Where Ideas Come to Life VENTURE LAB IS HELPING ASPIRING ENTREPRENEURS TURN THEIR STARTUP DREAMS INTO REALITY

WHARTON MAGAZINE Where Ideas Come to Life VENTURE LAB IS HELPING ASPIRING ENTREPRENEURS TURN THEIR STARTUP DREAMS INTO REALITY

NEWS Lipman Prize: A Decade 16 Of Impact IDEAS 8 Essential Wharton 42 Courses PEOPLE How Streaming Is Transforming 60 Entertainment

SPRING/SUMMER 2021 Be Whatever the Challenge, execed.wharton.upenn.edu/ ﬁnd your › program programs now delivered in a live online format. results-focused of portfolio wide a from Choose acumen you can only get from our world-class faculty. business in-depth and strategies proven the with success greater for ready Be Wharton. be to continues advantage strongest your change, is constant only the When for Executives Live Online Programs WHARTON READY. advantage Investment Strategies and Portfolio Management Using Machine Learning, AI, and Big Data upcoming live online Scaling Ventures: Developing the the Developing Ventures: Scaling Customer Analytics for Growth Growth for Analytics Customer NEW Playbook Playbook for Proﬁ Growth table and Corporate Restructuring Strategy, Process, and Toolsand Strategy, Process,

Distressed Asset Investing Investing Asset Distressed Mastering Innovation: jun. 21–25, 2021 jun. 21–25, jun. 2021 14–18, jun. 1–10, 2021 2021 1–10, jun. jun. 7–11, jun. 2021 7–11, jun. 2021 7–11, programs

with industry leaders about racial equality to to equality racial about leaders industry with discussions Business” “Beyond experience—from Wharton signature a comprise that programs in participating and creating, supporting, together in implies, it is Good Pizza. window waiting for my pizza delivery. As the name Like many others, I have stood in line outside Ben’s organizations. these for $30,000 than more raised Ben’s need. havein that feedthose efforts charities Philadelphia to go proceeds All window. his from patrons to down way,them lowering by distanced socially a in them, delivering and apartment City Center his in pizzas single-handedly baking Pizza, Good launched Ben pandemic. the during curity in Philadelphia who are struggling with food inse people aiding student Wharton current a is WG21 Berman Ben that instead learn to delighted was I initial My restaurantsuggestion.a was thought pizza?” this that was Ben’s tried you have “Erika, saying, message email an me sent Philadelphia in ents to lead positive change. pres moment this that opportunity the seizing for foundation a created has campaign this Wharton, to of narrative the shared the global pandemic. For experience; each of us has a distinctuniversal a story and connected unique a both been has year past The School. the for vision comprehensive a pose tionon the initial More Than Ever goals as Icom Looking Forward Reflection and A Time for and the magnanimity ofand donors.the magnanimity in the promise of students, the ingenuity of faculty, continue to will and do sofor toyears come. it Isee today experience Wharton the shaping are ments createleaders who change the world. Their invest and decision-making, reinvent to insights power the School to incubate ideas to business, transform in minating its conclusion on June 30, 2021. expectations in participation and fundraising, cul exceeded has campaign the measurements, all By A I have been inspired by those who have come come have who those by inspired been have I leader prominent a fall, last example, one As Thefinalweeks of the campaign invite areflec enabled have members community Wharton year of the More Than Ever campaign. campaign. Ever Than More the of year final the during Wharton joined have to privilege absolute an remains it and fortuitousannounced.wasIt timing, year since my appointment as dean was write i s thisletter, it’s just over one ------from thedean Wharton School. of management at the Enterprise, and professor Management and Private Reliance Professor of Erika H. James making it shine. you Thank for your in part brighter future for Wharton. School brings hope for an ever and a thoughtful evolution of the connections, fresh opportunities, and in the world around us. Wharton inclusionand equity within nurture and community. We continuewill to celebrate diversity academic global the and courses their in students expanded realize benefiting scholarship, and teaching for resources will Faculty fellowships. by makechoice the to will attendsupported Wharton candidates MBA and scholarships, to thanks tion will find expanded pathways to astudents Wharton educaUndergraduate convene. and study students can which in spaces beautiful provide will which a Building, Research find Academic the in will home analytics for penchant a with Those to resources Hall. Tangen conceptsin startup with experiment digital and tools use will students to.muchisto Entrepreneurial lookforward There workingideasinto sinceits actions. launch to turn been havewho many the to due is success paign’s cam- This months. recent of effect cumulative the by changed world a face to needed leadership the nation displayed by our community—demonstrates strong of embodiment The world. the across ies allyconnects MBA students to alumni intheir cit WhartonAlumni Welcome, a program that virtu Conjuring these images of new new of images these Conjuring —the inventiveness, resilience, and determi and resilience, inventiveness, —the is dean, Wharton Wharton - - - - ↓ HON14 in March. John Legend C99 Award winner Achievement Alumni Entrepreneurship Penn Wharton chat with 2021 and a fireside and society, impacts business systemic racism focused on how in that the fall Lecture Series Tarnopol Dean’s as part of the with experts Business” panels three “Beyond have included Highlights dialogues. vital prompting informed while engaged and community the Wharton designed to keep virtual events of in a number participated Dean James has the inbox

NEWS editor’s letter

t seems entrepreneurs are everywhere these days—from reality-TV hopefuls pitching celebrity Hello! investors to side-hustlers with big dreams and 12-year-olds with CEO titles. Of course, Wharton’s study and support of entrepreneurship began long before startups were sexy. This issue’s cover story explores the history of what was the Penn Wharton Entrepreneurship Iprogram, its present as the rebranded Venture Lab, and its exciting future as a comprehensive !00,000 Alumni = resource for both aspiring founders and students looking to explore the many facets of building a company, from idea to IPO and beyond. Entrepreneurship is one of the many subjects that expand Wharton’s scope beyond its core of cutting-edge ﬁnance education and research. We asked professors to share a behind-the-scenes look at some of the wide-ranging courses that are connecting with today’s students, from the Billions Conversations neuroscience of business and artiﬁcial intelligence to classics like Management 610 and, new for this semester, a “pop-up” virtual class that’s especially urgent: Leadership in Challenging Times. Rounding out the features is another timely topic—streaming services, which have topped one billion global subscriptions, with a 32 percent increase in the U.S. alone last year, thanks in large part to captive audiences during the COVID-19 pandemic. Alumni across the industry and professors watching closely weigh in on this explosive growth and whether the so-called “streaming wars” will end with mass casualties, as some have predicted. What’s certain is that Wharton Reaches Alumni Milestone entertainment has been transformed, with Wharton graduates leading the way. —Richard Rys, editor

Alumni Tackling COVID Eldercare Crisis When you interact with fellow alumni through 1:1 conversations, his is great to read! [“Answering he article written by Rachel Werner the Call,” Fall/Winter 2020] participate in events and programming, or simply answer a call [“What Does the Future Hold?,” T I remember listening to the T Fall/Winter 2020] offers unrealizable you are helping build a more effective network — such is the pitch when I was on the panel for the solutions to “fixing a broken eldercare power of the 100,000-strong Wharton network. Wharton Venture Awards. Great to see system.” The solution starts with educating Clove continuing to grow. Well done! the public on the likelihood of needing long- Joanna Gordon Martin WG02 via LinkedIn, term care and the terrible ramifications New York, NY of not being prepared to obtain it on your terms. Everyone insures their home against “ I continue to see the dynamic impact Wharton wesome contribution, Christine a one-in-1,400 likelihood of it sustaining alumni have made in the world. In spite of a global Harada! Great to see Wharton damage from fire; meanwhile, few prepare grads know how to leverage our pandemic, the alumni network remains strong. A for the 75-in-100 likelihood of one or both network for a worthy cause! partners needing long-term care. Make There are so many ways to connect! Discover Luca A. Zerbini WG02 via LinkedIn, Zurich, a decision in your best interest to either Switzerland ways to grow your business; hire a fellow insure or self-fund your care. Thank you alumnus/alumnae; refer a classmate; or for prodding Wharton Magazine readers to create change in the world — near and far.” think about it. Good Read Shannon Connelly, Gerald Carson WG65, Las Cruces, NM Executive Director of Alumni Relations ust want to let you know your Fall/Winter 2020 issue was excellent. You threw a net around The power of the Wharton alumni networkis in your hands! J the wide and diverse Wharton family Tell us today how you activate your network. and pulled it all together nicely. And all of this in a very difficult Correction: Three new quantitative finance initiatives— a major for MBAs, a professorship, and a scholars pandemic period. program—have been established thanks to an $8 million WHR.TN/IMPACT #WHARTONIMPACT Myron Weiner WG51, Bloomfield, CT gift from Bruce I. Jacobs G79 GRW86. To share your thoughts on this issue, email [email protected]

2 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 3 Contents Global Impact Global Wharton’s regions 14 years 10 transformative celebrates WSII Essential Impact indicators 13 the inbox 3 Triyo Fitness Triyo Treats And Tropical Care, Health Transformative Solutions, Housing watchlist 8 1 “ “ The peopleI’ve met Emily O’Donnell Doing Good A Decade of the report 16 positive socialimpact.” terms ofpromoting done great servicein through Wharton have Barry Lipman W70, p. news Amy Downey Entrepreneurship The Evolution of feature 18

16 “ “ Too much rigidity and at home better you, at work How to make a Handbook Agent’s The Change the salon 30 Greenstein Louis Taylor Luke With Whiteboard At the whiteboard 28 Kelner Braden Course a Wharton Anatomy of feature 42 of agood habit.” is the enemy Katy Milkman, p. and Decisions professor Operations, Information, 2

30 pressing issues take on society’s companies to Inﬂuencing Reckoning A Corporate syllabus 33

ideas Spring/Summer 2021 34 Dilemma Omnichannel The k@w q&a 40 k@w data 38 Quality Improve Startup Creation Could Business Barriers to Why Lowering k@w the deck 37 A Boost Communications Give Your essay k@w 36 Data Analytics The Perils of k@w the case

triyo photo by jonathan pushnik

Dragon Dragon Chan W22 Purpose With Connecting locust walk view from 54 WG18 Ahmad Thomas fellow alumni challenge to journey and a My father’s The Table A Seat at essay 52 Burnley Malcolm Life Streaming This feature 60 3

Lauder W54 Leonard A. life lessons 96 Ryan Zauk WG21 WG21 G21 and Miguel Armaza Fintech Talking cohort 58 WG02 Umber Ahmad Desserts Just pivot 57 “ “ To be of service Ahmad Thomas WG18Thomas Ahmad altered my life.” change truly and to ﬁght for people , p.

52 Monaghan Edward Carvalho- cover: Notes Class 67 WHARTON [email protected] Inquiries Advertising upenn.edu email: fax: telephone: PA 19104 Philadelphia, 2929 Walnut Street FMC Tower, Suite 500 Wharton External Affairs Update Address Alumni Attn: Wharton Magazine mail Mypenn.upenn.edu online Change of Address External Affairs by Wharton semi-annually Wharton Magazine 27 vol. Wharton Magazine Communications & Stewardship Director, Executive Katherine A. Primus Affairs External Dean, Vice Sam Lundquist of Management Enterprise, and Professor of Management and Private Dean, Reliance Professor Erika James Administration Alexandra Vlasenkova Grace Holden interns student Ji (Pentagram) Janny Jenny Luke Hung, Hayman, design Corey Riddle Flax Justin services creative Zhang Nancy Reilly Maryellen Raju Jagmohan Lane Bishop Peggy Katzenbach Jonathan editorial board Braden Kelner associate editor Richard Rys editor Editorial Staff +1-215-898-2695

magazine@wharton. edition 1 +1-215-746-6509 is published

MAGAZINE

MBA CAREER MANAGEMENT News 1

Headlines: Watchlist—8 Indicators—13 Regions—14 The Report—16

The evolution of Wharton entrepreneurship: see p. 18

Hire Wharton

With Wharton MBAs navigating an unprecedented job Ways Alumni Can Support: market, we look to our vast alumni network for support. • Post a job on the Wharton MBA Job Board If you, your firm, or members of your network are in the • Request a curated MBA Resume Book for position to hire First Year MBAs for summer internships your specific needs and/or Second Year MBAs for full-time roles, the MBA • Connect with your industry-aligned MBACM team to discuss how Wharton Career Management (MBACM) team can assist. fits into your recruiting strategy • O!er your time to virtually connect with Alumni Supporting MBA students in our easy-to-use Wharton Careers (ASC) Smart Form: Alumni Career Chats Platform (WACC) less than 3 minutes to complete, direct follow-up MBACM can also support your from an MBA Career Management sta! member executive-level searches or Board of Director needs – contact whr.tn/asc-form [email protected] to get connected. Illustration by Mario Wagner spring/summer 2021 wharton magazine 7 news / watchlist

! Frutero I scream, you scream, we SPRK Housing Solutions, all scream for … Frutero! Co-founded by Mike Weber The global food supply chain is both essential and deeply flawed, contributing WG20 and Vedant Saboo to 1.6 billion tons of annual food waste Transformative Health Care, WG20, Frutero combines and, in the process, plenty of carbon exotic produce from emissions. SPRK thinks it found a solution Colombia and Thailand with local to both those problems by using artificial intelligence to move millions of tons of And Tropical Treats Philadelphia dairy to offer consumers a New and notable ventures from Wharton alumni surplus inventory to those who need it. delicious new dessert—tropical-fruit ice cream Lauder grad Alexander Piutti G96 WG96 with no artificial flavors or preservatives. The launched SPRK in pair were inspired by Weber’s first visit to Berlin in 2019 and aims to build a global India in 2018, when he tried local iterations network that could Caire Beauty of the icy treat. With backing from Venture become the “Amazon Lab’s Venture Initiation Xcelerate Program of food oversupply,” as A 2020 Female Founders he told Forbes. Piutti’s Fund report projects and 2020 Startup Challenge Launch Award, ambitious mission there will be one billion Thrasio Weber and Saboo have expanded their is off to a fast start: postmenopausal women dessert empire via online delivery and onto Samsung’s Extreme worldwide by 2025—which If you’ve shopped on Amazon recently (that “if” seems shelves across the East Coast, including those Tech Challenge, aimed equates to $600 billion rhetorical these days), there’s a good chance you’ve at solving problems at Giant and Whole Foods, making it easier Celeste Lee W84 and Lorrie King WG91 in potential consumer bought or viewed a product from one of Thrasio’s facing humanity and spending. But few self-care brands. Having raised more than $1.75 billion since for customers to get their fruity fix. the planet, named products target women who are over 40 years old. Caire its debut in 2018, the company—founded by co-CEOs SPRK one of eight 2020 hopes to make up for lost time. Co-founders Lorrie King Joshua Silberstein W97 and Carlos Cashman—has Alexander Piutti G96 WG96 worldwide winners. WG91 and Celeste Lee W84, two longtime beauty-industry skyrocketed to unicorn status in its quest to buy and veterans, launched the direct-to-consumer company last grow third-party private-label Amazon businesses. November. Caire uses proprietary skin-care science to meet (TechCrunch recently estimated the company’s the declining-estrogen challenges of more experienced valuation to be at least $3 billion.) In a sign of broader ! FindAShot skin. The investment in healthy skin has paid off: The Wall consolidation for brands on the site, Thrasio had The rollout of the COVID-19 vaccine Street Journal recently highlighted Caire as one of the few acquired nearly 100 of them as of early February and in the U.S. presented both hope and a menopause-specific beauty and wellness brands. was closing more deals every week. new pandemic challenge—navigating WorkWhile a maze of distributors, websites, and WorkWhile is eligibility restrictions to find and book ! Triyo Fitness rethinking how hourly an appointment. In January, quick- Just before the pandemic struck, a Centers for Disease employees earn their wages—and delivering acting Wharton Executive MBA Control and Prevention report found that more than better benefits in the student David Newell WG21 Jarah Euston WG09 15 percent of American adults made no time for exercise. process. Co-founded founded the volunteer-driven With the closing of gyms and with commutes eliminated by Jarah Euston WG09, the venture is a FindAShot organization to matchmaking service of sorts that pairs by remote work, staying active became even more workers with employers to fill everything cut through the chaos and challenging. Identical triplets Malik Jones W18, Khalil from full-time positions to temporary jobs to help ease the process for Jones C18, and Ahmad Jones C18 found themselves last-minute shifts. Companies pay a fee to tap individuals searching for a well-positioned to fight inactivity with Triyo Fitness. into the WorkWhile workforce, which is made vaccine. FindAShot’s website up of screened and verified applicants who Launched in 2018, their workout program pivoted from receive often-elusive job perks like next-day offers a centralized search for in-person classes to an online platform, based on the pay, flexible schedules, and sick-leave credits. appointments at pharmacies high-energy fitness routines they conducted during their Euston’s company, which aims to promote and other locations in a given time at Penn. In the early days of COVID-19, the Joneses more flexible conditions for both companies and workers, was recently backed by investors area, along with links to eligibility shared tips for remote exercise on Good Morning America. including Khosla Ventures and Katrina Lake, guidelines for each state. Malik Jones W18, Khalil Jones C18, and Ahmad Jones C18

Next up for the trio and Triyo: launching an app. caire beauty photo by gerald janssen founder and CEO of Stitch Fix.

8 wharton magazine spring/summer 2021 Illustrations by Cristina Spanò spring/summer 2021 wharton magazine 9 news / watchlist

! Habi ! BigSpring Habi grew out While technology has made it easy to roll out ! Data.world of an acute need on-the-job training programs at scale, companies While it’s simpler than ever to collect data for a better way to often still only cater to workers in white-collar nowadays, distributing it to employees buy and sell homes roles—a problem BigSpring founder and CEO who need—and can understand—it is a in Latin America. Bhakti Vithalani WG06 is tackling head-on. A different story. That’s where Data.world Preparing to move new mobile learning platform for “all collar” jobs, comes in. Led by CEO Brett Hurt WG99, the from the U.S. to BigSpring is enabling companies to teach workers Ashley Lim WG18 venture offers a central platform for anyone Bogotá, Colombia, in 2016, co-founder at every level the skills they need for their positions to discover and use a company’s data, as Brynne McNulty Rojas W10 found it and, similarly, offering well as for co-workers to collaborate using difficult to locate a place to live beforehand: re-skilling opportunities Mansa Tea the information. It’s not hard to see the There wasn’t an effective online real estate for displaced workers. “Life is too short to drink bad tea.” That’s the potential across industries, and in a major database for the area, meaning her search Companies from Google raison d’être of Mansa Tea, founded by Ashley show of confidence, the Associated Press wasn’t successful until she was on the to India’s Tata Steel have Lim WG18 and inspired by her father’s love of pu’er, originating in China’s Yunnan province. has invested in the company; Hurt calls his ground. With a business partner from the benefited from the app, Initially launched to service high-end restaurants business a region, McNulty has built a database of which has provided and luxury hotels, Mansa shifted to a direct-to- game changer prices for middle-class homes and other training to more than a consumer model during the COVID pandemic for data information, along with an Opendoor-like million learners globally while maintaining its focus—sourcing the highest- quality tea and aging it to achieve peak flavor with journalists service through which they buy, renovate, and was named a World only one ingredient, tea leaves. Lim, a certified seeking quick and resell Colombian properties. Following Economic Forum 2020 tea sommelier, also aims to educate aspiring tea access to a fresh round of investment last year, Habi Bhakti Vithalani WG06 “Technology Pioneer.” connoisseurs through monthly tastings, virtual information. is poised to expand to other parts of the workshops, and corporate events. continent, with a promise to reduce sale Brett Hurt WG99 times from several months to several days. ! SoLa Impact Sidecar Health The mission of Martin When he realized that paying the cash Muoto C93 W93 is clear: price for an MRI rather than the insurance to level the housing playing company’s negotiated rate would save him field for Black and brown nearly $1,000, Patrick Quigley WG03 knew he had an idea that could transform the communities across the Fudena health-insurance industry. He co-founded United States. Muoto What’s in a name? In the case of Sidecar Health in 2018 around a “cash price” founded SoLa Impact in model that enables members to enroll any a garage in 2015 and has Fudena, both inspiration and mission time, see any doctor, pay lower prices to their health-care providers, and view what since seen the company for first-generation Ghanaian American providers have charged other members for grow into Los Angeles’s Ruth Nakaar WG20. Based on a phrase in services. This transparency lets members Martin Muoto C93 W93 largest Section 8 landlord. comparison-shop for health care as they Today, SoLa Impact runs $180 million in the Dagaare language that translates to “Have you eaten,” would for any other product or Fudena is a takeout and delivery restaurant adding West service. Currently available in 16 affordable housing and commercial real states, the company recently estate funds in minority neighborhoods African flavor and fast-casual convenience to Philadelphia’s raised $125 million in around the city. And with the announcement its Series C round dining scene. Nakaar offers a customizable selection of grain of funding to reach of SoLa Impact’s new Black Impact Fund, and stew bowls with a variety of meat and vegetable choices and a valuation of $1 which aims to raise $1 billion to invest in and billion and expand its mission clever names with pop-culture nods, including Waakye Is Bae (rice, near designated opportunity zones, Muoto to make health care more is looking to establish one of the largest black-eyed peas, curried goat, caramelized onions) and a hip-hop- accessible, affordable, and transparent for commercial real estate funds ever to focus on inspired coconut rice/tilapia bowl. xin erica photo by fudena all Americans. minority neighborhoods.

