School of Business featured news
When Management Professor Rich Dino started a course that helps non-business majors write a business plan, it filled almost instantly. He scheduled two more classes, and the same thing happened.
“This semester I have students majoring in everything from physics to music, and their different views enhance the class,” Dino said. “The doors are open to anyone with ideas.”Continue Reading
A challenging job with great rewards is probably on the wish-list of most soon-to-be college graduates.
But for UConn seniors Greg Doyle and Kelly McLaughlin, and other members of UConn’s Net Impact organization, the perfect job would have another twist. These students are hoping to merge their career goals with their passion for social change. Continue Reading
If you were trying to market a chocolate product in China a few years ago, you’d have had a very difficult time. That’s because, until recently, the Chinese believed that eating chocolate could cause nosebleeds.
That was one of many stories that international marketing expert Dara MacCaba shared during a program titled “Building Innovative Brands—Insights from Asia.’’
If you don’t understand the Chinese culture, your efforts to promote even the best products will probably fail, MacCaba told 70 students and faculty during a January 14 program at the Graduate Business Learning Center in Hartford.
MacCaba is the founder of Lucid360, an innovation consultancy company, with offices in New York and Shanghai, which helps global companies position their products in new markets. Lucid360 has represented such industry giants as McDonald’s, L’Oreal, Unilever, Wrigley’s, Colgate, Coca-Cola, Microsoft, GlaxoSmithKline, Nestle, Philips and Castrol.
“You must empathize and walk in the shoes of the people you’re dealing with, and try to understand what it’s like to be a Chinese consumer,’’ said MacCaba, who typically spends two weeks in Shanghai every other month.
He described China as a big, competitive and challenging market, with rapidly changing trends. The business opportunities are further complicated by legal regulations, cultural beliefs and regional preferences.
MacCaba’s presentation offered insights into the many ways that Chinese culture differs from American beliefs. He began by displaying a map of the world, which showed China in the center and the rest of the world on the periphery. It illustrates how differently Americans and Europeans view their positions in the world, he said.
He also displayed an image of a Chinese beach where people donned colorful UV-protection masks which might resemble a Halloween mask to an American. It is important to keep an open mind when dealing with cultures that are different from yours, he added.
Lucid360 uses many ways of tracking trends, from traditional research to conversations with people on the streets, he said. In China, it is not unusual to select brands that are recommended by friends.
For instance, if you were trying to market baby formula in China, where there has been great mistrust, you would need to know that many new mothers turn to experienced friends–not their own mothers or advertising–for advice on which product to select, MacCaba said.
When Quaker Oats wanted to sell its product in China, the company discovered that breakfast cereal is a very tiny market in China. But because there is a bigger demand for snacks, Quaker Oats was able to devise an oatmeal shake that could be sold as a healthy, portable snack, and it sold well, MacCaba said.
One of the biggest challenges for MacCaba and his team was trying to introduce Glenfiddich whiskey to the Chinese market. The whiskey was the top brand in the world, but unknown to Asian consumers.
The problems were plentiful. In Chinese nightclubs, inexpensive whiskey was mixed with green tea as a fast-track method of getting drunk, MacCaba said. Its reputation wasn’t good.
Lucid360 recognized that Glenfiddich needed to present itself as a premium beverage and distinguish itself from other brands. Instead of competing with other whiskeys, it would vie for its place alongside cognac, long considered a luxury beverage in China. New packaging was designed by Glenfiddich that was more in line with the cognac bottle.
The last piece of the puzzle was recognizing that the Chinese place great importance on gifting, he said. So Glenfiddich was marketed as a desirable gift to give when deepening a relationship—perhaps with an architect or an entrepreneur. The positioning worked and the brand was embraced, he said. The lesson, MacCaba said, is don’t assume that similar products are your competition.
“You need to be distinctive and know why people like your product,’’ he said. Investigate how other companies have successfully integrated their products, he said.
For instance, when Wrigley’s wanted to introduce a new gum in China, it didn’t take the approach it might have in the United States—with an expert wearing a white lab coat, touting the benefits of oral hygiene. Instead, it promoted the vitamin benefits in the product, which appealed to Chinese consumers.
MacCaba said it is also important for U.S. companies to know “where they have permission to play.’’ One firm that tried to combine the benefits of Eastern and Western medicine and failed terribly. Another company that manufactured safe home-cleaning chemicals encountered unsurmountable legal regulations, he said.
