Georgetown Business Fall 2016

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McDonough Turns 60


The McDonough School of Business is celebrating 60 years through December 2017. Read more about the anniversary celebrations on page 6.

FALL2016 F E A T U R E S

Inside the Shark Tank For many Americans, the TV show Shark Tank defines entrepreneurship. For these Georgetown alumni, the show was a chance to boost their business dreams.





Sound Advice

Supply Chain Reactions

What’s the best business advice you ever received? What about the worst? We asked, and alumni answered.

Manufacturing in the world is shifting — but research shows the trends in company moves may not match popular perceptions. BY BOB WOODS

ON THE COVER: Randy Goldberg (B ’00), who appeared on Shark Tank, shows off Bombas Socks. Photo by Matt Furman

Georgetown University McDonough School of Business

Fall 2016 •



3 From the Dean How we build on Georgetown McDonough’s progress

4 Hilltop Highlights A big milestone for McDonough, a new degree with global aspirations, research on the NFL’s uneven playing field, and more updates from campus

31 Alumni News & Notes


Momentum 32 Your time on campus affects your time in life Shopping Spree 32 Rising leader Ellen Davis (EMBA ’16) helped coin one of today’s biggest business phrases Sustainable Adventures 34 Antonio del Rosal (MBA ’00) doesn’t just sell adventure travel — he lives it Girl Power 36 Sofina Anne Qureshi (B ’05) brings her skills to the Girl Scouts



Events 38 Photos from undergraduate and graduate reunions

40 TExpert ake 5 advice for your next job search



BUSINESS Interim Dean Rohan Williamson

Editor Lauren Pauer

Associate Dean and Chief Marketing Officer Chris M. Kormis

Managing Editor Chris Blose

Assistant Dean for Communications Teresa Mannix Design and Production


Fall 2016

Art Director Jeffrey Kibler Project Manager Connie Otto Production Artist Marko Batulan

Contributors Mike Carlson Melanie D.G. Kaplan Jennifer Lubell Melanie Padgett Powers Bob Woods Georgetown Business welcomes inquiries, opinions, and comments from its readers.

Please send an email to GeorgetownBusiness@

Alumni should send address changes to or contact alumni records at (202) 687-1994.

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Join us on LinkedIn: Georgetown University McDonough School of Business Alumni


FROM THE DEAN Forward Progress When I accepted the position as interim dean of Georgetown University’s McDonough School of Business, I had no intention of sitting around and waiting for what’s next for the school. As of this year, Georgetown McDonough has been educating business students for six decades, and I have been here for two of them. We have launched and expanded an MBA program and an additional eight graduate programs. We have risen in the rankings to the top 20 across all major programs. With this anniversary, and with this transition period, we have reached an inflection point. We must keep moving; we know our competitors will. We have to ask, “What is next?” Make no mistake: Reaching even greater heights will be a challenge. Moving from the top 50 to the top 20 is one thing. Moving from the top 20 to the top 10 is another. I believe we are up for the challenge. We have a culture of innovation, from our centers of research and policy to our evolving models of education. We have a culture of excellence and achievement among our students, our alumni, and our faculty — excellence that is on display in every single issue of the magazine you hold in your hands. But with innovation and excellence come expectations. As a dean, an educator, and the father of a Georgetown student and a graduate, I expect continued greatness from Georgetown McDonough. As stakeholders in this school’s future, I know you do too. There’s much to do, and some of you have asked me what you can do to help. Each of you, from whatever vantage point you have, can help us to create opportunities for our students — whether it’s internships, or jobs, or being willing to be mentors. Alumni like you help us define who we are, and more importantly, what we can be. Let’s own it together, and let’s not wait.

Rohan Williamson Interim Dean Bolton Sullivan and Thomas A. Dean Chair of International Business

Georgetown University McDonough School of Business

Fall 2016 •









Global Business Meets Policy

Students in the new joint degree program will study in Frankfurt, Germany.


Fall 2016

McDonough introduces new degree with School of Foreign Service In January, Georgetown University will launch a new degree program, the Master of Arts in International Business and Policy, jointly offered by the McDonough School of Business and Walsh School of Foreign Service. The 12-month program is designed for professionals currently working in business, government, or nongovernmental organizations who want to better understand the business frameworks and sociopolitical and economic issues that affect doing business around the world.





Rethinking Ethics Education

The program combines the strengths of the McDonough School of Business and the Walsh School of Foreign Service, whose founding predates the U.S. State Department by six years. It will be delivered in a hybrid model, combining in-person and online components. The first class will start the program in January and will graduate in December 2017. Students in the program will complete six residential modules and two online courses. Four residential modules will take place quarterly on the Georgetown campus, and the remaining two will occur in rotating international locations — in 2017, the locations are Santiago, Chile, and Frankfurt, Germany. Themed courses, selected for their relevance to leadership and global issues — such as investment in Latin America and the Brexit vote in Europe — will be offered in evening seminars during each residency. A distinguishing feature of the program is the social action project, which will provide participants the opportunity to apply what they have learned to a realworld social issue of their choice.


Santiago, Chile, also is on the agenda for M.A. in International Business and Policy students.



Georgetown University McDonough School of Business

Good people, placed in difficult situations, can act unethically. Indeed, the right action to take is not always clear. The Georgetown Institute for the Study of Markets and Ethics provides an education that makes business ethics personal, memorable, and easily understood. Housed in the McDonough School of Business, the institute sponsors projects and leads events that emphasize interactive exercises, role-playing scenarios, and semester-long group projects. Georgetown McDonough faculty have found this approach results in students becoming more invested in the courses and more committed to successfully resolving the ethical issues that confront them in a business environment. This successful approach is now being shared with other academics. In May, the institute hosted 16 assistant professors from colleges and universities across the country for a first-of-its-kind, twoday workshop in teaching business ethics. Most of the professors hailed from business schools, and many were preparing to teach business ethics for the first time. During the workshop, three McDonough faculty members presented and facilitated sessions on interactive exercises and role-playing, experiential learning, and how to incorporate moral psychology. “What can we do that will work to align the interests of business decision-makers with the interests of the public and other business stakeholders?” asked participant Kyle Swan, assistant professor of philosophy at California State University, Sacramento. “The Georgetown approach does a better job addressing that question and teaching it to students — future business decision-makers — than any other I’ve seen.” The institute plans to host a second workshop in spring 2017 and also plans to build an online toolkit with materials and examples, so instructors anywhere in the world can access the information. It aspires to make the Georgetown process the dominant model in business ethics education. “Ethics should be central to the mission of a business school, not an add-on or afterthought,” said Michael Douma, director of the institute. “In the end, ethics is not about making better people but about increasing awareness so all of us, whatever our motivations, can make ethical choices.” Fall 2016 •



“Do the right thing” from an academic perspective


Georgetown McDonough celebrates 60 years

The McDonough School of Business turns 60 this academic year, and members of the school’s community are commemorating the milestone through December 2017. Students, faculty, and staff kicked off the celebration on Sept. 7 by marching onto the lawn next to the school’s Rafik B. Hariri Building to form a giant number 60 for an aerial photograph and time-lapse video. Participants were rewarded for their efforts with an ice cream social. Other anniversary activities planned include a video contest for Georgetown McDonough students, faculty, and staff to show how they are living the school’s mission regarding service to society; speaker events; memorabilia and historic facts showcase; and a social media campaign with Jack the Bulldog (see back cover for details). “I encourage our entire community to participate in our 60th anniversary celebration,” said Rohan ­Williamson, interim dean, who has been part of ­Georgetown McDonough for 20 years as a finance faculty member. “We have accomplished so much over the last 60 years. This is an inflection point for us to now focus on continuing our upward trajectory and defining what we will celebrate as success in our future.” In 1957, the business school grew out of the School of Foreign Service, which was founded in 1919. The school adopted the McDonough name in 1998 in appreciation of a $30 million gift — the largest in the university’s history at that time — from RemedyTemp Inc. founder and chairman Robert E. McDonough Sr., who said he fell “in love at first sight” with Georgetown University when he first stepped onto its campus as a student. McDonough earned his degree in 1949 while the school was still part of the School of Foreign Service.




