viewpoints, fall 2015 - sauder school of business

THE ENTREPRENEURSHIP AND INNOVATION ISSUE

FALL/WINTER 2015 • VOLUME 35 • NO 2 A MAGAZINE FOR ALUMNI AND FRIENDS OF THE SAUDER SCHOOL OF BUSINESS AT UBC

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1VIEWPOINTS FALL/WINTER 2015

Robert H. Lee and Family

Rick Kwan

ALUMNI STORIES

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Viewpoints from the Dean

Sauder Index

Newsworthy

Insider Information

Actuals

Earning Interest

Class Notes

In Memoriam

Points of View – Guest column

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When sparks fly Teja Edara was already an experienced entrepreneur before he arrived from India for Sauder’s MBA program. Once here, he had an idea for a business, but knew no one in Vancouver. Solution: turn to the interconnected world of Sauder entrepreneurs.

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Innovation for all “Fail early, fail often!” Sauder students and faculty discuss entrepreneurship programming where students learn how to deal with ambiguity and uncertainty when building a business.

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Scoring big Students from e@UBC’s Lean LaunchPad Accelerator Program share their insights and inspirations—and their big scores.

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Good for you: berries and business ethics Would you rather practise law? Or be up to your waist in cranberries? Sauder donor Peter Dhillon chose the cranberries.

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Jay Rhind, Teja Edara, Fraser Hall and Praveen Varshney did not need caffeine to fuel their discussion. Photo by Roger Mahler.

The entrepreneurship and innovation issue

“To boldly go where no one has gone before...” The inspirational line from Star Trek: The Next Generation encapsulates the motivation of entrepreneurs and innovators to seek both small changes in how we work and live, or to invent and develop broader-sweeping shifts in how we live. Viewpoints looks at Sauder’s efforts to promote and support a culture of learning that helps entrepreneurs and innovators grow in their yearning to change the world.

16They are interconnected, overlapping and allied in spirit. They are entrepreneurs and innovators, and when they meet over coffee, or Skype, or a middle-of-the-night idea, they build, learn and inspire not just each other, but all of us, with lives made better from inventions and ideas.

FEATURE STORIES Running in the right circles

We would like to acknowledge Jenni Labrie for her photograph of Kevin McCort and students in the Sauder Philanthropy Program from p. 19 of Viewpoints Spring 2015.

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2 FALL/WINTER 2015 VIEWPOINTS

1942) to emphasize the important role that innovation plays in economic development. Schumpeter’s view was that restructuring through innovation, in his words “creative destruction”—or, restructuring through innovation—is “the essential fact about capitalism,” and that growth arises from “the new consumers, goods, … methods of production or transportation, … markets, [and] forms of industrial organization” that creative destruction creates. Schumpeter’s views continue to inform research on entrepreneurship, productivity and job growth.

Innovation is also important for the future of Vancouver. The strong connection between universities and the growth of innovative industries is well known—it is no coincidence that many of the world’s leading innovators are located in the San Francisco Bay Area, home to Stanford, UC Berkeley and the UC San Francisco medical school. I believe we are seeing the beginnings of an important technology cluster in Vancouver. For example, the professional, scientific and technical services industry employed 125,600 people in Vancouver in 2013, representing about 10% of the Vancouver economy. This is a high percentage relative to the rest of the country, indicating that this industry

VIEWPOINTS FROM THE DEAN

THESE CONNECTIONS ARE BOTH DEEP and wide. It is now possible for an undergraduate student at Sauder to major in entrepreneurship, or for an MBA student to pursue a career track that focuses on innovation. Through new courses such as Entrepreneurship 101 (open to students from all faculties) and New Venture Design (offered in collaboration with Applied Science), Sauder is playing a key role in extending entrepreneurship education across the campus. The school is also deeply involved in fostering connections beyond the university through the mentorship programs in entrepreneurship@UBC (e@UBC) and our support for external organizations like the BC Technology Industry Association. These university-industry linkages are a critical component of UBC’s contributions to economic development through the commercialization of our world-class research. Finally, Sauder has a sizable group of faculty, drawn from all of the school’s divisions, whose research interests overlap with entrepreneurship and innovation, and a centre focused specifically on research and outreach in this domain.

The Austrian-American economist Joseph Schumpeter was perhaps the first (in Capitalism, Socialism and Democracy,

Entrepreneurship and innovationThis edition of Viewpoints examines the virtuous relationship between education, entrepreneurship and innovation. From my perspective, the fundamental question is: How can education encourage the formation of new ventures that will drive economic change by introducing new ideas, new methods and new products to the economy, and thereby create new opportunities for our students? Our recent experience suggests that an important part of the answer is connections—connections through the classroom between Sauder students and students from other faculties, connections through mentorship between successful alumni and our very entrepreneurial current students, and connections through collaboration between the external entrepreneurial community and the research, ideas and creativity of the university.

is relatively concentrated in Vancouver. Further, this sector added 12,400 jobs between 2009 and 2013, representing 18% of all job growth in Vancouver over this period. Finally, employees in this industry earn high wages, both relative to other industries in Vancouver and relative to employees in the same industry in other cities in Canada. This is the sine qua non of regional economic development: the emergence of a sizable industry that tends to concentrate geographically, is growing rapidly, and pays high wages to its workers.

Our hope is that UBC and the Sauder School can become increasingly important contributors to the growth of the knowledge and innovation economy in British Columbia in the years to come. The pages that follow detail some of these contributions, and the connections that make them possible.

I hope you enjoy this edition of Viewpoints.

Please stay in touch. n

Sincerely,

Robert Helsley, DeanGROSVENOR PROFESSOR OF CITIES, BUSINESS ECONOMICS AND PUBLIC POLICY

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The Sauder IndexOUR MISSION FOR VIEWPOINTS Viewpoints Magazine is designed to nurture dialogue and relationships with our alumni and friends by ensuring that you continue to enjoy the practical benefits of the school’s leading-edge business thinking. Viewpoints presents news, research and commentary that demonstrate the ability of our faculty and our graduates to define the future of business and to open doors for those who are connected to the Sauder School of Business. Your thoughts about this mission are always welcome.

EDITORIAL Dale Griffin executive editor Erica Smishek editor-in-chief Jennifer Wah managing editor

DESIGN Brandon Brind creative director graphic designers: Deana De Ciccio, Karen Cowl

PRODUCTION Spencer MacGillivray production manager

Viewpoints Magazine is produced by Forwords Communication Inc. and published by the Sauder School of Business, University of British Columbia 2053 Main Mall, Vancouver, BC V6T 1Z2 Tel: 604-822-8555, Fax: 604-822-0592. Viewpoints is published regularly for alumni and friends of the Sauder School of Business.

We welcome the submission of ideas and articles for possible publication in Viewpoints Magazine. Email: [email protected]

For an online version of Viewpoints, visit www.sauder.ubc.ca.

CHANGE OF ADDRESS Send change of address to Alumni Engagement Office, fax: 604-822-0592 or email to [email protected] ©Copyright 2015, Sauder School of Business. Editorial material contained in Viewpoints Magazine may be freely reproduced provided credit is given. ISSN 089-2388. Canada Post. Printed in Canada.

EDITORIAL BOARD Dale Griffin (Chair), with Sheila Biggers, Teresa Faulkner, Brad Gamble, Andrew Riley, Erica Smishek, Jennifer Wah and Bruce Wiesner

CONTRIBUTORS Brenda Bouw, Sue Bugos, Allan Jenkins, Chris Lane, Spencer MacGillivray, Andrew Riley, Thiago Silva, Erica Smishek, Jennifer Wah

PUBLICATIONS MAIL AGREEMENT NO. 40063721 RETURN UNDELIVERABLE CANADIAN ADDRESSES TO ALUMNI ENGAGEMENT, SAUDER SCHOOL OF BUSINESS, UNIVERSITY OF BRITISH COLUMBIA, 800 ROBSON STREET, VANCOUVER, BC V6Z 3B7

Number of start-up/small businesses in Canada, as of 2012: 1.1 miliion

Number of Canadians who work for those small businesses: 7.7 million (69.7% of the total private labour force)

Percentage of start-up small and medium-sized businesses in Canada that will survive after five years: 51

First air date of Dragons’ Den reality TV show, before it was franchised in 30 countries: 2001, in Japan

Number of seasons aired in Canada: 10

Most successful Dragons’ Den venture to date: “OMG,” a graham- wafer-chocolate-toffee-nut candy launched in 2012, which now

produces 1,500 bags/hour in its Winnipeg factory

Best place to find mentors/mentees, career, learning and volunteer opportunities from more than 37,500 Sauder alumni in 75+ countries:

Online at Sauder Square

Major cities with Sauder Alumni Clubs: Vancouver, Calgary, Toronto, London, Shanghai, Beijing, Hong Kong

Percentage salary increase for Sauder MBA graduates: 67

Three most popular board games of all time: Chess, Checkers, Monopoly

Three bestselling video/online games: Tetris, Wii Sports, Minecraft

Longest professional sports match in history: A nine-day 1939 cricket match in South Africa, which ended only because the England

team would otherwise have missed their boat home

Professional sports with highest incidence of concussion: Football, hockey, rugby

Most popular greeting card: Birthday

Highest selling seasonal card: Christmas (1.6 billion units) followed by Valentine’s Day (145 million units); St. Patrick’s Day ranks lower, with 7 million units

Percentage decrease in traditional greeting card sales in the past 10 years: 30

Sources: statscan.gc.ca, startupcan.ca, www.therichest.com, wikipedia.com, saudersquare.com, rankings.ft.com, beaumontenterprise.com, greetingcard.org, marketwatch.com


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NEWSWORTHY SAUDER IN THE NEWS

International media report on study showing unequal benefits of firm growthProportional differences in wages between employees grow as a firm grows in size according to a recent study co-authored by Assistant Professor Elena Simintzi. With data from British firms, the study found that the low and median earners stagnated while wages at the top continued to increase. Simintzi’s findings were cited in The Economist, Al Jazeera and Vox. n

Sauder professor featured in media for youth employment study

Associate Professor Marc-David Seidel was featured in print and video media for his recent study showing teens are more prepared for better jobs in the future if they take on part-time work while in school. CBC, Global News, Komo4 in Seattle and the Business News Network all interviewed Seidel on camera, while his study was also written up in The Financial Post, Maclean’s and The Toronto Sun. n

Sauder professors contribute meaningfully in media to Vancouver’s housing discussion

Associate Professors Tsur Somerville and Thomas Davidoff have contributed their expertise to the regional discussions on Vancouver’s housing market, commenting regularly in The Globe and Mail, The Vancouver Sun, Global News, Business in Vancouver, CTV and more. n

Sauder professors weigh in on Vancouver’s transit tax hike debate

Professors Robin Lindsey and Katherine White, and Associate Professors Tsur Somerville, Werner Antweiler and James Tansey made key contributions to regional discussion on Metro Vancouver’s transit tax hike plebiscite, sharing their expertise in The Globe and Mail, The Vancouver Sun, The Province and many other media outlets. n

Crowdsourcing and chaos: How social media can save the day

A study by Assistant Professor Ning Nan was the focus of a feature in The Globe and Mail. Nan’s research shows social media may provide the most effective way to handle crisis management.

In studying the response of students at a university in Chengdu, China, to an earthquake, Nan found that online discussions organically mimicked good crisis management protocols. n


Professor highlighted as a leader in marketing by the Financial Times

Professor Darren Dahl was named one of the Financial Times’s leading academics in the field of marketing. He was also featured recently in The Atlantic for his study focused on how rude luxury retail clerks can actually increase sales.

This study attracted major media attention since its publication in the October 2014 edition of the Journal of Consumer Research, having made prior headlines in TIME, USA Today, National Post, CTV News and many more publications. n

Study about women on corporate boards makes international headlines

The Washington Post, The Globe and Mail and Business in Vancouver featured a recent study by Professors Kai Li and Maurice Levi focused on how gender affects the operation of corporate boards.

The study, published in the February issue of the Journal of Risk and Financial Management, examined 500 mergers and acquisitions from 1997 to 2010 and found a 10 per cent increase in female board directors meant a 7.6 per cent increase in firms seeking advice from top-ranked financial advisors when faced with a takeover bid. n

Study on US Congress members’ word choice makes global headlines

Professor Karl Aquino’s study, exploring how the US Congress’s use of pro-social words predicts its public approval ratings, was picked up by major publications worldwide including The Guardian, Los Angeles Times, The Australian, The Japan Times, The Economic Times of India and The Vancouver Sun. n

Study on how mutual fund investment changes seasonally featured in Bloomberg

Bloomberg featured a study by Professor Maurice Levi that shows how mutual fund investment behaviour is affected by season changes.

Levi and his co-authors, using aggregate investor flow data, found that investors prefer safe mutual funds in autumn and risky funds in spring. The study was published in the March 2015 edition of the Journal of Financial and Quantitative Analysis. n

Study examining how charities can promote volunteerism featured in the Financial Times

Professor Karl Aquino and doctoral student Adam Kay’s study on how charities can encourage people to volunteer is featured in the Financial Times.

The study, forthcoming in the Journal of Personality and Social Psychology, found that exposure to a moral cue—a prompt that reminds individuals of their moral identity—can reduce people’s aversion to giving time to pro-social causes. n


Sauder prof. appointed to BC climate leadership team

Associate Professor James Tansey is one of 19 appointees to British Columbia’s Climate Leadership Team with the role of advising the government on a new climate action plan.

“I feel honoured to have been chosen and I’m glad to see they’ve put together a diverse team with diverse opinions,” said Tansey, the executive director of Sauder’s Centre for Social Innovation & Impact Investing. “It’s rewarding, as an academic, to have the chance to have a direct impact on public policy.” n

With a gift of $250,000 from the Aquilini family, a leading Canadian business family based in Vancouver, Sauder will create the Aquilini Family Aboriginal Awards Program, which will support Aboriginal post-secondary studies in business at Sauder and across the province.

The new funding will provide support to students participating in Sauder’s Aboriginal Management Program and Ch’nook Scholars program, both run by Sauder’s Ch’nook Indigenous Business Education initiative, an outreach centre dedicated to increase engagement in business education in Aboriginal communities. n

Aboriginal business education initiatives at Sauder receive significant new support

SAUDER FACULTY INSIDER INFORMATION

New BCom course connects future leaders of business technology management with CIOs

A new Sauder course has given BCom students the rare opportunity to meet and learn from chief information officers and an in-depth understanding of how information technology is managed at the top.

The course, CIO Strategies, leverages the Management Information Systems division’s CIO advisory board to provide high calibre IT guest speakers each year, such as Telus CIO Carlos Carreiro. n

Sauder wins global award for solving industry challenges with analytics

Sauder’s Centre for Operations Excellence won this year’s UPS George D. Smith Prize, the leading international award recognizing top operations research programs connecting industry with higher education.