To illustrate the competitive nature of the country, MacCaba described how Lipton created a “milk tea,’’ a drink that is popular in China. It did well in Shanghai but soon competitors were producing a product in similar packaging. Smaller companies were also able to introduce new flavors more quickly than the U.S. company. So over time, it became less profitable for Lipton.
One student asked about the “product copycat’’ issue in that country and MacCaba said there certainly are knockoffs. One beverage company he represents gets more bottles returned than it sells, so that indicates the prevalence of the problem.
Digital media is exploding in China now, he said. Facebook—currently barred from China—may never make it to that country, he said, because already the Chinese are integrating new, more sophisticated technology that may make it obsolete.
“The fact that China changes so rapidly,’’ MacCaba said with a big grin, “is very good for client retention!’’
After an extensive design review, the UConn School of Business has launched an improved web site (www.business.uconn.edu). Visitors will notice a new content design with streamlined navigation and improved mobile access.
Additional new features include:
The new site will undergo regular upgrades during the upcoming months to maximize the quality of the user experience.
We are excited about our new look and functionality, and hope you will be as well.
All visitors are welcome to report any feedback or concerns to our web development team. Please feel free to contact the Office of Communications at communications@business.uconn.edu.
A proposed power plant in Oxford, Conn. would create both an enormous number of jobs and tremendous economic benefits for the area, according to a UConn study released on Jan. 13.
The report, created by the Connecticut Center for Economic Analysis (CCEA) at UConn, estimates the construction of the power plant would create more than 2,300 construction jobs and 1,800 sustained jobs. Furthermore, the proposed CPV Towantic Energy Center would generate almost $8 billion in new personal income for Connecticut residents over the next 25 years.
The study was commissioned by Competitive Power Ventures, the Maryland company that wants to build the plant on 26 acres adjacent to Waterbury-Oxford Airport.
“This project delivers dramatic economic benefits that will reverberate throughout Connecticut’s economy, both now and for decades to come,’’ said Fred Carstensen, CCEA Director. The plant would boost Connecticut’s economic health and competitiveness, he said.
The plan has met with resistance from neighbors both in Oxford and adjacent towns, who have expressed concerns about the environment, health and decreased property values. The Federal Aviation Association has also raised concerns because of the proposed plant’s proximity to the regional airport.
Meanwhile, the proposal has won the backing of some chambers of commerce, building trade professionals and Oxford First Selectman George Temple, who said he has already received inquiries from people who are interested in creating new businesses in town if the power plant is approved. The plant would also generate more affordable electricity for Connecticut residents.
The power plant was originally proposed and approved 15 years ago, but CPV is seeking to modify the application to build a larger facility. The Connecticut Siting Council agreed to review the application. Additional public hearings are pending.
The CCEA is located within the UConn School of Business and specializes in economic impact and policy analysis studies as well as advising clients regarding business strategy, market analysis and related topics. The CCEA focuses attention on the economic and business dynamics of Connecticut. Created in 1992, the organization serves the state by providing timely and reliable information to equip the public, decision makers and stakeholders with transparent analysis to facilitate thoughtful debate of public policy issues.
This article was written by John Schumacher and originally appeared on the UConn Sport Management Program website.
This past summer, members of the UConn Sport Management program (Michael Mudrick, doctoral student, Raymond Cotrufo ’14 Ph.D., and Laura Burton, associate professor) partnered with the UConn School of Business SCOPE program (Sustainable Community Outreach and Public Engagement) and the Special Olympics for a project involving an examination of strategic alliances.
Through an extensive analysis, the research team discovered opportunities for the Special Olympics to achieve several goals as ancillary benefits from the procurement and continuance of successful partnerships. These goals included: augmented awareness of the Special Olympics brand, program relationship building, and additional participation opportunities for its athletes.
On September 30, 2014, the research team presented results of the project to Jon-Paul St. Germain, senior director of Unified Sports and Sport Partnerships and Aldis Berzin, senior director of sport of Special Olympics and SCOPE program director, Wynd Harris, with a best practices guide toward strategic alliance success. In addition, the research team proposed an application model to be utilized for analyses of partnership benefits and value.
The Special Olympics partnership with SCOPE is funded by an donation from UConn alumnus David A. Gang ’81, CEO and co-founder of Perfect Sense Digital, LLC, and his wife, Charmaine Gang.
