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Spring/Summer 2014


The Innovation Issue

The Richard A. Mayo Center for Asset Management presents the


INVESTING IN INNOVATION 13 – 14 November 2014 • Darden School of Business As disruptive innovation shakes up industries at an accelerating pace, investors must excel at identifying true innovation and its investment implications. Join us at UVIC for the ideas you need to invest successfully in the innovation economy.

EARLY REGISTRATION DISCOUNT UNTIL 8 AUGUST. Leaders in their fields, UVIC speakers will provide valuable insights and actionable strategies for investors as they seek to identify the drivers of future growth. CURRENT SPEAKERS RICHARD FISHER • President and CEO, Federal Reserve Bank of Dallas ROBERT J. HARIRI, M.D., Ph.D. • Chairman, Founder and Chief Scientific Officer, Celgene Cellular Therapeutics NED HOOPER (MBA ’94) • Partner, Centerview Capital SAMUEL D. ISALY • Managing Partner, OrbiMed NANCY LAZAR • Partner, Cornerstone Macro KATHY WARDEN • Corporate Vice President and President, Northrop Grumman Information Systems Check the website for updated schedule and speakers.

For more information and to register



FROM THE DEAN Robert F. Bruner Dean, Charles C. Abbott Professor of Business Administration and Distinguished Professor of Business Administration


nnovation is a catalyst for human progress. Achieving it requires wide-angle vision, wide-eyed hope and the courage to overcome the risk of failure in the dogged pursuit of progress. Thanks to its founder, Thomas Jefferson, the University of Virginia is a cradle of innovation — a place where teachers and scholars actively invent the future by boldly pursuing knowledge and introducing world-changing ideas. At the Darden School of Business, innovation permeates everything we do, and in this issue, you will meet Darden innovators at work. You will meet the latest cohort of entrepreneurs selected to incubate their seed and early-stage business ventures in the W.L. Lyons Brown III Innovation Laboratory, or i.Lab, housed at Darden. You will read about visionary Darden students and alumni from New York City to Silicon Valley to Shanghai. And you will hear from several of our faculty innovators, who constantly reinvent and reimagine Darden’s educational experience — widely known as the world’s best. Darden’s Batten Institute spearheads many of our entrepreneurship and innovation efforts, supporting a diverse portfolio of research and activities in our MBA and Executive Education programs, which foster a dynamic community of entrepreneurial leaders. At Darden, we believe in the potential of people and innovation to transform industries, businesses and lives. We hope the extraordinary new ideas in this issue will inspire you to pursue your own.

Bob Bruner @Bob_Bruner

Read about Dean Bruner’s return to the faculty in 2015 on Page 4 and his answers to “20 Questions” on Page 92.



Dean Robert F. Bruner Charles C. Abbott Professor of Business Administration and Distinguished Professor of Business Administration The Darden Report is published twice a year by University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA Executive Director of Communication & Marketing Juliet Daum Editor Jacquelyn Lazo Design Susan Wormington Copy Editors Catherine Burton, Seamane Flanagan, Grier McCain Photography Ian Bradshaw, Tom Cogill, Stacey Evans, Sam Levitan, Andrew Shurtleff, Susan Wormington Advertising Inquiries: Carter Hoerr, Executive Director for Advancement Phone: +1-434-924-6576 The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2014 Darden School Foundation Spring/Summer 2014 Volume 41, No. 1



Spring/Summer 2014

The Innovation Issue



17 Business + Innovation

24 Ideas + Action

Whether they are generating power using rice husks in India or rebuilding Brooklyn neighborhoods, Darden alumni and students are improving the world.

The School’s new website, Ideas to Action, shares Darden’s thought leaders’ insights and ideas, which can be immediately put into action in the workplace.




1 4 6 8 10 12

30 Abbott Award 2014:

14 Faculty Spotlight

From the Dean Latest School Updates Spring Awards Darden. Worldwide. C’ville Entrepreneurs QuoteUnQuote

Gary Jones (MBA ’74)

31 Darden Reunion 2014 32 Hot Topics: Alumni Give Back by Teaching in the Classroom

38 Alumni Leadership

Richard B. Evans: Equally Invested in Financial Research, Teaching and His Family

34 Marshall Morton (MBA ’72)

Appreciates Enduring Values in a Changing World

35 Catherine Friedman (MBA ’86)

Banks Business Success on Good Communication Skills

36 Toan Nguyen (MBA ’94)

Transforms the Charlottesville Community Through Social Entrepreneurship

37 Dean Bob Bruner: 20 Questions On the cover: The University of Virginia Innovation Laboratory (i.Lab) houses an idea well where entrepreneurs offer and request help, make connections and share inspirational quotations. Photograph: Sam Levitan


NEWS BRIEFS: Latest School Updates

Dean Bob Bruner to Return to Faculty in 2015 After Two Successful Terms at Helm “Bob and his team have achieved this reputation through curricular innovations, the launch of two new formats of the Darden MBA, an unrelenting search for top faculty and student talent, and attention to every detail of the academic experience.” — UVA PRESIDENT TERESA A. SULLIVAN



THE UNIVERSITY OF VIRGINIA announced in April that Darden Dean Robert F. Bruner — the School’s eighth dean and one of its longest serving — will return to the MBA faculty upon the completion of his second term in July 2015. During nearly a decade as dean of Darden and his previous 23 years of teaching, Bruner has advanced the School’s presence and stature on the global stage. “Bob Bruner’s impact on Darden has been transformational and will carry the School forward,” said U.Va. President Teresa A. Sullivan. “Darden is recognized worldwide for student satisfaction and for delivering the best graduate business education experience. Bob and his team have achieved this reputation through curricular innovations, the launch of two new formats of the Darden MBA, an unrelenting search for top faculty and student talent, and attention to every detail of the academic experience.” In his blog post “My Transition to Come: Dean to Professor,” Bruner explains why next year seems like a good pivot point in his journey. “I’m happy, and Darden is in a good place,” he writes. “Ten years is a nice round number — long enough to have an impact and short enough to ensure fresh perspective with some regularity. And what a 10 years it will have been: Global Financial Crisis, Great Recession, the events of June 2012, the Capital Campaign, EMBA, GEMBA, diversity,

sustainability, globalization, MOOCs and more. “Darden has impressive talent and has good depth of leadership in its rising faculty and staff leaders. I’m confident that they will sustain Darden’s momentum and good direction.” Executive Vice President and Provost John Simon announced that Ken Eades will serve as chair of the committee charged with conducting a global search for the ninth dean of the Darden School of Business. Eades is a professor of business administration at the Darden School and the area coordinator in Finance. “We will conduct a thorough search and offer opportunities for all of Darden’s constituencies to engage in the process,” said Simon. “The coming months will be a time to celebrate Bob Bruner’s leadership and service. It’s also time to further build on the momentum generated by the Darden community.”

“Ten years is a nice round number — long enough to have an impact and short enough to ensure fresh perspective with some regularity.” — DEAN BOB BRUNER

PROFESSORS CLAWSON AND SPEKMAN RETIRE Professors James G. Clawson and Robert E. Spekman retired from Darden after the spring 2014 school term. Both professors were members of Darden’s “Second Generation Faculty” who have made lasting impacts on the School through their exceptional teaching and vast research.

affectionately ended the official naming ceremony for the room with a lion’s roar — a team-building, energy management exercise they had learned from their beloved professor. ROBERT E. SPEKMAN, the Tayloe Murphy

& Higgins Professor of Business Administration, joined Darden’s Organizational Behavior area in 1981. The School has benefited from Clawson’s service in a range of roles, including course head for First Year Organizational Behavior, chair of the First Year Program and the MBA Policy Committee, and co-chair of a task group on Darden School norms. Clawson also taught Executive Education participants in a wide array of courses. Clawson is an authority in tactical and strategic leadership. He has authored numerous books in addition to more than 300 cases and technical notes. In 2009, a Darden classroom was named in Clawson’s honor, thanks to the generous support of Henry Skelsey (MBA ’84). Clawson’s Section A students

Professor of Business Administration, began teaching in 1991 in Darden’s Marketing area. Students in the School’s MBA and Executive Education programs have benefited from Spekman’s courses on business-to-business marketing and strategic alliances. Spekman has earned international recognition for his expertise in a wide range of fields, including marketing organizations, marketing and sales, strategy in alliances and partnerships, strategic planning, strategic procurement planning, and telecommunications in the aerospace and pharmaceutical industries. His research interests are, in his own words, “in ‘messy’ business problems that cross business functions and rely on a multidisciplinary approach to problem solving.” He has edited or written seven books and is co-author of more than 100 articles and papers. Upon retirement, Spekman plans to work on a volunteer basis with Charlottesville’s Focused Ultrasound Foundation.

James G. Clawson

Robert E. Spekman

JAMES G. CLAWSON, the Johnson

MEGIBOW RETIRES FROM DARDEN A. Jon Megibow, senior lecturer and director of operations of the Darden Center for Global Initiatives, joined the School’s area of Management Communication in 1986. He is a distinguished expert in communication strategy and cross-cultural communication — the art of communicating between people of different cultures, religions and languages. In addition to writing Darden cases, Megibow is co-author of a textbook on the fundamentals of managerial communications. From 1989 to 2000, he served as director of admissions for the Darden School. He became the director of operations for the Darden Center for Global Initiatives in 2002 and has been a visiting faculty member at IAE in Buenos Aires, Argentina, and IPADE in Mexico City, Mexico.


TOP-RANKED PROGRAMS Financial Times’ 2014 ranking of open-enrollment executive education programs named Darden Executive Education

No. 3 in the world

No. 1 Faculty No. 1 Teaching Methods and


No. 2 Aims Achieved No. 2 Course Design No. 2 Food and Accommodations No. 2 Facilities No. 3 Preparation See Page 33 for the Darden Executive Education open-enrollment program calendar.

DEMYSTIFY INNOVATION WITH DARDEN’S NEW ONLINE PROGRAM Design thinking is one of the hottest but most elusive topics in the business world. Join Executive Education for Design Thinking for Innovative Problem Solving: A Step-by-Step Project Course, which helps you break through your messiest business problem with a systematic, 15step approach. Through recorded video instruction, you will apply each of these steps to solve your business challenge. DATE: 15 September–24 October (6 weeks) FACULTY: Professor Jeanne Liedtka, a preeminent leader in design thinking and author of several books on the subject TUITION: $349 (20% alumni discount; groups encouraged) SPRING/SUMMER 2014 


NEWS BRIEFS: Spring Awards DARDEN FACULTY AWARDS OUTSTANDING FACULTY AWARD: Professor Elena Loutskina GRADUATION FACULTY MARSHALS: Professors Gregory B. Fairchild and Bidhan “Bobby” L. Parmar HONORARY GRADUATION FACULTY MARSHALS: Professors James G. Clawson and Robert E. Spekman EXTERNAL DARDEN FACULTY AWARDS POETS & QUANTS Named Professor Bidhan “Bobby” L. Parmar one of the Top 40 Under 40 B-School Professors in the world. CASE CENTRE AWARDS: Professors Yiorgos Allayannis and Andrew C. Wicks and Senior Researcher Gerry Yemen for Deutsche Bank and the Road to Basel III; Professor Thomas J. Steenburgh for HubSpot: Inbound Marketing and Web 2.0 JEFFERSON TRUST GRANT RECIPIENT: Professor Mary Margaret Frank for her National Debt project Professor Martin Davidson

U.Va. Honors Professor Davidson’s Deep Commitment to Diversity In March, the University of Virginia Office for Diversity and Equity honored Darden Professor Martin Davidson with the prestigious 2014 John T. Casteen III Diversity-Equity-Inclusion Leadership Award. Davidson, who teaches in the area of Leadership and Organizational Behavior, was recognized for his unrelenting dedication to transforming the concepts of diversity and inclusion from intellectual ideas into action in the U.Va. community. “Davidson literally wrote the book on diversity,” said Darden Dean Bob Bruner, who nominated him. “His 2011 book, The End of Diversity as We Know It: Why Diversity Efforts Fail and How Leveraging Difference Can Succeed, is widely referenced in the business world.” Davidson served as Darden’s associate dean for diversity from 2008 to 2011. In 2012, U.Va.’s Office of Equal Opportunity Programs recognized him with an EOP Champion Award for his efforts to improve diversity and equity on Grounds.

