Hughes Family Fund supports EBV and other outreach programs

Volume 3, Issue 3 | Summer 2013

As a successful entrepreneur, Robert Hughes ’92 (CLAS) knows what it takes to get a business off the ground. As a proud UConn alum, he believes the University plays an important role in supporting entrepreneurship and strengthening the state’s business and economic climate.

When Hughes learned the School of Business was interested in helping disabled veterans get back into the workforce, he decided to invest his skills, experience and finances in the effort, engaging his family members along the way. He has worked with his family in business for years, so it seemed natural to enlist them in his support for veterans outreach programs.

Together, they established the Hughes Family Fund in the School of Business to support programs for returning veterans like the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV), a program that equips disabled veterans with the knowledge, skills and support to start and grow their own businesses and attain economic self-sufficiency.

Robert Hughes ’92 (CLAS) and Laurie Hughes Paternoster ’82 (CLAS).

 

“Meeting and working with these veterans has been a great experience,” says Hughes, who with his sister Laurie Hughes Paternoster ’82 (CLAS), has served as mentor and helped guide veterans in the program into the world of business and entrepreneurship. “We work with them and help answer questions about developing a business plan, working with staff, dealing with legal issues and marketing strategies,” says Hughes, who is chief operating officer, president and co-founder with his brother Jack of TopCoder, an international leader in identifying, evaluating and mobilizing software development resources. Brother Greg ’88 (CLAS) and sister Mary Abel are also involved in the company.

“The news is constantly full of the everyday problems faced by returning veterans,” Hughes adds. “These men and women have made a tremendous sacrifice, and upon their return, many struggle with problems related to unemployment, stress and depression. EBV and other veterans outreach programs by the University and the School of Business are working directly to tackle those issues.”

The return to civilian life can be daunting, notes Hughes, based on his interaction with some of the veterans in the EBV program. In the military, the chain of command establishes a hierarchy for decisions and responsibilities, and the work day and schedule are pretty firmly established. “The business world, especially entrepreneurism, is pretty different, with its emphasis on creativity and seizing opportunities,” says Hughes.

Since it was established in 2010, UConn’s EBV program has helped more than 25 veterans open 27 businesses.

“We’ve had some nice success,” notes Hughes, mentioning a woman who developed a business plan for a line of leather products for women bikers. She had countless statistics and data about the size of the market and the corresponding market for men’s products. She had also given much thought to designers and possible retailers. “It entailed a lot of homework and it was very impressive.”

Some EBV participants have teamed up to leverage complementary skills. Two female veterans with military experience related to video analysis and aerial surveillance worked together to develop a plan for a company that would offer surveillance services to local and state governments for law enforcement and environmental conservation purposes.

Another source of business ideas has come from home and hobbies. A man from Minnesota, also known as the “Land of 20,000 Lakes,” devised a plan for a mobile bait and tackle shop that would travel around the lakes during the summer and winter fishing seasons.

“If you think about the problems veterans with disabilities have returning to civilian life, and then you think about the role of a university as a place to learn, to interact with people from different social settings and cultures, and prepare to work and contribute to society, it makes a tremendous amount of sense for UConn and the School of Business to support the EBV program,” says Hughes. “UConn is developing a talent pool for the entire state. Including disabled veterans in that pool is win-win, for the state and for the veterans.”

Financial Accelerator projects are making a positive impact on Connecticut companies, both large and small

This article first appeared in the UConn Business magazine, Volume 3, Issue 3 (Summer 2013)

A common theme among School of Business experiential learning accelerators is to provide opportunities for students to apply classroom concepts to solve real business problems. On the other end of the spectrum are the immense benefits to participating Connecticut businesses, particularly those facing shortages of resources such as time, skills, and technology.

Founded in 2002, the SS&C Technologies Financial Accelerator was created as a critical element of the business school’s experiential learning initiatives. Today, the long-standing partnerships between the accelerator and Connecticut businesses are excellent examples of the many ways the School of Business helps develop a skilled workforce and create job opportunities within the state.

“Through these corporate partnerships, the School of Business provides our students with active learning opportunities, confronting real decisions about live business issues, while helping Connecticut companies address significant business challenges,” says John A. Elliott, School of Business dean.

Sponsoring clients for projects have included Alpha Equity Capital, Collectic Media, Conning Asset Management, CTHFA, Discover RE, Hartford Steam Boiler, ING, Nortel Networks, Northeast Utilities, Pitney Bowes, SS&C Technologies, Thomson One, United Healthcare, and United Technologies Corporation. “We are grateful for the support of these companies and also for those executives who serve on the Financial Accelerator Advisory Board,” says Professor Chinmoy Ghosh, head of the finance department and executive director of the Financial Accelerator and Student Managed Fund. “Interaction with business executives involved in these projects is an integral part of experiential learning.”

