Today’s Agenda Welcome/Introductions “State of the College” Student Presentation: NSAC Update: Service Offerings Discussion: Executive Bulls Society Update: Executive Doctorate Guest Speaker: Meeting Challenges Lunch
Since we last metâ€Ś
Grants allow ISDS Department, School of Accountancy to expand undergraduate programs Two new grants from the State of Florida will help information systems and accounting students at USF take smaller classes, learn more, and, ideally, graduate in less time. The schools of accountancy at USF, the University of Central Florida, and Florida International University all received money from the TEAm grant -- the Targeted Educational Attainment program, supporting Florida’s universities to educate students in high-demand employment areas -- with the accounting portion totaling $3.64 million. USF is the lead on the grant, having received $1.1 million in funds. The same three institutions are also participating in a second TEAm grant, which will help increase the number of graduates trained in computer and information technology. USF’s piece of that grant is $705,000, and the ISDS department will implement it. The “Aligning Workforce and Higher Education for Florida’s Future” report from the Florida Commission on Higher Education Access and Educational Attainment pointed out several “gaps” between accounting education and workforce needs in the state -- specifically, a shortfall of almost 1,000 workers between the demand and supply for accountants. In November, the State University System Board of Governors announced the availability of competitively awarded grants to address the problem. The School of Accountancy program will start in full this summer. Over the five-year time frame of the grant, the three universities expect to produce 500 additional accounting graduates, reducing the demand-supply shortfall in the state. “We are very excited to receive this grant, as it will allow us to hire additional faculty and implement a number of initiatives that we believe will increase the number of quality accounting graduates,” said Uday Murthy, chair of USF’s School of Accountancy. He added that he is particularly thrilled about the plan to develop a series of short videos in the style of Khan Academy, a free non-profit website developed to educate students worldwide and make a wide variety of topics accessible, to help USF accounting students better understand complex upper-level accounting topics. The grant money will be put toward boosting graduation rates by capping class sizes and increasing the number of class sections by hiring new faculty members, developing online tutorials and increasing tutors to help students understand the material, hiring internship coordinators to identify opportunities for students, providing scholarships, and other initiatives. For the Information Systems & Decision Sciences grant, with computer-related degrees expected to increase by 67 percent over the next five years, this money will help these universities prepare for the increases. “The grant funding will, most importantly, help us provide Florida employers with more high quality talent in the critical MIS field, which is at the intersection of business and technology,” said Balaji Padmanabhan, chair of the ISDS Department. “The grant support will help us recruit faculty and launch a student success center of teaching assistants and staff. We will need this additional capacity to handle the expected increase in the undergraduate population as well as to work closely with them to ensure their success as determined by succeeding in their courses, job placement and timely graduation.”
Targeted Educational Attainment program (State grant to increase grads in high-demand fields)
• $1.1 million: School of Accountancy – USF, UCF, FIU share $3.64M grant focusing on accounting – USF is the lead on this segment; $1.1 million share – Adds three instructors, three support personnel (including an advisor and an internship coordinator)
• $705,000: ISDS Department – USF, UCF, FIU share second grant focusing on computer and information technology – $705,000 share – Adds two instructors, one support employee to assist with academic/career advising
• Additional Details in Handouts
‘Breakfast with a CIO’ event brings banking executive to tech community JPMorgan Chase moves more money every day than the GDP of the United Kingdom, about $5 trillion daily -- but it’s not the dollar bills we typically carry in our wallets. “What do banks actually produce?” asked Mark Ashton-Rigby, head of banking technology for JPMorgan Chase. “They don’t manufacture anything. They move so-called money, but it’s really just data.” Ashton-Rigby, who has worked in the banking industry for almost two decades in senior technology roles, spoke to an audience from the Tampa tech community on April 22 as the keynote speaker for the USF College of Business’s second “Breakfast with a CIO” event, sponsored by Tech Data. In an engaging thirty minute address, he discussed various aspects of his job that range from managing people and technology, to dealing with the security of the company’s data. Balaji Padmanabhan, chair of USF’s Information Systems & Decision Sciences department, said in his welcome remarks that the “decision” element is as important as the “information systems” element of what his department does. “Information does not exist in a vacuum,” Padmanabhan noted in the