Tag: BSBA Profiles

Nate Maslak, BSBA ’11, and the company he cofounded and leads—Ribbon Health—landed a $43.5 million Series B investment in November.

General Catalyst led the investment with participation from new and current investors, including Andreessen Horowitz, BoxGroup, Rock Health and Sachin Jain.

The funding is a big deal. “This funding will enable us to accelerate and scale Ribbon Health, creating even more value for our partners with exceptional talent and technology. We will expand our reach across health plans, provider organizations, and digital health solutions,” according to an announcement on Ribbon’s website.

“Ultimately, Ribbon will become the connective tissue that allows patients to find the care they need across any touchpoint in the healthcare system.” 

The company had secured three earlier seed funding rounds. The Series A $10.25 million round led by Andreessen closed on February 27, 2020.

“Nate was a rock star entrepreneurship student as an undergrad at Olin,” former Olin entrepreneurship professor Cliff Holekamp said at that time. “His success is no surprise.”

Cofounders meet in grad school

As the story goes, Maslak and Ribbon cofounder Nate Fox met at Harvard Business School. Both wanted to help family members find the care they needed. That’s because both had watched parents and grandparents endure tests and unhelpful referrals, while spending thousands. They decided to try to help.

In 2016, they launched HealthWiz. HealthWiz evolved to Ribbon to provide patients with a seamless way to navigate healthcare across checking symptoms, researching conditions, finding doctors and estimating costs of care.

The issue became clear. As they helped clients find doctors, according to Ribbon’s website, the team discovered the doctor-data-problem. It included wrong phone numbers, old addresses, out-of-network doctors and physicians who no longer practiced.

Data flaws at the root

Data on medical providers, including address and phone number, are only 48% accurate, according to a press release from Ribbon.

The flaws directly affect patients who want to compare procedure prices. As it turned out, one in three patients were skipping care due to cost concerns. Therefore, “there is a critical need for accurate data on providers, specialties, and insurance that takes price transparency and quality into account.”

Consumers can easily find the address for a local restaurant, Maslak said. The same can’t be said for patients. They might be looking for a phone number to make an appointment for a critical MRI. Or they might want to confirm they are seeing a clinician who is in-network and of high quality. Malslak wants “no unexpected costs associated with their care visit.”

Ribbon’s application programming interface (API) delivers data across providers, insurance, conditions and procedures treated. Plus it supplies cost and quality metrics.

Ribbon has raised a total of $55 million in funding, according to the press release.

Part of a series of Q&As with Olin alumni. Today we hear from Nina Gerson, BSBA ’17. Nina works as an investment banking analyst at Union Square Advisors.

What are you doing for work now, and how did your Olin education impact your career?

I am currently in my second year as an investment banking analyst at Union Square Advisors, a boutique investment bank that advises technology companies on M&A and late-stage private capital raising. Upon completion of the analyst program this summer, I will be joining CapitalG (formerly known as Google Capital) as an investor on their growth equity team.

I believe having an undergraduate BSBA from Olin helped set me apart from other candidates during recruiting for investment banking. Moreover, Olin’s supportive, close-knit community provided me with the resources to explore and prepare for a career in finance.

Olin has a very entrepreneurial environment. While at Olin, faculty supported me and my peers in our efforts to build out the Washington University Investment Banking Club (WUIB), WUIBWomen and bringing Adventis to campus to teach financial modeling. I cannot stress enough how important it is to take advantage of the opportunity to tap the bright network of students, faculty and staff within Olin for support, ideas and collaboration.

What Olin course, ‘defining moment’ or faculty influenced your life most, and why?

The first class I took at Olin, Management 100, was a defining moment in my college journey. I vividly remember working in a group on a HBS case study on Southwest’s business model. I was drawn to the applied nature of the case study method and the collaborative, group work environment that is present in most of Olin’s classes. Once I was exposed to this method of education, I quickly switched from a pre-law track into the business school.

How do you stay engaged with Olin or your Olin classmates and friends?

Since I graduated two years ago, I have lived in both SF and NYC. Both cities are hubs for Wash U grads and have a great community – both professionally and socially. Olin and its associated professional clubs do a great job of encouraging students to reach out to alumni and I love to hear from current students and stay involved via their outreach.

