Destination Johnson Feature App Unlocks the Ties that Bind A guide to Ithaca Housing, where Johnson students live, and Ithaca Eats, where Johnson students dine...pg 3 Cornell Connections is a geo-location based mobile application that connects entrepreneurship-minded Cornellians to the alumni, students, professors, events, and information that are relevant to their personal and professional goals....pg 3 Vol. LXXVIII Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 Dean Designate Soumitra Dutta Presents Early Vision for Johnson By Sanjeev Goluguri MBA 13 Soumitra Dutta, who will succeed Dean Joe Thomas as the eleventh Dean of Johnson on July 1, 2012, was formally introduced to the Johnson community last week. Dutta met with students while on a week-long trip from INSEAD in Fontainebleau, France, where he is currently a Professor of Business and Technology and founding director of the eLab. In an exclusive meeting with the Johnson Student Council, Dutta addressed topics of interest to the community and offered his early vision for the school. CornellNYC Tech Dutta called CornellNYC Tech, the university`s tech campus in New York City, a potential game changer that would open new possibilities for Johnson. In his view, Johnson is not a single discipline school, but rather one with multiple strengths. The tech campus, he said, would strengthen Johnson`s overall offerings and particularly deepen its entrepreneurship program. CornellNYC Tech gives great space for innovation, and stimulates a catalyst for change, Dutta said. Plans are under way to offer the 1-year Accelerated MBA (AMBA) in the NYC campus, possibly by 2013, contingent upon approval by New York State government. This program would allow students pursuing a 1-year Master of Engineering to also pursue a business degree. In addition to the AMBA program, he listed other possibilities including an executive MBA program and offering 2 nd
year MBA students the opportunity to study for a semester or half a semester in NYC. Dutta warned that Johnson would need to retain a strong base in Ithaca. While having a global perspective in today`s world is critical, being global begins at home." Thus, fnding a balance between a strong base in Ithaca and the NYC campus will be crucial. Program Structure When asked for his thoughts on the duration of the MBA program, Dutta acknowledged that the 2-year MBA program still dominates as the classical model within the United States. However, he pointed out that several top U.S. business schools are evaluating the possibility of reducing the size of their 2-year MBA programs while growing their 1-year programs. The 1-year MBA is already the default in many countries, and Dutta predicts acceptance into 1-year programs will rise in the future. Welcome to Destination Johnson Ranking Johnson Dutta weighed in on Johnson`s position in business school rankings, explaining that the methodologies used by media outlets are generally imperfect and designed by journalists without an MBA themselves. While it would not be his policy to manage towards the rankings, he acknowledged the importance of their role in infuencing prospective students, recruiters, and the general public. He said it would be important to learn from the rankings and look for opportunities to improve. When asked how he would rank Johnson, Dutta said that he views it as a hidden gem. Globally, Johnson is already a well-respected institution with frst-class faculty and students; but it would do well to strengthen its public relations machine, and project a stronger external image. I believe that Cornell is a shy school, and less aggressive in PR compared to Harvard, which uses a big megaphone. Cornell now has a wonderful opportunity to do that with the NYC Tech Campus, which is one of the most exciting things happening in higher education world- wide. Dutta also pointed to increasing faculty media attention, which he said was extremely important for Johnson`s public image. Nothing is fundamentally broken, but we need to polish the jewel even more. Global Impact In his fnal remarks, Dutta stated that his top priority would be to seek a higher global impact for Johnson, and he reminded students that they are the school`s best brand ambassadors. He welcomed feedback on issues of importance to students, and expressed his excitement in joining the Johnson community this summer as the new Dean. Learn more about Soumitra Dutta at http://bit.ly/DeanDutta Photo / Kevin Wang, MBA '13 Soumitra Dutta speaks with 1st year MBA students Photo / Sanjeev Goluguri, MBA '13 2 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management - News Vol. LXXVIII Ahead of the Curve Recent Media Highlights By Daniel Sternberg JD/MBA 13 By Natalie Lin MBA 13 In the last issue, I began a series exploring the idea of equity fnancing for individuals, which would allow the sale of shares of oneself in exchange for a percentage of future net income. As a threshold question, I determined that a contract to sell shares of oneself was not, on the surface, illegal. In this article, I will begin to explore the details of what requirements of self- incorporation would be. For convenience, I will use the Delaware Corporate Code, as the majority of corporations are established in Delaware. In practice, the rules governing self-incorporation would likely be the state in which a person is a resident. When articles of incorporation are fled, a company is essentially born. Since people are not incorporated at birth, it stands to reason that the place of their residency should govern the rules of self- incorporation. According to Delaware law, a corporation must have at least one or more members of a board of directors. For a person, this translates quite easily. If I were to incorporate, my board would consist of one memberme. I would then, as the board, make all decisions regarding my personal behavior. This is optimal since the Thirteenth Amendment may come into play if a board of others tells me what I may or may not do. As a director of my own corporation, I would owe a set of fduciary duties to my shareholders and the corporation (myself). These are duties of loyalty, care, and obedience. The duty of loyalty would be simple to fulfll. As a director, I could not engage in behavior that would harm me. As an individual, this is natural. The duty Culture Zeitgeist The zeitgeist, as captured by trending Google search queries, was abuzz in March 2012 with the following matters of interest: fg. 1 Business Finance Former Goldman Sachs employee Greg Smith`s widely read op-ed in The New York Times incited controversy and caused Goldman to lose $2.15B in market value on the day`s trading. Marketing Brand and business pages were pushed to Facebook Timeline on March 31. New features include the visual aggregation of activity, cover photos, redesigned navigation, and publicized analytics data. Popular ApriI FooIs' brand hoaxes: Virgin announced that Tom Hanks would accompany Richard Branson on a journey to the center of the Earth; Honda launched Anti-Theft Negotiator for adjudicating with thieves; Google-NASCAR launched Google Racing, a self-driving car. Larry, PepsiCo's Quaker Oats man, received a healthy makeover. Designers shaved 5 pounds off of him, removed his double chin, and trimmed his silver locks. Media & Entertainment James Murdoch resigned the chairmanship of BSkyB amid the ongoing scandal over phone hacking practices at UK tabloid News of the World. News Corp. dominates the UK newspaper market, with 40% of share. A Nielsen survey shows that 88% of U.S. tablet owners and 86% of U.S. smartphone owners use their devices while watching TV. Evidence suggests that U.S. consumers increasingly use mobile devices to further explore commercial messaging. Sustainability In observance of Earth Hour 2012, organized by WWF, 772 million sq. ft. of commercial property turned off non-essential lights for one hour to raise awareness for sustainability issues. The EPA cleared 20 companies to produce E15, a new grade of ethanol fuel. Distribution to 10,000 pumps over 5 years is to be enabled by grants from the Recovery Act and the 2008 Farm Bill. Technology Congress passed the Jumpstart Our Business Start-ups (JOBS) Act, legislation that aims to ease the regulatory burden on small companies seeking to raise investment capital. Facebook acquired Instagram for $1B in cash and stock. Zuckerberg affrms that the brand will remain independent, but development will be integrated into Facebook engineering and infrastructure. On April 3, Instagram for Andorid released with 1 million downloads on the frst day. #TwitterToDetroit: Twitter announced plans to open an offce at WEBWard Ave., the Detroit tech corridor. The move will improve its ability to capture share of sizable automotive industry ad budgets. AOL sold over 800 patents and other assets to Microsoft for $1.06B, retaining license to those patents sold. Microsoft also received license to AOL`s remaining 300 patents. University Johnson The SGE Center at Johnson has partnered with S.C. Johnson to launch WOW, a product designed to stem the spread of malaria in Ghana. U.S. News & World Report ranked Johnson number 16 among the best U.S. business schools. In a ranking of best MBA Career Management Centers, Poets & Quants ranked Johnson number 12. Cornell Big Red Bikes, a university bike share program, launched on April 2. Students may borrow and return bikes from stations throughout campus for up to 25 hours per week at no charge. Undergraduate applications