Please join me in welcoming Kelly Bean as our director of executive education and professor of practice in leadership.
Kelly is president and CEO of executive education at UVA Darden and has more than 20 years’ experience in executive education at UVA, Emory, UCLA and USC, before which she worked in industry.
I have charged Kelly with unifying and expanding our St. Louis and Washington, DC, exec ed operations, and she will be based primarily in our Brookings Institution office in DC with significant time in St. Louis.
This position was endowed by a major supporter, benefactor and friend of Olin, the late Charles Knight, so Kelly will be the inaugural Charles F. Knight Distinguished Director of Executive Education. She will also become a senior associate dean and join my senior leadership team, reflecting the importance I attach to exec ed and, in particular, to building the Brookings partnership.
Kelly joins us May 1.
I would also like to announce the promotion of Ian Dubin to associate dean and managing director of the WashU Brookings Partnership. Please also join me in congratulating Ian. Ian has been instrumental in building our Brookings partnership and he will work alongside Mary Ellen Joyce, associate dean and executive director of the partnership.
In terms of organizational structure, Ian and Mary Ellen will report to Kelly, as will Sam Chun, assistant dean for executive education. Ian and Mary Ellen will also have a dotted line to Lamar Pierce, professor of organization and strategy and associate dean for the WashU Brookings Partnership, who overseas the academic development of our DC programmes, working alongside Kelly.
We have a world-class executive education team in both DC and St. Louis and are poised to take Olin to the next level in this important and impactful area of our activity.
Zandy Schorsch, MBA ’19, contributed this blog post on behalf of Olin’s Center for Experiential Learning.
Oscar Wilde once said that rugby is a good occasion for keeping 30 bullies far from the center of a city. This semester, students from the undergraduate and graduate levels of Washington University Olin Business School have been working with the Center for Experiential Learning to perform the opposite—assess the viability of bringing a professional rugby team to the city of St. Louis.
Rugby is one of the fastest growing sports in the United States, and Major League Rugby was founded last year to provide fans with professional-level rugby competition here in the states. The league kicked off its inaugural season with seven original teams. With nationally televised games on CBS and sold out tickets in many of the cities, there is a growing sense of optimism as MLR prepares for its second season.
The league has aggressive plans for expansion, with teams in New York and Toronto joining for the 2019 season and Atlanta, D.C., and Boston joining in 2020. St. Louis has emerged as one of the potential cities for an MLR expansion team, and the CEL was hired by a local entrepreneur to determine whether such a venture is feasible.
The CEL’s client, a husband and wife duo with a lifelong passion for rugby, believe the loss of the city’s football franchise has created an opening for rugby. Through dozens of interviews with rugby players, coaches, executives, and MLR league officials, the CEL team developed a strong understanding of how a rugby team in St. Louis would operate and the number of fans it would be able to attract.
Although St. Louis has always been a baseball town, there are hundreds of registered rugby players in the local area across all levels of the sport, as well as several nationally recognized rugby programs.
While the CEL team was able to develop a demand forecast for rugby in St. Louis, only so much can be learned about stadium financing and team operations from phone interviews and emails. As a result, the client decided to bring the CEL team to Glendale, Colorado, to meet with the Raptors, the MLR regular season champions, to learn more about the business side of rugby operations.
Learning about rugby operations from the Raptors.
During a full-day of meetings with the Raptors, the CEL team learned about stadium financing, team and stadium operating costs, revenue drivers, marketing and sales strategies, and unexpected expenses associated with managing a professional sports team.
The CEL team also got to learn the fundamentals of rugby from some of the professional players, such as tackling techniques and field goal mechanics.
While the CEL team requires more practice if they hope to play professionally, the data the team was able to collect from the Raptors proved invaluable for their analysis. The client capped off the trip with dinner at a local pub, a great opportunity for the student team to connect with their client informally.
Upon returning to St. Louis, the CEL team took the lessons learned from the Raptors to develop a financial model the client could use to make an informed decision about bringing professional rugby to St. Louis. The team developed an intuitive financial model that accounted for attendance numbers, concession sales, merchandise sales, stadium costs, advertising, and a host of other variables posed several challenges.