The School of Business’ Master of Science in Business Analytics and Project Management (MSBAPM) has been recognized as one of the top in the nation by The Financial Engineer.net
The UConn program ranked number 11, putting it in the company of other prestigious colleges, including New York University, University of Southern California, Rensselaer Polytechnic Institute, Fordham and Villanova universities.
In selecting the top colleges and universities, the staff at The Financial Engineer.net evaluated undergraduate GPA, scores on GMAT exams, acceptance rates, average starting salaries and bonuses for recent graduates and the rate of employment both at graduation and within three months afterward.
“Our program seeks high-caliber, motivated students who, after completing their degrees, continue to achieve great accomplishments as our alumni,” said Professor Jose Cruz, who serves as the program director. “We owe a debt of gratitude to our dedicated faculty and staff who work tirelessly to maintain and enhance the quality of our program.”
A study released today by U.S. News and World Report ranked the UConn School of Business’ online Master of Science in Accounting Program (MSA) among the top three in the nation.Continue Reading
This article first appeared in the UConn Business magazine, Volume 4, Issue 1 (Winter 2014)
If you think you know exactly what a spider looks like, Mark Smith ’13 (CLAS), may persuade you to take a closer peek.
Up close—really, really close—that little creature has a breathtaking beauty, intricacy and, yes, even a trace of creepiness, which one can’t appreciate from afar.
Smith, a recent UConn alumnus, scientist and inventor, has developed and commercialized an inexpensive, portable and easy-to-use 3-D imaging technology. It produces high-resolution macroscopic images, like the magnificent spider photographs on his Macroscopic Solutions company web site.
But his product isn’t just for a scientist in the lab. Bring it to a football game and, even from the farthest bleacher, you can take close-ups of your son kicking a field goal, he said. The Macropod by Macroscopic Solutions captures images so precisely they can be enlarged to immense sizes without degrading the quality.
The project won first place last spring in the University’s Innovation Quest (iQ) program, which is akin to “boot camp” for aspiring entrepreneurs.
The 2013 iQ program drew more than 100 students, across all disciplines and campuses, each hoping to take their proposal from an idea to the marketplace.
“Like all scientists, I have thousands of ideas, but I lacked the business know-how and money to get started,” said Smith, who earned a master’s degree in Geoscience from UConn under the advisement of Associate Professor Jean Crespi.
Through the iQ program he, and other students, were paired with business experts who guided them through building prototypes, applying for patents and raising money. Within six months, Smith co-founded Macroscopic Solutions with his best friend and fellow researcher Daniel Saftner.
“This company is our number one priority,” said Smith, who has presented his invention at Harvard University, Jackson Laboratories and a number of other prestigious institutions.
John Elliott, dean of the School of Business, said he believes the iQ program not only fosters the success of UConn students but ultimately will lead to job creation in Connecticut and elsewhere.
“The creativity of our students is boundless. But what good is a brilliant idea if it doesn’t turn into something useful?” Elliott said. “Innovation Quest gives these students an opportunity to capitalize on those ideas and to receive guidance and inspiration from alumni with the business knowledge, entrepreneurial experience, and passion required to fuel a successful start-up.”
Alumnus Keith Fox ’80, a longtime business entrepreneur, executive and philanthropist, introduced iQ at UConn in 2012, after discovering the successful program at California Polytechnic State University.
“Innovation Quest is about giving students the confidence to follow their dreams and ideas,” said Fox, who serves as both a program mentor and financial supporter. He describes it as an intensive coaching process that includes “inspiring the passion and mental toughness to create a successful company.”
The program’s success is due, in part, to the tremendous teamwork of the university faculty and staff, volunteer alumni mentors, and risk-taking investors, he said.
“We’re grateful to the alumni who provide the mentorship and practical advice to our student teams that will lead to a higher likelihood of market success,” said UConn Provost Mun Choi.
“I hope this program becomes engrained into the UConn culture for decades to come,” Fox added.
Asking the difficult questions is the job of volunteer alumni and entrepreneurs-in-residence (EIRs), who serve as expert resources and innovation judges. Tom Bachant ’13 (ENG) and Nadav Ullman ’12 (CLAS) are the founders of Sobrio, a mobile application that connects college students to designated drivers at their university. Named among the Connecticut Technology Council’s “2012 Tech Companies to Watch,” Sobrio is expanding to college campuses across the country. The founders participated in iQ in 2012, and returned as EIRs in 2013 to help others.
“We use this experience to put ourselves in their shoes and share what we learned throughout the process,” said Bachant.
