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Message from the Dean (Fall 2012)

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This article first appeared in the UConn Business magazine, Volume 3, Issue 1 (Fall 2012)

Dr. John A. Elliott, 14th Dean of the University of Connecticut School of Business

Welcome to the 2012 issue of UConn Business. Following an exciting summer, we are pleased to share some of the intellectually stimulating activities taking place at the School of Business, a multitude of recent student and alumni accomplishments, and to keep you informed as we continue through the 2012-2013 academic year.

A Global Welcome

John ElliotI am delighted to join the University of Connecticut School of Business at such an exciting time. August 15, my first day on campus, was planned around the London Olympics. When I received the phone call last January and began to consider the Deanship at the School of Business, I had standing plans to go to London with my wife and son. So joining the School of Business ultimately followed our return from a remarkable experience in London. In this issue you will read about several linkages between UConn, London, and the Olympics.

While in London, I attended a UConn gathering featuring Geno Auriemma and the six UConn alumnae who were playing for the U.S. women’s basketball team. There, I found myself in the company of about 250 alumni, students, faculty, and friends who assembled in London on behalf of UConn. The group included about 40 students who were studying there for the summer. What a wonderful introduction to the UConn family. I was particularly impressed by the students. They were energetic, passionate, and excited young people whose commitment to UConn was inspiring.

The following evening, my wife, son and I were together with friends at the semi-finals when the USA women’s basketball team played Australia. If you recall, the first half did not go well. Toward the end of the third quarter, I heard a vocal fan behind me, whose voice sounded familiar. Wondering who it could be, I turned around to discover that, in one of those amazing happenstances, it wasWarde Manuel (our new Director of UConn Athletics) with prominent alumnus, Mark Shenkman ’65. Having secured our tickets separately, we were nontheless sitting front-to-back in this enormous stadium of people. Geno must have found the right words during half-time, because the women’s team went on to win. It was a great evening!

So, as it happened, part of my first “official” UConn activities with respect to UConn were abroad, in London, among the global community. The experience validated my sense of who the University is, who we want to become, and of the strong enthusiasm and commitment shared by alumni, students, and faculty.

The UConn Distinction

deanOne of the most common questions I hear is, “Why would you leave the largest business school in the United States to come to UConn?” The answer is evident in the level of commitment to education in Connecticut. One of the things that immediately focused my attention was what I heard about UConn President Susan Herbst and Governor Malloy, and about the commitment they were making on behalf of education as an engine that will drive the future of the economy in Connecticut.

What is going on in Connecticut, and what is happening at UConn made a strong impression. The search committee talked about it, and the people I interviewed with talked about it. I have happily been uniformly pleased that what I was told to expect is what I have encountered. There is exciting new activity; the faculty is ready to take on new challenges and create new opportunities. We are well poised to be an even better institution in five years than we are today.

I see a campus ready for the next phase. I see the state investing in that next phase. Everywhere I turn, I see people committed to the University. Students, alumni, and corporate leaders are all dedicated to their relationships with the School of Business and the University.

Initiatives such as UCONN 2000 and 21st Century UConn are enhancing academic and research activities on all of our campuses. UConn’s membership in Universitas21, an international network of leading research-intensive universities from 16 countries, is extraordinary. Only two universities from the United States (the other is the University of Virginia) are members of this exceptional network. These programs are indicative of a unique approach in Connecticut, where higher education is treated as a cornerstone of economic development.

Furthermore, the University’s commitment to hire new faculty without growing the student population demonstrates a forward-looking process focused on quality and improving the student-to-faculty ratio. It is exciting and refreshing to hear such commitments after encountering several years of draconian budget cuts and faculty losses. It’s also distinctive in the United States, where higher education is more often being cut and extreme tuition increases are common. At UConn, tuition increases appear to be modest and planned.