10 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 11 news / indicators SIX TO ONE Number of students applying for each Essential Impact opening in WSII’s training programs Social impact is now integral to business—and to business vs. available seats schools. Celebrating its 10th academic year, Wharton Social Impact Initiative has worked to create a more equitable and The Wharton Fund sustainable global economy. Here, a look back at a decade of 8,250+ research, resources, and transformative student experiences. Learners who’ve enrolled in the Business Strategies for Social Impact To learn more about Wharton Social Impact and ways to get involved, course on Wharton Online’s learning please contact [email protected]. platform, Coursera “ I’ve done so much! Where do I begin? I’ve ~150 ~600 3,750 Funds in Impact Finance Database, been able to learn, to grow, Penn/Wharton students in WSII’s Students from 51 global business WSII’s cutting-edge research intensive training programs over the schools who’ve participated in Turner collaboration with Harvard Business to explore and discover. past decade MBA Impact Investing Network & School and Chicago Booth Training (MIINT) and Total Impact I’ve enhanced my business Portfolio Challenge programs 1,000+ acumen. I have increased 1,200+ Students who’ve taken professor Impact enterprises sourced by Wharton Christopher Geczy’s Impact Investing my self-awareness. Impact Venture Associates, a best-in- course since its inception in 2013 class experiential education program $2.17 MILLION I have gained industry Awarded to 100+ Wharton MBA graduates pursuing careers in the ~400 knowledge and met a lot 830+ nonproﬁt, public, and social impact Research, inspirational stories, and Interviews with CEOs, researchers, sectors through the Bendheim Loan news published on the WSII website of amazing people.” and thought leaders on WSII’s radio Forgiveness Program show/podcast Dollars and Change since Jennifer Million WG’2" its debut in 2014 Wharton Alumni Fellow FIFTEEN 100 High-proﬁle speakers who visited 90+ Current Wharton faculty members campus through Turner Social Impact Current Wharton courses focused teaching and researching social impact Executive Speaker Series and Nazarian on social impact, environmental topics, including ESG and impact Social Innovators in Residence, sustainability, and responsible business investing, social entrepreneurship, including Ashton Kutcher, Chris opportunities and strategies climate change, inequality, and more “Ludacris” Bridges, and Eva Longoria

Top ranked: Schwartzman $150k: Median Ticker Wharton was Scholarship salary for the named the number awardees Cristina 2020 full-time one undergraduate Pogorevici W21, organizations, MBA class, as business school Paulina Ruta which will detailed in for the fourth W21, and Yixi result in the new Wharton Follow the QR code to make your gi! to The Wharton Fund to support students like Jennifer. year in a row by (Cecilia) Wang workshops MBA Career Poets & Quants and W21 C21 will earn Wharton and for Wharton Management Transform Wharton lives today. took second place master’s degrees Deloitte announced students through report. for MBA programs in global affairs a research the McNulty in U.S. News & at Tsinghua initiative to Leadership World Report’s University in advance inclusive Program, among

2022 list. Beijing. leadership in other outcomes. ! GIVE ONLINE GIVE BY PHONE Support The Wharton Fund whr.tn/achieve +1.215.898.7868 Illustrations by Mark Nerys spring/summer 2021 wharton magazine 13 news / regions

Reunited (And It Feels So Good) Exploring AI’s Impact Philadelphia, USA London, UK Wharton’s Attention all “1s and 6s” and “0s and The Wharton UK AI Studio—an initiative 5s”: You are cordially invited to attend of the Wharton Club of the United Kingdom this year’s virtual MBA Reunion on that aims to strengthen connections between May 14 and 15 for opportunities to alumni and experts in the field of artificial Global Impact intelligence—hosted a three-part AI series connect socially, engage with faculty, and network with classmates. Wharton this fall. Mary Purk, executive director of is also delighted to welcome you back both Wharton Customer Analytics and the to campus for an in-person Reunion School’s AI for Business program, joined the Quaker Connections Reimagined event on November 5, 2022. studio for its first event on October 1. Los Angeles, USA Chances for recent MBA graduates to get together continued this year with a virtual adaptation of Young Alumni Sustainable Approach Coast to Coast. Hour-long events in Berlin, Germany early March gave alumni in Chicago, Alexander Piutti G96 WG96 is Los Angeles, Philadelphia, and working toward a world without Washington, D.C., opportunities to food waste. See our Watchlist informally meet and network online. on page 9 to learn how his startup, SPRK, is using artificial intelligence to redistribute and repurpose food that would otherwise be thrown away. Looking to the Future Welcome to the Club Beijing, China Panama City, Panama Even in pandemic times, the Penn In a year made challenging by isolation, Wharton China Center has been Wharton added three new alumni clubs to keeping busy. Among its many recent help graduates foster closer connections. initiatives, the center hosted the Penn Joining the Wharton Global Clubs Network Club of Beijing for a discussion on the in 2020, the Penn and Wharton Club of Cross-Country Collaboration American presidential election’s impact Panama and the Wharton Club of Geneva Dallas, USA on U.S.-China relations with Andy offer regional opportunities; the new In an example of opportunity amid difficulty, Mok WG02 and alumnus Sichen Wharton Executive Education Alumni Club the Wharton Clubs of Dallas-Fort Worth, In Celebration of Women Worldwide Huang. PWCC also kicked off a Kigali, Rwanda is open to graduates of Executive Education Philadelphia, New York, New Jersey, and the new speaker series in February Taking place on International Women’s Day, the More Than Ever Tour held programs that grant alumni status, National Capital Region took advantage of titled Penn at Work—Making Your a virtual event titled “The Transformative Power of Women’s Leadership: including Advanced Management, General today’s virtual environment to jointly host Future: 2021 and Beyond. The Lessons From Rwanda.” In Rwanda, women occupy more than 60 percent Management, and Advanced Finance. one of Wall Street’s buzziest businesses: inaugural event, hosted with the of the country’s parliamentary seats, and their leadership is felt well Bumble. Priti Joshi WG14, vice president of Penn Blockchain Club, featured beyond government. Opened by Wharton Dean Erika James, the session strategy and operations for the dating platform, joined the Litecoin founder Charlie Lee in an was moderated by Katherine Klein, vice dean of the Wharton Social Impact clubs online in March following Bumble’s February IPO. examination of what’s ahead for Initiative, and featured Agnes Binagwaho, vice chancellor of the University During a talk moderated by BetterHealthcare COO Bryan blockchain and cryptocurrencies. of Global Health Equity; Diane Karusisi, CEO of the Bank of Kigali; and Bloom WG14, Joshi discussed Bumble’s journey so far and Kampeta Sayinzoga, CEO of the Development Bank of Rwanda. its impact on dating during the pandemic.

Among the Philpot W97, Wharton Did you miss the Speakers at data officer Wharton Greenhill & Assistant The Mack Wharton speakers at Adtalem Global School Press’s “Beyond Business” the Women in Barkha Saxena Executive Co. chairman statistics Institute for graduation February’s Education CEO/ virtual “Meet dialogues as part Data Science WG11. Education launched and CEO Scott professor Bhaswar Innovation speakers on 47th annual chair Lisa the Authors” of the Tarnopol Conference at a 12-month L. Bok C81 Bhattacharya was Management May 16 include Whitney M. Young Wardell WG98, series continues Dean’s Lecture Penn in February Advanced Business W81 L84 will named a 2021 Sloan hosted its annual Rosalind Brewer Jr. Memorial and Siebert on May 11 with Series, with included Analytics program succeed David Research Fellow; two-day Wharton WAM01, Tory Burch Conference Williams Shank professor Katy Erika James and Microsoft’s to help mid- L. Cohen L81 the fellowship Innovation C88, Sundar celebrating CEO Suzanne Milkman on her expert panelists Kate Johnson career and senior as chair of recognizes early Doctoral Pichai WG02, Black Shank WG87. new book, How discussing race and WG94, IKEA data professionals Penn’s Board career researchers Symposium, and Marc Rowan professionals: to Change. (See corporate America? and analytics gain hands-on of Trustees in who stand out as a multi- W84 WG85. former p. 30 for a Q&A All three sessions VP Christine experience with July. the next generation disciplinary TaskRabbit CEO with Milkman.) are available Cox WG01, and data analytics of scientific student-run Stacy Brown- online. Poshmark chief tools. leaders. event, in March. "

14 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 15 news / the report

the top during our Lipman evaluations were ones that showed a deeper understanding of their target A Decade of customers or beneficiaries,” he says. “You got the sense that they had spent a considerable amount 1,275+ of time with their customers and understood the Number of Doing Good applications The Lipman Family Prize rewards broader operating environment.” received in Katie Fackler G16 WG16 expanded upon this 10 years of both nonprofits and Wharton the Lipman idea. “One thing I learned from my time as a Lipman Family Prize. students committed to making the Fellow is the importance of investing in local com- 75 percent of the munities that have the answers to solve their own organizations world a better place. that apply are problems,” she says. Fackler says she applies this international. insight to the work she does now in impact investing at a private multi-family office. What makes the Lipman Prize unique is its focus For more on the on rewarding nonprofits that think about how solu- prize, including profiles of more arry lipman w70, co-founder of tions can be applied both specifically and broadly. than 30 past the Bay Area law firm Goldfarb and Barry says organizations are judged based on the winners and Lipman, says his love of service started potential of their business models to transfer across finalists, visit lipmanfamily when he joined the board of his chil- geography, sector, and/or need, thus contributing prize.wharton. dren’s school in the early 1990s: “I liked valuable knowledge to advancing the social impact upenn.edu the concept of people coming together field as a whole. and acting for the good of an institution. That’s how The first-ever Lipman Prize winner, iDE, is BI got the bug for the nonprofit world.” a good example of scaling impact. The nonprofit Barry and his wife, Marie, had begun to get addressed the problem of clean water and sanitation more involved in a number of local and national in rural Cambodia and later expanded into other causes, and he wanted to branch out. “I thought, parts of Asia, Africa, and Latin America, to assist ‘Supporting all these organizations has been for my Building a Partnership ↑ ing relationships with Penn and Wharton faculty, other poor communities facing the same issue. benefit.’ I wanted to give something to organizations Barry was grappling with how to go about building Pedal Empower: researchers, and graduate fellows. 2019 Lipman from which I couldn’t gain anything other than per- a new prize program but knew that he wouldn’t be Family Prize The prize’s interdisciplinary steering committee Looking Toward the Future sonal satisfaction,” he says. “But I didn’t know how able to do it alone. At the time, his daughter, Elyse winner World also established a student fellowship to allow grad- It’s been nearly a decade since the first Lipman Bicycle Relief I was going to do that.” Lipman C09 WG15, was about to graduate from has distributed uate students from across Penn’s 12 schools to learn Prize was awarded in 2012. Since then, the value of The Lipmans had attended events hosted by the Penn with her undergraduate degree, which reig- more than about the social sector through the philanthropic the awards has increased to $250,000 for the win- Goldman Environmental Prize, an esteemed global nited a connection to his alma mater. In spring 2010, 400,000 bikes process. These Lipman Fellows would gain lead- ning organization and $100,000 for each of the two in 19 countries program based in San Francisco that focuses on Barry reached out to John Zeller, the senior vice to make health ership skills and support the selection of honorees additional honorees. Lipman Family Prize director supporting environmentalist leaders. That inspired president of development and alumni relations, who care, education, based on four key criteria: leadership, innovation, Euria Min says 30 organizations have been named Barry to think about creating an award program of introduced Barry to Thomas Robertson, the former and economic impact, and transferability. as honorees, serving populations in more than 100 opportunities his own: a modern approach to philanthropy that dean of the Wharton School. more accessible. countries and addressing 16 of the 17 “Sustainable would support innovative nonprofit organizations “Dean Robertson spoke about Wharton being Reimagining Innovation, Evaluating Impact Development Goals” listed by the United Nations. and inspire the next generation of young people to the best business school ‘in the world, for the In order to be eligible for the prize, organizations In total, the Lipman Family Prize has given out enter into the social impact sector. world,’” says Umi Howard, the former director of have to demonstrate their ability to gain true sup- $3.3 million to date. This includes two additional This was the start of the Barry and Marie Lipman the Lipman Family Prize and current senior direc- port from the communities they serve. That’s why quarter-million-dollar awards through the Beacon Family Prize at the University of Pennsylvania, tor of the McNulty Leadership Program. “I think the founder’s vision, the team doing the work on the Awards, established in 2020 to provide continued which celebrates its 10-year anniversary this spring. the School accepting the challenge of doing this ground, and the design of the organizational model support for past Lipman Prize winners. The prize prize came from that desire to see Wharton inter- are all taken into consideration. has also given 124 student fellows from across 10 act increasingly with the outside world in a positive Meeting the needs of a specific community different schools at the university an interdisci- way, in this case through philanthropy.” requires a deep understanding of historical, cul- plinary learning community and the opportunity By Christmas 2010, the Lipman family had an tural, political, and logistical factors. Steering com- to grow as leaders and deepen their knowledge of agreement with Wharton, and their $6.5 million mittee member Elyse Lipman describes what she and commitment to the social sector. “ Innovation is about gift made the prize official. The prize would recog- looks for in potential honorees: “We often think Looking back on 10 years of work, Barry says nize outstanding nonprofit organizations that were of innovation as it relates to new technology, but he’s been happy to see the steady growth of the continually creating working to create sustainable solutions to global innovation can also be a mind-set. Social issues are Lipman Family Prize’s reputation in the philan- new ways for people to challenges and had a proven-effective service model complicated and have many layers, and so to me, thropic space. He hopes having access to the Penn and capacity for growth. There would be three innovation is more about continually creating new community and alumni can help spur even more help each other,” says honorees each year, with the winning organization ways for people to help each other.” interest in the work these organizations do. “The steering committee receiving $100,000 and the two runners-up earn- Nimesh Modak WG15, who now works on people I’ve met through Wharton have been amazing access to tuition-free courses through Wharton an accelerator program with Imagine H20 Asia, ing and have done great service in terms of pro- member Elyse Lipman Executive Education and the Center for Social learned this firsthand while serving as a Lipman moting positive social impact,” he says. “And on a

C09 WG15. Impact Strategy, as well as opportunities for ongo- Fellow in 2012–13. “The organizations that rose to personal level, it’s been phenomenal.” —Emily O’Donnell

16 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 17 With a new name and a new home, Venture Lab—formerly known The Evolution of as Penn Wharton Entrepreneurship—is the culmination of a nearly 50-year journey to help aspiring founders at Wharton and across Entrepreneurship the university bring their visions to life. BY AMY DOWNEY

18 wharton magazine spring/summer 2021 Illustrations by Edward Carvalho-Monaghan spring/summer 2021 wharton magazine 19 programs across campus under one James’s chief of staff and the program’s roof for a more efficient collaboration, managing director from 2000 to 2014. including the master’s-level Integrated “Those were the kinds of people we Product Design program—which Ulrich wanted to bring in.” That’s why the co-founded—and venture consult- Experts in Residence program was ing training through the Sol C. Snider established in 2001. Executives visit Center, among others. campus on a weekly basis to meet with While Venture Lab is often described students about their business plans; as a “start here” launching pad, its larger more than 2,600 Penn students have mission is to build an even bigger and been mentored during these one-on- better entrepreneurial community at one sessions over the past five years. Penn—one that helps “grow the pie” Mike Vaughan W97, the former COO for everybody on campus. It’s this total of Venmo, is just one of the alums who over a year ago, Davis and by the fall semester, the online integration—inside Tangen Hall, across made appointments with students this JustSmith WG11 G11 was community grew to 1,300 members, the university’s 12 schools, and through- year. (Vaughan started at Venmo on doing exactly what scrappy including alumni. The beating heart out the existing startup universe—that’s the ground floor—he was just the 13th Wharton entrepreneurs are trained connecting it all—from the student titans going to propel Penn’s next chapter user on the money app—and eventually to do: adapting to challenges, prepar- of tomorrow to the alumni CEOs blazing of innovation, one that’s almost five scaled the company to more than 40 mil- ing for the future, and tapping into the trails today—is Venture Lab. decades in the making. lion users and a $300 million revenue wisdom of the Wharton community. When Penn Wharton Entrepre neur- run rate during his eight years there.) Smith was meeting with a dozen fellow ship rebranded as Venture Lab in July, Cieri’s successor, Clare Leinweber, laid entrepreneurs, from Warby Parker’s it was with a similar resolve to rethink more groundwork for the Venture Lab Neil Blumenthal WG10 and Dave Gilboa and reinvigorate. The name reflects this harton’s story of model by building relationships with WG10 to Amy Errett WG88 of Madison important shift to a “lab culture” of inno- entrepreneurship Penn Law, design, and other schools Reed and Jeff Raider WG10 of Harry’s. vation, inspired by integrating new and began with the and was instrumental in growing the The only thing that was unusual was sometimes risky ideas, experimenting, launch of its entre- Venture Initiation Program, or VIP. the setting—a virtual conference room learning, and iterating quickly. By serv- preneurial center In a way, the School itself has been via Zoom, with Smith reporting from ing as the School’s one-stop shop for all Win 1973—the first of its kind. At the time, learning by doing. “The program just his home office in Utah. things entrepreneurial, Venture Lab—a there was more focus on small businesses kept evolving and growing,” says Bob Due to the pandemic, these leaders collaboration between Wharton, Penn than, say, venture capital financing. But Goergen. “That, itself, was an entrepre- of consumer brands were making swift Engineering, and the Stuart Weitzman that focus shifted when professor of neurial process.” Take, for example, the adjustments to maneuver through a School of Design—helps guide students, innovation and entrepreneurship Ian Wharton Business Plan Competition mass disruption. (Errett was in an espe- faculty, and alumni through the many MacMillan was named director of the (now called the Startup Challenge), cially unique position, given that her resources across Penn’s landscape, from Sol C. Snider Entrepreneurial Research which was started in 1998 by, and for, business was at-home hair-color kits.) incubators and accelerators to competi- Center in 1986, bringing along his aca- Wharton MBA students. It was hard They were transparent about how they tions and funding. “The idea is that we demic expertise in areas like corporate for the event to take root, because stu- were cutting costs and driving revenue; can help them start,” says Venture Lab’s venturing, entrepreneurial mind-sets, context of taking classes outside of the dents were graduating every two years. these collaborative videoconferences executive director, Trang Pham WG18, and “discovery-driven planning”—a program.” Students who study entrepre- So the entrepreneurship program took continued every couple of weeks through “and then involve them further in the technique he helped coin. neurship and innovation at Wharton are it over and widened its scope, which the spring. “There were certainly some entrepreneurial ecosystem.” The next game changer arrived in doubly equipped, because they also have included opening up the competition to big headwinds,” says Smith, the founder The Venture Lab offices are among 1997, when Bob Goergen WG62 gifted access to the full range of world-class undergraduates and Penn students out- and CEO of outdoor gear manufacturer the headliners in the new Tangen $10 million to create the Goergen Entre- courses—valuable tools to deploy when, side Wharton. Though the Challenge Cotopaxi. “Retail was very challenged, Hall at 40th and Sansom streets. Karl pre neu rial Man age ment Pro gram. New say, building a startup company’s finan- was held virtually last year, 77 teams but we found some unique ways to inno- Ulrich, vice dean of entrepreneurship coursework was added and management cial model or analyzing market research entered. That speaks to the overall vate.” Smith launched a line of cotton and innovation, views the building professor Raffi Amit was recruited as for a product or service. Rob believes interest in student entrepreneurship at masks made from surplus fabric, even- as a beacon for anyone interested in the program’s academic director. It was Wharton’s management program Wharton: About 28 percent of the 2021 tually selling close to one million last entrepreneurship. With nearly 70,000 around this time, says Goergen, that an classes are especially relevant given that MBA class majored in entrepreneurial year, and also used the unprecedented square feet of suites, studios, and maker entrepreneurial spirit was born on cam- they successfully teach entrepreneurial management—the same percentage as real estate situation as an opportunity labs, plus a test kitchen and storefront pus: “We now had an organization to let students many of the intangibles that go those studying finance. to open a few more Cotopaxi stores in retail space for student prototypes, like-minded students interact together into building a complete leader. Over time, the university has pro- prime locations. Tangen Hall screams innovation. That while learning some new disciplines.” Today, Wharton offers more than 50 Venture Lab’s duced a slew of pioneers in entrepre- That same creative spirit energized includes its decor: A virtual furni- His son, Rob Goergen Jr. WG00, was in entrepreneurial courses ranging from larger mission is neurship, from founders Jeff Fluhr Wharton’s student founders, despite ture competition was held last year the first wave of Wharton students to building human assets to high-level ENG96 W96 (StubHub) and alumnus the COVID crisis and Penn’s campus so the Penn community—including benefit from these studies that combined marketing, but it’s taken time to fully to build an even Marc Lore (Jet.com) to winners of the closure. A new workspace on Slack pro- fine arts and engineering students and theory and practice. integrate the program with experts in bigger and better Penn Wharton Entrepreneurship vided a virtual workshop for business recent MBA grads—could design the “The entrepreneurship program is the field. “The really good entrepre- entrepreneurial Alumni Achievement Award, includ- plan insights and recruiting team mem- lobby. In addition to its specialized extraordinary at Wharton,” says Rob, neurs were out in the world building ing Lore, First Round Capital founder

bers. Faculty logged on for ofﬁce hours, spaces, Tangen Hall pulls several key “but it’s made even more valuable in the things,” says Emily Cieri, Dean Erika community at Penn. Josh Kopelman W93, and LinkedIn

20 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 21 which inspires outdoor adventure and beginning: It’s since raised $1 million in pathways to entrepreneurship through STARTUP alleviates global poverty. “I wanted to seed-round funding. programming, whether for “explorers” prove that you could do good and do well After Rui Jing Jiang W18 and her trying to figure out what they want to ALL-STARS as a business,” says Smith, who adds that team, Avisi Technologies, won the 2017 do or “navigators” looking to land some Here’s just a sampling of he was motivated by his Warby friends Y-Prize technology contest with their experience as consultants or managers on the many Penn and Wharton while at Wharton. idea—an ultra-thin drainage implant, a project. Viswanathan adds that there’s alumni who’ve made “Success begets success,” says Ravi called VisiPlate, to treat glaucoma—they room for all these roles at a startup—and an indelible mark through Viswanathan ENG90 WG98, a ven- moved through two university accel- some flexibility. “Maybe you’re amazing entrepreneurship. ture capitalist and founder of NewView erators and developed their product at finance or sales,” he says. “Going to a Capital, who also serves as the Venture through a Penn Engineering lab and young company and being part of that Warby Parker Lab advisory board chair. “It’s heartening the Singh Center for Nanotechnology. hyper-growth journey gets you so much Neil Blumenthal WG10 to see more and more people think about “We met a ton of entrepreneurs by just more confidence, contacts, and skills than Dave Gilboa WG10 Wharton not just for finance or account- being at Penn, and it fostered a sense of if you were to work at a bigger company.” Andy Hunt WG10 ing, but for all of these other things.” community,” says Jiang. “Being able to Jeff Raider WG10 get to where we are today is testament to SoftBank Opportunity Fund the incredible nature of the technology Stacy Brown-Philpot W97 that was spun out of Penn.” The medical enture Lab is intentional t’s been not quite two years device startup went on to win the Penn about what innovation Tory Burch since Mike Weber WG20 and President’s Innovation Prize, which looks like at Wharton— Tory Burch C88 Vedant Saboo WG20 hatched included a grant and living stipend to starting with the diver- Hims, Hers an idea for Frutero, a creamy keep developing the invention. VisiPlate sity of students. “Right Andrew Dudum W11 tropical ice cream that com- still operates today in one of the coveted Vnow, the percentages of entrepreneurs Jack Abraham Ibines Pennsylvania dairy with exotic “inventor garages” at the Pennovation who participate in our program don’t fruits from around the world (think: Center, the university's business incu- reflect the student demographics on Madison Reed Colombian guavas, Thai coconuts). bator space across the Schuylkill River campus,” says Pham, explaining that Amy Errett WG88 Moving quickly, they used the Penn in Grays Ferry. Venture Lab is working to change the Andrew Trader W91 Wharton Innovation Fund to create a Jiang also received early help from underrepresentation of women, stu- WG99 prototype; tasked Wharton classmates the legal clinic at Penn Law on busi- dents of color, and first-generation stu- with sampling flavors; built out their ness matters like founders’ and oper- dents. “We want to be pulling them into StubHub business model through the VIP-X accel- ating agreements. “The law professors the top of the funnel and getting them all Jeff Fluhr ENG96 W96 erator; and got additional funding and were just so accommodating,” she says. the way through the pipeline.” Ensuring First Round Capital visibility through the Startup Challenge. “You can learn, say, contracts in class, equal footing starts with considerations Josh Kopelman W93 They were shipping out half pints in dry but when you’re starting a company, like targeted and creative engagement, ice and landing their product in Whole there is just so much you have to learn endowed opportunities, structured Venmo Foods freezers as they were finishing by going through it.” Avisi Technologies workshops, and a stronger mentoring Andrew Kortina C05 their degrees. is working to gain FDA clearance for program, all of which are going to be Iqram Magdon-Ismail CEO Jeff Weiner W92. (The latest award As the nexus of all startup activity VisiPlate by 2024; meantime, the com- championed by Venture Lab. ENG06 recipient, John Legend C99 HON14, was on campus, Venture Lab aims to attract pany has been filing more patents with These efforts are a big selling point Jet.com honored for his humanitarian vision in a significant number of students from hopes of building out a portfolio of other to Miriam Williams C04 WG15, who Marc Lore March.) Wharton entrepreneurs have outside Wharton. “By serving all Penn life-changing health-care solutions with co-founded modern maternity brand even flipped industries on their heads: students, we are really benefiting every- cutting-edge technology. Superkin in 2018 and further developed Tesla, SpaceX Look no further than Warby Parker’s body,” says Pham, explaining that more It’s worth noting that the many it in Wharton’s VIP accelerator in San Elon Musk impact on eyewear, or what’s being often than not, entrepreneurs need resources on campus aren’t available Francisco last year. (“The VIP program Wealthfront, Benchmark reimagined by alumnus Elon Musk and outside help on their ideas. Last year’s only to founders like Jiang. While there was such a great way to have structure Capital his Tesla and SpaceX. “It’s heartening to Startup Challenge winner, Felicity will always be students wanting to around connecting the resources and Andy Rachleff W80 Wharton has led in broader entrepre- see more people Johnson WG20, didn’t necessarily have launch the next unicorn (following in entrepreneurship community,” says neurial spaces, too: In 2018, Inc. magazine a strong understanding of veterinary the footsteps of Andrew Dudum W11 and Williams.) Superkin’s clothing is all QVC dubbed the School the “spiritual cen- think about sciences beyond having owned a cat. alumnus Jack Abraham, of DTC health- about empowering women with profes- Joe Segel W51 ter of the [direct-to-consumer] startup Wharton not just However, her idea—a telemedicine app care startups Hims and Hers), the major- sional and functional pieces. “There was Deliveroo movement.” And the field of social entre- for pet owners to get animal care any- ity of the Wharton community consists such a clear picture of how powerful and William Shu WG12 preneurship, which has been taught here for finance or time, anywhere—was so compelling that of “joiners”—people who don’t necessar- dynamic women are in the world, and we for 20 years—Ian MacMillan co-wrote a she partnered with John Hurst WG20 ily have an idea that’s worthy of their full weren’t seeing it reflected in this pivotal Allbirds accounting, but Joey Zwillinger WG10 playbook on it—has inspired many busi- for all of these V20 and Penn Vet advisors to build out attention, Ulrich explains, but who still moment of motherhood,” says Williams. ness models. A number of Wharton the concept. My Virtual Veterinarian, appreciate the entrepreneurial mind-set And when Williams saw a problem in Flatiron Health brands are DTC and built around giving other things,” says now called Hello Ralphie, placed first and gravitate to an environment of small the venture capital ecosystem—women Nat Turner W08 back: Warby’s buy-one-give-one glasses; in the competition and netted $30,000, teams and diverse tasks. raise a fraction of the dollars that men the eco-friendly shoes of Joey Zwillinger Ravi Viswanathan plus another $15,000 in support ser- So it makes sense that Venture Lab do, including at Penn—she decided she New Peak Group, Yihaodian Gang Yu GRW90 WG10’s Allbirds; Smith’s Cotopaxi, ENG90 WG98. vices. And that was actually just the has laid out a priority to support all wanted to change that, too. “If you’re

