2019–20 Mba Annual Report Byu Marriott School of Business
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mba annual RepoRt 2019–20 byu maRRiott school of business Contents Feature Story 04 Flourishing in the Entrepreneurial Ecosystem Student Life 10 Faculty News 18 Alumni Updates 26 Program Support 36 All communication should be sent to: MBA Program BYU Marriott School of Business W437 Tanner Building Provo, UT 84602 Phone: (801) 422-7586 Email: [email protected] This report is published by BYU Marriott’s MBA Program with help from the BYU Marriott External Relations Office and BYU Publications & Graphics. ©2020 by Brigham Young University. All rights reserved. C Members of the MBA program work together during a team-building activity at Camp Williams. At the beginning of every year, members of BYU Marriott’s MBA and EMBA programs participate in a one-day team-building activity at the camp. Photo by Dave Jungheim. BYU MARRIOTT MBA 1 January April The 2019–20 Year at a Glance Infinity and beyond Diploma Day The MBA family home evening Although no commence- group visits the BYU Planetarium. ment or convocation They listen to Alan Stern, a plan- gatherings are held November etary scientist and engineer for because of COVID-19 You’re hired NASA, who speaks about the New restrictions, more than Horizons mission to Pluto. 200 students graduate More than three hundred students and nearly thirty compa- as BYU Marriott’s MBA nies gather at the first-ever Silicon SlopesBYU Marriott MBA and EMBA class of 2020. Student Career Fair, which gives students the opportunity to Congratulations to our connect with local companies and startups. August grads and all those who February support them! Welcome, welcome Dean Brigitte C. Madrian wel- A hole in one comes the BYU Marriott MBA MBA students from the incoming class of 2019–20. During Product Management the first week of school,MBA and Association gather at EMBA students meet faculty and Topgolf for a fun group staff and join in orientation and activity sponsored by team-building activities. several local companies. AUGUST SEPTEMBER OCTOBER NOVEMBER DECE MBER JANUARY FEBRUARY MARCH APRIL October March Give it to me Shredding at Sundance straight MBA students from the Supply Chain and BYU MBA students partici- Operations Association attend the annual ski trip pate in monthly info sessions, at Sundance Mountain Resort. The activity is where they chat with prospec- designed to strengthen connections within the tive students who come to supply chain cohort. campus (or other locations) to learn about the program from those inside it. December September A tech trek All aboard Students participate in one of several Linda A. Brandl, VP of marketing and sales operations at tech trips scheduled throughout the Union Pacific, speaks at a Women in Management Club year. The Texas group visits multiple event. Brandl shares key insights—build your reputation, companies in the Dallas and Austin take the risk, be adaptable—that she’s gained over her markets, touring companies and meet- impressive thirty-one-year career. ing with executives and BYU alumni. 2 2019–20 ANNUAL REPORT BYU MARRIOTT MBA 3 By Christopher K. Bigelow Photos by Bradley H. Slade anner Nordstrom knew the time was right One student’s journey to start his new business, Hivewire. But Nordstrom also knew he had a problem: highlights the power of BYU he needed to quickly advance his skills, tools, and knowledge to move his new business Marriott’s MBA program. from idea to entity in a fast-moving industry. Nordstrom was no novice. He had already started a small, successful, Knowing You Need to Know More niche consulting business, which generated Someone on the outside looking in might won- observations that led to his new venture. der why Nordstrom would even bother with But this time he had bigger plans, plans that an MBA. After all, he already had one success- required him to find valuable mentors and ful startup under his belt. Just rinse and repeat. personal growth opportunities. For that, he “I knew that what I wanted to build next decided to pursue an MBA at the BYU Marriott was going to be significant in ways that I had School of Business. never experienced,” Nordstrom says. “It was 4 2019–20 ANNUAL REPORT going to be hard in ways that I could not anticipate.” BYU Cougar Capital partners with venture-capital ing as well as support and validation that he was The pair won. The opening paragraph of the Academics section and private-equity firms and becomes a member onto something. If he didn’t win, he’d still receive Nordstrom stayed on campus that summer, holed of BYU Marriott’s MBA program website reads, of the syndicate team conducting due diligence valuable feedback that could help him refine his away in a study room figuring out the best way to “Success in business comes from