ACADEMY OF MANAGEMENT BEST CONFLICT MANAGEMENT PAPER AWARD: Professor Kristin J. Behfar CFA INSTITUTE GRAHAM AND DODD AWARD FOR EXCELLENCE FOR 2013: Professor Richard B. Evans for “Shedding Light on ‘Invisible’ Costs: Trading Costs and Mutual Fund Performance” WELLS FARGO AWARDS HIGH IMPACT CASES: Professor Marian Chapman Moore for Positioning: The Essence of Marketing Strategy; Professor Erika Hayes James and Senior Researcher Gerry Yemen for Decision-Making and Leading Through Crisis DISTINGUISHED CASE WRITER: Professor Susan Chaplinsky CASE SERIES: Professors Yiorgos Allayannis, Richard B. Evans and Pedro Matos for Gold as a Portfolio Diversifier, The Market for Gold and Betting on Gold Using a Futures-Based Fold ETF 2014 STUDENT AWARDS THEO HERBERT INTERNATIONAL AWARD: Sim Siew Han 2014 GRADUATION SPEAKERS FULL-TIME MBA: Brandon Guichard MBA FOR EXECUTIVES: Alfred “Gus” Nicoll GLOBAL MBA FOR EXECUTIVES: Stephanie Scuderi

Professor Elena Loutskina received the Outstanding Faculty Award from the Class of 2014.



Darden’s GEMBA Class of 2014 elected Stephanie Scuderi its class graduation speaker.


UTC is proud to support the Darden School for its role in developing principled leaders with the integrity, discipline and insightful thinking that can help us build a better world.


For more information, visit

NEWS BRIEFS: Darden. Worldwide. DARDEN IN SHANGHAI To explore the world’s fastest-growing economy, Darden alumni and friends gathered in Shanghai, China, 9–10 May for the third annual Global Leadership Forum. Events included an Executive Thought Leadership event with Professors Yiorgos Allayannis and Peter Rodriguez, a case discussion with Professor Dennis Yang, a visit to U.Va.’s China Office and a welcome from its director Justin O’Jack, a meeting of Darden’s Global Advisory Council, a residency of the Global MBA for Executives program, and the inaugural Shanghai Investing Summit, which pinpointed the best future global investment opportunities. SAVE THE DATE: The next Shanghai Investing Summit and related activities will take place 8–9 May 2015.

Five Insights From the Darden Shanghai Investing Summit

Darden Dean Bob Bruner converses with Yifei Li, China chair for the alternative investment provider Man Group. Li, who previously held leadership roles at MTV and Viacom China, spoke of the spectacular transformation of China over the past three-plus decades and the country’s evolving, dynamic investing environment.

Summit attendees talk with Yifei Li.


Darden’s inaugural Shanghai Investing Summit, which took place 9 May 2014, occurred at a pivotal moment in economic history, as the buzz intensifies that the Chinese economy is likely to surpass the U.S. economy sometime in 2014 — if it has not already. The speakers and panelists shared the following insights: 1. “The next 10 years for China will spur a transition from quantity to quality as the middle class grows, the demand for consumer and luxury goods rises, and the mobile Internet booms.” — LIANG XINJUN, vice chair and CEO, Fosun Group 2. “China is entering the era of hedge fund industry development.” — YIFEI LI, China chair, Man Group, who remarked that institutional investors are diversifying, family offices and foundations are emerging, and regulations are relaxing but still highly complex 3. “When Western investors look at China, they use Western models to analyze the Chinese economy. That might not be the right approach.” — QING SHAN LIU, CEO of Manulife TEDA Fund Management Company, who remarked that investors must understand the complexity and uniqueness of the Chinese market 4. “Chinese firms are working to form long-term relationships with foreign investors and to create international consortiums to align their interests and enter markets as a group.” — FANGLU WANG, senior managing director of CITIC Capital, who noted that as Chinese investors increasingly look to invest overseas, they must overcome some skepticism and resistance 5. “We always look for a market that’s large and deep enough to protect itself from systemic shocks.” — PETER CHEN, head of business development for Asia Pacific, CPPIB Asia Inc., who listed China, India, Australia, Japan, Korea and Southeast Asia as potential pockets of performance For more insights, read “10 Insights From Darden’s 2014 Shanghai Investing Summit” on Darden’s Ideas to Action website ( The summit was sponsored by CFA Institute China, Virginia Economic Development Partnership and Shanghai United Media Group, and presented by the Darden Center for Asset Management and the Darden Center for Global Initiatives.

Liang Xinjun, vice chair and CEO of Fosun Group, was a keynote speaker at Darden’s Shanghai Investing Summit.





MBA Global Business Experiences

China Global Business Experience for MBAs


MAY 2014:





This spring, MBA students traveled to China to gain a better understanding of Chinese culture and business practice, to witness how individuals and enterprises innovate, to generate competitive advantages that leverage the unique characteristics of the country, and to develop a strong appreciation for the need to acknowledge, understand and embrace cultural differences. They visited numerous companies, interacted with Chinese Darden alumni, visited the University of Virginia’s new Shanghai office space and enjoyed a Chinese tea ceremony (above).

MARCH 2014:

Normandy Global Leadership Ride Nineteen First Year students, four MBA for Executives students and two alumni embarked on Darden’s first international leadership ride to Normandy this spring. During the classes, which took place at Darden and in Bayeux, France, students and alumni explored the Normandy invasion and the host of leadership lessons it delivers, such as how to lead in a large, complex organization, how to collaborate, how to manage alliances and how to adapt to competition. Pictured above: Darden students on Gold Beach in the British sector, examining the remnants of the artificial port constructed by Arromanches.

Global MBA for Executives: India Residency The GEMBA Class of 2014 traveled to India for its fifth residency. The students spent five days in the southern coastal city of Chennai, one day in Agra, four days in the heart of Delhi and four days in the commercial sister city of Gurgaon. Pictured above at the Humayun Tomb, from left: Douglas Andriuk, Tahmina Nurova, Jason Brigadier and Leszek Lekstan (GEMBA ’14). SPRING/SUMMER 2014 


NEWS BRIEFS: C’ville Entrepreneurs THE LARGEST I.LAB INCUBATOR CLASS IN UVA’S HISTORY HOW DO YOU EVOLVE your business idea into a thriving entrepreneurial venture? The 26 new participants in U.Va.’s i.Lab incubator will tackle this question during their 10-week summer accelerator and one-year residency. The incubator — housed at Darden — supports early-stage business ventures from the University and greater Charlottesville communities. The 2014 cohort is the largest in the incubator program’s 14-year history. Fourteen of the current ventures were founded by Darden students; six were started by U.Va. students, faculty members or recent graduates; and six were created by members of the Charlottesville community. This year’s ventures represent industries such as medicine, technology, fashion, the arts, new media and social entrepreneurship. Armed with a $5,000 grant, office space, mentoring support and networking opportunities with local entrepreneurs and investors as well as access to legal, accounting and technological expertise, incubator participants develop and refine their business ideas within a community of fellow entrepreneurs. Kathryne Carr, a venture capitalist and longtime mentor of early-stage businesses, serves as director of the i.Lab incubator.

Darden has been home to a business incubator since 2000. The i.Lab, established in 2010, was renovated and reintroduced in 2013 as the W. L. Lyons Brown III Innovation Laboratory — a collaborative endeavor among all 11 schools at U.Va., the Provost’s Office and U.Va. Innovation. Incubator Alumnus Celebrated as White House Champion of Change

Phillip Green (MBA/M.E. ’11), left, was honored by the White House as a 2013 Champion of Change: Veterans Advancing Clean Energy and Climate Security. The award celebrates American veterans who are advancing clean energy and increasing climate resilience and preparedness in their communities. Green, a United States Army veteran, has held several leadership positions with the U.S. Army Reserve as an engineer officer and military intelligence officer. His company, Green Powered Technology, was founded as an incubator venture at Darden in 2010. Green Powered Technology is a full-service energy engineering firm that provides a single point for businesses, governments and organizations to achieve economic, environmental and social significance through sustainable energy.

THIS YEAR’S i.LAB VENTURES INCLUDE: K2 DENTAL ARTS FOUNDERS: Darden alumni Philip Kim, Ares Manos and Dwight Emerine (all MBA ’14) GOAL: To help dentists adopt the latest digital oral scanning technology for use in the manufacture of crowns and other restorations. REVAMP LABS FOUNDER: Darden rising Second Year student Kris Subhash GOAL: To provide digital marketing solutions for local businesses. The company’s core product is Virginia Vinehopper — a mobile app that serves as a guide to Virginia’s wineries, breweries, cideries and distilleries and offers a mobile marketing platform for those businesses. MAPLAB FOUNDERS: Charlottesville community members Madeleine Hawks and Matthew Slaats GOAL: To offer specialized tools, scientific expertise and research capabilities that help clients create striking visual representations that clarify strategic initiatives, present arguments and publish information for the common good.

NEW LEADERSHIP ROLES AT THE BATTEN INSTITUTE FOR ENTREPRENEURSHIP AND INNOVATION SEAN CARR (MBA ’03, Ph.D. ’13), Executive Director of the Batten Institute; Assistant Professor of Business Administration SEAN CARR

MICHAEL LENOX, Samuel L. Slover Research Professor Of Business; Academic Director of the Batten Institute; Associate Dean for Innovation Programs at Darden PHILIPPE L. SOMMER, Director of the Center for Entrepreneurial Leadership and the i.Lab; Senior Lecturer; Associate, Entrepreneurship Programs with U.Va. Innovation



The 2014 cohort of i.Lab participants moved into their work stations on 28 May 2014.

The founders of VividCortex refer to Charlottesville as the “East Coast’s best-kept sleeper tech-hub secret.” are now sold in regional Safeways and Whole Foods Markets in several cities, including Richmond, Virginia; Washington, D.C.; Philadelphia, Pennsylvania; Pittsburgh, Pennsylvania; and Rockville, Maryland. VividCortex: Tackling the Big Data Market

Charlottesville’s Downtown Mall

CHARLOTTESVILLE’S ENTREPRENEURIAL RENAISSANCE ASPIRING TO BE THE SILICON VALLEY of the South, Charlottesville has cultivated a strong, steady entrepreneurial ecosystem in recent years. Several Darden alumni have founded innovative companies that tap into the local market. LUMI: Bottling Farm-Fresh Flavors

Instead of relying on financial analysis and focus groups, Hillary Lewis (MBA ’13) decided to build a business based on common sense and the inspiration she got while shopping at Whole Foods Market. Her new juice company, LUMI, which stands for Love You, Mean It, is the product of tons of research on the road and a little help from her friends. Last summer, she stopped and sipped in juice bars from San Francisco to New York City to learn more about the market. It didn’t take long before Lewis convinced several investors to pour their money and ideas into helping her grow her startup beverage company into a luxurious line of organic, freshly pressed juices. In six months, Lewis established a manufacturing space in Woolen Mills, Virginia, bought a cold press juicer, acquired a hiperbaric high pressure processing machine and began selling eight beverage varieties with whimsical, local names like Wahoo Orange, Belmont Beet and Piedmont Pineapple. All her juices are 100 percent organic and none of them are heat-pasteurized. Relay Foods, another company started by a Darden graduate, Arnon Katz (MBA ’09), was LUMI’s first retailer. Lewis’ juices

The term big data has taken the media by storm. Almost every magazine or newspaper has featured a story on it since NPR’s Geoff Nunberg named it the Word of the Year in 2012. One of the new companies helping customers measure, analyze and understand system behavior is VividCortex, a startup co-founded in 2012 by Kyle Redinger (McIntire ’05, MBA ’13) and U.Va. alumnus Baron Schwartz (CS ’03). The company introduces technical intelligence to manage complex information systems. “We make a measurement and insight tool for server analysis and monitoring,” Redinger explained. “We are tackling a very big market. Data is accumulating at exponential rates within companies, and those companies cannot find and retain the talented people they need to manage these large systems. We empower people to better handle the management of big data through tools built with a purpose.” The founders refer to Charlottesville as the “East Coast’s bestkept sleeper tech-hub secret.” The list of reasons they chose to start up here is long. “Charlottesville offers more talent, capital, culture and experience than any other city, per capita, that I’ve ever visited,” said Redinger. “I bet very few Darden alumni would turn down the opportunity to live and work in Charlottesville if they had the chance.” 501 Auctions: Building Goodness Beyond Darden

While at Darden, Jon Carrier (MBA ’12) helped plan fundraisers for Building Goodness in April, a student organization that works to rehabilitate local homes. After purchasing event software that didn’t work, he began designing a more efficient platform that evolved into 501 Auctions, a company Carrier cofounded in 2011 with fellow Darden alumni Teddy Jones (MBA ’12) and Ryal Tayloe (MBA ’12) in the i.Lab incubator. Carrier said the program offered his team the boost they needed to create their company “and a runway for our business to take off.” With the help of an innovative event management system, 501 Auctions helps charities create an auction catalog, collect bids and process payments for fundraising events. New adopters of the platform have raised their average fundraising revenue by 30 percent. The company now serves more than 300 different 501(c)(3)s nationwide, including schools, hospital systems, churches and other philanthropic organizations. — Jacquelyn Lazo




The Washington Post/Darden “Case in Point” | 7 MARCH 2014

Financial Times | 4 MAY 2014

“ In addition to strengthening its retail banking presence in European markets, Deutsche Bank used the downturn in investment banking to gain market share as many competitors were forced to exit the business. By July 2012, Deutsche Bank had the largest market share in U.S. fixed-income trading, beating JPMorgan Chase.”