context of discussing how necessary it is today for businesses to have information systems that enable data-driven analytics for decision making. The tech leaders of today embrace the dual challenges of providing ever more information on demand while maintaining high security. Every day, Ashton-Rigby said he thinks about how the bank can leverage the investments in technology, with customers wanting more and more information but having diminishing tolerance of leaks, a thought echoed by Phil Fillipelli, vice president of eBanking at Tech Data, in his opening remarks as the sponsor of the event. Recognizing that today’s world offers unprecedented choices for customers who have to be earned, and then retained, by quality and service, Filippelli noted, “Our customers don’t have to shop with us. You have to be able to do things in a way that is scalable and quick, while also being a good steward of their information.” Ashton-Rigby also talked about the unique challenges of the banking industry, saying that moving up the ladder often requires very different skills and talents at different levels. “At one level, you’re expected to be the person with ideas .... at the next level, you’re supposed to be the person who takes a very hard, cynical look at the ideas,” he said. The talk was peppered with numerous insights for leaders on how to manage and successfully lead in a highly complex world. He emphasized, for instance, the need for human resource development in an industry that is very dependent on its highly talented staff. “The other critical part of the banking industry, that I think we overlook, is the people,” he said. “If your team beneath you believes that you’re trying to help develop their careers, they’ll go home and think about how they can do better.”Now, thanks to this generous estate gift, their impact will be felt far into the future. We simply can't thank them enough."
FICCI-IIFA Global Business Forum The stars of Indian film, politics, and business, along with leaders in those arenas in the U.S., all came together for the FICCI-IIFA Global Business Forum in Tampa last week. As part of the Indian International Film Academy Awards held in Tampa this year -- also known as the Bollywood Oscars -- The Federation of Indian Chambers of Commerce and Industry organized the business forum in conjunction with the USF College of Business. The forum was held at the Tampa Convention Center on April 24 and 25. Countless Indian dignitaries, actors, and businesspeople attended the two-day forum. Panels of experts discussed such issues as U.S.-India Trade Relations, sport and entertainment, information technology, higher education, and sustainability. During the event, FICCI also signed a Memorandum of Understanding with the Tampa Bay Trade & Protocol Council with the goal of promoting business connections. Diane Farrell, acting president of the U.S. India Business council, noted that the connection between IIFA and business might not be immediately apparent, but said it made perfect sense. “Why would a business forum be here at IIFA when there’s all this glamour? I think there’s a lot of glamour in this room,” she said. “When I think about the IIFA theme of ‘One People, One World,’ that’s really what we have the ability to create.” Top leaders in global businesses and government -- including FICCI Vice President Harshavardhan Neotia, Consul General of India-Atlanta Ajit Kumar, U.S. Assistant Secretary of State Nisha Desai Biswal, Tata Motors President Ranjit Yadav, Intergovernmental Panel on Climate Change Chairperson Rajendra K. Pachauri, Syntel Chairman Bharat Desai, UST Global CEO Sajan Pillai, and Chief Executive at L&T Infotech Mukesh Aghi -- spoke about such issues as the growing Indo-U.S. business relationship, sorting out the challenges in relations between the two nations, and the steps business needs to take toward sustainability and countering global warming. One panel, moderated by USF College of Business Dean Moez Limayem, included discussion about the opportunities in higher education internationally. Panelists from American and Indian universities discussed ways they are already making a difference and talked about ways to do more. “We’re very active trying to make a difference for both communities we serve,” said USF President Judy Genshaft, speaking about creating a university that benefits both domestic and international students. Another higher education panelist, T. Muralidharan, founder and chairman of Indian HR services firm TMI group, noted that in India, higher education has yet to become geared toward meeting the workforce’s needs. “People think graduation is a means to something, and by creating more graduates we create more unemployment,” he said. In contrast, Genshaft noted that USF works with the local community to make sure students are gaining relevant experience. “Every student needs to have a practicum or internship before they graduate, so they are job-ready,” she said. Local entrepreneur, philanthropist, and doctor Kiran Patel gave a keynote speech before a panel on worldwide health and health care. His remarks drew spontaneous applause as he questioned the direction of health care in both America and India. “The fundamental question people should be asking is, is health care a birthright or a privilege?” he noted. “In the 21st century, unfortunately, ethics and morality are sometimes coming second to finance.”
