U P E I FA C U LT Y O F B U S I N E S S M A G A Z I N E
Summer 2017 | ISSUE N0.3
Global Opportunities to Learn and Work
International Case Champions
Are You a Global Consumer?
(L-R) Vernatius Okafor, Sara Ashnaei, Jessica Smith, Cullen Mullally, Teresa Tu.
is published by the Faculty of Business at the University of Prince Edward Island. Editor: Mary Whitrow Contributors: Sherilyn Acorn, David Atkinson, Anchen Cai, Dr. Andrew Carrothers, Dr. Xiao Chen, Dr. Gary Evans, Sue Foster, Susan Graham, Melissa James, Dr. Blake Jelley, Dr. Juergen Krause, Sheryl MacAulay, Amy MacFarlane, Megan MacLean, Dr. Tarek Mady, Bassel Malke, Grace McCourt, Shelby McDonald, Nicole Phillips, Allison Ramsay, Dr. Tina Saksida, Nick Scott, Foyin Senbanjo, Bill Waterman, Mary Whitrow Photos: Greater Charlottetown Chamber of Commerce, UPEI Co-operative Education, UPEI Marketing and Communications, Anchen Cai, Sydney Gallant, Susan Graham, Grace McCourt, Bassel Malke, Allison Ramsay Designer: TechnoMedia Inc. On the cover: (L-R) Harrison Wood, Kate Kinsman, Dan Timen, Anchen Cai, Foyin Senbanjo Special thanks to UPEI Marketing and Communications and the Office of the Dean for their contributions. For all inquiries: Faculty of Business, University of Prince Edward Island, 550 University Avenue, Charlottetown, PE, Canada C1A 4P3 Tel: (902) 566-0564
Contents Message from the Dean
Coffee Coaching: An Interview with the Founder
Dean’s Honours Awards
A Chance to Reflect
Global Opportunities to Learn and Work
Business Society International Rep
Enactus: The Unity Project
Finding My Way at UPEI
Entrepreneurship Boot Camp
UPEI Chapter of the PEI Business Women’s Association
BizUnder40: A Fun and Relaxed Way to Build Your Network
Winning Under Pressure
Mobile Banking: The Future of Banking
Award for Excellence
Exploring the Intersection of Data and Values to Inform Policy
Public Servant in Residence
Virtual Simulation, Real Success
Are You a Global Consumer?
NBIF’s Breakthru Competition Winner
Message from the Dean The past year was filled with many student and faculty successes and proved to be a period of growth. Notably, the Senate and Board of Governors supported us in our bid to elevate the School of Business to the Faculty of Business. Again our business students excelled in many competitions and achieved successful results for UPEI. As outlined in this issue, our student teams had podium showings at international competitions, while individual students won national competitions and were recognized for their academic and extracurricular achievements.
As our international student numbers continue to increase, we maintain our focus on providing the support these students need to excel in our programs. Besides mentorship, we are implementing additional means of support to familiarize students from 32 countries with our environment and offerings, including opportunities in Entrepreneurship and Co-operative Education. We are also proud to offer domestic students many opportunities for international travel and experiential learning; a new partnership with the Office of Recruitment and International Relations and the Co-op program allows students to combine work and study experiences in a location abroad.
The Business Society continues to create events that encourage networking with business leaders on Prince Edward Island and has put a priority on international student engagement. In the fall of 2017, the PEI Business Women’s Association will launch a new chapter at UPEI to raise awareness about the challenges women face in the workplace and in the community. Our faculty continues to grow! Over the past year, an increased number of faculty members provided valuable contributions to many research topics and initiated new projects, fostering existing partnerships and creating new collaborations with government and other institutions. I invite you to explore this year’s issue of Engage and learn what we have to offer.
Dean’s Honours Awards Author: Mary Whitrow
The UPEI Faculty of Business is very proud to have held its Dean’s Honours Awards celebration for the fourth consecutive year at Government House hosted by His Honour, the Honourable H. Frank Lewis, Lieutenant Governor of Prince Edward Island, and Her Honour, Mrs. Dorothy Lewis. In the fall of 2016, 106 students received Dean’s Honours distinction, achieving an average of 80 per cent or higher in their courses in the 2015–16 academic year. The Faculty is pleased to have had an increase in the number of students who achieved the distinction, especially within the international student segment. The awards were presented by Lieutenant Governor Lewis and Dr. Juergen Krause, Dean of the Faculty of Business. The Faculty of Business thanks their gracious hosts for once again demonstrating their generous hospitality.
Peta-Gaye Reece and Dean Juergen Krause at the Dean’s Honours Award Ceremony.
Global Opportunities to Learn and Work Author: Megan McLean and Sherliyn Acorn
In 2016, the Co-operative Education and International Exchange offices at the University of Prince Edward Island partnered to increase opportunities for students to learn and work around the world. UPEI students are now able to combine an academic-exchange experience and a work-term placement in the same location, consecutively. This allows students to become comfortable in their new country by getting to know the people and understanding the culture, prior to moving into the workplace.
“I have met students and made new friends from all over the world. I have taken three courses that have a lot to do with different cultures: intercultural communications, managing multicultural diversity, and global mobility. These all help prepare students for going abroad. During my work term, I can actually apply what I have learned in those
With the support of UPEI and its partner schools, the offices are able to provide an opportunity that helps students build independence, gain confidence, enhance critical thinking, and strengthen communication skills.
“Studying and working abroad are excellent opportunities for our students to gain a global perspective and add further value to their UPEI education—which is key in supporting UPEI’s vision of becoming a leader in experiential learning and global business education.” —Dr. Juergen Krause, Dean, Faculty of Business
“It has been a priceless experience to learn about business from a different cultural perspective. The administrators and professors have gone out of their way to make sure that I feel at home at Hochschule Furtwangen University in Germany. Spending a semester abroad has been an immersive experience that has taught me more about myself and how to communicate with the people around me.” — Anna Trainor, second-year UPEI Business Administration Co-operative Education Student
If you are interested in learning more about opportunities to learn and work abroad, please contact either Sherilyn Acorn-LeClair (email@example.com) or Megan MacLean (firstname.lastname@example.org).