“We do a workshop called ‘Professional Image in the Age of Social Media.’ A lot of people were saying ‘I’m not doing [social networking], I don’t believe in it,’ but that absence from social media says something about you, too. … I think every professional needs to be on LinkedIn.”

YIORGOS ALLAYANNIS, associate dean for Global MBA for Executives and professor of business administration; ANDREW WICKS, Ruffin Professor of Business Administration, Olsson Center for Applied Ethics director and doctoral program director; GERRY YEMEN, senior researcher; and MATTHEW DOUGHERTY (MBA ’12) on how Deutsche Bank found ways to profit under Basel III regulations.

CONNIE ENGLISH (MBA ’91), director of the Armstong Center for Alumni Career Services, on what social media profiles reveal to potential employers.

The Economic Times Corporate Dossier | 10 MAY 2014

“The largest shareholders of many corporations are public pension plans. So by taxing corporations, we are basically levying taxes on public servants, employees and customers. If the government wants to tax the ‘rich,’ it should do so at the individual level.”

“Even if you don’t know what venture you are going to build, the amount of time should be minimal, but make it regular and repetitive. For example, you could set aside 9–10 p.m. every day. Or four hours every Saturday. The key is to be specific. And commit to it. Commitments are hard. Because old habits are hard to break. So don’t make huge, new resolutions you cannot keep. Simply commit to a small amount of time that you will not cede to other activities.”

JUSTIN HOPKINS, assistant professor of business administration, on why he believes the government should do away with corporate taxation.

SARAS SARASVATHY, Isidore Horween Research Associate Professor of Business Education, on how to change one’s actions to start new ventures.

U.S. News & World Report | 28 APRIL 2014




by Jenny Mead and Patricia H. Werhane

by Raul Chao Open innovation — initiatives executed outside of the typical boundaries of an R&D organization — has been gaining prominence in recent decades. But which projects would be good candidates, and what should an open innovation portfolio look like?

Disturbed by the trash surrounding her in Lima, Peru, an industrial engineering student started a microentrepreneurial enterprise, hiring the unemployed to pick up garbage. Her nonprofit Ciudad Saludad, or “Healthy City,” has improved the lives of more than 6 million people.

“REI: SUSTAINABILITY STRATEGY & INNOVATION IN THE OUTDOOR GEAR & APPAREL INDUSTRY” by Andrea Larson and Mark Meier Many companies grapple with how to hold their organizations equally accountable for financial performance and social responsibility. For REI, the challenge was about how to expand sustainability awareness through consensus.

To learn more about Darden Business Publishing cases, please e-mail Darden alumni enjoy free access to the entire collection. 12 


It’s a BIG world. It needs BIG ideas. Eastman is proud to support the Darden School of Business. As a global specialty chemicals company, we’re honored to invest in programs that help find practical solutions to the world’s most complex issues. Today, the world depends on our insights to create materials that are in just about everything—from the screen on your PC tablet to the sheen on your aspirin tablet. And our global community of approximately 13,500 employees continues to pioneer the innovations that lead to practical solutions— with safety and sustainability at the forefront. What could you do if we put our heads together? Rather, what couldn’t you do?

Start the conversation at

Eastman and The results of insight are trademarks of Eastman Chemical Company. © 2012 Eastman Chemical Company 0208-AD-12 10/12



Richard B. Evans: Equally Invested in Financial Research, Teaching and His Family

by Jacquelyn Lazo



Richard B. Evans is the self-proclaimed “black sheep” of his family. The youngest of eight children, he is the only one who chose to pursue academia. “Growing up in my family, you kind of knew you were either going to go into medicine or law,” says Evans, whose father ran a Salt Lake City, Utah, medical practice with his two brothers called Evans, Evans & Evans. “I became a business professor — kind of useless — all theory and no practice,” he laughs. Although medical school wasn’t for him, Evans considered a career in the sciences before earning his finance degree.


After earning a bachelor of science in chemistry from the University of Utah, Evans applied to the school’s Ph.D. program in computational chemical physics. “The degree sounds impressive, but the true reason [I applied for it] is I was a chemistry undergraduate, and I couldn’t do actual laboratory experimental chemistry, because I used to blow up stuff all the time,” confesses Evans. The university allowed him to enter the chemical physics program with one caveat: He had to pursue something theoretical. While working on “quasi-computational testing” on banned weapons for the U.S. Department of Defense, he watched most of the post-doctorate students in his large research group leave for Wall Street. This got Evans thinking. “Why am I getting a Ph.D. in chemistry, which would take five or six years plus three to four years of post-doc work, when I could just get a Ph.D. in finance in four or five years and go straight to Wall Street?” He “jumped ship and pursued finance” shortly thereafter. His decision proved to be a sound one. “There are 200 really good years of research in the hard sciences, so the stuff you work on are these little, tiny questions, whereas in finance, there are maybe 30 or 35 years, so you can still tackle these big, meaty issues,” Evans says. “The practical importance of what you do, the potential impact of what you do is so much broader in finance than it was at that point in chemical physics.”


A recently tenured professor, Evans researches decisions investors and fund managers make and the economics of the asset management industry. He investigates how CEOs of large asset management companies should run their businesses and how they think about their customers and employees. What’s startling, observes Evans, is that investors systematically make bad decisions. “I often joke with my students about what your average investor needs to do: Buy low, sell high. The average investor does the exact opposite. They buy high and sell low. People are emotional.”

He cites the 2008 economic crisis as an example in which most people sold many of their assets. “The equities were as cheap as they’d been in 15 years,” Evans points out. “It was the biggest equities sale we’ve ever had, but people weren’t buying the good deals; they were selling them. And they were selling at the discounted price.” He likens best investment practices to those of sales. “If I want to buy something online, I look for the cheapest price. Think about investing in stock like any purchase you’d make online. You’ll invest very differently.” Evans also challenges people to think about mutual fund outsourcing decisions. “Few people know that 35 percent of mutual funds are outsourced,” he says. “You may buy a fund that’s called Vanguard Precious Metal Fund, but it turns out Vanguard doesn’t manage the money; somebody else does.” His forthcoming paper co-authored by Darden Professor Peter Debaere examines this information and reveals that outsourced funds do much worse than other funds. His work also investigates the broader implications of outsourcing in general, which is a big question in financial economics. According to Evans, mutual funds provide the best way to study outsourcing. Evans recently won a prestigious CFA Institute Graham and Dodd Award for his paper “Shedding Light on ‘Invisible’ Costs: Trading Costs and Mutual Fund Performance,” which explains the importance of accounting for the “invisible” costs of fund trading. Using portfolio holdings and transaction data, his research demonstrates that funds’ annual trading costs are, on average, higher than their expense ratio, and therefore, they negatively affect performance. To address this underlying deficiency, his team developed an accurate but computationally simple trading-cost proxy — position-adjusted turnover.

Think about investing in stock like any purchase you’d make online. You’ll invest very differently.”


Evans’ investment advice has practical implications for his students, many of whom will earn enough money in the next few years to think about investing for the future. “Investment lessons offer [my students] a broader perspective on being a manager in a corporation,” says Evans. “All the same principles — diversifying across stocks, products or cash flow streams, the same notion of risk and return — apply to almost any business context.”



Evans readily admits to having higher expectations in his Darden classroom than he did at Boston College, where he taught before coming to Charlottesville. He confides that when he was in Boston, he assumed only 5 percent of students would read the assigned material before class. At Darden, he says, “The cold call is a beautiful tradition, because I expect every student in my class to come prepared.” “I have the best job in the world,” he declares. “I’m so passionate about investments, it’s the kind of thing I’d spend my time thinking and reading about, regardless of whether I did this or not.”


When he isn’t researching or teaching, Evans spends time with his family and his church community. As the bishop of his Mormon congregation, he dedicates his Sunday mornings from 9 a.m. until noon to service. “A lot of people say, three hours of church? That’s the longest church ever!” he says, laughing. But for Evans, organizing Sunday meetings and counseling members of the church are important parts of his week. Evans reads to all four of his daughters — ranging in age from 6.5 months to 12 years — every night at bedtime. In his office, he proudly displays a collage of family snapshots on his desk, and his computer’s wallpaper is a Christmas family photograph. A colorful, homemade wooden “Dad” sign stands prominently on his bookshelf, and his family often drops by his office. “We came [to Darden] for the job, really. But six-and-a-half years later, I get it. I love Charlottesville. It’s been perfect for our family.”

€ £ $ $ ¥ £


Evans is also the academic adviser to Darden Capital Management (DCM), the School’s student-run investment organization. The purpose of the club is to prepare students for careers in investment management, research and other functions within the financial markets. The DCM Class of 2014 experienced strong investment performance across all strategies, and numerous students who participated entered investment roles after graduation. “Last year, DCM outperformed their benchmark by more than 100 basis points (1 percent) on a value-weighted basis, a feat not easily or commonly duplicated by asset managers,” said Evans. DCM’s assets have grown to nearly $10 million held in five funds, making it one of the largest programs of its kind. The Cavalier, Darden, Jefferson, Monticello and Rotunda funds are managed independently by Darden students, providing them with the opportunity to develop skills in investment analysis and portfolio management.


THE UNIVERSITY OF VIRGINIA INVESTING CONFERENCE: A SNEAK PEEK Professor Evans is the academic director of the University of Virginia Investing Conference (UVIC), which will take place at the University of Virginia Darden School of Business 13–14 November 2014. This year’s theme is “Investing in Innovation.” “From the technology sector to health care, disruptive innovation seems to be occurring at an accelerating pace,” said Evans. “For an investor, the ability to identify the sources of this innovation and invest accordingly are invaluable. This year’s University of Virginia Investing Conference features investors and entrepreneurs who will share their insights on the process of identifying and investing in innovation.” See inside cover for more information.





East Coast Entrepreneurs Broke Beginnings

Born in Rochester, New York, Walentas’ formative years were challenging. His father, a postal worker, suffered a stroke that paralyzed him when Walentas was 5, leaving Walentas’ mother to care for two young boys while juggling two jobs. To support the family, she had to send Walentas and his brother to live and work on a farm, where they shoveled manure and milked cows before and after school. It was grueling work, and it forced him to become strong, selfassured and independent at an early age. The Birth of Two Trees

While living in New York City, Walentas, who loved to play Monopoly as a boy, acquired his first property in Charlottesville, Virginia, in 1966. He quickly realized it was too challenging to manage property from afar. He sold the farm and invested, with partners, the proceeds in a 60-unit Manhattan apartment building, which “turned out to be a bit of a dud,” he told Rochester Magazine. Walentas finally started to turn a profit in the early 1970s, after partnering with Jeff Byers to establish Two Trees Management Co. (Two Trees). Byers convinced his friends and family to invest in their company, and Two Trees acquired its first rent-controlled building on the Upper West Side of Manhattan. Over the next decade, the partners continued to buy property in Manhattan, the Bronx, Queens, and even Atlanta and Baltimore.