Focused on business analytics, the COE partners with a diverse range of organizations, from health care to aerospace, to find solutions to operations challenges. The centre produces high-calibre research in operations, management science and analytics, and runs the Master of Management in Operations Research. n


Canada’s largest cranberry grower partners with UBC on $7.5M fund to establish a centre for business ethics

Sauder is set to become the first Canadian business school to take a comprehensive approach to the study, teaching and promotion of business ethics with the announcement of the new Peter P. Dhillon Centre for Business Ethics.

The centre is named after UBC alumnus Peter Dhillon, Canada’s largest grower of cranberries, who partnered with Sauder to commit $7.5 million towards the centre.

“Our partnership with Peter will greatly enrich our learning and research environment and allow Sauder to become an innovator in, and a model for, values-based business education and outreach,” said Dean Robert Helsley, Grosvenor Professor of Cities, Business Economics and Public Policy. n

Sauder continues to climb the Financial Times global ranking for executive educationFor the fourth straight year, Sauder Executive Education rose among the world’s best in the Financial Times ranking of university-based professional development programs. Now ranked 43rd worldwide, Sauder is the only school west of Ontario to crack the top 50, and is one of only six Canadian schools to be included. n

Emeritus prof. wins global Onassis Prize for Shipping

Professor Emeritus Trevor Heaver was awarded the 2015 Onassis Prize for Shipping, a prestigious international award recognizing lifetime contributions to the field. This is the first time an Onassis Prize has gone to an academic in Canada.

The $200,000 prize is given out once every three years to leading researchers of shipping, finance and international trade. n

Investment firm supports students for future careers in global financial centres

Sauder finance students will have greater access to powerful business tools thanks to a gift of $200,000 from Vancouver asset-management firm Leith Wheeler Investment Counsel.

The Leith Wheeler Investment Research Lab, equipped with sophisticated Bloomberg terminals, will provide students with the most updated news and serve as an important gateway from the classroom to the real-world markets. The lab gives all finance students, including those in the Portfolio Management Foundation (PMF) program, more opportunities to understand and work with financial data and, in turn, a clear advantage in a very competitive job market. n

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The Sauder School is pleased to welcome 11 new full-time faculty members

SAUDER FACULTY INSIDER INFORMATION

Markus BaldaufAssistant ProfessorFinancePhD: Stanford University

Ira YeungAssistant ProfessorAccounting PhD: Northwestern University

Will GornallAssistant ProfessorFinance PhD: Stanford University

Elena PikulinaAssistant Professor Finance PhD: Tilburg University

Yann CornilAssistant Professor Marketing and Behavioural Science PhD: INSEAD Business School

Jennifer BrownAssociate ProfessorStrategy and Business Economics Previous school: Northwestern University

Michael DanielsAssistant Professor Organizational Behaviour and Human ResourcesPhD: Bowling Green State University

Ann StoneLecturerMarketing and Behavioural ScienceMBA: University of Michigan

Yi Qian Associate Professor Marketing and Behavioural Science Division (joined the Sauder School on January 1, 2015)Previous school: Northwestern University

Tamara EtmannskiJoint Full-Time Lecturer Sauder (Marketing and Behavioural Science Division) and Faculty of Applied SciencePhD: University of Oxford

Vanessa StrikeCIBC Professor in Applied Business Family Studies;Assistant ProfessorOrganizational Behaviour and Human Resources Previous school: Erasmus University

The Sauder School of Business maintains an international reputation for excellence in research and learning. Sauder has 100 full-time faculty members. See complete faculty and staff directories at sauder.ubc.ca/Faculty/People.

http://www.sauder.ubc.ca/Faculty/People


“WHAT DO YOU WANT TO BE WHEN YOU GROW UP?” Answering that question came easily for Kathy Butler, BCom 1992, Managing Director and Head, Wholesale Banking, British Columbia, CIBC World Markets.

“I loved banking from a very early age,” she explained to graduating BCom students on April 8 at the Commerce Last Lecture, where she shared stories and lessons about her life, career and investment banking.

Butler made her official debut in banking at the early age of 16 when she landed a job as a bank teller at CIBC, but she was already accustomed to the banking environment by then. Her father worked in the industry and she fondly remembers filling out forms and playing around with the teller stamps on frequent Sunday outings at a bank branch where he worked.

Butler continues to bring passion for the profession and energy to the office every day. She believes these are critical pillars to establish and sustain a successful and satisfying professional and personal life. Her other pillars include setting life goals, building a personal franchise and giving back to the community.

“What it takes to be successful are the swing factors, the intangibles, the things that you do each and every day,” she explained. “People that succeed are inquisitive and driven.”

When Butler joined CIBC investment banking in Toronto, she said she did everything in her power to make herself relevant,

Commerce Last Lecture puts investment banking in the spotlight

including going out of her way to ensure her work was accurate and insightful. This keenness paid off and she was given the opportunity to build a successful technology investment banking business, before being transferred to Vancouver. While her goal was to return to Vancouver, she expressed an interest in exploring other global markets and encouraged students to seek opportunities in places such as London, New York or Asia as a great way to learn more about the different facets of investment banking and grow one’s career.

While passionate about banking, Butler said that her life would not be complete without giving back to her community. She talked about the importance of staying connected with Sauder and is highly involved with community associations and non-profit organizations, serving on the board of CIBC Children’s Foundation and Atira Development Society and the advisory board of Canuck Place Hospice.

“You have an amazing set of skills. You will be amazed on how much people want you to help them in not-for-profit initiatives,” she said. “Through this work you will not only broaden your personal network and meet people you wouldn’t otherwise meet, but the best thing is you will feel inspired every single day.”

Following the lecture, Butler delivered the toast to graduating students at a champagne reception in CPA Hall. n

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ACTUALS SEEN AND HEARD IN THE SAUDER WORLD


BRANDT LOUIE’S JOURNEY HAS TAKEN him from the business communities of Vancouver and Western Canada to the global stage of the World Economic Forum. He attributes the journey—and his success—to one very important ingredient: perseverance.

“You must have the ability to persevere when others tell you, ‘It won’t work. It has been tried. You should abandon your ideas,’” Louie, BCom 1966, Chairman and CEO, H.Y. Louie Co. Limited, explained during his address to Sauder students at the Dean’s Speaker Series on March 17.

Perhaps the most difficult part, he added, is “believing in your ideas when others don’t.”

Louie’s message to future business leaders summarized a life of goals achieved, risks taken, and a lasting legacy of giving back to the community.

Brandt’s grandfather Hok Yat Louie, who emigrated from China in 1896, wanted to give back to the community as his business was growing and paid the Head Tax—a fee charged to each Chinese citizen entering Canada at the time—to provide his fellow countrymen the opportunity to flourish in their new chosen country.

While business leaders are constantly taking risks to grow their companies, the Louie family managed to turn it into an advantage. The company expanded substantially when Tong Louie, Brandt’s father, brokered a deal in 1976 to acquire London Drugs. He took a big risk and closed the deal with just a handshake even without the benefit of the usual due diligence of the company’s financial status.

“Given the choice between action and indecisiveness, I will always choose to act,” Louie said.

Louie’s determination to realize the company’s full potential also requires stepping outside of his comfort zone. Although the focus of the company had always been in retail, he founded London Air Services, a highly successful jet charter venture, to diversify the business. He also has many varied interests outside his company and serves on the board of a number of organizations including the Vancouver Board of Trade/World Trade Centre, the BC Business Council, the Food Marketing Institute, Chairman of Grosvenor Americas, and is a member of the Canadian Judicial Council.

Louie’s business acumen has also granted him a spot in the World Economic Forum, the Swiss non-profit foundation recognized as an international institution for public-private cooperation, where

Louie has been able to contribute his perspective for more than 20 years. The Forum is best known for its annual winter meeting in Davos that brings together 2,500 top business and international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world.

At the question and answer session following his presentation, Sauder students were interested in hearing more about Louie’s experience with the Forum as well his thoughts on succeeding in the local and global economy.

To close the session Louie shared this final piece of advice: “To have goals is to set your compass,” he said. “But to dream is to go beyond of what others are afraid to dare.” n

Brandt C. Louie: An alumnus gives back knowledge and inspires BCom students

THE SAUDER ALUMNI COMMUNITY IS 1,046 MEMBERS stronger following UBC’s Spring Congregation ceremonies. New graduates joined family, friends and Sauder faculty and staff at the Robert H. Lee Alumni Centre on May 27 for a champagne reception to mark the special occasion. Congratulations everyone, and welcome to Sauder Alumni! n

Class of 2015 joins Sauder Alumni



THE SIXTH ANNUAL NATIONAL Investment Banking Competition and Conference (NIBC) held in Vancouver in January brought together students from across North America and as far away as Europe and Asia to learn more about the industry and hear from investment banking professionals and other business leaders.

Robert Herjavec, Founder & CEO of The Herjavec Group and a panelist on ABC’s Shark Tank, spoke about alternative investment to an appreciative audience at one of the event’s key sessions.

Herjavec, who won the 2013 Canadian Entrepreneur of the Year Award for Technology and was presented with the Queen’s Jubilee Award for outstanding service, said that “success is not a spectator sport” and explained that running a business is a lot like one of his greatest passions, racing cars.

“When you begin racing, one of the things they teach is that when the car is out of control you need to tell your body where you want it to go and not where you are going,” he explained. “Danger! Look to open field. That is business. If things move, you have to go where opportunity is.”

For Herjavec, that opportunity was in the information technology industry. With no formal training in the area, he landed a sales job at a technology start-up in Toronto after his television career as an actor and producer stalled. That eventually led to him being the first person ever to sell a commercial firewall. After building and selling several IT companies to major players such as AT&T, Herjavec returned to television, joining Dragons’ Den on CBC as well as Shark Tank. Most recently he appeared on the popular Dancing with the Stars.

In addition to sharing his professional success stories, Herjavec spoke about the pivotal role that philanthropy and community involvement play in his personal well-being.

“I don’t think about my legacy. When I’m gone, I’m gone,” he said. “I think about my ability to affect people as I am here. I’d rather change someone’s life today than to leave a legacy for tomorrow.”

Participant Bernardo Castro, a mathematics and economics student at Florida International University, was quick to draw connections between Herjavec’s life lessons and the banking world.

“What a lot of us lack in college and MBA school is the opportunity to be entrepreneurial,” said Castro. “Today we had the opportunity to hear about the type of entrepreneurial experience we are not used to, and I found it very enlightening, very out of the box.”

Following his presentation, Herjavec responded to audience questions about how to succeed in business, what traits he looks for when hiring and how to overcome obstacles. His final words of advice: “The market rewards value, and value is defined as expertise. It’s much better to be good at one thing than a jack of all trades.”

Many Sauder School students and alumni have helped grow NIBC to become the most prominent investment banking event for undergraduate and MBA students in North America. Each year, more than 120 Sauder students participate in the competition, which is designed to develop core investment banking skills that closely mirror the work of an analyst and associate.

Approximately 150 professionals and alumni from the Vancouver investment banking, private equity and broader business community are involved in the event as board members, judges, speakers and guests. n

Entrepreneurship and finance come together at investment banking conference



Light the night in Vancouver

THE SAUDER ALUMNI CLUB OF VANCOUVER HELD ITS inaugural fireworks night yacht party on July 25. This unique event brought together alumni and friends for an unforgettable night aboard a yacht chartered for the occasion. The four-hour bash included a stop at English Bay to take in China’s presentation at the Honda Celebration of Light annual musical fireworks competition. n

Sauder Alumni Clubs: connecting alumni around the corner and around the worldThe Sauder Alumni Clubs serve the business, social and professional development interests of Sauder’s alumni community in key Canadian and global markets. This spring and summer, the clubs hosted a variety of events, enabling Sauder alumni and business professionals to connect and exchange ideas with one another.

Tech fireside chat in Beijing

ROGER YIN, DIRECTOR OF EVERNOTE, A POPULAR note-taking app, met with alumni and friends in Beijing on April 24 to talk about upcoming trends in the mobile applications market in China, factors that impact the growth of this industry, and how China’s electronic applications compare to its overseas competitors. The event was organized by the Sauder Alumni Club of Beijing. n

Step into the C-suite in Hong Kong

ALUMNI IN HONG KONG HAD THE RARE OPPORTUNITY on May 26 to learn more about business from Frank Sixt, Executive Director and Group Finance Director of Hutchison Whampoa Ltd. and one of the most prominent business leaders in the world. Sixt, who leads a multi-billion-dollar international business with operations worldwide, shared information on the company’s growth as well as his personal career and answered questions from the audience. The event was organized by the Sauder Alumni Club of Hong Kong and co-sponsored by RBC Wealth Management and RBC Investment Management (Asia) Limited. n

Fine wine in Shanghai

THE SAUDER ALUMNI CLUB OF SHANGHAI HOSTED an evening of wine discussion and tasting with Robert Bevis, President of Roque Fine Wines on March 26. Bevis spoke about numerous aspects of the international fine wine business, including how family-owned estates compete with global giants, the current and future state of the wine industry in China and challenges in production planning and logistics. n

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Executive breakfast in Toronto

A GROUP OF 20 SAUDER ALUMNI MET WITH Lisa Rowsell, Head of Sales at Thomson Reuters, for an intimate breakfast on March 25. Rowsell shared industry insights and career advice she has acquired through 17 years of experience in sales and general management in financial media, technology, and

financial services. The event was organized by the Sauder Alumni Club of Toronto. n

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A PROFESSIONAL SOCIAL MEDIA PRESENCE HAS BECOME an indispensable asset to working professionals across several industries, but no platform has fully addressed the privacy concerns that come with sharing personal information online. The Sauder School of Business unveiled Sauder Square, its own professional social media platform, on April 29 to enable alumni to connect with one another in a secure and easy way.

Sauder Square offers several features including an extensive job board and a complete list of all upcoming alumni events around the world. The business directory within the platform is a great place to find a mentor, a colleague in a particular industry, or someone who can answer career or business questions. Equipped with familiar functionality from other online professional and social networks, Sauder Square is the best place to connect with fellow alumni from around the globe. Whether alumni are making a career change or looking for connections while traveling, Sauder Square is the platform to build a strong network.

“Sauder Square seems like a great way to connect alumni and find out about what is currently going on in the Sauder community. I am excited to be part of it,” said Mhairi Petrovic, Diploma in

Marketing and Sales Management 2006, founder at Out-Smarts Marketing.

More than 1,300 alumni have already joined Sauder Square. During the launch, phase prizes were awarded to recognize the

most engaged users. Chris Gorczynski, MM 2013, won an Apple Watch for inviting the most alumni to join Sauder Square. Shail Parihar, MBA 2009, won a MacBook Air while Alexandra Wenly Julianto, BCom 2015, won an iPad for posting updates and photos and engaging with fellow users.

Sauder Square also offers features such as photo albums and message postings that are already familiar to social media users, but with the distinct difference in that access is limited to verified Sauder alumni.

Gorczynski is an avid user of the platform and held the “most active user” position for nine weeks.