The School of Business Today

Many changes have taken place at the School of Business over the past few years, and now is the time to evaluate those changes. We assigned a task force to evaluate the success of the Full-time MBA Program redesign of three years ago; to understand the nationwide decline in applicants and enrollment; and to identify new opportunities. A second task force has been assigned to the Executive MBA Program, now in its 20th year, to ensure that we continue to meet businesses’ most critical needs and to encourage and inspire more engagement and sponsorship of students.

Our graduate programs are expanding with the recent addition of two degrees. The Master of Financial Risk Management (MSFRM) is in its third year in Stamford. This new specialized master’s degree has attracted students internationally and is now also in its first year in Hartford. The Master of Business Analytics and Project Management (MSBAPM) is a timely, topical degree program supported by an advisory council and populated by professionals that find it is a perfect fit for their educational needs. Our ten-year old Master of Science in Accounting (MSA) has attracted excellent students and graduates and is the cornerstone and foundation of distance learning for the School of Business.

As the University positions itself to be an integral part of the state and its economy, there is significant room to expand our engagement with the business community in Connecticut. In Hartford, for example, we are working to increase our involvement with the MetroHartford Alliance to assist in the business and economic development in the capitol and surrounding areas. In Stamford, we are hosting several events to enhance the ongoing development of our relationship with the Stamford business community. In October, we hosted, in conjunction with The Business Council of Fairfield County, a panel discussion on Innovation for Business Growth in Fairfield County. It featured panelists from Hearst Publications, Bridgewater Associates, Starwood Hotels and Resorts, and the Digital Media Center at UConn. In November, we will hold our first annual risk management conference in which the corporate community will participate. Sponsored in part by IBM and Travelers, featured conference speakers include representatives from UBS, Corporate Executive Board, Royal Bank of Scotland (RBS), IBM, Bridgewater Associates LP, Wells Fargo, and PricewaterhouseCoopers.

One of the competitive advantages of the University of Connecticut School of Business is the role of active learning, of real world experience we provide students through our innovative learning accelerators. As we speak with the business community this fall, we are working on identifying additional programming which would be valuable for our community, including certificate programs and non-degree Executive Education.

In closing, I’d like to reiterate how pleased I am to join UConn and the School of Business. I look forward to working with our faculty, staff, students, alumni and friends in the months ahead as we embrace a future filled with boundless opportunity.


   

Update: Webcast Recording Available for “Town Hall” Meeting on U.S.-China Relationship

Posted on by Claire Hall

UConn-Stamford Joins 60-City Live Program with U.S. Ambassador to China

The University of Connecticut’s Stamford campus and the Business Council of Fairfield County are teaming to offer a unique opportunity to students, business leaders and other community members to learn about critical U.S.-China relations.

UConn-Stamford will be one of 60 venues nationwide offering the Oct. 29, 2012, presentation of the National Committee on U.S.-China Relations’ sixth annual CHINA Town Hall. The live webcast event, “National Reflections, Local Connections,” includes a discussion and a question-and-answer session with Gary Locke, the U.S. Ambassador to China.

UConn-Stamford’s event starts at 7 p.m. and includes a presentation by China specialist Keith W. Abell, co-founder the Sungate Properties real estate investment company. His discussion precedes the webcast of the Town Hall, which starts at 8 p.m.

UConn-Stamford will present the discussion and live webcast in its Gen Re auditorium on the first floor of the downtown campus. Admission is free.

Ambassador Locke will deliver a special address to be broadcast live to audiences in the 60 cities and towns across the United States. He will then respond to questions from audience members nationwide in a discussion, moderated by Stephen Orlins, president of the National Committee on U.S.-China Relations.

The presentation of the live webcast at UConn-Stamford is part of the University’s commitment to offering timely, compelling events and resources to students, the region and its business community.

“China is now part of Fairfield County’s daily reality. This event is an important investment in our region’s growing understanding of the US-China relationship,” says Christopher P. Bruhl, President and CEO of The Business Council of Fairfield County.