Fall 2016


Diamond Anniversary Over the Top

Campaign exceeds goal, raises money for scholarships, new programs The number of MBA students who received merit scholarships has doubled, and four new global programs for undergraduates were added to the curriculum thanks to the support of alumni, parents, and friends of the McDonough School of Business, which surpassed its capital campaign goal of $100 million by more than $30 million. The school originally sought to raise $100 million as part of Georgetown University’s successful $1.5 billion For Generations to Come capital campaign, which ended June 30. Early on, the school increased its goal to $125 million and eventually raised more than $130 million for faculty and academic excellence, the Dean’s Leadership Fund, transformational opportunities for students, and undergraduate and graduate student initiatives. At the university level, Georgetown raised more for student scholarships in the For Generations to Come campaign than in the preceding 217-year history of the university and reported a 68 percent increase in average dollars raised for scholarships compared with five years ago. Undergraduate alumni participation also increased to recordbreaking levels across the university, with 35.3 percent participation — and over 21,000 donor gifts — to the campaign for fiscal year 2016. “The overwhelming generosity of our donors over the past five years is proof that our mission is worth supporting,” said Rohan Williamson, interim dean. “These gifts have made an immediate impact on the school and will continue to enhance our students’ experience well into the future.” The business school’s campaign successes include: • Increasing the number of endowed faculty positions from 17 to 33; • Expanding global programs for undergraduates, including the Global Business Experience elective, the Global Business Fellows program, and scholarships for summer study abroad programs; • Making the First Year Seminar program for undergraduates a permanent course in the curriculum; • Creating the Undergraduate Office of Professional Development; • Doubling funding for MBA scholarships; • Creating a Faculty Excellence Fund to support the work of professors. • Launching the Steers Center for Global Real Estate; and • Supporting the school’s centers and initiatives, including the Georgetown Entrepreneurship Initiative, the Global Social Enterprise Initiative, and the Center for Financial Markets and Policy.


increase in average dollars raised for scholarships compared with five years ago


Global-Ready Leaders

First MOOC course open to the world This fall, two initiatives will bring technology-enhanced business education to Georgetown McDonough MBA students and anyone in the world. As Georgetown MBAs prepare for their capstone Global Business Experience consulting projects, they will now complete an online module titled Global Business in Practice. A modified version of the module also will be offered as the school’s first massive open online course (MOOC). Global Business in Practice combines classroom lectures from Georgetown faculty, interviews with global business leaders, and interactive assessments to prepare both MBA students and MOOC participants to become global-ready business leaders. All Georgetown MBA students are required to take Global Business in Practice, a core component of the 4.5-credit Global Business Experience course that concludes with a global consulting project. For the first time, this course is being offered through a digital platform created by the Global Business Initiative in collaboration with Georgetown’s Center for New Designs in Learning and Scholarship. At the same time, the school has shared a modified, slightly abbreviated version of the course worldwide to anyone interested in learning more about global business through a MOOC on the edX platform. The MOOC will include lecture videos, poll questions, discussions, peer assessment exercises, and sources for further learning. “By utilizing technology to enhance our on-campus classroom experience, we have created an easy way to share our knowledge and expertise with anyone in the world,” said Ricardo Ernst, professor of operations and director of the Global Business Initiative. Both the required MBA course and the MOOC feature lessons from Ernst and his colleagues, as well as interviews with prominent global business leaders, including: • Joe Baratta, global head of private equity for Blackstone; • Mark del Rosso, executive vice president and chief operating officer of Audi of America; • Fabrizio Freda, president and CEO of Estée Lauder Cos.; • Franck Moison, vice chairman at Colgate-Palmolive Co.; and • Stephanie von Friedeburg, chief information officer and vice president for information technology solutions at the World Bank.


This fall, the McDonough School of Business welcomed seven new tenured­and tenure-track faculty members, as well as five visiting faculty members, professors of the practice, and lecturers.

Sumit Agarwal

Moshe A. Barach

Amanda W. Beck

William E. English

Gilles Hilary

David McLean

Vladimir Mukharlyamov

Christopher D. Parker

Reining Petacchi

Assistant Professor of Finance

Visiting Assistant Assistant Professor Professor of Operations of Accounting and Information Management

David Schmidtz

Evelyn J. Williams

S ˛afak Yücel

Professor of Finance

Assistant Professor of Strategy, Economics, Ethics, and Public Policy

Visiting Professor of Ethics

Lecturer in Strategy, Economics, Ethics, and Public Policy

Houston Term Professor of Accounting

Teaching Professor of Management

Accounting Lecturer

Associate Professor of Finance

Assistant Professor of Operations and Information Management


Georgetown University McDonough School of Business

Fall 2016 •



The Uneven Playing Field

The National Football League has measures in place to increase the chance that minorities will be hired as head coaches. But in assessing all levels of coaching jobs, a Georgetown researcher found the NFL has a long way to go to level the playing field.

Research reveals what may be blocking diversity in NFL coaching.

We’ve been able to identify very precisely where the bottleneck is in reaching the top, and that’s one level below where many think it is.” —Chris Rider


Graham Family Fellow and Associate Professor of Strategy


Fall 2016

The league’s Rooney Rule requires teams to interview at least one minority before hiring a head coach. However, a 2016 study conducted by Chris Rider, Graham Family Fellow and associate professor of strategy at the McDonough School of Business — along with colleagues from George Washington University, Emory University, and Iowa State University — reveals that the issue may be more complicated than what is happening at the top. In the NFL, position coaches are typically promoted to coordinators, then coordinators to head coaches. The study showed that white coaches in the NFL are 50 percent more likely than minorities to be promoted to any position. The researchers examined the careers of more than 1,200 men who were NFL coaches from 1985 to 2012. The racial gap persisted when they accounted for a coach’s starting and current positions, education, team performance, experience, and other factors. “If we were just to take all coordinators, we would see that there was no racial advantage or disadvantage in promotion rates from coordinator to head coach,” said Rider, an organizational theorist. But there was a dramatic difference between whites and blacks making the move from position coach to coordinator. Whites had a 114 percent greater chance of being promoted from position coach to coordinator, and 70 percent of head coaches are promoted from the coordinator position. Only 16 percent


make the leap from position coach to head coach. Furthermore, it takes nine years for a white coach to have a greater than 50 percent probability of being promoted to coordinator; it takes a minority coach 14 years to reach that same probability. “We often think colloquially about there being a pipeline issue: ‘There aren’t enough good candidates who are minorities,’” Rider said. “Even at universities, we have search committees that go out of their way to invite applications from underrepresented groups. What we can show in the NFL is that it’s not a pipeline issue.” In fact, he says, the number of minority position coaches and coordinators has been increasing dramatically over the past few decades. “We’ve been able to identify very precisely where the bottleneck is in reaching the top, and that’s one level below where many think it is,” Rider said. “It’s not the promotion to head coach. It’s the promotion to the position typically occupied before becoming head coach.” Lessons for Leaders Across the United States, organizational leaders beyond the sports world remain predominantly white despite efforts to increase diversity. Some organizations, such as the University of Texas System institutions and the City of Portland, Oregon, have modeled their hiring practices after the Rooney Rule in an attempt to close the racial gap. Rider offered a few insights for organizations to consider: 1. The Rooney Rule shapes the interview list, not the candidate pool. It does this by selecting minorities already near the top. “The candidate pool is the true bottleneck, the true constraint on reaching equality in terms of reaching the top,” Rider said. 2. Look for ways to strengthen the pipeline of candidates. The ideal policy to close the racial gap remains unclear. However, Rider and his colleagues see promise in the Bill Walsh NFL Minority Coaching Fellowship, which exposes qualified minority college coaches to NFL summer training camps. The program was created in 1987, and every NFL team now participates. 3. Examine your promotion system at entry and management levels. That is what later shapes the pool of people for the top jobs. “If they’re just looking at one level below, they’re not looking down far enough,” Rider said. —Melanie Padgett Powers Georgetown University McDonough School of Business

Recognizing Responsibility

MBA alumna wins international leadership award In her second year as an MBA student at Georgetown McDonough, Abby Schwartz received the 2016 Graduate Business Forum Responsible Leadership Award at the organization’s annual conference in St. Gallen, Switzerland. Schwartz (MBA ’16) was recognized for her successful integration of diversity and inclusion initiatives at Georgetown, including establishing a new vice Abby Schwartz president for diversity and (MBA ’16) inclusion position within the MBA Student Government Association, increasing women in leadership positions in the association by 400 percent, and creating diversity and inclusion workshops for students and staff. “Winning this award is really validating,” Schwartz said. “It makes me proud to be a Hoya that the administration was so supportive and empowering of my goals and programming.” As part of the award, Schwartz received a grant to expand her diversity and inclusion work. The Graduate Business Forum is a global organization dedicated to developing responsible leadership and global citizenship through student leaders and alumni from the world’s top 50 business schools.

FAREWELL Two faculty members retired at the end of the 2015–16 academic year. Thank you for your combined 36 years of service!

George Daly

Dean Emeritus, Professor of Management




Executive MBA Program: No. 1 in the world for international business (Financial Times)



Undergraduate Program: No. 6 for international business and No. 15 overall (U.S. News & World Report)



Full-time MBA: No. 11 in the United States for entrepreneurship (Financial Times)



Full-time MBA: No. 22 in the United States (U.S. News & World Report)

Catherine Langlois

Professor of Strategy, Economics, Ethics, and Public Policy Fall 2016 •




Mastering Civility: A Manifesto for the Workplace By Christine Porath Grand Central Publishing, 2016 Associate Professor of Management Christine Porath shows how people can enhance their influence and effectiveness with civility. Combining scientific research with evidence from popular culture and medical fields, the book provides managers and employers with a much-needed wake-up call, while also revealing how they can improve the quality of their workplaces.

Innovation in Emerging Markets Edited by Jerry Haar and Ricardo Ernst Palgrave Macmillan, 2016 Innovation is sweeping the globe at breakneck speed, and emerging markets are where tremendous growth and opportunity reside. Editors Jerry Haar and Ricardo Ernst, professor of operations and director of the Global Business Initiative, delve into the forces and drivers that shape innovation in emerging markets, including in the private sector, academia, and public policy. In one chapter, Leslie Crutchfield, senior research fellow at McDonough’s Global Social Enterprise Initiative, explores social innovation in emerging markets. 10 •

Fall 2016

Role Models and Sounding Boards

Global leaders mentor EMBA students in new program This spring, the Georgetown McDonough Office of Executive Education launched a new mentoring program that partners select Executive MBA (EMBA) students with C-suite level leaders from top global companies. The program aims to develop and advance the leadership capabilities of participants while enriching their support and advisory networks. “Knowing that I have a sounding board in my mentor, the experience has given me an increased confidence in what I have learned and my abilities to perform,” said Robert Thorsen (EMBA ’17). Ten mentors kicked off the program, bringing decades of leadership experience in areas including finance, business development, marketing, sales, and human resources for companies such as Citigroup, Google, Intel, AT&T, and SAIC. In keeping with Executive Education’s mission to educate leaders of the world and for the world, the mentors also bring a global perspective to their new roles. Several live outside of Washington, D.C., connecting with EMBA students by email, phone, and video conference. “It’s been an incredible opportunity to think about my own leadership learnings and share those with a talented, emerging leader in the hopes of accelerating their own career,” said mentor Terry Kramer, a telecommunications executive and former U.S. ambassador for the World Conference on International Telecommunications. Kramer added that he also appreciates connecting with “the next generation of leaders to understand where they see opportunities, how they want to be lead, and how they look at the world.”