“Mutual dedication on behalf of the students and on behalf of the client is what enables us to move these types of projects forward and make a positive impact for Connecticut businesses and the state economy as a result,” adds Ron Licata ’63, 1998 Hall of Fame inductee and adjunct professor at the School of Business, the faculty advisor for a long-standing project with Northeast Utilities.

A Positive Impact

David McHale, executive vice president and chief administrative officer at Northeast Utilities and co-chair of the Financial Accelerator Advisory Board, has seen the positive impact of deliverables produced by UConn teams. The company has employed the expertise of UConn graduate students for projects on topics such as risk management, inventory planning and warehouse expansion, internal training, and mentorship.

In a two-phase project last year, teams led by associate professor of finance Michel Rakotomavo evaluated selective hardening options (microgrids, undergrounding, and backup generation) for strengthening the infrastructure of utilities throughout the state, which could make it less vulnerable to damage from extreme weather events. Students analyzed relative cost and benefit estimates of different options and provided recommendations on which application works best under what circumstances.

Led by faculty advisor Licata for seven semesters to date, the most recent endeavor with Northeast Utilities began with determining why diverse small regional businesses supply a disproportionately low volume of goods and services to major corporate buyers. Graduate students conducted three focus groups and detailed interviews to determine the resources that diverse businesses owned by ethnic minorities, women, and disabled veterans would need to successfully compete and bid on deals with large enterprises such as Northeast Utilities. Findings led to the ultimate recommendation of establishing an academy to provide three essential resources: one-on-one mentoring, education in core business principles, and hands-on support.

The outcome of the project is a Diverse Supplier Development Academy (DSDA), established to empower diverse business enterprises and elevate their competitive presence in the market. Student teams created the business plan, marketing material, curriculum for six workshops, and the systems needed to operate the academy. “This entire student-led effort,” says Licata, “emerged as a collaboration between the School of Business, SCORE (Service Corps of Retired Executives), a national organization of mentors, and Northeast Utilities. The goal of the program is that upon graduation, each diverse enterprise owner will leave the academy with a briefcase full of work that they have completed for their own business with immediate application and benefit.”

“With the help of UConn student Matthew Farley ’13 JD/MBA, I now have a modeling tool to estimate my costs of doing business which helps me determine if my pricing is adequate,” shares Diane Winston, principal of Winston Strategic Partners, LLC, who participated in a test pilot for the program.

Northeast Utilities is just one example of the partnerships and successful projects coming out of the financial accelerator. With an exciting fall project planned, United Healthcare has also seen the positive results produced by student teams, who have developed models and tools to address critical business issues such as ensuring compliance with new industry rules and enhancing the consistency of information and reports in underwriting activities and pharmacy plans.

In a recent two-phase project, students established an information base for development of a financial model to evaluate Health Insurance Exchange (HIE) options and strategies. They then used the information to consider the impacts of HIEs on the company’s business model, helping United Healthcare to make informed decisions around the newly created exchanges.

Faculty advisor Dennis Heffley, professor of economics, notes that, “Students in the United Healthcare projects have been drawn from the MBA program, actuarial science, statistics, and the MD program. The mix of skills and various perspectives have enriched students’ experiences and enhanced the product for project sponsors.”

The Student Experience

When asked about his personal experience at the Financial Accelerator, Lance Rambush ’13 MBA remarks, “I had several takeaways from this project. First, I was able to oversee the development of a sophisticated program from start to finish (given that the preliminary market research was already complete). I learned to view a project through the perspectives of all stakeholders, foresee potential difficulties for different parties, and design mechanisms in the project that would alleviate those problems. I also got experience in defining the mission and vision for an emerging organization, setting goals and planning how to reach them, and measuring the impact of a program by defining quantifiable success metrics.”

Ankheet Bhatt ’10 (CLAS) who is currently working towards a combined MD/MBA at UConn adds, “The Financial Accelerator allowed me to work for a large, national organization while interacting with a core group who was dared to think differently, push the status quo, and solve real problems facing real companies. This is an incredible opportunity for young professionals.”

“Financial Accelerator projects allow students to acquire experience, skills, connections, and possibly jobs at sponsoring companies,” adds Rakotomavo. “Businesses which sponsor these projects have… the full attention of knowledgeable faculty advisors, the stamp of quality from UConn… and a wide range of deliverables that may include analysis, research, software and more.”