From Fulton Landing to Dumbo

David Walentas (MBA ’64)



umbo sits on the edge of the East River, nestled between the Brooklyn and Manhattan Bridges. In the last decade, this cobblestoned neighborhood has emerged as one of New York City’s premier arts districts. Many of the apartments feature spectacular city views and sell for more than their Manhattan counterparts. But in 1978, when David Walentas (SEAS ’61, MBA ’64) visited Brooklyn, the area was a dilapidated, industrial wasteland known as Fulton Landing. Despite its shabby appearance, he knew the place had potential. Building one of the coolest neighborhoods in the Big Apple was no small feat. Instead of resting on his laurels, Walentas is now eager to transform another Brooklyn waterfront neighborhood. 18 


For Walentas, rehabilitating Fulton Landing seemed like a no-brainer. The location and buildings were spectacular, and most of the area was for sale. Within a few years, Walentas partnered with the Lauder family to buy 2 million square feet of industrial buildings in Brooklyn from Harry Helmsley for $12 million. According to Forbes, which named Walentas to its 2014 list of billionaires, this was “one of the best New York real estate deals since Peter Minuit bought Manhattan for trinkets and beads.” At the time, however, it was a hard sell. “Nobody really got it,” Walentas told The Real Deal: New York Real Estate News. “The planning people didn’t get it. The community board voted against every rezoning we proposed down there. The banks all quit. My partners all quit, so we ended up with all the marbles.” Then, in 1983, Walentas encountered resistance from New York City’s deputy of finance and economic development and the Fulton Landing manufacturing companies that weren’t included in his revitalization plans. He was subsequently “de-designated” as the waterfront’s developer until 1997, when the area was rezoned for residential use. It took Walentas 20 years and plenty of tenacity, patience and persistence to see his vision of Dumbo come to fruition. The Next Big Brooklyn Neighborhood?

An energetic 75-year-old, Walentas is now working with his son, Jed, to transform the Domino Sugar refinery and approximately 11 surrounding acres on the river in Williamsburg into a new $1.5 billion neighborhood, complete with a five-acre waterfront park, a school, a recreation center and a public square. The Domino refinery and its original, iconic sign will remain intact, and the building will be used as office space. Four tall Tetris-shaped skyscrapers will have 2,200 apartments, including 660 affordable and middle-income units. Walentas also plans to lease the ground-floor retail space exclusively to small, independently owned Walentas has his personal motto, “NO businesses, an unconventional approach that helped him in GUTS - NO GLORY,” Dumbo nearly 40 years ago. — Jacquelyn Lazo embroidered on all his shirt cuffs.

This spring, Walentas established a University Jefferson Professorship, the most distinguished professorship offered by the University, in conjunction with the Jefferson Scholars Foundation. The David C. Walentas Jefferson Scholars Foundation Professorship will benefit and help attract a world-renowned scholar and teacher to Darden.




Candace and Charles Nelson (MBA ’96)



etting a freshly baked cupcake at all hours of the day in New York City is now as easy as depositing money in the bank, thanks to Charles Nelson (MBA ’96) and his wife, Candace, who own the California-based bakery Sprinkles Cupcakes. In March, the Nelsons opened their sixth cupcake ATM, on Lexington Avenue between 60th and 61st Streets, much to the delight of their customers, some of whom bought countless cupcakes just to watch the robotic arm retrieve and package the cupcake in the store’s custom brown and pink box. The pink machine allows customers to buy a selection of 20 varieties using a touch screen computer. Nelson first got the idea to create the dessert ATM when Candace was pregnant with their first child and had a cupcake craving in the middle of the night. “I own a cupcake shop and couldn’t even get a cupcake!” said Charles Nelson. In 2012, the couple opened the company’s first ATM in Beverly Hills. Since then, they have opened other cupcake dispensaries in Chicago, Atlanta and Dallas.



STEP 1: Solicit a champion, preferably an executive. This person can open doors for you. (Trulove teamed up with a vice president and fellow mom of twins who connected her with the right people.) STEP 2: Partner with people and organizations that complement your skills and are motivated to achieve success. (Trulove sought the help of the director of human resources, who became a devoted advocate and partner.)

FROM WALL STREET BROKER TO JEWELRY DESIGNER Wall Street interdealer broker who began making jewelry to relieve stress after work, Jenny Schretter (EMBA Class of 2015) realized her designs were marketable after people on the street started approaching her to ask where they could buy the baubles she was wearing. She subsequently designed Jenny Schretter (EMBA Class of 2015) a 65-piece collection and a website, and “within a week [of the launch], the site went viral and I was approached by an international and sales management company that asked me to make a national line,” she said. Schretter attributes the aesthetic of her eco-vintage jewelry line, KOLTON.J, to her grandmother’s exquisite taste. “I grew up playing in her jewelry box — full of rhinestone brooches and pearls — and have since always gravitated to those vintage components, which are an integral part of my jewelry designs today,” said Schretter. As to why she chose Darden, Schretter said it was an obvious, easy choice. “Both my parents and godfather attended Darden, so as you might imagine, ‘Darden’ was one of my first words,” she joked. In addition to being a successful entrepreneur, Schretter is also a philanthropist. The “KJ Gives Back” program donates a percentage of her online proceeds to a charity of the customer’s choice. “A focus on social impact will always be at the core of the business,” said Schretter.




A working mom with newborn twin sons, Jilleen Trulove (MBA ’03) couldn’t find a high-quality day care with two openings near her home or office. Instead of panicking, she came up with a creative solution to the challenge. As a result, Home Depot now offers on-site child care to employees. The Little Apron Academy has become the largest day care center in metropolitan Atlanta. Trulove shares her perspective on how to become a successful intrapreneur within a large company.

STEP 3: Proactively identify stakeholders’ concerns and address them. Don’t ignore them! There is probably a reason why your idea hasn’t been implemented before. Don’t follow the same path. STEP 4: Craft a proposal in a way that answers the stakeholders’ questions before they ask them, and show them the value of your proposition. STEP 5: Once approved, create a strong, cross-functional team. Move quickly and efficiently to retain momentum, and help steer the team through obstacles. This is a great opportunity to involve your champion again.




California Change Agents TWO TOP INNOVATORS EXPLAIN WHAT IT TAKES TO SUCCEED IN SILICON VALLEY commit $50 million to make this real. Sometimes all it takes is being in the right place at the right time. You identified another great idea for your latest startup, Entytle.


My partner and I got together and recognized a big problem: Large equipment manufacturers needed help growing their service businesses. Most of these companies have a hard time identifying all the different things they can do for a customer, service-wise, because the information they need to have at their hands to make decisions often exists, but it exists in an incredibly disperse and fragmented fashion. We’re building a new system to help companies [use that data] to grow their service businesses.

VIVEK JOSHI (MBA ’92) CO-FOUNDER AND CEO, ENTYTLE INC. Serial entrepreneur Vivek Joshi (MBA ’92) has made waves in the manufacturing industry. He is best known for founding and building LumaSense Technologies, a global company that produces temperature- and gas-sensing products and has approximately 300 employees. His latest venture is Entytle, an analytics-driven company that helps manufacturers grow and improve their customer service offerings. Tell us about the origins of your first venture, LumaSense.

by Rachel Farrell 20 


In 2005, I wanted to start my own company. And I sat down, much like I did recently with my wife, to go through different ideas. Except at that time, it was me alone. I had a series of ideas about what kind of businesses I wanted to build and I started talking to different people about different ideas. It happened that one of the people who I talked to at the time was an investor who had similar thought processes. I had the idea; he had the interest. The next thing I knew, he told me he was willing to

There are a lot of problems that need to be solved. Why go after this one?

The world’s equipment manufacturing industry is about $3 trillion in size. The services around that are between half a trillion and a trillion dollars. There are millions of people involved in servicing equipment. It’s a huge market opportunity. I had to give it a shot.

Entytle isn’t your only business these days.

I also run a capital consulting firm called Persilient — a name that combines the words “persistence” and “resilient.” I am doing some work with a couple of funds and companies — advising funds on buyouts, which is what I did in my past life. Some people have approached me to help them build other companies in a similar fashion. So I’m helping them do that. What separates a successful entrepreneur from the pack?

You have to have the persistence to stick with an idea and see it out. And the resilience to bounce back from the “noes” that you hear all day long. And the last thing is courage. I’ve seen enough entrepreneurs in the Valley to realize that, at the end of the day, you have to have the courage of your convictions. To say, you know what, I believe strongly enough to go give it a shot. And you need to have a great idea, I’d imagine.

The idea doesn’t have to be unique. But you have to get up and do something with it. That’s the difference.

JONATHAN EBINGER (MBA ’93) GENERAL PARTNER, BLUERUN VENTURES Jonathan Ebinger (MBA ’93) is a general partner at BlueRun Ventures, a leading, early-stage venture capital firm that’s helped finance and grow some of the biggest names in mobile, such as PayPal, the ubiquitous e-commerce site; Waze, one of the world’s largest community-based traffic apps, which is now owned by Google and has gained international popularity; and Topsy, a social search and analytics company recently purchased by Apple.

It used to be three things: strength of team, strength of market and strength of technology. But in the last couple of years, I’ve added another attribute: The company has to matter. It’s just not worth it for me to spend time on another “me too” company. I want to work with entrepreneurs who are looking to change the world. It sounds cliché, but if we are spending our time and resources, we want it to be on something that’s going to make a difference. How would you define “making a difference” in your field?

I’m not talking about social investing. I’m talking about improving productivity for a workforce, reducing prices for consumers, driving efficiency and so on. For example, one of our companies, Kabbage, provides loans to small businesses — like power sellers on eBay. We assess risk and credit in a different way than banks do and give loans in real time to small businesses so they can really grow. That’s also helping to grow the economy. What opportunities in mobile are you most interested in right now?

We’re very excited about mobile health and about small data around m-commerce. As much as e-commerce is doing a great job, it’s still a fraction of the commerce that’s happening in physical places. And m-commerce is ideally set up to fill that gap. I think we’re really on the platform for another big step up in innovation. How do you navigate opportunities in a market as broad as mobile?

We focus on real-time data, [which measures] real-time site traffic, the advertising rotation and commerce. So if [we’re pitched a product] that doesn’t operate in real time, it’s easy for us not to look at it. Innovation is important to our firm so we can stratify opportunities and hopefully point entrepreneurs toward investors that are right for their businesses.


What do you look for when evaluating an investment opportunity?

Along with providing funding, how do you help entrepreneurs grow their businesses?

A lot of times, it’s really about growing the top line. In my experience, that’s often about distribution. Also, product pricing is key. As companies get more and more credibility in the market, they can raise their prices. So, for some companies, giving instruction to the management team about constantly raising prices when they have a strong value proposition is important. When you’re not growing mobile companies, what are you up to?

I recently wrote a screenplay about two young Wall Street guys who get disenchanted with their line of work, and they want to do something that’s more worthwhile. So they have an idea and they go out to raise money for it, and the business ends up being really successful and they help a lot of people. It’s kind of a tongue-in-cheek story. I have some friends in LA who are looking at it. And I’ve put it through some screenwriting competitions. You’re a multitalented guy!