Effectively communicating the outputs from the financial model, as well as highlighting the key assumptions and inputs that produce those outputs, was also critically important.
By building a strong relationship with the client throughout the semester, and leveraging the abundant resources of the CEL and Washington University, the CEL team was able to provide a final deliverable that gave the client a holistic view of everything that goes into managing a professional sports team and stadium.
The financial analysis demonstrated that a team in St. Louis is feasible, so be on the lookout for a local MLR team in near future.
Overall, the CEL is a unique opportunity for students to work on real-world projects that have a direct impact on their community. Bringing a professional sports team to St. Louis is the type of project that major consulting firms and investment banks would be envious of, and for the clients who hire the CEL, they get to receive professional-level services from the very students who, upon graduation, will be joining those types of companies.
Former Dean Stuart Greenbaum offers his tribute to Ron Allen during a retirement reception at Kopolow Library in Simon Hall on October 12.
When Ron Allen first arrived on WashU’s campus for a new job as business school librarian, there wasn’t one—at least, not one adequate to serve a world-class business school.
In 1986, Robert Virgil was dean, on a mission to raise Olin Business School’s profile among global business schools. Simon Hall was under construction and a new, state-of-the-art business library was part of the plan to help propel Olin to new heights. Allen was to be the first to build the library from a tiny nook and to hold an endowed directorship for the position as the Asa F. Seay Librarian.
“There was a sense of starting from nothing and growing this library into a first-rate service for faculty and students,” Allen recalled on October 5, on the occasion of his retirement from WashU, 33 years after his arrival. The New York City native—who confessed that “I don’t know if I could have identified St. Louis on a map”—spent three decades building, defending, and morphing the library through changes in leadership and technology.
“He was a change agent like nobody else over the course of his career,” said Ron King, Myron Northrop Professor of Accounting, in his tribute remarks. “The heart of the school was the library.”
At an event in the ornate reading room at the Al and Ruth Kopolow Business Library, three former deans and Todd Milbourn, vice dean and Hubert C. and Dorothy R. Moog Professor of Finance, shared their recollections of Allen’s career and contributions.
Milbourn recalled how Allen “got me wired in” as a brand new faculty member in the business school when he arrived, describing Allen as a partner in research who would find and help faculty exploit new data sets for their work.
Former deans Stuart Greenbaum and Mahendra Gupta recalled occasions when they tried to commandeer space from the library to accommodate expanding programs at Olin—attempts Allen rebuffed every time.
“You fell in love with the place when you walked into Kopolow,” Greenbaum said, crediting Allen with the environment he’d created. Gupta built on that remark, calling the library “the intellectual future of the school.”
When Allen came to WashU to run the business library, it was a standalone entity. It’s since been absorbed as part of the WashU library system. He said he’s come to terms with the idea of retirement and is looking forward to downsizing from a house to a Central West End apartment and his Florida condo.
“His handprint is all over this library and the way it was shaped and developed,” said former Dean Robert Virgil. “It was why our students wanted to stay here and study here.”
One day, we may think of the Holekamp family as the Johnny Appleseed of Olin’s startup ecosystem.
Thanks to a $500,000 gift from Cliff Holekamp and his father Bill Holekamp, known as the Holekamp Seed Fund, Olin now offers up to 20 grants a year of $1,000 to students who need a small injection of capital to get a startup business off the ground.
“I’m just interested in having all of our entrepreneurship students take action on their ideas and that they have the support to pursue a passion,” said Holekamp, professor of practice in entrepreneurship and academic director for entrepreneurship at Olin.
The idea for the Holekamp Seed Fund grew out of his experience with startup competitions, which typically hear from a variety of student proposals, but only reward one or two with funding. “The thought is to flip that around,” Holekamp said. “What if we were to think of it as seeding a large number of students with small checks? It’s about moving a student to action.”