Anna Trainor, Cameron Hastie, Nicholas Bouchey, Dalton Lecky in front of the Neckar Tower, Furtwangen Campus.
courses.” — Dalton Lecky, third-year UPEI Business Administration Co-operative Education Student
The Unity Project Author: Nick Scott
Enactus UPEI is a student-run club that partners with academic and business leaders to create local, national, and international entrepreneurial social projects. Nick Scott is a fourth-year UPEI Arts student and the project manager for the Unity Project.
We offer a general literacy program, where students learn how to read, write, and speak in English and Swahili; and a more advanced digital literacy program, where students learn how to use a computer and its basic programs. Currently a total of eight students participate in our programs.
The Unity project was created in 2015 based on the values that poverty and the oppression of women are significant societal barriers to progress and equality. Through this initiative, our Enactus team works with a rural womenâ€™s village in Kenya called Unity, where about 20 women live with their children. The village was founded in 2011 by this group of women, many of whom have been victims of domestic abuse and cruel violence. For them, Unity acts as a refuge where they can be free to pursue the craft and sale of their beaded jewellery and other souvenir goods.
Once the women complete their literacy training, they will be able to communicate more effectively with potential customers and will no longer have to rely on middlemen who buy their goods at cheap prices and resell them to customers at exceedingly high prices. We are also trying to connect the women with Island organizations, businesses, and events so that their goods can be sold right here on PEI.
We aim to empower these women through education, so we work exclusively with qualified local teachers in Kenya to provide two literacy programs.
Every weekend, we have a Skype call with the women to hear about their progress with their lessons, to learn more about each other, and to make plans for the future. Our group prides itself on dedicating 100 per cent of the funds that we raise towards the project in Unity.
None of the monies raised goes towards our members or for travel to Kenya because we rely on our partners in Kenya to contribute to the project just as we do! With this in mind, we have chosen to forego trips to Unity for the time being. If you would like to contact our group to learn more, and/or to get involved, our email address is email@example.com We hope to hear from you!
The UPEI AlUmnI AssocIAtIon is proud of its growing network of 24,000 alumni living and working in more than 50 countries. With eight UPEI AlUmnI And FrIEnds chapters and wonderful alumni benefits there are many reasons to stAy connEctEd.
firstname.lastname@example.org 902-566-0687 upei.ca/alumni @UPEIAlumni UniversityofPEI UPEI Alumni Association
7 DAYS A WEEK
Entrepreneurship Boot Camp Author: Allison Ramsay
Graduating students and recent alumni who attended the second annual UPEI Entrepreneurship Boot Camp were treated to several sessions that included advice and ideas from some of the region’s most dynamic entrepreneurs. The boot camp provides domestic and international participants—from backgrounds from any area of study—with the opportunity to network with inspiring and influential entrepreneurs, and to learn about the opportunities in the exciting world of entrepreneurship. This year’s program, hosted and sponsored by the UPEI Faculty of Business, was held in Don and Marion McDougall Hall from May 8–10, 2017. The boot camp was designed around the major issues that UPEI graduates identify as having deterred them from pursuing entrepreneurial careers, including where and how to find business ideas, how to face
a fear of failure, how to access supports needed for success, and sources to secure appropriate funding and financing. The roster of guests and speakers included a mixture of entrepreneurs with years of experience and those still in the startup phase. Attendees heard how these entrepreneurs went about inventing and innovating, starting and operating homebased e-commerce ventures, buying and selling businesses, financing, and expanding their businesses. In addition, with the help of the Greater Charlottetown Area Chamber of Commerce, each participant was paired with an appropriate entrepreneurial mentor for the duration of the boot camp. Site tours were once again a part of the program. The tour through Bio|Food|Tech left people in awe of the diversity of the space,
Students listening during the site tour of Bio|Food|Tech.
equipment, and array of services available within the state-of-the-art commercial food research and development facility. The Start-Up Zone also hosted a facility tour and explained the support that is offered to the businesses that use the incubator space on Queen Street in Charlottetown. Plans are underway for the 2018 edition — hope to see you there! UPEI Entrepreneurship Boot Camp organizers thank the following organizations and individuals for their generous contributions that made the event a tremendous success: Prince Edward Island Brick Company, Grove Wood Heat, LilKingz Threads, Hopyard Beer Bar, Sugar Skull Cantina, VR Business Brokers, Jason MacPherson (BMO), Nealy Currie, and the UPEI Faculty of Business.
UPEI Chapter of the PEI Business Women’s Association
(L-R) Sarah Dunphy, Shanna Blacquiere, Sydney Gallant
Author: Susan Graham
Starting in the fall semester of 2017, the UPEI Faculty of Business is partnering with the Prince Edward Island Business Women’s Association to create a new student society on campus. The UPEI chapter of the PEI Business Women’s Association is a student-led organization committed to providing all students with networking and mentorship opportunities with business leaders in the community and raising awareness of issues faced by women in the workplace. Founded by faculty member Dr. Susan Graham and students Sydney Gallant and Shanna Blacquiere, the UPEI chapter is open to all students, faculty, and staff who are interested in advancing equality in the workplace and want to be a champion for women.
Sarah Dunphy, president of the PEI Business Women’s Association, is excited about the new partnership. “We are thrilled that the PEI Business Women’s Association is going to have a Chapter at UPEI. This represents a wonderful opportunity for business leaders and students to come together and learn from each other.” Sydney Gallant agrees, “The UPEI chapter serves as a way to start the conversation about gender issues in our school and within our communities. I am so excited to see UPEI students and the PEI business community come together and champion these issues.”
For more information, please contact Susan Graham at email@example.com
Winning Under Pressure Author: Mary Whitrow
(L-R) Jordan Rose, Geoffrey Gaudet, Nick Czinder, Silei Peng, and Professor Yousef Hashmi
The UPEI chapter of the PEI Business Women’s Association is planning a number of activities for the coming academic year including moderated discussions and panel presentations, wine and cheese nights, a mentorship program, a high school outreach program, a UPEI scholarship, and a headshot/business card session. All events are open to members and non-members.