totaled 37,812 with 16.2% of applicants selected for admission in 2012 (compared with 18% in 2011). Of the 6,123 admitted students, 52% are women and 24% are minorities. The CIS department hosted BOOM, an annual showcase of interdisciplinary student research in digital technology. Projects ranged from autonomous robots to animated flm shorts to mobile apps, with awards given by corporate sponsors Google, Cisco, GE, and Goldman Sachs. TEDxCornellUniversity was held on March 28. The event theme, Progress with passion," was refected in TEDTalks delivered by speakers including professors Jeffrey Hancock, George Hudler, and Shawkat Toorawa. of care states that I should fulfll my duties as chief decision-maker in a non-negligent manner. Again, as an individual, this maps very well onto my normal behavior. The duty of obedience simply states that I will act in a manner consistent with my articles of organization and by-laws. Again, this is not diffcult. On the surface, it appears that as long as I own a controlling interest in myself, there would be no problem with the scheme of self-incorporation. There is, however, a signifcant wrinkle: the shareholder derivative suit. This provision of the Delaware code allows an individual shareholder, even someone with only one share of stock, to fle suit to prevent the corporation (me) from taking action that might be harmful to shareholder interests. In other words, if I am a high-priced consultant and choose to give it up in favor of living in an artists` colony, a shareholder may attempt to prevent me from taking such action, as a violation of my duty of care or duty of loyalty. The shareholder would allege (rightfully) that my actions harm the long-term value of myself and my share price. Consultants earn signifcantly more money than budding artists. However, preventing me from fulflling my life`s goal would run afoul of the Thirteenth Amendment and be tantamount to slavery. In the alternative, my shareholders would need to be compensated through money damages, possibly through the sale of my assets. Alternatively, public policy might dictate that shareholder derivative suits should be unavailable in cases of self- incorporation. In this case, shareholders would simply have to live with a higher level of risk than in a normal stock setting. This would affect the share price, and create a potential moral hazard problem for me as a director. The optimal approach remains an open question. Next issue: Valuation. Rising Google Searches, March 2012 fg. 1 Location: United States Search Term Growth Rate (MoM) 1. A marvel in online social activism, the Kony 2012 viral video campaign generated over 100M views and is fueling the manhunt for Ugandan militia leader Joseph Kony 2. Trayvon Martin, the unarmed black teen slain by self-ap- pointed neighborhood watch captain George Zimmerman 3. NCAA Tournament 2012, the college basketball series where Kentucky and Baylor emerged as Men`s and Women`s champions, respectively 4. The record-breaking Mega Millions jackpot of $656M will be split between three winning ticket holders 5. Lionsgate`s "The Hunger Games" earned $521M in its frst 10 days, making it the third biggest box offce opener in history 6. Easter 2012 was celebrated on April 8 7. iPad 3 sales topped 3 million during debut weekend Breakout > 5,000% Breakout > 5,000% > 3,500% 2,000% > 350% > 170% > 150% People are Corporations too Part two in a series Vol. LXXVIII News - Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 3 Business Simulation Lab Offers Students Unique Opportunities By Margaret B. Shackell Lecturer, Accounting A team from Johnson placed second in the Eighth Annual Healthcare Forum and National Healthcare Case Competition, hosted by the Goizueta School of Business at Emory University on February 10. Johnson was represented by MBA candidates Krupa Gohil, Dale He, Mohamad Hamade, Natalie Lin, and Viraj Mehta, who presented their strategic recommendations on investments in telehealth technology to executives and practitioners from the healthcare provider industry. Competitors were asked to crack a Harvard Business School case, Telemonitoring at Visiting Nurse Health System, which focused on home healthcare provider VNHS`s efforts to improve the quality of care provided for at-risk patients who were discharged from hospitals and in need of home care The Johnson team`s recommendations focused on three dimensions: (Strategy) investments in telehealth and strategic alliances; (Operations) restructuring human capital to maximize productivity in the short-term while managing long- term, upstream pressures from impending shortages in the nurse workforce and amid the burgeoning population of aging baby boomers suffering from chronic illnesses; (Marketing) repositioning the health care provider at the forefront of preventative care a key trend in the industry as a specialty clinic with the most advanced health care technology. I had a lot of fun working with the team and learned a lot about healthcare and the directions the industry is taking at the moment," said Krupa Gohil, MBA `13, If you`ve ever wondered how people make certain purchasing decisions at the grocery store or how relationships between superiors and subordinates affect group decision-making, look no further than the research being conducted in the Business Simulation Laboratory (BSL) at Johnson. Housed in Sage Hall, the BSL offers many unique opportunities for students to participate in, and affect research that not only captures headlines but also makes a real difference in ways organizations conduct business. Critical questions in accounting, fnance, economics, management, marketing, and operations are continuously examined by Johnson faculty members and Ph.D. students. Students play an important part in the research because they serve as study participants. MBA students in the strategic marketing immersion and consulting focus may also use the lab to fnd participants for focus groups, studies, or other research. Using the BSL, students are also able to conduct primary research. Understanding how to set up and utilize this form of research before entering the workplace further distinguishes Johnson students. During the marketing immersion, my immersion project team and I were looking to solicit input from undergraduates, and were able to set up a focus group through the BSL," said Aaron Seabron, MBA '12, who has participated in numerous BSL studies. BR Consulting President Rishi Sood, MBA '12, notes how the student-run club, which provides business consulting to real start-ups, has used the BSL to conduct research for clients who were looking to tap college-aged individuals. Before coming to Johnson, I looked at the research being conducted, Sood said. I knew I wanted to attend a research- focused institution.and I`ve had a great time here. MBA students and undergraduates alike participate in studies to earn cash or extra credit points in classes as compensation; but they also value their ability to impact research results and, ultimately, the way businesses unlock consumer insights, market their products, and more. Students also help design and run studies, serving as research assistants for faculty members and Ph.D. students. "I`m always trying to acquire new knowledge and reading the latest business bestsellers, so I value the research conducted in the lab that`s advancing the world of business, Seabron said. Our professors also support the advancement of research by allowing us to participate in studies and gain extra credit points. The BSL is equipped with sophisticated software that allows researchers to present participants with realistic business situations and analyze their behavior in light of psychological and economic models. Using cutting-edge technology in the lab, researchers can also use Q-sensors to measure emotional arousal via skin conductance and physiological responses to stimuli. Manoj Thomas, BSL director and assistant professor of marketing, recently conducted a study on judgment and decision making that asked participants to answer several simple questionnaires on everyday judgments and decision. His study piloted the use of a Skin Conductance Measurement device to collect physiological responses. In a study by doctoral student Christin Munsch, participants took a variety of surveys, created an avatar using the Nintendo Wii and then played a game so the researcher could utilize an immersive virtual environment to simulate realistic situations that allowed for subjects to engage in violent actions toward a target without actually endangering the target. During the fght, accelerometers were utilized to track participant movement. While the primary target for most faculty and doctoral student research is peer- reviewed journal publications, some research has direct implications for MBA student careers. A wide range of research is conducted in the lab, generating interest within Johnson as well as outside the school`s hallowed halls. Entering the feld of consumer packaged goods (CPG) marketing upon graduation, Seabron plans to stay connected to marketing faculty and abreast of their research conducted on consumer behavior in the lab. So much of marketing is about unlocking consumer insights, he said. Having access to new consumer insights and its implications will allow me to leverage that knowledge, stand out in my job, and develop unique opportunities to grow the business. TeleMonitoring at Visiting Nurse Health System Johnson at Goizueta Healthcare