You have to keep yourself busy. SPRING/SUMMER 2014 



Innovators in Asia

LESSONS LEARNED FROM DOING BUSINESS IN CHINA In 2011, BRAD TOMPKINS (EMBA ’10) launched a company, Thirvin, to export wine from California to China. The business was a direct result of his 2010 Darden Business Project. After three years, Tompkins has decided to wind down his wine export business to China, and he spent some time reflecting on the lessons he learned while working in a foreign marketplace. JONATHAN BROWNING


SEARCH MARKETING IN SHANGHAI Technology entrepreneur T.R. HARRINGTON (MBA ’04) taps into China’s potential.


hina has more than 590 million Internet users. More than 90 percent of them have a social media account. In 2005, a year after graduating from Darden, T.R. Harrington (MBA ’04) tapped into the growing potential for online marketing in China. He founded Darwin Marketing, a digital marketing agency based in Shanghai’s Changning District. Harrington, the company’s CEO, and his team provide advertising and technology solutions for the rapidly growing online advertising market in mainland China. “We’re best known for our work in China’s search engine marketing and search engine optimization industries,” said Harrington. “More recently, we’ve extended our reach into content strategy and optimization for social media and video.” Though the Chinese government exerts significant control over the nation’s social networks, blocking global networks such as Facebook and Twitter, China’s high-tech market is dynamic and hard charging. Tech entrepreneurs like Harrington, who got his start in Silicon Valley, are shaping the future of online marketing and bridging the cultures from East to West. — Julie Daum 22 


1. SUPPLY CHAIN Our original business plan was based on the “just in time” supply chain model. We sold our concept to the customer and then fulfilled the order by shipping the goods from California to China. We quickly learned that products have to be in market through customs in mainland China before you can begin the selling process. Despite what the geopolitical maps say, Hong Kong does not operate the same way the rest of China does in terms of its commercial business. 2. TRADEMARKS Be sure to immediately register your business name, product names and Internet “.cn” domain names. China has a first registration policy (as opposed to America’s first use policy) for registering trademarks. It will only be a matter of time before someone registers your marks and reaches out to you to request payment for “partnership.” Fortunately for us, we registered quickly and didn’t have this issue, but others (including Apple) weren’t as lucky. 3. LOGISTICS If you are importing products into China, I highly recommend hiring a logistics partner you can trust. Over time, you can take over logistics, but hire someone to help in the early stages. 4. BUSINESS REGISTRATION There are multiple forms of business entities in China. The Wholly Owned Foreign Entity (WOFE or WFOE) is the version that applied to our model. What you won’t see in your Internet research is that there is a requirement for registered capital, and if you want your license to be processed in a timely manner, you should be prepared to commit 1 million RMB. Note, this money can be used for business expenses within China and need only be deposited in a Chinese bank account over a three-year period. 5. CASH FLOW/WORKING CAPITAL Do not underestimate the requirement for working capital. The time it takes to sell and get paid in China will not allow room for error. Have a big buffer of cash and time.


TO DATE, HUSK POWER UNIVERSITY HAS TRAINED: More than 100 operators and mechanics


10–15 mid-level managers More than 75 women Rice husks bring India out of the darkness.


hronic power interruptions have plagued India for years. In 2012, the collapse of India’s power grid cast approximately 670 million people — roughly 10 percent of the world’s population — into darkness. Although the three interconnected northern power grids were repaired within a few days, and power was restored to the 2,000-mile stretch of India affected by the collapse, major shutdowns like this are not a rare occurrence. Two Darden graduates, Manoj Sinha (MBA ’09), who grew up in Bihar, India, and his classmate Chip Ransler (MBA ’09), are working to solve India’s ongoing power crisis by repurposing an abundant waste product in the region — rice husks. Sinha and Ransler’s innovative idea evolved into Husk Power Systems (HPS) in 2008. By turning husks into biogas, which is in turn used to fuel mini power plants, they began providing affordable and reliable power to millions of people in India’s rice belt. “When we first came to these villages, we noticed children played right after 5 p.m. and they didn’t really study or go to school,” Sinha noted. “The entire village was covered by complete darkness by 9 p.m.,” he said. Providing these families with electricity offered them the opportunities to work and play before dawn and after sundown. Training and Teaching Local Populations

To run the plants, Sinha and Ransler needed to hire operators from the local community. The pair founded Husk Power University, a technical training institute for aspiring HPS mechanics and operators. “We realized early on that human capital would be key to scaling our business, and it was very hard to get trained people in the villages,” said Sinha. “To address this issue, we built our own training curriculum that spans technical and mid-level management training.” Students at Husk Power University get hands-on experience through field training, simulations and workshops. In 2009, Fast Company named Husk Power Systems one of the Social Enterprises of the Year. Since then, it has won several

other distinguished awards for its work, including the 2011 Ashden International Award for off-grid sustainable generation. Next Stop: Africa

Since its launch, HPS has established more than 90 power plants in India, Nepal, Tanzania and Uganda. Each plant serves approximately 500 customers, allowing HPS to provide electricity to more than 200,000 people across 300 villages.

In 2013, President Barack Obama chose HPS as one of only six global companies to be a private sector partner for his Power Africa Initiative, which aims to supply energy to 20 million households and commercial entities in sub-Saharan Africa. Seventy percent of the population in this part of the world is without electricity, and HPS has committed to installing 200 plants in East Africa, which will provide affordable lighting for 60,000 households. Sinha said of the partnership, “We are very pleased to be included in the Power Africa Initiative alongside General Electric and the like, because it is validation of the decentralized model of electrifying rural areas we’ve created.” The biggest reward for the HPS founders is watching the villages they service come alive at night. “Nothing compares to the happiness I get when our power plants light up houses every evening,” Sinha said. “The happiness of seeing children studying at home at 8 p.m. is unparalleled and is very hard to describe,” he explained. Sinha credits Darden for teaching him the skills he needed to overcome many of the hardships he faced while building HPS. “Two years at Darden made me resilient,” he said. “That allows me to rise to the occasion no matter how difficult the situation is.” The power HPS supplies significantly reduces indoor air pollution and improves health conditions by decreasing kerosene and diesel use. Sinha and Ransler are working hard to ensure that new jobs and access to affordable power will help drive economic development in rural India and beyond. — Jacquelyn Lazo




IDEAS TO ACTION AT THE UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS, we focus on the challenges executives around the world face every day in the business world. We seek to offer forward-thinking business leaders ideas they can immediately put into action in the workplace. To generate those ideas, we nurture a vibrant research ecosystem within Darden. We want to shape the way people work in the 21st century by equipping them with the fresh ideas and new skills they need to operate in our global, fast-changing world. Our new thought leadership website, Ideas to Action, introduces you to some of Darden’s thought leaders and their ideas.



Darden Thought Leaders Share Their Innovative Ideas ethics

I’m trying to recast the very way we think about business. The old way of business presupposes the purpose of business is to make profits. This is akin to believing that making red blood cells or breathing is the purpose of life. Yes, we must have red blood cells, just as businesses must make profits. But the purpose of business is usually determined by a passionate entrepreneur chasing a dream to change the world. … We need to put purpose back into capitalism.” PROFESSOR R. EDWARD FREEMAN, author of Strategic Management: A Stakeholder Approach, is best known for his work on stakeholder theory and business ethics, in which he suggests that businesses build their strategies around their relationships with key stakeholders.


You cannot lead in today’s global economy if you cannot negotiate diversity deftly. Traditional diversity management is becoming a thing of the past. The new line of thinking advances the researchsupported idea that firms must capitalize on the differences that matter most among employees to drive innovation and productivity.” PROFESSOR MARTIN DAVIDSON, author of The End of Diversity as We Know It: Why Diversity Efforts Fail and How Leveraging Difference Can Succeed, is an expert on global leadership with an emphasis on how to manage diversity to generate superior performance — an approach he pioneered, called Leveraging Difference.




decision analysis

We would like to refine our crystal ball to get a better sense of what’s in the future. … We want to get better forecasts because at the end of the day that could lead to higher profits. … The big idea is that we can better tap into the wisdom of the crowd. We look at ways to combine distributional forecasts and how to average them in more sophisticated ways.” – Professor Yael Grushka-Cockayne “You get rid of the extremes, which then might reflect better the view of the group, rather than let the view of the group be pulled in a direction by the guy who has the wildest view.” – Professor Casey Lichtendahl PROFESSORS YAEL GRUSHKA-COCKAYNE and CASEY LICHTENDAHL, co-authors of the case Survey Professional Forecasters, are experts in probability forecasting and combining forecast — the art of helping management cope with the uncertainty of the future.



design thinking

I think of design thinking as just another approach to problem solving. What’s so attractive to me about this approach is that it allows us to combine a more right-brain creative thinking with leftbrain analytical thinking. And in this day and age that we live in now, where we know we need innovation and at the same time we know we need to continue to run our organizations as effectively and efficiently as possible, design thinking offers a process and set of tools to bring the best of both worlds into our decision-making process.” PROFESSOR JEANNE LIEDTKA, co-author of the books Solving Problems With Design Thinking: 10 Stories of What Works and Designing for Growth: A Design Thinking Tool Kit for Managers, is a leading scholar on the hot topic of design thinking and how it can be used to fuel innovation and organic growth.


We continue to think that entrepreneurs are swashbuckling risk-takers who are very different from the rest of us. The fact is, whether you are an entrepreneur or not, life is full of uncertainties. … Entrepreneurs don’t take risks, nor do they try to predict an uncertain future. They simply roll up their sleeves and make the future, working with other people who are willing to work with them.” PROFESSOR SARAS SARASVATHY, author of the book Effectuation: Elements of Entrepreneurial Expertise, is a leading scholar on the cognitive basis for high-performance entrepreneurship.


I’m implementing mathematics to make companies use their data better. Until now, all the visualization-software companies were, in a sense, reporting tools that tell you what happened, not what could happen. … I have built [a] model that measures how much profit a customer provides to a firm. What [I] did was connect that information to marketing activity, which is not just finance and accounting. It’s not just counting the beans. It’s looking at how the beans came about.” PROFESSOR RAJ VENKATESAN, co-author of the forthcoming book Cutting-Edge Marketing Analytics: Real-World Cases and Datasets for Hands-on Learning with Professors Paul Farris and Ron Wilcox, is an expert in customer relationship management, marketing metrics and analytics, and mobile marketing.





How to Drive Business Growth and Innovation in Your Company By Professor Edward D. Hess

You do not need to be a rocket scientist to figure out that the pace of business change continues to accelerate and that technology is a big driver. Well, buckle your seat belts, because on the horizon are cost-effective robots and smart machines powered by artificial intelligence. Technology advancements will make achieving scale and efficiency easier — leaving innovation as a key competitive differentiator.



Professor Jeanne Liedtka and I have been engaged for years in looking at how individuals and organizations become consistent high-value-add innovators. Professor Liedtka’s research in individual mindsets and design thinking has led the way from an individual perspective. My work has focused on the organizational aspects of innovation: how to create an internal environment that enables and drives innovation behaviors and innovation experimentation. We combined our work in a short book, The Physics of Business Growth: Mindsets, System & Processes, which was published by Stanford University Press. In the book, we present a blueprint for building a high-performance innovation machine. Doing so requires the right mindsets, the right internal environment (system) and the right processes. Innovation requires individuals who are open-minded and comfortable dealing with uncertainty and ambiguity. These individuals love to explore and learn and are not obsessed with avoiding failure. They view innovation failures as learning opportunities. Innovation also demands an empowering work environment — an internal innovation system. To facilitate increased innovation, one needs to enable and drive innovative behaviors by aligning culture, structure, leadership behaviors, measurements and rewards. Innovation entails using the right processes that promote exploration, discovery and fast, cheap experimentation. Although this sounds easy, obviously, it is not. Why? There are many reasons, but let’s focus on a big one. Operational efficiency is a necessary business capability in today’s environment, but it drives a mindset and behaviors that make innovation difficult. How? Operational

efficiency’s goal is 99 percent defect-free performance. Managing operational efficiency means looking for and stamping out variance. To no one’s surprise, innovation is not efficient. Innovation usually results from iterative experimental learning.

FORTHCOMING BOOK Applying the science of learning to a business environment is the focus of Hess’ upcoming book, Learn or Die: Using Science to Build a Leading-Edge Learning Organization (Columbia Business School Publishing, September 2014).

“Innovation usually results from iterative experimental learning.” Innovation variance can run as high as 90 percent. If you are an innovator, you love variance because it can lead to new avenues of value creation. Innovation variance produces surprises — unexpected results that can lead to new WOWs — insights. If you are managing operations, variance is your enemy. If you are managing innovation, variance can be your best friend. The cultural part is key. The fundamental process underlying both 99 percent defect-free operational excellence and innovation is learning. Operational excellence comes from constant improvement, which requires learning. Innovation results from the learning derived from iterative experiments. While different processes are required and different tolerances for failure are necessary, fundamentally, companies that are great at both innovation and execution are great learning companies with lots of great learners.

