult, but I can already tell that I’ll miss it when it’s over!
Shari Siegel ’18 came to The Sustainable Innovation MBA progam with an extensive background in law. She was interviewed by Isabel Russell, an undergraduate at UVM.
Why did you choose to attend The Sustainable Innovation MBA program?
I have been a practicing lawyer in various areas of corporate life and a wildly eclectic number of industries (private investments, finance, airlines, manufacturers, software, telecommunications, real estate, mining, retail, etc.). Much of what I have done professionally has been interesting, challenging, and often fun, and my experience has given me terrific insight into how all sorts of industries and businesses work and myriad points of view that may come to bear on a question, but I was ready to make a change and to play a different role.
I believe that business can be a powerful force for good in the world when long-term thinking is put into practice, and I want to be among those who are making that happen. I really wanted to be able to live a more integrated life. My professional life has accommodated, but not usually incorporated, other aspects of my life that I am passionate about: building community; creating opportunity for aspiring artists and professionals; and promoting ethical stewardship of our environment and natural resources. Those activities have been limited to volunteering in my “spare” time.
For my “next act,” I’m exploring the use of capital investment and the creation and implementation of long-term business strategies to further creating or contributing to a healthy, sustainable business environment with ample career (not just job) opportunities for those who want them. The Sustainable Innovation MBA program was a perfect opportunity to take the skills and experience I came to the program with and add new skills and perspectives that will allow me to pivot to a satisfying next step. The insights I get from my professors and fellow students about aspects of business life that have been outside my focus or areas of responsibility are fascinating, and the opportunity to talk to members of the Vermont business community has been invaluable. UVM has a robust network that is affording me a terrific opportunity to talk to people about various opportunities to put my new and old skills to work in the way I want to.
What has been your favorite part/element of the program thus far?
The exposure to all of the people who have been working in fields that are very different from my own and living in other places. Sharing experiences is enlightening. Variety truly is the spice of life.
What are three things someone considering the program should be aware of?
Expect to work really, really hard–this program crams a lot of content into one year, and the students who are in the program are serious about their learning experience. That said, we have some pretty extraordinary professors who go above and beyond to make sure we’re really learning the material; a few have even given up some of their own free days to offer extra classes for us.
Teamwork is crucial.
If you come visit us this year and see the construction we’re living through, don’t worry: it’s supposed to be over for the next cohort.
How has the Sustainable Innovation MBA helped you?
It has made me really excited about the possibilities out there. We’ve also gotten to meet current professionals working in areas we’re studying, tour numerous local businesses and engage in conferences of interest.
This post was written by Jon Reidel, University Communications, and first appeared at uvm.edu.
The Sustainable Innovation Review has previously profiled SAP! here, and here.
(Photo: Courtesy Disney/ABC)
It has been a whirlwind few weeks since Chas Smith G’15 and his cousin Nikita Salmon, co-owners of maple beverage company SAP!, appeared on ABC’s venture capital/entrepreneur pitch program “Shark Tank” on Jan. 28. Smith, a graduate of the Grossman School of Business’ Sustainable Innovation MBA program, took a break at a local café to talk about his Hollywood experience and answer a few key questions, mainly: is the “Shark Tank” effect real, and does he regret turning down $600,000?
Is the so-called “Shark Tank”effect real?
It’s definitely real. Our online sales right now are insane. We hit over $100,000 in new online sales within 10 days of the show. It has generated a lot interest and gotten people to try it who wondered, “What the hell is this?” They only let us know ten days before it was going to air, so we rushed to rebuild our entire website to make it e-commerce friendly. We had tens of thousands of hits during the show and we were really worried the website was going to crash. Fortunately, we came through the spike well and were able to process a huge amount of orders.
Another upside is that we are learning a lot about consumer behavior and how people make purchasing decisions online. The show re-airs in July, so we’re preparing for another spike.
How did you manage to get on the show?
They actually sent us a message. We thought it was a joke at first because they wrote into our website and it looked like spam, but then they called us up and we said, “Wow, this is real.” Typically, there’s a long application process, and they have casting calls all over the country. I think someone on the show liked our product because an assistant called us and said, “We want you in LA in three weeks.”