It’s Holekamp’s dream that these relatively small grants will stimulate an even more vibrant startup scene on the WashU campus. The outline for the Holekamp Seed Fund suggests that the next Varsity Tutors, Schoology, or ePharmix—established firms that launched as student-run startups—will get their first investment from Olin.
He only asks for two things of the students.
First, he expects students to demonstrate a serious commitment to launching their idea. Applications won’t be judged on the potential long-term viability of the idea, but rather on how passionate the student is about giving the idea a go.
One reason for that stipulation? Eventually, students may learn their idea isn’t viable. Or, perhaps, they’ll uncover a better, more promising opportunity along the way. “Entrepreneurship should be liberating,” Holekamp said. “It shouldn’t be a cage.”
Second, Holekamp will ask recipients of the $1,000 grants to consider paying them forward after they’ve had a chance to pursue their own idea. Though not a requirement, he hopes students will consider pledging $200 a year over five years back to the seed fund or to the Olin Annual Fund.
“I’m not aware of any other schools doing something with this ‘pay-it-forward’ element,” he said. “I know of schools that do loans or give out cash prizes.” The component of building a vibrant startup community on campus was important to the Holekamp family’s conception of the idea.
“The idea behind this fund is wonderfully innovative—befitting Cliff, his family, WashU and the entrepreneurial spirit of the St. Louis community,” Dean Mark Taylor said. “This fund will provide a nudge to student entrepreneurs and it may well entice them as successful alums to likewise lend a hand to students who follow them. It’s an innovation win-win.”
Students can apply on the Holekamp Seed Fund website with the expectation that they will have a face-to-face interview with Holekamp. Grants will be awarded on a rolling basis, so students can apply at any time. A three-person panel—Holekamp; his father, Bill; and Elise Miller Hoffman, MBA ’16, and principal at Cultivation Capital—will review applications. They’ll be assuring the applications come from Olin students who are ready to incorporate as a business and can demonstrate a personal commitment to the idea.
Applicants must have completed at least one semester in an Olin graduate program or course, or they must be a rising junior who is majoring in business or has participated in an Olin entrepreneurship course.
“It’s enough to get them motivated, get started, get incorporated and begin creating something,” Holekamp said. “Sometimes the hardest milestone is the first—going from nothing to something.”
More than 2,000 years ago, the Roman poet Virgil famously said, “Fortune favours the bold.” In today’s vernacular, he would have said, “Go big or go home.” At Olin, we’re going big. And we’re going bold.
We’re doing it by launching a sweeping renovation of the full-time WashU Olin MBA. Students who arrive in mid-2019 will be the first to embark on what is arguably the most global MBA programme anywhere in the world.
Two weeks after they arrive for orientation and introductory classwork in late June—yes, that early—every first-year MBA student will depart for an around-the-world immersion in global business. And I’m not speaking metaphorically. The summer semester continues with a week at the Brookings Institution in Washington, DC. Then two weeks in Barcelona. Then 17 days in Shanghai.
Students will dive deeply into the fundamental principles of business management in the context of each country’s local economy. Morning classes move to afternoon projects as students roll up their sleeves and apply their knowledge, doing research and analyzing real-world business problems with local executives. This isn’t academic tourism. It’s not a St. Louis class transferred to Spain or China. It’s serious work gaining cultural intelligence about global business and leadership issues.
When students return to St. Louis, they’ll be equipped to continue their core classes in strategy, economics, accounting, marketing, finance, and operations—but with global context and the perspective of several economic systems. Plus, they’ll have forged deep bonds with their classmates, a foundation to support, grow and advance one another throughout their Olin careers.
Additionally, students can accelerate their programme under our new model, moving more quickly to the job market, or pair their MBA with a specialized master’s degree.
Why embark on such a sweeping change to Olin’s flagship program? The answer, quite simply, is that we must practise what we preach. The world is shrinking. Leadership challenges are expanding. As we urge students to do, we must anticipate what the market will demand in the future—then think big and act boldly to confront the challenge. Tinkering around the margins won’t do.
We paired that principle with data. We informed our work with the help of Boston Consulting Group, which researched the needs of students and companies in the future. They interviewed current students, prospective students, faculty, corporate recruiters, and more, generating data about the requirements of a redesigned MBA programme.