Ambassador Gary Locke has been U.S. Ambassador to China since August 2011. Previously, he served as the Secretary of Commerce from 2009 to 2011 where he was point person for achieving the President’s National Export Initiative, which achieved a thirty-two percent increase in exports to China from 2009 to 2010.

Before his appointment to the President’s cabinet, Ambassador Locke served two terms as governor of Washington, where he helped double the state’s exports to China, and as a partner in the Seattle office of the international law firm, David Wright Tremaine LLP, where he co-chaired the firm’s China practice.

The National Committee on United States-China Relations is the leading national, non-partisan public affairs organization devoted exclusively to building constructive and durable relationships between the United States and China.

For more information, contact:

Timothy Dowding, UConn School of Business International Business Accelerator
(203) 251-9582 or timothy.dowding@business.uconn.edu

Michael J. Deotte, UConn School of Business Director of Marketing
(860) 486-4478 or mdeotte@business.uconn.edu

Joseph Weed, Director of Communications
National Committee on United States-China Relations
(212) 645-9677, ext. 11 or jweed@ncuscr.org


   

2012 MBA Women International Conference & Career Fair

Posted on by Claire Hall

The 2012 MBA Women International (MBAWI) Conference & Career Fair was held October 18-20 in Phoenix, Arizona. Marlys Rizzi represented the University of Connecticut School of Business at the event and served on the conference planning committee. This year’s theme, “Leadership Trends, Achieving Peak Performance,” was designed to assist women, both students and professionals, as they continue along the journey to develop and enhance their leadership skills. Continue Reading

Finance Society Visits Morgan Stanley, Gets Inside View of Wall Street

Posted on by Claire Hall

In the early hours of Friday morning, October 26, 2012, eighteen members of the School of Business Finance Society embarked upon a trip into Manhattan to meet with Dan Toscano ’87, Managing Director and Co-Head of Global Leveraged and Acquisition Finance at Morgan Stanley. Mr. Toscano and his team hosted a Teach-In on Global Capital Markets for the business students. While learning about the inner workings of one of the leading global financial service firms in the world, the students followed up a question/answer session with a trip to the trading floor of Morgan Stanley’s world headquarters in New York.

During the afternoon hours, following a brief visit to the 9/11 Memorial Site, the students traveled to Wall Street to participate in the Wall Street Financial Crisis Tour which offered an insider’s view of the most significant financial event since the Great Depression. Also in attendance at the day’s events were Jim Lowe, Executive Director of the School of Business Career Center (SBCC) and Kathy Hendrickson, Program Manager of the SBCC.

Innovation for Business Growth in Fairfield County

Posted on by Claire Hall

Over 110 UConn Alumni and business leaders from Greater Stamford gathered at the “Innovation for Business Growth in Fairfield County” event at the Stamford Learning Accelerator last Thursday. The event, hosted by the University of Connecticut School of Business and The Business Council of Fairfield, Connecticut, featured a panel discussion on topics such as new business growth in Connecticut and why companies are relocating to Fairfield County.

Moderated by Dean John Elliott of the UConn School of Business and Christopher Bruhl, President and CEO of The Business Council of Fairfield County, the panel was comprised of UConn alumni business leaders in the area as well as UConn faculty. Panelists included Tim Hunter, Professor and Head, Digital Media & Design Department, UConn Schools of Business and Fine Arts; Lincoln Millstein ’77, Executive Vice President, Deputy Group Head at Hearst Publications; Seth Ruzi, VP & Associate General Counsel, Starwood Hotels & Resorts; and Joseph Parsons ’79, Management Committee Member, Bridgewater Associates.

The interactive discussion was followed by a cocktail party and networking reception welcoming the new Dean, where attendees were also able to chat with panelists directly.