It was sort of risky, because did we really want to take the chance of being roasted on national TV? We are a small company and know what we need to improve on. Ultimately, as we thought about it more, we said, “how many opportunities do you get to talk to four million people about your brand?” All press is good press as far as we are concerned.
Speaking of being roasted, what did you think of some of the jokes and harsher comments the judges dished out?
It may have looked harsh a times, but they do that to everybody. You are not going to come out of there unscathed, this is reality TV! It is supposed to be sensationalist.
They joked about us looking like stereotypical Vermonters. One of them said, “you guys look like you are straight out of central casting. Are you sure you aren’t from LA?”
The most infuriating moment actually was when Mark Cuban said, “Oh, this tastes like Aunt Jemima.” Our products taste nothing like that; he was trying to create an association with something and he clearly just didn’t grasp what real maple is. For the Vermont maple community, there is nothing more offensive than saying that, right?
But you take the good with the bad, and this has been a hugely positive experience for us and our company.
It seemed like a quick pretty decision to reject the $600,000 offer and 30 percent stake in SAP! from judge Robert Herjavec. Did you have a pre-set number that you weren’t willing to go below?
Well, that negotiation happened over about 20 minutes. The producers just have to cut it down for the episode. We were actually in the “Tank” for about 90 minutes overall. We came in with the mentality that if the deal is not perfect, we were not going to do it. We’re fortunate to be in a position where we didn’t need a deal. Sure, we could have used the money, but we have a core set of investors who are really supportive and there’s a lot of new interest in the business since we’ve been on the market.
Overall, though, it sounds like the positives of being on the show outweighed the negatives?
People have asked if we thought it helped us or hurt us by going on the show. The answer is that this has been resoundingly positive for us when you look at how many people are now interested in our business and how our sales have spiked. I think being from Vermont you are more grounded in reality. We were like, “yup, our marketing does need some work, and we know that, and we’re figuring it out.”
It’s this really unique moment in time where all of these people from across the country are trying our product for the first time, so we’re developing a new e-commerce strategy behind it. A one-time sale is great, but it’s not the basis of a company. We have the opportunity to cultivate a huge amount of new customers and we intend to do just that.
How did you and Nikita come up with the idea for SAP!?
His side of the family has a deep history in the maple syrup industry. We’re both 28, but come from very different parts of Vermont. I’m from Burlington and he grew up on a farm in Enosburg. He started his own businesses right away and is smart in so many ways that I’m not. He has a very practical mindset and can just solve problems and get things done where I have more of an analytical mindset, so I think that’s why we make such a good team. We’ve been making these types of drinks in our family for a long time. We were experimenting with it for a few years and then got more serious when I came back to Vermont for the SIMBA program, which is really where all of the pieces came together.
Did your Sustainable Innovation MBA experience help you with SAP!?
I learned a lot of the necessary skills in the Sustainable Innovation MBA program, but what really attracted me to the program was its focus on how to create a virtuous business model. If our product can ascend and be really successful, it could be a second outlet for maple sap in the State of Vermont, which could help stabilize maple prices and create prosperity throughout the rural Vermont economy. Secondarily, if birch sap takes off it could be a whole new industry in Vermont where you are making birch trees productive instead of cutting them down. The social aspect of providing healthier products for people to consume is important to us. It’s really about how to create business models that create mutual value.
If you could do the show again, would you do anything differently?
If we could rewind, I would just simplify our pitch more. I think we tried to over explain the products a bit and it got confusing for the Sharks. When you are in the Tank, it gets chaotic very quickly with questions flying in from the Sharks non-stop. You have such a short window of time to control the narrative and get your main points across.
But ultimately, the Shark Tank experience has really forced us to be better in a lot of ways. We had to sit down and say, “OK, this really confirmed some things we already thought and this is the direction we really want to take it.” What didn’t get aired in the episode, but was part of the discussion in the Tank, was a lot of the positive reactions on where we want to take the company in the future with new products. We are fortunate to be off to a great start with our company, and are excited to take the next steps with our business in 2018.