Competition when refecting upon the competition. The team`s experience underscored hallmarks of the Johnson culture: teamwork and experiential learning. Collectively [my teammates and I] created a case solution that was not possible to achieve if we were to contribute as individuals," said Dale He, AMBA `12. "Johnson`s focus on experiential learning helped us to think strategically and creatively, allowing us to gain an edge at the competition. Mohamad Hamade, MD `09, AMBA `12, echoed He`s sentiments, citing "dynamic communication and [team support] as keys to enabling success at representing Cornell "in a way that refects its legacy for outstanding teamwork. Unique among MBA programs, case competitions make up an integral part of the Core curriculum at Johnson. As part of frst-year MBA coursework, Johnson students engage not only in a marketing competition sponsored by S.C. Johnson but also in a Citi-sponsored competition that integrates strategy and fnance. The Healthcare Forum experience made me realize how far I`ve come in the past several months in critically analyzing and understanding business problems," said Viraj Mehta, AMBA `12, MD `13. "I came to business school with no background in business. Yet, when we tackled this case, I was able to combine my background in health care with everything learned at Johnson to develop a thorough solution and present it at an executive-worthy level. It really is a credit to Johnson and its faculty because I felt very prepared to tackle this business challenge. By Sandeep Thalapaneni and Natalie Lin, MBA 13 Exhibit: Johnson team technology assessment 4 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management - Finance Vol. LXXVIII By Jenny G. Liu JD 13 Milson C. Yu JD/MBA 13 After joining the euro, Greece has found itself in increasingly stormy waters as its national economic condition deteriorates at an alarming rate. In early March 2012, the Greek government managed to convince most of its private debt-holders to accept another debt reduction deal that would effectively force a portion of its debt-holderscomprised primarily of private banks and hedge fundsto take a 75% loss on their holdings in immediate payout. Each investor, whose individual stake and say in the matter is likely fairly small, fears that to hold out would be to receive zero rather than 25%. Thus, over 86% of private bondholders ultimately accepted the deal. Greece avoids default (for now), the investors get something rather than nothing, and the International Monetary Fund now holds the bulk of Greece`s sovereign debt following a bailout injection. The Greek debt crisis was not entered into blindly. The private investors that purchased these bonds were not oblivious to their impending toxicity, nor were they blind to Greece`s fnancial troubles. Indeed, the credit default swap (CDS) aided market entry by acting as both a hedging tool and a speculation device. As Greece`s economic condition worsened, the price of the CDS`s on its debt unsurprisingly increased, rewarding certain speculators. Additionally, investors themselves believed in the worst-case scenario of a complete sovereign default because it would trigger the CDS payouts. Consequently, tensions ran high when European offcials initially decided to confgure Greece`s debt restructuring as a debt exchange. This begged the question: will the CDS payouts fail to happen because of a semantic circumvention of contractual terms? The International Swaps & Derivatives Association (ISDA) initially answered in the affrmative in fear of triggering a negative spiral in the global fnancial system. However, it ultimately reversed course. On March 19, the ISDA declared that the reduced payout on the bonds signifed a contractual credit event, activating settlement of the CDSs written on the bonds. In addition to defusing this particular Greek story, the ISDA`s move helped strengthen recovering international fnancial markets-especially in the derivative sphereby signaling adherence to legal and binding contracts. Yet, there is subtlety lurking below the surface here. The Greek debt case represents a microcosm of the potential effects of congregated but unseen risk in the fnancial system, particularly in the over-the-counter derivatives markets. Though subject to recent reform, the CDS markets have traditionally been conducted wholly over-the-counter, meaning much of this leverageespecially in the speculation side of thingswas veiled from regulator view. The ISDA in this situation was required to make a snap judgment with little anterior information that could have easily resulted in it not dictating a credit event on the CDS`s. In hindsight, this would have resulted in fairly disastrous consequences. Furthermore, what would the consequences have been for future CDS usage had the ISDA decided the other way? (Or for that matter, what will they be now?) Will legal terms, drafted deliberately between cool minds, be circumvented by regulators precisely when they are most needed? And what of the over-the-counter markets in general? While congregated risk through heightened leverage can easily result in systemically relevant default risk realization, it is far from evident that the CDS markets should be curtailed with brute force. Indeed, many in academia attest to the numerous benefts engendered by fnancial innovation. This encompasses benefts in the derivatives sector such as innovation that may potentially be stifed through the effects of enhanced disclosure in the exotic derivatives and structured products markets. In addition to softer touch regulation, future research might explore the international ramifcations of an expanded derivatives market, particularly as they arise from an ever globalized fnancial system. _________________________________ * Note: a CDS is a derivative contract between two parties in which one party agrees to insure the other against some event happening (the credit event) and, in turn, receives a fee. Insurance Against the Sovereign By Anthony Brough EFII Fellow, MBA 13 By Murat Sen MBA 13 In January 2012, the Johnson Center for Sustainable Global Enterprise, in conjunction with the Cornell Institute of Public Affairs (CIPA), launched the Environmental Finance and Impact Investing (EFII) Fellows program. The program is the frst of its kind to be jointly offered by a graduate school of business and graduate program in public affairs. Through a series of courses and applied projects, EFII Fellows are trained to invest in, manage, and regulate ventures pursuing fnancial, environmental, or social goals. Fellows gain experience in a range of areas, including fnance and analytics, markets and regulation, science and technology, and economic and political analysis. As part of the program, EFII Fellows enroll in the Finance + Sustainable Global Enterprise Colloquium. The course was created to provide Cornell students an opportunity to engage in interactive sessions with private, public, and non-proft sector leaders on the cutting edge of the fnance-sustainability domain. Speakers this term will cover environmental fnance, impact investing, China is preparing for a U-turn characterized by greater dependence on domestic demand, slower growth, carrying a smaller trade surplus, and striving to become a stronger military force. A change in the strategic policies set by the Communist Party of China (CPC) might be closer than expected. After rising to the top post at the Chinese National PCC in the late 1970s, Deng Xiaoping began to work on economic development. His strategy for four modernizations - economy, agriculture, technological development, and national defense - has performed well thus far. Today, Deng is dubbed as the architect of Chinese economic reforms. Yet, the program`s performance has created several imbalances. According to World Data Bank, investment spending is around 55% of China`s GDP. By any international economic standards, allocating more than half of the GDP to investment leads to infation. Even post-war Japan`s investment spending/GDP ratio was around 40% whereas Korea spent only 25% of its GPD on investment. With this much investment, there are concerns about the return on investments and the balance sheets of the creditor institutions. Indeed, most of these investments are in the gray-zone in that they are funded outside of the regulated banking system. Another hot spot is gross domestic savings, which account for over 50% of GDP. An oversupply of unskilled labor is driving down real wages. Consequently, a domestic spending model/market that corresponds to the geography and demography of China has yet to develop. While China consumes less than half of its output, other BRIC nations consume 65 to 75%. This imbalance leads to two concerns: (1) the banking system is not suffciently sophisticated to distribute socially responsible investing, capital budgeting, project fnancing, and other areas relevant to sustainable fnance. The inaugural cohort of EFII Fellows candidates was selected through a competitive process based on their academic standing, experience, and career interests; each fellow from Johnson is enrolled in a different immersion program. The 2013 cohort includes Greg Allen, Anthony Brough, Min Chen, Mandy Chu, and Willy Wang, all MBA `13, and Chris Smith, MPA `13. Reviews from the current candidates have been positive. The MBA curriculum does a great job of teaching you the hard [fnance] skills," said Chu, "but the EFII program gives you the context and contacts that are