In some ways, we’ve been building to this for a while. Recent MBA classes have had expanding global opportunities through the Center for Experiential Learning and the Brookings MBA capstone experience. This spring, we plan to pilot some of the global components of the redesigned curriculum, though details are yet to be ironed out.
On the Olin website now, there’s more detail available about our MBA renovation—designed with BCG, taught by world class experts on three continents, one truly global MBA. It is a renovation, I firmly believe, that will be favoured by fortune—for Olin and our students.
In one of Olin Business School’s newest magazine ads, white text pops from a field of rich red in type that evokes a sense of strength and wonder. Just a few words, strategically aligned on the page, draw the reader into a story of unknown origin—and clear gravity.
“When the cost of goods comes at a cost … we pause.”
Within that pause, Olin invites readers to consider the consequences of the decisions they’ll make and the preparation WashU offers for a business world demanding principled, evidence-based leadership.
Within that pause lies the mission of Olin Business School, its promise to students and the marketplace, and the pillars that underpin our strategic plan.
And from within that pause comes the bold voice of Olin Business School’s new brand identity, articulating what we are, what we stand for, and how our strategic plan sets us apart among the world’s top schools.
“We’re making a bold claim on what’s always been in our DNA: That we develop business leaders who create change, for good,” said Dean Mark Taylor, architect of Olin’s strategic plan. “It’s important for all of us to take ownership of this idea so we can clearly articulate our point of view on business education, attract the right kind of talent, and be a distinctive voice in the marketplace, as drivers of global change.”
See the video below to get a better understanding about how Olin will position itself with its brand messaging.
Launching the new Olin brand
Marketing & Communications prepares for the brand launch event.
The formal announcement of Olin’s new brand strategy came today in a schoolwide event drawing together faculty and staff. With video presentations, digital signs, a champagne toast, and speeches from the dean and a faculty leader, participants heard how the business school will use its brand messaging to talk about the elements of our strategic plan, our vision, our mission, our values, and our strategic priorities.
Dean Taylor stressed the importance of our strategic pillars — particularly the idea that Olin develops values-based, data-driven decision-makers.
“The truth behind those words isn’t new at all. We’ve taken a deep dive into how we want to think and talk about ourselves,” he said, adding to the crowd of faculty and staff assembled for the event “it’s vital that we all take ownership of our brand.”
The crowd applauded after watching the brand identity video (see above).
Stuart Bunderson, co-director of the Bauer Leadership Center and Olin’s George & Carol Bauer Professor of Organizational Ethics & Governance, reinforced the message: “We want every Olin student to say first, what do the data say and second, what values are at play here” when they are making business-oriented decisions.
After the speeches and a champagne toast, Olin employees dispersed to pick up swag bags, enjoy street food from a group of food trucks on Snow Way, romp at a selfie station, and take headshots that may be used in Olin branding campaigns down the road.
More details about the branding
The messaging comes together in a simple positioning statement that boldly declares who we are and how we’re different from other top business schools: “As a premier educator of business professionals, Olin Business School champions better decision-making by preparing and coaching a new academy of leaders who will change the world, for good.”
We do this through our pillars of excellence, the elements that drive our approach to preparing leaders:
Values Based and Data Driven
The brand work also offered an opportunity to address another niggling challenge: Our school’s eight-word, 55-character name. New guidelines offer a more streamlined identity: “WashU Olin Business School,” captured in a more casual brand “mark”—a variation on the formal logo—that we will use as a “nickname” for the school when the full name is also visible elsewhere.
We’ve also taken care to ensure that Olin’s brand aligns with the WashU master brand. The university is often the front door to the business school, so it’s important that the two entities align. Our story starts with the core idea of the master brand, but extends that idea in a relevant and meaningful way.
More information about the strategic plan and the brand messaging strategy is available on the Marketing & Communications section of Campus Groups, where visitors can download logos, templates, and fonts, as well as see guidance on the use of our brand and our colors.