Alumni and Professor Honored with Service Leadership Awards Recent MBA graduates Surabhi Agrawal and Silu Zhang and Professor Douglas M. McCabe have been selected as the recipients of the 2016 Georgetown McDonough Service Leadership Awards. The awards, which were created last year through an investment by alumnus Timothy P. Tassopoulos (MBA ’88), honor Georgetown McDonough community members who are exceptionally dedicated to service leadership in business and society. As co-presidents of the McDonough Net Impact chapter, Agrawal (MBA ’16) and Zhang (MBA ’16) directed several of the chapter’s recent outstanding achievements, including being awarded Graduate Chapter of the Year and organizing the Net Impact Case Competition. Net Impact aims to stimulate positive social and environmental change around the world through business. McCabe is recognized for his

meaningful involvement with the Dog Tag Inc. Fellowship program, through which he teaches a management class to veterans with service-connected disabilities. The five-month program, which is centered around the Dog Tag Bakery in Georgetown, equips wounded veterans and their spouses with entrepreneurial mindsets in order to ease their transitions into the private sector. “This award is a simple, contemplative, empirical, cumulative account of what members of our academic community do when they deploy leadership that reflects their integrity and dedication to the betterment of the world,” said Luc Wathieu, deputy dean and chair of the Service Leadership Awards committee. Each recipient will be awarded a $500 prize from the Tassopoulos Fund and will be featured on Georgetown McDonough’s social media channels.




On Aug. 1, David A. Thomas concluded his term as dean and William R. Berkley Chair of Georgetown University’s McDonough School of Business. During his five years of leadership, the school strengthened its undergraduate and graduate programs, launched three new degree programs, and opened five faculty-led centers, initiatives, and institutes. We sat down with Thomas to talk about his time at Georgetown.

Former Dean David A. Thomas shares his highlights from the Hilltop.

What are your proudest moments from your time at Georgetown McDonough?

While we have so many external-facing successes, my proudest accomplishment is actually the fact that together we changed the culture of the business school. Our new culture points us toward excellence and a shared vision of what we can achieve. In turn, we have created a sense of community that joins all of our constituencies — faculty, staff, alumni, students, parents, our corporate community, and others. As a result, we act as partners to advance the school. For example, every business school dean encounters students who come to their office to complain about something. However at Georgetown, students didn’t come into my office with complaints — they came with solutions. I’m also proud of our many tangible successes. We redesigned our MBA curriculum — at an unprecedented speed — to align with our principles, and as a result, we’ve seen a 35 percent increase in applications since 2012, jumps in many employment statistics, and improved rankings. On almost every dimension, we have increased the diversity of our students, faculty, and staff. And, coming out of the financial recession, we exceeded our original $100 million capital campaign fundraising goal by more than $30 million, which is a testament to all we can accomplish when we energize our alumni and parents around what the McDonough School of Business can achieve.

What will you miss most?

This is a hard question to answer. The list is long. First, I will miss the people and the exhilaration that comes from having a hand in our faculty and staff excelling on delivering our mission. It’s a little sappy, but I will miss freshman convocation and commencement. No place does them like Georgetown, and they convey the soul of the place: dedication to service, interreligious dialogue and understanding, global mindset, and the idea that our strength is our community, all of us together.

What will you do next?

For the short term, I will return to teaching and research at Harvard. For the long term, I am open to considering leadership roles that reflect my interests in academia, urban and public education, addressing income inequality, or the promotion of diversity at the highest levels of organizations. The key will be to find a way for my leadership to make a difference over the next decade.

What message do you want to leave the McDonough community?

I often tweet “Be the Difference.” There are so many opportunities for us to make a difference in this world — whether large or small. Over the past five years, I have witnessed countless instances of Hoyas making an impact throughout the world. So, to our global Georgetown network, please stay true to all you learned on the Hilltop and continue being the difference.

Georgetown University McDonough School of Business

Fall 2016 •



interested in entering the senior housing market in China. Our strategy needed to incorporate both the demographic challenges that China faced in the sheer number of citizens needing care, as well as the cultural norms working against the standard senior housing model. We were lucky to receive glowing remarks about our presentation and stayed much longer than anticipated to discuss the possible impact of our idea on our client’s business model.


Surprising Shanghai By Liz Verhyden (MBA ’17) Each summer, Evening MBA students travel around the world for their Global Business Experience, delivering consulting project presentations in person to company leadership. This year, students traveled to Bologna, Italy; Lima, Peru; and Shanghai. Below are one student’s impressions from the latter.

followed by a tour of Shanghai Tower (which I came to learn is the secondtallest building in the world). If I had a bucket list, this would definitely have been on it. We took the fastest elevator in the world up to the 121st floor observatory deck (a 55-second ride) to view the city landscape. The experience was a real estate professional’s dream — the building incorporated an entire urban landscape, with multilevel sky gardens, residential apartments, hotel lodging, and museums, all within one building.

The Shanghai skyline greeted Evening MBA students in summer 2016.

other side of the world in Shanghai. After a day of travel, we were still jet-lagged but excited to explore our new city. We all met to begin a walking tour by locals through some nontourist sights to view the consequences of globalization and significant economic growth on standards of living. We learned that housing projects commonly have high-speed internet and cable TV but no indoor plumbing or sewage systems. This incredible learning experience was topped off with an equally incredible welcome dinner on the 64th level of our hotel.

July 11: Now that we were intro-

duced to the economic landscape in Shanghai, we spent the entire day refining our consultancy project 12 •

Fall 2016


July 10: Our first full day on the

July 12: Today was the day we had

spent eight weeks preparing for — the consultancy client presentation! Our client was an international real estate operator, investor, and developer


July 13: With our project

presentation completed, we set out bright and early for a group tour of Baosteel Factory — the fourthlargest steel factory in the world with a production volume of 80 million tons of steel per year, and growing. We discussed with the operations manager the strategy of minimizing employees to only 15 per shift and maximizing machine utility to exceed this volume in the coming year.

July 15: We began the day with a

tour of the largest private real estate development in Shanghai — an impressive design of hotel space, condos, gardens, and luxury shopping. We closed out our week with a dinner with our clients overlooking the Bund riverfront. The week absolutely flew by — it was an incredible experience in China that opened our eyes to how business translates culture to culture.

Liz Verhyden (MBA ’17), second from right, and her consulting project team show Georgetown pride on the day of their presentation.


1. Bruce Broussard, CEO of Humana, delivered the Georgetown McDonough undergraduate commencement address and challenged graduates to define life success as more than just career success. “Serve others,” he said. “You will get all you want in life if you help enough others get what they want.”


There are only two things you take with you throughout your life: your education and your reputation. Nothing else is guaranteed.”

2. U.S. Secretary of Commerce Penny Pritzker gave the 2016 commencement address to the MBA, Executive MBA, Executive Master’s in Leadership, Master of Science in Finance, and Corporate International Master’s in Business classes.

—Penny Pritzker,


Georgetown University McDonough School of Business








U.S. Secretary of Commerce

3. Joel Manby, president and CEO of SeaWorld Parks & Entertainment, and Wayne Pacelle, president and CEO of The Humane Society of the United States, talked about valuesdriven business decisions with Ladan Manteghi, executive director of the Global Social Enterprise Initiative. 4. Tom Barrack Jr., founder and executive chairman of Colony Capital Inc., discussed the real estate industry at the Real Estate Luminaries series, sponsored by the Steers Center for Global Real Estate.

Fall 2016 •


Randy Goldberg (B ’00) and Bombas Socks donate one pair of their colorful socks to charity for each pair sold as part of a commitment to serving business and society.

14 •

Fall 2016


SHARK TANK Georgetown graduates compete in the sport of entrepreneurship on TV and beyond.


By Mike Carlson

Georgetown University McDonough School of Business

It is June 2014, and Randy Goldberg (B ’00) is sweating under the hot lights of the Shark Tank set. He uses a folded handkerchief to dab at his upper lip. His brow furrows and unfurrows as he eagerly explains his business.

