Tag: WashU at Brookings

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
• Globally Oriented
• Experiential
• Entrepreneurial

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.

The “cost of death” to Edward Jones’ business is about $7 billion a year—that’s seven billion dollars in assets under management that vanish when clients die and their heirs make other arrangements for the funds. But that’s not the real punchline.

John Beuerlein, a partner at Edward Jones and panel moderator at Olin’s third annual Wealth & Asset Management Research Conference, held Aug. 21-22, shared that number during a session entitled “Elder Investing and Alzheimer’s Cause Marketing.”

The punchline, Beuerlein said, came when Edward Jones leadership realized they have about 150,000 clients suffering from Alzheimer’s Disease, which costs families about $47,000 a year to manage. That’s about $7 billion.

With the number of victims expected to triple in the next 20 years, he said, and the American Medical Association projecting the cost of medical care for dementia care patients growing at twice the cost of other health care services, “Alzheimer’s becomes three times as bad for our business as death.”

It drove Edward Jones to double down on support for Alzheimer’s research and support organizations—and to consider how to best counsel clients to prepare their estates for the possibility of an end-of-life bout with dementia.

The conference gathered more than 200 wealth and asset management practitioners, researchers, and students for two days at Olin’s Emerson Auditorium. Sessions ranged from a review of financial management academic research to financial planning in a low-return environment to “The Weight of Regulation and the Rise of Private Equity.” The conference agenda was focused on improving the science and practice of wealth management, a goal of Olin’s new wealth and asset management master’s program in an age of increasing complexity for investors and advisors.

“This conference is an important element of the new master of finance in wealth and asset management, launched at Olin two years ago when we also launched the conference,” Olin’s Rich Ryffel, organizer of the conference, said in his kickoff remarks. “That program started with 47 students last year, and this year we enrolled 63.”

He said the conference was structured around the theme of finance—yesterday, today, and tomorrow. “Yesterday, with research which studies the past,” said Ryffel, who is also the market manager for the J.P. Morgan Private Bank in Missouri. “Today, with how we can put that research into practice. And tomorrow, with how technology–FinTech–will impact practice.”

Elder investing and dementia

Focusing on just one session, however, Beuerlein introduced a trio of panelists with first-hand experience dealing with the emotional, physical, and financial issues surrounding dementia care—starting with Professor Lonnie Schicker of the University of Minnesota, who herself was diagnosed with Alzheimer’s four years ago.

“I would have started learning how to manage my money when I was much younger. Even if I had the money, I wouldn’t have known how to manage it through my illness,” she said, noting that her savings and 401(k) are virtually wiped out. Her son, who supports her now, “has broken his bank account as well.”

Andy Hunt, a suburban Philadelphia financial advisor for Edward Jones, said his father died from Alzheimer’s and his family was “shaken out of our denial” when the IRS sent a $7,000 bill for unpaid taxes.

The session was a poignant and pressing look into the power and importance of wealth management, offering ideas for financial planning professionals as they develop strategies for their clients. Hunt spoke about the “imaginary bus ride” he takes his clients on when they consider options for coping with dementia care. The ride includes stops at the accountant for tax issues, the neurologist to demonstrate the patient’s disability, and an elder law attorney for estate planning, power of attorney, and more.

“I was drafted into the financial services industry,” Hunt said. “I came home one Christmas and my mother had a whole list of papers and booklets and whatnot. She said my dad ‘doesn’t do this anymore—so you have to do it.'”

Pictured above: Ohad Kadan, H. Frederick Hagemann, Jr. Professor of Finance, conducting a summary of research in finance for attendees at the third annual wealth and asset management conference at Olin.

Consider the parent playing the role of air traffic controller with his or her child’s busy schedule. First, there is homework for the kid to finish in the next hour. Then comes soccer practice followed by a piano lesson for the ensuing two hours.

“If the parent knows the deadlines and the kid just does their work, it’s the best of both worlds,” said co-author Stephen Nowlis, the August A. Busch Jr. Distinguished Professor of Marketing at Olin Business School at Washington University in St. Louis. “But if the parent is trying to get work done on their time …

“The big picture is, setting all these deadlines seems like a good idea. But too many deadlines makes you use your time less efficiently.”

That was the central finding of an eight-test study published May 15 in the Journal of Consumer Research titled, “When an Hour Feels Shorter: Future Boundary Tasks Alter Consumption by Contracting Time.” The boundaries in question are upcoming appointments, meetings, tasks, etc. And the researchers found that people facing them: (a) perceive they have less time than in reality; (b) perform fewer tasks as a result; and (c) are less likely to attempt extended-time tasks that can be feasibly accomplished or more lucrative.

When up against such an upcoming appointment, people tended to procrastinate on the long-time chore such as writing that report and reverted to working on shorter-time tasks, as in making a work call or typing up a quick synopsis. Or they’d skip both entirely to focus on the simplest of work forms, like answering emails …  or scheduling more boundaries.

“It’s something we can all relate to,” said Nowlis, who started this project when co-author Gabriela N. Tonietto of Rutgers was a PhD candidate at Olin and co-author Selin A. Malkoc of Ohio State was an Olin colleague. “It could be anything. You have a deadline, and what do you do with your time? We don’t think about it as much from the perspective of consuming it, but, realistically, time is something we probably consume as much if not more than any other resource. So how are we consuming our time?”

The researchers conducted more than eight tests over a two-year period beginning in 2015 involving 2,300-plus participants to see how people in various situations arrived at budgeting scheduled and unscheduled windows of time. Among the tests included in the Journal of Consumer Research study were:

• Using the Amazon Mechanical Turk (MTurk) survey platform, 200 participants — split evenly between those with an upcoming appointment and those with a free schedule — were asked to pick between a 30-minute chore paying $2.50 and a 45-minute chore paying $5. They had an hour’s time. But the participants with an upcoming appointment felt they had 7.82 fewer minutes in their hour to commit to their chore than the people with an open schedule.
• At Chicago’s O’Hare International Airport, 134 passengers were asked to take a 15-minute survey — about half of the passengers had 30 minutes before boarding, the rest had one hour. Some 26 percent of the people facing a shorter window agreed to participate, compared to 46 percent of the passengers with four times the allotted survey window.
• At Washington University, 158 undergraduates were told they had either a strict, five-minute window until their appointment or an implied boundary with “about five minutes to do whatever you want.” In the same five-minute period, the latter group accomplished 2.38 tasks compared to 1.86 tasks by the hard-timeline group.

“How do you best manage your time? How much scheduling do you need?” Nowlis said. “These are interesting questions.”

Their study provided some answers for trying to prevent issues. Basically, it counsels people to schedule wisely: Maybe leave a chunk of the work day open to accomplish extended-time tasks.

“If you have some big tasks, too many scheduled things will affect your productivity,” Nowlis said. “A lot of scheduling is fine for shorter tasks.

“So find the environment that works for you.”

This piece ran originally in The Source from WashU public affairs.