Why is business education important?

Graduating with a BSBA prepared me for the technical, conceptual and applied aspects of financial concepts that we work with on a daily basis in investment banking. In addition, my classmates and I received the gift of a national professional network that we can tap post-graduation, an opportunity most students only have after earning an MBA.

Looking back, what advice would you give current Olin students?

Seize the years you have at Wash U and in Olin. Olin’s students, faculty and staff are eager to mentor, advise, collaborate and support each of you. This is a special moment where you have an incubated environment of striving individuals with similar goals and hopes as your own. I encourage you to use this time to explore your personal and professional ambitions to the fullest.

Part of a series of Q&As with Olin BSBA alumni. Today we hear from Laira Torres-Ruiz, BSBA ’17. Laira works for Guggenheim Partners in New York City as an investment banking analyst.

What are you doing for work now, and how did your Olin education impact your career?

I’m an investment banker at Guggenheim Partners, mainly working on Retail M&A transactions. Olin gave me access to the most inquisitive and inspiring people – from distinguished professors to fellow peers – whose perspective, mentorship and encouragement helped me find the intersection of my passions and abilities in financial services. Finance is broader and more applicable than I could’ve ever imagined. I owe my interest in the field (and success in recruiting into it) to those that took the time to share their perspective and give me much needed advice.

What Olin course, ‘defining moment’ or faculty influenced your life most, and why?

Staci Thomas – without a doubt (so much that the BSBA 2017 class gave her the teaching award at Commencement). We spend so much of our undergraduate years focusing on aggregating skills that we lose perspective on how these form part of a greater story – be it a week-long project, a client relationship, a personal brand or a career. Staci’s Management Communication helps students gain invaluable managerial perspectives, transforming us from experts in skills to well-rounded business strategists (that also have hard skills as part of their toolkit). She also does this in the most engaging of ways too. I still remember one of the projects was pitching a product I really disliked and receiving peer feedback on it. Those skills – thinking quickly on my feet, adapting to an audience, articulating a message concisely, speaking confidently – are the ones that have really made a difference in my career.

How do you stay engaged with Olin or your Olin classmates and friends?

I’m thankful that I’ve kept in touch with those that made WashU so special. Olin does community very well, and that does not end after graduation. Alumni keep the spirit of collaboration alive, engaging with both the network and the University itself. I know I can call on any of my fellow alumni for advice or a referral. For example, fellow alumni guided me through the private equity recruiting process, which helped me succeed in securing my next position at Thomas H. Lee Partners in Boston. We also have a commitment to giving back to the school, which I live out by donating to scholarships and prioritizing campus recruiting for Guggenheim.

Why is business education important?

Someone once told me that “business is the art of getting things done”. While that’s too simple to capture the true relevance and importance of an undergraduate business education, I like what it’s conveying. Business education provides a framework to organize, tackle and solve problems. It’s more than financial modeling and marketing plans: it’s also communication skills, leading efficient meetings and a basic professional skillset. Some of my classmates went to less traditional fields like teaching and non-profit; they’re building thriving careers, part of which they to their business foundation. Many of my peers from other academic divisions regret not having been more exposed to business, but none of my Olin classmates has regretted being fully immersed in the experience.

Looking back, what advice would you give current Olin students?

WashU is a safe place, so take more risks. Sign up for classes that will actually teach you something new (they’re often harder and not required). Go for that internship with notoriously challenging interviews (the worst thing they can say is no). Pick up a minor just because it’s interesting. Study abroad. Run for a position. Not everything has to have a “resume purpose”, so don’t get caught up with what others tell you you’re supposed to be doing. It’s often the most well-rounded and open-minded people that get ahead. Pass-fail is always an option, but going back in time isn’t.

Part of a series of Q&As with Olin Alumni. Today we hear from Justin Wexler, BSBA ’15. Justin is combining his finance and marketing skills in his role as the Director of Corporate Development at AnchorFree.

What are you doing for work now, and how did your Olin education impact your career?