A team of UPEI business students— Geoffrey Gaudet, Nick Czinder, Jordan Rose, and Silei Peng—took first place at the seventh annual Interuniversity Stock Market Simulation at Université de Moncton in November 2016. The competition, that puts students’ stock-trading skills to the test, brought together eight teams from universities across Quebec and Atlantic Canada. It was UPEI’s first time entering the simulation contest. Each team included two students acting as traders and two students acting as analysts. Teams had a fictional amount of $10 million to trade with and a limit on the number of shares they could buy and sell.
After multiple trading sessions, some lasting a half hour and others a full hour, UPEI was crowned the winner by having the highest return on their investments. Yousef Hashmi, a sessional lecturer with the Faculty of Business, noted the competition simulated the intense pressure of a real exchange floor—including the screaming and yelling. “Our students had the opportunity to see how financial markets work in the real world as opposed to the classroom,” said Hashmi. “It was an invaluable experience for them, and they rose to the occasion.” Students saw first-hand the role psychology plays in the trading and business worlds. Jordan Rose added, “It was hectic with the amount of negotiating and trading we had to do; we had to try to keep a level head.”
Harvard Bound Author: Mary Whitrow
UPEI business graduate Hannah Dawson (BBA 2017) has been accepted into the world-renowned Ivy League law school at Harvard University and will start her studies in the fall of 2017. “Going to law school has been one of my goals over the past few years, and so I worked to try to make myself the best candidate I could be. After I wrote my LSAT, I saw that I was at a level that might be competitive for Ivy League schools, and Harvard was at the top of my list,” says Dawson.
Information Association in Charlottetown, a not-for-profit, registered charity that provides free legal information through its phone line, publications, and outreach efforts. She spent time with the organization as a student and a summer intern. Being accepted to Harvard is humbling for Dawson. “I am incredibly lucky to be in a position to be doing this,” she adds. “I feel like I received a really solid foundation from my studies at UPEI and the Faculty of Business and I think it will serve me very well in the years to come.”
She believes what helped her stand out was her work with the Community Legal
Hannah was a member of the Case Competition Program from 2015–17, where she notably won first place at the International Business Case Competition (ICBC) in the marketing division with her teammate Cullen Mullally in January 2017. She was co-president of the Business Society in her graduating year and worked as a research student in the Faculty of Business.
Award for Excellence Author: Mary Whitrow
UPEI Faculty of Business student Alex Dunne (BBA 2018) was a recipient of one of the Frank H. Sobey Awards for Excellence in Business Studies in 2017. The award supports the development of future business leaders and business programs at Atlantic Canadian universities by offering up to eight awards of $25,000 each academic year to full-time undergraduate students of business studies. Winners are chosen based on their academic performance, extracurricular activities, and entrepreneurial spirit. “It meant a lot to win the Sobey Award this year,” said Dunne. “I was really grateful for the recognition of my hard work at UPEI, as well as the financial support that the award provided.”
Dunne is the president of the UPEI Business Society for the 2017–18 academic year and a member of the UPEI Case Competition Team. He also owns an online business buying and selling used goods. “I wouldn’t have been able to win this award without the support and encouragement of the UPEI Faculty of Business professors and staff. This accomplishment is meaningful to both the Faculty and to me; it feels great to have been able to contribute to a successful 2016–17 academic year.” Alex Dunne
Virtual Simulation, Real Success Author: Mary Whitrow
The Options Trading Simulation, hosted by the TMX Montreal Exchange, challenges students to invest a virtual amount of $100,000 and build an options portfolio over the course of 10 weeks. In two competitions, in December 2016 and May 2017, UPEI student teams competed against undergraduate and MBA students from 38 other Canadian universities and had tremendous success.
“We had a good idea that the stock could only perform better than expected due to it being in the oil and natural gas sector— where expectations were low because of the current price of oil—and because Suncor lost facilities in the Fort McMurray wildfire. The stock rose by about seven per cent, and our options responded by increasing by 500–600 per cent; on a total investment of $9,000 we made $55,000.”
In December, Go Panthers Go, a team including Jeremy Heartz and Quentin Ng, took 16th place against over 1,700 teams, with a final balance of $148,391. Darcy Norton, competing as a one-man team, took 20th place with a final balance of $141,762. The teams’ returns were impressive, at 48.4 per cent and 41.8 percent respectively.
In May, UPEI Corp Finance 231W Hockey, made up of students Cody Payne, Beni Berisha, Emily March, and Stephen MacInnis, who are also all Panther varsity hockey players, ended the competition with a portfolio balance of $199,850 (almost a 100 per cent return), placing sixth out of over 1,100 teams. “We all had relatively limited stock-trading experience, so this whole simulation was a learning experience for us,” said Berisha.
Heartz explained why Suncor Energy Inc. was one of the successful trades his team made.
(L-R) Emily March, Cody Payne, Beni Berisha, and Stephen MacInnis
On how the team worked together, March elaborated, “We’d meet and discuss the decisions together before they were made. We followed the trend of the price of the Canadian Pacific Railway stock because it was the most volatile and had the potential to make the most money. We were also heavily invested in Dollarama, because of the news that they were going to accept credit cards, which led to a huge increase in the price of the stock. That was our most successful trade and led to a huge increase in our profits.” “The performance of all three teams over a ten-week trading period was tremendous,” said Dr. Andrew Carrothers, assistant professor with UPEI’s Faculty of Business. “Our students have shown once again that they excel in competition with the very best!”
Conscious Competition Author: Mary Whitrow
A case team of four students from UPEI’s Faculty of Business won second place at the Alberta Not-for-Profit Association (ANPA) Case Competition in March 2017. Hosted by the University of Alberta School of Business in Edmonton, the ANPA competition is the only international, not-for-profit-focused case competition for undergraduate students in Canada. Similar to other case competitions, it encompasses elements of strategy, marketing, finance, and accounting, but it focuses on the unique challenges of the not-for-profit world. Students must consider and balance the social mission of the organization as well as its financial goals. Team members Andrew Chapman, Alex Dunne, Sydney Gallant, and Kate Kinsman trained and studied not-for-profit organizations for months leading up to the competition.
“ANPA was a great opportunity to apply our knowledge to a real-life, not-for-profit organization,” said Gallant. “Preparing for this competition challenged us to learn about how the concepts we study in class can apply to not-for-profit organizations.”
not allowed to communicate with anyone outside their team. Teams were then given 15 minutes to present their solution, and an additional seven to answer judges’ questions and defend their recommendations.