He spoke about the need for humanizing the business of health care and to bring a level playing field to India so that the rich are not the only ones who can receive care. “Your health care is only as good as the ethics and morality of your own doctor,” he said. From the entertainment side of the business equation, Pittsburgh Pirates pitcher Rinku Singh, the first Indian baseball player and also the subject of the upcoming Disney movie “Million-Dollar Arm,” spoke about his career trajectory on a panel moderated by USF Sport & Entertainment Management Director Bill Sutton. Singh spoke about his desire to give back to children in his hometown, and Sutton offered him a scholarship to the USF Sport & Entertainment MBA program to make that happen once he retires from baseball. “When you think of India, you think of cricket, you don’t think of baseball,” Singh said. “My own mom doesn’t even know what baseball is like.” He also spoke about wanting to give children in his village the opportunity to pursue their passions regardless of class or wealth in both education and sports. “It took me seven months to learn to play baseball, and look where I am now -- I’m here,” he said. “Every single human in this world, they want to succeed.” John Paul Basile, Associate Vice President for International Development at the NBA, spoke on the same panel about the grassroots movement to market basketball in India. The NBA is giving basketball to Indian children, hoping to reach 500,000 this year and one million the next. The room was packed for another discussion between Indian rockstar businessman N.R. Narayana Murthy, founder of global tech giant Infosys, and Indian filmmaker Rakeysh Omprakash Mehra. “He is a person who has inspired millions of Indians to believe that wealth can be created in a fair and ethical manner,” said USF College of Business Associate Dean Kaushal Chari in his introduction of Murthy. “He has demonstrated to the world, yes, it is possible to build a globally respected company in India, provided one dreams big – and has the courage to put in the hard work and dedication required to make those dreams come true.” The director, clearly accustomed to being around Bollywood’s superstars, seemed starstruck as he interviewed Murthy. Mehra and Murthy talked about everything from Murthy’s favorite Bollywood actress to what the driving conflict would be in a movie about his life to how to globalize the Indian film industry. Murthy spoke about the value of respect, and why it is Infosys’ key value. “Good governance is all about ensuring good value to stakeholders, along with values of fairness and respect,” he said. The forum ended with a star-studded panel on empowering women to lead through education. Moderated by former USF Provost and current University of Houston President Renu Khator, Indian actresses Shabana Azmi and Priyanka Chopra, “House of Cards” Indian-American actress Sakina Jaffrey, and film director Tara Abrahams. Part of Abrahams’ movie “Girl Rising” was shown during the panel, highlighting the values of educating girls to help them live full lives. “Every time that I watch this film, every time I screen it for people, it moves me,” Chopra said. “To help tell the story of hope, faith, and belief for little girls who have none of that, they can have a better life if you give them the chance.”
Lancaster, PA Permit No. 1793
Accounting Circle The mission of the Accounting Circle is focused on engaging USF’s School of Accountancy, enhancing student professional development and promoting student and faculty success through distinctive and impactful opportunities which engage the Tampa Bay business community in support of USF students and faculty. For more information regarding the Accounting Circle as well as our new strategic plan, visit our website: http://www.usf.edu/business/departments/accountancy/circle/
Location Tampa Convention Center 333 S. Franklin Street, Tampa, FL 33602 Phone: 813-274-8511
Tampa, Florida 33620-5500
This conference qualifies for 16 CPE credits; 12 of the credits meet the accounting and auditing requirement (subject to approval).
4202 East Fowler Avenue, BSN3403
University of South Florida
Conference proceeds support students and programs at the University of South Florida. Last year, students received $43,500 in scholarship assistance. Funds also support the Accounting Circle Faculty Teaching Fellowship, which is currently held by long-time USF professor, Celina Jozsi.
College of Business • School of Accountancy
Accounting Circle Conference at http://www.usf.edu/ua/accounting.
Come to the conference and enjoy our quality speakers, earn CPE credits, reconnect with friends, and receive the chance to win one of four iPad minis. Yes, that is right! Four iPad minis will be raffled off at the conference, two on each day. Good luck!
The Accounting Circle speaker presentations will be available online starting May 27, 2014
Act fast and receive an early bird discount as well as group discounts – see inside for details.
The University of South Florida School of Accountancy continues to be ranked first in the nation for research in the accounting information systems field, in rankings released by Brigham Young University. The School of Accountancy’s undergraduate program was ranked in the top 25 and the master’s program was ranked 12th nationally among schools with 15 or fewer full-time faculty in the 2013 Public Accounting Report.