22 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 23 a Wharton grad female founder, you ing founders with common issues like ates more meaningful opportunities should be funded,” says Williams. “It team building and fund-raising. When “We’re not just for the entire Penn entre pre neur ship was really inspiring to think about it you’re young, says Jiang, these resources building a new community.” in that way.” She rallied around Jarah represent unfathomable opportunity. Now, says Viswanathan, there’s a Euston WG09 and Alice Zhang WG08 “More undergrads should consider brand,” says similar “nucleation site” in Tangen Hall, when they created a nonprofit in 2018 entrepreneurship,” she says. “You have Venture Lab which will welcome students through called the Wharton Alumnae Founders & energy and ideas, and you’re inspired. executive director its doors as soon as campus pandemic Funders Association, or WAFFA. Since And you also have people at Penn will- restrictions are further eased. The hope then, WAFFA has worked with Venture ing to help you achieve whatever it is you Trang Pham WG18. is that the same Silicon Valley energy Lab to connect female founders with want to achieve.” “We’re expanding can be channeled through the facility trusted investors, co-host educational Wharton alumni are generous with and harnessed by Venture Lab. “We’re programs and skill-building workshops, more than just their time. Venture Lab the presence and looking to not just build a new brand, but and increase the number of women in is entirely funded through them, as is availability of also to expand the presence and avail- the School’s startup ecosystem. A few its Innovation Fund, which provides ability of entrepreneurship in the public of the most promising female startups multi-tiered pre-seed funding for stu- entrepreneurship.” eye at large,” says Pham. Which means are awarded free advising through the dent ventures. Not surprisingly, says that with the startup opportunities at Snider Center Venture Consulting pro- Rob Goergen, the Wharton network Wharton and Penn still blooming, what gram. “That’s what is so exciting about very much wants to invest in Wharton the future of entrepreneurship looks like Venture Lab,” says Williams. “You’re products and people: “There is a broad remains completely unpredictable—and creating the resources and visibility for group of unnamed investors who are only in the best way. the entire population of Penn.” investing dollars into companies that Priorities like diversity and inclusion students are originating during their Amy Downey is a freelance writer are also being shaped by Venture Lab’s time at Wharton. They aren’t just being based in Allentown, Pennsylvania. advisory board, many of whose mem- philanthropic—they truly believe in bers have started their own companies. these companies.” When Davis Smith Viswanathan explains that this type of began at Wharton just before exiting his environment promotes valuable nonlin- first company, he used the time to reflect ear thinking. “When you have different on what he had already done as an entre- personal experiences, there’s more of preneur—and what to explore next. But an open mind on investing in themes the experience also turned out to be an and trends,” he says. “You expand your investment opportunity, as Smith met critical thinking and judgment in ways the Warby Parker founders and even- that you wouldn’t if you had a monolithic tually became an angel investor in their organization.” In other words, a more company (and vice versa). diverse team has potential for a more “The value of random encounters and diverse portfolio. having a place to work is pretty high for “We need to evolve with the indus- speakers who were passionate about entrepreneurs,” says Ulrich, who over- try, and with the country, to ensure supporting female founders. “It’s been sees the Wharton San Francisco cam- we are nimble and resourceful enough incredible to draw from the alumni pus. A major catalyst for the Bay Area to support not only this generation of community to encourage these conver- program’s development was the imple- entrepreneurs, but the generations sations,” she says. mentation of an “open-space” concept of entrepreneurs to come,” says Rob It’s no secret that students are drawn in which alumni can work alongside Goergen, who serves on the board to Wharton’s vast global network, and each other for natural collaboration and alongside his father. “And Venture Lab the ethos of mentoring and paying it brainstorming. “We saw funding events, will be one of the preeminent resources “Investors are forward is especially powerful within partnerships, initiatives, and hiring—all that will allow us to continue to both investing in entrepreneurship. The School’s alums as a result of this open-space initiative,” lead and evolve for the benefit of the are generous with their time and exper- says Ulrich. entire Penn community.” companies that tise, whether they’re judging school “Wharton San Francisco provides students are competitions, evaluating new program- easy access to Silicon Valley and deepens ming, mentoring aspiring founders, or, the connections of Penn and Wharton originating at well, Zooming with peers during a pan- students and alumni to each other and ven after COVID-19 can- Wharton. They demic. Viswanathan, for example, vol- to the entrepreneurial ecosystem here,” celed all in-person events, unteered as one of the first mentors for says Irina Yuen, director of Venture WAFFA still managed truly believe in Venture Lab’s new mentoring program Lab programs in San Francisco. “We’ve to quintuple its member- these companies,” last fall. Although his two mentees were seen alumni and business partners who ship in 2020. It got a Zoom says Rob Goergen in fields outside his tech investment connect through our San Francisco- Eaccount, says Williams, and hosted expertise (medical devices and life sci- based programs further engage in our

virtual roundtables with phenomenal Jr. WG00. ences, respectively), he helped the aspir- Philadelphia programs, and this cre-

24 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 25 2 Event Video Library Ideas Your one-stop access to alumni event recordings. Watch on your desktop or mobile device — all exclusively available to Wharton alumni. Lifelong Learning: Whiteboard—28 The Salon—30 Syllabus—33 Knowledge@Wharton—34

whr.tn/event-video-library

Winning omnichannel retail strategies: see p. 40

Illustration by Andrew Footit spring/summer 2021 wharton magazine 27 Powered by The Wharton Fund ideas / whiteboard

Content to Underperform Exceeding Expectations Go On Green, Proceed With Caution Investors’ ESG tastes Even though green stocks are Greener stocks have negative At the push up green stocks’ expected to underperform, CAPM alphas because ESG- prices, which lowers their sometimes they get lucky and motivated investors like holding expected returns. Yet outperform. Big gains can them and because green stocks investors are still happy come from unexpected demand hedge climate risks. That drives Whiteboard With holding those stocks because for green products/services up their price and reduces their Luke Taylor of their ESG traits. or green stocks. future expected returns. Is there social good in green investing?

hareholders of stocks that meet environmental, social, and governance (ESG) criteria may feel good about these investments. But does green investing have a positive impact on society? And how does green investing affect stock prices? Those are the questions associate finance professor Luke Taylor and his co-authors ask in their paper “Sustainable SInvesting in Equilibrium,” which aims to provide theoretical guidance on the approximately $30 trillion ESG market. Taylor—along with Wharton finance and economics professor Robert Stambaugh and Chicago Booth finance professor Lubos Pastor—presents four main findings: First, that green assets have lower expected future returns than “brown assets” such as coal stocks. Second, that even though green stocks are expected to underperform, they can end up outperforming brown stocks. “That happens when shocks hit,” says Taylor. For example, unexpected climate- related events can send investors scurrying away from less environmentally friendly stocks. Such shocks may explain why green stocks have outperformed over the past decade. “Going forward, though, our model predicts that green stocks will underperform,” explains Taylor. “But over any period of time, if the shocks are strong enough, green outperforms brown.” The researchers also found that individual investors’ ESG portfolios are expected to perform worse than brown portfolios. ESG investors aren’t behaving irrationally, however. “While you expect green stocks to underperform,” Taylor explains, “you still feel good about holding them.” Lastly, in theory, green investing does lead to positive social impact. When investors care more about ESG, two things happen. First, firms choose to make their operations greener because they know doing so will increase their market values. For example, a coal plant may install scrubbers to reduce pollution. In addition, green firms’ cost of capital decreases relative to that of brown firms. As a result, capital investments shift from brown to green firms, and coal plants could shut down while solar farms expand. “I used to think that ESG investing would have no effect on what companies do—that if some institutions divest from Dispersion Makes the Difference Capital Costs Lead to Growth Everyone Gets Greener coal stocks, it won’t do anything, because other investors If everyone had the same level of ESG The more investors care If investors like holding tastes, everyone would hold exactly about ESG, the lower the green stocks, making your offset that,” says Taylor. “Now, I understand that’s wrong. Our the same portfolio, with green as cost of capital for green firm greener can increase findings are good news for ESG investors, for the environment, well as brown stocks. There would be firms. Faced with cheaper your stock price. This pushes and for society.” The researchers’ next step is to gather data and no need for specialized ESG funds. capital, green firms all firms to become greener, “The ESG industry is largest when the will expand operations. improving social impact. test their model’s predictions. “This is just a start,” Taylor says. dispersion in ESG tastes is greatest,” “There’s so much more we need to understand about the rise of says Taylor.

sustainable investing.” —Louis Greenstein

28 wharton magazine spring/summer 2021 Photograph by Colin Lenton spring/summer 2021 wharton magazine 29 ideas / the salon

behaviors we can change—seemingly small daily ← Insight on decisions about eating, drinking, exercise, smoking, Every Platform: The Change sex, and vehicle safety. They add up, producing hun- For more from dreds of thousands of fatal cancers, heart attacks, Milkman, check out her podcast, Agent’s and accidents each year. I’ve never seen a similar Choiceology, breakdown of how our daily decisions accumulate in which she when it comes to productivity, happiness, savings, shares stories Handbook of irrational or educational outcomes, but it’s easy to guess that decision- Professor Katy Milkman discusses it’s not just health where the little things pile up fast. making and psychological her new book aimed at helping Recognizing that my research on behavior change traps that lead individuals and managers inspire could potentially make a real dent in such meaning- to expensive ful problems has fueled me ever since. mistakes. One meaningful, lasting shifts in behavior. recent episode examined how If you can’t persuade people to alter their putting personal effort into behavior by telling them that change is simple, something—from cheap, and good for them, what magical ingre- hobbies to a dient will do the trick? small business— can lead to f you’ve ever tried to change or encour- I have many answers to that question, but the overestimating age it in the people you manage, you know how most important is “It depends.” The surest path to the value of hard it is. There are countless resources that success is not one-size-fits-all. that effort. aim to help—to boost productivity, exercise, When policymakers, organizations, or scientists healthy eating, or savings. But chances are, apply a one-size-fits-all strategy to change behavior, you’re still not where you want to be. the results are mixed. But when they start by asking In How to Change: The Science of Getting from what stands in the way of progress—say, why their IWhere You Are to Where You Want to Be, Wharton’s employees aren’t saving enough money or getting James G. Dinan Professor and Behavior Change for flu shots—and then develop targeted strategies to Good Initiative co-director Katy Milkman explains change behavior, the results tend to be far better. why. The crucial thing that many of us get wrong? The obstacles to change are highly variable. Your Our strategy. Change, Milkman has learned, comes obstacle might be forgetfulness, or a lack of confi- most readily when you understand what’s standing dence, or a desire to take the path of least resistance, between you and success and tailor your solution to or the tendency to succumb to temptation. And we that roadblock. In this Q&A, she discusses her book sometimes face more than just one obstacle. But and the science of change. whatever the challenge, identifying it and developing a tailored strategy to surmount it is key. My What was your path to dissecting how our book is organized to help readers do just that. Each daily decisions affect our prosperity and our chapter highlights a common obstacle to change and How to Change: happiness, ultimately leading you to study how shares the strategies that science has proven are The Science of most effective for toppling that particular challenge. Getting from people change their behaviors? Where You Are Initially, I did a lot of what I like to call to Where You “me-search”—studying topics that related to my What work did you do with Google to develop Want to Be time when it was most convenient for them to exer- I think this is one of the most important dis- (Portfolio/ personal foibles. But that all changed about a decade tools for nudging better decisions and produc- Penguin Random cise. And some employees were paid for exercising coveries I’ve made in my research career. Forming ago when I saw a pie chart that kept me up at night tivity? What did you discover? House) will be at that same time each day, while others were paid stable routines helps build habits, but if we want to for weeks afterward. The chart broke down the After a visit to the company’s headquarters, available May 4 a bit less for exercising anytime. form the “stickiest” possible habits, we need to learn through Wharton most common causes of premature death in the I saw an opportunity to help encourage Google School Press When the data came back, we were startled by how to roll with the punches so we can be flexible United States. And it showed that roughly 40 per- employees to build more stable exercise habits. I and other book what we learned. The Googlers we’d encouraged to when life throws us a curveball. Too much rigidity cent of premature deaths are the result of personal pitched a low-cost strategy that I and my longtime retailers. hit the gym at a consistent time essentially built a is the enemy of a good habit. collaborator, Harvard Business School professor habit around exercising only at that precise time. John Beshears, were convinced could work. We had accidentally turned them into inflexible You write about how timing is critically As part of WSP‘s John and I suspected that visiting the gym or Meet the Authors automatons. If they couldn’t make it to the gym at important to change—people are more open building any other habit in a very consistent way— series, visit their regular time, they were unlikely to go at all, to changing when they feel they have a fresh “ Whatever the always at the same time on a strict routine—would the Wharton either during or after our experiment. But both start. Besides New Year’s, what are other School LinkedIn challenge, identifying produce more lasting behavior change than exer- page for a live during and after our study, the employees we’d moments that inspire new beginnings? cising less consistently even at the same frequency. conversation rewarded for exercising on a more flexible schedule Surveys show that new beginnings offer a kind it and developing To test this, we ran a study with collaborators with Milkman kept working out more at other times, too, not just at of psychological “do-over”: People feel distanced and marketing a tailored strategy to measuring more than 2,500 Googlers’ attendance professor the time they’d identified as most convenient. They from their past failures; they feel like a different per- at on-site gyms during a month when we offered Peter Fader had very clearly learned how to get to the gym even son with reason to be optimistic about the future. surmount it is key,” on May 11, them rewards for exercise and for roughly 40 weeks 11:30 a.m.– when their original plans fell through, and overall, My research with UCLA professor Hengchen

says Milkman. thereafter. At the outset, participants told us the 12 p.m. ET. peter murphy that produced a “stickier” exercise habit. Dai GRW15—who was my PhD advisee at Wharton

30 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 31 ideas / syllabus once upon a time—and Wharton Senior Fellow reminder comes at that precise moment when you these issues, it gives them projects such as mining Jason Riis has shown that people are more likely need to follow through, you’re likely to forget again. more credibility.” and pipeline construction. to pursue change on dates that feel like new begin- When you can’t time a reminder perfectly, you A Corporate “Rather than dealing with a nings. Undergraduates are more likely to visit the can help yourself remember by forming a detailed “A Fundamental powerless group with force, gym not only in January, but also earlier in the week, plan with a cue to act. It’s as simple as filling in Reckoning Reshaping of Finance” condescension, or charity, the after a school holiday, at the beginning of a new the blanks in the sentence “When ___ happens, I’ll Influencing companies to shift strategy and In 2020, BlackRock chief article outlines ways to engage semester, and after their birthdays—except after do ___.” Often when we make plans, we don’t focus Larry Fink’s annual letter them as equals,” says Henisz. 21st birthdays, and I’ll let you guess why. We also on what will trigger us to act. Instead, we focus on take on society’s pressing issues to CEOs—regarded as a found an uptick in online goal-setting and in “diet” what we intend to do. For instance, a typical plan to bellwether for business— “How Hedge Funds searches on Google in January, on Mondays, and improve oral hygiene might be: “I’m going to start put climate risk squarely (Secretly) Get Their Way after holiday breaks, and people’s birthdays were flossing more.” But research shows it’s vital to link in the spotlight. “Our in Washington” linked with more goal-setting, too. Anecdotally, we that intention with a cue, like a specific time, place, investment conviction is that Students read this Bloomberg also know that meaningful life moments, such as or action, so the cue will jog your memory. If you sustainability- and climate- Businessweek piece among getting over a major illness, moving to a new city, want to floss more regularly, a helpful tweak to your integrated portfolios can a handful of articles becoming a parent, or even just getting a radical plan would be to say, “Every night after brushing provide better risk-adjusted for a class on corporate new haircut, can spur change. my teeth, I’m going to floss.” My collaborators and returns to investors,” Fink propaganda. “The class is The one tricky thing to keep in mind is that not I have proven that simply prompting employees to Witold Henisz, Larry Fink, Marc Benioff writes before detailing built around the idea that everyone benefits from a fresh start. While fresh form these kinds of concrete, cue-based plans for ith so many another to act on it—a initiatives by his firm to if we understand people and starts are helpful for kick-starting change, they can getting vaccinated at a workplace flu-shot clinic social, factor that’s at the heart prioritize sustainability in its their issues of concern, and also be unwelcome disrupters of well-functioning can significantly and costlessly increase the rate at political, and of Henisz’s course. In investments and to confront we present evidence that routines. Anyone seeking to maintain good habits which employees get inoculated. envi ron- addition to preparing climate change. those issues are financially should beware. mental issues students to identify the material, then it enhances What do you hope readers take away from coming to issues stakeholders care “Five Ways That ESG a business’s profits if it does How is forgetfulness the silent killer of our your book? a head at once, the concepts about, he gives them the Creates Value” something about those goals? How do we overcome flaking out? My hope is that How to Change will help readers Wtaught in management tools to convince others to Part of getting business issues,” says Henisz. In a classic study from 1885, German psycholo- better understand what’s standing in their way professor Witold Henisz’s adjust company practices leaders on board with “The problem is that there gist Hermann Ebbinghaus estimated that we forget at work and at home and how to overcome it. The course Corporate Diplomacy: accordingly. “I don’t think addressing societal issues are two ways of doing nearly half of the new information we’ve attempted book uses cutting-edge scientific research to offer Aligning Stakeholder it’s ever been as evident is showing them exactly that.” One way, he says, to store in memory within 20 minutes. One obvious solutions to the most common internal barriers to Analytics and Strategy have as in the past year that how doing so affects the is to combat the problem. way to overcome forgetting is to create reminders. change. If readers leave with just one takeaway, I perhaps never been more the future leaders coming bottom line. This McKinsey The alternative is to use And if you can arrange to schedule a reminder that hope it will be that one-size-fits-all strategies don’t relevant. “Firms exist in an out of Wharton have a Quarterly piece—authored misinformation and pressure will appear at the very moment when you should work nearly as well as tailored attacks if you want environment influenced by responsibility and a need by McKinsey’s Robin to influence people in act, do so posthaste. But unfortunately, unless a to achieve your biggest goals. ! political and social forces,” to shift the way their Nuttall and Tim Koller as another direction. The class says Henisz, who also directs companies and investors well as Henisz himself— session is designed to make Wharton’s Political Risk Lab behave,” he says. A selection digs into the specifics students better detectors and founded the School’s of readings from the course of how a company’s of corporate propaganda and MORE MUST-READ WHARTON AUTHORS Environmental, Social, and illustrates the concepts environmental, social, more aware of associated Governance Analytics Lab. taught to students. and governance strategy government regulation. “They don’t just exist in influences sales growth, isolation, and they—and their “We Need a costs, legal liabilities, “The Value Driver Model: investors—have to take those New Capitalism” worker productivity, and A Tool for Communicating factors into account.” Henisz introduces this investments. The article, the Business Value of It has also never been New York Times op-ed by says Henisz, “gets past Sustainability” easier for companies to Salesforce CEO Marc Benioff whether ESG is good or bad This report from the identify the issues that alongside other pieces and gets under the hood.” Principles for Responsible matter most to the public. from prominent business Investment and the U.N. # 2 3 4 “We have a lot more data leaders to show that worries “Breaking Ground: Global Compact LEAD gives Beating Burnout at Work Digital Body Language Making Money Moral Put Happiness to Work than we used to about the over issues such as income Engaging Communities companies looking to sway Paula Davis LPS10 Erica Dhawan W07 Judith Rodin CW66 HON04 Eric Karpinski WG01 way the world is changing,” inequality and climate in Extractive and investors toward sustainable This team-building toolkit The “connectional and Saadia Madsbjerg The corporate happiness says Henisz. Through media change have reached the top Infrastructure Projects” practices a material way is backed by science and intelligence” expert offers A look at the trailblazing coach presents seven and social media analysis, levels of corporate America. Henisz uses this report by the to do so. The report—which offers actionable strategies timely insights into building investors who are solving strategies to help managers businesses nowadays can “These are concerns that World Resources Institute focuses on assessing revenue for fostering resilience, trust and communicating global problems while and team leaders deepen pinpoint issues more quickly people who are widely to talk about how companies growth, cost savings, and connection, and well-being clearly through all earning big returns and how engagement and increase and at more granular successful capitalists are can give voice to people with risk reduction stemming (Wharton School Press). manner of digital tools— to put their impact investing performance (McGraw-Hill levels—such as by country speaking out about. It’s not little power, particularly from such practices— videoconferences, emails, tools to use, co-authored by Education). or city. just fringe activists,” says citizens of low-income lays out a blueprint for texts, and more (May 2021, Penn president emerita Rodin It’s one thing, however, Henisz. “When people at countries who are affected communicating overall

St. Martin’s Press). (Wharton School Press). nikki ritcher photography summit, action climate global benioff: fink: wilson center; marc larry to identify a problem and that level start talking about by industrial development ﬁnancial impact. !