>> Fall 2016 •



“I was sweating, but I wasn’t sweating the decision,” Goldberg, co-founder and chief brand officer of Bombas Socks, says of the experience two years ago. The stage lights are hot, he notes, and inevitably the producers choose that sweating clip for dramatic impact. Ultimately, though, that one moment of effort is but one of many in the Bombas success story. For many Americans, scenes such as this define entrepreneurship, thanks to ABC’s reality show Shark Tank. In this highly charged atmosphere, hopeful entrepreneurs — including Georgetown University graduates — pitch their ideas to a panel of successful investors known as “sharks.” The goal? Secure funding and guidance to take their brainchildren to the next level. The show is an entrepreneurial juggernaut all its own. It is so watchable that it draws about 7 million viewers per episode. There are versions in dozens of countries (the American iteration is an adaptation of the BBC hit series Dragons’ Den, itself inspired by the Japanese program Money Tigers). Even reruns of Shark Tank have been known to outperform CNN programming, according to The Hollywood Reporter. Entrepreneurship is on the rise, and not just on TV. The 2016 Kauffman Index of Startup Activity shows that U.S. entrepreneurial enterprises have grown for the third consecutive year, and 2016 has so far seen the most robust year-over-year increase across the past decade. According to the Bureau of Labor Statistics, entrepreneurship in the United States grew more than 17 percent between 2010 and 2015. Shark Tank producers have captured this zeitgeist for America’s viewing audience. In turn, the show 16 •

Fall 2016

has had a profound effect on a few business-oriented Georgetown alumni.

Bright Lights, Big Money

For Goldberg and Bombas, the show provided a springboard. “People were like, ‘I saw you sweating on national TV,’ which is not the No. 1 thing you want someone to say, but the show has been really good for the company. That is all we care about.” For the passionate and articulate Goldberg, talking about any part of the sock business or the mission of Bombas Socks is no sweat at all. Bombas donates one pair of socks to a homeless shelter for every pair that is sold. Goldberg and his partner, David Heath, started the company in 2013, when they launched what is still the most successful apparel-related Indiegogo campaign in history. They were fully funded in 24 hours. The partners consider their appearance on Shark Tank a grand slam. After a few tense moments, Goldberg and Heath signed a deal with a shark, or investor—in this case, apparel magnate Daymond John. “When we aired in September 2014, we had done $600,000 in sales,” Goldberg says. “Since then, we have done over $10 million in sales. We just hit our millionth pair donated.” The Bombas team thought it might take 10 years to get to that point. Instead, it took two and a half. “I think Shark Tank deserves some of the credit for sure, and I think making a great product and having a real reason to exist are the other reasons,” Goldberg said. All the sweat and effort paid off.

Bombas’ David Heath and Randy Goldberg explain their business model to the sharks.

Christina Bernstein (C ’11), in costume, gets a boost from the Shark Tank exposure.

The Jesuit Impact on Entrepreneurship

Personal Power

When Christina Bernstein (C ’11) made the long walk down the studio hallway and into the Shark Tank, she was alone except for a model wearing her invention: the Boobypack. A fashionable sports bra with waterproof pockets that can hold money, ID, and even a phone, the Boobypack is dubbed “a fanny pack for your rack.” A clever product design and tagline goes a long way. So does sharing real personality. Bernstein engendered some warmth from the sharks when she told them she had been living off money she inherited when her father passed away. “I felt an immediate shift when I got a bit choked up talking about my dad,” she says. “The show’s producers have sculpted entertainingly tough personas for the sharks, but I think underneath all the theatrics, the sharks are compassionate people who reward sincerity.” Like Goldberg and Heath, Bernstein also made a deal with a shark. On air, she sold 25 percent of her company to Barbara Corcoran for $80,000. Like the guys from Bombas Socks, swimming with the sharks was a transformative experience for Bernstein. “In the month post-Shark Tank, we made almost as many sales as we did the previous

Social impact that hurts the bottom

The Georgetown McDonough Full-time MBA is ranked 16th in the world and 11th in the United States for entrepreneurship by the Financial Times.

line is traditionally anathema to investors, whether on Shark Tank or in the real world. An investor with a myopic view of the bottom line, however, can be an odd fit for a Hoya. “Georgetown is a powerful magnet attracting ambitious, bright young people who want to change the world. That has been in the personality of this university for decades, if not centuries,” said Jeff Reid, professor of the practice at Georgetown McDonough and founding director of the Georgetown Entrepreneurship Initiative. “If you focus everything on making a lot of money, you probably miss out on having a well-rounded life, which is part of Georgetown and our Jesuit nature. We want to develop the whole person and not just your bank account.” The drive to make the world a better place is something that is “baked into” the Georgetown experience, said Randy Goldberg (B ’00), co-founder and chief brand officer of Bombas Socks. Goldberg founded his company with the idea of solving a problem: Socks are the most frequently requested item from homeless shelters. For every pair of socks sold, Bombas donates a pair. It is a core value of the company. Daymond John, the shark who partnered with Bombas Socks, recognized this value, and there are other investors like him. “There’s a whole new and growing field called ‘impact investors,’” Reid said. “They have different goals than PETER TUFO

traditional investors. They under-

Georgetown University McDonough School of Business

stand they might make less money, but they have a social impact.”

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“The Dolphin Tank”

competition, predates the 2009 debut of Shark Tank. “The goal of the StartupHoyas Challenge is to get more and more Georgetown students dipping their toes into the entrepreneurship waters,” says Jeff Reid, professor of the practice at Georgetown McDonough and founding director of the Georgetown Entrepreneurship Initiative. “We had more than 80 teams pitch in this year’s competition. And these are students who come from all over the university, undergraduate freshmen to medical students and MBAs.” Reid jokingly refers to the StartupHoyas Challenge as “The Dolphin Tank” because of the friendly nature of the judges. But it is a nod that also acknowledges the impact Shark Tank has had on the public consciousness surrounding entrepreneurship.

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The Shark Tank producers may have tapped into a wave of entrepreneurial energy, but Georgetown McDonough did so even earlier. In fact, the StartupHoyas Challenge, a yearlong pitch

Christina Bernstein and team get playful with the marketing for Boobypack.

year,” says Bernstein, who had sagely trained 10 customer service reps to field emails the weekend she debuted on the show. “It was an insane surge that held steady for a long time. We still see spikes whenever our episode re-airs.”

Real or Reality TV?

An appearance on Shark Tank is a valuable commodity for young companies. According to Goldberg, 30,000 people apply each season. Out of 170 that are filmed, only 100 make it to air.

Throwing Out the First Pitch

Georgetown University McDonough School of Business

For every well-prepared team on Shark Tank, there is a flaming train wreck of a pitch, in which would-be entrepreneurs hope their passion can make up for a lack of forethought and business savvy. It rarely does. Whether an entrepreneur seeks funding on a nationally televised network show or over Skype from a studio apartment, a few hard and fast rules apply:


Success stories abound. Each episode features a vignette in which the sharks check in with contestantsturned-partners, all of whom are deliriously happy about their good fortune at signing a deal. Ultimately, though, the money and mentorship that come with signing a deal are insignificant compared with the opportunity to appear on television. “Even though you’re not supposed to say this on air, the most valuable aspect of Shark Tank is the publicity it gets you,” Bernstein says. “Having 8 to 9 million viewers hear about Boobypack has been the most valuable part of the whole experience.” Exposure on Shark Tank is an accelerator for a company like almost nothing else in the business world. But some would say the Shark Tank express elevator to success presents a rather skewed portrait of real-life entrepreneurship. “There are a lot of parts of that show that do not map to reality,” says Jeff Reid, professor of the practice at Georgetown McDonough and founding director of the Georgetown Entrepreneurship Initiative. “One of the downsides is that it portrays entrepreneurship as just being about consumer products. And that is a tiny fraction of what startup companies are all about.” Reid, who created an Entrepreneurship Advisory Board at Georgetown McDonough with investor, philanthropist, and Georgetown alumnus Ted Leonsis (C ’77) as chairperson, also notes that not every company needs to have investors, even if the sharks make for good TV. And for those that do, negotiation with investors happens very differently in real life compared with on the show. Still, while conceding that the sharks try to inject some drama into the negotiations, Goldberg feels the show portrays entrepreneurship as accurately and honestly as the format will allow. He believes his experience on the show has reliably tracked his real-world journey, he says. “These are real conversations that you are having in that room,” Goldberg says. “There were no interruptions; there were no producers in the room; there were no pauses. These are the same conversations we have had with a lot of investors when we go out and raise money and talk to people.” Confrontation can happen in the real world, and even non-TV investors will bring their egos into the negotiations, but rarely with the dramatic flair seen on Shark Tank. At one point in Goldberg’s pitch, investor Kevin O’Leary scoffed at the market share of Bombas Socks, calling Goldberg and Heath “sock cockroaches” before dropping the show’s oft-repeated rejection tagline: “I’m out!”

Georgetown University graduate Chris Sacca (F ’97, L ’00), venture investor and entrepreneur, was a guest shark on four episodes of season seven of Shark Tank.

• Be Succinct: “If it takes you too long to explain your business, you lose,” says Jeff Reid, founding director of the Georgetown Entrepreneurship Initiative. “Any investor has a limited attention span. If it’s too confusing for them to understand, they are going to move on to the next option.” • Know Your Numbers: Implied valuation. Sales projections. Cost of customer acquisition. When numbers start flying, you need to know your business, your customer, and the market. • Set Boundaries: The heat of negotiation is not the time to explore your tolerances. Have clearly defined thresholds and stick to them. “I think a lot of it comes down to: What is the point at which you should walk away from the table?” says Shaun Johnson (C ’07), entrepreneur-in-residence at Georgetown McDonough. “Every offer is negotiated. Sometimes the negotiations make sense, and sometimes they don’t. But from a practical perspective, it is up to you to really understand the difference beforehand.”

