Admiring Two “2.0” Startups

Published by Adam Foldenauer on November 29, 2008 in Uncategorized. 0 Comments

Web 2.0 applications can be novel and slick. They can also be an easy way to waste a bunch of time and money if the strategy behind your snazzy interface is misguided. That’s why I’m rooting for ChaCha and Cozi, two Internet-based firms whose services I use. They both have promising futures because they’ve used interactive technology to meet consumer needs with fun, simple solutions.

Ever have a burning question, but you’re not in front of your laptop to Google the answer? For instance, say in order to settle a debate you’re wracking your brain to remember the MVP of Super Bowl XII. ChaCha can help with its free Q&A service via SMS. Just text any random question to 242-242 and ChaCha will fire back a response – along with an ad – in minutes, using its network of subject-matter experts (called guides) and its database. The ability to submit a query on any topic sets ChaCha apart from Google’s more targeted SMS services.

(I’ll save you a text. Harvey Martin and Randy White were co-MVPs.)

Cozi is a site where families come together online and consolidate information, such as schedules, to-do lists and photos. It’s a neat solution for today’s overbooked family. Its core application is a calendar interface that can also function as a widget and sync with Outlook. Cozi can shoot any calendar or list you’ve created to your phone via SMS. Its interface is beautiful and easy.

The challenge for these startups is the same as any other fledgling company: turning a great idea into a profit. Both have solid backing; they’ll need to use that cash to build their brands and hone their business models. ChaCha was founded in 2006 as a “human-powered” search engine but has changed course since then, abandoning the browser-based search engine in favor of mobile.  This revised strategy seems more viable, because ChaCha is better positioned to compete — or even partner — with Google and its array of services in the mobile space, and because there is huge future revenue potential in targeted mobile marketing.

What is the Big Hurry?

Published by Richard Coughlan on November 25, 2008 in Student Experience and Professional Development. 0 Comments

In a November 24 article on the Financial Times website, Jonathan Spector, president and chief executive of The Conference Board, makes the case for an MBA program lasting only four months. (See “Soapbox” here: http://www.ft.com/businesseducation.)

He reasons that an MBA modeled after boot camp, with 17 consecutive weeks of 60 hours of study (including 35 hours of classroom time), might be very attractive to businesses who are preparing to launch new initiatives.  Before a merger, he suggests, a company could send dozens of its employees off to get their MBAs and then have them return to help with post-merger integration and strategy.  Among the other “enormous benefits” he cites are the financial advantage to the student and the fact that the degree would be “more relevant to the specific circumstances of the students pursuing it.”

I respectfully disagree that such a program would be an improvement on any of the various formats that exist today. 

While intense periods of curricular immersion might have a place in graduate schools of business, as in our Opening Residency and International Residency, I strongly believe that four consecutive months of deep involvement in an MBA program would lead to diminishing returns for all involved. Based on what I have seen in our own MBA program and in the leadership development programs we have created for major corporations in our Executive Education division, I’m not sure our best students would be much good after the second week.  I am sure I would not want to be the instructor who is asked to face the class during the 13th or 14th week.

If a firm identifies a skill gap prior to a merger, as in Spector’s example, wouldn’t it simply partner with a leading business school to design a program that would help address the gap?  This would involve very specific content delivered to a narrowly targeted audience.  Such a program might involve a few days of classroom time followed by some individual coaching and tailored consulting to aid the firm and its key leaders.  It would be more cost-effective and more fruitful in helping the firm achieve desired outcomes.  We shouldn’t call that an MBA, though.

I have participated in a number of very useful discussions with colleagues at other leading business schools about format changes related to the MBA since 2004.  Many of these conversations have opened my eyes to innovative thinking about graduate management education. 

Although The Richmond MBA has held firm to its 54 credit hours delivered in an evening format, we have done so while thinking very hard about the pluses and minuses of other options.  After spending a day or two thinking about the boot camp concept, I think we’ll take a pass on this one.

A Very Macro Strategy

Published by Richard Coughlan on November 21, 2008 in Global/International Business and Finance and Economics. 0 Comments

The November 10 issue of BusinessWeek has an intriguing cover story by Michael Porter about America’s need for an economic strategy.  In a nutshell, this is a macro-level application of the material taught in strategy courses at the world’s best MBA programs.  However, the complexities of applying this kind of long-term thinking when an almost infinite number of crucial but diverse stakeholders are involved will stretch today’s brightest business minds.

Economic and political forces have created short-term thinking that is now deeply embedded in organizations as diverse as public schools, regional economic development entities and, of course, major corporations.  Porter makes a strong case that the nation’s competitiveness in world markets will be diminished if this kind of thinking continues much longer.  As Porter notes, ”America has lost its focus and credibility in shaping the international trading system.”

When appropriately applied, long-term strategic thinking makes decision-making much more simple for those who are tasked with executing the strategy.  Of course, this assumes that some superordinate goal can be identified and articulated in a way that motivates individuals and organizations to act in concert.  It also suggests that decentralization is crucial so actors can proceed with solutions that can be tailored toward regional strengths and weaknesses.

The article ought to provide food for thought for today’s MBA students.  If a few more of them make their way into leadership positions at organizations that are shaping America’s future strategy (from corporations to government agencies as well as economic development bodies and non-profits), I am optimistic that the conversation might bear greater fruit.

Corporate Recruiting of Part-time MBA Students

Published by Richard Coughlan on November 8, 2008 in On the Job Front. 0 Comments

I attended a conference for associate deans earlier this week and heard a presentation by a researcher from GMAC about the state of corporate employment practices as they relate to part-time MBA students.  Among the most interesting statistics she shared was that one-third of part-time students now seek positions upon graduation.  Five years ago, it was less than one in four students.  In the 2008 hiring cycle, one-half of those looking had an offer in hand by March of their final year in the program.

Among the positive characteristics cited by those who recruit part-time MBA students are these: (1) More experience than full-time students; (2) Evidence of hard work and ability to handle multiple tasks simultaneously and (3) Strong implementation skills.

Finally, firms in three industries were a bit more likely to recruit part-time MBA students: Energy firms, consulting companies and non-profit organizations.  According to GMAC’s survey, part-time students would have the most difficulty finding positions in healthcare and pharmaceutical companies.

Jobs: 2009

Published by Richard Coughlan on October 31, 2008 in Professional Development and On the Job Front. 0 Comments

We are hearing from some recent alumni who have begun to search for new career opportunities.  For the moment, I am working with Debbie Fisher, Associate Director for MBA Student Services, in connecting our students and alumni with firms that are continuing to hire.  Although the inquiries for talent have slowed a bit, we are still receiving leads every week.  Many of these leads come from current MBA students and alumni of our program.

We are aiming to develop an event in early 2009 that will be designed exclusively for students and alumni of the The Richmond MBA.  Our preliminary plan is to have a presentation by a career consultant first, followed by an hour or two of networking in which job seekers and recruiters can come together.

If you work in a firm that is likely to be looking for MBA talent in 2009, please contact me or Debbie Fisher.  If you are a student or alumnus of The Richmond MBA, please continue to check the blog for additional details about this upcoming event.