32 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 33 ideas / knowledge@wharton—the case

experts at a virtual symposium last fall, “The Use of Analytics and AI in the Post-Pandemic World.” The Perils of The event was hosted by the nonprofit Marketing Science Institute along with Wharton Customer Data Analytics Analytics and AI for Business at Wharton. The symposium touched on a wide range of U.S. companies% Companies are at a crossroads over 86 topics under the umbrella of data analytics while responding to a how they collect and use consumer keeping sharp focus on what’s ahead in the evolving PwC survey who said artificial information. world of artificial intelligence. “In trying to design intelligence the program today, we couldn’t ignore the obvious, would be a “mainstream which is that 2020 [was] the year of disruption and technology” for risks—and, hopefully, successful management of them in 2021. those risks,” said AI for Business faculty director Kartik Hosanagar, who is also a Wharton professor ata analytics helps marketers of operations, information, and decisions. learn about their customers with target precision, from the movies they watch on The Risks and Rewards of Data Netflix to their favorite scoops of choco- Much attention has been paid to all the impressive late ice cream. Data is ubiquitous, essen- ways that AI and machine learning help companies tial, and beneficial—except when it’s not. by automating services, predicting patterns, and Experts warn that data analytics is at an inflec- making recommendations that lead to greater sales Dtion point. Growing concerns about security risks, and engagement. A third of Amazon’s sales come privacy, bias, and regulation are bumping up from its recommendation algorithm, for example, against all the benefits offered by machine learning while YouTube’s algorithm drives 70 percent of the and artificial intelligence. Layer those concerns on content watched on its platform. But, Hosanagar top of worries about the coronavirus pandemic and said, the risks associated with AI need equal atten- how it has rapidly changed consumer behavior, and tion and priority from managers. the challenges become clear. “What we’re seeing is a AI can create social, reputational, and regulatory lot of chaos in terms of what is the right answer. And risks even for companies well versed in technology. what we’re seeing is a change in strategy,” said Neil Amazon scrapped a recruiting software with a gen- Hoyne, chief measurement strategist at Google and der bias. Twitter shut down a Microsoft chatbot that of mouth reducing consumer demand,” Ukanwa He said companies are less interested in the his- a senior fellow at Wharton Customer Analytics. “learned” how to post racist tweets. Facebook was said. Still, she emphasized the value in data analyt- torical tracking of consumer data because the past Hoyne said he’s in constant conversation with sued by the U.S. Department of Housing and Urban ics. When it works well, it takes the guesswork out doesn’t matter now. And rising concern about pri- companies that are trying to figure out the future of Development, which alleged that the platform’s tar- of decision-making and can lead to more equitable vacy and regulation has companies examining how data analysis. Google and other internet providers geted advertising violates the Fair Housing Act by outcomes. But AI must be vigilantly monitored and to make their data more transparent to customers, recently announced plans to phase out third-party restricting who views housing ads. “These are not tweaked. Sometimes, there’s an easy solution. In as well as more reliable and relevant. These are cookies, which will strip marketers of a wealth of small risks for the companies,” said Hosanagar, the bank-loan example, simply dropping the gender incremental changes, not a major overhaul. “They fine-grained information collected by tracking who strongly recommended that business leaders input would have prevented the bias. just want to be a little bit better,” Hoyne said, calling consumers across the web. Proactive companies create interdisciplinary teams to continuously mon- Raghuram Iyengar, Wharton marketing pro- that approach “refreshing” because it’s more sus- are already pivoting so they can be ready for a post- itor and evaluate data for bias. fessor and faculty director for Wharton Customer tainable for companies. cookie, post-pandemic world. Bias can be unwittingly baked into algorithms Analytics, also cautioned marketers to consider Barkha Saxena WG11, chief data officer for social For more on “The companies that are going to win are the by the humans who create them. Symposium how they deploy data analytics. Is it really needed commerce site Poshmark, held up her firm as an AI and trends ones who are using data, not guessing,” said Hoyne, speaker Kalinda Ukanwa, a marketing professor to solve a problem? “I talk about this sometimes example of flexibility in uncertain times. Data has in business analytics, join who spoke along with other industry and academic at the University of Southern California’s Marshall in my class: You don’t need a bazooka to get a fly,” always driven decisions at Poshmark, and the com- the Annual School of Business, offered a powerful example he said. pany has taken an integrated approach that allows Analytics to illustrate the problem. “Rebecca” applies for a it to be nimble during market changes. She shared Conference, held virtually loan with an online bank that uses AI to determine Pushed by Pandemic Uncertainty a framework that could help other companies do May 3–7 and her suitability. She is rejected despite having good The COVID-19 pandemic has disrupted business the same: Evaluate the data, execute the plan, learn hosted by Wharton Customer “ The companies that credit. If she enters the same information with one in unexpected ways, rendering obsolete some of what worked and what didn’t, then repeat. “This is Analytics, difference—her gender—she’s approved. While the the data analytics that were useful before con- pretty much how you turn the data into an operat- Wharton AI for are going to win are online bank may see an initial surge in business sumers radically shifted their consumption pat- ing tool,” Saxena said. Business, and Analytics at the ones who are using because of the AI’s ease of use, it may suffer long- terns. Google’s Hoyne said smart companies are She also encouraged a team mind-set around data: Wharton. This term reputational effects. Months after Rebecca’s responding by moving from precision measure- It shouldn’t be sequestered in one department, but year‘s keynote data, not guessing,” bad experience, she may tell a friend not to bother ment to prediction. Instead of capturing more data, rather shared across business functions. “We have speaker is Jamie Moldafsky said Neil Hoyne of applying for a loan at that bank because she didn’t they’re exploring what they can do with the data the foundation of very centralized, reliable, and easy- WG89, chief get approved. they already have. They’re also shifting from third- to-access data, but then it’s delivered to all the teams,” marketing and Google and Wharton communications “Algorithm bias can be profitable in the short party, cookie-based data to first-party data to estab- she said. “It allows for the data to be accessible to all officer at

Customer Analytics. run but unproﬁtable in the long run due to word lish more direct relationships with their customers. the business users at the time of the decision.” ! Nielsen.

34 wharton magazine spring/summer 2021 Illustration by Timo Lenzen spring/summer 2021 wharton magazine 35 ideas / knowledge@wharton—essay ideas / knowledge@wharton—the deck Give Your Why Lowering Barriers to Business Communications Creation Could Improve Startup Quality Here’s an unexpected reason to support regulatory and policy changes that make it easier to jump-start ventures: They may actually make it harder for those businesses to get accepted into startup accelerators. That’s a good A Boost thing, says Wharton assistant management professor Valentina Assenova, because such policies spur applications Five simple, science-backed ways to to these groups, making their selection processes more competitive and, in turn, increasing the quality of chosen better convey your message ventures. Assenova digs into the details of this phenomenon in her paper “Institutional Change and Early-Stage Start-Up Selection: Evidence From Applicants to Venture Accelerators.”

eal-world face-to-face communication is a rarity in business today, and the potential for failing to convey 1 THE QUESTION 2 THE PROCESS an intended message or giving the AND METHODOLOGY wrong impression has grown. Wharton How do institutional reforms Assenova looked at startup Executive Education and Wharton’s affect early-stage startup regulations related to aspects such as: Center for Leadership and Change Management Rhave created Nano Tools for Leaders—techniques selection, particularly into $ Minimum paid-in capital

that you can learn and start using in less than 15 venture accelerators? requirements minutes. This Nano Tool is designed to make sure your message gets across by helping you use neuro- $ Bankruptcy, litigation, science research to fine-tune your communications. understanding. To combat that, Falk asked people and liquidation procedures Two of the most effective methods for connecting to think about things that mattered most to them to reorganize a company with your audience are making eye contact and mir- (like family, friends, or spirituality) or to repeatedly upon failure roring (subtly mimicking the gestures of the other wish for the well-being of other people. 3 THE OUTCOME person). Both methods lead to synchronized brain 3. Keep it simple. Research on movie trailers $ The number of processes waves, which are linked to engagement, learning, found that those with the fewest words and images In countries and government policies that implemented and good rapport. Try the following ideas to further were most effective. Brain synchrony is hindered regulatory reforms, needed to start a new company improve your chances of being heard. by complexity. The simpler the message, the easier the average number 1. Tell a story, but don’t jump right in. it is to understand—and the more likely it is to be of firms that tapped venture Hearing the same story word for word won’t nec- remembered. But “short and sweet” is not enough. X accelerators The professor analyzed data from essarily create collective engagement and synchro- Communicate an essential core, something that’s 17 increased roughly nized brains, because everyone comes with different both straightforward and profound. 17 times. experiences, biases, and distractions that can get in 4. Raise the volume (slightly). Wharton’s Entrepreneurs “saw a lot more value the way of common understanding. To synchronize, Jonah Berger and Alex Van Zant of Rutgers in partnering with these organizations the group needs to make sense of what they’re hear- Business School found that speaking slightly more applicants for networking, for developing ing in a similar way. How? Before telling the story, loudly and varying your volume increases your per- to venture new knowledge, and for obtaining accelerators explain what it means or why you’re telling it. ceived confidence, which in turn makes you more additional capital from other sources,” across countries. 2. Encourage people to focus on something persuasive. That works best when you’re physically says Assenova. 13,770 170 bigger than themselves. Research co-authored present, which ties in with another finding: You’re by Penn communication and psychology profes- more persuasive in person than over email. 4 sor Emily Falk shows that difficult messages are 5. Make feedback a two-way street. Research THE TAKEAWAY met with an impulsive self-defense that can block suggests that before you deliver difficult feedback That increased to an employee, you should schedule a meeting and interest drove up ask the employee to evaluate you. Listen uncriti- “ The more competitive the competition: Simple messages are cally, take your time responding, and use mirroring by summarizing the feedback. Then hold a second In countries that selection,” says Assenova, easiest to understand, meeting in which you go back to what you heard; implemented more than one reform, but you must also if there was an area of perceived weakness, ask for applicants’ “ the higher the quality of the ways to improve. Then deliver your feedback, and probability of communicate an ask how you can help support growth or change. being selected –10% by an accelerator cohorts that accelerators are essential core, decreased by about Michael Platt GR94 is a professor of marketing, 10 percent. ultimately cherry-picking something straight- psychology, and neuroscience and director of the

forward and profound. Wharton Neuroscience Initiative. photol to fund and develop.”

36 wharton magazine spring/summer 2021 Illustration by Tobatron spring/summer 2021 wharton magazine 37 ideas / knowledge@wharton—data

DATA INTERPRETED THOUGHT DATA INTERPRETED THOUGHT The Myth of Urban Flight “ While direct listings and SPAC stories about city dwellers flocking to the suburbs during the mergers have been offered as COVID-19 pandemic have been persistent, but data on moving patterns shows that the stories largely aren’t true. While some cities have experienced alternative solutions for private small population losses, there isn’t much science to support the notion that metropolitan centers will begin to shrink after decades of growth spurred companies to go public, the right by young people. % “I think it’s possible that we’ll have a short-term shift in the demographic answer for most companies is to % for a few years,” says Wharton assistant professor of real estate Jessie Handbury. “But I do think this is not going to be dramatic, and it’s not going fix the IPO process.” to be a reversal of the trends that have been seen over the past 10 or so years.” David Erickson, a senior finance fellow Many downtown businesses have boarded up, unable to survive the at Wharton and co-director of the School’s financial losses that have come with lockdowns, less foot traffic, and fewer Stevens Center for Innovation in Finance, customers. Urbanites have left because of job loss, or because they can work offers ways to make the IPO process more Maximum potential Percentage of Americans appealing in an opinion piece for remotely and ride out the pandemic with family or take advantage of cheaper who live in a coastal Knowledge@Wharton. One solution: revisiting inflation rate in 2021, rents in the suburbs. And a small contingent left because they could; some 42 the time between when a company files its wealthy families have temporarily relocated to their second homes. shoreline county registration statement and when it can price 5according to Wharton its offering. Erickson says a shorter period Handbury says a small percentage of those who left cities won’t return, Russell E. Palmer Finance would still allow companies to achieve the and the pandemic likely pushed them into a decision about moving that had level of disclosure the SEC requires. Professor Jeremy Siegel been in the works for some time. But when the pan- How does the risk of sea- demic is over, she notes, new businesses will open and level rise affect home replace the ones that closed. “Once the businesses are prices? According to new As part of the Fast back up and running and the uncertainty of demand has research from Wharton Forward video series been resolved, you’ll see traditional college graduates come real estate professor featuring faculty in and fill in the ranks behind those families that maybe Benjamin Keys and DATA INTERPRETED examining what’s ahead have accelerated their moves out to the suburbs,” she says. Wharton doctoral student in the second year of Handbury also dispels the myth about hordes of older Philip Mulder GRW22, COVID-19, Siegel also empty nesters selling their suburban homes for smaller city home sales volumes have predicted a “strong digs. Again, that percentage is small and eclipsed by young declined in Florida’s economy, strong stock people moving to cities. “But for those who did move down- coastal areas, indicating market, and rising long- town into cities—my in-laws are living in downtown Baltimore—life is pretty that homebuyers are term bond interest rates.” dull at the moment,” she says. “I wouldn’t be surprised if a decent number becoming concerned have been moving out to the suburbs to live near their grandkids and things about sea-level rise. like that. Those moves could also slow down over the next few years if there’s However, declines greater fear, particularly, of the disease and living in dense areas.” in home prices have lagged, suggesting that sellers have been unwilling to cut their prices and may be less worried. $4.8 Amount raised through 2019 billion for funds that invest in gender- THOUGHT diverse teams and generate positive impacts on women “ We’re losing out on the key economic That total is up from $2.2 billion raised through 2018 and opportunities and the parts of the economy $1.1 billion through 2017, according to “Project Sage 3.0.” The report, which focuses on gender-lens investing through where the wealth is being created today, venture capital, private equity, and private debt, was authored by Sandi M. Hunt, managing director of the Wharton Social primarily Wall Street and Silicon Valley.” Impact Initiative, and Suzanne Biegel, founder of consulting John W. Rogers Jr., founder, chairman, and co-CEO of Ariel Investments, one of the country’s firm Catalyst at Large. oldest minority-led investment firms, joined Wharton management professor Stephanie Creary on her Leading Diversity at Work podcast series to discuss why board diversity matters.

Learn more at knowledge.

left to right: feverpitched; kittisak_taramas; frankramspott left kittisak_taramas; to right: feverpitched; wharton.upenn.edu

38 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 39 ideas / knowledge@wharton—q&a

nities. In the article, we explore Lego Ideas and Nike ning entry with one percent of the revenue that’s these tend to be confrontational or competing rela- By You. These are companies that have been keep- made from the products. Winners also get credited tionships. What we are seeing today is that when The ing an eye on customers and the things they like for on the packaging. these are seen as collaboration and op por tunities many years. But now, they have this opportunity for partnership is when the customer gets the best of Omnichannel that the digital platform has given them to invite K@W: In your paper, you say retailers need the two. This is even more evident when customers very early on in the process, or even to widen their scope and get more input from you see retailers that are platforms. The watch how customers can create new products or their trade partners. What kind of input? customer of the platform is both the end Dilemma combine their existing products in different ways. Rooderkerk: Manufacturers typically have orga- customer who’s going to buy the product Online, in-store, creative partnerships This allows companies and brands to learn from nized a new product development process by doing and those vendors that need to be attracted —how retailers can get it right actual customers. But they also learn from people a lot of marketing research, like focus groups or to place the products in the platform. This who are not going to buy, understand why they’re a taste test. But it’s still kind of a push-demand to is a game changer for the role of the tradi- not buying now, and learn what they can do to make innovation, where the manufacturer starts the tional retailer, now transforming to a plat- them become customers in the future. innovation process, solicits feedback, and screens form that sees customers on both sides. he biggest word in retail right now Another key change is the volume and the interesting ideas based on that. Trade partners We used to think about the relation- is omnichannel, the seamless integra- speed of data that the companies can access from often have much better access to the consumer. ship between manufacturer and retailer as tion of online and off-line shopping. these customers, and how companies inform their Selling to a retailer means you broaden your distri- competitive. But going forward, we should Omnichannel networks create a fric- creativity and new product development process bution, but it also means you give up some of the expect to see more collaboration and more tionless world for demanding consum- based on this new volume of data. I think these two direct access to your customers. Now, a retailer can data-sharing, and an opportunity for both ers. But for businesses, building that aspects—the idea of learning not only from cus- sit on the data and not share it, or actually use it for of these to grow. network while also developing new products can tomers but from the non-customers, and the vol- private-label development. Let’s take Amazon as an Tbe daunting. Santiago Gallino, a professor of oper- ume and speed at which the companies receive the example. Amazon has leveraged data obtained by K@W: Your paper also recommends ations, information, and decisions at Wharton, and data—are really critical in this new process. selling big brands on its platform by actually devel- that companies think outside of mar- Robert Rooderkerk, an operations management oping its own brands. Amazon currently has more keting and sales in new product devel- professor at the Rotterdam School of Management K@W: Does this co-creation go beyond the tra- Flights of than 100 brands, often under the radar. opment, to involve departments that at Erasmus University, have found some best Fancy: But a retailer could also take the point of view ditional focus group that’s put together when This robin is don’t always get considered. practices based on the success of companies that companies try to bring something to market? part of a Lego of sharing data, or insights from that data, with Gallino: One clear example of this is are getting it right. Their study, “New Product Robert Rooderkerk: Focus groups are static and set selected manufacturers. A good example is Alibaba’s Tmall when we think about the packaging and by Lego Ideas Development in an Omnichannel World,” was pub- expensive to run, and you often have to run multi- members. platform, which has started a marketing research the delivery process of the product. In the lished in California Management Review. ple ones. But customers are often intrinsically ↓ branch called the Tmall Innovation Center that past, when we ignore the omnichannel motivated to contribute to a company or shares data with leading manufacturers to jump- component, all of this is going to happen Knowledge@Wharton: Your study is prescrip- its innovation process. So it’s about start their innovation process. Alibaba was mining from a distribution warehouse to a retail tive for retailers: You’re not just telling them activating those customers. its data and saw that, for example, consumers who store to the customer home. But nowadays, they need to be omnichannel in new product Santiago already explained that were looking for chocolate were often also buying this path isn’t as clean as it used to be. And development; you’re handing them a research- getting access to customers has spicy foods. They made a very simple suggestion in many cases, companies are delivering based road map on how to get there. Among become easier using all sorts of digi- to Snickers to export its avenue of combining choc- products directly to the customers. the seven recommendations in your paper, tal platforms. But you’re also seeing olate with spice, and they came up with a spicy This requires involving in the devel- you advise companies to get more input from companies connecting to custom- Snickers. That turned out to be one of the most suc- opment process areas that traditionally customers earlier in the product development ers in new ways, often forming cessful consumer-packaged-goods introductions in might not have a lot to say. But to date, they process and even to make them co-creators of online communities. A great exam- China. Leveraging data that a retailer’s sitting on have had a lot to say about the delivery of products. How is that different from the past? ple is Lego, the toy manufacturer and sharing it with the manufacturer could lead to the product. What can be more efficient? Santiago Gallino: Many of these things are not that has been extremely successful much better innovations. Then the retailer has the What can be more convenient for the cus- completely new. The change is the extent to which in creating an online community and first rights to sell that product. tomer? What can be more cost-effective this becomes available to companies. Before, it was has leveraged that community for new The second component is operational consid- and safer in terms of making sure the harder for them to get to those co-creation opportu- product development ideas. They often erations. A retailer knows very well the difficul- product arrives in good shape and in the hold contests, called Lego Ideas, in which ties involved in selling and shipping product. For condition that the customer expects? And there is ↑ Hot Stuff: people can contribute an idea for a new instance, in Holland, a retailer knows very well the experience once the customer opens the prod- Real-time data toy set. Not only do people contribute what the size of a mailbox is. An international uct at home, which is a very different experience analysis led to the ideas; the community votes on these manufacturer doesn’t have that local market compared to the store. In the store, you get to meet the creation of the popular “ Leveraging retailer ideas. You instantaneously generate ideas and knowledge. By slightly adjusting the packaging, the sales representative, you could talk with them, Chinese candy vet them with your potential customers—and a delivery could be put through a door, which they package everything for you, and you take it bar Spicy data and sharing it these customers are often extremely creative. would lower transportation costs or delivery costs. home. There is a lot of emotional engagement and Snickers—which includes Sichuan with the manufacturer You’re using a sort of outside-in innovation. Customer preferences and operational consider- learning of the product in that process. peppercorn— You’re almost outsourcing your innova- ations are typically the data that retailers have and Nowadays, we receive a box at home, we open in roughly half could lead to much the box, and that’s when the magic happens. the time Mars tion process. It’s very simple. You have could share with manufacturers. normally spends better innovations,” to appeal to their intrinsic motivation. Companies are being more thoughtful and creative developing new You can often also apply extrinsic K@W: Are there downsides to manufacturers about that change in the omnichannel layout and products. says professor Robert motivation, as in the case of and retailers working together? are thinking about how they can create the wow

Rooderkerk. Lego. They provide the win- lego; mars Gallino: The mind-set in the past will suggest that factor at the moment that someone opens the box. !