I’ve spent the last 4 years in venture capital (first at Technology Crossover Ventures then at WndrCo). I am now the Director of Corporate Development at AnchorFree (WndrCo’s largest portfolio company). In my career, both finance and marketing skills have been critically important. Finance is important for analyzing deals and marketing is just as important as I’m often promoting my firm to entrepreneurs (in order to get them excited about receiving investment from us). Olin Business School’s 4 year undergrad program allowed me to major in finance and marketing; the fact that I was a business school student from the first day of freshman year led to me being well-prepared for working in business by the time I graduated from Wash U.

What Olin course, ‘defining moment’ or faculty influenced your life most, and why?

I remember a course on branding that I still think about all the time. In most cases, branding is really what differentiates a product or service from being a commodity. It’s why you spend so much on sneakers or pick a particular pair of earphones. Ever since that course, I’ve made it a point to develop my own personal brand and reputation. Without that, I don’t think I would have been recruited for my first, second, or third roles out of college. Olin taught me the importance of making a lasting impact on anyone I meet because you never know when you’ll run into that person again.

How do you stay engaged with Olin or your Olin classmates and friends?

There are lots of great alumni events in San Francisco! It’s an awesome way to stay connected with the Olin community while being on the West Coast.

Why is business education important?

I really believe that a business education is relevant for really anything in life. Even if you plan on grad school or something outside of traditional “business,” understanding the principles of accounting, finance, and marketing are all important skills that really every adult should possess.

Looking back, what advice would you give current Olin students?

Get very involved in student groups on campus. When I was a sophomore, I started a public speaking club on campus. It was just me when it started out… but eventually grew to over 300 students. That experience really helped hone my leadership skills and my passion for entrepreneurship. Student groups are a great way to “practice” because in a few years, the stakes will be much higher in the “real world.”

Part of a series of Q&As with Olin BSBA alumni. Today we hear from Elizabeth Liechti, BSBA ’18. After graduating, Elizabeth joined Bloomingdale’s in New York City where she now works as an assistant buyer for dresses.

What Olin course, “defining moment” or faculty influenced your life most, and why?

I have a lot of great memories from my time in Olin. I loved being at WashU and also having a smaller community within the business school to call home. However, one of my fondest memories was during the summer between my sophomore and junior year.

I was interning at a company in St. Louis and at the end of the internship, had a huge presentation to give to the company. Because I was in St. Louis, I invited a couple of my advisers (Yoon Groves and Konnie Henning) to come along to the presentation. I’d worked with them both closely the year prior through the Olin Peer Ambassadors Program, so I felt they might also enjoy getting to see students in action (there were other Olin students in the internship program as well).

Not only did they come to my presentation, they took me out for a meal afterwards. I was so grateful for the time they took out of their days to support me as a student and spend time with me away from the academic setting, and it gave me reassurance that the staff truly cares about their students.

When I was choosing colleges, that was a factor that I looked for, and that day solidified my confidence that I’d chosen the right school.

How do you stay engaged with Olin or your Olin classmates and friends?

So many of my friends also came to New York after college, which makes it so easy to stay in touch with and hang out with some of my closest friends from school. There’s several Olin alum at Bloomingdale’s as well, so I always feel like there’s a friendly face within and outside of work. For those friends who aren’t in New York, I try to keep in touch as much as possible in the obvious ways (social media, phone calls/texts, etc.).

Why is business education important?

I think business education is important because it places a huge emphasis on teaching tangible skills that have numerous applications. At Olin, I learned a ton about teamwork, time management, and communication.

Among all of my classes at WashU, it was my classes at Olin that valued these skills the most. I find that those lessons have allowed me to be both a better employee at my job and person in general.

Additionally, I felt confident from day one as a freshman that I would be ready to navigate the world of recruiting because I had so many people and resources at my fingertips to help me. Having seen so many graduating classes before me leave with such high job placement rates gave me a welcome sense of security and confidence.

Looking back, what advice would you give current Olin students?

I would encourage any student to expand beyond their bubble, no matter what that bubble may be. Explore beyond the WashU campus, join clubs outside of Olin, and consider other career paths than what is most popular. You’ll never know until you try something else.

Additionally, try to meet new people across all schools at WashU. In turn, you’ll find new experiences and opportunities that you maybe would have never imagined, but they will become some of the best memories.