critical in a nascent space like this. This summer, Chu will work as an intern at Lux Capital, a seed-stage venture capital frm focused on energy, technology and healthcare investments. According to Smith, The EFII program has provided a source of creative tension and helped me to reach beyond the normal set of courses I might have taken. Meeting with professionals who are actually working at the intersection of the environment and fnance has forced me to rethink my career options. Applications for next year`s cohort of EFII Fellows candidates will be accepted in Fall 2013. savings in an effcient way, (2) this abundance of liquidity might conceal problems in the industrial sector. As for the value added to the GDP from Industrial production, it`s around 50% - a huge fgure. India is around 20%, Mexico 26%, Japan 30%, and Korea below 40%. Although it is possible that the share of economic services is being understated by offcial records, industry`s share remains too high for a vigorous economic structure. Chinese exports makeup approximately 40% of GDP; but China is a big importer too. Its trade ratio of 55% [(Imports+Exports)*(100/GDP)] is well over that of the United States and Japan (both around 30%), but its GDP contribution is small because of low value added from goods sold. This might very well be a reason for income inequality among different districts of China, since the value added from different geographies and goods necessarily differs. Another powerful fgure is China`s current account surplus: approximately 5% to 7% of GDP. While the United States and Europe continue to fght over account defcits, China has maintained a surplus. Typically, a high-growth economy maintains a sizable amount of current account "defcit" and fnances it through a capital account. However, China`s capital account is closed. With no liberalized trade of Renminbi, the surplus maintained in the Central Bank reserves was eventually used to buy U.S. Treasuries. But the increase in the reserves is so high that even investing in Treasuries alone was not enough to sterilize the surplus. Subsequently, the Central Bank constantly uses its reserve requirement ratio to fght over liquidity. These peak fgures have caused signifcant income inequality. Although the average income for Chinese citizens has increased since Deng`s rise, that the theoretical statistic for income inequality (Gini coeffcient) has worsened from 0.21 in 1978 to 0.40 today. China is probably at the peak of the famous Solow growth model, and it may be time to switch to a different growth model. China by the Numbers Exploring a New Growth Model Environmental Finance and Impact Investing Program Johnson SOE & Corne// lnst/tute of Pub//c A#a/rs Partner /n Launch Vol. LXXVIII Entrepreneurship - Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 5 By Aritra Bandyopadhyay MBA 13 Microsoft`s Firenze BXT is an annual innovation competition with multidisciplinary student teams from select top universities. As in the previous year, Cornellians stole the show with not just victories but also full-time job offers. BXT in Firenze stands for Business, Experience (Design, Art) and Technology. While there are left-brain designers, right- brain engineers, and right-brain MBAs, the stereotypes for these disciplines are usually the opposite of those that lend themselves to deep challenges in generating the next idea that will transform the world. The ideas raised at BXT target problems of signifcant strategic value and current focus to Microsoft. Through this competition, Microsoft encourages teams to explore key challenges, tackle problems, and learn together. Each discipline at BXT has its own methodologies, languages, taxonomies, and processes that are requisite for success. Much of the evaluation criteria at Firenze BXT is designed to encourage collaboration. The Johnson High Tech Club hosted the initial screening rounds of the competition that was attended by over 50 Cornell students. A team-forming social that ran Cornellians Rock Microsoft Firenze BXT Interdisciplinary collaboration in action like a speed dating event kicked off the competition. This was followed by an innovation workshop hosted by Pradeep U.N., an executive producer at Microsoft. Michael Dezube, `12 (Operations Research and Information Engineering), Colin Budd, `15 (Fine Arts & Info Sciences), Thao Ly Bui Tran, '12 (Management in Hospitality), and Yong Jiang, `12 (Johnson Graduate School of Management) were selected to represent Cornell in the fnal round of the competition held at Microsoft`s headquarters in Redmond, WA. Once the fnalists reached Redmond to present their ideas, they were divided into different teams comprised of students from other schools and given a new challenge to address in 24 hours. Refecting on the value of his experience at Firenze BXT, Colin Budd observed that [the competition] taught ... a very important lesson: there is always another solution to a problem. It is only a matter of asking the right question. Budd continued to say that Pradeep pushed his team to dream bigger, design better, and approach challenges from unconventional perspectives. Thao Ly Bui Tran compared the competition to a real world situation, if not tougher. In a day and a half, we had to get to know each other, deal with conficts, and motivate each other when we had only 4 or 5 hours of sleep for 2 days, said Tran. We were literally 'Sleepless in Seattle.`" Michael Dezube, whose team ultimately won the competition, explained that he was assigned to a team with students from Ohio State and Carnegie Mellon. My experience at Redmond was awesome! said Dezube. I had no functional familiarity with these people, and initially no shared experiences, but ... we were under a serious time crunch and thus we quickly adapted and began working as a team. It forced us to go for the low hanging fruits -- that is, to see what ideas were not only good but also feasible to fully fesh out in the small amount of time we had. Dezube noted that working with students from different majors from other schools was a unique and rewarding experience. I had never really worked with a designer before, said Dezube, and it was quite different as their ideas are different and the tools/ methods they are familiar with are also quite different. App to Unlock the Ties that Bind Cornell Connections By Sandeep Thalapaneni MBA 13 Cornell Connections is a geo-location based mobile application that connects entrepreneurship- minded Cornellians to the alumni, students, professors, events, and information that are relevant to their personal and professional goals. The application is valuable for conceptualizing applied science and start-up business ideas, alerting users of nearby events, and aggregating social media news on entrepreneurship. For years, universities have failed to fully leverage the wide-reaching potential of their networks, allowing disjointed communication channels to undermine their robust communities of thought leaders, entrepreneurs, and investors. Cornell Connections addresses this problem by facilitating opportunities for new and relevant relationships to emerge. The current version, which is in beta testing, begins by connecting Cornellians worldwide who are interested in entrepreneurship, the commercialization of Cornell`s intellectual property, venture capital, and private equity. However, the creators are looking to expand the scope of the application, envisioning that it will eventually connect alumni worldwide whose interests span different industry verticals and world topics. The Seed of an Idea John Jaquette, director of Entrepreneurship @ Cornell, and his team, were perplexed by the lack of collaboration amongst Cornell`s nine world-renowned schools: College of Arts and Sciences, ILR (Industrial Labor Relations) School, College of Engineering, Law School, AAP (Architecture, Art and Planning), Agriculture and Life Sciences, School of Hotel Administration, College of Human Ecology, and Johnson School for business. Less than a combined eight-tenths of a mile separates Cornell University`s Engineering School, Hotel School (Statler), and Graduate School of Management (Johnson). Yet the brick- and-mortar structures that daily give way to scores of the world`s brightest minds and strongest academic programs tacitly obstruct the creation of the world`s next Apple one that might emerge from an opportune connection between the business and technically inclined. Armed with the knowledge that within these programs and Cornell`s vast alumni network lies dormant yet incredible potential for the inception and commercialization of new businesses, Jaquette sought Aaron Holiday, MBA '12, to help devise a web-based solution that would connect entrepreneurs across the university to one another. With the help of Gen Furukawa, MBA '12, the pair conceived and developed Cornell Connections, which they envision will help Cornellians worldwide to identify the experts and events necessary to facilitate the inception of high growth businesses. I am doing this to change social behavior, said Holiday. Privacy is changing and individuals within exclusive networks will be willing to share location, personal interests, and knowledge to catalyze ideas and business creation. We are designing a product for the new world. Product Development and Launch Emboldened by the dream to launch a geo-location based mobile application that would change social behavior, Holiday recruited Furukawa, who likewise came to Johnson with the belief that social mobile technology would change how people and institutions regard privacy and manage relationships with one another. Holiday`s technical expertise as a former computer programmer and Furukawa`s complementary network were a perfect match, allowing the two to exchange ideas and recruit mobile application developers to create a prototype. In April 2011, Holiday and Furukawa presented their idea before the Entrepreneurship @ Cornell Advisory Council in order to gain buy-in from key stakeholders and raise seed capital. Throughout the summer, while pursuing full-time internships at startups, Holiday and Furukawa managed the development of the alpha version of the Cornell Connections, which is now in beta testing for release in April of 2012. Holiday and Furukawa recently selected their successor, Jenny Delaney, who will lead the Cornell Connections initiative in 2012-2013. Delaney is a frst-year MBA candidate with experience in the mobile industry. After graduating from Stanford in 2009, she worked as a product marketing manager at Shopkick, a location-based rewards app. Cornell Connections will be available on iPhone and Android during Celebration 2012. 