“It’s a really powerful tool that enables alumni to leverage one another’s experiences and knowledge to help the Sauder alumni community excel and succeed as a whole,” he said.

Join us at saudersquare.com and login with LinkedIn, Facebook or an email address. n

Sauder Square, a new way to connect online

THE ROBERT H. LEE ALUMNI CENTRE, THE PERMANENT Vancouver campus home of UBC alumni for life, officially opened on September 30, 2015. The 41,700 square foot facility offers a state-of-the-art conference and event space in a prime location at the corner of University Boulevard and East Mall.

The Robert H. Lee Alumni Centre is a place to connect face to face with students, faculty and fellow alumni for socializing, mentoring, learning, and fostering entrepreneurship. In addition to a large celebration venue and high-tech meeting and event facilities, it includes social spaces and lounges, a café and an

It’s yours interactive display chronicling UBC’s history and achievements. The facility also houses the Graham Lee Innovation Centre—the new home of entrepreneurship@UBC—as well as the Wong Trainor Welcome Centre, UBC’s first visitor centre and the new “front door” for everyone who visits campus.

A collaboration between UBC and alumni UBC, the Robert H. Lee Alumni Centre is a product of the start an evolution campaign, UBC’s ambitious fundraising and alumni engagement program. The centre is named in honour of BC business leader and philanthropist Robert H. Lee, one of UBC’s most dedicated alumni and donors as well as a prominent member of the Sauder School of Business community. n

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Shail Parihar (MBA 2009) and Alexandra Wenly Julianto (BCom 2015) are active on Sauder Square.

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ESTABLISHED COMPANIES DON’T SIT idly by while they get copied shamelessly; they react by improving their products to set themselves apart from their newfound competitors.

“When counterfeiters start fooling too many customers, authentic brands step up their design game,” said Yi Qian, the study’s author and an associate professor at Sauder. “The authentic

producers will make the most of any cost advantages they have to produce more highly differentiated goods shoppers can easily identify as the real thing. In fashion this can mean an increased focus on aesthetics.

“While potentially expensive for producers, this innovation effect actually enhances consumer welfare in the fashion industry because part of consumer utility derives from aesthetics and the fast fashion cycle,” she said.

Qian and her co-authors studied financial statements of 31 brands selling leather and sports shoes in China over a 12-year period at a time when counterfeit production surged due to a sudden change in enforcement policy.

They found that authentic producers used fancier materials and improved the

Counterfeiters push fashion labels to new heights by CHRIS LANE

shoe appearance tremendously once beset by knockoffs, while there were no corresponding improvements in functional quality, which consumers can’t judge as easily.

But this isn’t good news for every sector: while improving appearances is good for the clothing industry, Qian pointed out consumers are worse off if counterfeiters force pharmaceutical companies to waste their resources on aesthetics. Plus, under certain conditions counterfeits could drive the authentic products out of the market if consumers are too wary of mistakenly buying a knockoff.

Qian makes it clear she doesn’t want to say that counterfeiting is a good thing; rather, she wants to improve how enforcement plays out. She said that policymakers should take note of how counterfeiters impact industries differently and concentrate their efforts where it matters most.

“We know knockoffs are out there. Yet sometimes, the most efficient solution is to let the market’s invisible hand do its own regulation, as it can lead to better products,” she said.

The study, “Untangling Searchable and Experiential Quality Responses to Counterfeiting,” co-authored by Qiang Gong and Yuxin Chen, can be found online in the publication Marketing Science. n

The presence of counterfeiters in the market can drive innovation in the fashion industry, according to a new Sauder study

What happens when a brand finds itself getting copied?Authentic vendors will of course lose some potential customers who buy the knockoffs for much lower prices. But at the same time, when people see the knockoffs, they see it’s a brand worth emulating. So the counterfeiters have actually just given the authentic brand some free advertising. In fact, this has even been Microsoft’s strategy in China—Bill Gates once said, “As long as they’re going to steal it, we want them to steal ours.”

In a study of shoe brands and their counterfeits in China, I found that for high-end shoes, there was a boost in sales after counterfeits entered the market, because the publicity effect outweighed the replacement effect of counterfeit sales. This is especially true if there’s a wide quality gap between the knockoffs and the real thing, as these counterparts capture a very different customer segment that would not have purchased the authentic product anyway. Brands can also devote relatively fewer enforcement resources to high-fashion product lines—especially those designed for younger customers—since counterfeits can help set fashion trends.

So should they just let it all slide?That’s risky. If you just leave them be, then more counterfeits will enter the market, which could cause bigger problems. Counterfeits could drive the authentic products out of the market if consumers are too wary of mistakenly buying a knockoff.

Typically, brands need to act at some point. In another study of a similar market in China that had been recently flooded with counterfeits, I found that authentic brands tend to improve the quality of their products so they more clearly stand out from the knockoffs; for example, some used better materials that the counterfeiters couldn’t replicate. So there’s actually another positive side to counterfeit entry, this time from the consumer side: by acting as competitors, counterfeiters push authentic brands to step up their game and make better products. n

Beset by knockoffs, designers get creative—and earn some free publicity. Professor Yi Qian weighs in.



NEW FACULTY ADVISORY BOARD MEMBERS

ROBERTO AQUILINIis managing partner of the Aquilini Group, was born and raised in Vancouver and began his career with the family business over 30 years ago. His conglomerate owns and manages a diverse portfolio of real estate

investments including operating businesses of which the Vancouver Canucks is among them. Aquilini, is a BCom graduate of UBC. Along with his wife and five children, he is a strong supporter of the local community, and is active

in the Juvenile Diabetes Research Foundation, the VGH and UBC Hospital Foundation, British Columbia Children’s Hospital, Canucks for Kids Fund and Canucks Autism Network. n

PETER DHILLONis CEO of the Richberry Group, an agribusiness enterprise with operations in BC and Quebec. The Richberry Group consists of cranberry companies, which combined are one of Ocean Spray Cranberries’

largest shareholders. Dhillon is board chair of Ocean Spray Cranberries Ltd.—the youngest and first Canadian to hold the position. In 2009, Dhillon was honoured with the Order of British Columbia for his philanthropic and

charitable work. Recently, in partnership with the Sauder School of Business, the Peter P. Dhillon Centre for Business Ethics was established. n

GORDON J. FYFEis Chief Executive Officer and Chief Investment Officer of bcIMC. Fyfe has more than 30 years in the finance industry. After starting with JP Morgan, he moved to senior positions at TAL

Global Asset Management and Caisse de dépôt et placement du Québec. Fyfe most recently served for the past 11 years as the President and Chief Executive Officer of the Public Sector Pension

Investment Board. He holds a BCom from UBC and an MBA from INSEAD, France. He is married with four children. n

HEATHER K. SHEMILTis Co-head of Cross Asset Sales for both flow and structured products for the securities division of Goldman Sachs. The group is responsible for providing cross asset solutions and strategic initiatives to a

variety of client types as well as for helping hedge fund clients trade products outside of their historical space. Additionally, the group is responsible for providing clients with private placement and co-investment opportunities.

Shemilt was named managing director in 2003 and partner in 2008. Before joining the firm, Shemilt was director and fixed income sales manager for Scotia Capital Markets, London. n

SUSAN YURKOVICHis President and CEO of the Council of Forest Industries, as well as president of the BC Lumber Trade Council. Prior to joining COFI, Yurkovich was most recently the executive vice-president responsible for leading

the development of BC Hydro’s Site C Clean Energy Project. She holds both a BA and MBA from UBC and a Diploma in International Business from Erasmus University, Netherlands. She currently serves on the Business Council of BC,

and the Dean’s Advisory Committee for the Faculty of Applied Science at UBC. In 2015, Business in Vancouver named her one of BC’s most Influential Women in Business. n


ARE YOU A “HERO FOUNDER”—AN entrepreneur who thrills to create and launch new ventures, right through to the first customer? You might even be a serial entrepreneur, moving from one venture to the next, to the next. Or are you a joiner—someone who thrives on bringing systems and rapid growth to an already existing enterprise? Perhaps you fit the definition of an intrapreneur, often a corporate innovator, or someone who promotes organizational change for growth.

When one considers the many individual stories of Sauder entrepreneurs that have been shared in Viewpoints over the years, it should not surprise readers to know that we have many, many hero founders in our alumni group. And the numbers are growing dramatically, in part supported by new courses and programs, and by the school’s connections to the start-up ecosystem. Just as significantly, many of our alumni now get snapped up to work for early-stage, fast-growing companies. In Vancouver, in particular, this is a major area of employment and entrepreneurial skill sets are needed to thrive.

Sauder’s Paul Cubbon, whose work and teaching focuses on entrepreneurship, new venture creation, corporate innnovation and intrapreneurship, sees most entrepreneurs as falling into one of these three circles, as the diagram to the right illustrates.

“Employers such as McKinsey, Deloitte, SAP, Google and Amazon come asking us for our ‘entrepreneurial thinkers,’” he

says, explaining that they are looking for graduates who fit the capabilities that he has spent many years defining. “That is what we teach and train for, but the skill set is useful in any of the three domains, and beyond.”

Sauder’s focus is on training entrepreneurial students and innovators to succeed in fast-changing environments, with high degrees of uncertainty, scarce resources, and where they need to wear many hats. And, concepts and inventions have a greater chance at success when they are taken through UBC’s Lean LaunchPad

Accelerator Programs, and vetted by that community. Working closely with UBC’s Lean LaunchPad Accelerator Programs and with the community (see related stories) offers a greater chance of success with a concept or invention. Graduate science researchers, for example, shine quickly among the more than 100 teams whom Paul and a team of facilitators have helped guide in the past few years. “In our start-up programs, we help would-be entrepreneurs to systematically increase chances of success,” he promises. n

ENTREPRENEURSHIP

Running in the right circles What kind of entrepreneur are you? The question of where we fit in is one we ask from the beginning of formed thoughts. It’s more than just a popular magazine quiz; it’s primal. And when it comes to entrepreneurs and innovators, some of the more creative of whom seem to defy classification, you might be surprised at the ways in which they can be grouped.

Nurturing new entrepreneurs is Lecturer Paul Cubbon’s focus, guiding them through a fast-paced and higher risk landscape of venture creation, corporate innovation and intrapreneurship.

by JENNIFER WAH


The skill set they share:Dealing with ambiguous, messy and incomplete data • Working fast with very limited resources • Ability to multitask and improvise • Design and run rapid experiments, find out what does not work, and find pivot points • Build partnerships internally and externally to increase capability

Entrepreneurial Careers

Founder of start-up

Join earlystage company

CAPABILITIES

(see below)

Intrapreneur(corporate innovator)

• Corporate innovator 1: new products and/or markets

• Corporate innovator 2: organizational change for growth—can be linked to mergers or acquisitions or new ownership; often involves step-change in performance, including disruptive business models

Join start-up and help early stage commercialization, development of systems, hiring, funding and rapid growth—any industry from pre-revenue to $1M to $10M revenue

• Create and launch a new venture

• Build initial team, raise funding and acquire first customers

• Reassess early stage venture and find pivot to enable rapid growth and impact

• Serial entrepreneur—launch more ventures

INNOVATION

When

WHEN TEJA EDARA ARRIVED FROM HYDERABAD, INDIA, at the Sauder MBA program, he already had a successful start-up experience.

In 2009, in Hyderabad, he formed Green Ads, with the aim of providing eco-friendly mobile outdoor advertising in the fourth-largest city in India using tricycles as advertising platforms. By the time he sold the company to an investor, he had grown it to 250 part-time employees and 25 full-time staff. But he learned some painful lessons. >>>


Teja Edara, Jay Rhind, Praveen Varshney and Fraser Hall are just four of many Sauder alumni with sometimes less than one degree of separation. Here they are, sharing coffee and other inspiration at The Birds & The Beets in Gastown.


The interconnected world of Sauder entrepreneurs

ROGER MAHLER

sparks flyWhen by ALLAN JENKINS


ENTREPRENEURSHIP

“I WAS 21 AND I JUST DIDN’T HAVE the experience and insights to scale the business properly,” says Edara. “I made many good decisions, and the business was a success, but I also made poor ones, too, that hurt our finances.

“I decided it would be best for our employees if I sold the company and gained more experience elsewhere.”

After a stint in the Mumbai office of CapGemini, a consultancy, he decided to pursue a Sauder MBA—though not before co-founding another start-up in India that sells organic mangos using a digital marketplace, a growing business that Edara still co-owns and advises.

When he arrived in Vancouver in August 2014 to begin studies he had the germ of an idea for a new start-up. Justgreet would be a greeting card company where customers could order and send physical greeting cards, designed by Vancouver artists, to anyone in Canada and the US for a flat rate of $5, with local brands paying for space on the card.

His problem was that he knew nothing of the Canadian market or even the Vancouver business environment.

“I started looking for people who could advise me informally,” says Edara. “I really did not know where to turn, but I had heard of Praveen Varshney, and knew of all the support he and his family have given Sauder. So I took a chance in November 2014, contacted him through LinkedIn, and asked if he would meet me.”

Recalls Varshney: “Of course I said yes.” A Sauder graduate, and major investor in technology, real estate and mining, Varshney has often met young entrepreneurs for a “walk ‘n’ talk” to advise, give guidance or a contact. “And Teja immediately struck me as a passionate, hungry, hard-working entrepreneur with an interesting concept.”

Varshney came onto Justgreet as an informal advisor to Edara, a role formalized a few months later when he became an investor in the business.

Fraser Hall is another Vancouver seed investor and graduate of Sauder, who is also an informal advisor to Justgreet. According to Hall, it is no accident there is such interconnectivity between the Sauder entrepreneur program, students, recent grads and the Vancouver venture capital/angel investor community.

“Vancouver is generally referred to as a small market city and in many respects it is, however, when it comes to entrepreneurs we have a deep bench,” says Hall. “For the Sauder community, there is a sense of acknowledgement and trust that brings us together and help to cut through the noise.”

“I like investing, and so does Praveen,” continues Hall. “And we investors don’t feel like we are competitors. When we work with entrepreneurs, the relationship extends beyond capital to include both expertise and network. A combination that I hope extends the founding teams’ runway. It is a very collaborative space. We are just trying to help each other. Both Praveen and I mentor a lot of start-ups that we have nothing to do with—we just want to see the ecosystem grow.”

Edara also approached newer Sauder MBA graduates to mentor him, including Mark Proudfoot and Jay Rhind who, coincidentally, were also being mentored by Fraser Hall. The two entrepreneurs had met in Sauder’s Innovation and Entrepreneurship track and turned their class project into their first start-up.

“By design, the MBA programs have a lot of group work,” says Rhind. “You quickly identify who you want to do group work

with. Within the first few months, Mark and I realized that we worked very well together, and we have very complementary skills.”

“Jay and I were classmates,” says Proudfoot, now COO of Justgreet. “I made a decision I wanted to do a start-up and figured I should partner with the smartest person in the room. And I saw some of his presentations and decided Jay was it.”