“For the people who I am coaching to be successful in life, would I have them walk away from a conversation that is accusatory and aggressive? Absolutely,” says Shaun Johnson (C ’07), co-founder of the Startup Institute and an entrepreneur-in-residence at the McDonough School of Business. “If you don’t have an optimistic investor on your board, what is your business going to be? So I wouldn’t encourage the students I work with to seek out overly confrontational conversations.” Shark Tank does get one important real-world factor right: The person is as important as the product. Bernstein and Goldberg were polished, prepared, and informed. Their innate competence was clear through the sweat and the tears. That carried more weight than any sales figure they quoted. “Investors are investing in the person, without a doubt,” Reid says. “That is the most important factor in an early-stage company. You might like the idea or the products, but it is the team that has to execute. Ideas are relatively cheap. Execution is really difficult. It is about taking the idea and making something of it.” GB Fall 2016 •



What’s the best business advice you’ve ever received? We asked the Georgetown McDonough community, and they shared the sage wisdom that has served them through the years (along with a few duds). Howard Schultz, chairman and CEO of Starbucks, has said that success is best when it is shared. In that spirit, we asked alumni to share their best advice — lessons learned over the years from mentors, colleagues, parents, even magazines picked up in hotel rooms — for succeeding in business. They told us to work hard. Take risks. Build relationships. Advocate for yourself. And know when advice phrased as “best” might actually be the worst.


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Best Business Advice You’ve Received

Be willing to get down in the trenches (occasionally) and show those below you that you know how to do the work that they do and can understand their issues. This attitude paid off for me when I was a consultant and was the acting CFO at the startup of a cable television system in Caracas, Venezuela. I had hired the staff of accountants and a controller as their supervisor. When it came time to do the first monthly bank reconciliations and sales tax withholding tax returns, I came out of my office, went down onto the work floor, picked up a batch and started doing them myself, showing them exactly how I wanted them done in the future. The controller and accountants had never seen an “executive” roll up his sleeves and do any real work. Their respect for me immediately grew since they knew that I really understood the nuts and bolts of what I asked them to do on a daily basis. They threw me a party when I departed — the only one thrown by the workers in a department for one of the “bosses.”

Mark Switaj (MBA ’12), founder and CEO, RoundTrip

A venture capitalist once said, “Three of the world’s greatest addictions are cocaine, heroin, and a steady paycheck. If you aren’t addicted to the first two, and wean yourself off the third, you have a real shot at building something great.” 22 •

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William Licamele (C ’68, M ’72), child and adolescent psychiatrist

Work hard and have fun every day. That’s from my very wise dad, Lou Licamele, who was a great pharmacist and businessman. And read the book The Business of ­Happiness: 6 Secrets to Extraordinary Success in Work and Life by Georgetown ­University ­alumnus Ted Leonsis (C ’77).


W. Douglas Barnum (B ’67), retired telecommunications executive

Lisa Cregan (C ’81, MBA ’83), Mid-Atlantic regional director, Morgan Stanley

My father always said to me: “Don’t feel like you’re walking on eggshells.” He wanted me to be confident and unafraid to ask questions or take risks. His advice instilled a can-do perspective coupled with the optimism to always look forward. His mantra, in many ways, prompted me to become what I term “mindfully fearless” in facing challenges at hand. I also had two important business mentors who helped me understand the nuances of business and working, which allowed me to strategically apply and complement the foundational character development my father provided. The first was Diane Frimmel, regional chief operations officer, Wealth Management of the Americas, UBS. She taught me how to analyze businesses, an essential skill by which I quickly became an asset to my bosses. Diane’s insights and mentoring helped me, early in my career, to prove myself and to establish credibility at a time then there were very few women in the financial services sector. Working hard and having these skills helped me get noticed. The second influencer was Jim Klein, who at the time was chairman of PaineWebber Futures Management Corp. Jim taught me the art of honest persuasion, which requires the art of listening. He taught me about the power and lasting importance of building strong relationships. He taught me about being creative and getting past “no” by exploring the barriers to getting to “yes.” Jim showed me that success hinges on more than mere execution; it’s guided by personal influence and genuine passion. Jim taught me, and consistently demonstrated, that a great leader can change someone’s worldview — and in doing so everybody wins.

Andrew LaVanway (MBA ’03), vice president, ICF International

“One of the most important things about your MBA is that it signals you are willing to work harder, accept more risk, and manage more stress than the people around you.” —Professor Ken Homa It is a constant reminder that the most interesting, lucrative professional opportunities typically appear before or after business hours and over the weekend.

Elizabeth Scallon (GEMBA ’13), associate director, CoMotion Labs, University of Washington “Be authentic.” As a queer business professional, I was nervous about being “out” in business and talking about my personal life, as I thought it would hurt my professional projection. However, my CEO at the time was fully supportive of LGBTQ rights and encouraged me to be authentic. Since then, I have been open and out about my sexuality at work, and about my marriage. This has allowed me to be truthful with my professional connections, which builds trust and respect. Being authentic is the only way to be in business if you want success.

The job of having a job — your job is to make your direct boss’s job easier. Proactively seek ways to maximize the time they can spend on higher value tasks. If you can exceed your manager’s expectations or actively foresee problems, that’s extra time they can focus on their tasks instead of worrying whether you’ve done yours. The importance of quality control. I’ve learned that the client will never care about how many hours and how much struggle went into a product or a deliverable. They just see the end product, and if there are errors, that is all they will remember.

Cheryl Campbell (GEMBA ’16), senior vice president, global government, CGI Continue to stretch, and do not become complacent. I make it a point to not stand still because no movement could mean stagnation and the risk of being less relevant and effective.

J.P. Borella (B ’93), director, Ziff Brothers Investments


Always assume that a person you work with may one day no longer be your colleague, but instead your client, boss, regulator, attorney, competitor, etc. Don’t put your ego on display. No matter how smart you may be, without a deep and expansive base of in-depth relationships, you will never truly succeed in the world of finance. Georgetown University McDonough School of Business

Kelly McFarren (MBA ’12), brand manager, Perfect Fit Protein When I started business school, Patty Buchek, senior assistant dean in the MBA Career Center, reiterated to women: “Don’t just sit back and be the note taker.” In a new setting or large group, it’s easy to fall into certain behavioral habits, and this is something I remember in every new team or project I’m assigned. Everyone at the table should be equal, and responsibilities should be shared and assigned across participants. This is also reinforced in Sheryl Sandberg’s book, Lean In. Re-evaluate where you are every two years, and make a change if needed. This came from one of my mentors at Proctor & Gamble, who has since moved into a VP role at a different company. I have continuously evaluated in the same way, and while making changes too often isn’t ideal, I have been able to take significant steps forward.

Sean Redmond (F ’97, S ’00, EMBA ’11), senior director, U.S. Chamber of Commerce

Arlen Kantarian (B ’75), CEO, Kantarian Sports Group

“Being responsible sometimes means pissing people off. Good leadership involves responsibility to the welfare of the group, which means that some people will get angry with your decisions. It’s inevitable if you’re honorable. Trying to get everyone to like you is a sign of mediocrity, and you will avoid the tough decisions.” —Colin Powell

When I was a teenager, a lawyer I worked for told me the best result always comes from being straightforward, honest, and sincere with people. That credo shaped my outlook in my future jobs, including some pretty stressful situations working on presidential campaigns and, later on, for a Cabinet secretary!


Lance Ho (B ’15), associate, L.E.K. Consulting

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Best Business Advice You Give

Lisa Cregan (C ’81, MBA ’83), Mid-Atlantic regional director, Morgan Stanley If you never fail, you’re probably not trying hard enough. We all stumble, and then we grow. Temper your belief — this is a big one for women — that if you just work hard or outwork everyone else, opportunities will surely arise. That just isn’t the case and still isn’t the best path to success for women. Working terribly hard is a given, but it’s not enough. You need to ask for what you want. And remember no doesn’t necessarily mean no — find the pathways to yes. Know your story. Be able to clearly tell somebody (1) where you want to go, (2) why that’s important, and (3) what you’re doing now to get there. Knowing your story is your best and most genuine means of self-promotion. Telling your story is not hornblowing, braggadocio, or positioning yourself as better than someone else. Knowing your story allows the other person to see you. Your story differentiates you from others with similar educational or work experience. Your story reveals your passions, your imagination of the future, and what you’re doing now to get there. When the other person can see you, then he or she will clearly know how to help or how to tie you into his or her networks and opportunities.

Arlen Kantarian (B ’75), CEO, Kantarian Sports Group

“Look to work with people you like and have fun with, in a role that plays to your strengths and in an area you are truly interested in. If you achieve this, good things will happen.” This helped me decide to pursue a career in the sports industry.

Andrew LaVanway (MBA ’03), vice president, ICF International

Ten years from this moment, nearly every skill that you currently have will be irrelevant. Never stop learning.

Kelly Funk (EML ’07), President & CEO, RSPA

Nearly 20 years ago, when I was an account manager at GE, one of my accounts requested a report that came from a different part of our business. I responded with something along the lines of, “I’ve put in the request from X department and will get that to you when I receive it.” My boss took me aside and coached me that the request came to ME — I was responsible for ensuring our partner’s satisfaction. She talked about the importance of representing the entire company, and she suggested that future responses be along the lines of, “We are working on that. I’ll have that for you soon. Is there anything else I can help you with today?” She helped me to better understand that from the partner’s perspective, the request and fulfillment started and ended with me. I liken it to Oz in The Wizard of Oz — there is much that takes place behind the scenes to get things done, but customers don’t need (or want) to see it. This style is inherent in all my interactions still today — and it’s advice I pass on to others.

