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THE NEW YORK CITY INVESTMENT FUND: a NEW MODEL for DOING GOOD Eleanor Foa Dienstag Henry R

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THE NEW YORK CITY INVESTMENT FUND: a NEW MODEL for DOING GOOD Eleanor Foa Dienstag Henry R COLUMBIA BUSINESS SCHOOL HERMES THE NEW YORK CITY INVESTMENT FUND: A NEW MODEL FOR DOING GOOD Eleanor Foa Dienstag Henry R. Kravis ’69 and his fund put a new spin on philanthropy. AN AMERICAN DREAM:ENTREPRENEURSHIP IN THE MAKING Marsha Doeblin Entrepreneurship classes are hot, and they’re no longer just for entrepreneurs. VIEWPOINTS: SOCIAL SECURITY FIRST? Frank R. Lautenberg, BS ’49, and economist Stephen P. Zeldes join in the current debate. SPRING 1998 HERMES Spring 1998 Features 14 THE NEW YORK CITY INVESTMENT FUND: A NEW MODEL FOR DOING GOOD by Eleanor Foa Dienstag The brainchild of Henry R. Kravis ’69, the fund combines philanthropy and canny investment strategies to create jobs and promote economic growth in New York City. AN AMERICAN DREAM: Jerome A. Chazen ’50 is one of a new breed 20 ENTREPRENEURSHIP IN THE MAKING of philanthropist in New York City, page 14. by Marsha Doeblin A look at the School’s burgeoning Entrepreneurship Program and its effect on students and curriculum. NURTURING A GREEN COMPANY 27 by Marguerite Holloway Guillermo Suéscum ’95 is busy transforming the Panamanian landscape into teak plantations. It is good for the country, good for the environment and promises Departments a tidy profit as well. Dean’s Message 2 VIEWPOINTS: SOCIAL SECURITY FIRST? 30 Frank R. Lautenberg, BS ’49, U.S. Senator from New Newsmakers 3 Jersey, and Professor Stephen P. Zeldes discuss securing Social Security. Media 32 ENDPAPER Alumni Clubs 34 52 by David J. Sainsbury ’71 Social responsibility and business profitability are not Class Notes 37 mutually exclusive—at least not at Sainsbury’s, a chain of U.K. supermarkets dating from 1869. HERMES DEAN’S MESSAGE Director of Publications and Editor Dear Friends: Nancy L. Freireich am extremely happy to report that this spring Columbia Business School Senior Writer reached a milestone—U.S. News & World Report cited it as the No. 3 Marsha Doeblin Ibusiness school in the nation, up from No. 7 last year (see story, page 3). Contributing Writers The climb in the rankings reflects the dynamic momentum of the School. Nikki Bruno, Melanie Conty, This progress is the result of enormous dedication and energy—a collabora- Eleanor Foa Dienstag, Andrew A. Green, Marguerite tive effort by faculty members, students, alumni, administrators Holloway, Edward L. Moore, and staff continually to refine all aspects of academic life. Kenneth J. Selvester One area of ever-expanding interest at the School is entrepreneurship—a focus of this issue of Hermes. Production Coordinator Nicola M. Fabens A unique venture designed to foster both entrepreneurship and economic development in New York City is examined in Contributing Photographer “The New York City Investment Fund: A New Model for Doing Lynn Saville Good.” The fund is spearheaded by a cadre of some of the Design School’s most distinguished alumni. Design Partners, inc. “Realizing the American Dream” reports on the meteoric Cover Art growth of the Entrepreneurship Program and the integration of Craig Frazier entrepreneurial thinking throughout the curriculum. ◆ Our in-depth profile for this issue, “Nurturing a Green Company,” features an alumnus who is partnering entrepreneurship with environmentalism in Dean his native Panama. Several more stories of entrepreneurial ventures can be Meyer Feldberg found among the profiles in the Class Notes section. Associate Dean Hearing these—and the myriad other—success stories of our alumni is for Special Projects one of the most gratifying aspects of my job as dean. I invite all of our grad- Janet L. Schinderman uates to share their stories, especially by participating in our alumni reunion Associate Dean for External events. Plans are well under way for 5-, 10- and 25-year reunions for the Relations and Development classes of ’92/’93, ’87/’88 and ’72/’73, respectively, to be held on campus on Marilyn F. Kohn November 13, and for the Fourth Pan-European Reunion, to be held in ◆ Venice, Italy, on October 16–18 (see pages 49 and 51 for details). Again, thanks to all alumni, faculty members, students and friends who Editorial Office Columbia University have helped boost the School to new heights. Graduate School of Business Uris Hall Sincerely, 3022 Broadway, Room 833 New York, New York 10027-6902 (212) 854-8567 Fax: (212) 961-9613 [email protected] HERMES, Columbia Business School’s alumni magazine, is published twice a year by Columbia Business School, Professor Meyer Feldberg ’65 Columbia University. ©1998, The Trustees of Columbia University Dean Opinions expressed are those of the authors and editors and do not reflect official positions of Columbia Business School or Columbia