Both turned to Paul Cubbon, lecturer and leader of the entrepreneurship track at Sauder, for advice on who could mentor them. Since they were developing a real estate crowdfunding platform, Cubbon

circled them back to Fraser Hall, whose investments include real estate development, for consultation.

The project failed, though Rhind notes it was good that it did so quickly and taught them they wanted to work together. They moved onto another start-up together as employees #4 and #5.

But Proudfoot was intrigued by Teja Edara’s Justgreet concept and,

after Praveen Varshney’s investment, joined as COO and co-founder.

“Teja came to Jay and me asking for advice about his financing and model, and to let us know what he was up to. I had no expectation of becoming super involved. But I really liked him. He is one of those guys who has tons of hustle and an attitude that success is inevitable.

“At the time, I was working with an incredibly complicated financial technology start-up that was going to take a really long time to get to market,” says Proudfoot. “Justgreet is just the total opposite of that. I loved Teja’s concept, and its simplicity, and how quick we could get it out to the market and try it out. We liked how scalable it is. And it was easy for me to see how he could make it work. More importantly, I saw Teja needed a partner, and we have complementary skills. So it all just made sense to go work with him.”

“The number of young people I see starting a business while at school,

or as their first ‘job’ after graduation, is on the rise. And the number of

businesses that have come out of Sauder is rising as well.”

– praveen varshney

>> continued on page 22

21VIEWPOINTS FALL/WINTER 2015 21

Teja EdaraSauder MBA student, class of 2016Founded Justgreet, a greeting card company, in November 2014. Arrived at Sauder after two successful start-ups in Hyderabad, India, and quickly tapped into the Sauder alumni community to find advisors.

Fraser HallSauder MBA, 2007Spent several years at sea as a Sea Shepherd crew member and captain, and as a teacher on a three-masted barque. Returned to shore, completed an MBA at Sauder, and has become an entrepreneur, venture capitalist and mentor to Sauder students. He created Recon Instruments with Sauder classmates, which wasrecently sold to Intel. Advisor to Justgreet.

Mark ProudfootSauder MBA, 2014Former management consultant (KPMG). Classmate of Jay Rhind, with whom he created a start-up. Entrepreneur, advisor to Teja Edera on the Justgreet start up. Joined Justgreet as co-founder and COO in May 2015.

Jay RhindSauder MBA, 2015 Classmate of Mark Proudfoot and advisor to Teja Edara on the Justgreet start-up. A mentor and teaching assistant at Sauder, now associate at Fraser Hall’s Vancouver Founder Fund since June 2015.

Praveen VarshneyUBC BCom, 1987 Director at Varshney Capital Corporation since 1992. CPA and CA. Investor and advisor in multiple start-ups, and mentor to Sauder MBA students. Advised Teja Edara on the Justgreet start-up, and later came on board as an investor.

Justgreet

“I made a decision I wanted to do a start-up and figured I should partner with the smartest person in the room.”

- mark proudfoot

Teja Edara

Fraser Hall

Jay Rhind

Mark Proudfoot

Praveen Varshney

Sauder

Recon

INTERCONNECTEDNESS AND THE entrepreneurial spirit at Sauder has not only helped Teja Edara bring Justgreet to market (see main article), it has also helped alumni bring new health care products to market.

Target Tape is a start-up that grew out of a class project when Nick Seto, BCom 2010, and Colin O’Neill, BASc 2010, were thrown together on a project team.

“Target Tape was born out of the New Venture Design (NVD) program at Sauder and a medical device design elective course I took with Dr. [Antony] Hodgson during my last year at UBC,” says O’Neill.

The project team made a prototype of Target Tape, a film that is taped to patients to help pre-surgical planning and enable precise incisions during surgery.

O’Neill had not originally intended to follow the entrepreneurial path, but says the NVD program showed him how pursuing a start-up was possible, despite growing pains.

“The NVD course drove home the feasibility of starting up a company,” says O’Neill. “I thought starting a company would be something I could do later in my career once I had experience. NVD showed me that now was an ideal time when I had less to lose.”

Developing a start-up is not without its hurdles, as O’Neill and Seto soon learned.

“The transition from class project to company was difficult,” says O’Neill, “we really didn’t know what it really meant and needed.”

But despite setbacks, Seto and O’Neill partnered to develop the idea and the business model. Their firm was named Best Company Likely to be Acquired at the fall 2011 Angel Forum in Vancouver.

“Five years on from the NVD program, we are in a similar partnership [and] about to launch sales,” says O’Neill, who credits Sauder and the NVD program with helping make Target Tape a likely success.

“It was a Sauder luncheon that really helped kick us off in the right direction. We were in need of mentorship. Through that

event, we ended up meeting Paul Geyer, BASc 1988, [a serial entrepreneur] who has been an invaluable mentor. That connection was integral in us securing early funding.

“And the e@UBC program is a great launch pad to bridge from school to start-up. Those programs make the process less nebulous—which is a big reason some people don’t do start-ups,” says O’Neill.

Devin Durrant, MBA candidate 2016, also credits Sauder connections with giving him a leg up on his venture, ENU.

ENU is a bladder-monitoring device for people with bladder control problems, such as people with spinal cord injuries.

“The idea grew out of an event last year called the Orphaned Technology Start-up Weekend,” says Durrant. “Groups were given a weekend to choose a UBC-developed technology, develop a business model, and pitch it to judges with backgrounds in start-ups and venture capital. From there, we brought the idea into the Tech and Non-Tech Entrepreneurship class and worked on it. A classmate and I decided that we’d like to continue working on the idea over the summer, so that’s what I’ve been doing since May.”

According to Durrant, the link between Sauder and the Vancouver start-up and venture capital community is strong.

“Through Paul Cubbon and the Entrepreneurship track, we have had a plethora of VCs and entrepreneurs come and talk to the class,” says Durrant. “One of my favourite things about the start-up community is the support people give each other. Virtually everyone I’ve talked to has been very supportive. Sauder is embedded in the community through a vibrant network of alumni entrepreneurs.” n

Sauder and Vancouver entrepreneurs: a strong link

SAUDER’S GROWING REPUTATION as a greenhouse for entrepreneurs comes as no surprise to the graduates featured in this issue.

“[Sauder has] a really developed spe-cialty track for people who wanted innova-tion and entrepreneurship,” says Proudfoot. “There is Paul Cubbon, whom I think of as the driving force behind the entrepreneur-ship program. And there is a lot of support at the administration level, including the dean, for developing entrepreneurs.

“One reason this works is that Vancou-ver is becoming a start-up hub. There is a good start-up ecosystem and Sauder has seen [the Innovation and Entrepreneurship Track] as a way they can be different. It is a little bit of a niche they are carving out for themselves as an MBA school.”

Praveen Varshney agrees: “The number of young people I see starting a business while at school, or as their first “job” after graduation, is on the rise. And the number of businesses that have come out of Sauder is rising as well. The ecosystem is growing, and Sauder has done a great job reaching out to the business community. It’s a rising tide for all boats as the ecosystem is growing and a very exciting time to be in tech entrepreneurship in Vancouver.”

Jay Rhind believes Sauder’s entre-preneur track is a strength in Vancouver.

“What I have seen through my connec-tion with Sauder is that Sauder is playing to the strengths of the city which is comparable to a Babson [a business school known for its entrepreneur track] in Boston or Stanford playing to the strengths of its region. In Van-couver, that happens to be technology and entrepreneurship. And I think that connect-edness will only get stronger as we solidify this identity for the school.” n

“It’s a rising tide for all boats as the ecosystem is growing and a very exciting time to be in tech entrepreneurship in Vancouver.”

– praveen varshney

Sauder, UBC programs help bring ideas to life

INNOVATION>> continued from page 20



SAM DUNNER IS A YOUNG MAN OF contrasts. Intrigued by ancient civilizations and cultures—he spent part of his summer on a UBC-led archaeological dig in Sicily and is completing a minor in Classical Studies—he also has a passion for business and the entrepreneurial thinking that drives innovation.

Entering his fourth year at the Sauder School, Dunner aspires to start his own busi-ness at some point in his future and is part of the first cohort of BCom students enrolled in the new Entrepreneurship option. He chose the path particularly for New Venture Design, the capstone course where students from Sauder, Applied Science and other faculties work in interdisciplinary teams to design a venture, build a prototype and develop the business model required to raise funding and possibly launch the venture.

“You often hear that mantra—‘fail early, fail often,’” Dunner explains. “There’s no better way to do that than in the safe setting of a classroom, where you’re given the space and all the resources you need to try something different.

“Obviously you don’t want to fail. You want to build a product and develop

a successful team. But it’s extremely challenging to go out and do that on your summer vacation.”

Today at UBC, robust programming, a connected community of students, teachers, mentors and alumni, and numerous new venture success stories are proving that entrepreneurship can—and should—be taught.

“We’re showing that entrepreneurs aren’t just born like that,” says lecturer Paul Cubbon, who oversees the development of entrepreneurship programming at Sauder and also teaches e@UBC’s flagship Lean LaunchPad Accelerator Program (see related story page 25). “Just like anything else, it’s a skill you can learn, practise and then do yourself.

“Students need systems, support and training to test drive their ideas and to be able to fail in the short term so they can learn and succeed beyond the classroom. We cannot guarantee success, but we can greatly improve the odds.”

That means inspiring disruptive thinking (and action) and preparing graduates with the skills needed to create new ventures, work for early stage companies that need

help in the rapid growth phase, or serve as change agents to help innovate existing organizations.

“The skill set required to be what we might consider a traditional entrepreneur who starts a new venture is very similar to that of people who are corporate innovators or intrapreneurs,” Cubbon explains.

“Can you deal with high degrees of ambiguity and uncertainty? Can you move fast with scarce resources? Can you wear many hats? Can you frame a problem and bring a systematic approach to solving it?”

Entrepreneurial programming at Sauder began in much the same way as a start-up. The school started small, testing the delivery of for-credit courses in new venture development for business and engineering students, led by Prof. Darren Dahl at the undergraduate level and Prof. Thomas Hellman at the graduate level. Both courses got traction and spawned a number of ventures that validated the learning.

“We were encouraged by some of the examples of student start-ups—businesses like Energy Aware and Recon Instruments—that launched successful commercial enterprises,” Cubbon says. “We said, ‘This is a good thing. How do we systemize it and scale it?’”

Lecturer Paul Cubbon oversees the development of entrepreneurship programming at Sauder and also teaches e@UBC’s flagship Lean LaunchPad Accelerator Program.

Innovation for all Empowering emerging entrepreneurs by ERICA SMISHEK (WITH FILES FROM CHRIS LANE)

“You often hear that mantra—‘fail early, fail often.’ There’s no better way to do that than in the safe setting of a classroom.”

– sam dunner


Students can now choose from an array of applied and experiential learning opportunities developed around entrepreneurship, innovation or social enterprise.

In addition to New Venture Design—which began with 30 students and this fall has 90 students from across UBC—and its equivalent in the MBA program, Technology Entrepreneurship, Sauder offers the Entrepreneurship option in the BCom program and the Innovation and Entrepreneurship career track in the full-time MBA program. Building on solid conceptual foundations, students in either program learn the economic drivers of innovation and new ventures, financial models, business development, creative thinking and problem solving, and more.

Sauder’s Arc Initiative, meanwhile, gives students and alumni the tools they need to lead workshops and set up internships around the world to support local entrepreneurs. Since launching in South

Africa in 2010, Arc has expanded into Ethiopia, Colombia, Cambodia and Rwanda, and recently wrapped a pilot project in Peru.

Sauder Social Entrepreneurship—Kenya empowers Kenyan youth with the tools to start or develop an existing business through a five-week business planning and mentorship course delivered by Sauder students and alumni on the ground in two of Nairobi’s largest slums.

The Coast Capital Savings Innovation Hub, the social venture accelerator run by Sauder’s Centre for Social Innovation and Impact Investing, provides emerging social entrepreneurs with dynamic shared workspace, expert mentorship and advice, and full-time summer interns that include Sauder MBA students.

The school also launched Entrepreneurship 101 (COMM280), the first course at UBC to make entrepreneurship training available to students from across faculties, in 2013. Six sections of the course will be offered this year to meet demand.

Elizabeth Newton, a business psychologist, entrepreneur and Sauder faculty member who developed and teaches Entrepreneurship 101, says the combination of student skills and experiences in class can be electric.

“Having that diversity of ideas deepens the level of conversation and inspires students to bring their different areas of expertise together in interesting, new ways,” she says.

Newton’s goal with the course, in which students hear from guest speakers from the local entrepreneurial community and develop personal portfolios built around how their own entrepreneurial ventures could unfold, is to ground students in business fundamentals while also teaching them about the need to be agile and to pivot.

“It’s not just about the front-end launch; it’s about the entrepreneurial life cycle,” she explains. “There is no fail-safe recipe book. It’s about being realistic about the journey—from what motivates you, to

prototyping and pitching, through funding and founding partners and legal issues.”

Mardonn Chua was a quick study. The then UBC Bachelor of Science student was working in a biomedical lab in New York in the summer of 2013 when he came up with an innovative way to mass-produce adult stem cells, and quickly realized it could accelerate research into cancer and blood disease treatments. He needed a way to bring his product to market.

Chua reached out to Newton that September and soon found himself in her class surrounded by other budding entrepreneurs with a variety of perspectives and approaches to problem-solving. From there, he took his idea to e@UBC’s Lean LaunchPad Accelerator Program.

One of the biggest lessons he learned, he says, was to “put himself out there. As an entrepreneur, you have to get used to taking big risks.”

Today, Chua’s business, Extem Bioscience, is temporarily based in San Francisco, one of 12 teams each armed with $100,000 USD in start-up capital and high-tech lab space from a biotech accelerator. He and his business partners were given 100 days to take Extem to a point where venture capitalists are convinced to continue funding.

“You need to have a high pain threshold,” says Chua, BSc 2014, of the entrepreneurial life. “You have to face rejection and failure but not be discouraged. The stress gets very high. You work non-stop.

“We took the plunge and learned from our mistakes, and will never make the same mistakes again. Tons of things may go wrong, but you only need one thing to go right.”

When it does, it can change lives and the world of business.

Today, Sauder supports students from across campus in exploring entrepreneurship through various avenues, and is helping shape UBC’s entrepreneurial ecosystem through its role as an educator and facilitator within e@UBC’s network of programs. n

Elizabeth Newton, a business psychologist, entrepreneur and Sauder faculty member who developed and teaches Entrepreneurship 101.

ENTREPRENEURSHIP

Scoring big How UBC is helping students launch their start-ups

by BRENDA BOUW

Kerry Costello and Harrison Brown met in an entrepreneurship course at Sauder in 2012, where they decided to work together to pursue concussion management technology. Costello, a Sauder MBA graduate, and Brown, a UBC PhD student, were accepted to UBC’s Lean LaunchPad Accelerator Program through e@UBC in the spring of 2015.