6 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management - Entrepreneurship Vol. LXXVIII A Startup for Startups Entrepreneurship and Innovation Institute By Nichole Grossman Institute Coordinator - EII The Entrepreneurship and Innovation Institute (EII) is Johnson`s new hub for education, research, collaboration, and programs in the felds of entrepreneurship and innovation. EII`s mission is to foster the feld`s three most critical components: knowledge, networking, and opportunity. Together, the components form a robust, comprehensive menu for engagement among current and aspiring stakeholders in Johnson`s entrepreneurship and innovation ecosystem: students, faculty, alumni, entrepreneurs, business leaders, inventors, technologists, investors, advisors, mentors, and researchers. Organizations under the EII umbrella include the BR Suite BR Venture Fund, BR Consulting, BR Advisory, and BR MicroCapital and Innovation Interface. EII`s core team includes Rhett Weiss, Executive Director, Zach Shulman, Associate Director, Wes Sine, Academic Director, Nichole Grossman, Institute Coordinator, plus 16 Fellows Candidates representing all four MBA programs in the EII Fellows Program. In addition to relevant coursework, students are involved in EII`s daily business, including consulting engagements, strategic alliances, internship programs, and major capstone projects. One of the initiatives is the EII Startup Mentors Program (SMP). SMP places current full-time MBA students with startup project teams in undergraduate engineering classes. Each mentor guides a team to focus on the most critical business issues in tech commercialization and company formation. For me, the EII Fellows Program is a chance to create and lead new entrepreneurial initiatives at Johnson. I am excited to work with students across Johnson`s various MBA programs while also developing opportunities for MBA students to collaborate with other schools at Cornell," said Vinay Badami, MBA `13. Bill Culley, AMBA `12, is working on a bridge between EII and the Cornell Center for Technology Enterprise and Commercialization (CCTEC). EII has made it a priority to grow the spirit of entrepreneurship at Cornell. By partnering with CCTEC, EII`s goal is to commercialize more of Cornell`s cutting edge technology faster, and to encourage entrepreneurs on campus to take the reins in forming new companies, Culley states. Other students are working with outside frms to conduct research on the entrepreneurial marketplace. EII has afforded me the opportunity to simultaneously augment my MBA experience and create lasting value for Johnson, said SRS team lead Ryan Barringer, CQEMBA `13. "Our consulting project with Shareholder Representative Services, for example, has enabled me to get some direct experience in shareholder equity analysis, while being able to work alongside other grad students and faculty outside of my program -- all while helping to generate revenue for EII. EII is building on Johnson`s commitment to provide leading-edge business education by launching or growing several initiatives. To this end, EII has launched an internship program with Greenstart, a clean tech business accelerator in San Francisco. Other internship programs and strategic partnerships are in the works, including one with Plug and Play in Silicon Valley.In addition, EII has expandedparticipation by local, national, and international speakers in the Innovation Seminar Series and Entrepreneurship Seminar Series. Rhett Weiss became EII`s frst Executive Director in July 2011. His efforts range from forming new relationships and programs, expanding on current ones, and creating opportunities for student involvement, to fnding new revenue streams, presenting at professional conferences, and judging at business plan competitions and pitch fests. A serial entrepreneur and patent holder himself, he also serves as a mentor to student, faculty, and alumni entrepreneurs and innovators and advisor to startups. According to Weiss, we have tremendous potential here with our assets among them, talented and energetic students, popular programming, growing number of valuable relationships, vibrant fow of new Cornell technology, vast Cornell alumni network, exciting prospects of CornellNYC Tech, and key organizations like those in the BR Suite. EII will leverage these assets, with our creativity and action, to help make Cornell a clear go-to leader in entrepreneurship and innovation. Cornell Business Editors in Chief Natalie Lin, Sandeep Thalapaneni Managing Editor Sanjeev Goluguri VP of Advertising Karlin Keller VPs of Marketing Piya Dey, Maggie Gu Contributing Editors AB Bandyopadhyay, Anthony Brough, Murat Sen, Daniel Sternberg, and Milson Yu Creative Director Michael Beck Senior Staff Writers Evan Charles, Anvar Varadaraj Contributors Selina Ang, Roberto Cusato, Robert Frisch, Nicole Grossman, Nora Hansanugrum, Vince Lee, Jenny G. Liu, Margaret Shackell, and Kevin Wang Vol. LXXVIII Destination Johnson - Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 7 By Evan Charles MBA 13 By Natalie Lin MBA 13 One of the paramount considerations facing new admits during Destination Johnson weekend is where to fnd housing for the coming academic year. While there are various locations from which to choose, students will hear the phrase the sooner the better numerous times with regard to locking up housing for the fall. Luckily, Destination Johnson provides a great opportunity to grab prime real estate. Perhaps the most popular area for Johnson students is Collegetown. Where Dryden Road and College Avenue intersect (A) is undoubtedly the late night epicenter of this neighborhood, with numerous popular restaurants and bars lining the street. If you choose to live in or around this location you will never be far from the action. Another great aspect of this neighborhood is its proximity to Sage Hall (B). With no more than a 10 minute walk from bed to campus, this location is simply indispensable to many students. If there is a downside, it`s that this area tends to have higher rents and a limited supply of parking spaces. It is also noteworthy that this location is considered the antithesis of a quiet neighborhood come the weekend. Away from the noise on the eastern edge of Collegetown, but still a short walk to Sage, is The Fairview Apartments (C), a place that is considered a safe bet for affordable housing and where many Johnson students are known to live. If you desire a more urban area, slightly further from campus, then downtown Ithaca, or The Commons (D) as it is referred to, is worth exploring. With a multitude of restaurants, shops, and more DOWNTOWN (A) Gimme! Coffee Coffee & Tea | 131 E. Green St. Food & Wine named Gimme! Coffee one of the best U.S. coffee bars, and in recent years new locations have sprouted in Williamsburg and NoHo, NYC. But Gimme!`s roots are in Ithaca, where its fair-trade, organic beans are artisan roasted in small batches. Try a cup of the pour over coffee -- magnifcently silky and rich with concentrated favors extracted by the award-winning baristas -- and accompany it with a pastry (the vegan chocolate cake is so good, you won`t miss the butter and eggs). Ithaca Housing Where Johnson students live Ithaca Eats Where Johnson students dine View the interactive Ithaca Housing map at http://bit.ly/IthacaHousing View the interactive Ithaca Eats map at http://bit.ly/IthacaEats (B) Moosewood New American, Vegetarian | 215 N. Cayuga St. Winner of the James Beard American Classic award, Moosewood is a collectively owned restaurant that serves delightfully simple vegetarian dishes with bright favors achieved through the use of local, organic ingredients. Founded in 1973, Moosewood was named one of the most infuential restaurants of the 20th century by Bon Appetit -- and it justifably remains a local favorite today. (C) Saigon Kitchen Vietnamese | 526 W. State St. Comfort food in a bowl: the most authentic pho in town is served at this casual eatery, with options ranging from traditional beef noodle soup to vegetarian pho chay. Other home-style staples include spring roll vermicelli and Vietnamese-style coffee. COLLEGETOWN (D) The Chapter House Bar | 400 Stewart Ave. Generations of Cornell grad students have imbibed at this storied brew pub. Chapter House is an Ithaca institution with 49 beers on