J.P. Borella (B ’93), director, Ziff Brothers Investments


Build bridges, don’t burn them, and no matter what financial service you are selling, never believe you are the only one selling it.

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Worst Business Advice

Most Unexpected Business Advice J.P. Borella (B ’93), director, Ziff Brothers Investments Learn how to play golf. It’s the best way to “own” a client for four hours.

Rohan Williamson interim dean, Georgetown McDonough


“In life, if you ever want to reach your full potential, you have be comfortable being uncomfortable.”

Andrew LaVanway (MBA ’03), vice president, ICF International “Make an exception, just this one time.” The motto carved into bankruptcy courts, prisons, and chairs at the unemployment office. “The best part about firing people is that it makes everyone else work harder.” Right up until they quit. Fear is a great motivator — for leaving.

Cheryl Campbell (GEMBA ’16), senior vice president, global government, CGI “Be patient, and wait your turn.” In some situations this can be good advice because patience is a virtue. But I suggest you weigh your options while waiting your turn.

Arlen Kantarian (B ’75), CEO, Kantarian Sports Group

“If it ain’t broke, don’t fix it.” While often used as business advice, this can be an excuse for inaction and complacency in a fast-changing world. Instead, subscribe to the Will Rogers theory: “Even if you’re on the right track, you’ll get run over if you just stand there.”

Andrew LaVanway (MBA ’03), vice president, ICF International “If you dislike change, you’re going to dislike irrelevance even more.” —Eric Shinseki, former U.S. Secretary of Veterans Affairs Picked it up from a hotel magazine in Manhattan, Kansas, November 2011. GB



Georgetown University McDonough School of Business

Fall 2016 •


Supply Chain

Reactions The location — and relocation — of manufacturing in the world is shifting, but not necessarily in a way that matches popular perceptions. By Bob Woods

The state of manufacturing in the United States has been a hot-button issue for years, both economically and politically — and for good reason.

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In 1960, nearly 1 in 4 Americans worked in a factory. Today, according to the Bureau of Labor Statistics, that number is less than 1 in 10. Since 2000, the United States has lost 5 million manufacturing jobs, reflecting an exodus dating back to the 1990s, when U.S. producers began setting up shop in foreign countries, most notably Mexico and China, where the cost of labor was significantly lower. Still, manufacturing remains a mainstay of the overall U.S. economy. The sector employs more than 12.3 million factory workers — or 9 percent of the total workforce — who earn an average wage of about $26 an hour. Ongoing rhetoric touts an American manufacturing renaissance, with companies “reshoring” production facilities from overseas and bringing back millions of jobs. There is some truth to this. But reality fails to fully match popular perceptions, according to new research.

Manufacturing remains a mainstay of the overall U.S. economy. The sector employs more than 12.3 million factory workers — or 9 percent of the total workforce — who earn an average wage of about $26 an hour. Published in March, “Off-, On-, or Reshoring: Benchmarking of Current Manufacturing Location Decisions” delves into the multifaceted supply chains that drive factory production around the world, focusing on companies’ practices and strategies in today’s volatile global marketplace. The multiyear research project was conducted by a nine-member team of supply-chain experts from seven international business schools, including Georgetown University McDonough School of Business’ Ricardo Ernst, professor of operations and global logistics and director of McDonough’s Global Business Initiative, and Shiliang Cui, assistant professor of operations and information management. The two Georgetown McDonough researchers collaborated with Morris Cohen of the Wharton School at the University of Pennsylvania; Arnd Huchzermeier and Marc Steuber of the WHU–Otto Beisheim School of Management in Germany; Panos Kouvelis of the Olin Business School at Washington University in St. Louis; Hau Lee of the 28 •

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Graduate School of Business at Stanford University; Hirofumi Matsuo of the Graduate School of Business Administration at Kobe University in Japan; and Andy Tsay of the Leavey School of Business at Santa Clara University. The group surveyed executive decision-makers at 85 top manufacturing companies, predominantly from North America, Europe, and Japan. “This is the first time research of this scope and detail has been conducted at the business-unit and product level, where people are making decisions, not at the aggregate level,” Ernst says. “This is what managers are thinking and doing, more than what the company is saying.” The study began with the premise that manufacturers are no longer relocating production facilities based primarily on lower costs, he says. The goal was to learn firsthand and benchmark what other key drivers have led to a reorganization of global supply chains.

Supply-Chain Smart: Advice for Executives A Wave of Relocation

The research confirms there is indeed a significant wave of restructuring of global supply chains underway. Manufacturers across all industries are shifting production volume throughout both developed and developing nations. While China continues to be the most attractive country for manufacturing, many producers also are looking elsewhere, particularly Eastern Europe, Vietnam, Cambodia, and Bangladesh. “Manufacturing in Eastern Europe is a cost-effective option,” Ernst says, “and is performing for Western Europe like Mexico does for the United States.” In fact, the United States also is a desirable target for relocation, but not in the way many may assume. Contrary to media reports and politicians’ promises of reshoring, 60 percent of the production-volume increase in the United States is actually from offshoring by Asian and European firms. “They see the United States as a very appealing market destination and source of knowledge,” Cui says, referring to the fact that the United States remains the world’s largest consumer market and hub of innovation. “I was expecting that more American companies were reshoring,” Ernst adds, “but keep in mind, moving around is not an on-off switch. This is a long-term commitment and investment. American companies already have wellestablished­supply chains in many places, so to reshore a facility is a long-term type of driver.” The reshoring that has occurred may help explain the growing number of manufacturing jobs in the United States since the end of the Great Recession (800,000, according to the National Association of Manufacturers), although Georgetown University McDonough School of Business

Georgetown University McDonough School of Business professors Ricardo Ernst and Shiliang Cui offer advice to manufacturing executives based on their extensive study of supply-chain relocation: 1. Be creative and look for innovation by investing in market access and technology — for both the product and the production process — that support growth and agility. 2. Leverage the advantages offered by the locations in which your company adds value and generates revenue. 3. Be mindful of the impact of government policies, and be a good corporate citizen. This means recognizing how your actions affect the welfare of the citizens in the countries in which your firm operates with respect to employment, revenue, regulation, and environmental issues. 4. Bottom-up improvement strategies can work. Enlist the active cooperation of your company’s workers, suppliers, and customers. 5. Incorporate the trends and patterns from the strategies of other supply-chain executives. Individually, you need to make your own “rightShiliang Cui shoring” decision, which might be contingent on knowing where the rest of your supply network is. Who are your first-tier, second-tier, and even more upstream suppliers, and what are they doing? Collective supply-chain decisions — with an eye on transportation costs, infrastructure support, labor availability, wages, and more — could change as a result of mass relocation of manufacturing sourcing.

Ricardo Ernst

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there is no indication of a return to pre-2000 employment levels. “The rhetoric sounds good,” Ernst says, “but supply chains are an interconnection of many players. It’s important to understand that all those interconnections are critical to the game, and you can’t break it by just bringing jobs back.”

Shifting Costs and Evolving Decisions

The research team also noted a major shift in cost competitiveness. Cost differentials between developed and developing economies has been the recurring theme, Ernst says, but the landscape has changed. “Companies have matured,” he maintains. “The world has grown up understanding the importance of developing partners for their supply chains.” The researchers cite several reasons for the change in cost competitiveness. One is that labor costs in many developing nations have increased along with industrialization and the rise of the consumer middle classes in those countries. Take China, for example, where workers’ wages have tripled over the past 10 years. In that same time, the Chinese yuan appreciated by 36 percent, making it less favorable to export manufactured products out of China. Energy costs play a part, too. —Ricardo Ernst, Even though the cost of industrial Professor of Operations and energy has increased in many develGlobal Logistics and Director oping economies, it has stayed flat of Georgetown McDonough’s or even decreased in Global Business Initiative others due to technological advances such as hydraulic fracturing, or fracking. As a result, manufacturers in the United States have benefited from cheap natural gas versus oil or coal to power their factories. But costs are far from the only factors at play. Manufacturers increasingly are aware of other considerations that affect their global supply chains. They want to protect their intellectual property and are mindful of cybersecurity. They seek reliable partners that consistently provide high-quality parts and services. Mitigating random risks such as earthquakes, floods, and other natural disasters, as well as the effects of climate change, is part of the

The world has grown up understanding the importance of developing partners for their supply chains.”

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equation. Plus, supply chains are subject to an evermore volatile business environment that has witnessed rapidly changing demand, exchange rates, regulations, and commodity prices. The landscape is ever-shifting as well. In the time since the research was completed, political instability in the Middle East and Eastern Europe, immigration issues, terrorism, Britain’s vote to leave the European Union, and the U.S. presidential election have presented challenges for supply chains. “What is important for manufacturers is the ability of their supply chain partners to react quickly,” Ernst says. “Having a responsive supply chain is the ultimate goal. Supply chains look at businesses not from a vertical point of view, but from a horizontal point of view that responds to variations in demand and is resilient to changes, some of them unpredictable.” The report concludes with advice based on the researchers’ experiential findings. “High-level corporate decision-makers should use the insights presented in our study as a starting point to critically review their own supply chains, the way production sourcing decisions are being made, and whether they are taking the most effective approach,” Ernst suggests. Understanding the driving forces of today’s manufacturing location decisions should inform the ongoing debate about manufacturing policymaking directed at retaining and attracting manufacturing jobs, he adds. There is always a danger of letting politics get in the way, though. “Companies are not driven by the political implications of their decisions, but by the economic implications of the efficiency of the entire supply chain,” he says. GB



In my heart, I always knew I was going to make the transition to a nonprofit.”