The competition spanned three days and included a panel presentation about the not-for-profit sector in Alberta, a poverty simulation, and a ‘live’ case (a case where representatives from the organization were on the judging panel).
UPEI’s team won their division and successfully made it to the final round with three other universities, where students gave their presentation to a new panel of judges, this time with ten minutes for questions and defence. The team took second place, finishing behind a team from the University of Regina.
In the first round, the 12 competing teams had 24 hours to analyze and prepare a solution for the case, which was to address the real and current problems of the YMCA of Northern Alberta (YNAB). During that period, teams had access to the Internet and textbooks, but were
Because of the socially conscious nature of the competition, teams who finished first, second, or third were given the opportunity to donate $5,000, $3,000, or $1,000 respectively to the charity of their choice. The unrestricted grant was provided by the event’s title sponsor, the Muttart Foundation. UPEI’s team chose to direct its donation to Parkinson Canada because a member of Kinsman’s family lives with Parkinson’s disease. Her teammates had chosen the charity in advance of the competition but did not tell her until the final results were announced. “I want to thank all the ANPA organizers and the Muttart Foundation for the opportunity to give this generous donation to Parkinson Canada, and my teammates for their thoughtfulness,” added Kinsman.
(L-R) Alex Dunne, Kate Kinsman, Andrew Chapman, Sydney Gallant.
NBIF’s Breakthru Competition Winner
It allows users to post photos of products hidden inside digital packaging that is designed to grab attention and spark curiosity as to what is inside. Ultimately Newpy will enable users to purchase a gift online and send the digital version to the recipient long before the item is physically delivered—a lifesaver for last minute gift buyers.
Author: Mary Whitrow
Erin O’Halloran, a recent UPEI Faculty of Business graduate, won the top national prize at the New Brunswick Innovation Foundation (NBIF) Breakthru competition on March 23, 2017. Breakthru is a biennial start-up competition where more than 60 teams compete for the chance to win $300,000 in business funding. O’Halloran and her sister Alana pitched the idea for their innovative app, Newpy, on stage at the Breakthru LIVE awards dinner at the Fredericton Convention Centre in March.
“As a finalist, I had to do an elevator pitch in front of 575 people; it was the most nerve-wracking movement of my life and the most rewarding,” says O’Halloran. “I felt prepared and was able to use the business skills I learned at UPEI during the competition. It was an amazing feeling to be able to apply what I learned to real life business opportunity.” Newpy, a social networking app, introduces a new concept—digital packaging—as a way to share recent purchases with friends.
Newpy also acts as an advertising medium for companies, allowing them to have their logo or marketing message on the digital packaging and thus ensuring the gift recipient sees an image consistent with the company’s brand. “This is an amazing win and the culmination of an innovative entrepreneurial project,” said Dr. Juergen Krause, dean of UPEI’s Faculty of Business. “We are very proud and wish the O’Halloran sisters great success with their start-up Newpy.”
(L-R) Cathy Simpson, Alana O’Halloran, Erin O’Halloran, Calvin Milbury
International Champions Author: Mary Whitrow
Hannah Dawson, Cullen Mullally, Kate Kinsman, and Harrison Wood have been part of the UPEI Case Competition Program since 2015. During this time, they have competed in several international competitions, accomplishing excellent results for UPEI against some of the world’s strongest competitors. In January of 2017, the four students competed in teams of two at the InterCollegiate Business Competition (ICBC), Canada’s longest-running undergraduate business case competition. The competition includes eight divisions: accounting, business policy, ethics, debate, finance, human resources, marketing, and management of information systems. Their results were impressive, with Dawson and Mullally competing and placing first in marketing, and Kinsman and Wood competing and placing third in ethics. Both UPEI teams competed in an intense preliminary round in October 2016 against dozens of other teams from around the world. Participating teams were mailed a case describing real-world problems faced by a business and were tasked with submitting a written analysis and solution. UPEI received excellent feedback from judges in the preliminary round and earned an invitation to participate in the final round at Queens University in Kingston, Ontario, in the marketing and ethics categories. In the final round, teams were given a new case and had five and a half hours to prepare a solution with no access to the Internet.
They had 15 minutes to present their solution to a panel of judges that included academic and industry professionals, followed by a Q&A period and defence of their recommendations. Competitors in the marketing division included the University of Toronto, University of Alberta, University of Regina, and Wilfred Laurier University; and in ethics, Calgary University, Concordia University, University of Alberta, University of Vermont, and Saint Mary’s University. “I am grateful to our coach, Mary Whitrow, and our professors for the time they spent helping us train — Dr. Andrew Carrothers, Dr. Gary Evans, Dr. Susan Graham, Dr. Blake Jelley, Amy MacFarlane, Dr. Tarek Mady, and Dr. Tina Saksida,” said Dawson. “Having the full support of our faculty and dean behind us made all the difference.”
(L-R) Cullen Mullally and Hannah Dawson
“Two podium finishes at such a prestigious competition is a testament to the quality of our business program and the preparation we put into competing at case competitions,” said Wood. “I am very proud of both teams and am grateful that UPEI gave us the opportunity to compete in such challenging and rewarding events.” (L-R) Kate Kinsman and Harrison Wood
Coffee Coaching: An Interview with the Founder Engage editor Mary Whitrow sat down recently for a coffee with Susan Graham, assistant professor with the UPEI Faculty of Business, to talk about the initiative she founded.
What is the Coffee Coaching Program? The Coffee Coaching program is a new initiative, started in the winter of 2017 that uses a mentoring model to support international students who may be experiencing non-academic barriers to success in their classes.
Why did you create the Coffee Coaching program? This project was motivated by observations in the classroom made by my colleagues and myself. We have an increasing number of international students from all over the world in our classes and many of these students are doing quite well, but there are some who are not reaching their full potential in the classroom due
to non-academic factors, such as an unfamiliarity with the classroom culture and expectations. It became clear to me that they could benefit greatly from some mentoring. I regularly practice an informal style of mentoring with individual students over a cup of coffee, but with the large number of international students who wanted help, one-on-one mentoring seemed very impractical; so I developed this program.