Edward D. Hess is a professor of business administration and Batten Executive-in-Residence.

Darden Executive Education

Join Professors Edward D. Hess and Jeanne Liedtka LEARN HOW TO DRIVE BUSINESS GROWTH So, how does a business achieve both operational efficiency and innovation? That is the conundrum that we spend a week exploring with executives and managers in applied workshops in our openenrollment Executive Education program Drive Business Growth and Innovation: Mindsets, Behaviors and Tools (12–17 October 2014). For more information, visit growthEE.




GARY JONES (MBA ’74) Receives the 2014 Abbott Award Gary Jones, a 1974 graduate of the University of Virginia Darden School of Business, received the 2014 Charles C. Abbott Award — the highest honor Darden bestows on its alumni. Jones received the award during the State of the School program, held as part of the 2014 Darden Alumni Reunion. The annual award recognizes Darden alumni for their exceptional and lasting contributions to the School. The winner was selected from more than 30 nominees. “The review of nominations for the prestigious Abbott Award is surely a thorough and deliberate process with a pool of most deserving candidates,” said Jones. “I am honored and humbled to receive the award. I am very proud of my Darden degree and of my Darden affiliation. It really is hard to imagine that a two-year experience had such a meaningful impact on my life.” Jones, who served as a trustee for the Darden School Foundation for nine years, was instrumental in crafting the goals and strategic initiatives for the School’s capital campaign. Upon initiating the Darden Principal Donors Society, he became a charter member and donor, and identified and cultivated many of the original Principal Donors. Jones also helped to fund many scholarships and initiatives, including the Jones Family Military Leadership Scholarship Fund, the Jones Classroom, the Rhett Classroom and the Jones Fountain. He was also the largest single contributor to the Darden Class Gift of 1974 — the Jefferson statue, which presides over the School’s Flagler Court. In addition, Jones served his alma mater in the classroom as a guest lecturer in several of Professor John Colley’s courses. His activities, such as working with Darden staff members to launch Week on Wall Street, an annual trek for Darden MBA

Karen Edwards (MBA ’84), chair of the Darden School Alumni Board of Directors, presented the Abbott Award to Gary Jones (MBA ’74) during Reunion weekend.

students, and leading an effort to encourage MBA students to enter investment banking and financial services careers in New York City, enhanced the Darden education experience. Jones is a professor of practice in the Scheller School of Business at Georgia Tech. He teaches the course “Management of Financial Institutions” for MBA candidates and upperclassmen. He also serves as vice chair and chair-elect of the Georgia Tech Foundation Board of Trustees. Before becoming an educator, he spent most of his career as managing director for Donaldson, Lufkin & Jenrette Inc. before it was taken over by Credit Suisse. “I hope I have illustrated, through my involvement and support, my love and my passion for the Darden School after 40 glorious years of pride and affiliation,” Jones said. He credits Professors Colley and Bill Sihler, and Professors Emeriti Brandt Allen and Chris Gale, along with other faculty members, with grooming him for the rigors of business leadership. “They challenged the students every single day to respond, to defend, to promote, to provoke, to persuade, to dissuade — an amazing catalyst to build self-confidence,” said Jones. “Two years of that will prepare you for anything.”

“I hope I have illustrated, through my involvement and support, my love and my passion for the Darden School after 40 glorious years of pride and affiliation.” — Gary Jones (MBA ’74) Libby and Gary Jones (MBA ’74)



DARDEN REUNION WEEKEND | for more photos visit

Reunion 2014



HOT TOPICS: Darden Alumni Give Back by Teaching in the Classroom Recent Speakers

Frank M. Sands Jr. (MBA ’94), Chief Investment Officer and Chief Executive Officer, Sands Capital Management

Peter Intermaggio (MBA ’86), Senior Vice President of Communications, Comcast

Dafina Lovelace (MBA ’10), Program Manager, CRM & Service Level Agreements, Danaher Corporation

Professor John L. Colley Jr. has been inviting alumni back to teach for decades in his “General Managers Taking Action” class. The participants are legendary. Another initiative that brings them back year after year is Hot Topics, which was originally developed by a faculty member and an alumnus. Since 2008, Darden Alumni Services has facilitated Hot Topics, and it has grown substantially. In the past seven years, 212 alumni have returned to Grounds to teach in a Hot Topics class, and the impact has been tremendous. Alumni practitioners augment the instruction Darden Professors Kenneth M. Eades and Timothy Laseter and Professor Emeritus Marian Chapman Moore offer in their classrooms. “Hot Topics brings a different teacher to every class, along with a different company, a different career path and a different decision to consider,” said Eades. “This diversity allows students to learn more about their areas of interest as well as current issues in all aspects of the various careers. At the same time, our alumni have the opportunity to give their time and talent to the education process.” The Hot Topics series is an exceptional opportunity for experienced alumni working in the areas of technology and operations, marketing, entrepreneurship or finance to teach a class about their real-world business challenges. “The students asked fantastic questions, and I was impressed by the quality of jobs they

have lined up after graduation,” said Kristina Mangelsdorf (MBA ’94), senior director of global citizenship at PepsiCo Inc., who taught in Professor Moore’s “Hot Topics in Marketing” course. “Teaching was a great opportunity for me to see the significant progress Darden has made in recruiting high-caliber students.” Interacting with the students is what many alumni find so exceptional about the program. Lyons Brown (MBA ’87), a Hot Topics participant and former chair of the Darden School Foundation Board of Trustees’ Alumni Engagement Committee, said, “The rewards of teaching in a Hot Topics class come in many forms, but nothing tops the interaction with the students. They are welcoming, inquisitive, engaging and grateful. Hot Topics is an inspired concept — everyone involved benefits from the experience.”

“As expected, the students at Darden engaged fully in the very real and very hard business problem at hand. They recognized the complexity of the issues and the difficult choices I face as a marketer. The classroom discussion and thought processes were no different from what I experience every day.” — PETER INTERMAGGIO (MBA ’86), senior vice president of communications, Comcast, who came back to talk about the evolving Comcast brand in a Hot Topics course

To learn more about the program, please contact Cathy Pales, director of alumni engagement, at What Are the Hot Topics Courses?

Randall Beard (MBA ’83), global head for advertiser solutions of The Nielsen Company, talks to students after a Hot Topics class.



Hearing insights from experienced alumni about their fields of choice helps prepare Darden students to make better decisions once they enter the business world. Hot Topics gives alumni an opportunity to gain brand exposure to potential hires and inspire tomorrow’s business leaders. Hot Topics is an engaging way to reconnect with faculty and the School, and to remember why Darden is the No. 1 education experience on the planet. HOT TOPICS COURSES: Hot Topics in Finance Hot Topics in Marketing Entrepreneurs Taking Action Emerging Topics in Technology and Operations Management




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Alumni Profile Alumni Profile

The Frederick S. Morton Student Award — named for Marshall Morton’s father, who was a Darden professor — is presented each year to a Second Year student in recognition of exceptional leadership within the Darden community. The award recipient in turn selects the winner of the Frederick S. Morton Faculty Award, which honors the member of the teaching faculty who best fostered the student’s leadership ability while at Darden.

MARSHALL MORTON (CLAS ’70, MBA ’72) Appreciates Enduring Values in a Changing World “If you can’t figure out how to harness change, you’ll get left behind,” said Marshall Morton (CLAS ’70, MBA ’72). “That’s something I’ve been taught time and time again.” Morton knows about change. During his 23-year tenure at Media General — first as chief financial officer and then as chief executive officer — he played a key role in successfully guiding the company through an industry undergoing profound transformation. “When I arrived at Media General in 1989, the company owned three newspapers, three TV stations, a number of specialty magazines and a roofing company that made shingles out of old newspapers,” Morton said. By the time he retired at the end of 2012, the company had refashioned itself into a leading provider of broadcast and digital news, information and entertainment. “We had to change as a result of a changing population that gets its information in different ways,” he said. “We really had to rethink what we were.” According to Morton, a critical element of successfully managing change is the ability to understand what should stay the same. “You have to recognize that some principles and approaches are universal,” he explained. Darden provided Morton with an enduring set of skills that enabled him to overcome the enormous financial and industry challenges of the Internet era. His superb professors and



classmates taught him to take an analytical perspective on strategic decision-making and taught him that— with respect to financial analysis — there’s no substitute for numbers that add up. “Darden’s value for someone like me, who switched from working for a textile company [WestPoint-Pepperell] to Media General, is that it taught me how to think and evaluate,” he said. “That’s stuck with me. My license plate is EVALU8.” Given the scope of change in the world today, Morton said he’s pleased to see the School stick to the strengths that have long ensured the value of a Darden education: a rigorous, practically oriented case-based curriculum and student-teacher relationships that are based on dialogue and mentorship. “Darden has paid attention to changing opportunities in very effective ways,” observed Morton. “But I’m tremendously proud that it has held on to its core values.” Morton and his wife, the former Caroline Sanders, have two children and five grandchildren, and they reside in Richmond, Virginia. On 30 June 2014, Morton will be rolling off of the Darden School Foundation Board of Trustees, having served two terms.

— Mary Summers Whittle


Alumni Profile

Friedman’s investing advice:

Ultimately, you have to take the long view, not the day-to-day view. That’s true not only in investing, but in careers and in being a parent.” CATHERINE J. FRIEDMAN (MBA ’86) Banks Business Success on Good Communication Skills


hen Catherine J. Friedman (MBA ’86) joined the Darden School Foundation Board of Trustees, she accepted the responsibility as a way of repaying a debt of gratitude to the program. “It was an opportunity to give back to a School that taught me so much and that I’m so proud of,” said Friedman. “I also wanted to give back to [Dean] Bob Bruner. He was my finance professor and also my mentor. I’ve stayed in touch with him over the years.” Friedman’s career included a 24-year stint at Morgan Stanley, where she was a managing director, before taking on the simultaneous roles of head of West Coast health care and co-head of the biotechnology practice. Her specialties included mergers and acquisitions as well as health care. A Harvard graduate, Friedman left the financial services corporation world in search of fresh challenges. “I was 48 when I left, and I had spent half my life at Morgan Stanley. I decided to do something different.” But her exceptional reputation as a financial adviser attracted clients even as she tried to figure out her next step. “People started coming to me, asking me to do certain projects.”

Word of mouth led to more requests for her skills, until she found herself serendipitously launched into a second career as an independent financial consultant, catering to both private and public companies in the life sciences. “I’m enjoying it,” Friedman said of her consulting career. “There is so much more flexibility for me now. I can even come to Darden more.” Her philosophy for business success is simple. “Good communication skills — the ability to communicate clearly and concisely — are all-important. And you must comport yourself with integrity. Those skills and that integrity are both taught at Darden.” As for investing, her advice is equally straightforward. “Ultimately, you have to take the long view, not the day-to-day view. That’s true not only in investing, but in careers and in being a parent.” Friedman, who lives in Atherton, California, with her husband, Jon Duane, knows about parenting. The couple have six children, and in her spare time, Friedman serves on the boards of four companies and stays involved with the Boys & Girls Clubs of the Peninsula and Sacred Heart Schools in Atherton.

