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Getting to Know the Class of 2018: Sarah Healey

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.

 

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“The bloodless logic of the marketplace…”

This article from Politico Magazine highlights how the things we should be doing from an environmental and climate change point of view are becoming more economical (although unevenly), and that it’s the quiet power of economics and business that are driving change rather than politics and public policy alone.

This is a core belief behind The Sustainable Innovation MBA: capitalism, disrupted and reinvented, is a force — along with many others — to solve one of the world’s most pressing problems. We must develop a new generation of business leaders who will build, innovate, disrupt, and reinvent climate change-focused enterprises in a world that demands it. In other words, UVM’s Sustainable Innovation MBA is part of the solution and is more important than ever and its graduates increasingly more vital to sustainable businesses.

As they say, read the whole thing:

My Life In The Elusive Green Economy

 

(illustration: Politico)

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Networking: A Cliché? Or, A Lesson?

This post was written by Andria Denome ’18

“Whatever lazy or narcissistic things you’ve been hearing about today’s Millennials, that’s not Andria” is what Jocelyn said in her introduction of me to Dennis DeLeo.

Dennis, affectionately known throughout Rochester, NY as Denny, is the co-founder of Trillium Group Venture Capital and Private Equity and more recently of the Venture Jobs Foundation. Trillium was the first VC firm in Rochester, born after Denny and a Kodak colleague saw an unmet need. Venture Jobs Foundation (VJF) emerged in a similar way after Denny saw that the poorest neighborhoods in Rochester were teeming with the entrepreneurial spirit to revitalize the community but they lacked capital. VJF is an impact investing organization with the mission of bringing jobs and resources to low income neighborhoods via small business.

I read about Denny in several articles and I knew that it would be amazing to learn more about his career and leadership path. Plus, conducting informational interviews is a requirement for The Sustainable Innovation MBA Career Launch curriculum and I had a looming deadline.

Although we are constantly barraged with pro-networking encouragement at the Grossman School of Business, I struggle to conceptualize its impact. Coming into the program directly out of undergraduate studies, I have never really been in the job market with that extra level of pressure. What’s even harder is asking my mom to connect me with her friend, Jocelyn, to connect me with a very accomplished VC that she went to Harvard with decades ago, with whom she may or may not keep in touch, just for the opportunity to chat, on the outside-chance he would be willing to share his hard-won experience.

I was skeptical, but that is exactly what I did. The result was a flood of support, advice and praise. Jocelyn’s warm introduction really tipped the scales in my favor, as Denny said, “I know Jocelyn very well and I know she would not send a student my way if they weren’t promising.” I have a new appreciation for networking and the utilization of my close network.

Below are some of the key points from my conversation with Denny.

  • Were did vision for VJF come from? What is the Foundation working on now?

VJF is only five years old but they are already added many programs to boost the Rochester economy, specifically in disadvantaged neighborhoods. They have created two programs to plant and nurture the seeds of entrepreneurship earlier than the micro-lending level via a pipeline program. First, they created Jobs Kitchen which is a business accelerator program that local entrepreneurs can apply to join. From there Denny and his team thought, “what else can we do to jumpstart entrepreneurship?” and the answer was Jobs Kitchen Academy. Jobs Kitchen Academy is a program to teach teens in about entrepreneurship with hands on learning, unique curriculum, and local leaders. The Academy is a supplement to their school work and won’t have homework so it will be manageable for teens already balancing school, a job, and/or sports.

  • What advice do you have for someone looking to explore a career entrepreneurial impact investing?

Denny recommended devoting one to three years to working in startups. When you’re young there is a much lower risk because you have fewer financial obligations. Don’t be afraid to fail but be prepared to rebound quickly.

We then side-stepped into the topic of general early-career advice: Build your reputation carefully, early, and with supervisors of influence. Whenever given the chance, express yourself clearly and articulate and demonstrate your skillset. Also, it is very important take initiative and always deliver more than asked for. However, beware of the pitfall of becoming a lone wolf, nobody likes a know-it-all that keeps their team in the dark to make themselves look better. Use your team to do more and become a leader in the process.

  • What are some of practices you have that you think make you an effective leader?

Denny does well delegating and challenging his employees. He explained that it is not productive to belittle them by over-explaining, if they have questions they will ask. Denny also works everyday to be approachable, available around the office, and actively building relationships by listening and showing compassion.

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Getting to Know the Class of 2018: Liz Ford

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!

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Third Base of the Pyramid Global Network Summit, April 18-20, New Delhi, India

Editor’s Note: Professor Stuart Hart, director of external relations and practicums for The Sustainable Innovation MBA, is — in addition to being recognized as a global authority on business strategy and its implications for addressing poverty, founder of the Enterprise for a Sustainable World, which hosts the Base of the Pyramid Global Network Summit.

In 2015, The University of Vermont (UVM)’s Grossman School of Business hosted the 2nd BoP Global Network Summit: “Sustainable Entrepreneurship From The Bottom Up”. We brought together corporate innovators, academics, entrepreneurs, community leaders, students, and BoP Global Lab leaders from more than 16 countries – all on campus at UVM.