PRSRT STD U.S. POSTAGE
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May 29-30, 2014
• Tampa Convention Center, Tampa, FL •
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May 29, 2014
May 30, 2014
REGISTRATION/WELCOME Moez Limayem, Ph.D., Dean of the College of Business, University of South Florida, Tampa
REGISTRATION & USF FACULTY Uday Murthy, Ph.D., Director of the School of Accountancy, University of South Florida, Tampa
SEC UPDATE Daniel Murdock, CPA, Deputy Chief Accountant - Accounting, Office of the Chief Accountant, Securities and Exchange Commission
GOVERNANCE AND ACCOUNTING PRIORITIES AT NONPROFITS Car y D. McMillan, CEO, True Partners Consulting, LLC
AUDITING: PERSPECTIVES ON ITS ROLE, RELEVANCE AND RELIABILITY Martin F. Baumann, CPA, Chief Auditor and Director of Professional Standards, Office of the Chief Auditor, Public Company Accounting Oversight Board
OVERVIEW OF OUTBOUND INTERNATIONAL TAX PLANNING FOR U.S. PRIVATELY HELD COMPANIES Jerr y Ogle, CPA, President, Ogle International Tax Advisors, P.A.
ACCOUNTING UPDATE Edward W. Trott, CPA, Independent Accounting Professional, Former Board Member of the Financial Accounting Standards Board
THE FASB/IASB PROPOSAL ON LEASING WHERE IT STANDS Rachel Gerring, CPA, Partner, Ernst & Young, LLP Melissa Angulo, CPA, Senior Manager, Ernst & Young, LLP
ACCOUNTING, FINANCIAL REPORTING AND AUDITING ISSUES 2014: QUESTIONS AND ANSWERS. Moderator: Lisa Gaynor, Ph.D., Associate Professor, University of South Florida, Tampa Speakers: Daniel Murdock, CPA, Deputy Chief Accountant - Accounting, Office of the Chief Accountant, Securities and Exchange Commission Martin F. Baumann, CPA, Chief Auditor and Director of Professional Standards, Office of the Chief Auditor, Public Company Accounting Oversight Board Edward W. Trott, CPA, Independent Accounting Professional, Former Board Member of the Financial Accounting Standards Board
IDENTIFICATION AND MITIGATION OF INFORMATION SECURITY RISKS Orson B. Lucas, CISA, Director, Information Protection and Business Resiliency, KPMG, LLP
AUDITING & ASSURANCE UPDATE Melisa F. Galasso, CPA, Audit Professional Practices Manager, Cherry Bekaert LLP
MIDDLE MARKET MERGERS & ACQUISITIONS David Enick, CPA, Managing Director, CBIZ MHM, LLC
DATA GOVERNANCE: DRIVING VALUE FROM COMPLIANCE Rebecca Snevel, CISSP, Global Data Governance Practice Leader, Resources Global Professionals
Keynote Speaker Martin F. Baumann is the PCAOB Chief Auditor and Director of Professional Standards, a position he has held since early in 2009. He joined the PCAOB in 2006, and served as Director of the Office of Research and Analysis from 2007 to 2009, before becoming Chief Auditor. As Chief Auditor, Mr. Baumann is responsible for establishing and interpreting professional practice standards for audits of all public companies registered with the Securities and Exchange Commission. Prior to joining the PCAOB, Mr. Baumann spent three years as Executive Vice President of Chief Auditor and Director of Finance and Chief Financial Officer for Freddie Professional Standards, Mac, where he was responsible for accounting Office of the Chief Auditor, and reporting, corporate planning, taxation, and Public Company Accounting capital management. He led the effort to Oversight Board complete Freddie Mac's restatement and improve its financial reporting and corporate culture. Earlier, Mr. Baumann spent 33 years at PricewaterhouseCoopers, in positions spanning partner-incharge of the firm’s largest global financial institution audits, Global Banking Leader, and Deputy Chairman of the World Financial Services practice.
Martin F. Baumann
Mr. Baumann is a frequent speaker on financial reporting and auditing matters. He has also testified before Congressional Committees in his various roles in order to provide insight into complex financial reporting and auditing matters. Mr. Baumann is a highly recognized authority in accounting, auditing and financial reporting. He earned a B.A. in accounting from Queens College and an M.B.A from Baruch College. He also completed Columbia Business School's Executive Program in Business Administration. He is a Certified Public Accountant.