“We had lawyers, accountants, and industry experts help us work through some of the challenges we were facing,” Ullman said. “This hands-on experience helped us with some essential aspects of building a startup.”
“The diversity of experiences and thought can help thrust a powerful idea or concept into a new product or service,” said Mary Holz-Clause, vice president for economic development at UConn.
Adam Boyajian ’12 also served as an alumni mentor. “I love the startup world and the pulse around people who have that entrepreneurial spirit,” he said.
Mentor Hugh Tansey ’74 (ENG), agrees. “It’s both satisfying to give something back to the university and also energizing and fun to participate with all the great new ideas being proposed,” he said.
Mike Parelli ’12, a former entrepreneur-in-residence, is an active alumni mentor for iQ. “It was a great experience as a student and I was very appreciative of the successful alumni sacrificing their valuable time, which in turn has motivated me to give back my time. The mentor network that Innovation Quest is building will be invaluable for everyone involved moving forward.”
“Working with the mentors was a pleasure,” said Eross Guadalupe ’13 (ENG). “They genuinely wanted us to succeed and I cannot stress enough how much I appreciated them for taking time to help us learn what it takes to be successful as an entrepreneur.”
During the first phase of Innovation Quest, some 31 teams prepared their competition applications, worked on prototypes and discussed marketing plans. The top eight were selected to continue to the next level, and the three top teams received cash prizes of $15,000, $10,000 and $5,000 to put toward their new businesses.
Trust in yourself and be prepared to work many hours, advisers told the participants. “There is no room for doubt. And there is no substitute for hard work,” said mentor Dave Pepin ’66, ’70 MBA, a venture capitalist.
“Get out of the classroom, dorm, or office, and talk to as many subject-matter experts and potential customers as you can,” advised Mike Wisniewski ’06 (BGS), ’10 MBA, an investment analyst at Connecticut Innovations.
“When starting your venture, surround yourself with people that see the same opportunity as you and are willing to work just as hard to achieve success,” added adviser Frank Milone ’92, a founding partner in FML, an accounting firm in Glastonbury.
The second step was an accelerated training program, dubbed the inQbator, where students learned how to build their businesses. Alumni specialists in fields ranging from entrepreneurship to patent law donated their time and expertise to guide the inQbator teams.
“Being in the inQbator was like learning a year’s worth of business courses in six weeks,” said Alicia Echevarria ’13 MS (ENG). “The sessions were long and demanding, but also extremely informative and beneficial.”
Boyajian told the students that they have to see if people really want what they’ve created. “Capital providers are interested in funding companies that are focused on serving a market that has well-defined, unmet needs and the potential to gain customers and revenue rapidly,” added Nat Brinn, a partner at Vital Financial LLC, a venture capital investment group.
For the final inQbator workshop, teams may opt to present their business and funding needs to local investors.
“At this stage of Innovation Quest, we want to see these businesses and ideas starting to make their way from innovation to commercialization,” said associate professor Rich Dino, director of the UConn iQ program.
Seeking financing for startup costs, including patents, licensing agreements, product development, and funding go-to-market strategies, seven entrepreneurial teams pitched their innovations to a group of enthusiastic supporters in June.
“The [iQ] experience was invaluable,” said Matt Cremins, an MS candidate in the School of Engineering. Cremins’ company, Secor Water, came out of an idea he developed with fellow engineering students Yanbing Guo, Joseph Mummert, Jeffrey Peterson, and Thuy Pham, of providing clean, green, customizable water delivered to customers through a network of commercial water dispensing stations. Cremins said he and his colleagues now have the confidence to take it to the next level.
Even the experts were surprised at the range and depth of the innovations that were presented.
“I was pleasantly surprised by the quality of the students, their ideas, work ethic and dedication,” said Pepin. “Being an entrepreneur requires a great deal of brain power, willingness to take risk, and dedication to their idea. It is not for the ‘faint of heart.’ ”
“UConn has great talent,” added Brinn. “In comparison to all of the groups and universities that we interact with across the country, the intellectual property coming out of UConn is top notch.”
| The 2014 Innovation Quest program will kick off on Tuesday, February 11 at the UConn Storrs campus. For more information and updates about iQ, visit innovationquest.org or contact khuntington@business.uconn.edu. |
This article first appeared in the UConn Business magazine, Volume 4, Issue 1 (Winter 2014)
When Jennifer Mastriano‘s in-laws founded MGM Carting and Recycling 20 years ago, friendly and reliable service was the bedrock of their North Haven business.
Today it still is. Continue Reading