How does the Coffee Coaching program work? I meet with small groups of international students once a week over a period of eight weeks. We sit around a table, drink coffee, and chat about a predetermined topic related to success in the Business program. For the pilot, I had three small groups of about four to five students each who were recruited for the program through professor recommendations. The nature of our sessions was very informal.
Although we did have a set topic for each week, we let the conversation flow naturally among all the participants. For example, we talked about pathways through their program, how to work with groups, the importance of mentoring and how to find a mentor, and putting a plan into action.
What did students say about the program? According to the feedback, students loved the program. They appreciated the small group atmosphere, the personal connection they were able to make with a faculty member, and perhaps, most of all, they appreciated knowing that there are a lot of people at UPEI who care deeply about their success. I hope to be able to deliver the program again in the fall and get to know a whole new group of students.
(Back L-R) Enze Ma, Jose helio barros, Iria Unuigoje, Bassil Arafah (Front L-R) Siyu Zeng, Zhenni He, Xinyue Zhang, Kunxue Yang, Ruize Fang, Yasheng Zhu
A Chance to Reflect Author: Bassel Malke
My Canadian story began when I moved to PEI from Syria at the end of 2012. I had always wanted to have a career in entrepreneurship and finance, and I knew I needed to get an excellent education in order to pursue that. I applied to UPEI and was excited when I was accepted and entered my first year in the Faculty of Business. I will soon be embarking on my last semester at UPEI and have had a chance to reflect on my experience thus far and how it has been valuable to me in many ways. When my family decided to open up a new restaurant in Charlottetown this past year, I had a chance to start using my business skills in a practical way. Because of what I learned at UPEI, I have been
able to handle everything from the legal work to purchasing equipment, and completing the necessary renovations in the process of creating this new business. Since the operation started, I have been taking care of accounting, payroll, sales, and managing the businessâ€”using all the skills that I learned from my studies. I am involved in other family businesses and can see on the daily basis how my education helps me to tackle any challenges that come my way. The Faculty of Business and UPEI were excellent choices for me and I am grateful for the experiences and opportunities that I have gained from attending university. I will take these lessons and memories with me in all my endeavours moving forward.
Bassel Malke is a fourth-year Business student at the University of Prince Edward Island. He works at his familyâ€™s business (Joeâ€™s Mediterranean & Canadian Cuisine), at the UPEI International Relations Office, and with the PEI Association for Newcomers to Canada.
Business Society International Rep Author: Foyin Senbanjo
The University of Prince Edward Island Business Society organizes many activities and initiatives during the academic year, providing members with opportunities to develop relationships with local business leaders, faculty members, and fellow students. In my final year at UPEI, I had the opportunity to serve as the UPEI Business Society International Student Representative. Initially, I joined the Society to increase international student engagement in the Faculty of Business and in the greater PEI business community. Being involved not only helped me to further this goal but also gave me the chance to mix and mingle with other business students in different
specializations and in other years of study. It gave me a chance to branch out and grow my circle of friends beyond those in my specialization, accounting. The Business Society also offered me another place to implement the skills I learned in my classes, as well as gain other skills that are learned more thoroughly outside of the classroom, such as networking and event planning. I was even able to develop relationships with faculty members through the informal settings that many of the Business Society events create. So for incoming and current students, I encourage you to take advantage of every opportunity provided by the UPEI Business
Society and the Faculty of Business; it will enrich your degree. Participate in activities and enjoy your time at UPEI, you will not regret it! Foyin Senbanjo, from Nigeria, is a 2017 BBA graduate. She was International Representative on the UPEI Business Society, an admissions assistant in the UPEI International Relations Office, and was the valedictorian at her graduation ceremony.
Finding My Way at UPEI Author: Anchen Cai
It is challenging to be an international student, but it gets much easier when you find wonderful people along your journey. Making friends is a challenge that every international student faces. I have always been very shy so I found myself feeling uncomfortable and lonely in social situations when I moved to PEI. At first, I barely knew a thing about Canada, so every time people talked about history, politics, and hockey, all I could do was smile and nod my head. But every time I put that fake smile on my face, I felt disappointed in myself. I thought, “Is this the life that I imagined for myself while studying abroad? Would they even like me if I watched hockey too?” Luckily, this difficult situation changed after I was hired for my first job in Canada — as a student assistant at the International Relations Office at UPEI. In the beginning,
I was nervous because I was afraid that my colleagues would dislike me, but instead, the lovely people in the office accepted me and encouraged me to be who I really am. In the office, I hardly had the feeling that I was different because everyone is unique. My colleagues are from eight different countries; most offices only have coffee as a drinking option, but we have drinks from all over the world! I have also received mentorship and had opportunities to connect with others in the Faculty of Business. I found that the Faculty of Business offers initiatives to help international students, but the majority of students don’t know about them. I helped organize a weekly activity called a “Talking Circle” to help international business students to learn more about local business issues. I also took part in “Coffee Coaching”, a program that aims to help international students in non-academic
areas of life, created by Dr. Susan Graham. The Faculty of Business also granted access to Don and Marion McDougall Hall to the organizers of the UPEI International Student Job Fair, where I made lots of friends and connections. Through all of these experiences, I have started to feel more confident in expressing my opinions in a group even if I am the only international student present. I have learned to work with different people and how to be a good team member. I am appreciative of my time at UPEI and the friends I have made along the way. Anchen Cai is a fourth-year BBA student, is the vice-president of the Chinese Student Association, and worked as a student assistant in the UPEI International Relations Office.
Pro f e s s i o n a l . Re l i a b l e . Mo t i v a t e d .
Accounting and Audit • Financial Reporting Business Advisory Services Tax Planning • Tax Compliance • Bookkeeping 127 St. Peters Road, Suite 201, Charlottetown, PE, C1A 5P3 Telephone: (902) 628-9000 Fax: (902) 628-8808
Take your degree to the next degree. Be a CPA. Acquiring the Chartered Professional Accountant (CPA) credential gives you the ability to recognize change – and opportunity – before it arrives. Empowering you to be a lifelong leader in any industry – including an enterprise of your own. Perhaps that’s why so many CPAs are found among Canada’s top strategic business and financial decision-makers.