—Sofina Anne Qureshi (B ’05)



Georgetown University McDonough School of Business

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Time Well Spent

Ellen Davis (EMBA ’16) helped create one of today’s most well-known shopping holidays. In 2005, when she was working in public relations for, the digital retail division of the National Retail Federation (NRF), a small team brainstorm led to two words that would become a fixture of shopping lingo.

Remember how quickly your college or graduate school years flew by? As I am fond of telling our students, “You will only be at Georgetown McDonough a short time, but you will be an alumnus the rest of your life.” Whether you spent one year or four years on the Hilltop, you gained valuable friendships, professional engagements, and meaningful opportunities to grow with your alma mater — connections that last decades. This June I met several 1966 graduates at their 50th reunion who reflected the strength and scope of Georgetown McDonough’s global alumni network. After investing in the future of our school, as well as your own future, you have earned the benefits of the Georgetown network. This includes all Georgetown alumni and the most prominent companies, governments, and organizations worldwide. Whether you graduated two, four, 20, or 40 or more years ago, Georgetown McDonough strives to support your personal and professional development. This year promises to be exciting for our alumni. We plan to continue to visit cities and companies where you live and work, facilitate interaction among alumni, support the development of intellectual engagement on campus and around the world, and elevate the stature of Georgetown McDonough as much as possible. Alumni involvement in our community takes many forms — reconnecting with classmates at reunions; learning from top global leaders, C-level executives, and faculty; mentoring a current student building a startup; or volunteering office space for an alumni event. With your support, imagine how Georgetown McDonough and our global community will look at your 50th reunion! Hoya Saxa,


Justine Schaffner Assistant Dean, Alumni and External Relations


Georgetown University McDonough School of Business Alumni

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ALUMNI NEWS NOTES “It was the time of year when editors asked us for holiday stories,” Davis remembers. “The economy was doing well, and 2005 wasn’t a whole lot different from 2004. So we brainstormed.” It was an era before smartphones and widespread in-home internet access. But Davis and her colleagues had heard from retailers about a spike in online shopping the Monday after Thanksgiving — when consumers could shop from their office computers. The NRF’s consumer and retail research verified the trend, and the team gave it a name: Cyber Monday. A press release went out soon after. “Within a week, it was completely out of our control,” Davis says. “It was like Cyber Monday had been around forever.” According to data from Adobe, Cyber Monday in 2015 was the biggest shopping day ever. “It was not a campaign. We had no budget, no committee, just a couple of us sitting in a room,” she says. “But it was fun to be part of something that big in the industry.” Today, Davis serves as the NRF’s senior vice president of research and strategic initiatives and executive director of the NRF Foundation. The business education website Poets & Quants named her among the best and brightest Executive MBAs for 2016. Growing up in west central —Ellen Davis Illinois as the daughter of a (EMBA ’16) farmer and a teacher, Davis had what she describes as a Norman Rockwell upbringing. She and her three siblings sold sweet corn to finance family vacations. Frequent visits to her grandfather’s office at the local bank sparked her interest in business. After Davis rose through the ranks at the NRF, CEO Matthew Shay (MBA ’11) encouraged her to apply for Georgetown’s Executive MBA program. She says the experience was transformational. “I work with CEOs and other executives in our industry all the time, and now I feel like I think differently, can ask more intelligent questions, and can keep up with the conversation.” She says one of the key advantages of the executive program is being able to learn about a subject such as pricing structure in class on Friday and then implement that lesson in the office on Monday. Although the retail business can be brutally competitive at times, Davis finds the industry as a whole to be supportive. It also turns out retail is surprisingly similar to farming. “You have some good years and some bad years,” she says. “Some years it rains, and some it doesn’t. Some things are out of your control. So you need to be adaptable in the short term and keep your eye on the long term.” —Melanie D.G. Kaplan

Running at Rio

Congratulations to Emily Infeld (B ’12), who competed in the 2016 Summer Olympic Games in Rio de Janeiro. Infeld represented Team USA in the women’s 10,000meter run and clocked a personal-best time of 31:26.94 to finish 11th in the finals. Hoya Saxa!

Georgetown University McDonough School of Business


Within a week, it was completely out of our control. It was like Cyber Monday had been around forever.”



Mya Klauson Hatchette,

Jessie Coleman is direc-

attorney with Winderweedle, Haines, Ward & Woodman, P.A., was named a Florida Supreme Court certified civil mediator. She will provide mediation services in a wide variety of areas, bringing particular experience in real estate disputes and title insurance claims.

tor economist with Baker & McKenzie Consulting LLC, based in Washington, D.C., where she focuses on dispute resolution and transfer pricing.

Fall 2016 •



Sustainable Adventures Antonio del Rosal (MBA ’00) has built a distinguished career in global adventure travel through leading by example. Del Rosal has lived and breathed adventure travel — a competitive multibillion-dollar industry — for decades. One day, he might be consulting regional leaders in his home country of Mexico on how to boost adventure travel tourism to strengthen the economy, and the next he will be on a mountain bike leading a tour through the wilds of his homeland. People tend to equate adventure travel with extreme sports, but that fails to capture the whole story, del Rosal says. Adventure travel combines the elements of physical activity and interactions with nature and the outdoors. However, cultural exchange is perhaps the most important element. “It’s the reason you would justify coming to Mexico to go whitewater rafting instead of Virginia,” he says. Growing up in Mexico, del Rosal developed a passion for travel. “Since the early days, it was fed to me through Boy Scouts and being outdoors and camping with my parents,” he says. He started mountain biking and racing in Mexico in his teens and eventually parlayed his love for outdoor activities, nature, and travel into a number of intersecting business ventures. Even before his days as an MBA student at Georgetown University’s McDonough School of Business, del Rosal had more than a decade of experience with adventure travel. He initially led a whitewater rafting business, then got involved with the Adventure Travel Trade Association (ATTA), which promotes sustainable adventure and nature-based travel. The ATTA is the largest adventure travel association in the world, representing more than 1,000 members in nearly 100 countries. By connecting with different destinations around the world and organizing trade events, it aims to further grow and professionalize the industry, says del Rosal, who is the association’s executive director for Latin America.. On top of his ATTA work, del Rosal is the founder and CEO of his own consulting business, Experiencias Genuinas, and the founder and owner of The Muddy Boot, a travel tour company in Mexico. The two companies operate in tandem.

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Whether it’s sleeping in a tent, whitewater kayaking, or finding an elusive bird they’ve only seen in books, watching people find that transformational moment is the most rewarding thing we do.”

Georgetown University McDonough School of Business


Ian Costello is a cofounder of Galley, a made-from-scratch meal delivery service in the Washington, D.C., area. Ian is married to Kelsey Smith (C ’05), and they have two children, Eric, 3, and Ryan, 6 months.

Urvashi Malhotra and Varun Malhotra (EMBA ’11) are co-

MBA 1983 Tim Tassopoulos has been named president and chief operating officer of Chick-fil-A Inc.

1997 Jennifer Sheehy was

appointed by President Obama as a member of the Committee for Purchase from People Who Are Blind or Severely Disabled, also known as the AbilityOne Program.


Experiencias Genuinas works with the ministries of Mexico at the federal and state level to help marginalized regions find viable ways to protect their natural capital. Years of logging, mining, grazing, or extractive industries may have decimated natural habitats in these areas. “Through adventure travel, we try t find an alternative to the destruction of these natural landmarks by preserving and inviting guests into natural habitats,” del Rosal says. Adventure travel also adds value to cultures that may have been forgotten. “It’s helping to rescue traditions, languages, —Antonio del Rosal (MBA ’00) legends, costumes, gastronomy, and music.” Take Oaxaca, which sits in southwestern Mexico. The state is home to the Zapotec people, who lived off the logging trade, and Sierra Norte, one of the most pristine cloud forests in the world. The region’s secretary of tourism had a vision of establishing trekking and mountain biking in Oaxaca and asked for del Rosal’s help. Working with Expediciones Sierra Norte, a long-running ecotourism project, del Rosal’s firm helped design walking and mountain biking routes through Oaxaca’s vast forestland. The project’s conservation efforts recently earned the World Travel & Tourism Council’s Tourism for Tomorrow award. Del Rosal was amazed to see this indigenous logging community transform into a successful tourism mecca. “They still operate under a pre-Hispanic social structure, but they have modified it to cater to adventure travel,” he says. Through his experiences with The Muddy Boot, del Rosal also gets to see tourists enjoying such adventures firsthand. “Whether it’s sleeping in a tent, whitewater kayaking, or finding an elusive bird they’ve only seen in books, watching people find that transformational moment is the most rewarding thing we do.” —Jennifer Lubell


author of the new book Masters of Corporate Venture Capital. Andrew is a general partner at Rubicon Venture Capital.

founders of Changeis, a management and IT consulting firm that targets the federal sector. The company has nearly 50 employees and is headquartered in Arlington, Virginia.

2010 Brett Kornblatt is vice

president in metals and industrials at Brown Gibbons Lang, a boutique investment bank. He previously served as vice president in the global industrials and business services group at Credit Suisse.

2012 Loukas Tourkomanis is a

vendor operations manager for Airbnb, based in Dublin.