tap, unlimited free popcorn, pool tables, live music, and [photoshopped] portraits of Johnson alumni gracing its wood paneled walls. (E) Carriage House Cafe Brunch | 305 Stewart Ave. On weekends, the wait for a table is alarmingly reminiscent of that to be experienced at popular Manhattan cafs. But you`ll it worth your while at the taste of CIA-trained chef Kristian Woodall`s brie stuffed french toast or textbook perfect strata. Tip: grab a cup of Gimme! coffee and snack to go, or drop by on a Friday, to avoid the lines. (F) CoIIegetown BageIs Coffee, Sandwiches | 415 College Ave. Collegetown Bagels, or CTB, serves everything from bagel sandwiches to ready-made entrees, coffee, and pastries. With beer on tap, plenty of outdoor seating, and close proximity to campus, it`s also a favorite post-exam watering hole and a frequented late-night destination. (G) KoKo Korean Restaurant Korean | 321 College Ave. KoKo attracts on the basis of its generously portioned bowls of bibimap and platters of sizzling bool go gi -- both of which are especially enticing during lunch, when the menu boasts a sizable selection of lunch box specials priced at under $10. of a city feel, many Johnson students go this route to fulfll their housing needs. TCAT buses that run relatively often provide reliable transportation and, should you choose to walk to campus, it is no more than a 30 minute trek. The only downside: the steep hill students must climb to reach campus. According to the latest Johnson survey, over 50% of respondents lived in Collegetown, Fairview, or The Commons. Although these two neighborhoods are the most popular, there are plenty of other locations that students point to as great places to reside. Maplewood (E) and Summerhill Apartments (F) are slightly east of campus, while Casa Roma, Boiler Works, and Quarry Arms Apartments (G) are slightly south of Collegetown. Towards the northern end of campus, closer to the Cayuga Heights area, Westview (H) and Hasbrouk Apartments (I) are common places for students to live and provide relatively quick access to facilities such as the campus golf course and Jessup Fields. Lastly, a few students always tend to live west of campus around the Gunhill Apartments (J) or far north of campus towards the Lansing area. Overall, Johnson students live everywhere in and around Ithaca and no matter where anyone chooses to reside, all agree they`ll enjoy a great sense a community at Johnson. 2011 Google. 2011 Google. 8 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management - Opinion Vol. LXXVIII By Roberto Cusato MBA 12 Israel: land of mysteries, of conquerors, of religious strife; a land that has captured, throughout the centuries, the imagination of countless travelers and pilgrims, of mighty Arab Caliphs and bloody Crusader Kings. From David to Herod the Great, from Sal-ad-Din to Suleiman the Magnifcent, from Mark Twain to the modern tourist, Israel has been a diffcult - often misunderstood - Promised Land. Johnson visited the country during the last Spring Break. Twenty-six students and three TAs ventured there to explore the business landscape as well as the cultural and natural beauty of this disputed land. Students met with business and political leaders, mingled with the locals, and heard different stories about Israel, its role in the world, its diffcult relationship between Israeli and Arab neighbors, and its ambivalent cooperation with the United States and Europe. I am not going to talk politics here. There is too much going on in this sacred land to explain it all in one, short article. Yet, this has been the single, most important lesson that my fellow travelers and I feel we took home from this trip: Israelis have many different opinions. For one, not all Israelis are Jews. Druze, Muslim, Christian minorities comprise 1/6 of the 7 million people inhabiting the country. Even in the Jewish community, diversity couldn`t be more marked - from ultra- orthodox families (where only women can work while men are entirely dedicated to studying the Torah and to praying) to secular Jews (who don`t care that much about religion altogether) to utopian, Marxist-minded kibbutzim dwellers (completely atheist) the country is a Thoughts from the Holy Land A Johnson Trek to Israel My Journey from Banking to Branding Pursuing your passion By Anvar Varadaraj MBA 13 Tasked with an article for the Destination Johnson edition of the Cornell Business Journal where many readers would be prospective students, I racked my mind for possible topics. As an aspiring marketer, should I expound upon the growing private label threat facing CPG companies? Or, should I channel my inner consultant with a critique of P&G`s emerging markets strategy? After many Word documents closed in frustration, I realized that a personal refection would best serve future MBAs. Recruitment season is a paroxysm of joy and sadness; a mix of Rockstars with the luxury of multiple offers, and those frantically reaching out to pre- MBA contacts to secure something noteworthy for the summer. It saddened me to see talented peers undergoing multiple failures before realizing that their selected career path was not appropriate for them. There were signs aplenty throughout the recruitment process that should have indicated that they were on the wrong path, yet many chose to ignore those signs. I ignored such signs myself when I was convinced that I wanted to be an investment banker as an undergraduate. With an aptitude and interest for fnance that could be best described as optimistic, I suffered through numerous banking interviews, emerging with sweaty shirts and a battered ego. As I refect upon the recruitment process leading to those interviews, I realize the signs were evident. I found myself in uncomfortable crop circles regurgitating banking topics gleaned from the Vault Guide to Investment Banking and awkwardly asking analysts for their business cards, so I could thank them for listening to my drivel and request more time to share yet more Vault Guide gems. Sociability and impressionability were not my problems as ironically, I was doing quite well as an amateur stand- up comedian. My problem was that I was not interested in banking. I had no interest in learning about the latest deals or sharpening my spreadsheet modeling skills. Instead, I surrounded myself with aspiring bankers and without a passion of my own; I found it convenient to mirror theirs. I slipped deeper into this faade as I envisioned pinstriped suits, big bonuses, and Wall Street cred. However, since I was unwilling to voluntarily recognize my lack of passion for banking, it had to take humbling interviews for me to confront my ego and realize that my interests lay elsewhere. The transition process was painful but liberating. I faced the shame of telling my friends and family of my disinterest in banking and I fretted that they would question my competence. I had to dispose of the caricature of myself that I embodied as I interacted with my banking friends. My false vision of my life in banking prevented me from seeking out a true passion. As recruiting season in Michigan drew to a close, I attended a recruiting event for Target Corporation, a company held in little regard among my banking friends. For the frst time in my career, despite uncertainty about my passion, I felt comfortable interacting with recruiters because I was honest about my interests. Before long, I found myself in an internal consultant role at Target, which exposed me to different business areas and instilled a passion for marketing. Restricted by a two-year program, MBAs don`t have the luxury of time to embark on such life lessons. Thus, my hope is that you are honest with yourselves about your interests. Use your time to explore career options, but free your mind of stereotypes, peer pressure, and even your application essays with fowery exposes of your post MBA career plans. Be aware that you chose to sacrifce time and money to identify and pursue your passion following your MBA, and it would be a gross injustice to not have ownership of your future. melting-pot of ideas. Culturally, the country couldn`t be more diverse either: immigration from around the world made Israel a concoction of Sephardites (Jewish from Southern Europe), Ashkenazis (Jews from Eastern Europe), Ethiopians, Americans, Middle Easterners a huge internal diversity for such a small land (the size of New Jersey), but a diversity that helped the country grow and succeed, leveraging one another`s difference as a positive enhancer of innovation (high-tech is everywhere in Israel sometimes it seems to be in Silicon Valley and not by the beautiful Mediterranean Sea shore). What keeps it all together is a common language (Hebrew, resurrected after the creation of the State of Israel with a huge cultural effort) and for most the Jewish identity, stronger than anything I have seen and witnessed before. What these people accomplished, against all odds, in the last 60 years is quite extraordinary, no one can deny it. Going to Israel I carried with me many prejudices about the country and its inhabitants. Yet, this trip helped me better understand the land, its people, and its problems. I learned to admire the strong nationalism of Israelis, as well as the fght of Palestinians for what they consider their land as well. I have more questions now than before landing in Tel Aviv. Yet, I guess it`s supposed to be this way, if not even sultans and prophets could solve the problems afficting the Holy Land