Meet our CPAs or find out how to become a CPA by visiting cpapei.ca
Why Vinyl? Author: Grace McCourt
Gideon Banhene arrived on PEI in 2004 to embark on the Bachelor of Business Administration program at UPEI and pursue entrepreneurship. He graduated in 2010 and the next year started the Executive MBA program, graduating in May 2013. In addition to Kansehi Vinyl Press, Banhene owns The Great Shea (a shea butter and black soap importing business), and DANSO BIKES LTD (a bamboo bike frame importing and assembling business that distributes in PEI and across North America). Gideon Banhene has always had an entrepreneurial spirit. In 2014, shortly after he graduated from the UPEI Executive MBA program, he happened to watch a show on the BBC
about the emerging revival in demand for vinyl records. After learning about the lack of vinyl pressing capacity in Canada, he became intrigued with the idea of starting a pressing company. As a long-time vinyl collector, he decided to follow that passion and knew PEI was the place where he wanted to do it. After much preparation and hard work, Kansehi Vinyl Press was born. The company moved into a 2,860 square foot space in the West Royalty Business Park in January 2017. Kansehi Vinyl Press focuses on Atlantic Canadian, Franco-Canadian, and eastern US markets. Banhene wants to work with independent artists and labels and is focusing on small-run productions at affordable prices.
He hopes that, by having recordpressing services offered locally on PEI, it will inspire the creation of other local complementary businesses, like printing services and lacquer mastering. “I believe there is a need in Atlantic Canada and beyond for a company like Kansehi, and to create an ecosystem to support our local artists.” Banhene is grateful for the support he has received while building Kansehi. “Having the network and connections I gained from the EMBA program has been instrumental in getting Kansehi started. I am thankful for the support I have received from the PEI business community.” Vinyl record sales surpassed digital downloads last year and there appears to be a growing trend back to vinyl. When asked “Why vinyl?” Banhene points to the unique sound quality and the overall listening experience, “You can’t be a passive listener with vinyl records.”
Gideon Banhene in his manufacturing facility in the West Royalty Business Park.
A Fun and Relaxed Way to Build Your Network Author: Sheryl MacAulay and Shelby McDonald
As a young professional on Prince Edward Island, Colin Younker (BBA 2007) appreciates the connections he has made through attending the Greater Charlottetown Area Chamber of Commerce BizUnder40 events. So much so that, Younker, co-owner of The Spa Total Fitness Centre and franchisee for Little Caesars Pizza, now co-chairs the BizUnder40 committee. He wants other young professionals on PEI to experience the same benefits he has received through being involved with BizUnder40. “Every couple of months I am able to catch up with people who share my interests — and are experiencing similar situations in their working lives,” said Younker. “This has helped me expand my network and better understand the local business community in a fun and relaxing way.”
If you can relate to one of these scenarios you may just love what BIzUnder40 has to offer: • You are young, eager and ready to take on the world—but aren’t sure how to crack the corporate scene • You have spent a few years in the working world and are starting to get your feet under you, but you are looking for a way to build your network and meet new people • You are a young professional, feel pretty great about your job—but are looking for a way to wind-down from a hectic workday with some people who share your passion for business Through organized socials and professional development sessions, BizUnder40 connects young professionals with people of similar business interests.
By taking part in BizUnder40, you are given the opportunity to build a personal rapport, connect with the Charlottetown area business community, and gain insightful business knowledge. Younker says if you are considering getting involved with BizUnder40, to just go for it. “The worst-case scenario is that you will get to know a few new people. The best case is that you build your network and create meaningful business opportunities. It is a win-win, no matter which way you look at it.” BizUnder40 is a program of the Greater Charlottetown Area Chamber of Commerce and sponsored by Stewart McKelvey Law. To learn more about BizUnder40 or to get involved contact firstname.lastname@example.org or 902-628-6000.
(L-R) Vanessa Smith, Tracy Michael, Steve Collette, Margaret Anne Walsh, Scott Barry, Caroline Leblanc, Colin Younker
Mobile Banking: The Future of Banking Author: Dr. Andrew Carrothers, BScEE, MBA, PhD, CFA, PEng
Mobile banking is important because it harnesses disruptive innovation to create new markets. It will disrupt existing business models and improve financial products and services in unexpected ways. Mobile banking is transformational in nature with respect to new products, processes, organizations, and business models. In a rapidly changing financial landscape, financial institutions need to increase revenues and decrease costs in response to stricter regulatory constraints enacted after the 2008â€“09 financial crisis. Leadership in mobile banking is a natural way to improve agility, flexibility, and profitability. Mobile technology is an enabler of innovation that promises tremendous rewards to first movers because it operates outside the traditional infrastructure of the financial sector. Mobile technology provides the opportunity for financial institutions to offer mass private bankingâ€” an achievable segmentation strategy in which technology supports relatively lowcost implementation. It is essential for financial institutions to understand customer behaviour in the context of this changing environment. Mobile banking has the potential to be very valuable to diverse stakeholders such as retail customers, business customers, financial institutions, telecommunication firms, merchants, public administrators, and the social community. Clearly, mobile banking is far more than a simple extension of the existing online channel. One approach for launching and improving mobile banking is to use lean and digitize techniques. Steps in the lean and digitize process include identifying and evaluating: the voice of the customer; critical success factors; architecture design; analysis and process design; and verification. The underlying story is one of first applying lean thinking to drive optimization of
financial processes and services, then using automation to deliver final products and services to customers. Lean thinking gained traction in the Japanese automotive industry in the 1970s and 1980s through a disciplined focus on continuous improvement. Proponents have successfully adapted lean principles to service industries and office settings. Examples of existing global mobile banking deployment highlight the possibilities. Growth rates in this sector are soaring for many different reasons. In the developing world, mobile banking is thriving in rural and remote areas where there is minimal fixed telephone infrastructure, and where the majority of people are unbanked or under banked. An example of a mobile banking success story in Kenya is M-Pesa which dominates in mobile payments. In the developed world, mobile banking is growing as a result of new products and services such as mobile wallets that use near frequency communication technology
to consolidate bill payment, coupons, and loyalty cards on smartphones. Gazing into the future, mobile banking is sure to feel the impact of developments in network technologies, cloud computing, and wearable handsets, and the ubiquity of big data and analytics has the potential to entirely change the game. Mobile banking spans the domains of finance, information technology, management, operations, and telecommunications. In an increasingly competitive environment, financial institutions will have to shed their traditional fear of change and commit to further innovation of products and services, processes, organizations, and business models.