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Kerry Costello and Harrison Brown show off their concussion management technology at the UBC ice rinks.



THEIR PRODUCT, HEADCHECK, A MOBILE app that helps measure concussion risk in athletes, is an extension of Brown’s research in human motor behaviour.

Costello left her full-time job in May 2015, two years after obtaining her MBA, to develop the HeadCheck business fulltime. “It was a lot of work,” said Brown in an interview with Costello a few hours after their final presentation for the program.

The major difference between the program and the MBA entrepreneurship course, according to Brown, was the ongoing interaction and constructive feedback from mentors through e@UBC.

He said the program helps budding entrepreneurs better understand their product, and their potential customers, before heading out to seek the crucial investment dollars needed to grow.

“That’s something you would never get in a classroom,” said Brown. Thanks to the rigour of the e@UBC program, Brown and Costello realized their target customer for the HeadCheck product isn’t just the athletic directors who are in charge of athletic program budgets, but also includes the head trainers and physiotherapists who strongly influence what technology gets used. The course also helped them to improve their sales strategy.

“The Accelerator Program gives us a solid base to work from,” said Costello, who was especially grateful for the mentorship they received during the program from experienced entrepreneurs.

“Our mentors were pivotal in helping us understand how to better market this product properly from the start,” Costello said. “They helped us to succinctly and confidently address the problem that we’re trying to solve with our business in a way that people understand. We have real feedback to build on.”

Brown said the course challenged some of his assumptions about the business, and gave him the skills to test them in the real world. The duo’s goal is to have the product out for testing this fall, and hopefully start racking up some sales later this year.

AS FOR RYAN SMITH, HE WAS A fundraising professional in the UBC Faculty of Science when he got the entrepreneurial itch. It was an urge to turn his pursuit of physics, affinity for math, and experience raising money into a business venture of his very own.

When he started in the Sauder part-time MBA program in early 2013—the first stage of his career shift—Smith wasn’t sure what type of venture he would pursue, only that it would involve some type of product development.

“I didn’t know for sure if it would be in a start-up, or an existing company, but definitely something creative and entrepreneurial,” Smith said, thinking back to that pivotal point in his professional life.

By the time he finished his MBA in the spring of 2015, Smith had more than just a business degree; he also had a promising new tech start-up that can help shoe retailers reduce their online returns.

Smith and his team developed an app called FTSY, which allows shoe shoppers to digitally measure their foot size using their smartphones. Those measurements can be used by brands and online retailers, helping buyers pick the proper shoe size. More accurate matching means fewer returns, which saves the retailer money and delights the consumer.

The idea came to Smith during the Technology Entrepeneurship class he took during his MBA. The business was then honed during Smith’s recent

participation in the Accelerator Program, which is part of a broader initiative called entrepreneurship@UBC, or e@UBC, for short.

In late June 2015, on the last day of the intensive five-week program, Smith announced he had hired Nike brand director Mark Starkey as Chief Marketing Officer. The team is now in the process of beta testing with first users and customers.

“Had it not been for the e@UBC program, none of this would’ve happened,” said Smith, founder and CEO of Digital Animal Ventures, under which the FTSY product falls.

“It was one of the things I aspired to, and seeing it come together is a thrill.”

The Accelerator Program, along with other e@UBC offerings such as free on-campus office space, access to network-ing sessions and mentors, helped Smith do better research, gain confidence and receive market validation for his venture. The pro-gram is co-taught by Sauder School lecturers Paul Cubbon and Blair Simonite, and was adapted from the Lean Startup methodology developed by Silicon Valley serial entrepre-neur and academician Steve Blank.

“The most critical thing is the process—which helps entrepreneurs become clearer on who is going to buy the product, and why,” said Smith.

THE e@UBC PROGRAM IS A WAY FOR the university to better leverage the more than $500 million in research conducted on an annual basis, said Andy Talbot, Executive Director of e@UBC. The program is open to entrepreneurs with a viable business plan and ties to UBC, including faculty, students, alumni and staff both past and present.

“It’s an opportunity to get some of this research out of the lab and into the

INNOVATION

entrepreneurship@ubc, or e@ubc, is a unique program combining

education, venture creation, mentoring and seed funding to maximize the

number of commercial and social ventures coming out of UBC.


commercial world through ventures,” Talbot said. “It’s also a great training ground for future entrepreneurs to create ventures.”

The program also aligns with the growing interest in entrepreneurial ventures across the country. Canada has one of the highest levels of entrepreneurship among the Group of Seven countries, ranking second behind the US and tied with Australia, according to a recent report from the Global Entrepreneurship Monitor.

“Through e@UBC, we give participants the greatest chance of success,” said Talbot. “Our goal is to create this world-class platform from education right through to funding and concept creation. To go from education through to seed funds, and have it centrally located across the whole university, is an unusual proposition.”

The program is also a catalyst to build a strong community and entrepreneurship ecosystem at UBC, and beyond. That includes not just the program’s mentors from the local start-up scene, but also organizations such as the BC Technology Industry Association, an industry-funded organization committed to growing BC’s technology industry. The e@UBC program is sponsored by UBC as well as the federal government’s Industrial Research Assistance Program (IRAP), the British Columbia Innovation Council (BCIC) and Genome BC. The seed funding comes mostly from donations, largely from UBC alumni and other philanthropic donations.

“It’s a pretty unique set up, and we’ve only just started,” Talbot said.

More than 300 new ventures have registered with e@UBC since the renewed program launched in September 2013. About 68 venture teams have participated in the e@UBC Accelerator Program so far. Venture teams have come from across a number of faculties, including science,

arts, business, medicine and land and food systems. They also cover a range of industries such as biotechnology, clean technology, consumer goods, health care and digital media and entertainment.

The e@UBC seed fund has made nine investments, ranging from $25,000 to $250,000. Funded companies have raised $11 million in additional funding. More than 50 mentors and three entrepreneurs-in-residence have also donated their time to support new ventures during the past year.

ONE OF THE MANY SUCCESS STORIES that have come out of the e@UBC program so far is Vancouver-based start-up Nanozen, founded by former UBC assistant professor Winnie Chu.

Chu taught students about environ-mental monitoring and worked on research around micro sensors that monitor air pollution. In 2012, she left her teaching job to work full-time on her research and turn it into a commercially viable business.

In early 2014, Chu enrolled in the e@UBC program to help develop her technology. She said the experience helped get her out of the lab and in front of business people, to find out how they might be able to use the product.

“As scientists and engineers, we aren’t trained to talk to people. This program helped me to overcome that,” Chu said. “Plus, I’m a researcher, so I’m good at investigating things, but the program allowed me to apply that skill to people and companies.”

Not only did Chu gain some business savvy during her time at e@UBC, but some invaluable contacts too. One of her mentors in the program, serial entrepreneur Peter Briscoe, recently became the CEO of Nanozen. The company now has seven employees and recently raised its first round of investment from local and international investors. It’s also working on it first commercial product release and already has pent-up sales demand.

Blair Simonite, e@UBC’s program director, said the Accelerator Program sets up participants to “build ventures based on evidence rather than untested beliefs.” It also helps them set a more clear direction for their ventures.

“Once they figure all of that out, we consider it a great success if they move on and start to work in the broader start-up ecosystem,” said Simonite, who also teaches entrepreneurship at Sauder. He said e@UBC caters to entrepreneurs with products that will have a positive impact on the economy and in the world. n

Winnie Chu left her teaching position at UBC for her own start-up, aided by her enrollment in the e@UBC program.

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Truth or dare?“I’ve worked with teams that had

products that just didn’t have a market, and another had a prototype

smoking cessation solution and would head out for a smoke during

the class breaks. There has to be a fit between the product, the people and the market.”

Aha!“An early-career mentor

counseled me that giving back to my community should be one

of the four basic pillars of my life—the other three are family, work and self. In exchange for mentoring, I get to see those

entrepreneurial aha moments.”

Entrepreneur-in-residence and Lean LaunchPad Mentor, e@UBC

Fomerly with Enterra, EnWave and Westport Innovations.

Jennifer Thompson

ENTREPRENEURSHIP

Entrepreneurs and innovators know that while part of their success is determined by a roll of the dice, more of it is determined by making the right moves, including seeking and listening to the right mentors. Play your cards right and a full deck of wisdom and experience will move you well past “go.” Four mentors connected to Sauder and UBC share their strategies. Press play.

Mentorship: Your move

$ Founder, Agribusiness Advisors

Entrepreneur-in-residence, e@UBC

Works with early-stage CEOs in the agricultural sector

Tom Urban Do this“Define the problem you are solving and the value

that creates. When you do this, other

decisions around company building and creating

priorities will fall into place.”

Roll againPhysics degree? Add a masters of

engineering degree too. (Iain did.)

Fly to Nairobi, Kenya

“Sauder Social Entrepreneurship—Kenya succeeds because of mentor involvement. Last summer, Iain and two other mentors

accompanied more than 10 students to work on projects in Vancouver and Kenya.”

E-DUDE

Former director of product strategy, PMC-Sierra

Entrepreneur-in-residence and Lean LaunchPad instructor, e@UBC

Iain Verigin

Move ahead

On a roll“I’ve been a mentor first with

the Leaders of Tomorrow Program from the Vancouver Board of

Trade, then (and currently) with Futurpreneur Canada, and have been

a mentor in five cohorts in e@UBC (awaiting the start of the next cohort

with great anticipation).”

Co-founder & Principal Business Consultant of Ineo Growth Strategizers

Leon van der Poel

by JENNIFER WAH


How it works

“My mentors are people I have known for almost

20 years and whom I turn to once or twice a year for an

update on the Big Questions. I always get a straight answer.

We should all have that.”

Warning: pitfalls

“The companies I enjoy mentoring are run by people

who love to learn, but can make a decision quickly;

can listen to input, but set their own goals.”

Take my advice“Define your customer segments.

Assess the competition in a real way. Don’t gloss over the answers.

Be able to explain complex information to someone

in Grade 2.”

BucharestRomania1990

First mentorship experience with direct reports. “Because

good management is also good mentorship.”

Advance“First rule of entrepreneurship

is that any individual voice, except your own, is irrelevant.

You will find intelligent people providing you with

diametrically opposed advice. At the end of the day, you have

to trust your instinct.”

Father knows best

“My father has been a terrific sounding board

that allowed me to think out loud and organize my

thoughts rather than having him do it for me.”

Why mentor?1. It keeps me connected to business teams. 2. Learning about new areas, business

models and technologies keeps me engaged and continually pushes my view of the world. 3. It’s important to stay con-

nected to your local community.

Opportunityknocks

Why?“Today’s young people are more prepared for working than in my day. The ‘keen’ kids cover more material

in high school (IB/AP), have co-op programs in university, and are much more confident in reaching out to mentors.”

Start here“There is no right place to

start. Just get involved. Startup Weekend, e101, New Venture Design (NVD), Lean

LaunchPad at e@UBC, Sauder SSE, Arc Initiative. My blog

lists five favourite posts on mentorship.”

Age gap“Learning how to talk

to people of a different generation is important.

Early on one talks to older people and later they talk

to younger people.”

Do not passGO

“Those who think they know better, or whose

ego gets in the way, will stumble.”

Log jam“Write down on a daily

basis what you learned, and successes you had that day.

Having this as a log to be able to read through at different

times is very important—especially when things don’t

seem to go as planned.”

Motivation to mentor“I’ve had the privilege of living and working in

multiple countries, and a successful career working with some very smart people.

“I believe it is my responsibility to share my experience and to support young and ambitious people to succeed.

It is something I enjoy, and frankly I continue to learn and grow in the process as well.”


What I know

THE ENTREPRENEURIAL LIFE CAN TAKE UNEXPECTED TWISTS AND TURNS. ALONG THE WAY, VALUABLE LESSONS ARE REVEALED, FAILURES LAMENTED AND SUCCESSES CELEBRATED AND BUILT UPON. TO LEARN MORE, VIEWPOINTS CAUGHT UP WITH NINE SAUDER ALUMNI WHO SHARE THEIR EXPERIENCES AS INNOVATORS AND ENTREPRENEURS. SOME OF THEIR THOUGHTS MIGHT SURPRISE YOU, AND OTHERS MAY INSPIRE AND MOTIVATE YOU IN PURSUING YOUR OWN NEXT GREAT IDEA.

Sauder alumni reflect on the entrepreneurial path

INNOVATION


by SUE BUGOSfor sure

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Jennifer Martin, MBA 1982Chief Soda Officer, SIP Soda Company> In order to be a successful entrepreneur and innovator, I think you need to…. be comfortable taking risks and be able to make tough decisions.> If I could change something that led me to where I am now, I would have… expanded the

soda line sooner, and managed distributors better with respect to pricing controls and trade spending.> My Sauder education… gave me the basic business skills and confidence in myself to succeed on my own, and to others it provides a certain level of credibility.> If I could go back in time, I would tell my 15-year-old self… to take more risks, put purpose before profit and do what you love.> The most meaningful opportunity I ever seized was… creating SIP soda as a platform to educate consumers about healthy drink options and safe levels of added sugar in food and beverages. I took the leap because I felt there was a void in the market of healthy drink options.> I would tell an aspiring entrepreneur… to

start small, test your concept/product first and grow carefully focusing on profit first, not volume. Follow your own path and set your own metrics for success.ath and set your own metrics for success.Darrell Kopke, MBA 2001 CEO and other stuff, Kit and Ace> In order to be a successful entrepreneur and innovator, I think you need to… be a conceptual thinker who can foresee trends, and be courageous.> The most meaningful opportunity I ever seized was… when Chip Wilson, the founder of lululemon athletica, phoned to ask if I would become General Manager of the company in 2001. By that weekend, I was the sixth head office employee and working at the only store; the rest, as they say, is history.

Jason Smith, Ian Crosby and Alex Moret through the coffee shop window at Prado Café in Gastown.


> If I had to do it all again, I would still… take as many risks. Working with the Wilson family again at Kit and Ace is the most auda-cious challenge of my career; one year into my mandate we are trending to eclipse $60 million in sales building an iconic brand.> My Sauder education… exposed me to pro-fessors like Peter Frost who were teaching us to embed empathy and generosity into our management styles, and we had fantas-tic access to entrepreneurs and innovators like Paul Kedrosky and Haig Farris.> If I could go back in time, I would tell my 15-year-old self… to travel. I was so ignorant as a teenager so the gift my wife Maria and I are giving our children is access to the world. This year they were in summer camps in Indonesia experiencing how locals incorporate gratitude, offering and community into their daily lives while playing in mud, climbing coconut trees and learning about sustainable ecosystems. Every westerner should be reminded of these ideals.