—Carlos Santos




Alumni Profile


TOAN NGUYEN (MBA ’94) Transforms His Community Through Social Entrepreneurship

n Charlottesville, Toan Nguyen (MBA ’94) is chipping away at poverty — not through handouts, but by growing social entrepreneurship. Nguyen is co-founder of the Community Investment Collaborative (CIC), a nonprofit organization that provides individuals in the Charlottesville area — particularly those who come from low-income households and lack college degrees — with training, mentorship and loans to launch their own businesses. The goal is twofold: to help people become selfsufficient through entrepreneurship and to boost the area’s economy through the creation of local businesses. Since its inception in 2011, CIC has helped 51 entrepreneurs launch businesses ranging from a hair salon to a landscaping company to a gluten-free bakery. One such entrepreneur is Charles Childs, a 38-year-old handicapped man who was living off food stamps and in subsidized housing before he enrolled in CIC’s program. Today, he is the founder and owner of Zoom Zoom Transportation, a taxi service that caters to people in wheelchairs. “His business is thriving,” said Nguyen, who started his own business, C’ville Coffee, in 2000. “He’s actually making so much that he got kicked out of subsidized housing. He is so happy to be moving out of there.” Last year, after observing that many small businesses in the area needed sales, marketing and accounting support, Nguyen started a second organization: C’ville Central, a benefit



corporation that helps local business owners by contracting their services to large institutions, such as the University of Virginia and Martha Jefferson Hospital. In its first year, the corporation managed $100,000 in contracts on behalf of entrepreneurs. “It’s been transformative,” Nguyen said. “For example, we have a master painter who went from having scraps of jobs to being the big man on the job. Before, he was stooping. Now he walks around with his head up high.” Helping people comes naturally to Nguyen, who was born in Vietnam and raised in Brussels, Belgium. When Nguyen was a child, his grandfather, who served as the ambassador to Japan for the French government, was an excellent role model who demonstrated the importance of serving one’s community and helping the disadvantaged. Nguyen is carrying that legacy forward, but through a different vehicle: business. And this, he believes, is the wave of the future. “Social entrepreneurism is the tsunami that will sweep through America in the next decade,” he said. “In the past, the burden of taking care of people fell on the government. Now, there’s a new paradigm to use the power of business to do that. We’re turning a liability into an asset.”

— Rachel Farrell


Questions With


obert F. Bruner is the eighth dean of the Darden School of Business as well as the Charles C. Abbott Professor of Business Administration and has been a Darden faculty member since 1982. Bruner has won numerous teaching awards and has advanced both the Darden School and the global field of management education. Bruner has announced that at the end of his second term as dean in July 2015, he will return to the School’s faculty to resume a focus on teaching, research and writing. Born in Chicago, Illinois, and raised in Wisconsin, Bruner received a B.A. from Yale University and his MBA and DBA from Harvard University. A master of the case study classroom, he teaches and conducts research in finance and management and has served as a visiting professor at INSEAD, IESE and Columbia University business schools. He has written or co-authored approximately 300 case studies and several books. Among business school deans, Bruner is recognized as a pioneer in the use of social media. He started his popular Dean’s Blog in 2006 and is a prolific Tweeter. In 2011, Poets & Quants named Bruner its first Dean of the Year. The news was also broadcast by CNNMoney — CNN’s business website and the online home of Fortune and Money magazines — which stated: “Bruner is leading the way when it comes to making an MBA a globally relevant degree.”


Bob Bruner 1. What was your first job? Camp counselor — unwitting but suitable preparation for my ultimate calling as a professor and dean. 2. What’s the best advice you have ever received? “You must be present to win”— a sign I saw at a Las Vegas casino. 3. What is your most marked characteristic? Persistence: Many failures are due to giving up too soon. 4. When and where do you do your best thinking? 4:30 a.m., when the house is quiet. I’m fresh, the best questions crop up and the words or calculations just flow. 5. What’s your favorite business book of all time? Peter Drucker’s The Effective Executive. 6. Which four living business person(s) would you like to bring together for a private dinner with you? How about dinner with a group of leaders who shaped a compelling example for others: Warren Buffett (CEO of Berkshire Hathaway and best-known “value investor”), Richard Branson (founder of Virgin Group), Zhang Ruimin (the CEO and founder of Haier Group) and Sheryl Sandberg (COO of Facebook and author of Lean In). 7. What’s your motto? Onward and upward. 8. What characteristics do you look for in people? Personal generosity, a sense of urgency in action-taking, a high standard of quality, a positive can-do attitude, leadership with a bias toward serving others, good communication skills and unquestioned integrity. 9. How do you measure success? I like the Chinese proverb that says success is having something to do, something to live for and someone to love. 10. Which natural talent would you most like to have? Music-making. 11. What do you consider your greatest achievement? The upbringing of my two sons (co-achieved with my wife of 35 years, Bobbie).

12. What is your most treasured possession? Four mechanical clocks that chime the hours. Like students, some run fast, some slow, but each sets a different and valued tone in the space. 13. What music have you recently uploaded? Some great performances by Diana Krall, Alison Krauss and Nora Jones. 14. How do you unwind? Cooking works nicely, usually with a bottle of cabernet. Reading history works very well, usually with chamomile tea. Bicycling or hiking with friends, usually with water. 15. If you could live anywhere, where would it be? Voltaire’s Candide got it right: The best place to live is at home with a private garden you can tend. It is even better to have a “private garden” of ideas and values that you can take anywhere. 16. What’s your favorite cause? Higher education: Between technological innovation, globalization and demographic changes, it’s a train wreck about to happen. 17. What’s your favorite food and beverage? This is potentially a long list, but I always start the day with a breakfast of Cheerios, sliced banana, milk and orange juice. 18. What’s next? Formally, I’ll return to the Darden faculty at the end of my second term as dean in July 2015. Then I’ll take a year’s leave of absence to think about what I’d like to focus on next. Lots of possibilities; I’ll take my time to sort them out. 19. Which class at Darden impacted you the most? Teaching First Year finance is my true love. I don’t understand why academicians recoil from teaching the required introductory course to a field. For me, it is simply thrilling to see the “aha!” in students’ eyes as they grasp a big idea for the first time. 20. Which Darden professor influenced you the most? Bill Sihler was a tremendous mentor and friend. He sat in on every class session I taught in my first year at Darden, and I sat in on every session of his. He was very generous with his time; I borrowed liberally from his wit, wisdom and teaching techniques.

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES CHAIR Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice VICE CHAIR James A. Cooper (MBA ’84) Thompson Street Capital Partners

ALUMNI LEADERSHIP The five leadership boards of the Darden School of Business are composed of more than 130 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world. (Listing as of 1 June 2014)

New Member Elected to the Darden School Foundation Board of Trustees

Rick Shannon, M.D. Executive Vice President for Health Affairs, University of Virginia

UPCOMING MEETINGS ALUMNI BOARD: Friday, 24 October | Charlottesville, Virginia BOARD OF TRUSTEES: Thursday-Friday, 23-24 October | Charlottesville, Virginia DEAN’S DIVERSITY ADVISORY COUNCIL: Friday, 17 October | Charlottesville, Virginia GLOBAL ADVISORY COUNCIL: May 2015 | Shanghai China CORPORATE ADVISORY BOARD: Thursday, 23 October | Charlottesville, Virginia



W.L. Lyons Brown III (MBA ’87) Altamar Brands, LLC Robert F. Bruner Dean, University of Virginia Darden School of Business Susan J. Chaplinsky (Faculty) Darden School of Business G. David Cheek (MBA ’79) The Meridian Group James Su-Ting Cheng (MBA ’87) New Richmond Ventures VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Michael A. DeCola (MBA ’77) Mississippi Lime Company Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Louis G. Elson (MBA ’90) Palamon Capital Partners, LLP Arnold B. Evans (MBA/JD ’97) SunTrust Robinson Humphrey John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities, LLC Catherine J. Friedman (MBA ’86) Independent Consultant Donald W. Goodman (MBA ’84) Retired, The Walt Disney Company Kirsti Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Russell Reynolds Associates Inc. Edwin B. Hooper (MBA ’94) Centerview Capital Robert J. Hugin (MBA ’85) Celgene Corporation Martina Hund-Mejean (MBA ’88) MasterCard Worldwide William I. Huyett (MBA ’82) McKinsey & Company Lemuel E. Lewis (MBA ’72) Local/ Luann J. Lynch (Faculty) Darden School of Business John G. Macfarlane III (MBA ’79) VZ Capital Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80) Med-Air Homecare

Marshall N. Morton (MBA ’72) Media General Inc. Michael O’Neill (MBA ’74) Citigroup Richard M. Paschal (MBA ’89) Coach, Inc. Honorable Lewis F. Payne (MBA ’73) McGuireWoods Consulting, LLC Zhiyuan (Jerry) Peng (MBA ’03) Four Seas Capital Management Scott A. Price (MBA/MA ’90) Walmart Stores, Inc. Admiral Gary Roughead Stanford Hoover Institution Frank M. Sands Sr. (MBA ’63) Sands Capital Management Frank M. Sands Jr. (MBA ’94) Sands Capital Management John Simon Executive Vice President and Provost, University of Virginia Henry F. Skelsey (MBA ’84) PRC Venture Partners, LLC Susan Sobbott (MBA ’90) American Express John R. Strangfeld Jr. (MBA ’77) Prudential Financial, Inc. Teresa A. Sullivan President, University of Virginia George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR, Inc. Thomas R. Watjen (MBA ’81) Unum Group Roger L. Werner Jr. (MBA ’77) Outdoor Channel Holdings, Inc. Elizabeth K. Weymouth (MBA ’94) Riverstone Holdings, LLC

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Karen K. Edwards (MBA ’84) Kosiba Edwards Associates PRESIDENT Douglas T. Moore (MBA ’80) Med-Air Homecare George (Yiorgos) Allayannis Faculty Adviser Keith Bachman, CFA (MBA ’89) Bank of Montreal Katherine Baronowski (Class of 2014) A.T. Kearney, Inc. Christine Piorkowski Barth (MBA ’94) Snowbird Capital Jerry Connolly (MBA ’88) Nomura Securities International Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) LEAF College Savings, LLC Warren F. Estey (MBA ’98) Deutsche Bank Securities Jennifer McEnery Finn (MBA ’00) Capital One Michael Ganey (MBA ’78) House-Autry Mills, Inc. Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises Kendall Jennings (MBA ’12) IBM Bruce Jolly (MBA ’67) Tatum CFO Partners, LLP Harry N. Lewis (MBA ’57) Lewis Insurance Agency, Inc. Nicole McKinney Lindsay (MBA/JD ’00) Strong Seed Professional Development, LLC Dar Maanavi (MBA/JD ’94) Trysail Advisors LLC. Matthew Markee (MBA ’01) Recast Energy, LLC Betsy Markus (EMBA ’11) First Affirmative Financial Network Jay McDonald (MBA ’71) Middleton McDonald Group, Inc. Jeanne L. Mockard (MBA ’90) JLM Capital and Consulting Melissa Monk (EMBA ’08) Equifax, Inc. Kari E. Pitkin (MBA ’97) Bank of America Merrill Lynch Shelley Reese (MBA ’08) Booz Allen Hamilton Elvis Rodriguez (MBA ’10) Goldman Sachs Group, Inc.

Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting, LLP Nancy Schretter (MBA ’79) The Beacon Group Shaojian Zhang (MBA ’99) Rockwell Automation

DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Allison Linney (MBA ’01) Allison Partners, LLC Nicola Allen (MBA ’10) Danaher Corp. Tawana (Murphy) Burnett (MBA ’04) Pfizer Consumer Healthcare Paige Davis (MBA ’09)  T. Rowe Price Jonathan Englert (MBA ’10)  Deloitte, LLP Teresa Epperson (MBA ’95) AlixPartners Ray Hernandez (MBA ’08) NewComLink Drew Holzwarth (EMBA ’09) Stanley Martin Companies Marguerite (Furlong) Longo (MBA ’08)  Johnson & Johnson Consumer Products Octavia Matthews (MBA ’89) Aramark Uniforms Willard McCloud (MBA ’04) Cargill, Inc. Michael Peters (MBA ’09) COMCAST Corporation Reynaldo Roche (MBA ’07) Delta Air Lines, Inc. William (Ben) Sanders (MBA ’06) Korn/Ferry International Rhonda Smith (MBA ’88) Women’s Health & Wellness Advocate Jeffrey Toromoreno (MBA ’06) Citicorp Daniele Wilson (MBA ’11) Johnson & Johnson

GLOBAL ADVISORY COUNCIL CHAIR Scott A. Price (MBA/MA ’90)  Walmart Stores, Inc. VICE-CHAIR Zhiyuan (Jerry) Peng (MBA ’03) Four Seas Capital Management Ed Casey (MBA ’84) Serco, Inc.