Exploring the Intersection of Data and Values to Inform Policy Author: Amy MacFarlane, CPA, CA
“How to create optimal results-focused policies that are also acceptable to diverse communities remains an unanswered question. The smartest evidence-based policies will be rejected by communities if they don’t reflect social values.” — Aaron Campbell, Director of Public Safety for PEI In January 2017, a group of engaged experts from the Maritimes and Ottawa gathered at the University of Prince Edward Island to discuss the importance of strengthened policy-making through evidence-based decision-making that is aligned with community values. These experts participated in a workshop to
launch the Community Safety, Resilience, and Well-Being Project for Prince Edward Island. The workshop, hosted by UPEI’s Centre for Health and Community Research, was funded by the Canadian Safety and Security Program. Participants recognized that evidencebased policy requires timely access to relevant and robust data to ensure that government is tackling the right problems, at the right time, with the right resources. As importantly, the results of policy and program delivery decisions need to be measured to ensure real progress and shared to ensure accountability.
Expert presentations during the workshop focused on using data to measure community well-being and anticipate community vulnerabilities. Ultimately, the project hopes to create new means to use, communicate, and visualize data for decision makers and citizens using PEI as a pilot test site. Workshop participants also grappled with how to ensure that evidence-based policy impacting a community is grounded in the underlying and unique values of that place. The complexity of doing so is evident as values may vary from place-to-place and person-to-person. Values may shift over time as people’s sense of individual and collective responsibility, as well as their expectations from governments, change. Participants confirmed that the project was “very timely” given the complexity of policy-making in today’s world. Amy MacFarlane, a workshop organizer and Assistant Professor in UPEI’s Faculty of Business, agrees, “the workshop demonstrated that communities place a great deal of importance on basing policies on good evidence as well as shared values.”
Public Servant in Residence The UPEI Faculty of Business is thrilled to welcome Sue Foster as our Public Servant in Residence as of June 2017. Ms. Foster comes to UPEI from Veterans Affairs Canada where she served as the Assistant Deputy Minister of Strategic Oversight and Communications. A native of New Brunswick, she brings with her extensive experience earned during a 30-year career with Employment and Social Development, spanning several areas, from client service to legislative and regulatory policy
development. Ms. Foster holds a Bachelor of Arts degree in Law from Carleton University. Ms. Foster will be working with Dr. Juergen Krause, Dean of the Faculty of Business, to provide hands-on advice and assistance as she undertakes a review of UPEI’s Public Administration programs. Through her review, she will explore ways to strengthen and rebuild the educational curricula to ensure their relevance in
today’s public service context. At the same time, she will provide advice in creating a new entity to focus on professional development and continuous learning— with strong linkages to the Public Administration stream.
Are You a Global Consumer? Author: Dr. Tarek Mady, BSc, MSc, PhD
It is no surprise that there is a growing stream of marketing literature addressing the cultural and market transformations caused by the flow of people, ideas, media, finance, and technologies. Consumer behaviour changes in today’s markets are moderated, at least in part, by the continued “globalization” of consumer attitudes, habits, and lifestyles. A major implication of this has been an emerging consumer group forming a so-called global consumer culture (GCC). The GCC is often viewed as a cultural entity not associated with a single country, but rather a larger group which is more international and transcending of individual culture including national, ethnic, and religious boundaries. A well-accepted view in
literature is that members of the GCC exhibit an increasing and converging commonality in customer tastes and preferences. Generalizations regarding the GCC, however, are problematic, as globalization’s influence on consumer behaviour is not identical across markets. Assumed convergences in consumer habits are more akin to tendencies to join the global culture versus resistance to it. That is to say, there is simultaneous globalization and standardization of consumer culture as well as a localization and heterogeneity of demand.
As such, many have argued that there are two competing cultural identities (local vs. global) and that the true measure of membership in the GCC is one based on the degree of assimilation or acculturation into that emerging worldwide culture characterized by similar tastes and preferences. Cleveland and Laroche (2007) defined acculturation as “…the process in which individuals learn and adapt the norm and values of a culture different than one in which they grew up” (p. 250). Consequently, they developed a relevant scale for Acculturation into the Global Consumer Culture (AGCC). According to their work, an individual’s AGCC is based on his or her (1) willingness to engage with different cultures (cosmopolitanism); (2) degree of exposure to the marketing and advertising activities of MNCs; (3) exposure to and use of the English language; (4) travel tendencies, migration, and contact with foreigners (social interactions); (5) exposure to global/foreign mass media; (6) desire to emulate the GCC; and (7) selfidentification with global consumer culture. Those who score high on the majority of these seven subscales are assumed to be “global consumers.” Pockets of these globalizing consumers are growing and can be found in all corners of the world (Mady et al. 2011), even PEI. So, are you a global consumer? Send your thoughts to Dr. Tarek Mady at email@example.com.
“Completing my EMBA provided me with better insights into the type of leader I want to be. The evidence-based approach to the program encouraged a different way of thinking, giving me the confidence to ask better questions. I now have a network of fellow graduates with whom I can connect on ideas and opportunities, and whom I call friends. The EMBA is an excellent challenge for anyone looking to grow personally and professionally.” — Penny Walsh McGuire, ExEcutivE DirEctor,
GrEatEr charlottEtown arEa chambEr of commErcE
UPEI’s executive MBA program offers a high-quality learning experience for working business professionals. Classes are offered bi-weekly on Fridays and Saturdays with the option to complete the program in 20 months. Central to our EMBA program design is an evidence-based management approach with specialized streams of study such as Innovative Management. 550 University Avenue, Charlottetown Prince Edward Island, Canada C1A 4P3 902-566-6474 | firstname.lastname@example.org | upei.ca/mba
Emergence is a virtual business incubator supporting the growth of companies in the “food-to-pharma” spectrum. Our clients receive business and technical support customized to meet their individual regulatory, development and growth needs. We provide access to mentorship, legal, IP and financial expertise, specialist services, international networks, and investment. Contact us to find out more: email@example.com
tel: +1 (902) 367-4400
Faculty Updates Dr. Andrew Carrothers, assistant professor of finance, was the recipient of the 2016 Janet Pottie Murray Award for Educational Leadership. This award recognizes an outstanding leader in education at UPEI, who demonstrates a consistent commitment to university teaching. Dr. Carrothers has actively shared innovations in online education with colleagues, introduced North American teaching pedagogies to faculty and students at UPEI partner universities in China and India, and promoted financial literacy education through research, seminars, and print, radio, and television media.