knowing which ques- on potential investments. When appropriate, BYU approach. use the competition prize money to start Hivewire. tions to ask in any given situation. By asking the right Cougar Capital co-invests with the industry partners So Nordstrom, along with BYU computer science “Jacob and I used that summer to build a proof of questions, businesses can avoid costly mistakes. The in the deal. major Jacob Shumway, joined forces in hopes of concept,” Nordstrom says. “We took the proof of BYU Marriott MBA prepares its students to recognize “The opportunity to run the fund and make real winning the competition series. Nordstrom’s first concept and showed it to potential customers. Their problems and ask the right questions to get to correct deals, analyze real companies, invest real money—it engineering hire at his previous startup, Shumway feedback has strongly informed the first version of solutions quickly.” (italics added) taught me so much,” says Nordstrom. would become the technical co-founder and CTO the product that we built.” It sounded exactly like what Nordstrom was Started in 2005 by entrepreneurship professor of Hivewire. Funding and an invaluable co-founder/CTO looking for. What’s more, the program offered an Gary Williams, BYU Cougar Capital has produced “Jacob and I took an early version of Hivewire wasn’t the only thing Nordstrom gained from entrepreneurship track, with classes that seemed alumni who currently work in private equity, and made it through to the final stage of the main competing in the Miller Series; he also met another tailored for him: venture capital and private equity, venture capital, investment banking, government, competition, where we pitched in front of around business partner. business finance, entrepreneurial strategy, opera- and award-winning entrepreneurial startups. Forbes one thousand people along with a panel of venture Dave Christison, a 2018 BYU Marriott MBA tions management, and creating new ventures. magazine designated BYU Cougar Capital one of the capitalist judges,” said Nordstrom. grad, served as Nordstrom’s practice judge while Sold. most innovative business classes in America. “The MBA program put me in an environment “We started BYU Cougar Capital with about where I was able to challenge myself to grow in ways $600,000 in donated funds,” Williams says. “The fund that I didn’t think I could,” Nordstrom says. “It’s an has a market value now of several million dollars. “Now as I interface with investors on a daily basis, as I look at ecosystem of entrepreneurial success.” Students have invested in fifty-two different compa- This ecosystem exists on three key experiential nies since its inception.” job applicants, as I look at how I’m managing our strategy, it’s all principles: Learn, Do, and Become. BYU Cougar Capital—and the MBA program as a whole—taught Nordstrom to think like a venture things that we experienced in BYU Cougar Capital every day.” capitalist, observes Grant McQueen, BYU Marriott’s LEARN William F. Edwards Professor of Finance and Guided by the Gurus director of the MBA program. “He learned entrepre- The foundation of BYU Marriott’s MBA program is neurial strategies,” McQueen says. “He learned how its faculty. Nordstrom noticed that the entrepreneur- to raise money. He learned how to prepare a pitch ship program had made the top ten in the Princeton deck so he could go to venture capitalists himself Review for nine straight years. and get investments in his new business, Hivewire.” “The faculty are at the heart of student success,” Nordstrom agrees. “In BYU Cougar Capital, I was Nordstrom says. “It’s not just what they teach you— the venture capitalist listening to pitches and decid- which is must-have knowledge—it’s also what they ing who to invest in,” he says. “I saw it from the can do for you. They can be your guide and mentor. other side, so I realized what I needed to do when I They can introduce you to people and organizations made my own pitch to VCs. Now as I interface with that can help you.” They can even lead you to angel investors on a daily basis, as I look at job applicants, investors for your idea, if they like your pitch.” as I look at how I’m managing our strategy, it’s all During the 2017–18 school year, BYU students were things that we experienced in BYU Cougar Capital supported by 140 donors and 182 mentors and were every day.” awarded nearly $630,000 to work on, validate, and launch business ideas. Make Your Pitch Armed with invaluable industry and customer pain point insights, Nordstrom was prepared to enter the DO Miller Competition Series. This competition series The Real Deal takes place throughout the school year and features BYU Cougar Capital is a venture capital and private eight separate competitions, culminating with the equity fund run by second-year MBA students.