Jim Chapman (MBA ’00) Halsey Cook, Jr. (MBA ’91) Legrand North America VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Louis G. Elson (MBA ’90)  Palamon Capital Partners, LLP Leslie Grayson  Isidore Horween Emeritus Research Professor of International Management Clelland Peabody Hutton  (MBA/JD ’75)  Ajia Partners Rosemary King (MBA ’91) Quaero Richard K. Loh (MBA ’96)  Ploh Group Pte. Ltd. Elie Maalouf (MBA ’89) McKinsey & Company  Anton Periquet (MBA ’90)  Pacific Main Holdings, Camden Hill Group Vincent Rague (MBA ’84)  Catalyst Principal Partners Fiona Roche (MBA ’84)  Estates Development Co. Pty. Ltd. Henry F. Skelsey (MBA ’84)  PRC Venture Partners, LLC Erik Slingerland (MBA ’84)  Egon Zehnder International Gmbb. Ichiro Suzuki (MBA ’84)  Nomura Asset Management George S. Tahija (MBA ’86)  PT Austindo Nusantara Jaya (ANJ) Jimmy Wei (MBA ’02)  KPCB China Baocheng Yang (MBA ’04)  Huanghe Science and Technical University

CORPORATE ADVISORY BOARD CHAIR John Fowler Jr. (MBA/JD ’84)  Wells Fargo Securities, LLC VICE-CHAIR Richard M. Paschal (MBA ’89)  Coach, Inc. Michael Balay (MBA ’89)  Cargill, Inc. Helen Boudreau (MBA ’93)  Novartis Corporation Mark Bower (MBA ’02)  Bain & Company Ray Butler  Kollmorgen Kevin Clark (MBA ’01)  Amazon

David Couture (MBA ’95)  Deloitte Consulting, LLP R. Scott Creighton (MBA ’82)  Johnson & Johnson Consumer Products Murray Deal  Eastman Chemical Company Richard Edmunds (MBA ’92)  Booz & Co. Paul Farris (Faculty) Darden School of Business Pierre Jacquet (MBA ’98) L.E.K. Consulting Thomas Johnstone (MBA ’88)  GE Capital Corporation John Bernard Jung (MBA ’84)  BB&T Capital Markets Matthew Kaness (MBA ’02)  Urban Outfitters, Inc. Mary Lou Kelley (MBA ’91)  Chico’s FAS, Inc. David Kostel (MBA/JD ’97)  Credit Suisse Harry Lawton (MBA ’00)  The Home Depot Charles Leddy (MBA ’03)  Daniel McKeon (MBA ’08)  Marriott International, Inc. Fernando Mercé (MBA ’98)  Nestle Purina William J. O’Shea Jr. (MBA ’84)  Campbell Soup Company Thomas Poole (MBA ’99)  Capital One Thomas W. Reedy Jr. (MBA ’91)  Carmax, Inc. James Schinella (MBA ’93)  Manilla Steve Sonnenberg (MBA ’79)  Emerson Elizabeth Thibodeau (MBA ’07)  Target Mark Watkins (TEP ’94)  MeadWestvaco M. Reaves Wimbish (MBA ’97)  Accenture



CLOVER HILL, c.1860 - Federal two-story brick residence, with English basement on 477 acres at the base of the Southwest Mountains, just east of Charlottesville. Restored guest cottage, 2 additional guest houses, formal gardens, and new 5 bay garage with office/guest quarters above. Historic bank barn, old dairy barn, log corn crib, and several streams. (photo 9246) Frank Hardy 434-296-0134

WOODSIDE LANE - Protected elevated setting with incredible views on 60.87 acres. The clapboard home with heavy shake roof, is modern and spacious and has been meticulously maintained. It is ideal for year round living or family retreats with ample space for entertaining. There is a historic log cabin and guest cottage. The land is mostly wooded with abundant wildlife. Frank Hardy 434-296-0134

PLEASANT POINT, c. 1724- Overlooking a gorgeous bluff on the James River, this historic, brick gabled home is privately situated and has been lovingly restored by the current owners. The land is approximately 69 acres and features colonial terraced gardens that lead down to the water. There is a 2 car detached garage & several dependencies, as well as an inground pool. Frank Hardy 434-296-0134

GREEN SPRINGS PLANTATION, c. 1722 - 255 acre plantation in the Historic Green Springs District with Clapboard manor home, with full complement of dependencies. The farm land is mostly open and includes a stable complex, and other farm buildings. The home is on the National Register and Virginia Landmarks Register. Pond, creek and lovely views. Frank Hardy 434-296-0134

OLD HALL, c. 1830 - Historic brick home that has been partially renovated to complement the history of the residence. Formerly the James W. Mason House, the home is considered to be early Greek Revival, but exshibits Federal elements with high ceilings, impressive grand mantels, beautiful woodwork and authentic heart pine flooring. On the National Historic Register and the Virginia Landmarks Register. Frank Hardy 434-296-013

THE MEETING PLACE - Elegant estate in the heart of Nellysford, next to Wintergreen. This over 12,000sf home has 10 bedrooms with 10 full baths, making the perfect vacation home, executive retreat or even B&B. Just over 16 acres, the property has mountain views and river frontage. Features of the home include green house, gazebo, exercise room, studio and conference center. Ann Hay Hardy 202-297-0228

Country Living In Virginia ED UC D E R

SUNNYFIELDS, c. 1830 - Historically significant and fully renovated home, surrounded by 330 acres under easement. Neighbor to Monticello and Ashlawn. Over 11,000 sf with 5 bedrooms and 6 full baths, amenities include a gunite heated pool, tennis court, and restored guest house. Ann Hay Hardy 202-297-0228

SEVEN OAKS – This Greek Revival manor c. 1847 is sited in the center of 100 acres in historic Greenwood and is listed on the National Register of Historic Places and a Virginia Historic Landmark. The 4-bedroom residence was extensively renovated in 2002 and is in excellent condition. Several dependencies include a pool house and office, 5 more secondary dwellings, barn, fitness facility, and vineyard. A dozen mid-nineteenth century structures on the property, stunning mature gardens, and Blue Ridge Mountain views in every direction. Murdoch Matheson 434-981-7439.

RABBIT RUN – Exceptional property in a pristine setting, 3.6 private acres in the heart of Farmington designed by award winning architect and landscape architect. Custom moldings and the finest materials throughout, including the newly renovated chef’s kitchen. Inviting gardens adjoin the residence in calculated proportions and extend on an axis from the front door to the Garden Dining Pavilion. Circular driveway, reflecting ponds, two garden follies, extensive and manicured perennial gardens. Frank Hardy 434-296-0134 or Murdoch Matheson 434-981-7439.

TAYLOR’S GAP ROAD - Beautifully maintained home with lovely master bedroom suite on an attractive, secluded 13 acre lot ,10 minutes from Charlottesville. 4br, 3 1/2 bath, gourmet kitchen, whole house generator, heated 3 car garage with carriage apartment and much more. The land has pastoral & mountain views & would be perfect for a vineyard or small horse farm. Paul Summers 434-566-1168.

HILO-A perfect retreat or estate property. 228 acres with open pasture and mature hardwoods in the Free Union area. Stocked, spring fed lake, mountain views, miles of trails, perked. Good opportunity to purchase a top caliber piece of property in Albemarle where you control your own views. Very private. Peter Wiley 434-422-2090

SPECTACULAR MOUNTAIN RETREAT - Enjoy a private country retreat great for entertaining. Large porches,open plan with unparalleled views on Flattop Mtn. No detail spared in the over 2800 sqft pristine, custom built, barely occupied home on 4 lots. 2 Division lots remain. 1 hr from Charlottesville and a spectacular getaway within easy driving distance to Washington DC. Community has pool, extensive hiking trails and access to the Appalachian Trail and Shenandoah National Park. Duffy Birckhead 434-531-6070

417 Park Street • Charlottesville, Virginia 22902 • 434-296-0134 •

MCLEAN FAULCONER INC. REALTORS Charlottesville, Virginia’s leading farm and estate brokers invite you to preview a sample of our 2014 current offerings. . .

QUAKER RUN FARM – The perfect retreat! Private 17 acres. Spectacular Blue Ridge view, near wineries, trout streams, trails, orchards and more. Superbly renovated, enlarged c. 1910 farmhouse, pool, large party barn. $1,100,000. Jim Faulconer (434) 9810076. MLS #513585.

BREATHTAKING BLUE RIDGE MOUNTAIN views and magnificent sunsets! Great location, just 8 miles west of Charlottesville. One-of-a-kind, architecturally designed, Shank & Gray contemporary, over 6,400 fin. sq/ft with great scale, soaring ceilings, indoor gardens & an abundance of natural light provided by walls of windows. Indoor and outdoor gardens, pristine landscaping, irrigation system, tennis court, gated entry. Well sited on 8 private acres with frontage on Mechums River. $2,150,000. MLS #520463.

STONE HILL – Panoramic Blue Ridge view & water view from this meticulously maintained 5BR luxury home. Privately situated on 21 acres, incredible hilltop sanctuary in heart of Farmington Hunt Country, 10 miles NW of Charlottesville. A SUPERB VALUE: $1,579,000. Jim Faulconer (434) 981-0076. MLS #517592.

IVY - Quality 5,600+ fin. sq.ft. custom home designed by Vito Cetta offers superb craftsmanship & superior finishes both inside & out. Gorgeous rural setting, 42+ private acres, pond, streams, 1 mile of hiking trails - all within 8 miles of UVA. Guest apartment, pool, pool house/workshop, 3-car garage. $1,960,000. MLS #505441.

CASTLE ROCK FARM - 48 acre farm near Batesville, beautiful open & wooded land, mt. views, good water, pond. Circa 1930 4BR brick Georgian, plus 2BR guest cottage, studio apt., 4-bay garage, barns. Private setting less than 20 min to Charlottesville. $1,295,000. Jim Faulconer (434) 981-0076.

VALMONTIS - Totally restored brick residence, c. 1790, with recent additions nestled on 25 acres near Southwest Mountains, just 7 miles NE of Charlottesville. Private, tranquil setting w/beautiful pastoral views. $2,250,000 Steve McLean (434) 981-1863. MLS#518810.

SWEEPING BLUE RIDGE MTN VIEWS. Quality-built 10,000+ sq.ft. residence nestled on over 44 park-like acres, 20 miles north of Charlottesville. Bright open floorplan, soaring ceilings, superb architectural details, wine cellar, theater room & indoor swimming pool. $2,995,000. Steve McLean (434) 981-1863. MLS #504229.

GUTHRIE HALL - Magnificent circa 1901 Arts and Crafts residence, designed by renowned NYC firm of McKim, Mead & White. 12,000 sq.ft. main house built of quartz stone with eight terraces and porches. Impressive details throughout, private location, 20 minutes to Charlottesville, mountain views and century old trees on over 750 acres. Renovated barns & stable. National Historic Register & Virginia Landmarks Register. $5,950,000. Call Steve McLean or Jim Faulconer (434) 295-1131.

AVENTADOR - A magnificent 100 acre (or more, if desired) country estate in Albemarle County, approx. 16 miles from Charlottesville in a beautiful pristine setting. This Georgian residence has over 10,000 sq.ft. finished, guest home, superb quality appointments, details and structural features throughout, and loaded with modern conveniences. Excellent value at $4,750,000. Jim Faulconer (434) 981-0076. MLS #517436.

BARNAHILL FARM - 184 acre Loblolly tree farm located approx. 25 minutes north of Charlottesville. Immaculate architect designed main residence built in 1996, excellent construction, over 4,100 fin. sq/ft, 4BR/4BA, 2 FP’s. Stream & generator. $1,930,000 Steve McLean (434) 981-1863. MLS#512586.

UNSURPASSED PRIVACY - Beautifully built 4 BR custom home with wonderful scale, only 20 min. west of Charlottesville. Gorgeous Blue Ridge Mtn. views, barn, pond & open acreage w/potential for horses or grapes. $1,695,000. MLS# 518203. Steve McLean (434) 981-1863.

503 Faulconer Drive, Charlottesville, VA 22903 PH: (434) 295-1131 FAX: (434) 293-7377

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24–26 APRIL 2015 The Abbott Society 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2014 First Year Reunion

The Darden Report Spring Summer 2014  
The Darden Report Spring Summer 2014  

The Spring/Summer issue of the Darden Report focuses on innovation at the University of Virginia Darden School of Business