40 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 41 Anatomy of a WHARTON COURSE

Which subjects really resonate with today’s students? Professors provide a behind-the- scenes look at eight impactful classes that help to deﬁne the modern Wharton experience. By Braden Kelner

42 wharton magazine spring/summer 2021 Illustrations by Barry Falls spring/summer 2021 wharton magazine 43 years, the teaching team has kept the Exploring New Possibilities THERE WAS A TIME when it was fairly simple to figure simulation fresh by incorporating stu- Perhaps no other advancement has more dent feedback, updating roles, tweaking TACKLING potential to disrupt nearly every aspect out which subjects would be taught at the “Finance School.” tasks, and even adding self-driving cars of our lives than artificial intelligence. In to the mix. TOMORROW’S this undergraduate course, started last Today, the breadth of study at Wharton is staggering. The word “foundations” in the course CHALLENGES year, professor Prasanna Tambe offers title takes on special meaning as well, a critical look at the technology, both for Which less-traditional aspects of business have fresh given that the class is the first taught TODAY its prospects to benefit society and its to incoming MBAs in the pre-term. A new course introduces ability to pose new challenges. relevance now? How does a fundamental course evolve For many students, the two years that While students get a feel for AI’s follow—and, with no exaggeration, their students to the ground- many applications—online product over the decades? What are the secrets to some of the most futures beyond Wharton—are shaped breaking potential of suggestions, screening job candidates, here. “This is the first opportunity that diagnosing health conditions, and popular courses? How do professors tailor their curricula students have to work together as a artificial intelligence and more—Tambe balances these concepts team,” says Rothbard. what it could mean for with one of his most important consid- to reflect current events and impactful trends? We asked “There’s something about this erations: how much students need to immersive, intensive experience that I their careers. know about the technical considerations Wharton faculty to pull back the curtain for an inside think socializes students into the idea of, of AI versus its managerial and social ‘Wow, I’m at Wharton, and this is going Title implications. “We are graduating stu- look at seven essential classes—plus a brand-new virtual to be different from my other educational AI, Data, and Society dents who may not be building AI sys- experiences,’” says Barsade. “It creates a tems, but who will need to wrestle with o!ering this semester that couldn’t be more timely. real sense of community from the start.” Faculty the broader organizational implications Prasanna Tambe, associate professor of of the technology,” he says. “So it is operations, information, and decisions important for them to understand how AI works and what trade-offs it poses. Fundamentally, AI is a tool that aids in decision-making, and that’s really what business is all about.”

traditional half-semester course became for two of the most basic processes that Complex Implications BUILDING an intensive multi-day experience that you have to have for that,” says Barsade. Particularly helpful for students in their LEADERS (AND A immerses students in a simulation “Our framework for this course is built future endeavors is an understanding of unique to Wharton right before their around those core skills and the fact that the most prominent issues concerning COMMUNITY) first term. “It was really innovative at the they are learnable. Sometimes, people AI today. “A big one,” Tambe says, “is Kicking off the MBA time, and it’s still cutting-edge in terms have this mind-set that you’re either bias—the idea that you roll out decision- of the format and the way we go about it,” born a leader or you’re not. We deliber- making tools that end up working experience, this course says Rothbard. ately break down leadership into a set of much better on data from some demo- introduces students to Much of the simulation experience, skills that you can develop.” graphic groups than others.” That created in partnership with a Silicon concern has arisen in areas like health fundamental skills by Valley company, is a secret—in part, to A Team Behind the Scenes care and human resources and even in letting them run their keep the specifics a surprise for students. While the course’s four professors all the criminal justice system, where the But this much can be said: Students teach their own sections, they collab- technology has been used to predict own company. team up to take control of an electric-car orate in order to give every student the how likely a defendant is to commit company, each choosing a senior-level same Wharton welcome experience. future crimes. Title role with sway over certain parts of the “The four of us prep together every night Another major issue is interpret- Foundations of Teamwork and operation. They must work together to before each class,” says Rothbard. “We ability, or understanding why an AI Leadership make key decisions and, along the way, all use the exact same content to ensure system has made a certain decision. are taught leadership and teamwork a unified and uniformly high-level expe- “Think about a doctor who’s making Faculty skills related to emotional intelligence, rience for the first-year class.” a diagnosis,” says Tambe. “Maybe the Management professors Sigal Barsade, group decision-making, and conflict AI system is pushing them in a differ- Adam Grant, Samir Nurmohamed, and management that are essential to the The Wharton “Wow” Factor ent direction, but if they can’t under- Nancy Rothbard Wharton curriculum. Throughout The uniqueness of Management 610, as stand why the algorithm is making the the simulation, students are shown it’s known, can’t be overstated. “There’s recommendation, they aren’t going to Classroom Innovation how those skills impact both decision- no other business school that has this want to use it.” When professors Nancy Rothbard and making and their company’s bottom type of course and simulation that has Despite those challenges, it’s likely Sigal Barsade set out to update this core line. “All of our students ultimately are been customized for their students, to that AI’s role in our decision-making course in 2009, they didn’t just refresh going to operate at some type of organi- their curriculum, and with this inten- will become even more important.

it—they reinvented it. What had been a zation, and we want them to be prepared sity and scale,” says Rothbard. Over the “There’s lots of room for impact here,”

44 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 45 says Tambe. “That’s why people at all Faculty preparation for each session, a change Exponential Growth levels of an organization need to under- Andrew Abel, Ronald A. Rosenfeld that has allowed him to delve into topics When Fernando Ferreira took over stand AI and what it’s going to do in the Professor, professor of finance, professor more comprehensively. “I can give a lit- Urban Fiscal Policy from emeritus pro- future.” (For more on the applications of of economics tle more color on things,” he says, adding fessor Bob Inman in 2017, he saw an AI and its potential pitfalls, see page 34.) that the pre-lectures may stick around opportunity for expansion. The course Real-World Relevance post-pandemic. had previously been taught to a group To help students grapple with the com- of roughly 45 undergraduates; Ferreira plex topics taught in his long-standing added a new section of the same size for version of this MBA requirement, pro- MBAs. Perhaps as a sign of appetite for fessor Andrew Abel is turning theory the material covered, those two sections NOT YOUR into practice. “In tailoring this course to have since expanded to 70 spots apiece. GRANDPA’S an MBA audience, I take the economic ALL BUSINESS “Students take this course to under- theory and data in the core section of IS LOCAL stand how cities and other local gov- WHARTON CLASS each of my lectures and apply them to ernments matter for people and firms,” Neuroscience is a topic like the minimum wage, unem- Students dig into the says Ferreira. In particular, the course ployment insurance, or hyperinflation,” issues that matter for examines the many public services those expanding the scope of says Abel, who started structuring his governments provide. It’s a topic that’s business education in syllabus this way roughly 25 years ago. both their careers and been thrust into the spotlight in recent The professor, one of a few to teach the their communities. years with scrutiny over issues such as the modern era. course, allows for time to talk about rent control and housing affordability, these practical applications, dubbed the pandemic’s outsize influence on cit- Title “current policy topics,” at the end of each Title ies, and calls to reallocate police budgets Introduction to Brain Science for class. “It’s a way to signal to students Urban Fiscal Policy in the wake of the Black Lives Matter Business that what we cover is related to real life,” movement. Ferreira also covers topics he says. “It’s not just textbook stuff.” Faculty that have long been of interest, such Faculty While these topics have long been Fernando Ferreira, C.F. Koo Professor, Michael Platt, James S. Riepe a part of the course, Abel keeps things professor of real estate, professor of busi- University Professor, professor of fresh by switching them up annually. ness economics and public policy marketing, professor of neuroscience, Abel's curriculum has also been acutely professor of psychology, Penn Integrates impacted by events of the past year: Knowledge professor The pandemic factors into almost every research through the initiative. “What class, and new policy topics this spring Practical Impact we found is that students for a while have the mind-set of being a neuroscientist,” include charitable contributions as they Joseph Wharton probably wasn’t think- been trying to put this together on their says Platt, “but to get them to think of relate to inequality and carbon taxes in ing about neuroscience as a subject own,” says Platt. “What we’re offering a business challenge or opportunity light of climate change. of study when he founded his finance ends up fulfilling their interest in com- through the lens of neuroscience.” school. But since the launch of Michael bining science and business.” Worldwide Approach Platt’s Wharton Neuroscience Initiative Equally important to the course is its (WiN) in 2016, the professor has proven Science Meets Shark Tank global lens. “The title isn’t just mar- there’s much for business leaders to learn As unusual as the material is the for- keting,” says Abel, who devotes four from studying the brain. Of starting the mat of each class: Following a roughly lectures specifically to international initiative and this course, Platt says, “It 45-minute lecture, Platt sends students TEACHING FOR economics and regularly uses data and became clear to me that every domain off in teams to workshop new business THESE TIMES examples from other countries in his in business could be affected, impacted, applications based on the concepts just lessons. Some of the current events and improved by better understanding discussed. The class then reconvenes This macroeconomics discussed include monetary policy in how people think and feel.” to hear business pitches from two of the course connects with Argentina and whether China is a cur- The half-semester course gives teams. (Concepts have included boosting rency manipulator. “Our student body is undergraduates and MBAs an entry teamwork during online meetings by the concerns of today’s global,” he says, “and I want to address point into the field, exploring not only sending gentle “buzzes” to teammates to MBAs by applying their concerns.” neuroscience’s potential to impact sec- activate the social brain network, using tors like marketing and finance, but eye-tracking software to uncover the big-picture concepts to Virtual Opportunities also employee dynamics in areas such processing steps that students struggle some of society’s most The switch to online teaching last year as teamwork and innovation. (For neu- with while learning math, and using has allowed Abel to experiment with roscience applications that you can use heart rate to inform match selection on pressing issues. a new technique: pre-lectures. These immediately on the job, see page 36.) dating apps.) Over the remainder of the recordings contain what had tradi- Following the course, many students go course, students refine those concepts Title tionally been covered in the first on to take additional classes under the and present them during the final ses- Macroeconomics and the Global Econo - 30 minutes of class. Abel asks

WiN umbrella and ultimately conduct sion. “The purpose is not to get them in mic Environment students to view those videos in

46 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 47 as school finances, crime, corruption, On-the-Ground Experience about their projects. They connect stu- BRINGING IN infrastructure investments, congestion, To expose students to the complex sit- dents with other Penn experts for input THE EXPERTS pensions, and more. uations they’re sure to encounter after as well. The health-care alumni network, graduating, Wharton offers courses that in particular, is “an invaluable resource A new “pop-up” course Universal Appeal provide the opportunity to work with to these teams for certain things they’re is teaching students Given the range and complexity of issues clients on semester-long projects. For researching,” says Kinney. “We rely on about leadership in the discussed, the course is positioned not MBA health-care management majors, them for more of a real-time professional face of crisis. just within Wharton’s business eco- this outside-the-classroom experience is opinion about what’s going on.” The nomics and public policy department, a requirement. “This course is a real bap- instructors also tap communications Following the success of Mauro but also in its finance and real estate tism to the sector as a whole,” says pro- expert Ann Fischer to critique teams’ Guillén’s global business crisis departments. Some 75 percent of stu- fessor Mark Pauly. “One thing students work before their final presentations. management class at the start dents who take the course come from get out of this is experience with the To help students get even more of the pandemic, Wharton those areas, but interest doesn’t stop uncertainty that surrounds any manage- from the experience, the instruc- this spring has launched a similar there. “About a quarter of students ment decision and how to deal with it.” tors encourage them to view the course called Leadership in come from other places at Wharton and For example: “There will almost always project as an opportunity Challenging Times. Penn,” says Ferreira. “They all have a be finance issues,” says Pauly. “How are to understand company Taught by Wharton Leadership common interest in those topics but in you going to pay for whatever your client dynamics more broadly. Program director and lecturer many cases have never had the chance wants to do? Is there a value proposition “We have them tell us later Jeff Klein and Center for Leadership to understand them. They have a sense that will convince someone to pay for the what they learned about and Change Management director that they need to know more about the new idea?” how the company is managed: and management professor governmental institutions—that they Each semester, students sign up to How does it think about finance, Michael Useem, alongside need to know more about the research, work on client-submitted proposals, marketing, team coordination, Estée Lauder executive chairman or better position their firms or even such as deciding whether an organi- or getting a sense for a market?” William Lauder W83, the course themselves for future jobs, or just be zation should consider new services says Pauly. “We challenge them features an all-star lineup of guest able to have a conversation and under- or target other diseases with current to think of things from the cli- speakers, including Johnson & stand the reality.” offerings. In one instance last year, stu- ent’s perspective.” Johnson CEO Alex Gorsky WG96, dents explored the feasibility of bringing Progressive CEO Tricia Griffith CAR-T cell therapy, a cancer-fighting WAM15, and Alphabet CFO immunotherapy pioneered by Penn Ruth Porat WG87. “This course Medicine’s Carl June, to Costa Rica. As is an extension of the philosophy part of the project, the team flew to the that our experiences—and all of the TAKING THE country pre-COVID to assess capabili- REBOOTING successes and failures embedded CLASSROOM TO ties and logistics there. A CLASSIC in them—can be a source of For the spring semester, teams learning not only for ourselves THE CLIENTS were paired with clients ranging from A long-established but for the people around us as A health-care GoodRx, the operator of a prescription- course expands its well,” says Klein. Executives drug price comparison platform, to discuss decision-making not only management course Epione Healthcare Solutions, an organi- scope to cater to students’ in the context of the pandemic and matches MBAs with zation founded by Garikai Govati WG13 wide-ranging interests. fine-tuning—it was an indication of a subsequent economic turmoil, but that develops, finances, and operates larger shift in content. Typically taught also in relation to challenges such hospital systems, biotech health-care facilities in Africa. Other to Executive MBAs on both coasts in the alumni speakers. Among the guests this as racial inequality, technology companies, investors, clients sit outside the traditional realm Title fall and full-time MBA students in the spring: Effie Wang C06 GED07 WG14, disruptions, and climate change. of health-care services, such as Lee Product Management spring, the course previously focused director of product management at Open to MBAs, Executive and more for hands-on Equity Partners, a private equity firm on the ins and outs of product design, Grubhub, and Airbnb product manager MBAs, and Advanced Management collaboration. that focuses in part on investments in Faculty cost, and creation. It culminated in a Mike Hinckley WG17. Program participants, the course the space. Karl Ulrich, CIBC Endowed Professor, design fair at which students would is an adaptation of Lauder’s long- “There’s a lot of variety, and in some vice dean of entrepreneurship and inno- present working prototypes of prod- Myriad Applications running course Decision Making Title ways, it’s very instructive for us as well, vation, professor of operations, infor- ucts they had developed throughout Why the shift? The course now more in the Leadership Chair, drawing Health Care Management: Field because we get real-time windows into mation and decisions, management the course. fully reflects the range of positions in on speakers from that syllabus Application Project all different kinds of worlds in health professor Now, as the class’s new name sug- which students will need to know about and featuring several new ones. care,” says June Kinney, who co-teaches gests, Ulrich has broadened the scope to best practices. “Many students are “This course,” says Useem, Faculty the course. More Than Just a Name Change draw attention to additional aspects of interested in product roles,” says Ulrich. “could indeed ‘pop up’ because Mark Pauly, Bendheim Professor, pro- After more than two decades of teaching the product life cycle, including measur- “While most of them won’t be product of those speakers’ interest and fessor of health-care management, pro- Unique Academic Architecture Product Design and Development, pro- ing post-development performance and managers, they will likely interact with readiness to participate. They fessor of business economics and public Instead of meeting regularly with stu- fessor Karl Ulrich decided it was time tracking growth. Although the design product managers in general manage- appreciate the urgency of this policy; June Kinney, associate director dents in the classroom, Pauly and for a course makeover. His decision to fair—a beloved part of the curriculum— ment roles. Some also hope to pursue moment for students.” of MBA Health Care Management pro- Kinney see each team a number of times rename the class Product Management no longer exists, Ulrich has introduced entrepreneurial activities, for which

gram, lecturer over the course of the semester to talk three years ago wasn’t just a sign of new elements, including an emphasis on product management is very relevant.” !

48 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 49 People 3

Network: Essay—52 View From Locust Walk—54 Pivot—57 Cohort—58 Life Lessons—96

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Illustration by Bartosz Kosowski spring/summer 2021 wharton magazine 51 people / essay

Today, my sister, Ameera Thomas D07 GR07, ← has two degrees from Penn, and I am fortunate to A Dream Realized The author A Seat at have earned a Wharton MBA. My family’s story (right) with his and the responsibility inherent in people like me, father, Harold who have directly benefited from those who have Thomas, on a The Table campus visit in An initiative led by Ahmad Thomas sacrificed so much, is never lost on me. Our experi- 2007. ence reflects the positive arc of change in America WG18 to boost diversity within in just a generation. Silicon Valley is another step in a My mother, a proud West Indian born and raised journey that began with his father in Trinidad and Tobago, has always pushed me to nearly 65 years ago. be action-oriented—to take the initiative rather than wait to let things happen. She instilled the value of education in my sister and me, encouraging us to always align our work with a deeper civic purpose. My parents’ shared experience was that of being on he first person in my family ever to the outside looking in, either as an immigrant in the visit Penn was my father. As a teenager U.S. or as an American who experienced bitter rac- in 1957, at the height of the segregation ism even while in uniform. era, he left rural Alabama by Greyhound I hope that I have done my parents some justice bus to upstate New York. He was travel- thus far in pushing through boundaries while living ing there to work as a summer laborer at the values fundamental to my family and their expe- a Birds Eye food-processing plant. It was his first rience, from growing up as a military kid in Lompoc, Ttime out of the South—a long trip made even longer California, to attending Cornell as an undergrad and by some of the racial realities he lived with and that the London School of Economics for graduate school, showed themselves along the way. to a decade in investment banking, serving in vari- My father recalls the trip to this day. “As my ous leadership roles. But the most impactful (and bus was passing through Philadelphia, the driver hardest) period of my career was working on Capitol announced we were approaching the University of Hill for my home state senator, Dianne Feinstein. My Pennsylvania, one of the most prestigious univer- nearly six years working for her, first as an intern out sities in America,” he’s told me. “My impression of graduate school and eventually as a senior aide 40 years ago, SVLG has been a champion for our SunPower, and the San Francisco 49ers, have sup- of the campus, even just the outskirts, passing by, responsible for economic policy through the Great globally minded members, promoting policies and ported the 25x25 pledge. was total amazement. I could hardly believe that Recession, were nothing short of transformative. To initiatives that bolster our one-of-a-kind innovation This comprehensive action also takes into I had actually seen an Ivy League school.” But his be of service, to learn from a highly effective national ecosystem. The organization has always remained account hiring metrics, education and awareness excitement was also tempered with reality: “At that leader and personal mentor whom I admire, and to committed to addressing issues that affect our building, employee inclusion, and direct invest- time, I didn’t believe anyone in my family would fight for change truly altered my life. region’s economic health and quality of life. ment in communities of color. It’s an approach that ever attend a school like Penn. It wasn’t even in the Being in the room where it happens builds But the summer of 2020 wasn’t like any other addresses systemic inequity as a means not just for realm of possibility for me.” knowledge and confidence, the latter of which is time. We witnessed the consequences of a global acting on the moral momentum of this moment, but Though my father had reached Penn geographi- often in too short supply for aspiring leaders of pandemic, economic uncertainty, and a worsening also in driving business competitiveness, growth, cally, the truth is that he could not have been further color. What has deeply motivated me since is not climate. We also faced a racial and moral reckoning and innovation. We are taking this collective step away. He has an exceptional mind for business and just who was at the table but, more importantly, brought about by George Floyd’s killing. I knew to operationalize change while creating economic could perhaps have been a tremendous addition to who was not. Sometimes I was the first person of that any solution to the deep-rooted and systemic value, and to serve as a blueprint for corporate Wharton, but his opportunity was foreclosed due to color given the opportunity to be in that seat. I know issues his death exposed would once again start America beyond Silicon Valley. the Jim Crow practices of the time. Through the civil firsthand that representation matters. with problem-solvers around a table. However, if It’s not lost on me now that I have a seat at rights movement, the legislation that followed, and As a problem-solver, I try to use my position and we don’t represent more voices at those tables, we’ll another influential table—here with you, the alumni opportunities provided by a career in the military, whatever influence and acumen I have built over never get to the best answers. of the world’s best business school, an audience of so including service in Vietnam, my father was able to the years, serving in government and the private That’s part of the inspiration behind an ini- many who have changed so much in industries and build a better life. sector, to operationalize change. As a numbers- tiative we launched this year with SVLG. 25x25 business history. I ask you to join us as we pledge and-data-driven thinker, I view the world this way: is a groundbreaking endeavor with the potential to realize the promise of our common possibility. see a problem, build a set of solutions to fix it, and to create real, measurable impact that changes We must commit to recognizing the problem and measure progress to adjust accordingly. the face of business leadership not only in Silicon realigning our goals to create solutions that chal- That was my attitude last summer when I took Valley, but throughout corporate America. As part lenge the status quo and do what’s best for all our What has motivated on a new challenge in becoming CEO of the Silicon of 25x25, participating companies commit to hav- stakeholders. We must find, recognize, and nur- Valley Leadership Group, one of the most influen- ing at least 25 percent of their leadership comprised ture a more inclusive generation of business lead- me is not just who tial business organizations in the country. SVLG of persons of color or women by 2025, or pledge to ers. And we must create a bigger table, with shared was at the table but, member companies provide nearly one in three increase the number of these underrepresented value to benefit us all. private-sector jobs in Silicon Valley and contribute individuals in leadership by at least 25 percent by more importantly, more than $3 trillion to the worldwide economy. 2025. Leading companies across several industries, Ahmad Thomas WG18 is CEO of the Silicon

who was not. Since its founding by David Packard more than such as Twitter, Alaska Airlines, Western Digital, Valley Leadership Group.

52 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 53 people / view from locust walk

breaks in Huntsman Hall, ice-skating socials at the Penn ice rink, and talks over tacos at Distrito. Connecting We spent dozens of hours improving our matching process and experimented with new ways to With Purpose engage our members and foster the relationships When the pandemic threatened between mentor-mentee pairs. Through this, we created lifelong friendships within the commu- to break the bonds between nity; one undergrad/MBA pair attended each oth- undergraduates and MBAs, er’s weddings. one student group was determined But 2020 hit us hard, especially as an organi- to make them stronger. zation defined by bringing people together. With the dawn of the remote era, we recognized that as a community, we needed each other more than ever. Our team quickly canceled the Schuylkill picnic, industry coffee chats, and small group dinners on the calendar, instead focusing on delivering n the chilly first week of February 2020, content that empowered pairings to check in with the smell of coffee was in the air, and the room each other. Our amazing senior director of digital was lively with conversation. Along the back engagement, Ilyssa Delos Reyes W22, leveraged wall of the Pret café in Huntsman, my team our community engagement platforms to encourage and I were checking in our classmates for our one-on-one conversations on mental health, digital community coffee chat. Almond croissants wellness, and socializing remotely. and lattes in hand, we caught up on the latest in each The Zoom fatigue was real. I felt it. My team Iother’s lives. Little did we know this would be the felt it. And we knew our community felt it, too. So last in-person event we would have last year. we sought to make it as seamless as possible for This year marks the eighth anniversary of us to connect using the technology at our disposal. Wharton GUIDE, an Undergraduate Division- From smart-chat links in our emails to shout-outs sponsored organization founded in 2013 to, as on social media, we let purpose and creativity the acronym symbolizes, guide undergraduates guide us. The semester flew by quickly, and to send in their development and education. Our flagship off the 300 graduating seniors in our community, program matches first-year MBAs with juniors our MBA board co-president, Gabrielle Manoff and second-year MBAs with seniors to support WG21, collected and compiled clips from our MBA each other in navigating the Wharton experience. classmates on what they wish they’d known when In a way, we’re like a platonic dating service—think they graduated. Match.com, but for mentoring. Our fellow under- Summer came, and along with a break from grads share with the MBAs their insights into classes, it gave me time to pause and think about Philly life, and the MBAs share their industry expe- GUIDE’s plans for the upcoming school year. With riences and wisdom. Our joint MBA-undergrad the help of our vice president, Kaitlin Young W22, board of 12 oversees the matching process and we revisited GUIDE’s mission and purpose, taking event programming for our community of 1,200- a deep dive into our core values and vision for the plus students, or one in four undergrads and one future. Given the likelihood of another remote year in three MBAs at Wharton. ahead, we had to rethink our programs from the I joined GUIDE as a freshman in 2018 because ground up, with an emphasis on how we could add I wanted to create experiences that brought peo- the most value to the Wharton community in the skills, coordinated by our senior director of career faced forced me and my team to grow. I learned ple together. Over two years, we’ve hosted study coming months. development, Lauren Arribas W21. This was on how to adapt quickly to new situations, commu- To be more intentional with our event pro- top of matching more than 600 students and curat- nicate clearly in crises, and be aware of the needs gramming, we refocused on our mission of devel- ing regular prompts to keep mentor-mentee pairs of my team. Together, we explored new mediums oping undergraduates, including underclassmen, engaged throughout the semester. and formats. We leveraged the power of our inter- whom we’ve historically underserved. After Internally, we shifted from a task-based model to nal data to make informed decisions for the good of checking in with our MBA board and our advi- a project-based model, focusing on building incre- our community. We became more intentional and sor, Undergraduate Student Life associate director mental improvements to the organization. I spent purposeful with our programs and messaging. Aman Goyal, we developed several new workshops time throughout the semester checking in with each Yes, 2020 took much from us, but it also tested our and panel concepts targeted to new students and the of our five directors on projects ranging from devel- resolve and pushed us to be stronger for tomorrow. We revisited GUIDE’s entire Wharton community. In partnership with oping our next-generation matching algorithm to mission and had to the Undergrad Division, we staffed MBA panelists fostering new partnerships and collaborations with Dragon Chan W22 is a junior from San Diego, for a weekly career exploration series as part of the other student groups. California, concentrating in behavioral econom- rethink our programs Wharton 101 curriculum. We hosted several work- The past year saw quite a lot of change for ics and business analytics. He is president of the

from the ground up. shops and panels in consulting, tech, and interview GUIDE. At the end of the day, the challenges we Wharton GUIDE Undergraduate Board.