This year, Professor Stuart Hart and friends are organizing the Third BoP Global Network Summit April 18 – 20, 2018 at the India Habitat Centre in New Delhi, India.

The 2018 Summit will include a field visit to initiatives to experience first-hand some of the leading-edge Base of the Pyramid (BoP) business initiatives in India. The field visit will serve to stimulate discussion and action during the Summit itself.

Companies and ventures cannot succeed at the BoP in isolation. It is in the strength of a strong and mutually aligned network and partner ecosystem including academia, government, development agencies, local entrepreneurs, and NGOs, that business will find the keys to success.

The 2018 BoP Global Network Summit will be focused around three such emerging strategies to more effectively reach and serve the Base of the Pyramid.

The three strategies are:

1) Beyond Environmental Degradation: Toward BoP Circular Economy Strategies

Most BoP ventures and initiatives have focused on the social aspects of sustainability while ignoring or deemphasizing the environment. Looking forward, disruptive new “leapfrog” BoP strategies may hold the key to pioneering a truly sustainable, circular economy.

2) Beyond Pipelines: Toward BoP Platform Engagement Strategies

Most BoP ventures and initiatives have focused on building single­ purpose supply chains and distribution models (pipelines), often with disappointing financial results. Looking forward, platform-based approaches, both cloud enabled and otherwise, may hold a key to building wider and a deeper value.

3) Beyond Selling to The Poor: Toward BoP Market Engagement Strategies

Most BoP ventures and initiatives have focused on developing low cost, “affordable” products and services, only to have them languish. Looking forward developing diverse and creative strategies for engagement and co creation may hold a key to successfully reaching and serving the BoP.

All three strategies hinge on creative ways to build more effective ecosystems and networks.

The objectives of the Summit are to explore the frontiers of these emerging strategies through plenary sessions featuring state-of-the art practice, followed by working sessions to build and accelerate momentum toward making them a reality.

Keynote speakers include Jonathon Porritt – the co-founder of Forum for the Future and Suresh Prabhu, Minister of Commerce and Industry, India, and many more.

See the full speaker line-up here. Sign up here.

Professor Hart’s video here.

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Getting to Know the Class of 2018: Shari Siegel

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.

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‘Shark Tank’ Effect Real For SAP!

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.

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Alumni in Review: Caroline Hauser, Class of 2016

Caroline Hauser ’16 is an Associate Director at Global Evolution. She was interviewed by Isabel Russell, an undergraduate at UVM.

What have you been up to since graduation?

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.

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Vermont’s Sustainable, Innovative Roots

It’s popular to think of the 1960s and 1970s as a time when the hippie and counter-culture movements found and flooded Vermont — “turn on, drop out” and all that.

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.

Podcast:  Before Your Time: From communes to commerce

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Alumni in Review: Dana Gulley, Class of 2017

Dana Gulley ’17 is a consultant in private practice. She was the valedictorian of the Class of 2017. She was interviewed by Isabel Russell, an undergraduate at UVM

What have you been up to since graduation?

Making a whole new life for myself! I launched my own consulting practice, Third Peak Solutions, and spent much of the fall working from the road while my partner and I traveled around the west (Washington, Oregon, Montana, Wyoming, Colorado and New Mexico) figuring out a new place to call home. In November my partner landed a position at a very cool organization called Adventure Scientists and just after Thanksgiving we moved to Bozeman, Montana. After spending 30 years living in the Northeast, moving to big sky country is a pretty big life change. It’s somewhat terrifying, but mostly thrilling. Now that I’m settling into my new home, I’m focused on defining exactly what Third Peak Solutions does: organizational development consulting with conservation non-profits? Sustainable strategy consulting with for-profits? A little bit of both?

Why did you choose to attend this MBA program?

I’m passionate about environmental conservation and eager to see this work improved by a) building more effective and sustainable non-profits and b) engaging the business community to do their part in innovative and impactful ways. The Sustainable Innovation MBA program has the values that match my own and attracts a community of students, faculty and business partners that we must lean into if this important work is going to gain the momentum it deserves.

What was your favorite part about the experience?

Developing relationships with the people in my cohort academically, professionally and personally. As I work to build my own practice, I’m eager to emphasize team work in the way that The Sustainable Innovation MBA modeled it. Working with a team strengthens work products and makes the experience more rewarding.

How are you applying the tools/skills you learned in the program, post-MBA?

I’m taking risks, staying true to my desire to transform business as usual, focused on building teams to tackle big problems, and figuring out how to balance an emphasis on non-profits and for-profits.

What would you tell someone who is considering the Sustainable Innovation MBA?

The program is not for everyone. You will not emerge with a clear set of pre-described next steps for making the world a better place. Instead, you will have a mindset, a network, and a toolkit of skills that will enable you to be entrepreneurial in building your own, unique path forward. The Sustainable Innovation MBA will serve you if you’re someone who is committed to keeping your brain switched on to constantly find better ways to make a difference. It’s a degree for movers and shakers.