The Business Career Center Breaks the Mold on Career Fairs

Posted on by Claire Hall

On October 12, 2012, the School of Business Career Center hosted its inaugural Business Career Expo during which they welcomed over 480 registered business students and over 100 key corporate professionals to an invitation-only career event. The Expo, held on a Friday during the hours of 10:00 a.m. – 2:00 p.m., was marketed to employers and students alike as “Not your Classic Career Fair” and was the first event of this kind for not only the School of Business, but the University as well. Absent from the room were the long tables and employer banners which usually serve as the backdrop of career fairs and which can form a barrier to more personal conversations.

The day was structured around three components: networking, information sessions and personal career placement conversations. The main Expo room, set with bistro style tables, was filled with light and an open energy flow which resonated around both employers and students alike. In breakout rooms across the hall, 17 individual employer information sessions ran concurrent to the Expo and offered students the ability to learn more about individual companies and placement opportunities. “We designed the day in a setting that was intended to foster compelling, impactful conversations with a direct focus on student placement. Based on attendance as well as student and employer comments, the day was such a resounding success that we plan to continue the event in the coming years.” said Jim Lowe, Executive Director of the School of Business Career Center and Assistant Dean of External Relations and Outreach.

The day concluded with a private luncheon for our corporate partners hosted by the Business Career Center. Mary Holz-Clause, the University of Connecticut’s Vice President of Economic Development, and Jim Lowe spoke briefly at the luncheon to welcome and thank all of our corporate partners for their continued support of our students.

Risk Management: New Challenges and Opportunities Conference

Posted on by Claire Hall

The University of Connecticut (UConn) School of Business announced today it will host the inaugural Risk Management: New Challenges and Opportunities Conference on Friday, Nov. 9 in Stamford, Connecticut.

James B. Comey, Jr., former U.S. Deputy Attorney General and general counsel, Bridgewater Associates LP, will deliver the keynote address.

“Following recent economic turmoil, the finance and accounting sectors are taking a more proactive role in risk management, as well as adjusting to more rigorous requirements and regulations within the industry,” says Jud Saviskas, Executive Director for the School of Business at UConn-Stamford. “The Conference will bring together financial and accounting professionals, faculty and graduate students to discuss key issues and challenges in risk management.”

Sessions emphasize the common forces affecting a wide range of institutions, including banking, insurance and investment management, as well as regulators, industrial firms and accounting/consulting firms. The event is organized by the Master of Science in Financial Risk Management program at UConn.

The event is from 8 a.m. to 4:15 p.m., and topics include:

  • Measuring and Managing ERM Effectiveness
  • New Perspectives on Risk Appetite and Hedging Policies
  • Moving Towards a More Integrated Approach to Risk Management
  • Risk Management from a Legal/Regulatory Perspective
  • Risk Management: Advancing Multiple Stakeholder Mandates
  • Emerging Risks – Identifying and Managing Over-the-Horizon Risk Events

Registration is $200 and includes all sessions, breakfast and lunch. To register, visit business.uconn.edu/riskconference. For more information, contact Chinmoy Ghosh at chinmoy.ghosh@business.uconn.edu or Jud Saviskas at jud.saviskas@business.uconn.edu.

The Master of Science in Financial Risk Management (MSFRM) program at the University of Connecticut School of Business is a 15-month program offered on both the Hartford and Stamford, Conn. campuses. The program is designed for business professionals who want to enhance their careers by fully understanding how to identify and manage various types of risk faced by multinational firms. Learn more at msfrm.uconn.edu.

For more information, contact:

Jud Saviskas, UConn School of Business, Executive Director
(203) 251-8442 or jud.saviskas@business.uconn.edu

Chinmoy Ghosh, Professor and Department Head of Finance
(860) 486-4431 or chinmoy.ghosh@businesss.uconn.edu

Michael J. Deotte, UConn School of Business Director of Marketing
(860) 486-4478 or mdeotte@business.uconn.edu

Start-up Nation Transformation: The Case for Veterans

Posted on by Brian Kelleher

It takes a special mindset to volunteer to join the military in times of war. To leave the comforts of home, to leave family and friends, to go into harm’s way in far off foreign lands creates a complex mindset. It takes a certain mentality to brave the dangers of combat, to go outside the wire and engage the enemy on their grounds.