Cost and Discounts Cost per attendee:
Early bird discount of 5% if paid by May 5, 2014 Group discount of $25 each for 5 or more attendees
PRIVATE EQUITY UPDATE Dennis G. Prado, Principal, Main Street Capital Holdings, LLC
EMERGING INTERNAL AUDIT ISSUES & HOT TOPICS William Thomas, Managing Director, Protiviti
Registration and Payment
Martin Nash, Director, Protiviti
To register and pay by check or credit card use our convenient registration website: http://www.usf.edu/ua/accounting
HEALTH CARE REFORM: IMPLICATIONS TODAY AND YET TO COME Lynn Friedrichs, CPA, Partner, Deloitte LLP
THE INSIDER THREAT Andrew P. Laflin, CPA, Manager, Assurance and Advisory Services, CliftonLarsonAllen LLP Pat Laflin, Strategic Partnership Coordinator, Federal Bureau of Investigation
Late registration cost after May 23, 2014:
Online registration will not be available after 12 p.m. on May 27, 2014. After this date, registration will only be available on-site at the conference. Cancellations received in writing up to five business days prior to the start of the conference will receive a full refund. Transfers and substitutions are allowable.
Social Media Rumors and Their Impact During Extreme Events Manish Agrawal (ISDS) With colleagues Onook Oh1, Raghav Rao2, Rajarshi Chakravarti2, and Priya Gupta3
1: University of Warwick, UK; 2: SUNY Buffalo; 3: Amrita University, India
Research Examines Role of Twitter, Misinformation During Crises TAMPA, Fla., March 20, 2014 - An information systems researcher at the University of South Florida College of Business is conducting social media research that could do more than help people communicate effectively. It might actually save lives. Information Systems Decision Sciences Professor Manish Agrawal has been looking at how social media, particularly Twitter, has been used during crises such as a mass shooting or a public safety recall – and how misinformation on these channels can be curbed. Agrawal, an expert in data communications, networks, web applications, and information systems, has also examined the factors affecting anti-terrorism efforts. In two separate studies, Agrawal and his colleagues examined ways that social media can aid – or impede – law enforcement and first responders during times of crisis. The studies, which are among the first to apply “rumor theory” to social media and community intelligence, validate an increasing concern regarding communication and social media: that while the groundswell that frequently occurs with social media can have positive effects, unconfirmed information and a lack of credibility can not only exaggerate an unfolding situation but also contribute to the spread of misinformation that can divert attention away from serious, real issues. “We found that, in cases of community disasters, emergency responders need to make extra effort to distribute reliable information and, at the same time, control anxiety, and suppress the spreading of rumors,” said Agrawal. In one study, published by Management Information Systems Quarterly, Agrawal and coauthors Onook Oh and Raghav Rao, from the Warwick Business School and SUNY Buffalo, respectively, examined the role of Twitter as the dominant social tool to report eyewitness accounts and share information on disasters, terrorist attacks and social crises as a collective effort to make sense of what is happening. They analyzed three social crises: the Mumbai terrorist attacks in 2008, a four-day shooting and bombing crisis that left 165 dead and 304 injured; the Toyota recall in 2010, where more than 2 million cars were recalled as a result of a gas pedal issue; and the Seattle café shooting incident in 2012, where a gunman killed five in a coffee shop and sparked a citywide manhunt before committing suicide. They found that the lack of a credible source was the most important rumor causing factor on Twitter during the crises. Personal involvement and anxiety emerged as the other important rumor-causing factors during these situations. In a second study, the findings of which will be published in a forthcoming issue of the Indian Institute of Management Review, Agrawal and colleagues Rajarshi Chakravarty and Raghav Rao, both from SUNY Buffalo, studied the unprecedented terrorist attacks on India in November of 2008. The terror attacks were well-coordinated and used digital technology for communication, affecting police reactions.
Landmarks in Mumbai burned in 2008 during a four-day terrorist-led shooting and bombing attack that left 165 dead and 304 injured.