54 wharton magazine spring/summer 2021 Illustration by Jianan Liu spring/summer 2021 wharton magazine 55

Photograph byStephanie Diani /pivotpeople T bonds. which with a Ilanguage have forged some of my own greatest created has food as just own, their as world the know to and another one with connections their strengthen to people for year.avenue an this be It’scoming can foodmy ourhopethat new now bakery open in Washington, D.C., and more locations a with thoughtfully, York. New We’re expanding in location brick-and-mortar first our opened we since years five nearly the next great heritage brand, and I would do it with my food. take a leap and essentially become my own client. I would build Tom’sand encouragement gave confidencetheme neededIto endeavors. Together, experiences forspacemeaningful those calculate opportunity and risk. We were also taught andto build significantcreate market share.the At Wharton, we learned to creations? You have to do something.” these youdotowith dowant “What said: hedays,over those to cakes to sconespastries to confections.from When Tomcould, was I done trying my desserts everything made I days, three of period a Over ahead. forged I But palate. his of thy into passion. alongtime her own New bakery in York was aleap of faith For Umber WG02, Ahmad decision the to open Just Desserts the means to fund your vision, you’re at the mercy of others. others. of mercy you’rethe at vision, your fund to means the ized you can have the greatest intentions, but if you don’t have ing with health systems. It was during those years that I real Knowing that I wanted to better understand finance, I went I finance, understand better to wanted I that Knowing to AlthoughWharton. food helped me forge some of my best friendshipsthere—through dinner parties, restaurant out It’s been eight years since I started Mah-Ze-Dahr Bakery and At my firm, I worked with brands to amplify their presence Inmy early career, I was a management consultant, work ings,and cooking for each other—it continued to beapas sion, not a professional consideration. sion, not a professional a one-bedroom apartment—could create something wor- banking and ultimately co-founded an investment advi asked me to cook for him. sory firm with like-minded friends. Over time, my scope chefTom Colicchio—learned that I enjoyed He baking. expanded from a focus on improving society through through society improving on focus a from expanded my breakthrough moment when a client—celebrity client—celebrity a when moment breakthrough my serving could have meaningful, positive impacts. I had health care to how the brands and companies we were —Umber Ahmad WG02 After completing my MBA, I went into investment investment into went I MBA, my completing After It was daunting to thatthink I—baking informally in he possibility that possibility he in the world. understand different cultures and my own place andI found Michigan, in food helped me grants immi among Scandinavian parents of Pakistani to get to know people. up I grew as the daughter waya sorts, of language a alwaysbeen has food Rather, on. early mind my on never was career spring/summer 2021 wharton magazine magazine wharton 2021 spring/summer

okn cud e a be could cooking 57 ------people / cohort

# # 4 Miguel Armaza WG21 G21 Co-President

Talking 2 Anchit Gupta WG21 Head of Alumni Relations 2 Fintech 3 A podcast by the Wharton Fintech Club is spreading Emily Peach WG21 the word about this fast-growing sector and the alumni Co-President at its vanguard. 3 4 Ryan Zauk WG21 Head of Media

One of the few bright spots for business in 2020 was the “breakout moment” for financial technology. In a time of global crisis, fintechs enabled digital financial services for consumers and were crucial in distributing much-needed stimulus checks. One company leading this charge was Square, so when Miguel Armaza WG21 G21 interviewed former Square Capital head Jackie Reses W92 on the Wharton Fintech Podcast, he asked about the company’s role in the Paycheck Protection Program. Her answer was extraordinary: Jackie, in her first public appearance post-stimulus, recounted how her team rallied to save America’s small businesses. Moments like these give our podcast team—including Miguel and fellow hosts Ryan Zauk WG21 and Anchit Gupta WG21—goose bumps. Think of the podcast as a successful media startup launched by the Wharton Fintech Club. Founded in 2014 by Daniel McAuley WG16 and Steven Weiner WG16, Wharton Fintech has evolved into the world’s premier graduate fintech club, aimed at the education and career development of students interested in this booming industry. In addition to running our media channels, members moderate weekly events with industry executives, lead global career treks, and go on to take high-profile jobs at the world’s top firms. The school year culminates with the Wharton Fintech Conference, with global fintech titans taking center stage. Scheduled panelists for the virtual event in April included co-founder of Wealthfront and Benchmark Capital Andy Rachleff W80 and FT Partners founder and CEO Steve McLaughlin WG95. Jackie Reses’s story is one of many remarkable milestones for the club’s podcast, which is supported by the Stevens Center for Innovation in Finance. The show reached one million total listens in April, has received international press, earned millions of social media impressions, and is enjoyed by executives, researchers, and investors in more than 90 countries. Other highlights include CEOs discussing some of the industry’s key M&A transactions, such as Anthony Noto W99, CEO of SoFi, explaining its $1.2 billion acquisition of Galileo, and Anand Sanwal ENG97 W97, founder of CB Insights, analyzing its acquisition of Blockdata. From hundreds of podcasts, events, conferences, and treks, it’s clear that like the industry we love, Wharton Fintech is just getting started. Leading this club has been the highlight of our MBA experience, and we know the best is yet to come. —Miguel

Armaza WG21 G21 and Ryan Zauk WG21

58 wharton magazine spring/summer 2021 Photograph by Colin Lenton spring/summer 2021 wharton magazine 59 THIS STREAMING LIFE Advancements in technology plus a captive audience (thanks, COVID) have led to an explosion in streaming video services that could forever change the way we consume entertainment. Wharton faculty and alumni in the $50 billion global industry weigh in on this time of remarkable growth, what’s at stake in the “streaming wars,” and a future ﬁlled with great promise and uncertainty. BY MALCOLM BURNLEY

60 wharton magazine spring/summer 2021 Illustrations by Kate Gibb spring/summer 2021 wharton magazine 61 the next 12 to 24 months, leaving only Paramount+ two months later, with being on their phones and in front of three to four major streaming channels plans for extensive sports content. There screens,” says Roemer. “But the other in business. Analysts forecast a year of are sure to be some losers in the end, but side of it is that you can literally quit reduced new-subscriber growth across what’s also certain is that streaming has today without talking to a customer ser- all channels, including the slowest year become an essential part of the enter- vice rep.” since 2015 for the leader in the space, tainment landscape—and could shape A recent survey by Deloitte revealed Netflix. It was not a kumbaya moment. our viewing habits for decades to come. that 46 percent of respondents had can- THE 1920S SAW “There are only 168 hours in a week, celed at least one streaming service in the so it’s a zero-sum game,” says marketing second and third quarters of 2020—more professor Peter Fader. “But I don’t think than double the rate of cancellations in we’re close to capping out people’s ability STREAMING the 12 months before the pandemic. Now and desire to consume more content.” that streaming is mainstream, the trick There’s a broader cultural reason, GETS STICKY is not just to capture eyeballs, but to keep though, to think that someone’s got to By the time “binge-watch” was added them. “You have to have a critical mass lose. “A lot more people are vaccinated. to the dictionary in 2017, streaming was of content that people don’t just want to A SEISMIC JOLT There’s going to be a release of pent-up ascendent, and the arms race was esca- watch but that will compel someone to energy,” says marketing professor lating. Now, streaming channels are continue coming back amidst the myriad Raghu Iyengar. “I wouldn’t be surprised dropping unprecedented amounts of subscriptions they already have,” says in entertainment as Hollywood transi- Prime, and Hulu launched new content if there’s what I call a boomerang effect— money on new content and fighting over HBO’s Chukudebelu. “And I’m not just tioned from silent films to talkies. But it at a frenzied pace; newcomers HBO Max having seen so much of Netflix and what’s already out there. HBO had to talking about TV.” didn’t happen overnight. It took years and Peacock waited in the wings, arse- Amazon Prime in the past few months, pay $500 million to wrestle Friends away The pandemic has also brought for audiences to adjust their expecta- nals of Dothraki and Dunder-Mifflin at people will probably want to avoid them from Netflix, which turned around and financial hardship for many people, with tions and then for technology to meet the ready. Even brands we’d never heard once things are more back to normal.” paid the same amount for the rights to the potential for more budget-tightening demand. Ninety years later, another of (Crackle, anyone?) were vying for our While some industry forecasts are Seinfeld. In January, Apple paid $25 mil- ahead. “I look up and I’ve got Spotify, slow-moving tidal wave transformed on-demand eyeballs. This isn’t called the gloomy, no one is pumping the brakes, lion at Sundance to gobble up the rights I’ve got Netflix, I’ve got Headspace, and the entertainment industry. When the “streaming wars” for nothing. at least not publicly. In January, Peacock to CODA, a dramedy about a deaf fishing I’ve got all these services I’m subscribed 2010s began, Netflix was primarily a We all know what happened next: partnered with wrestling entertain- family, shattering previous sales records to,” says BET+’s Griffin. “It’ll be interest- DVD-by-mail rental service that had A pandemic, idleness, and a height- ment giant WWE on a deal reported for the film festival. ing to see how consumers reallocate just just started streaming movies and tele- ened appetite for escapism contributed to be worth more than $1 billion over “Everyone is trying to differentiate in terms of spending their entertain- vision shows directly to your home. By to a boom for streaming services. Add five years. ViacomCBS launched their catalog, because they’re all trying to ment wallet.” the end of the decade, it was a media the cancellation of live sports, and the signal that they have the ambition to be a In the midst of this mad dash to attract behemoth spending more than $17 bil- conditions for cord-cutting couldn’t streaming service that matters to people,” new subscribers and build brand loy- lion on original content in a single year. have been better. Cable and satellite TV says Ryan Roemer WG16, director of con- alty, it’s easy to forget that streaming is Every major media company already providers posted historic losses in sub- tent acquisition at Hulu. “Apple doesn’t still in its infancy. Netflix announced its enjoying cable TV revenue now wanted scriptions during the first quarter of Devin Griffin WG09 have a ton of content on its platform. So streaming service in 2007—long before a piece of the future of streaming. 2020, reducing traditional pay TV pen- they were probably also looking for some cord-cutting was a trend—and Hulu The year 2020 was set up to be an epic etration to its lowest number of house- first 28 days—broke streaming records headlines to say, hey, we’re still here.” debuted the following year. Original pro- melee between the big dogs: Disney+ and holds since 1995. en route to entering the cultural canon. Getting lost in the shuffle is any plat- gramming was the next step, as Netflix Apple TV+ debuted in November 2019; “I had a friend who works at another Niche platforms also thrived as form’s biggest fear. As the streaming acquired House of Cards in 2011; when entrenched stalwarts Netflix, Amazon studio say to me that we should be called homebound audiences gulped from the options explode, viewers are becoming that launched two years later, along with an essential business,” says Chika content fire hose. “There are so many more fickle. Consumers have grown the runaway hit Orange Is the New Black, Chukudebelu W99, vice president of different places you can go in stream- adept at paying for one month—or sign- the streaming-first content game was on, original programming at HBO Max. ing content in terms of edge or flights of ing up for a free trial—to binge a single and these services weren’t just delivery “And to a certain extent, it’s been true. fancy,” says Devin Griffin WG09, execu- series or catch one exclusive offering, systems—they were Hollywood players. Entertainment makes people feel good, tive vice president and general manager then saying sayonara. So while it’s eas- As the decade wound down, though, even in difficult times. With people stuck at BET+. “Our sandbox is getting bigger.” ier than ever to reach customers, you cable audiences declined, while Netflix in the house, it’s been an opportunity for Last year never devolved into a full- can lose them with a mouse click. “The saw its market valuation increase by Ryan Roemer WG16 us to leverage that captive audience.” blown Hunger Games in the streaming broadband is better. People are used to more than 4,000 percent. The streaming world made the most space. In fact, the body count held steady Despite its increasing ubiquity, of that leverage. Disney+ surpassed its at one. (Sorry, Quibi, we hardly knew streaming has unproven profit models. five-year goal of reaching 60 million to you.) Yet as the calendar flipped to 2021 Every platform is still figuring out how 90 million subscribers in just year one. and the industry continued ramping up, to maximize revenue by striking the The average household increased its there was cause for concern. The CEO “A FRIEND AT ANOTHER STUDIO SAID THAT WE SHOULD right balance—or making a Sophie’s streaming time by roughly 75 percent in of Discovery+—a platform much talked choice—between advertising and sub- the second quarter of last year, accord- about among insiders thanks to its inter- BE AN ESSENTIAL BUSINESS,” SAYS CHIKA CHUKUDEBELU scriptions. “I’m a huge fan of paywalls. ing to Nielsen. And scripted shows like national audience and non-scripted W99, VICE PRESIDENT AT HBO MAX. “ENTERTAINMENT You want people to pay for content; it’s Netflix’s The Queen’s Gambit—it had 62 approach—predicted that a massive a much more reliable business model Chika Chukudebelu W99 million accounts tuning in during its consolidation would hit the sector in angie graves griffin photo by devin MAKES PEOPLE FEEL GOOD IN DIFFICULT TIMES.” than relying on advertising,” says Fader.

62 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 63 “Plus, you get to understand your cus- that or just completely abandon that idea. focused on U.S. households and the feeds into the growing appetite from referring to cable. “But more bundling of tomers better. That’s the Netflix model. It’s a big gamble. A lot of people will be assumption of a shrinking pie, there’s American consumers who are used to streaming services will allow us to offset But setting the right price is hard. I’d say watching how it goes.” good reason to think it shouldn’t be. Netflix and demand fresh churn—and the need to supply so much acquisition in we’re in the first inning of that.” But is a future of direct-to-streaming Globalization of the market is not only vice versa. “Today, you see terrific con- our own profiles. We won’t have to do as Even if the trajectory of streaming for big-budget films viable? The idea driving up stock prices—it also has the tent from all over the world that will be much work individually.” keeps heading upward, there will be raises its own set of cascading questions. potential to keep audiences locked in. viewed in the U.S.,” says Larcher. “And Optimism aside, talk of the stream- increased pressure from shareholders How will theaters survive with fewer Larcher anticipates an influx of shows the same in the other direction.” ing industry often comes back to the to generate more profits, not to mention ticket sales? How do studios recoup like Germany’s Barbarians and the b-word. Let’s say the bubble does burst: budget holes left behind by COVID-19. their money if not via the box office? Can French series Lupin, which recently Which streaming brands will weather AT&T, for one, took a big hit when its you sell action figures and merchandise crossed over into the top 10 most pop- the storm and even thrive? It depends WarnerMedia television and film divi- without splashy movie premieres? ular shows on Netflix in the U.S. “The FAST-FORWARD entirely on whom you ask. “Every two sion lost $1.6 billion in revenue in the The good news is that time will soon first show that really stood out there or three years, someone tolls the bell for fourth quarter of last year because of tell. “Unlike the music industry 20 years was Narcos. It was a partial Spanish- TO THE FUTURE the death of Netflix, but they know what production delays and theaters closing. ago, when record labels hid behind legal- language show that was a mainstream If there’s anything the streaming sector they’re doing,” says Fader. “Amazon has The growth of HBO Max might help in ities and sued anyone who streamed success in the U.S. It would have been has thus far shown great affinity for, been really effective at tying streaming the long run, but it’s unlikely to spike music, we’re seeing market forces play impossible 15 years ago,” says Larcher. it’s staying nimble and utilizing data activities to seemingly unrelated points revenue in the immediate future. out with streaming,” says Fader. “We Johannes Larcher WG95 “There’s going to be more content pro- to match audiences with relevant con- of engagement, like the stuff you buy and “Prices will keep going up,” says saw that with Quibi. Some other plat- duced internationally at high quality.” tent. When George Floyd was killed by what you see and do inside your house.” Iyengar. “I would also be massively forms are not far off.” spending on original content is expected This international movement will police in Minneapolis last year, there Indeed, there are arguments in favor surprised if you don’t see more segmen- to soar from roughly $19 billion this year be driven in part by tastes and in part was an explosion of interest in learning of any of these streaming platforms. tation of some kind.” In other words, to $26 billion by 2028. “U.S. markets are by legislation. In 2020, the European about race in America across the world. Amazon Prime has a competitive advan- experiments like Disney+’s $30 straight- getting pretty saturated,” says the head Parliament passed a law requiring And while not every cable package tage by syncing with Amazon’s stream- to-consumer offering of Mulan last ESSENTIAL of HBO Max International, Johannes American-owned Netflix to have at least includes BET, its on-demand service, ing hardware. HBO Max and Peacock summer or its decision to end free trials Larcher WG95. “On the other hand, the 30 percent of its content produced by BET+, was able to provide that content are attached at the hip to Hollywood stu- ahead of its Hamilton movie release will GLOBAL GROWTH international user base is growing by European filmmakers and showrun- for new audiences. “Streaming allows dios (Warner Brothers and Universal, be increasingly common. It wasn’t so long ago that people scoffed leaps and bounds. So that’s why all the ners in order to operate in its countries. us to engage with more folks, find big- respectively). Netflix continues to lead The tricky combination of stiff com- at Netflix for venturing into original pro- major players are focused on this.” Similar legislation will probably crop up ger ideas and more exciting ways to tell the world in subscriptions while lever- petition and uncertain price points could gramming. Today, it’s got a cabinet full Most of Netflix’s projected new sub- in other parts of the world, stimulating stories that expand how Black people aging machine learning and its unique squeeze out some services over time. But of Emmys and more shows airing on a scribers over the next decade will come further expansion of companies’ catalogs. and the Black experience get out into the consumer data. And platforms like BET+ for now, the major players appear will- regular basis than most cable channels. from international expansion, and that’s All of the international content also world,” says Griffin. “And that’s really have staked their ground in specific the- ing to accept the uncertain economics of (Netflix leadership includes vice presi- what continues to drive its stock price our main focus.” matic areas of content that will make the streaming space in hopes of securing dent Larry Tanz WG99 and board mem- up. While the company has grown by an Besides, if scale is the issue, it can be them distinct and appealing parts of staying power. For example, Peacock, ber/former CMO Leslie Kilgore W87.) average of between two and three million achieved in other ways. The aforemen- larger streaming packages in the future. which has both paid and free versions, But can that content machine keep roll- new subscribers per year in the U.S. since tioned Paramount+, which launched But if there’s an audience exodus, is releasing much of its catalog to non- ing when subscriber growth is expected 2019, it’s been adding 10 times that many in March, is one example of how the the impact won’t be felt equally across paying customers while hoping to tempt to slow down in the U.S.? The answer across the world. By 2030, the company economics of streaming could become platforms. Scale and diversification may those watchers with The Office behind appears to be a resounding yes. Netflix expects to have 300 million subscribers— more tenable for individual platforms. be decisive factors. “Obviously, when a paywall. Other platforms are taking is releasing some 70 movies in 2021— the vast majority of them outside North It created a unified banner for all of people start to go back to theme parks, bolder steps. At the end of 2020, Warner more than one per week—and according America. Less than one percent of all ViacomCBS’s streaming properties, there’s going to be a huge complementar- Brothers announced that all 17 of its to analyst projections, the company’s pay TV households in India subscribe to including CBS All Access, BET, and ity between Disney+ and Disney parks,” feature-length movie releases this year Netflix, compared to about two-thirds in Nickelodeon. Then there’s Disney+ and says Iyengar. “And so there’s going to be will be available for streaming on HBO the U.S., whose population is a quarter Hulu coming together to offer Pixar, this massive positive feedback for some Max the same day they hit theaters. This of the size. There are also large swaths Marvel, and other films in one place, platforms and their parent companies, gambit follows the company’s Christmas of entire continents—including Eastern rather than trying to satisfy all of those which are gigantic organizations.” Day experiment of releasing Wonder Europe and most of Africa—where audiences on each platform. It’s also possible the big-tent stream- Woman 1984 on the streaming service. Netflix is quickly growing. (Consider the “We don’t want to get into a situation ing channels may allow for more bespoke Despite dour reviews of the film, the opportunities in Asia alone, with only where we’re replicating the entire lin- streaming players to ride out the storm Peter Fader release helped spike HBO Max, dou- 23.5 million subscribers on a continent ear system again,” says Hulu’s Roemer, that’s likely coming. And just maybe, bling the number of people on the plat- of more than 4.5 billion people.) the near-future landscape of streaming form (which eclipsed 17 million users in “We’re in a business of scale. You gain looks more like musical chairs than it December, according to the company). operating leverage by increasing the num- does Lord of the Flies. “We’re in a posi- “The biggest story in streaming in ber of subscribers,” says Larcher. “One of tion of transition, for sure,” say BET+’s 2021 will probably be HBO Max’s attempt the most obvious answers is that [growth] “WE DON’T WANT TO REPLICATE THE LINEAR SYSTEM,” Griffin. “I think the ways that players to forgo the traditional theatrical release is going to have to come from non-U.S. of different sizes and scale can survive, and launch its entire slate day-and-date,” markets. That buys you a lot of content, a SAYS HULU’S RYAN ROEMER WG16, REFERRING thrive, float, still remains to be seen.” says Hulu’s Roemer. “Depending on how whole lot of TV shows and movies.” TO CABLE. “BUT BUNDLING WILL OFFSET THE NEED TO successful that is, I think a lot of stream- While the conversation around Malcolm Burnley is a freelance writer Raghu Iyengar ing services are going to piggyback off “streaming wars” is overwhelmingly SUPPLY SO MUCH ACQUISITION IN OUR OWN PROFILES.” and podcaster living in Philadelphia.

64 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 65 THROUGH THIS COLLABORATION within organizations. and advancing inclusive leadership with thegoal ofbreakingbarriers are creating a new research initiative Deloitte of thiscontent inits otherprograms. support theproperinstruction andplacement with Wharton and sta faculty ! leadership to MBA communities. The MLPwillalsowork Wharton’s undergraduate, MBA andExecutive series ofworkshops annually tailoredto Leadership Program(MLP) willdeliver a on theresearch ﬁndings, Wharton’s McNulty can take toimprove teaminclusiveness. Based and aﬁeldexperiment totest actions managers research, consisting ofsurveys ofmanagers support, thisnew initiative includes asetofnew of colorwith qualitatively di!erent typesof suggests that leaders may provide people Wharton professorStephanie Creary, which Building onprevious research conducted by inclusive leadership inorganizations. Wharton areworking together toadvance [email protected] 215-898-1615 Corporate andFoundation Relations Senior Associate Director, PROVOST, LUCY P To learn more about the opportunities to partnerwith Wharton, contact: opportunities the about more learn To ARTNERSHIP.WHARTON.UPENN.EDU and The Wharton Partnership the Wharton School

, Deloitte and

While leaders needthesesolutions right now, The research that thisinitiative willsupport To truly beadiverse andinclusive workplace, will help them ‘be thechange’will helpthem‘be inthesectorsthey where allemployees aresupported, engaged will informthework totransform necessary our students arehungry fortheknowledge that organizations needtocreate environments organizations tomeetthechanging values and and, ultimately, able to succeed.” choose fortheirfuturecareers.They allwant a expectations forwork culture.” blueprint. We want toprovide it.”