Marie Foxall, MBA 2010Owner/Designer, Wasted Effort Jewelry> In order to be a successful entrepreneur and innovator, I think you need to… have tenacity, perseverance, passion and a splash of self-indulgence.> If I had to do it all again I would still… make meaningful connections with other business owners I admire. Wasted Effort is my own solitary venture, but I wouldn’t be able to do it without the help, advice and support of other like-minded entrepreneurs in the community. > The biggest challenge I have faced… came from within, in my struggle to reconcile

what was expected of me in terms of career, stability and success with what really drove me as a passionate human being. It took a while for me to convince myself and the people in my life that although I have not chosen a traditional career path, it is still a legitimate career. > The most rewarding part of being an entrepreneur so far is… pretty narcissistic, but it is in knowing that every second you spend at work is directly channeled towards furthering your own vision. There is a sense of fulfillment that is unparalleled in any other career path. > If I could go back in time, I would tell my 15-year-old self… to trust yourself! Believing what others say about what you’re “supposed” to do can hold you back.

Ian Crosby, BCom 2010Founder and CEO, Bench Accounting> In order to innovate, I think you need to… have a complete disregard for anything that has come before.> The biggest challenge I had to overcome was… learning to make tough decisions. I’ll be honest; firing people. You know when it’s time to let someone in your organization go, and if you don’t address it, it will negatively affect your business.> I had the courage to start Bench because… I always knew I wanted to start my own business, and I saw an opportunity, a huge gap in the market, and you don’t see those every day. I had such deep experience with bookkeeping and financial management that automating it was just an obvious solution to me.> My Sauder education…. gave me my first experience with bookkeeping as the treasurer of AIESEC UBC. Really, if it wasn’t for my first brush with accounting, who knows!> I would tell an aspiring entrepreneur… that if you have an idea for a business, then start by solving the problem the way it’s always been done. I know that sounds counter-intuitive, but you need to develop a deep understanding of the systems first. It should become very obvious, as you try

to solve the problem an old way, what can be innovated.

Keith Eadie, BCom 1999 (PMF)Chief Marketing Officer, TubeMogul> In order to be a successful entrepreneur and innovator, I think you need to… be stubborn.Entrepreneurs and innovators create something out of nothing. The great entrepreneurs have the fortitude to ignore everyone telling them they will fail and the stubborn belief that they are building something that is better than what the world has today.> Looking back, something I would have done differently is… switch careers earlier. A career in finance took me on a singular path through my twenties that I didn’t find personally fulfilling, but I was hesitant to step out of that trajectory and start over in entrepreneurship.> The most meaningful opportunity I ever seized was… leaving the Boston Consulting Group to join TubeMogul. As entrepreneurial risks go this was on the lower end of the scale, but it felt daunting to leave the security of BCG to join a 20 person start-up competing with Google and other larger internet companies.> My Sauder education… exposed me to practitioners from various disciplines, which challenged me to imagine how the world could be different and what I could do to make that happen.> If I could go back in time, I would tell my 15-year-old self… to broaden your horizons. Spend more time with the arts, computer science and history.

ENTREPRENEURSHIP


Alex Moret, P.Eng, MBA 2015Founder, Afterguard Tactical Racing System> In order to be a successful entrepreneur and innovator, I think you need to… just get stuff done. There are a lot of great ideas people come up with, but you have to do something about them.> Being an entrepreneur I’ve learned that… you can’t push the market. Sailors aren’t known as early adopters; they need to feel something in their hands, see it work so the uptake and barriers to entry can be higher. > My education at Sauder… gave me a broad knowledge base, networking and community opportunities and the seeds of my business (Afterguard was envisioned with another Sauder alumnus).> If I could go back in time, I would tell my 15-year-old self… to not let other people get to you. I tiptoed around people and focused way too much on what they thought when I was younger. You have to be confident in yourself and what you believe in.> I would tell an aspiring entrepreneur… that entrepreneurship is very addictive, and the idea generation stage is very fun, but the hard work begins when you decide to pull the trigger and pursue an idea. So make sure you have a big enough market and take the time that is needed for your product to be ready.

Shizu Okusa, BCom 2010 (PMF)Co-founder and Palate Pleaser, JRINK Juicery> In order to be a successful entrepreneur and innovator, I think you need to… have grit. Do not give up! You also need to know when to ask for help, and be crazy enough to do something others are too afraid to do—that’s the market opportunity.

> The most meaningful opportunity I ever seized… was securing investment funding for JRINK. We got a lot of “No’s” and “We don’t think you’re _____ enoughs,” which you start believing. It was hard work, took time, patience and relentless pursuit.> My Sauder education… in the UBC Portfolio Management Foundation had the largest impact. I learned that in any investment decision—personal or business—you have finite information to make a logical choice. Sometimes you just have to trust what you do know, protect your downside and go for it.> I would tell an aspiring entrepreneur… to know where you are spending the most money (actively ask “Is it worth it?”) and optimize your happiness (know what your intentions are and be honest with yourself; happiness is everything, and you have no one to prove anything to but yourself).

Tim Yu, MBA 2006Owner, Koerner’s Pub, Loafe and Cafe MOA> In order to be a successful entrepreneur and innovator, I think you need to… be decisive. Being able to react swiftly and with confidence to situations as they arise can often mean the difference between success and failure.> My Sauder education… pushed me to think and question what I wanted to do with my life. A big part of innovation is taking risks, being comfortable with risks and managing failure. I left the MBA with a real sense of possibility and with the confidence to try and innovate and do things that might on the surface seem full of risk.> If I could go back in time, I would tell my 15-year-old self… to not to worry so much about the future. There is a lot of pressure on young people to know what they want to be and if I learned anything it is that life doesn’t adhere to a master plan; it is a series of detours and new routes that end up making you who you are and often happier in the long run.> I would tell an aspiring entrepreneur… to think of yourself as someone trying to run a business, not an entrepreneur.

Don’t get caught up worrying how to be entrepreneurial or innovative. Find something that you want to do and believe you can do and then make sure you do it really well. Put all of your efforts into making something truly great rather than something that sounds really great.

Jason Smith, BCom 1994CEO, Klue> In order to be a successful entrepreneur and innovator, I think you need to… have drive, grit, luck, vision. In that order.> Looking back, the thing I would have done differently is… think bigger sooner. Big name clients are just as receptive to a good product and pitch as the local company down the road. Go big.> If I had to do it all again I would still… marry my wife Elena (also a Sauder grad). It’s the most important decision you can make, especially if you’re an entrepreneur. Your significant other plays a huge role in enabling your business success, not to mention your life happiness quotient.> My Sauder education… gave me good business fundamentals; it taught me to think through all the options and be analytical about business decisions. Having said that, I’ve found being an entrepreneur to be much more gritty and action oriented.> If I could go back in time, I would tell my 15-year-old self… that there will only be one of you for all time. “Fearlessly be yourself.” It’s my favourite quote that I saw on the office wall of the head of HR at Electronic Arts and has been my guiding principle ever since.> I would tell an aspiring entrepreneur… to surround yourself with amazing people. n


IT’S THE QUESTION RESEARCHER Angèle Beausoleil is pursuing as part of her PhD at UBC in Innovation Studies. Her research includes teaching and experimenting with a strategic design-led innovation method, which is a collaborative approach to tackling complex problems, challenges and better decision-making.

After 25 years of working in creative industries, including technology start-ups and marketing global brands, Beausoleil has developed an insatiable curiosity for how to build more lasting companies by making them more open to learning and transformation.

“This is where the concept of design plays a significant role,” Beausoleil says. “It’s your ability to adapt, correlated with your ability to learn and respond to changing environments. What I’m looking for is: ‘How can you absorb the change and new information coming your way and be strategic, creative and innovative?’”

Beausoleil, who teaches a course at Sauder called Design Strategies for Business Innovation, says very few organizations today have actually been designed internally. Some exceptions include highly innovative companies such as Apple, Phillips and Samsung, whose products are also largely design-based.

However, she says most other companies are built in reaction to a market need. That includes many start-ups, which could explain in part why their overall failure rates remain high.

“My hypothesis is that adopting a design-centred method for business innovation will result in a greater yield of ideas, faster and efficient prototyping of new products, risk reduction for commercializing products that consumers actually need, and provide companies with capabilities to engage in systemic growth,” says Beausoleil, who is also actively involved in the Sauder d.studio, which helps students and organizations learn to use strategic design processes and tools.

“Can we change the next generation of leaders to lead their own organization and create new cultures where they are thinking, acting and responding in different ways?”

Beausoleil is conducting her research using venture data from entrepreneurship@UBC (e@UBC) as well as active cases studies from the BC Technology Industry Association (BCTIA), a non-profit intermediary that supports the growth and development of new venture firms in BC.

She will be doing a quantitative analysis of the more than 300 new ventures that have registered with e@UBC since it was relaunched in September 2013. She will also lead a qualitative field research study inside BCTIA’s Innovation Hub, tracking three start-ups through the beginning phase of their businesses. Beausoleil will provide them with some design-led innovation processes to help guide her research.

“I’m looking for that transformation in these companies to be adaptable and

embrace their creative and critical side so they’re not looking for a single solution—which is considered an engineering approach,” Beausoleil says. “Instead, we are actually looking at what the problem is. Maybe it’s not one solution, but instead a variety of smaller ones.”

Beausoleil is quick to note her research area isn’t novel, but could provide a new combination of tools and processes for future start-ups.

“Part of my objective is to propose a new framework that captures, facilitates and manages the highly fluid and complex innovation process and can be replicated,” she says.

That could include a “designed in BC” strategic design-led innovation toolkit for entrepreneurs and the accelerators that support them.

“The goal is to help build a stronger pipeline of creative entrepreneurs here in BC. If we can do that, we can help them manage through economic storms,” Beausoleil says. “I think we have something to offer from a knowledge perspective for organizations that are thinking the same way.” n

Design strategies for business innovationUBC conducts research into how to build more lasting companiesWhat if the key to sustainable start-up company success wasn’t just solving a problem, but standing back and searching for multiple solutions to better weather the constantly changing and evolving marketplace?

by BRENDA BOUW

INNOVATION


Celebrating the Robert H. Lee FamilyHARD WORK. INTEGRITY. GRATITUDE. Generosity. These were the common themes that emerged when Robert H. Lee, Lily Lee and their four children—Derek, Graham, Carol and Leslie—took to the stage at the annual Family Legacy Series (FLS) last February 26 to share their personal stories and reflections on the family’s enduring success and happiness.

Presented by the Business Families Centre at the Sauder School of Business, the iconic Vancouver business gala provides an extraordinary opportunity to gain insight into the inner workings of some of Canada’s most successful businesses and the families who founded them.

With over 600 people in attendance and generous corporate sponsorship, the sold-out event was the most successful FLS since its debut in 2001 and will ensure the Business Families Centre’s continued development of leading business families educational programs, resources and academic research. Here, family members reflect on the values modeled by Bob and Lily for all of them.

On getting involved in the family business:Derek: “My dad taught us a lot of good values. But the most important thing… was the way he networked, the way he blended work with pleasure. It made it easy for us to make the decision to go into real estate… He’s always included us ever since we were 15 or 16 in the decisions of what they’re doing, showing us the real estate deals, getting us interested in it… He had a

way of leading us in that direction, in a fun way, that we wanted to do it ourselves… We went in because he showed us the opportunities.”

On holding regular family meetings (over breakfast at White Spot):Bob: “I started that maybe 20 odd years ago. It got to a point where I think the children, they knew a little bit about business, and they had to know a little about life—the decisions I make. So if I come up with a proposal, I just want to present it to them and get their opinion… We talk about next acquisitions, cash flow, Lily’s birthday—which is very important— and any functions we want to go to.”

On what the children have learned from Bob and Lily:Graham: “He always—like his Dad did— taught by example. From a very early age, we were exposed to a lot of people that were making a difference in Vancouver… Those experiences as a young kid made a big difference in my life.”Leslie: “I think what Mom and Dad have taught me… is a zest for life… To always work hard and leave things better than you found them.”

On community involvement and philanthropy:Bob: “If you’re part of the community, you want to improve it so that everybody is better off… If you don’t have the money, then contribute the time; that’s how I started when I didn’t have the money.”

On what the children see for Bob and Lily in the future:Carol: “Anybody that knows my father, they know he’ll never retire in the traditional sense. And I think [he’ll] always be involved in [his] many charities’ activities.”Graham: “I think my Mom and Dad are on a mission, like their parents were, to make the world a better place for our families and the community. n

Robert H. Lee and Lily Lee (centre) and their four children (from left Derek, Leslie, Carol and Graham) shared their personal stories and reflections on the family’s enduring leadership within business and the community at the annual Family Legacy Series gala.

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Peter Dhillon a partner in promoting business ethics

by BRENDA BOUW

“The hope is that students come out of their business programs as better people, better citizens and that Sauder over time becomes the world leader on business ethics.”

– peter dhillon


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DHILLON PICKED THE FAMILY BUSINESS, RICHBERRY FARMS Ltd., lured by his parent’s strong work ethic honed by his father’s previous 24-year career as BC’s first Indo-Canadian peace officer.

“For the first couple of years I was wondering if I’d made the right decision,” Dhillon says, thinking back to his days of working side-by-side with his father in a cramped rural office in Richmond, BC.

With confidence in his abilities and the support to take the family business to the next level, Dhillon grew the business into Canada’s largest cranberry producer, all the while maintaining his values of trust, integrity and a desire to give back to the community.

“I was very fortunate to have a wonderful father as a role model, as a mentor,” says Dhillon of his dad, Rashpal, who died in 2003 at age 64.

It was the huge turnout and outpouring of kind words at his father’s funeral and seeing the respect from the business community that his father had that got Dhillon thinking about the importance of ethics in business, and the legacy he would someday leave behind.

While continuing to grow Richberry into one of largest shareholders and suppliers to Ocean Spray Cranberries, the world’s leading producer of cranberry foods and beverages, Dhillon has been actively giving back to the community.

His latest and largest gift to date is to a partnership with the Sauder School of Business, to establish the Peter P. Dhillon Centre for Business Ethics. The resulting $7.5 million fund will allow Sauder to develop a centre of excellence dedicated to taking a comprehensive approach to the study, teaching and promotion of business ethics.

“The hope is that students come out of their business programs as better people, better citizens and that Sauder over time becomes the world leader on business ethics,” says Dhillon.

His goal through the centre is to create a model that inspires other universities to teach students the value of ethics in business.

“A lot of business leaders are really good people and each and every day they are faced with very complex issues. It is my belief that the centre will provide the tools that these leaders need to make ethical decisions. That’s my belief and where I want to make a meaningful impact,” says Dhillon, who was appointed chair of Ocean Spray in 2014.

Dhillon’s charitable giving has covered a wide range of organizations and research that make positive differences in the quality of life of Canadians.

His support for the business ethics centre at Sauder builds on a history of giving to UBC that includes a 2006 gift of $2 million from the Dhillon family toward two initiatives at UBC named in remembrance of Dhillon’s father. The gift established the Rashpal Dhillon Fund in Idiopathic Pulmonary Research and the Rashpal Dhillon Track and Field Oval, which opened on the UBC Vancouver campus in 2010.