2015 Paul McLaughlin has

co-authored a book, The Purpose Is Profit: The Truth about Starting and Building Your Own Business. He is an associate with Deloitte in the Financial Advisory Services Group in the Real Estate Consulting Practice.

Fall 2016 •




When Sofina Anne Qureshi (B ’05) was 18, she earned the Gold Award, the Girl Scouts’ highest achievement. Perhaps it was a bit of foreshadowing. The woman who spent her childhood as a Girl Scout reached a new pinnacle in the organization two years ago when she became chief strategy and finance executive for Girl Scouts of the USA.

Rob Baker was named to the

Poets & Quants MBAs to Watch list. He works for the Department of Justice as an internal consultant focusing on strategy and operations. Eunjung Kim opened


a Korean restaurant, ­Zannchi — which translates to feast — featuring small plates and bibimbap. The Georgetown restaurant debuted two months before she graduated from McDonough. Kenny Kuo was

named to the Poets & Quants MBAs to Watch list. He works as an investment banking associate for Morgan Stanley. Coral Taylor was named to

the Poets & Quants Best and Brightest MBAs of the Class of 2016 list. Coral is a product manager at Starbucks.

the founder and CEO of Foodhini, a social impact meal-delivery startup that aims to empower immigrant communities through homecooked ethnic foods. Meals are prepared by independent, immigrant home chefs in a commercial kitchen space provided by the company and delivered directly to customers.

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Fall 2016


Noobtsaa Philip Vang is

ALUMNI NEWS NOTES Qureshi, who grew up in San Jose, California, and now lives in New York, oversees a $90 million budget while also leading a team to determine growth and partnership opportunities. Previously, she spent 10 years at the Boston Consulting Group, where the national Girl Scouts organization was a pro bono client. “In my heart, I always knew I was going to make the transition to a nonprofit at some point,” Qureshi says. Girl Scouts had helped form her as a person, and she is grateful for the chance to help form its future in turn. Her first project with Girl Scouts as a pro bono client dealt with the group’s iconic cookies. The question before her: Was a decline in national membership linked to unexpected decreases in cookie sales? The national organization does not receive any profit from cookie sales; the money stays with the local troops and governing councils. Qureshi’s analysis showed cookie sale revenue often funds local councils’ outreach programs, so when profits declined, councils were forced to cut back on outreach, which led to a decline in membership. Her latest strategic role —Sofina Anne Qureshi builds on that knowledge. She focuses on increasing Girl Scout (B ’05) membership, building new partnerships, boosting fundraising, and considering new ways to deliver the Girl Scout program. For example, instead of only having troops of the same age that meet after school, Girl Scouts has programs such as Super Troops, where girls of all ages meet at schools or places of worship for the day. The program comes with added flexibility for families, plus the opportunity for older girls to mentor younger ones. Girl Scouts also has revamped its STEM — science, technology, engineering, and mathematics — programs. The organization is partnering with NASA to develop a badge program that focuses on astronomy and the engineering involved in space exploration. Girl Scouts is examining new ways of exploring and respecting the outdoors beyond camping, hiking, and canoeing, too. “We will always care about the outdoors, and we want girls to develop a love and respect for the world around us,” Qureshi says. “But you can experience the outdoors in many different ways.” Modern Girl Scouts may get involved in creating urban gardens, learning about waste recycling, or cleaning up a local river, for instance. Qureshi is committed every day to the mission of the Girl Scouts, which states, “Girl Scouting builds girls of courage, confidence, and character who make the world a better place.” “As I think about the next generation and who we want them to be, those are skills that are relevant in any context,” she says. —Melanie Padgett Powers

We will always care about the outdoors, and we want girls to develop a love and respect for the world around us.”

Georgetown University McDonough School of Business

Devon Weiss was named

to the Poets & Quants Best and Brightest MBAs of the Class of 2016 list. She works in mergers and acquisitions operations for EY. EXECUTIVE DEGREE EMBA 1996 Florence Jewell received

the Women of Color STEM 2016 Technology All Star award during the 21st Women of STEM conference in Detroit for her accomplishments in the science, technology, engineering, and mathematics (STEM) community.

EMBA 2000 John Kevill is principal

and managing director of U.S. capital markets at Avison Young, a commercial real estate firm. He previously worked as managing director at Eastdil.

EML 2007 Pia Valdivia is vice pres-

ident and chief financial officer of the Salzburg Global Seminar, a nonprofit whose mission is to challenge current and future leaders to solve issues of global concern.

EMBA 2011 Varun Malhotra and Urvashi Malhotra (MBA ’08) are co-

founders of Changeis, a management and IT consulting firm that targets the federal sector. The company has nearly 50 employees and is headquartered in Arlington, Virginia.

EMBA 2016 Ellen Davis was named to

the Poets & Quants Best and Brightest EMBAs of the Class of 2016 list. She is the senior vice president of research and strategic initiatives at the National Retail Federation. Read more about Ellen on page 32.

GEMBA 2016 Cheryl Campbell was named to the Poets & Quants Best and Brightest EMBAs of the Class of 2016 list. Cheryl is a senior vice president at CGI. Read her best business advice on page 23.

Fall 2016 •


ALUMNI NEWS NOTES Alumni Reconnect at Reunion Weekends Undergraduate Reunion,

Graduate Reunion,

Business school alumni were among the 4,000 Hoyas who returned to the Hilltop for Georgetown’s Reunion Weekend this summer. The McDonough School of Business hosted a reception for undergraduate alumni on June 3 featuring William Mayer, founder of Park Avenue Equity Partners and chairman emeritus of the Aspen Institute.

Alumni from the MBA, EMBA, EML, and GEMBA programs celebrated their reunion this fall with activities throughout the Rafik B. Hariri Building, including a family picnic, awards dinner, building tours, and talks by Paul Almeida, deputy dean for executive education and innovation; Prashant Malaviya, senior associate dean for MBA programs; and Rohan Williamson, interim dean.

Sept. 30–Oct. 1



June 3–5

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Fall 2016


Alumni Awards

Dean’s Award: David Fogel (MBA ’97), Reunion Chair

Alumnus of the Year Award: Scott Howard (MBA ’13), Chair, Alumni Ambassador Program

Reunion Class Participation Award: Class of 2011 ON THE WEB


Georgetown University McDonough School of Business

Fall 2016 •


TAKE 5 Search Smart: 5 Best Practices for Finding a Job 1. Create a Relationship Map Savvy networking, standout resumes, and social smarts — all of these go a long way toward easing the job-search process. Doreen Amorosa (B ’79), associate dean and managing director of the MBA Career Center, shares five tips for enhancing your search and expanding your network.

Optimizing your day-to-day network can help you pursue new opportunities. Start by creating a spreadsheet with the following columns: name, title, company, function or skill, and likelihood of providing assistance (high, medium, low). Fill in the information for each person you know, starting with your immediate circle. You can filter and prioritize contacts based on the most appropriate variable. Leverage this simple tool to help focus your networking efforts.

2. Critique Your Resume for Function and Industry

Have you reviewed your resume like a hiring manager? First, compare your resume with a job description line by line, highlighting key words that match. Insert new words from the description into your resume where possible. Then search for how many times the industry or function is listed on your resume; adjust placement and wording choice accordingly to maximize appeal.

3. Join a Professional Association

Professional associations offer new networking and learning opportunities. Research associations related to your target industry and function and join the local chapter. Associations often offer new member discounts for recent graduates. Check out volunteer opportunities as well, which can offer a chance to network with members for free.

4. Use LinkedIn Effectively

LinkedIn is one of the most powerful tools for conducting a job search. Follow these tips to ensure you are using the site effectively: Modify your headline using key words that match your job targets. Use the advanced search to find alumni contacts working for your target companies using keyword, employer, and school fields. When researching profiles of interest, be sure to go in “private” mode under settings.

5. Tap into Your Hoya Network


As you engage in networking, remember these Georgetown McDonough resources: • MBA Career Conversations ( — Community of McDonough MBAs. Request an appointment right through the system. Explore existing adviser reviews to target a good fit with your conversations. • Alumni Career Network ( — Georgetownwide, opt-in alumni database. Use the advanced search to identify alumni in your target companies. Hoyas often will help other Hoyas regardless of their Georgetown school of origin. • Faculty Connections — Professors with whom you have had a good relationship can open doors in industries of interest. Be specific about your target to faculty and ask for experts that might be able to assist in your search (rather than asking for contacts for a job). 40 •

Fall 2016

Georgetown University Loyalty Society Welcomes MBA Alumni! The Georgetown University Loyalty Society honors alumni who have given any amount to any area of the university for two or more consecutive fiscal years. It has now grown to cover all campuses, with 20,000 members worldwide. We welcome Georgetown MBA alumni to be a part of our community of alumni dedicated to the university’s future. To learn more about the Loyalty Society and membership benefits, visit

Critical support for Georgetown McDonough MBA Programs The McDonough School of Business seeks to increase the quantity and competitiveness of scholarships offered to enroll highly talented students. Consistent annual support will help achieve this goal and prepare the next generation of globally minded, principled leaders to be in service to business and society.

Become a member of the Loyalty Society by making a recurring gift or through consecutive years of giving to Georgetown University by visiting or calling 202-687-3487.


BUSINESS Georgetown University McDonough School of Business Office of Marketing and Communications 211 Rafik B. Hariri Building 37th and O Streets, NW Washington, DC 20057

Georgetown McDonough is



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