Dr. Xiao Chen is a new assistant professor of management. Dr. Chen received his PhD in Management from the Rotman School of Management, University of Toronto. He also holds a Master of Arts degree in Asian Studies and a Graduate Certificate in Survey Methodology from the University of Michigan, Ann Arbor, and a Bachelor of Philosophy degree from the Sun Yatsen University, Guangzhou, China. Prior to joining UPEI, Dr. Chen taught at the School of Economics and Management, Tsinghua University, Beijing, China, as well as at the Rotman School of Management in Toronto and the University of Michigan in Ann Arbor. Dr. Chen’s primary research interests include the subconscious processes and priming effects in organizational behavior and
human resource management (OB/HRM) and cross-cultural management research. Dr. Chen embraces an evidence-based approach to management education, and he won the 2013 Innovative Teaching Award of the Academy of Management’s Human Resources Division. Outside of academia, Dr. Chen has conducted research projects and OB/HRM workshops in leading organizations such as IBM (China), Volkswagen (China), SinoPec, China Construction Bank, China Southern Airlines, and others.
Dr. Gary Evans, associate professor of management, dedicates his scholarly effort to the areas of corporate governance, grounded theory, and indigenous research. He was co-editor of a 2017 special edition of Economics and Business Review [Volume 3(17)], focused on Corporate Governance. Dr. Evans also contributed a peer-reviewed article on “Disruptive Technology and the Board: The Tip of the Iceberg” to the same journal. The Journal of Financial Regulation and Compliance (JFRC) is dedicated to corporate governance regulations and appointed Dr. Evans as guest editor for a conference journal scheduled for the fall of 2017 in Liverpool, UK. Dr. Evans is also a member of the Equity in Governance Advisory Board for the PEI Coalition for Women in Government, and the University Equity Committee, Advisory Circle Committee, and the Atlantic Schools of Business (ASB) Executive. Dr. Evans was a guest speaker at two conferences on the topic “Building Effective Boards: The Gender and Diversity Factor, and Improving Results by Enhancing Equity and Inclusion.”
Melissa James, assistant professor of marketing, has research interests related to higher education policy and student influences and impacts. Her first paper explored the George Coles Bursary and its impact on student participation. The paper, entitled “Government sponsored bursaries: Examining financial support for residents to study at home,” was published in the Canadian Journal of Higher Education in 2017 [Volume 47]. James also co-authored a paper published entitled “Exploring factors influencing international students’ choice in selecting a small institution: Differences between Chinese and other student cohorts” in the International Journal of Educational Management (volume 31). This paper explored the factors influencing international students to attend institutions of higher learning. Ms. James presented a paper on “Satisfaction and Getting a Career: Employment Expectations of Undergraduate Students and Their Use of Support Services” in June 2017 at the third International Conference on Higher Education Advances in Valencia, Spain.
Dr. Blake Jelley, associate professor of management, gave invited talks for the Conference Board of Canada at its Evidence-Based HR 2017 event in Toronto and at a meeting of the Human Resources Association of Nova Scotia (now CPHR Nova Scotia). Dr. Jelley recently published three papers: a study in Personality and Individual Differences (co-author) on personality assessment for medical school admission, for which he was interviewed by the CBC; a focal article in Industrial and Organizational Psychology
(lead author) on the licensure issue in industrial-organizational psychology; and an article on leadership’s effects on employee well-being in the Workplace Review (co-author; article freely available online). The latter article was based on Elliot Ince’s psychology honours thesis that had been presented at the Atlantic Schools of Business Conference. Dr. Jelley and colleague Dr. Tina Saksida continue to develop case-based education for evidence-based practice both in the classroom and via a June 2017 conference presentation. The Canadian Society for Industrial and Organizational Psychology (CSIOP) recognized Dr. Jelley with the 2017 Joan Finegan Award for Outstanding Contribution to CSIOP.
Amy MacFarlane, assistant professor of accounting, assumed the volunteer role for Prince Edward Island as Area Leader for CPA Canada’s new financial literacy initiative in 2016. CPA Canada’s mission is to deliver unbiased, objective financial literacy education and information to improve the overall state of financial literacy in Canada.
Each financial literacy education session is free, approximately one hour in length, and is provided as a public service by local Chartered Professional Accountants to those who want to improve their finances. During 2016 and 2017, 12 sessions were offered across PEI by a small team of volunteers to participants ranging in age from 12 to 91.
Dr. Tina Saksida, assistant professor of management and the director of the Executive MBA program in the UPEI Faculty of Business, gave an invited talk for the Conference Board of Canada (CBoC) at their Atlantic HR Summit in Halifax (March 2017), and contributed to an invited presentation at the CBoC Evidence-Based HR event in Toronto (April 2017) and a presentation on casebased education for evidence-based practice at the Canadian Psychological Association National Convention in Toronto (June 2017). She also had a paper published (lead author) in a special issue of the International Journal of Human Resource Management on volunteer role mastery and commitment.
Bill Waterman is a new assistant professor, teaching primarily in the management accounting area. In his more than three decades of experience, he has worked in the natural resource, manufacturing, and service industries, as well as for public service organizations. Prior to joining UPEI, he worked for Aurora College in Yellowknife Northwest Territories as a finance manager. For more than a decade, he taught commerce to undergraduates at Mount Allison University and in the graduate program at the Université de Moncton. Currently a member of the Board of Examiners for CPA Canada, he has worked on numerous committees to ensure the Canadian association for chartered professional accountants remains the world’s preeminent accounting body. He holds a CPA CMA from the Chartered Professional Accountants of Canada and an MBA from the Université de Moncton. He is currently working towards a Doctorate of Business Administration at the University of Phoenix. Waterman’s area of research is indigenous business models for communities, businesses, and governments.
Don and Marion McDougall Hall