Wharton School, and leading leading and School, Wharton Professor of Management Deloitte Consulting LLP and Chief Executive Officer, Officer, Executive Chief and and management strategy expert on workplace diversity diversity workplace on expert STEPHANIE CREARY, STEPHANIE DAN HELFRICH, DAN ERIKA JAMES,

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Debra (Sussman) Fletcher 5 , and 6 6

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Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 55 to write these thoughts and share share and thoughts these write to wanted I so companions, myclass stay in the position. to him asked governor incoming the and Rico Puerto of governor former the with job ﬁne a did very he as governor, incoming the by reappointed been has who Rico, with the adjutant general of Puerto also have a very close relationship We Korea. South in born lady a of son the is discovered, have I who, Buchanan, Fort at garrison commander the with relationship great a have and Rico Army Puerto the in of presence the with Venezuela. in ters Caracas, Command Army Reserve Venezuelan a forming in ezuelanarmy andhadaidedthem Venthe with luck great had we as commander of the Uruguayan navy, of Guatemala and El Salvador and the defense of ministers the army and Honduran the of mander com the Rico Puerto to bringing of pleasure the had and America Latin in countries many to travel that country. in held conference a at Army U.S. the of staff of chief the represent to Australia including countries, many to travel to opportunity the retire at the rank of MG having had would I that expected Never sity. Univer the at ROTC Army took and 1955 in Pennsylvania of sity wharton magazine spring/summer 2021 spring/summer magazine wharton 68 Undergrad Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual Walter Jospin W74 Jospin Walter I have not received news from from news received not have I We are very still much involved to opportunity the had also I graduated from the Univerthe from graduated an for who man 86-plus-year-old fine doing are We

with headquar with - - - - - 69 60 58 74 74 healthy in this new year.” and staying safe is everyone Hope Phi. Delta Tau from group large a last mile is most difficult. New New rogercolley.com website: difficult. most is mile last ies Love, societ most of prayer, rules behavior. and violent to ing resort without conﬂict unending resolve to ways new finding and essence of the story is in searching The message. strong a conveying hopefully more but Entertaining the world. graphing the nooks and crannies of [email protected] Robert H.Louis ↑ W69ClassCorrespondent [email protected] Félix A.Santoni ↑ W55ClassCorrespondent of University Pennsylvania. the and Wharton the School with association my of proud very be to continue tion to the vaccine. reac any have didn’t and vaccine Pﬁzer the using COVID-19 against vaccinated got also I procedure. the in specializes who diologist car a by hospitals local the of one in TARhere a called process a did thatwasn’t functioning well. They valve aortic an of replacement the underwent just and my community in active still am I tunately, For- classmates. my with them CW69,and MillerCW69 GED74, PaulaFenton including Penn, crowd Reunionat big a had andequityderivatives analyst. We is now at Citi in NYC as a cross-asset Lizzie C80’sReunion! Speyer 39th Reunion, and my wife Carol Novick on the same day as our class’s 50th Penn from graduated C19, Speyer Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual I hope you all stay in touch. I touch. in stay all you hope I

have gone a long way, but that way,that long but a gone have with Atlanta trial practice practice trial Atlanta with Jospin Walter awarded has Southeast ADL years of exploring and photo and of exploring years com Steve Glickman share. Our daughter, Lizzie Lizzie daughter, Our share. to news happy some have Speyer Franklin third novel in my trilogy, Sopris trilogy, my in novel third Colley Roger Joe Mishkin Joe

showcases more than 70 Jim Druckman Jim , has been published. published. been has , reports: “The “The reports: ’s StilledLife. ’s , a partner partner a , , Mary Ellen reports: “I “I reports: , and and , - - - - - 80 77 16 of the Australian Open. the U.S. Open and reaching the last the and Wimbledon at playing world, of one the in be players tennis top-ranking to on went He Penn. for one number played and “Kamala Harris represents many many represents Harris “Kamala 19. Kim was also recently quoted in COVID- amid assistance food of need in families immigrant help tohusband her with launched she campaign Gap,” fundraising the a “Close discussed also She mittee. Bowser’s reopening advisory com Muriel Mayor D.C. on experience her as well inclusion—as and ity, diversity,compliance, accessibil with organizations helps which One— pandemic.” Results about spoke Kim the ness—during busi a growing families—and immigrant helping is consultant D.C. “This article the in the summer by Journal Business Washington spotlighted was One, [email protected] [email protected] John H.Warren ↑ W77ClassCorrespondent [email protected] Steven D.Stern,CFA ↑ W74ClassCorrespondent for all people. to secure justice and fair treatment mission steadfast ADL’s and tle’s Tut Judge exemplify best who community legal the in viduals indi recognizes award The Award. Jurisprudence Tuttle P. Elbert firm Finch McCranie LLP, the 2021 Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual Matthew Meyer, Rick Meyer W77, Alex Meyer C16, & Bob Meyer C75 of Fame. Rick was the captain Hall USTA Eastern the into inducted was Meyer Rick sulting company Results Results company sulting con of CEO and co-founder Alfonso Greenfield Kim last last ------, 8! Prudential (Prupac), Safeco (now (now Safeco (Prupac), Prudential at roles actuary chief including stints at five insurance companies, included 1988. career Myin (CAS) Society Actuarial Casualty the of fellow a become to female ican African-Amer first the become to Center.)honoredwasPenn I nial Colorememberscience.the(I actuarial in concentration major obtained a BS in economics with a attended undergrad Wharton and as I a clerk. calculation retirement ies and now Buck) in New York City George B. Buck Consulting Actuar (formerly Consultants Buck at summers working Penn, attended I before industry 9.the in started I November on retirement my I announced executive, insurance and actuary an as industry ance insur the in working of years 39 Bell MT81 and Leslie B. Posnock C81 PresidentsBorensteinDale –Class com/groups/1675968576006550/. programs, schedules: event and interactive photos, information, up-to-date most the for page Facebook our join please And newsletter. monthly our of (to [email protected] send us your current email address soplease take a quick minute and classmates, our with and campus 40th Reunion. 40th onPenn happenings as well as our you update to us allow will That [email protected]). [email protected] Bill Tamulonis ↑ W80ClassCorrespondent Undefeated. The website the by published work,”article an women’s Black especially things, Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual Linda Shepherd reports: “After with what’s happening on on happening what’s up with keep to want you know We 1981! of class Greetings,

We do this by way by this do We facebook.

lpos- - - - - 86 85 84 Geoff Semenuk and has three three has amazing children: and Max, who works Semenuk Geoff with ﬁnancial sponsors. working Suisse, Credit at banking be as a vice chairman of investment every week. His day job continues colleagues and to friends from calls fields and program science their labs reopen. Robert role, important an played have grams and ambassador, borne disease, so their peer-to-peer, tick-of victims on tough been has COVID storm. COVID the ered have and adjustments made they’ve businesses, small most Like Alliance. Lyme Global called disease, Lyme fighting as chairman of the largest 501(c)(3) everyone is safe and doing well. hope I soon. better get will things out, rolling now vaccine the with an altered versionliving of our lives;been perhapshave us of many So hit. pandemic this since year wharton.upenn.edu maria.grazul.wh85@ Maria Grazul ↑ W85ClassCorrespondent [email protected] Bill Heins [email protected] [email protected] Alan Gluck ↑ W84 Class Correspondents [email protected] Larry Erlich ↑ W81ClassCorrespondent ﬁlms during my retirement years.” classic watching for passion my continuing and CAS the for work volunteer continuing to forward looking I’m Fund/Allianz. man’s Fire and Mutual), Liberty of part to send to in your send and news photos. Professionals Professionals board of directors. Compliance of Society National Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual 2021 14–15, May Reunion: Virtual Kathy Smith Kathy Robert Kobre Robert

and winter. Please take a minute a winter.take Please thiswarm and safestayed you hope I everyone, Hello, can’t believe it’s already a already it’s believe can’t February— in this writing I’m 86ers! Wharton Hello, LLP, was reelected to the the to reelected was LLP, (US) Sutherland Eversheds at partner Rubin, Brian

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the the - - - 89 94 your information or send me a me quick email! Stay safe, everyone! send or information your update to updates, Wharton contact either the for asking my emails receiving aren’t you if And see old friends. at to classes love would and yogabykat.com weekly teaches and online studio yoga her moved has senior at the Shipley School. Kathy a is who Lydia, and television; for advising SPACs. CobleWasserstrom ENG90 W90 , been working with my wife, have I months several past the for CA.” Valley, Silicon in based is and security workload application and cation appli web in companyspecializes marketing in February of 2019. Cyber Security as vice president of Symantec Corporation, I joined K2 ing executive at Blue Coat Systems/ wasserstromconsulting.com keith@ Keith Wasserstrom ↑ W89ClassCorrespondent [email protected] Laurie KoppWeingarten ↑ W86ClassCorrespondent Oculus Facebook’s in artist concept a as ter from home. semes fall doing after campus on be to excited is and College the in freshman a She’s House. College Rodin into Ariella, daughter, his move to thrilled was he January, In committee. investment firm’s the on serves and advisor ment invest an is he where Seattle, in town!—in Greenwich, CT, and and CT, gratefulhaveto very feel extra the Greenwich, town!—in across minutes house—20 new a Krippendorff Kaihan pure-play company in this space.” largest the for solutions technical lio of 3D printing and other leading blast running an incredible portfo a having am I and company, the Systems. “This is my third role with dent of health-care solutions at 3D presi vice executive currently Please send in your updates! updates! your in send Please As for me ( Menno Ellis Menno ia Rms 9 L7 and L97 C94 Ramos Pilar “After almost 13 years years 13 market as a working product almost “After Chiu Timothy he’s still at multi-family o multi-family at still he’s Nelson Marty

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folio companies port early-stage our manyof and dramatically during the expanded pandemic, usage Internet India. Lightspeed fund capital venture at here unabated Workcontinued surprise. our to much piano, and extracurricular activities like ballet busy with online classes and online time! Our kids, Reva and Lara, were family and Netflix, perseverance, demic with a whole lot of patience, pan throughthe got weDelhi, New in here Based was. 2020 year figuratively.” and literally both 2021, in healthy be can U.S. the that praying and grateful, and healthy otherwise (cutmyrisk.com). media social from gained insight using businesses their protect owners business help to business another Whitwell. boy in June, named Houston Lund baby healthy a to birth gave I and justice nonprofit organizations. social faith-based of directors of Christ and serves on several boards of Church United the in minister in Los Angeles. Chad is an ordained people experiencingserving homelessness firm poverty-law profit non a Center,Law City Inner at Project Veterans Homeless the on works He CA. Pasadena, to Foley, Michael husband, his with moved faculty position at NYU. Magazine (mentioned in a previous book fifth his published COVID. recently during space 7 episode. I’d love to hear from from JenniferCli at friends school hear to love I’d episode. 7 July podcast, 2020 Momentum Penn the on WG98 W93 Pierce Also, I enjoyed talking with (stepupcompanies.com). and impact leadership enlightened on boards and executives for sulting con meantime, the in and, lead to company a for searching includes my kids are grown and flown. This what’sworksinceforlifenextand lowship and am hatching plans for Fel - Leaders Finance Aspen the at role director executive founding myfrom off-ramped “I’ve writes: positive 2021 for all of you!” a for hoping and 2020 of end the past10 years. Blessedto have seen the in users internet million plus 500- to million 50 from gone has [email protected].” Dev KhareDev Stefan Whitwell writes: “Rachel October,In enfr lfod Simpson Clifford Jennifer

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Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 95 management. technology portfolio of head companies—as sciences life stage growth- in investor Partners—an outlook.com. ing! 70 [email protected] Mindy Nagorsky-Israel ↑ W94ClassCorrespondent to everyone. recommends he one and experience, amazing year—an this students Wharton He prospective interviewing clubs. started alumni state ington Wash- the through Penn with connected staying enjoyed have performance. improve resilience, inclusion, and to action take organizations way the it to transform us of all take will as functions, people-focused the in alums other from hear to decisions. workforce better and faster make nizations orga all help and Watson Towers Avaya, Willis and Expedia, rosoft, Mic- at experiences his on build to opportunity the about excited solutions. planning force planning, as senior director, work connected in leader the Anaplan, later this year. party a him throw to able be will while there.” level 1 Division the at gymnastics Vishalwill continue to compete in McCaul. Michael Congressman, able to obtain one from our district was he and selective, cult/highly diﬃ- extremely is Congressman a Navy. U.S. the to service of years ﬁve by followed be will there college of years four His Annapolis. in 2021 of fall the in Academy Naval U.S. be the will attending by us of all serving Mandava, Vishal son, Virtual Reunion: May 14–15, 2021 14–15, May Reunion: Virtual W95, & Callie Bornstein Gary Penny, Jake, wharton magazine spring/summer 2021 spring/summer magazine wharton Drew Pearson joined Biospring Rupert Bader Rupert He can be reached at rupes@

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!8 !7 !4 Insights. enterprise product, LinkedIn Sales LinkedIn’snewest launching on 2020. May in engaged got ENG16 terji the Penn VIP-X accelerator. named was to the spring 2021 cohort of Artswrk work. support and refer, find, showcase, can artists performing where site working with family o partnership in Detroit in Tower [email protected] Kaley Suero ↑ W17ClassCorrespondent com allegrahmargolis@gmail. Allegra Margolis ↑ W14ClassCorrespondent [email protected] Rajit Malhotra ↑ W12ClassCorrespondent on Twitter). healthcare on Instagram, @theiahc they as them join to community Wharton the invite ship roles within health care. They leaky pipeline of women in - leader the address to demic,hopes Theia Borne out of the coronavirussciences. pan life and care health in innovators as women empower to aims that organization profit co-founded and digital identity. Eternal is an ambitious new look at game, mobile half network, social Half Eternal. of founder a as work the April 2022. in married getting be will and ber - Decem in engaged got C15 Paula and will be getting married in July. engagedgot inNovember Alcocer 2022. in will married be January getting Tai Bendit Tai Shreya ReddyShreya Eghbali Shabnam James Reggie Kay Marissa andBaudron Charles Maria Forbes Noguez, in November and and November in Noguez, Javier ﬁancé, her to engaged Vargas Lee Alejandra gan real-estate firm led by FosterBrad by ,acquired the 211 led firm real-estate gan Michi a Financial, Foster Artswrk, a professional net professional a Artswrk, founded have GR20 C17 Ravi Silverio Nick recently recently Khetpal Sumun 30 Under 30 2021 for his Theia ﬃ has been working working been has ce Tribus. and Rodrigo De and Rishi Chat , was named to

a 501(c)(3) non 501(c)(3) a grow (@theiagrow and Ramita Ramita and , spring/summer 2021wharton magazine 71 Irene ParkIrene , got got ------5! MBA sionedfollowing o West commis were others and Point, graduated TX, Amarillo, the mid-1940s. graphic and demographic spread in others from allwith of our nation’s geo years several for lived and complex a endeavor. In in addition, they worked participating for disciplinetary andtechnical skills mili both with them provided experience That II. War World in served also had They country’s economy. the rebuild to desire the with them left which States, the worst depression in the United through lived having Wharton to came graduates the of All May! in Reunion 70th its celebrates class ment (37) and accounting (29). academic manage industrial were majors major popular most two the graduates, 1951 Jr.the For Killian James President MIT by mencement address was delivered com- Auditorium.The Municipal mencement, held in Philadelphia’s Com 195th Penn’s at MGAs six and MBAs 126 conferred Stassen rate organizations into systems. At sectors of our economy from sepa all moving in pioneers became we WWII, following theory systems in academics leading world’s the were who Churchman, Wes C. sor profes Penn and professor Ackoff Russell Wharton of tutelage economy.the Under class-based innovativemiddle- vibrant, a on nation, and even the world, bedded the communities, their rebuild to desire their fulfill then help could that skills and knowledge specific for looking were they Wharton, to ing to GIs in every way.possible welcom - werevery School the and to enroll in Wharton because Penn Springs, CA, noted that he was able WG51 class. the enter to home return to fortunate was but war of oner Bulge, was taken as a German pris Soldo combat: survived few A Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: Some,like graduate Wharton 1951 That Thus, when the 1951 class came came 1951class the when Thus, and Penn President Harold Harold President Penn and Balderston Canby C. Dean Wharton 1951, 13, June On , following the Battle of the the of Battle the following , David Skinner David John Boyce Jr. Boyce John ffi cers’training. , of Palm Palm of , Joseph Joseph , of of , ------

Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 Root; Root; CT,Veeder Hartford, with wasof de Nemours; Berlin, MD, were with E. I. du Pont Group, of Lancaster, PA, was with the Kerr with Zink & Triest; Daugherty Corporation; RCA with was Fryburg Frank Canaan, CT, was with GM Overseas; Limited; Cheong Yue Kai with was Kong, Kwok Lin Chin Frank Hill, PA, was chair of Mellon Bank; Jr. Eagleson William banking, real estate, or marketing: inwereCT.othersCanaan, Still and Purmort Paul MA; rillo, TX; They were: John Boyce Jr., of Ama investment. or accounting, ance, joiningagencies devoted to insur toor building devotedthemselves Others Mobil. Exxon with was SC, and MA; Woburn, of Inc. Davol with Smith; Judson with was PA, Grove, West Lo School’s emeriti professors. several years and for became one taught of he the where Wharton, of Cani de John academics: became who mates NC. Mount, Rocky of hometown his in practiced and combine his MBA with a law degree Jr. Meadows Frank Group. Estate Real Navatanee the Navapan own and agency; his estate real started MA, Mashpee, of Imports NY; Hoffman with was isle, PA, and PA, isle, American Cyanamid (now part Pfizer); of part (now Cyanamid for American engineer industrial an was example, NJ,for Plains, Pompton 72 production; or manufacturing to careers devoted their Many ways. several in eration,”accomplishedwe which gen greatest “the called been has have in the U.S. and the world. electronic-based economy we now the for foundations the in building engaged were we era, that in emerging were that technologies first computers) and the electronic of Penn’s ENIAC (one of the world’s the same time, under the influence wharton magazine spring/summer 2021 spring/summer magazine wharton ff The 1951 class even had class had even class 1951 The The WG51 class was part of what mark , of Charleston, Charleston, of LillyRichard , John Bastian John William Knobloch William Maurice Feigenbaum Maurice George ValcharGeorge Charles Richardson Charles Christian Pedersen Christian Gerald Gerald , Curtis of Milton, Bob SternBob , of Bangkok, was with with was Bangkok, of , not only was a professor Fred Oyler Fred , of Naples, FL, was was FL, Naples, of , Charles Charles Dabrowski, Warren Shadek Warren Jennings Ritter Jennings joined the faculty faculty the joined of Van Wert, OH; OH; Wert, Van of , of Lancaster, PA, PA, Lancaster, of , Richard Morse of Fairview, OH; , of Rye, NY, Rye, of , , of Lafayette decided to to decided , of Hong Hong of , - Carl of , , of New New of , , of New New of , Sukum Sukum David Ralph was was , of , , of of , , of of , , of of , - - - - , dia.) an automat—look it up on Wikipe restaurant, a (Not $1. of total a for chocolate coffee/hot and dessert, a sandwiches, two of lunch a get could we where Automat Hardart & Horn a was there where Street, memories. Locust Walk was Locust 1940s and early 1950s has left many sity of Connecticut. becoming a professor at the Univer me to led This governments. state technologies for municipalities and computer and telecommunication harnessing to career my devote to technology electronic in training puteranddrew myupon U.S Navy com- ENIAC pioneering Penn’s Weiner Myron I, Tucson. and Beach Miami ing includ- cities, many of manager NY,and Over mayorWashington,of DC. of revenue sharing and even deputy director Treasury federal the also was he FL; County, Broward and serving as manager of Dayton, OH, ciation for his distinguished career, Asso International City Managers Watt and federal governments. state, municipal, to careers devoted their administration) ment and minister of health. development, trade, and commerce industrial of minister as cabinet bia; he also served in the provincial at the University of British Colum realize it also provided us with with us provided also it realize fessional lives; little did the School preparing us for our business/pro the world. Wharton was focused on even or nation, the communities, their improve to skills ton-based Whar their volunteer and/or members can reinvent themselves WGES fun, and family to addition In U.S. the in schools business in society emeritus other no is there Emeritus Society. WGES is unique; members of the Wharton Graduate years after wegraduating, became 45 At Wharton, life. of vibrant years 25 to 20 another enjoy can 65/70 age at “retires” now who Anyone Wharton grad now has a Third Age: pre-pandemic public health. Every of world new the from benefited have we But time. of period long a May—that’s in is Reunion 70th coach George Munger. after Mungermen, the as known was team football Penn the that Going to Wharton in the late late the in Wharton to Going govern of (masters MGAs The It’s hard to believe that our our that believe to hard It’s was city manager for Geneva, Warren Shadek Warren was recognized by the the by recognized was Clifford O’KeyClifford , was inspired by by inspired was , remembers remembers was city city was Graham Graham Orville ------56 [email protected] Myron Weiner ↑ WG51 Class Correspondent Wharton blessed graduate class. very fortunate, very a are we that good reason: It is easy to appreciate 70th Reunion this coming May. For our Zoom-celebrate even might We 90s. our into us of some and 80s, their into vibrant remained life for others. energy in volunteering to improve and experience, knowledge, their utilizing “retirement” and time will life a spent has them of each find you and class, WG51 the of member any to Talk world. the or organizations in our communities volunteer to contributions great made have who grads Wharton recognize to Citation Challenge Crandall annual an has WGES So world. our improving to continue power” “geezer our use to us challenged Airlines), American of chair (former WG60Crandall One of the Wharton graduates, nationally. or communities our in organizations political and social, community, religious, in active are us of Most musicians/singers. others, playwrights; or authors become us of Some life. daily of teering in the range possible widest volun- for skills Wharton-based ing o recruit Navy a passed and City Center to walk to decided mates class several Wharton, at year first the of April In duty. active Navy of years three by separated are also. Viejo, CA, and hopes his classmates health, residing in Rancho Mission after 11 great adventures. back and Maine to as such trips ing boating but has ceased the long in Tampa Bay, He FL. still is enjoy croquet. and pickleball, golf, playing and active, healthy, are nearby—and resides family their of percentage munityinVero Beach,FL—a large com independent an livein they Today,student. better and serious wife,Abigail,moremuchwashea returning to Wharton with his new first class of OCS in Newport. Upon Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: Most of the Class of 1951 1951 of Class the of Most George Delanoy George Jerry Williams Jerry ffi at Wharton, which were were which Wharton, at years two his of memories fond has Winans Charles ce, and he signed up for the is enjoying life life enjoying is is in good good in is Bob - - - - - 64 58 ing. Talk at you next time. please let us know what is happen any of you from 1958 this period, so By the way, we have not heard from your COVID inoculations. Stay safe! event with plenty of notice. the publicize will local group Our alumni us. join please ested, inter- are who alumni Wharton all eligible for the emeritus group, and 1958arepracticable.Allalumni as soon as event in-person another scheduling to forward looking am May 15, at 3 p.m. local time. Saturday, on held be will It mates. An email was broadcast to all class has been in touch with the School. suggesting a Zoom reunion. Duane manes of the Wharton sta Wharton the of manes local groups across the country. form to trying is which WGES, of before turnpikes. 40,Route on 1948 in $20 with and days eight in Jersey New to cisco Fran San from hitchhiking of is that my family has requested. One memoirs write to pandemic the Parker WG63 Parker list the to add “Please WG63 (From School. the notified I list. the on two not names were there Unfortunately, I classmates. our to emailed I that classmates. School the from listing a received deceased our in May 2024. [email protected] John Majane ↑ WG58 Class Correspondent [email protected] DeWitt Peterson ↑ WG56 Class Correspondent eternal peace.”) in rest all they May true. and men versity in Reston, VA, in VA, Reston, in versity Uni- Clarewood at program MBA the in management portfolio and investments in course graduate a Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: 2021 14–15, May Reunion@Home: I hope all of you have gotten gotten have you of all hope I Also, A reminder that we are members I, Thanks Thanks to From From DeWittPeterson affair, enabled by Helen For lastyear turned intoZoom a Our planned emeritus lunch 60th reunion will be in Philly DuaneSonneborn from reminder Another .” From From .” Jeff White Jeff Nazir Dossani Nazir Paul Allersmeyer Paul Ed FeulnerEd Peter Braun Braun and Peter BobCantine asked about about asked , am using using am , : “Taught “Taught : John K. K. John that our our that ff :

spring spring “Good “Good , and I and , for for - - - - : 66 Wharton Wharton websites. checkoutthe various Penn and/or Please worldwide. immunity herd reach we while safe Stay mates. class deceased of list the of copy a you send and list my to you add will I me. email please emails, the the brew in one recently and, like playing golf—shot my second hole minium and the rest of the time am condo my of board the on and [email protected] Ed Lyons ↑ WG64 Class Correspondent church my with active quite am I years. 10 over just for time full- FL, Island, Sanibel in living in hit full force.” COVID before just 2020, pendent consulting. He’s now now He’s consulting. pendent inde then and world corporate the in involved was career his in is ment the sunny South. in life good the enjoying he’snow years, 47 for Married estate. real government positions, and later in manager,relatedcity in as service in Lakeland, workingFL, in public Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: If you did not receive either of of either receive not did you If From From Another gentleman in retire in gentleman Another past past year (80 now).” , shot my age three times over receiver Strickland, who has resided including in, checked classmates of number A Roger Bloods Roger Jack Henard Jack In February, Tampa Bay Buccaneers wide Justin Watson W18 became the third Penn alum ever to win a Super Bowl. “CHAMPS BABY : “I have been , who earlier Bob Kille Gene Gene