throughout the millennia. One thing is for sure: the narrow streets of Old Jerusalem, the fortress of Masada, the Judean Desert with its former Bedouin warriors, The Baha`i Gardens of Haifa will now always be a part of whom I am. This beautiful country, so troubled yet so beautiful, made us all think about the problems afficting it. Simply because it made us refect on such important topics, I deem this trip a success. Vol. LXXVIII Opinion - Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 9 10 Tips for a Successful Summer Internship Advice from 2nd Year MBAs on How to Maximize the Summer Internship Experience By Sanjeev Goluguri MBA 13 For many MBA students a summer internship is an opportunity to explore a new industry, job function or career path, with the goal of converting it into a full-time offer. CBJ caught up with a few current 2nd year Johnson MBA students to understand what made their internships successful, how they set themselves apart from peers representing other top business schools, and their lessons learned. As expected, a few common themes emerged: 1) networking inside the company, 2) proactively asking for feedback, and 3) crafting a work plan and sticking to it. In addition, a few students offered tactical advice and tips that could be applied in a summer internship and beyond. Here are a few quotes from Johnson `12 MBAs: ON NETWORKING & DIFFERENTIATION FROM PEERS . To differentiate myself from other interns from top schools, I came to meetings with well thought out solutions, not just problems to discuss with my team. Asking for feedback early and incorporating it in the day-to-day activities was critical to show my employer that I was excited and able to learn quickly. Finally, meeting people from different practices within the frm not only allowed me to get my name out there but also learn whether this is the right opportunity for me. MicheI EI Khoury, DeIoitte ConsuIting (Summer Associate), New York City If you are interning in a larger organization, it's absoIuteIy essentiaI you reach out and meet different people across the organization. All you have to do is write someone an email, tell him or her you`re an MBA student intern and that you`d love to learn more about his or her position and perspectives on the frm. You`d be surprised how many people will want to have lunch or coffee with you. I wish I had started this from the frst week." Ingrid Jensen, NPR (Corporate Business Development), Washington, D.C. Beware a steep learning curve on your internship. Don`t get frustrated and remember that using your network, both within the frm and from Johnson, will help you fgure things out." Adam Edwards, American Express (Finance Manager), New York City Internship is a 10 week interview process. You are interviewing the company, the role and the industry just as much as the company is interviewing you for a 'ft`. You have the golden opportunity to have candid conversations with everyone at the frm. Jump on it, ask the diffcult questions, understand the challenges and the skills needed to succeed. Shobhit Varshney, Bain & Co. (Summer Associate), New York City ON INTERPERSONAL SKILLS . In my view, the key to summer internship success has very little to do with technical competence, it has to do with likeability. The majority of the required skills for your summer internship will either be taught to you on the job or come from common sense. Therefore, if people like you, they will be more inclined to spend time working with (and teaching) you to ensure that you succeed. To maximize your likeability you should ensure you are: friendly, eager, easy to get along with, and most importantly willing to do ALL tasks with a smile (regardless of how basic and meaningless they may seem). Andrew Schwartz, RBC Capital Markets (Investment Banking Associate), New York City The summer internship is a great reality check for business school. It`s an opportunity to gauge one`s progress both technically and managerially. Over the summer, gather as much formal and informal feedback as possible. When you return to Johnson in the fall, use the second year to refne skills that need improvement. Jason Nyrop, Accenture (Management Consulting Intern), New York City ON NETWORKING WITH FELLOW INTERNS . I had the opportunity to be seated in an intern bullpen with MBA interns from other schools such as Columbia, NYU, and Wharton. We created a wonderfully supportive community - not only did we help one another in checking our projects, we also kept in touch afterwards. I would highly recommend developing relationships with the other MBA interns during your summer so that they become a part of your larger network. Kay Fok, American Express (MBA Marketing Intern), New York City ON MANAGING EXPECTAITONS . I would have re-adjusted my expectations from the outset. You hear stories from those who have gone before you about what their experiences were like and you expect the same. When my frst month was chaotic & unorganized I was frustrated, but once I realized it was incumbent upon me to create value in my experience, I was able to re-frame it and really engage. You have to be ready to take initiative the minute you show up - no one in the Fortune 500 is paid to hold an intern`s hand. Once I started seeking out my own challenges beyond the scope of a traditionaI intern project, the ROI on my experience was tremendous. Be willing to leave your comfort zone, be wiIIing to take risks and be condent in what you bring to the table - be proud to represent Johnson to the real worId! Jen Baker, Intel (ALP Intern - Strategy Analyst), Santa Clara, CA ON PROACTIVITY & CRAFTING AN INTERNSHIP WORK PLAN . To bring the most amount of value in a short amount of time, you have to start before you technically start. Get to know your team before you start and understand what its goals are. By identifying the goals of your organization and your team members` individual goals, you can craft a plan to drive value. Set a list of personal goals before you start, revisit that list ever 2-3 weeks and work towards milestones. Carlos Castro, Agora Partnerships (Associate), Nicaragua I found that volunteering for responsibilities was the key. JP Morgan being a large bank, there was tremendous potential to meet senior employees and Johnson school alums. Being involved in a large set of activities enabled me to broaden my professional network and have conversations that infuenced my career aspirations greatly. Varun Khurana, JP Morgan (Summer Associate), New York City 10 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management - Lifestyle & Entertainment Vol. LXXVIII The Best of JSMisc, 2011 - 2012 Curated by Anthony Brough MBA 13 WARNING: Any views or opinions presented in these emails are solely those of the authors and do not necessarily represent those of the Samuel Curtis Johnson Graduate School of Management at Cornell University (Johnson). CBJ presented you with 13 candidates for The Best of JSMisc (http://on.fb. me/JMISC-A), and you weighed in with 130 votes. Without further ado, we hereby present The Best of JSMisc, academic year 2011-2012. 1 st Place: "Rings found in Woman's bathroom in the atrium From: Nikolai Pereira Sent: Saturday, February 11, 2012 1:54 PM To: Johnson Student Misc Distribution List Subject: RE: Rings found in Woman`s bathroom in the atrium You should probably start looking for an active volcano to throw them in. The last time someone found a ring, it didn`t work out very well for him. http://en.wikipedia.org/wiki/Smeagol Nikolai Philip Pereira | MBA 2012 Johnson at Cornell University ***** From: Dale He Sent: Friday, February 10, 2012 11:03 PM To: Johnson Student Misc Distribution List Subject: Rings found in Woman`s bathroom in the atrium Posting for a friend, please contact her directly. Hi, I found three rings in the women`s bathroom in the atrium. If they`re yours, please describe them so I can return them to you. Thanks, Karen 2 nd Place: Haricut [sic] for Asian guys? From: Junghyun Kim [mailto:jk2435@cornell.edu] Sent: Friday, September 16, 2011 12:43 PM To: Anthony S Brough Cc: Emile Gerard Ho-Sing Chin-Dickey; Johnson Student Misc Distribution List Subject: Re: Haricut for Asian guys? Have a white person cut the front half and a asian person cut the other half. You`ll be golden. ***** On Friday, September 16, 2011, Anthony S Brough <asb335@cornell.edu> wrote: > I don`t have a good recommendation for you. Perhaps someone else with gorgeous fowing Alaskan locks can chime in? ***** > From: Emile Gerard Ho-Sing Chin-Dickey > Sent: Friday, September 16, 2011 12:24 PM > To: Anthony S Brough; Johnson Student Misc Distribution List > Subject: RE: Haricut for Asian guys? > > I have half-asian hair. Any recommendations there? ***** > Anthony S Brough <asb335@cornell.edu> wrote: > > Vince, > > I`m not Asian, but I have hair similar to your people, so I understand your plight. I went to Sartori Salon (www.satoridayspasalon.com), which is near Triphammer & Hanshaw. North of Campus, but accessible by bus if you don`t have a car. The girl who cut my hair was Alicia or Alyssa. suffce it to say her name is something that satisfes A*a. Cost was $35, but worth it. > > Anthony ***** > From: Vincent Lee > Sent: Thursday, September 15, 2011 5:04 PM > To: Johnson Student Misc Distribution List > Subject: Haricut for Asian guys? > > Does anyone know of a place in Ithaca for an Asian guy to get a decent haircut???? I don`t mind paying $25-40 if they actually know how to cut Asian hair. I don`t want to