“I grew up on the idea and the principles of giving back,” says Dhillon, who turned 50 in July. “Why wait until I’m 60 or 70? I can do it now. It’s important for me, as I turn this age, to build a legacy now, to do something that’s meaningful. That is the legacy that I’ve decided I want to build upon.” n

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Peter Dhillon had a choice after graduating from law school: Practise law or work with his mom and dad running the family’s cranberry business.


Earning Interestby ALLAN JENKINS and SPENCER MacGILLIVRAY

Women at work

Tidy up!Marie Kondo’s start-up is aimed at solving one of the more irksome problems in our modern life: having too much stuff and figuring out what to do with it all.

Each year, PROFIT magazine ranks 100 Canadian female entrepreneurs. Here is a sampling, based on three-year revenue gains.

Tonia Jahshan – Based in Ancaster, Ontario, Steeped Tea sells tea directly to consumers through a network of thousands of independent sales consultants who sell tea at “tea parties” in their homes and communities. Three-year revenue growth: 1475%.

Lara Murphy and Karen Ryan – Calgary-based Ryan Murphy Construction is a general contractor for commercial and residential construction. Murphy and Ryan partnered in 2008, and the firm has enjoyed 611% three-year revenue growth.

Linda Ford – Access Career Solutions has achieved 492% three-year revenue growth. The firm provides HR consulting, temp staffing and executive search. Based in Brampton, Ontario.

The 30-year-old author and entrepreneur published The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing in Japanese in 2011. Since then, it has sold millions of copies worldwide and has sparked an almost-cult like following.

Kondo’s method of organizing is known as the KonMari method, and consists of gathering together everything you own and then keeping only those things that “spark joy” (tokimeku in Japanese, literally “flutter, throb, palpitate”), and choosing a place for everything from then on. According to The Wall Street Journal, one client tossed out the spouse.

Given the lengthy waiting list of prospective clients, and because she speaks only Japanese, Kondo is building her start-up as an international consultancy where consultants trained in her methods can work worldwide.

Kondo’s book is available through Amazon and booksellers.

Jenny Bird – Jenny Bird uses social media visual platforms such as Pinterest, Instagram and Tumblr to showcase her jewelry and accessories. Three-year revenue growth was 458%, with 60% of sales coming from exports.

Jennifer Carlson and Jill Vos – Organic baby food and healthy snacks for kids are big business for these Calgary sisters. Three-year revenue is up 449% and 12% of sales come from exports.


Successful entrepreneurs and inventors who did not grab the ring

Nikola Tesla, 1856-1943: Alternating currentTesla was driven by science, not riches, which is why he never managed to capitalize on his research, discoveries and inventions, although others certainly did.

Tesla invented early forms of fluorescent and incandescent light bulbs, electric motors, radio, remote control, wireless comms, and X-ray technology.

His greatest accomplishment was the invention of technologies that made possible the alternating current (AC) form of electricity distribution, which greatly rankled his former boss, Thomas Edison, a proponent of DC distribution.

Tesla sold his patents cheaply to fund other research. He died in poverty in a New York City hotel.

Charles Goodyear, 1800-1860: Vulcanized rubberBy the early 19th century, rubber was known for its water-resistant properties. However, in its natural state it becomes brittle in extreme cold and melts in extreme heat, making it unsuitable for most applications.

A self-taught chemist, Goodyear spent years trying to discover a method of stabilizing rubber, living in poverty and financing his efforts through loans from increasingly skeptical friends, family and investors.

In 1839, he discovered applying high heat to a rubber-sulfur compound stabilized the rubber. However, he was tardy in applying for a patent, and was awarded the US patent for vulcanization only in 1844—two weeks after Thomas Hancock was awarded the British patent for the same process.

Goodyear fought 32 patent infringement suits over his invention, losing most of them. He died $200,000 in debt.

Edwin Armstrong, 1890-1954: FM radioRadio was the greatest invention of its age, drawing together people from across countries to hear the same broadcasts—music, speeches, news, to note a few.

But early radio was filled with static. Edwin Armstrong applied himself to inventing “frequency modulation” (FM) in 1933, a technology that kept outside interference from creating static.

The radio networks strongly resisted the technology, however, and when the technology did begin to take off after WWII, he was forced to fight numerous patent fights. He fell into poverty and killed himself in 1954. Today, FM is the industry standard.

Ronald Wayne, 1934- : A computer companyIn 1976, Ronald Wayne sold his 10% interest in an exciting new venture for $800, less than two weeks after writing the partnership agreement that included the other partners—two men both named Steve. About 20 years older, he was worried about his liability should the venture fail, as he had more to lose than his much younger colleagues.

The double exclamation point came a year later though when he agreed to forfeit any claims against the new enterprise for $1,500. To understate it, that new venture survives to the present day, and is now the most valuable company on the planet, proving that (the) Apple did fall far from Ronald Wayne’s tree.

As for Mr. Wayne, he is now a retired 81-year-old, and has not regretted his choices, stating that they were the smart and correct decisions at the time.

If you awoke this morning, listened to FM radio while checking your phone, and then drove yourself to work, give a thought to these entrepreneurs who invented things we use every day, but who failed to grasp the golden ring.


In business today, it’s important to…Listen to and rely on the views of younger professionals. The pace of change and trends just keep multiplying and if you don’t quite understand it (I don’t!) then you better work with people who do.

Most valuable thing learned since graduation:Work on your mind and spirit as much or ideally even more than your physical body. We all try to walk more, join classes and improve our fitness because we know it works. Conditioning the mind positively is no different.

Eureka moment:I am not sure I have had any and I am not sure I believe in eureka moments. Change happens constantly and over time, even if the thought comes in the moment.

Biggest risk you’ve ever taken:Leaving a banking career and traveling the world with a one-way ticket and without even a bar-napkin-worthy plan. Although, I am pretty sure that’s not taking a risk—it’s called privilege.

Greatest achievement to date:I can’t give you a typically cheesy answer like marrying the love of my life or bringing someone else into this world since that hasn’t happened. I should probably reserve judgment until that happens.

Alter ego:Small town boy from Smithers, BC or global city slicker, not sure.

Greatest extravagance:A Buddhist thangka painting from Nepal. I was able to meet the master painter and it still gives me a sense of wonder when I look at it. It’s hanging in a friend’s house since I don’t have a permanent one.

Person you admire most and why (living or historical figure):My father. He came to Canada as an illegal immigrant with nothing and somehow gave me everything.

Trait you admire most in others:Some people are just beautifully nice and good natured, without hesitation, to everyone. Most of us try our best to do the right thing and limit judgment.

Talent you would most like to have:Focus and diligence. I am envious of people who have this ability naturally and it allows them to be very proactive on longer-term work and passions.

Last book you couldn’t put down:Long Walk to Freedom, by Nelson Mandela. I can’t remember reading anything else so quickly or actively.

Most listened to:Motivational and personal development podcasts. I seem to love cheesy upbeat music for running (disco, ’80s pop, ’90s dance).

Gadget of choice:iPhone 5s, I try not to be a slave to the upgrade, but it’s tough.

Your best-kept secret (what most people don’t know about you):I grew up and worked in a strip bar. It was a small part of our family business. It’s not really what people imagine, but it makes a good story.

Favourite journey:Fifteen months or so from 2013 to 2014 around the world from Uzbekistan to Colombia; passing through 21 countries and disputed territories.

Where will you be in 10 years?I don’t have a clue. I just focus on now.

Rick Kwan Degree and Grad Year: BCom, 1997Current home city: London, UKSauder volunteer role: Mentored Sauder students in seeking careers in LondonProfessional ID: Trustee and pro bono consultant, Grow Movement Business motto or philosophy: Don’t waste too much time working with a jerk. For some strange reason some companies still tolerate these people. Your life and career are too important to have them ruined daily by someone who has no interest other than themselves.

Gain insight into fellow members of the alumni community

Sauder Alumni Global Network

Want to be profiled in our Sauder Alumni

Global Network feature? Contact us at [email protected]

and we’ll be in touch.



CLASS NOTES

Dear alumni,From Vancouver to Hong Kong and from London to Karachi, the Sauder community

includes more than 37,500 alumni in 75+ countries. Each of our alumni holds a piece

of the school’s history as well as its future. The connections that hold our community

together are our school’s most meaningful strength.

We want to hear from you! So tell us your story, share your news, and send us

your photos. Whether you just got the job of your dreams or are still finding your

way, took a trip around the world or have been enjoying the comforts of home, got

married or became a parent—fill us in on your family and career, accomplishments

and interests.

We’ll print your news in the Class Notes section of Viewpoints Magazine, which is

consistently ranked as one of the most popular segments of our publication.

Through the Class Notes, you will share your story with fellow alumni and current

students, reconnect with old classmates, and stay connected as a vital part of the

Sauder community.

We’re looking forward to hearing from you!

Viewpoints Magazine

Harvey Burian, BCom 1968Following graduation I married Vera Ripley (BHE 1965) and joined The Toronto-Dominion Bank as a Management Trainee. Since I had taken the IR Option and wanted a career in HR rather than finance, I left the bank and in 1970 joined UBC in the Personnel Office (now Human Resources) as a personnel assistant. I retired from UBC’s HR Department in 2001 as the Director, Human Resources—Management

Systems. Over the years I had the privilege of working in recruiting, labour relations, compensation and finally HR systems. In 1995 I received the President’s Service Award for Excellence. During my employment years we lived in Vancouver, Richmond and New Westminster. In 2003 my wife and I moved to Parksville where we are now enjoying retirement. We have three grown, married children and six grandchildren who we like to visit. During the five decades I spent on the UBC campus as a student and staff member I was privileged to see the Sauder School of Business develop into the world recognized learning centre it is today. Best wishes to all those looking forward to graduation from the school! The world is at your doorstep!

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SHARE YOUR NEWSClass Notes are easier than ever

to submit. Simply fill out the online form at www.sauder.ubc.

ca/alumni/classnotes

Arnold Fine, BCom 1979Although retired from law and business, I have taught as an adjunct professor at the Peter A. Allard School of Law at UBC since 2006.

Kevin Mahon, BCom 1982Currently developing Prodigy, 182 flats in the Westbrook neighbourhood of the UBC Campus, providing homes for students and alumni and contributing to UBC’s endowment through the land payments. This is Adera’s 10th multi-family housing development on the UBC campus. For more info see Adera.com.

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Mason Loh, BCom 1982Recently appointed to the Board of Directors of the The Korea Exchange Bank of Canada.

Don Nilson, BCom 1981, MSc (Business Administration) 1983I recently published my first book entitled Ski Zen Love. Based on a true story of travelling around North America in the late 1970s (pre-UBC), in completion of my Distinguished Toastmaster (DTM) award for Toastmasters International. The story is written with a Zen philosophy about living in the present like a true Zen Warrior. It is available on Amazon.com.

Barun Mohanty, MBA 1985My wife Ranjani Iyer is also a classmate and UBC MBA graduate. Our daughter Kalpana finished her junior year at Barnard College of Columbia University, supposedly studying liberal arts! I continue to run the international operations of the Michael & Susan Dell Foundation (India and South Africa). Check us out at www.msdf.org. Ranjani is a writer and editor, who edits academic papers ([email protected]) including for UBC Prof. Izak Benbasat. She also writes for the Wall Street Journal, New York Times, Globe and Mail, and Huffington Post, among others. We’d love to hear from all of you. My email is [email protected]. Warm regards to all.

Paul Mitchell-Banks, MBA 1986Working as the Group Lead for the Human Environment team at Amec Foster Wheeler. This year I have spent a large time on the road, primarily focused on an LNG EPCC

bid and also a gold mine environmental assessment. Looking forward to presenting a paper on forestry and health this October in Queensland, Australia. Enjoying helping UBC Land and Water Systems program as an adjunct professor.

Elaine Orr, BCom 1988Transition from institutional asset management to the nonprofit world. Continuing to manage investment portfolios, now $6.4B in charitable assets, across traditional and alternative asset classes. Elevated efforts upon impact investing and diversity and inclusion. First visit to Austin’s SXSW and Chambers Bay US Open with great friends and family.

Stephen Jolly, UBC Killam Fellow and Commonwealth Scholar 1987–1988After more than two years as the UK’s Director of Defence Communications based at the Ministry of Defence (MOD), Stephen Jolly has moved to the UK Defence

http://www.msdf.org





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Academy, Shrivenham where, as Senior Research Fellow in Military Information Operations, he will undertake a classified research project on behalf of the MOD. This appointment will be held concurrently with a Visiting Fellowship in the War Studies Department at King’s College, London.

A Fellow of Clare College, Cambridge since 2005, Stephen is a former Director of External Affairs & Communications for the University. He held a Visiting Fellowship in Psychological Warfare at the International Centre for Security Analysis, King’s College, London in the early 2000s and has a background as an instructor at the UK Defence Intelligence & Security Centre, Chicksands.

Whilst at MOD, Stephen undertook a review of Defence communications, the most ambitious in thirty years. Wide-ranging governance reforms, digital ways of working and a full spectrum approach to communications that encompasses military influence operations as well as traditional public relations activity were some of the innovations he introduced. Commentators have dubbed his pioneering approach to military influence operations the “Rainbow in the Dark” doctrine.

Stephen served on both the UK Government Communications Board and as Chairman of the classified National Security Communications Committee over the past year. He worked hard to ensure that Defence communication was represented effectively across Whitehall in areas such as Reserve recruitment, Scotland, the cross-government economic campaign, and Ebola.

Jeff Larkins, BCom 1990After 20 years of business and corporate finance legal practice at a Vancouver boutique firm, I am pleased to continue to serve BC’s start-up, family and junior public companies through my own Endeavor Law Corporation.

Sheelah Turner, MSc (Business Administration) 2002Oyvind Helgerud, MBA 2002Oyvind and I took a career break in September 2012. We drove our fully kitted 4x4 Toyota Land Cruiser from the UK through Africa, finishing in South Africa in October 2013. In December 2013 we relocated to Abu Dhabi, United Arab Emirates where Oyvind started working for Etihad Airways. While settling into our

new home, we have continued our camping exploits in UAE and neighbouring Oman. In January 2015 (earlier this year) we self-published an e-book of our adventure, titled For the love of Africa, an overland adventure, which is available for download on Amazon websites globally.

Heather Mondin, BCom 2005After finishing my BCom I went on to complete a nursing degree and worked for a few years in intensive care and emergency nursing, including places like the Philippines and Republic of Congo. Last year I moved to Milan, Italy to do a Master of International Healthcare Management, Economics and Policy (specialized in Global Health and Development). My grandfather was from Italy so it was great to move there and spend time with my numerous cousins! I recently moved to Geneva, Switzerland where I interned at the World Health Organization for three months, a lifelong dream come true! I spent my summer exploring the beautiful Alps at every chance I got.