The study examined key areas where information flow impeded response time and concludes with recommendations to the Mumbai police department regarding how to deal with terror and other emergency situations in the future. The findings also shed new light on both the positive and negative factors contributing to first responders’ decisions – which has a big impact on crisis management. Funded by a grant from the National Science Foundation, the researchers travelled to Mumbai, India and interviewed officers who personally responded to the threat both from the street-level zone where the attacks were focused and
the administrative areas where the police managed the response to the attack. The researchers were awestruck by the determination displayed by the officers in responding to the unprecedented situation, with direct risk to their lives. Agrawal says that sufficient training and advanced technology and ammunition resulted in better tactical choices for the police, even when terrorists’ weaponry was more advanced than what was available to law enforcement. They found that attitude mattered, too. “We found that officers’ confidence contributed to good decision-making in the field,” said Agrawal. “The officers’ expectation the situation could be resolved favorably was also a positive factor in controlling the situation,” he added. The research also revealed that social media’s role in the events was of mixed value. Twitter was used extensively by the public to share updates and other information. The medium was useful to police as it gave them immediate reports from a large number of sources. However, during the critical early hours of the attack, the medium also amplified rumors, leading to confusion and delays in developing situation awareness. Agrawal and his fellow researchers say that emergency response teams need to put in place prompt emergency communication systems to refute misinformation and provide citizens with timely, localized, and correct information through multiple communication channels such as website links, social network websites, RSS, email, text message, radio, TV, or re-tweets.
Manish Agrawal teaches courses in business data communications, computer networks, information systems, the development of web applications and information. An associate professor in the Information Systems Decision Sciences Department, Agrawal was the recipient of USF’s university-wide award recognizing teaching excellence in 2006. An expert in the areas of cyber security, social media analytics, software quality, offshoring and outsourcing, his research interests include extreme event response, social media analytics, decision fusion, and software quality. An avid researcher, his work has been published in numerous academic journals, including Management Science, MIS Quarterly, INFORMS Journal on Computing, Journal of Management Information Systems, IEEE Transactions on Software Engineering, Decision Support Systems and the Journal of Organizational Computing and Electronic Commerce. His research and teaching have been funded by the US National Science Foundation, the US Department of Justice, the Indo-US Science and Technology Forum and Sun Microsystems. Agrawal earned a PhD in information systems at SUNY Buffalo and studied at the Indian Institute of Technology in Kanpur, India.
Executive Doctorate in Business
Executive Doctorate in Business • Market-rate/cost-recovery program. • Not a PhD program, nor an advanced Executive MBA. • Cohort program designed for senior-level, C-suite business leaders. • Typically completed in three years. • Prepares executives for teaching roles in business classrooms as well as enhances the breadth of business knowledge gained over course of their careers.
Two Key Words From the upcoming USF Graduate Course Catalog:
The Doctor of Business Administration program offered by the College of Business provides its graduates with the skills needed to conduct rigorous research with the objective of applying the findings to real-world decisionmaking in industry and government.
Program Structure • Designed for working professionals, 12 years experience, at least five at executive or senior management level • Meets all day Friday/Saturday first weekend each month – Spring: February, March, April, May, June – Fall: August, September, October, November, December – No classes: July, January • Progression: First two years, mainly three-credit classes – Four per semester – Substantial online content between classes – Last five quarters, four-credit dissertation classes, twocredit issues classes, focus is on dissertation
Applying for Inaugural Cohort (2015)
Ron Klein The Grandfather of Possibilities™ Ron Klein is a remarkable man who has led a remarkable life. He is a highly successful CEO and entrepreneur, an Electrical and Computer Systems Design and Development Engineer, and the sole inventor and developer of some of the most important technologies and products for the Banking and Real Estate industries in the 20th century. The passion for life that has been at the very foundation of Ron Klein’s success was evident at an early age. Ron was greatly influenced by his Grandpa Samuel, a dynamic man and prolific inventor (the boiler feeder for the first pressing machines, television “Rabbit Ear” antennas, early devices for protecting ships from torpedoes, and the joint inventor of the key apparatus for the propulsion of ships). At the lap of his beloved Grandpa Samuel, Ron developed a zeal for life and learning. By the age of six, he was a virtuoso on both the guitar and banjo, (winning a variety of contests), and began to exhibit an undeniable affinity for building and “inventing” things. To this day, Ron gives a large portion of the credit for his success to his grandfather, who instilled in him the core values of positivity, integrity, and determination. Perhaps it is the memory of this special bond shared with Grandpa Samuel that brings a smile to Ron’s face as people now refer to him as the Grandfather of Possibilities. Ron Klein is the inventor of the Magnetic Strip Credit Card Validity Checking System, a proprietary innovation that has directly touched the lives of billions of consumers. He developed the Bond Quotation and Trade Information System for the New York Stock Exchange, as well as the computerized systems for Real Estate Multiple Listing Services (MLS) and Voice Response for the Banking Industry. Klein was the Founder and CEO of the publicly traded Technitrend, INC., and the Founder and CEO of General Associates, INC. While working intimately with the NYSE on Wall Street, Ron led General Associates in the development of a system that enabled up-to-the-minute bond quotations and trade information for the NYSE and a variety of other financial institutions. In the years that followed, GA would develop proprietary video display systems and other financial products for the American Stock Exchange, Philadelphia Stock Exchange, New York Futures Exchange, and New York Comex Exchange. Those who know Ron’s story intimately are not at all surprised that he has turned the focus of his impressively diverse career to guiding a new generation of inspired entrepreneurs to achieve brand new levels of success and productivity.