go to NYC or Toronto every 3-4 weeks! Help! > > Vince Lee 4 th Place: Jewish Business Association aka Rural Cambodian From: Adam S Burke Sent: Sunday, September 11, 2011 12:42 PM To: Johnson Events List; Johnson Student Misc Distribution List Subject: RE: Jewish Business Association After some feedback from my last email, I feel compelled to mention that many people at Johnson are working hard to improve the technology situation so that future Johnson students don`t experience any diffculty. I think I speak for everyone when I say that we recognize and appreciate the work that these people are doing. AB ***** From: Adam S Burke Sent: Saturday, September 10, 2011 5:59 PM To: Johnson Events List; Johnson Student Misc Distribution List Subject: Jewish Business Association I apologize for sending this to everybody but, since the Johnson School`s technology infrastructure is on par with what I would expect to fnd in rural Cambodia, I am left with no choice. The Jewish Business Association will be holding a Town Hall style meeting for old and new members on Monday from 5-6pm in room TBD. Please try to attend even if you can only make it for a few minutes to meet the group. We have been planning events for the next couple months and all of the details are posted on CampusGroups. Please use the CampusGroups website (https:// johnson.campusgroups.com/student_community?club_id=6684) to stay up-to- date with all of the happenings in the club. Regards, Adam Burke 3rd Place: Re: FIREFIGHTER costume? From: Lani Shufelt Sent: Monday, October 03, 2011 10:25 PM To: Lani Shufelt Cc: Laura X. Wang; Selina C. Ang; Johnson Student Misc Distribution List Subject: Re: FIREFIGHTER costume? Shit. That was meant for Laura and Selina Sent from my iPhone ***** On Oct 3, 2011, at 10:23 PM, "Lani Shufelt" <als395@cornell.edu> wrote: I`ve got French fight attendant, cop, and female Edward scissorhands Sent from my iPhone ***** On Oct 3, 2011, at 9:33 PM, "Laura X. Wang" <lxw2@cornell.edu> wrote: Changing the wanted item: looking for frefghter costume. No, the local frehouse won`t lend me one. Yes, it`s a serious request. Thanks! ***** From: Selina C. Ang Sent: Sunday, October 02, 2011 11:40 AM To: Johnson Student Misc Distribution List Subject: Cow costume?
JS Misc World This is a random/long shot question, but does anyone have a cow costume or cow-inspired clothing to borrow this week? Will give it back Tuesday evening.
Thanks! 2 3 4 1 Vol. LXXVIII Lifestyle & Entertainment - Samuel Curtis Johnson Graduate School of Management April 13 th , 2012 11 Recipes from the Iron Chef Sage Social By Selina Ang, MBA 12; Robert Frisch, MBA 13; Nora Hansanugrum, MBA 13; and Emma Kirwan, Joint Ventures 13 The Iron Chef competition, an annual tradition, was held at Sage Social on March 29 in partnership with Out for Business and Cookin` The Books. We know that everyone at Johnson faculty, staff and students is always busy. The Iron Chef competition provides much needed respite and allows everyone the opportunity to taste students` creative dishes, said Tony Tao, President of Cookin` The Books. The following recipes appear courtesy of the winning team, The Johnson Curryculum: Selina Ang, Robert Frisch, Nora Hansanugrum, and Emma Kirwan. Curried Mushroom Puffs Recipe Ingredients: 1 tablespoon extra-virgin olive oil 1 10 ounce package organic white button mushrooms 1 10 ounce package organic cremini mushrooms cup vegetable stock (used quarter cube of Rapunzel Vegan Vegetable Bouillon with Sea Salt) 2 teaspoons curry powder1 package frozen puff pastry, thawed for 45 minutes Flour, for dusting surface 1 egg, lightly beaten Splash of milk Instructions: Prepare mushrooms: Wash, de-stem, and cut into eighths, and coarsely chop. In a large skillet, heat oil over medium high heat. Saut mushrooms until juices emerge, about 10 minutes. Lightly season with salt and coarsely ground black pepper. Add in vegetable stock and cook down until partially evaporated. Add curry powder, lower heat to medium, and saut for another 5 minutes to blend in favors. Remove from heat and set aside to cool. Prepare pastry: While mushrooms cook, unfold puff pastry sheets onto a foured surface. Using two sizes of round cookie cutters (2 inch and 2 inch), cut 12 circles of each size. Preheat oven to 325 degrees. Stuff and seal: Spoon a heaping teaspoon of curried mushrooms onto the smaller pastry circles. Place larger pastry circles on top of each smaller circle with mushrooms, and use the back of a fork to press down on the rim of the pastry to seal. Gently cut a slit with a knife in the top of the pastry to allow the steam to escape during cooking. Combine beaten egg and milk; brush each pastry with a light coating of egg wash. Bake: Place pastries on baking tray lined with parchment paper and bake for 10-12 minutes until puffy and golden brown. Romaine Salad with Shaved Celery, Curry Spiced Walnuts, and Curry- Citrus Yogurt Dressing Recipe Ingredients: 1 bag Finger Lakes Fresh romaine lettuce, chiffonade 1 stalk celery, chiffonade 1 watermelon radish, thinly sliced Lemon zest, for garnish Curry spiced walnuts (see below) Curry-citrus yogurt dressing (see below) Curry Spiced Walnuts Recipe (courtesy of Cayuga St. Kitchen BIog, www.cayugastkitchen.com) Ingredients: 1/2 cup walnut pieces 1 teaspoon cumin 1 teaspoon curry powder 1 tsp. coconut oil Dash of salt Instructions: Preheat oven, or toaster oven, on to 300 degrees. Mix ingredients and spread on a cookie sheet. Bake for approx. 15 minutes or until golden brown. Check repeatedly and stir. Curry-Citrus Yogurt Dressing Recipe Ingredients: 1 cup plain yogurt 1/3 cup extra virgin olive oil 1 tablespoon cumin 1 tablespoon turmeric 1.5 teaspoon ground coriander Freshly squeezed juice of 1 lemon 1 teaspoon sea salt 1 tablespoon plus 1 teaspoon pure maple syrup Instructions: Whisk all ingredients together until well blended. Salad: Toss romaine lettuce and celery with several tablespoons of dressing until well coated. Top with walnuts, radish, and lemon zest.
Sweet Curry Roasted Butternut Squash Mash Recipe Ingredients: 1 butternut squash 1/2 cup pure maple syrup 1 tablespoon curry powder 1 teaspoon salt Instructions: Peel squash, cut in half lengthwise, and remove seeds. Roast in preheated 350 degree oven for 1 hour. Coarsely chop squash into smaller pieces and puree in food processor. Stir in remaining ingredients. Red Wine and Masala Braised Beef Recipe Ingredients: 2 pounds beef chuck, cut into 3-4 inch pieces Canola oil for browning beef 2 small yellow onions roughly diced 4-5 stalks of celery, roughly diced 4 cloves of garlic 3 tablespoons tomato paste 1 cup of dry red wine 1 1/2 cup beef broth 1 cup of water 1/3 cup of curry mix (see below) 2 bay leaves Salt and pepper for seasoning 1/4 cup of heavy cream Curry Mix Ingredients: 3 parts garam masala 1 part curry powder 1 tablespoon of cumin Toast spices over small skillet over medium-low heat until fragrant (about 5 minutes). Intensity of curry favor can be at discretion of cook. Main Preparation: In a large dutch oven, heat oil over medium high heat and brown meat on all sides. Brown in batches to avoid crowding. Reserve beef on a side plate. Using the same dutch oven, immediately saut onion, celery, and garlic until softened over medium heat, about 5 minutes. Add tomato paste and stir. Deglaze with red wine; reduce liquid by 2/3. Add broth, water, and curry mix, bay leaves, salt, and pepper. Bring to a boil. Return meat to broth (meat should be covered 2/3, but not fully submerged). Line top with parchment paper and cover with lid. Place in oven at 325 degrees for 1 hour; reduce to 300 degrees for 2 additional hours. To fnish sauce, depouillage to remove excess fat. Add water if needed to reduce intensity of stock. Using an immersion blender, puree vegetables to thicken sauce. Finish with cream. 12 April 13 th , 2012 Samuel Curtis Johnson Graduate School of Management Vol. LXXVIII 8kAND NLW GkLLN CCNS1kUC1ICN Spac|ous 1-, 2-, and 3-8edroom Apartments Many w|th 2 8aths Some Features: Short level walk to the Cornell Campus, and to Collegetown TCAT bus at entrance; East Ithaca Recreation Way adjacent Elevator serves all floors including heated garage Cherry or rock maple kitchen and bath cabinets Granite counters, stainless steel appliances and gas ranges Natural finish hickory and porcelain tile flooring Wide oak baseboards, door trim; solid birch interior doors En suite clothes washers and dryers Individual control of heating and cooling Reserved off-street parking (inside and outside) Coal Yard Apartments 143 MAPLE AVENUE 1he I|nest Accommodanons on Last n||| hup://www.beerproperues.com/cya3.hLml Ca|| 607 273-S929 to arrange for a show|ng Cpen nouse on "Desnnanon Iohnson" Weekend CANDLEWYCK PARK 607-272-9206 LANSING WEST 607-257-5444 WARRENWOOD 607-257-5200 GASLIGHT VILLAGE 607-257-3311 NORTH WOOD 607-257-4037 BROOKLANE 607-257-5444 I NewThermally Insulated Windows I HUGE Floor Plans I Free Private Parking I Pet Friendly I Located on the T-Cat Bus Line I Large Patios and Balconies I Pool and Sun Deck* I Fitness Center* Ithaca-Apartments.com JOHNSONBUSINESS SCHOOL 6 Spectacular Rental Communities within 2 Miles of Cornell Secure during DJ Weekend to take advantage of GREAT RENT SPECIALS! W elcom e * Select communities OPENHOUSE WEEKEND Friday 4/13 - Sunday 4/15 MBA Humor By Vince Lee, MBA 13
Ding Xiaoqin The Academic Directions For The Modernization of Marxian Political Economy and The Academic Principles of Promoting The Modernization of Chinese Economics