Adi Kabazo, MBA 2005Happy to report that I founded my company (Objective Innovation Inc.) in May of this year to help clients tap into the various opportunities newer technologies and easy access to global talent can create. The expertise and open-minded approach is built on decades of corporate experience in high tech product and services, most recently leading cloud product strategy

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CLASS NOTES

for TELUS Communications. This change also provides me ample time and energy to (a) spend with my family (the photo here is of my younger daughter and me at the FIFA Women’s World Cup), and (b) pursue innovations that address pervasive market needs through technology-based solutions and creative marketing strategies. One start-up is still in very early stages but you’re welcome to follow it on www.objectiveinnovation.ca.

Trevor Lord, MBA 2006I am now a faculty member with the School of Computing and Academic Studies at the British Columbia Institute of Technology.

Jeff Symonds, BCom 2007I am continuing to live the dream as a professional triathlete. In March I won the Ironman Asia Pacific Championships in Melbourne, Australia. In July I competed in the Ironman Canada in Whistler and I’m currently preparing for the Ironman World Championships in Kailua-Kona.

Fredrik Odegaard, PhD 2008Promoted to Associate Professor (with tenure) at Ivey Business School, Western University, and enjoying everyday family-adventure life in London, Ontario. I am always looking for Analytical talent, so ping me if interested in grad school.

Magee Walker, BCom 2009My boyfriend Cedric and I were chosen out of 3,800+ applicants to become Woods Explorers for Woods Canada, and outdoors company. We are spending five months hiking, cycling, paddling and camping across the country and sharing our photos and stories on social media (Woods Canada on Facebook, @woodscanada on Instagram, and @woods_canada on Twitter).

Boris Remes, BCom 2010Boris Remes and the marketing teamat North Vancouver’s Bodwell High School, a private coeducational boarding school offering grades 8 to 12 and university preparation, recently received the Excellence in International Education Marketing Award, celebrating success in BC’s education export sector. Hosted annually by the BC Council for International Education (BCCIE), the International Education Awards recognize the professionalism, dedication and efforts of an exemplary group of experts and practitioners in the diverse field of international education in BC.

Boris was among the first wave of international students from Kazakhstan, graduating from Bodwell in 2006 and the Sauder School in 2010. He joined Bodwell High School as a part-time marketer in 2009, become a full-time marketing manager responsible for agent development, student recruitment and admissions in Europe in 2010, and was promoted to his current position as Assistant Director of Admission in 2013. Boris has initiated the school’s recruitment efforts in Nigeria and, most recently, Mongolia, resulting in direct student enrolment and new agency agreements.

He has participated and supported the Canadian Embassy and agent fairs in Russia, Kazakhstan, Ukraine, Turkey, Mongolia, Uzbekistan, Germany and Italy,




2010 +

http://www.objectiveinnovation.ca



and hosted numerous presentations and agent training workshops with post-secondary institutions overseas to promote education in Canada as well as professional development events on loyalty programs and Eastern European student marketing and retention. With BCCIE’s support, he established a scholarship to provide a round-trip ticket to a study abroad program destination for a qualified student. Boris is a co-founder of Kazakhstan Society in Canada and a board member of the Canada Eurasia Russia Business Association, and has organized cultural, educational and professional events to promote friendship between the two nations, including two official visits of the Ambassador of Kazakhstan to Canada.

Leslie Robertson, MBA 2010Most of my life since graduation has been downhill, in a good way! I joined up with Rayne Longboards and Vicious Griptape and helped solidify a local niche manufacturer as a market leading global brand. Over the past five years, we’ve helped deliver some of the best products in the industry and maintained a top position in a growing and competitive market.

Earning success in this athlete driven industry often means earning your chops outside the office almost more than in. For all the spreadsheets and meetings, I’ve been

fortunate enough to skate with incredible people around the world, film endless bails and epic wins, and hang my hammock in some of the most beautiful places.

I have also had the great opportunity to do some fun community work here at home. For the past four years I have volunteered with the City of North Vancouver to help youth deliver the annual CityFest to over 4,000 attendees and participants. This past fall, I was honoured to receive a Youth Award from the City for our efforts.

After a number of great years with Rayne, I am really excited to get the opportunity to change direction from hard goods to media. In January, I was named President of Skate [Slate] Magazine. Instead of helping bring skateboards to life, I now lead a team of incredibly talented people to produce both a print magazine and a multimedia blog and video channel where we bring their stories to life. Please check us out at www.skateslate.com.

David Sanderson, BCom 2010Left my job at Facebook to pursue my own start-up in Silicon Valley. We are creating a mobile app that saves people from debating over what movie to watch with their partner/friends. We recently raised a $1 million seed round and had our beta launch.

Paige Witner, DAP 2011In 2014 she received an exciting offer to move to the British Virgin Islands to work in assurance for offshore trusts and funds. The work-life balance is excellent and she enjoys filling her free time with island hopping, sailing and scuba diving.

Emma Sherlock, BCom 2012On June 13th, 2015 I married Chris Sherlock at Camp Zajac near Stave Lake in BC. Our wedding was fabulous with 120 in attendance and a bridal party containing fellow BCom graduates. In addition, in my corporate life, Grande West Transportation has had great success with new bus purchases in Canada, certification to sell buses to the USA and a growing stock on the Venture TSX.

Wenice Wong, DAP 2012I successfully completed all CGA courses prior to my destination wedding at Okinawa, Japan in April 2015.

http://www.skateslate.com


IN MEMORIAM

Alan Kraus, Professor Emeritus, Finance, passed away on Saturday, May 16, 2015.

An internationally renowned economist, his impact on friends, colleagues, academia and the profession was profound and long-lasting.

Born in Schenectady, New York in 1939, Alan received his PhD and BA from Cornell University and an MBA from Stanford. As a theoretician, Alan made major contributions to the field of financial economics for which he received many accolades and awards. Beyond his extensive academic and professional accomplishments, however, he will be remembered by his students, colleagues and friends for his warmth, generosity, unfailing modesty, good nature and sense of humour.

Since first arriving at UBC in 1973, Alan taught undergraduates, MBAs and PhD students. He won several teaching awards, but his impact on doctoral students and the doctoral program at UBC was perhaps his greatest contribution to teaching.

Almost since his arrival at UBC and up until his retirement, Alan taught the most basic foundation course—the Theory of Finance—to every Finance PhD student at UBC. As such, he greatly helped every student learn the basics of their chosen field, and all the offshoots in finance (banking, corporate finance, asset pricing) build upon the basics that Alan explained so well to so many. His mathematical skill in formulating and solving difficult problems and incredible insights into the intuition underlying the mathematics helped make him a great teacher and mentor.

Alan directed the PhD theses of more than 15 students. The breadth of subject matter studied by his students flowed from Alan’s very broad research interests and he left significant contributions in many areas of finance.

He published in the top economics and finance journals for more than 40 years. His paper with Robert Litzenberger on optimal capital structure in a state-preference model in the Journal of Finance in 1973 was a forerunner in both capital structure choice and the use of state-preference modelling in finance. Alan’s work with Litzenberger (JF, 1976, 1983) on asset pricing and skewness preference was groundbreaking in adapting the 2-moment CAPM.

Alan became interested, along with colleague Mike Brennan, in models of

asymmetric information and published an innovative look at optimal capital structure in a world with asymmetrically informed agents (JF, 1987).

This contrasted with Alan’s modelling of corporate and investor behaviour when investors have non-economic portfolio construction biases (“green investing”) and how that affects asset prices and corporate behaviour. Finally, perhaps returning to his “roots,” Alan published work with Jacob Sagi on a preference for flexibility (Journal of Mathematical Economics, 2006) and the existence of unforeseen contingencies (JFE, 2006).

Alan’s contributions were obvious to all his colleagues, and recognized many times. He was an Associate Editor of the JF, JFE, JFQA and Financial Management. He was President of the

Western Finance Association (WFA) for 1985–1986 and program chair of the WFA annual conference in 1985. He was also the distinguished speaker at the WFA meetings in 1993 and the Northern Finance Association meetings in 1992 and 2003.

Donations to the Parkinson Society BC or the Alan Kraus Scholarship at the Sauder School of Business at UBC (please see memorial.supporting.ubc.ca/alan-kraus/) are welcome. n

Alan Kraus, Professor Emeritus of Finance

http://memorial.supporting.ubc.ca/alan-kraus/

http://memorial.supporting.ubc.ca/alan-kraus/


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We always appreciate your feedback on events and programs in support

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It is with sincere and deep sadness that we share with the Sauder community the news of David Rentz’ passing on June 9, 2015. Since then, those that were fortunate enough to have had David in their lives have surely felt a tangible ache in their hearts and a palpable void in their lives. The world is simply less rich, warm and interesting without him.

Each of us will savour our own unique memories of David: personal or professional, family or friend, decades ago or mere weeks ago. All will remember an incredibly generous, loyal and family-focused man with an infectious zeal for making the absolute most of every minute of every hour of every day. His ability to establish meaningful personal connections with so many was truly exceptional; very few could make a personal impact the way David could. In the days and weeks to come, as memories sneak up on us when we aren’t expecting them, we will look to slow time down, just for a moment,

and turn back the clock, remembering those unique moments with David—lively dinners, vacations shared, time with his family or just inside jokes echoing in our minds, his voice still vivid and irrepressible.

Our sympathies go out to David’s wife (Fatima) and three children (Adam, Asher and Kaliana) as well as his mother (Charlotte), brother (Paul) and other family members to console them in their loss and as they challenge themselves to rebuild their lives with David’s energy giving them strength.

We miss you, Dave, and probably will never truly believe that you could possibly have left us. Husband, father, son, brother, friend. You will not be forgotten—that is our commitment. n

Submitted by Brendan Johnston (BCom

1994) and Ali Pejman (BCom 1994),

friends and classmates.

David Rentz BCom 1994 Your alumni network is evolving

How we keep in touch is constantly evolving.

Sauder Square is an exclusive, feature-rich online social network.

It’s like a virtual town square that brings Sauder alumni together.

> Reconnect

> Grow your network

> Access alumni services and events

> Find career and volunteering opportunities

www.saudersquare.com

mailto:alumni%40sauder.ubc.ca?subject=Viewpoints%20Class%20Notes

https://saudersquare.com


POINTS OF VIEW – GUEST COLUMN

our chairman, largest investor and business coach. Fourteen years later, Nurse Next Door is one of the strongest franchise networks and private home care companies in the country, with 120 franchises and more than 7,000 caregivers across North America. It is a step up from buying and selling comics in elementary school.

Still, I am lured by the thrill of creating cool things with awesome people. In 2013, Teena and I had a chance to create a new brand with Parise Siegel and Tim Hopkins of Siegel’s Bagels. We seized that opportunity and Rosemary Rocksalt was born. Our goal is to open 500 Rosemary Rocksalt locations around the world by 2035.

I currently split my time between the two companies. I also live vicariously through our entrepreneurial Nurse Next Door franchise partners. Our partners are people who believe in our purpose of making lives better. So much so they are willing to put their family’s livelihood on the line for Nurse Next Door. I am humbled by the trust people put in us.

Although some might describe me as successful, my wish for entrepreneurs (including myself) remains the same: lots of setbacks and failures! Each one is a learning experience that usually leads to incredible outcomes. n

$9 million equity offering to a $9 billion advisory deal. During these four years I learned a lot about investment banking. However, the most important thing I learned was that I wasn’t passionate about being an investment banker. The year 2000 brought a short stint working in e-commerce merchant banking in Toronto. However, the bursting dotcom bubble at the time created a very hostile work environment.

This setback led to a lot of soul searching. I realized that deep down inside I have always been entrepreneurial. (I was in Grade 2 when I first bought and sold comics to make a few bucks.) I was intrigued with the idea of creating something of my own. In January 2001, three weeks after learning Teena was pregnant with our first child, I quit my job. We returned to Vancouver not knowing what company we would build or buy.

While we were in the middle of trying to figure out our future we faced another setback. Teena was put on emergency bed rest. I now had to hire someone to take care of the two most important people in the world to me. When the first home care worker showed up, she told us she had faxed in her resume the day before and had not had a criminal record check or a screening interview. “They didn’t even check my references!” she laughed.

That experience led to the launch of Nurse Next Door (a home health care company) with Milt Wong as

I wish you great failures

DURING MY LAST YEAR IN HIGH school, I worked 40 hours a week at The Keg, which meant I ended up missing almost half of my classes. Although I was accepted into UBC, I did not have enough credits to graduate from high school. I managed to negotiate myself out of that situation and graduate on time but that story is for another time.

At Sauder, my academic success did not get me the initial interview I wanted with the Portfolio Management Foundation. I was devastated, but little did I know it would get worse. After graduating in 1993, I failed at every attempt to land a job in finance.

My dreams of working as an investment banker on Wall Street were ripped apart by the stark reality of my first job offer: a position with KPMG behind Save On Foods in Richmond. I felt like a failure, but this led me to my first meeting with Milt Wong, who told me to shut up, stop acting like a whiny baby and take the job. I took the job, and Milty would eventually become a mentor and second dad to me (a feeling that hundreds of people in BC also share).

In hindsight, going to KPMG was one of the best things that happened to me. I developed important skills, met many future friends and business leaders and, most importantly, met my wife Teena.

In 1996, I finally became a mining investment banker at CIBC Wood Gundy, working on deals ranging in size from a

Growing up in East Vancouver, my family was not financially

wealthy to say the least. My parents emigrated from Hong

Kong and our family struggled to get by. We were a family of

five kids, two parents and a dog, all raised on a secretary’s

salary. I went to five elementary schools in seven years

because we had a hard time making rent, and were almost

homeless a couple times. However, these early-life financial

setbacks would serve me well.

Ken SimBCom 1993, is co-founder of both Nurse Next Door and Rosemary Rocksalt. He and his wife Teena live in Vancouver with their four sons, ages 6, 10, 12 and 14.

PHO

TOSB

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N.C

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FOR QUESTIONS OR INQUIRIES CONTACT: [email protected], 604.822.8858

CELEBRATING 15 YEARS OF THE

BCom Co-op ProgramCO-OP ALUMNI ARE INVITED TO JOIN US

FOR A COCKTAIL RECEPTION

Save the DateTHURSDAY, FEBRUARY 11, 2016

6:00PM - 9:00PM ROBERT H. LEE ALUMNI CENTRE, UBC

mailto:coop.events%40sauder.ubc.ca?subject=BCom%20Co-op%20Program

At UBC we embrace our past and look forward to the future. Former student Cecil Green donated Cecil Green Park House (1912) to provide a unique venue for the wider community, including alumni. Now the university and alumni UBC have come together to create a new home for our 300,000 alumni and visitors to connect with each other and the campus. The Robert H. Lee Alumni Centre is a gathering place, physically and virtually, for continued learning, for entrepreneurship and for mentoring the next generation of students and alumni. Step by step we are building on past and present innovations. The UBC Centennial celebrates thinking that moves us all towards a better future.

SEE WHAT’S NEXT ATUBC100.CA

WHEN BUILDING A BETTER FUTURE IT’S GOOD TO LEAVE ROOM TO GROW.

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