I work in NYC as an Associate Director at Global Evolution, an emerging and frontier markets investment manager. The company is headquartered in Denmark, but I’m out of the NYC office. I like being at a small company because day to day, my job varies significantly. I meet with potential investors, handle client requests, attend conferences, and get to work on a number of exciting side projects as well. For example, in November I planned an impact investing symposium that included speakers from the World Bank, the UN-sponsored Principles for Responsible Investment, and the International Monetary Fund.
Why did you choose to attend this MBA program?
I’d worked at non- and for-profit organizations in the past, and I found the program while searching for an opportunity that combined the mission focus of a non-profit with the resources and structure of a for-profit. I had considered business school for a while, but wanted to find a program that was a good fit for my values. I loved the combination of the innovative curriculum, the small class size, and the opportunity to live in Vermont.
What was your favorite part about the experience?
It’s hard to pull out one favorite piece. The class discussions were consistently engaging and thought-provoking and the small class size provided opportunities to build close relationships with classmates, professors, and guest lecturers. The practicum allowed us to take everything we learned throughout the year and put it into practice in a real world business challenge. As I’m now almost two years out of the program, I’d say my favorite part is the network I built during and since the program that includes a group of people across a broad range of industries that are dedicated to using business as a force for positive change.
How are you applying the tools/skills you learned in the program, post-MBA?
The tools/skills from the program come in handy on a daily basis. One big example is the emphasis on both systems thinking and long-term thinking, as opposed to a focus on short-term shareholder returns. A more specific example is in the fall, I attended the UN Principles for Responsible Investment Conference in Berlin, which focused heavily on the SDGs (Sustainable Development Goals). I attended sessions such as “Social cohesion and inclusive growth: the investment risks and opportunities.” It was energizing to see a large network of leaders so passionate about incorporating sustainability into everyday business, and my experience in The Sustainable Innovation MBA gave me a good knowledge base to jump in to those conversations without feeling like a newcomer to the field.
What would you tell someone who is considering The Sustainable Innovation MBA?
This MBA program emphasizes a global, long-term approach to business strategy, with a core emphasis on the fact that we are all connected and living in a world of finite resources. It will force you to look at business beyond short term success metrics. A manufacturing plant providing jobs in one community may be poisoning the water in another community. A farm that’s feeding thousands could be depleting the soil of nutrients for the next generation. What externalities are we not taking into account when we make business decisions? How will this project look five, ten, or twenty years down the road? What happens to this product at the end of its useful life? How will this organizational change impact employee turnover? We need businesses to start asking the right questions today so that we can create sustainable, regenerative organizations that will positively influence the world for generations to come.
Lesser known is the history of that time when, although many moved to Vermont to find and build a different way to live, a number also were inspired to find and build a different way to do business. Some of Vermont’s most iconic brands — like Ben & Jerry’s and Burton Snowboards — were born out of this spirit, and have set the standard for an approach to business that emphasizes multiple bottom lines.
The Jogbra, which revolutionized women’s sports and is in the permanent collection at the American History Museum at the Smithsonian Institute, was invented here in Vermont in 1977. One of the inventors, Hinda Miller, is a member of The Sustainable Innovation MBA Advisory Board, and is very active in helping our students think about and launch careers in sustainable, innovative businesses.
Listen to Hinda — trained as a theatrical costume designer — talk about her Vermont entrepreneurial awakening in this podcast produced by the Vermont Historical Society, the Vermont Humanities Council, and VTDigger.
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.
Why did you choose to attend The Sustainable Innovation MBA program?
I chose to attend The Sustainable Innovation MBA program because I wanted to gain the skills necessary to have a productive role in my family’s business. The program drew my attention because of its small size and focus on sustainability and entrepreneurship.
I have been a practicing lawyer in various areas of corporate life and a wildly eclectic number of industries (private investments, finance, airlines, manufacturers, software, telecommunications, real estate, mining, retail, etc.). Much of what I have done professionally has been interesting, challenging, and often fun, and my experience has given me terrific insight into how all sorts of industries and businesses work and myriad points of view that may come to bear on a question, but I was ready to make a change and to play a different role.
I work in NYC as an Associate Director at 
Lesser known is the history of that time when, although many moved to Vermont to find and build a different way to live, a number also were inspired to find and build a different way to do business. Some of Vermont’s most iconic brands — like