What is it, ultimately, that makes veterans different from civilians? I have been interested in this question since 1994 – my first recruiting tour of duty. Why did some people sign on the dotted line for four years or more, and some not? What was the unmoved mover that prompted the best and brightest of America’s youth to raise their right hand and take a solemn oath to support and defend the Constitution? Over 6 years and two recruiting tours of duty, I never could put my finger on it. It remains a mystery to me, even now.

We have to recognize the difference between transitioning from the military to civilian life, and transformation from a warrior to an entrepreneur. Transition is merely a change of position. Transformation is a change of substance. It takes a specific attitude to make a transformation. There is a world of difference, and we should celebrate that difference.

I read a book entitled Mindset by Carol Dweck, a psychologist who studies success. In her book, she posits two fundamental mindsets, Growth vs Fixed. Growth mindsets have a tendency to learn experientially, a willingness to take on new challenges and explore new opportunities, and maybe most importantly, a proclivity for hard work. In other words, qualities we most often associate with successful entrepreneurship.

A body of academic research exists about why veterans the world over tend to be successful entrepreneurs. In their book Start-up Nation, Dan Senor and Saul Singer explore the factors contributing to the entrepreneurial success of Israel, on a per capita basis, the most entrepreneurial country in the world. They assert one of the key reasons is Israel’s compulsory universal military service, which creates a common language and outlook for mission accomplishment and – once again – hard work.

Hard work, mission bias, and problem solving skills are at the heart of the veteran-entrepreneur transformation. Here in CT, we have a population of greater than 250,000 veterans; but more than 40,000 veteran-owned businesses, about a 1-in-6 ratio.

Today, as I speak, the unemployment rate among disabled veterans is 15.8 in CT, and here among the current generation of Iraq and Afghanistan veterans, the unemployment rate is greater than 30%.

Approximately 2.5 million Americans have served in overseas  theaters of operations in the Global War on Terror since 9/11. As the wars in Iraq and Afghanistan draw to a close, and as budgets are cut and the military draws down over the next decade, more than 600,000 service members a year will leave the military and transition to civilian life; as many as 10,000 veterans a year will return to CT.

If 1-in-6 of those veterans started businesses – our nation would create more than 100,000 veteran start-ups per year. We could create more than 1,000 veteran start-ups here in CT. We veteran-entrepreneurs, with our Growth mindset, as we transform from warrior to entrepreneur – we are part of the solution to the present economic situation.

We can create a start-up state, and a start-up nation.

Center for Real Estate and Urban Economic Studies Releases Real Estate Markets Update

Posted on by Claire Hall

The Center for Real Estate and Urban Economic Studies at the University of Connecticut School of Business has released its latest update on Connecticut Real Estate Markets.

Connecticut housing markets showed significant signs of improvement according to preliminary numbers for the third quarter of 2012. In a typical town and metropolitan area, prices in the third quarter were virtually unchanged from a year ago. Moreover the number of transactions was up by more than 20%, confirming a pattern of increases.

For more information, access the report here: “CT House Prices 2012 3rd Quarter”

Professor John Mathieu Inducted as Academy of Management Fellow

Posted on by Claire Hall

Professor & Cizik Chair in Management John Mathieu was recently elected to and inducted as an Academy of Management Fellow. The Academy of Management is the premier association for Management Scholars. Fellowship status is designed to recognize and honor members of the Academy of Management who have made significant contributions to the science and practice of management, and to provide opportunities for fellowship and a forum for discussion among persons so recognized and honored. Fewer than 1% of Academy of Management members worldwide receive this honor.