University. Hermes welcomes letters to the editor and Class Notes updates, sent by mail or electronically to the addresses at left. SPRING 1998 HERMES 2 NEWSMAKERS A STAR SHINES EVEN MORE BRIGHTLY ccording to U.S. News & selectivity. The Executive became dean. By 1997, the AWorld Report’s 1998 MBA program ranks No. 5. School had moved all the America’s Best Business For this survey, U.S. News way to No. 7, at which Schools, Columbia Business determines rank based on a point the dean publicly School now ranks No. 3. school’s reputation (worth 40 set a goal of having it In the annual study of the percent), placement success rank among the top country’s leading business (worth 35 percent) and stu- five business schools schools, Columbia soared dent selectivity (worth 25 by the year 2000. He credits from the No. 7 slot it held percent). Corporate the School’s steady rise to last year. The School shares recruiters, deans and direc- the ongoing, collaborative as we moved up in the the No. 3 ranking with the tors help score reputations, effort of the faculty, adminis- rankings, I kept saying, ‘We University of Pennsylvania while statistics, grade-point tration and staff, as well as to are just getting started,’” he and Massachusetts Institute averages and graduate the phenomenal successes of wrote in a congratulatory of Technology. Harvard and admissions test scores help alumni. letter to the School commu- Stanford are tied for first. determine placement success Despite this advancement, nity after receiving the good In the 1998 survey, U.S. and student selectivity. the dean always cautions his news. “This time I do not News rates the School No. 1 Columbia Business School team about the dangers of say that we are just getting in placement success and has climbed in the U.S. News complacency. started, but I will say that we starting salaries for gradu- ranking from No. 11 in 1989, “In my first few years at are not yet done.” ates and No. 3 in student the year Meyer Feldberg Columbia Business School, ANNUAL DINNER REACHES NEW HEIGHTS his year’s annual din- According to Marilyn memoration. “This is the first Warburg, Pincus & Co., Tner, once again held in Kohn, the School’s associate time Lionel has agreed to LLC, a member of the the Waldorf-Astoria’s grand dean for external relations, accept an honor of this School’s board of over- ballroom, was not only sold “the evening was an extraor- kind,” said Speyer, who is seers and chair emeritus of out by April 1, but hopeful dinary success, due in large also a member of the the University’s Trustees, diners were requesting seats part to Lionel Pincus ’56,” School’s board of overseers, said in his acceptance speech: “To be or not to right up until six o’clock on this year’s Distinguished a University Chair Emeritus be, that is question. May 4. Leadership in Business Trustee and president of Whether tis nobler in the Award recipi- Tishman Speyer Properties, mind to suffer the slings ent. Jerry I. “and it made this year’s and arrows of outrageous Speyer ’64, annual dinner very special fortune or by taking arms who chaired for alumni and friends.” In against a sea of.” the 1998 addition to the TK alumni The other award tradition- Annual Dinner who attended, a few of the ally presented at the dinner, Campaign, more prominent corporate the Distinguished Leader- noted that he donors were Goldman, ship in Government, went to accepted the Sachs & Co., Merrill Lynch William J. McDonough, chairmanship and Lehman Brothers. president and CEO of the because of Pincus, who is chairman Federal Reserve Bank of and CEO of E. M. photo cutline Pincus’s com- New York. McDonough SPRING 1998 HERMES 3 NEWSMAKERS WOMEN WHO ct like a leader in all Yeshiva. Panelists included careers. But Miller, senior MAKE IT HAPPEN Athings that you do,” the Grace Shafir, founding vice president and CFO of keynote speaker, Heidi G. president of the Dare to Travelers Group, asserted Miller, told an audience Dream Foundation, Sherry S. that there is no single right made up almost entirely of Handel, founder, publisher way to do it all. “The course women during Columbia’s and editor in chief of blue is open, and there are Fifth Annual Women in jean magazine, and Leila many ways to be a good Business Conference. The Heckman, managing employee, a good mother, a conference, held on campus director at Salomon Smith good worker,” she said. on February 13, was co- Barney. “You women have the sponsored by the Com- Shafir, an entrepreneur and ability to shape your own mittee of 200 (C200) C200 member, says: “I like to course, and I hope you all and Columbia Women do things my way. I might do it with great success.” Keynote speaker in Business (CWIB). be working at midnight, but Regardless of the industry, Heidi G. Miller, senior vice “Don’t let a career at four o’clock in the after- Miller added, whether a president and just happen to you.
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