A highly sought-after business analyst, consultant, and mentor, Ron Klein works with corporations to create greater profit, return on investment, productivity, and internal synergy. He offers his unparalleled knowledge, passion, and business acumen to help companies identify and streamline their processes in order to attain optimal growth. Ron Klein takes great pleasure in guiding the next generation of inspired professionals and entrepreneurs in his Entrepreneurial Boot Camps, whether it is in the expansion of a new company or the launch of a new product or line of products. He imparts individuals and corporations with the tools, resources, and thought processes necessary to reach the top, including identifying key opportunities in the realm of Intellectual Property. As this Senior Olympian in Cycling, Purple Heart Recipient, CEO, sailing enthusiast, inventor and engineer would say himself, â€œWe are all capable of moving in any direction we desire. If you have a passion for what you do, anything is possible.â€? Ron Klein is a graduate of Temple University, where he earned a B.S. in Electrical Engineering. He is the proud father of two children and four beautiful grandchildren. He lives in Sarasota, Florida with his wife Arlene and they are actively involved in the Morris Animal Foundation.
Entrepreneur Speaks to New Venture Class Recently, students studying entrepreneurship had a chance to hear from serial inventor Ron Klein, the inventor behind the magnetic strip on billions of credit cards worldwide, as part of the final meeting of Sean Lux’s new venture formation class. On Nov. 13, the College of Business class got some sage advice from the free-thinking triathlete, who insists that anyone could have accomplished what he has achieved, including starting his own business, consulting for a variety of industries and overhauling the way payments are processed. Ron Klein speaks to students “Basic, simple thinking works. We tend to complicate issues. If we just ask ‘what am I dealing with?’ we can obliterate challenges,” he shared. Klein didn’t stop once his first invention made it big. He proceeded to automate the bond trading floor of the New York Stock Exchange. He developed the multiple listing system for the National Board of Realtors. And he invented a new nutrition system for chickens. The serial inventor attributes his success in so many fields to seeing opportunity and persevering. He said “don’t quit three feet from gold. When you reach a challenge, think about the given and the goal.” He emphasized reducing problems to their basic principles and goals and proceeding from there. At 78, Klein has had a lifetime of experiences, including retiring at 35 only to return to work creating “simple solutions to problems that no one has thought about yet.” The students in Lux’s class are a part of the College of Business’ graduate entrepreneurship track. They received career and life advice from the inventor, who also engaged them in a discussion of political solution-making. “I’m a great advocate for internships and getting out into the world after college to figure out what you want to be,” Klein said. “Then you’ll find out why you need extended education.”
For Your Calendars EAC meetings typically begin at 8:30 a.m. and conclude at 1:30 p.m. (times subject to slight change depending on agenda): • September 19, 2014 • January 30, 2015 • June 5, 2015 • September 18, 2015 2014 Scholarship Luncheon will be held on August 29, 2014, 11:45 a.m.
2014 Homecoming (event specifics are TBD): • Homecoming Week festivities: October 5 – October 12, 2014 • USF Homecoming football game: October 11, 2014 (vs. East Carolina Pirates) • USF College of Business Homecoming event: likely October 9 or October 10, 2014 (afternoon event)