here here - - - - -

67 67 please. Best please. regards. Best shots, vaccine your get and mask, adjunct faculty) at the university.the at faculty) adjunct and lecturers (primarily teachers non-tenure-track recognizes outstanding honor The 2019. in Excellence Teaching for Award Charlotte UNC the of recipient ral inaugu the named was Business, of College Belk Charlotte’s UNC alums sang “Drink a Highball.” now.” clearly see Both can “I says, Paul photo. accompanying the in Robert is holding the Penn Quaker Dr. that Notice W76. Blasberg [email protected] John Hendricks [email protected] Tom Hadlock ↑ WG66 Class Correspondents Rowe of the local active Rotary club. part being via city that in brother Hadlock (Tom my with friendly is coincidences all of and hello, saying City Panama from region. ing-related of ones within the Boston number a hous particularly organizations, in participating Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: ae go srn, er a wear spring, good a Have Tom Marshall Tom Greetings, Greetings, too, come from WG73 Salceda Jovito Paul Zantzinger Paul aracts removed by fellow alumnus fellow Wharton by removed aracts and his wife. his and ” , a lecturer at at lecturer a , had his cat his had ’s) wife’s wife’s ’s) Robert Robert wrote wrote Peter - - - 69 [email protected] John W.Thompson ↑ WG67 Class Correspondent College Honorary Alumnus Award. Belk 2019 the received also Tom eration of insurance professionals. gen next the inspire and teaching desire to pursue a second career in a sparked experience college ing from 1988 to 2004. His own reward dent at Auto-Owners Insurance presi Co. vice regional as served Tom University of Maryland. the from time this time, second a tra on shoppingon-line of impact the tric vehicles into regular usage, and air quality, the penetration of - elec states and addressed issues such as state of Maryland and surrounding focused on analyses of tra Group. Research Policy groupThe land to manage the Transportation and went to the University of Mary Administration Highway Federal the from retired I 2009, In tion. computer models of traffic conges program to develop more advanced also included managing a research immediately than Rather months. six in MBA the finishing Wharton, to returned and 1971 of fall the in Navy the left I job. the got I how idea no have I research, operations then mathematics, in background my Considering shop. hobby a and shop, sport a sailboats, gymnasium, library, a theater, movie a baseball tournaments, tournaments, ketball bas tournaments, volleyball ran I role, that In Vietnam. Nang, Da o recreation the as was assignment Navy rable memo most My 1969. of January in beginning Navy, the in three years spent I War. during Vietnam draft the the in up got then caught 1968, of December in with analyzing tra problems on governments local and state to assistance technical involved career My years. 30 for Administration Highway Federal and tra location, population location, employment of models mathematical building on focused work PhD My Penn. at planning city in PhD a pursue to decided I market, job the into Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: “AfterPhD,the the workedfor I ffi c. In June of 2020, I retired for completed three of four MBA my four toward of semesters three completed Ducca Fred ffi cer for the Navy in in Navy the for cer ffi ffi c congestion. c congestion. It reports: “I “I reports: spring/summer 2021wharton magazine 73 ffi c in the

going going ------mates to become members of of members the become to mates class encourages Charley campus. lieu of meeting them personally neering building has been named been has building neering a gift to Wharton in your 2020–21 with Zoom by connect nal A Wharton’s that Fund arship support which his PA, near the Penn campus in create, their own best future.” individuals are responsible for, and destiny.Wethat idea the embrace dictate circumstances individual that notion the reject We option. illusion that dependency is the only the create circumstances whose tothose training and support, ship sponsorships,mentoring, scholar- providing by excellence personal and self-sufficiency fosters tion “The Shift the Narrative Founda dation’s mission statement follows: foun- The circumstances. diﬃcult overcoming of process the in are tional trauma or hardship and who who have physical experienced or emo people with works dation foun The dependency. rejecting in involved actively are they that shown and dependent become to them cause ordinarily might that circumstance a experienced both havewho individuals to support vated with the mission of providing acti being is Foundation Narrative the Shift the now, until dormant been has it Although mentality. victim ﬁght to 2002 in foundation email is [email protected].” 1969.of anyoneclass the from My from hearing enjoy would I years. Carolyn15forthepast Riesenman Paul Zantzinger WG67 & W76 Blasberg Robert Duke University’sDukeengi new Charles Kurz II Kurz Charles Redenbaugh Russell to married happily been “I’ve

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Interested in being your Class Correspondent? Contact: [email protected] Want to Invest in Leaders? WG70 women for this column am pleased to be free of the daily and collecting our news to share stress of managing portfolios. QUOTED with the class. We have been able Pre-COVID, I took full advantage to find and get news from nine of of all that New York City has to “The COVID-19 pandemic offers a silver our women classmates. If you are offer. While COVID has curtailed Support MBA lining that may yet outshine the immense reading this and know how to reach my outings, I stay very busy with challenge it has posed: a chance to close the others, please let us know.” online exercise, classes, podcasts, wealth gap, remove societal obstacles, and Maryfrances Davis: “The only and cultural events. I draw on my provide confidence, clarity, and capital for woman in my January class, I was business skills in various volunteer the business owners of tomorrow.” called ‘Miss Mary’ (not ‘Ms. Davis’) activities, mostly in developmen- by my professors. My career was tal disabilities and global human Dionne Gumbs C00 WEV01, founder and in community change: first, trafficking. Travel has been a big CEO of financial platform GenEQTY, writes for the Wharton Magazine Blog Network low-income home ownership and part of my life for many years, about the need to support small businesses community development, and and COVID definitely put a pall Help students choose Wharton through today’s difficult times. then real estate investment per- on that. My husband and I share !Making competitiveellows fellowship o!"ers duringi#$ the admissions For the full article and more alumni posts, formance, banking, and the Davis four grown children who are scat- visit whartonmagazine.com. Partnership, a real estate limited tered all over the globe, and now process helps ensure Wharton attracts and matriculates the partnership. Now I continue part- three toddler grandchildren and highest-caliber students. time as general partner of the one infant, so once travel opens in honor of longtime supporters back to Beacon Hill in Boston and Davis Partnership, having turned up, our first trips will be family-fo- Jerry Wilkinson, Beverly Wilkin- founded a company called Home most functions over to my daugh- cused. Reflecting on my two years son, and their family. Jerry, a 1967 Away, a pioneer venture in long- ter, who is chief operating officer. at Wharton, I am struck by how Ignite leadership talent Duke electrical engineering grad- term furnished apartments. Home My second part-time job is with few women there were—some 30 Fellowships build a diverse community of leaders and empower uate and founder of the Wilkinson Away did a lot of business with MDG, Maryfrances Davis, Geneal- women in a two-year program of them with the resources to make the most of their journey. To learn more about establishing Companies, and his wife, Beverly, post-surgical patients and their ogist, in which I create an extensive over 1,000 students. It was clearly have been volunteers and donors families and with the accounting documented family tree for each a very different world. We did not a fellowship, please visit: to Duke’s Pratt School of Engineer- companies, who found it finan- client. My avocations are writing, feel like pioneers then, but in retro- ing for decades. Their most recent cially advantageous to base field singing, walking, and research. spect, it is a point of pride. I came to Leave a lasting legacy whr.tn/mba-fellowship contribution, a cornerstone gift audit teams in furnished apart- The last is with PhiladelphiaCon- appreciate the value of my Wharton Fellowship donors have the pride and satisfaction of knowing to the Building for the Future of ments, as opposed to hotel rooms. gregations.org, which transcribes degree more and more throughout Duke Engineering campaign, was Donald also managed a forestry very old documents of early Phila- my career and cherish the friend- they make a di!erence in the lives of students and in the made to fund the new $115 million farm in China. Now 80, he is still delphia congregations. During this ships developed.” companies and organizations they go on to lead. engineering building’s innova- in the Boston area but suffers from pandemic, I have focused on being Collie Hutter: “I am currently tive research and educational Alzheimer’s and has changed his in touch with hundreds of old and the chairman of our family man- initiatives. real estate investment portfolio to new friends, electronically, on the ufacturing company. My husband As for me (Dave Morgan), I’ve be less management-intensive. walkways, and in the elevator. Let’s founded the company in 1969 been reminded over the past year all look forward to herd immunity!” as a research and development home in San Jose) and retired after my social marketing consultancy I very much needed later on to the classmates I started with and of two very powerful one-sentence ↑ WG69 Class Correspondent Myrna DeJesus: “After I grad- company. After several com- 31 years, all in the New York met- designed and managed large-scale succeed when I found myself as a attended classes with. However, lessons that were presented during David Morgan uated from Wharton, I joined puter-industry jobs, I joined my ropolitan area. I lived in New York donor-funded projects in several woman in almost pioneering situ- when my daughter received her our time at Wharton: The first was [email protected] Arthur Andersen and two years husband, and we started manufac- City for 13 years, followed by 35 developing countries. Addition- ations. After Wharton, I started in MBA in 2005, I proudly carried the FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 in the first class of the semester, later moved to Coopers & Lybrand. turing the products he designed. years in New Canaan, CT, and now ally, in order to serve and reach consulting. After several different 1970 class flag in the procession in business law. The professor put Reunion@Home: May 14–15, 2021 At the time I joined Arthur Ander- We design and manufacture pro- four years in Austin, TX, where we the grassroot communities, I set jobs leading and co-leading com- leading the graduates onto Frank- the Uniform Commercial Code Caren Byrd Borland: “I’m sen, there was only one woman prietary aerospace hardware and own a condo on the 44th floor of up a charity that designed and panies, I returned to consulting lin Field. After leaving industry, of the USA on the lectern, looked still working in investment manager and no women partners have plants in Nevada, Connecti- the tallest residential building supported innovative projects, and counseling. Before returning I spent 20 years teaching at three around, and declared, “Honest men 70 banking, as a managing at the firm’s New York office. In cut, and Wales, UK. Our son and west of the Mississippi (soon to including women enterprises, home, I was working as an interim universities and am now serving in don’t need contracts!” After a preg- director, at Morgan Stanley in NYC, 1975, I joined American Airlines and daughter are now managing the be superseded by several others appropriate technology enter- manager in change management several volunteer capacities focus- nant pause, he continued: “Which, where I started two years after moved to Dallas when they moved company. We have four grandchil- within our line of vision). I met my prises, community banks, and and also doing counseling. I hope I ing on financial literacy.” of course, explains why we need so Wharton. I came directly to their headquarters to Texas. Cur- dren. When I arrived at Wharton in Englishman, named Ireland, in a microfinance initiatives. I have find opportunities to continue with many lawyers.” The second was in Wharton from an all-women’s rently, I’m retired from my financial the fall of 1968, I was prepared to be groupie house in the Hamptons lived in London since the 1970s; this work once the general situation ↑ WG70 Class Correspondent a marketing or marketing research college, Smith College. Wharton planning practice. I’m concentrat- one of the few women (or perhaps in 1976. Our 40th anniversary will it’s where I met my late husband, improves.” Rick Perkins +1 215-746-6509 class: It was either Jerry Wind or then was essentially an all-men’s ing my time on managing real the only woman) in a class, similar be this winter. We had hoped to with whom I enjoyed a full life of Mary Ellen McGowan Overbay: [email protected] Don Blankertz who said, “You school—so that was quite a con- estate properties that I own in NY to when I had been an undergrad stage a celebratory bash, but that travels, art collecting, and various “When I entered Wharton in Sep- can be the best damn buggy-whip trast. There were only 13 women and Dallas. For 25 years, I have physics major. I had also worked will clearly have to wait. We never cultural activities. In this anti-so- tember 1969 with the Class of 1971, Reunion@Home: May 14–15, 2021 maker in the world, but when in our class, or less than two attended the Arts Students League at my family’s manufacturing managed to have children, but cial COVID age, I keep busy trying there were 12 women in my class, Roman Martinez IV was the market shifts to automobiles, percent. Today, about 40 percent of NY, of which I’m a member, and company. I never thought that I was together we enjoy travel, theater, to downsize—not an easy task, as but the Wharton women reached elected to serve as vice chair- you’re outta business!” During this of Wharton MBAs are women. I have a collage exhibited online doing anything out of the ordinary. university lectures and classes, my husband was a compulsive col- out to us. Marci Fava and Margar- 7! man of the board of governors year, I have often reflected on this I credit Wharton for my profes- there. I have traveled throughout When I applied for manufacturing movies, and hiking.” lector. I also provide occasional ita Koennecke hosted me when I of the U.S. Postal Service. and considered which industries— sional success, and I treasure my the world. My passion for sailing jobs, I learned that women often Shala Kaussari-Dick: “Early mentoring and support to small was Philadelphia apartment-hunt- especially some that have cried out Wharton connections. Now, I stay has taken me to exotic destinations could not supervise on the plant in my business career as a man- and individual-owned businesses ing, and I wound up living with Pat ↑ WG71 Class Correspondent for bailouts—have actually been close to Wharton through recruit- like Phuket in Thailand and Istan- floor, which was one of the first agement consultant, I had the and social enterprises.” Brautigam Ireland and Shala Kas- Kathy Jassem transformed by the pandemic into ing for my firm, and I am proud to bul, Turkey. I go to the South of steps to a manufacturing manage- challenge to design a large-scale Margarita Koennecke: “After 53 sauri-Dick my first year. I doubled [email protected] buggy-whip industries. say that Wharton still produces the France every summer to find inspi- ment position. This was ‘the real social program for a develop- years living and working abroad— up on courses so I could finish in I also finally tracked down long- best of our new bankers. Wharton ration and study French.” world’ then. I think and hope that ing country. This convinced me mainly, but not only, in Europe—I December 1970 to move to New Reunion@Home: May 14–15, 2021 time friend and classmate Donald taught us all great business skills Marci Fava: “Following over 40 it has changed now!” of the transferability of business returned to Argentina last year. York and accept a job offer in the I, Eugene Aaron, recently Wilson, whom some will remem- and professionalism. For me, it years on Wall Street, which were Pat Brautigam Ireland: “I principles in solving social prob- It was time for me to enjoy my financial sector. Officially, that put published a memoir of my

[email protected] ber as an outspoken Australian. also gave me friends for a lifetime. exciting, intellectually challeng- joined IBM straight out of Wharton lems and was the start to my social family. Wharton was special for me in the Class of 1970, but I walked years in the State Depart- 73 After graduation, Donald went I have had fun reaching out to our ing, and financially rewarding, I (but for getting my tonsils out at enterprise career. Over the years, me. It gave me the confidence at graduation in May 1971 with ment Foreign Service. The volume,

74 wharton magazine spring/summer 2021 spring/summer 2021 wharton magazine 75 [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 78 “What’s Going On in This This in On Going “What’s Times online weekly the for tor modera curator,writer,and the also is and diplomas high-school their getting but refugees tutoring is teacher, math Boston high-school a as classroom own her later in the year.” thishasanother galleryinterested Also, the sculptor who championedvirtually. going it keep still we’ll the show leaves its present gallery, year,a when least and at for up be memorykeepers.art.Thatlink will her: for and painting me, for pottery photography gallery: a in that both of us just installed pieces She’s doing amazingly well—so much earlier. so month a ablation 76 [email protected] Eugene Aaron ↑ WG73 Class Correspondent national power. soft and hard of application the and nation-building of are tales also There encounters. cultural new of accounts firsthand as well as Service Foreign the in work ing on reflections the varied and engag Worlds Two Between another as a side e and … May in stroke a had West wharton magazine spring/summer 2021 spring/summer magazine wharton Sharon Hessney Sharon more so, my partner Gale Gale partner my so, more even year crazy this make Hurwich Mark of passenger experience at Virgin Hyperloop was one of two first manned test of the technology. “It was much smoother became a pioneer of hyperloop technology. The director employees to volunteer in November for the company’s than I expected,” Luchian told the accelerating to 107 m.p.h. in a little over six seconds. In a giant leap for transportation, ff ect ect of a cardiac no longer has has longer no reports: “To “To reports: , recounts recounts , New York IN THE NEWS - - 8! tion. The honorees were recognized DC’s 49th Wharton Award of CelebraClub Wharton the of honorees “Tony” Surak WG96 [email protected] Mel Perel ↑ WG78 Class Correspondent the was Bill Wharton, at While pants. 50,000partici than more with U.S.,the inest-growing sports fast the of one is polo water that notes Bill program. Olympic U.S. Americain sport thatoversees the the for body governing national the Polo, Water USA of of board the chairman as serve to elected joy! How fortunate we are.” babysitter.Truechief daughter’s grand- my also am I pandemic, audience.Sharon the notes: “With and graph, topic, different a ents pres week Graph?” Every feature. All proceeds from the book book organizations. nonprofit the to donated from being are proceeds All a Buying to Business Guide Practical A ever Ivy League Championship. poloteamwhenwonitthefirst- Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: William K. (Bill) Smith (Bill) K. William Robert Chalfin Chalfin Robert

coach/player of the Penn water Betsy R. Glick C86, and WG15 M12 Fajgenbaum Carlson E. Marilyn New YorkNew Times Sara Luchian WG12 , available on Amazon. Amazon. on available , has published published has were named of , Anatol David David was was - - - - , 84 only has survived being closed by closed being survived has only not that nearby business gym ing personal-train a has Caitlin, to married recently Adam, demic. stayedthroughoutopen panthe at a primary school in Barking that Katie children. shares the flat their and is on a teacher tabs keeping London, in Wharf Canary looking are currently in a 10-floor flat over ness school in Uganda last year and busi a up setting from returned and thinkers (jewishcurrents.org).” group of brilliant millennial writers a by led renaissance a undergone 1950s and has in the past few the years to back dates that magazine progressive a magazine, Currents the of joined board recently not-for-profitsoverall world. the I supporting busy keeping are We Miami. and Hampton, East NYC, between time our divide to tinue 20-year-olds.” is di that but subject, the of knowledge the all you gives finance in career a Spending be. I would it than thought harder lot a is Teaching Charleston. of College the at ment depart finance the in professor [email protected] Alan M.Sooho,MD ↑ WG81 Class Correspondent on 21. December virtually for their accomplishments sive Rhode Island to and escape the oppres location) of choice on ative cre very (not Charlestown in summers our spend We SC. ton, Charles to moved and house a in Connecticut, my wife and I built years 25 for living after and 2016, with purpose.” imbued feel and challenge lectual intel- the enjoy I but Wharton, at service when I was in undergrad or government considered never I sure you have six months’ validity. make and now right yours Check strong. is demand passport but visit moment, the at countries to many Americans for be possible not may It Agency. Francisco Passport San the at passport specialist supervisory a as job a to moving am I embassy, Dhabi Abu the in two and consulate, Jenny and and Jenny Frey Peter Jim Furnivall Jim

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Mixed feelings for me. Of course, course, Of me. for feelings Mixed career. my of stage late this at me quite challenging, and it and has invigorated rewarding both Matt with up keeping found I’ve ence, experi least and grayesthair the with guy the As innovative. and bold of short nothing are Center and whose ambitions for the Steers Matthew, who has limitless energy with work to before, academia in worked having not me, for rience expe extraordinary an been has relativelyexistence.It its short in center the with things incredible tor, Matthew Cypher, who has done Georgetown at and estate is runreal by its things direc all is Steers sity, my undergraduate alma mater. Univer Georgetown at Estate Real Global for Center Steers the of tor direc ago,managing the became I rest in peace.”rest may soul his pray I and Japan, in here us among leader great a was He January. early in away passed our classmate, that Verynews sad shape! good in under this chaos. Wharton better and how to survive a clear message about how to make event, with Dean James sending us alumni in December. It was a great prominentAsian andJames Dean eoconference event to connect new vid havethe I meantime,chaired celebrate? I should How home! from will working I ‘365’ that count sure positively am I already. day 300th the reached have and home from working still cheesesteak in person. happen won’t unfortunately that ’21, of class the of part as ate to son, May his see in commencement the looking was forward to visiting he although that ness oﬀ the ground. busi export plants health African an getting and up, set he school business Ugandan the in online thinking” “critical ship,”teaching his research on “pioneering leader and coaching groups on the back of onlineforumsup setting been has an memory.encyclopedic JamieAnd has who Pandora, daughter, two-year-old amazing their and Hackney of Parrs the to Poppins Mary JennyBristol.been near has business ﬁtness a started just also daughter,ever.Hilary, Other has than faster growing is COVID,but GeorgeYeonas writes Minoura Hiroshi Mike

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: “About a year year a “About : Philly to attend gradu , In the In ------, people want hobbies and because support.” probably roster, good a online class starts in a month with seasons. and months the than most new beekeepers do over if they chose to, learned a lot more they observed their hives more and, clear that being at home a lot meant was it beekeepers, new For down. had 16 years of training for locking a social-distancing profession, is Beekeeping recommendations. attention, and I posted updates and got still hives the but March, after none and usual, as sessions ring many regular group apiary mento of teaching materials. I didn’t do as have years I since okay was which remote, to switched beekeeping and agriculture Teaching open. parts scheduling. tocomplete,and pauses longwith stu small the of some But 2020. in stuff small and items punch-list with dealing and house the in living were cats and dogs our RI, and we so 2019, in Newport, in rebuild house our completed I and Kate, wife, Fortunately,us. for myyearitive pos mostly a was it timing, lucky some with fact, spared—in were we that grateful are I and family my 2020, in news disrupting and and I look forward to it continuing.” this spring. It has been a great ride, last of my three boys ﬁnish college here. out is me liked who anyone if girlfriend, my with theCOVID storm inWesthampton myneeds. suit to ment manage necessary but limited of amount Perfect days. CS old from guys several with group trading and sales CLO a in years four-plus have been working for RW Baird for I issue. more one for Larry ignore do.” you all for you safe. and healthy are classmates Wharton from the ocean. away further and price the half at reside, albeit in a downsized home daughterandother grandchildren to other our where Florida, to return plans have do We there. live who grandchildren, and daughter our near be to Dallas in year a for condo a rented and Florida in ago years 10 built we home recently the we sold matters, other On Ferrari! the catch to is goal whose Ford, the as ourselves we cast have and world, academic estate real the of Ferrari the is Wharton : “Despite all the bad the all “Despite Karle: Ed Glavin Jim

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Peter Bennett Peter and As As of early March, more than 100 alumni had reached out the group, engages alumni as independent contractors lost their jobs or income in the face of the pandemic. Lori MitchellLori … and congratu The Wharton Club of New York’s COVID-19 for help through the initiative. spring/summer 2021 wharton magazine magazine wharton 2021 spring/summer in front Dave Dave CLUB SPOTLIGHT and and ------infectious diseases doctor/chief infectiousdiseases of Jay!] brag, to need March!” since Joe’s Trader and Costco “Haven’tbeyond gone 2019,31,ber withplans travel.to Bowl Super the won TomBrady wait, … specifically,me, butat comment that directing was Jean if sure not I’m wandering. from mind one’s recommends as a way to help keep She she which meditation, about talks Santos. 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Wharton other to admit began we and around, got Word Tuesday of the month at 1 p.m. ET. first the on Zoom via calls Boards for Wharton the to up showed 15 then 12, then classmates, WG89 Eight governance. corporate insights on share to and journeys to support each other on our board the response, I set up monthly calls by and reunion our by Energized classmates. many with resonated boards on was serving that I surprised focus, my was it because biased Perhaps 2019. in Reunion 30th our at phrases common were next?’ ‘What’s and to?’ up you are thehoffmancompanies.com mhoffman@ Matt Hoffman ↑ WG87 Class Correspondent by. stopping for Thanks you! from hear lovewouldto I address. email your have I think don’t you 35th reunion next year!” the to forward 1987.Looking May of trustees. the Beth Israel Lahey Health board them reach their full potential. helping and children Minnesota’s focused on investing in the lives of Arms Foundation, an organization Maria GarciaMariaNielsen Remember, please contact me if contact please Remember, Raynard Kington

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Purple service delivery food plant-based the and India in classes cooking of help Ayurveda-inspiredthe with meals vegetarian/vegan cook to how Dan Ulin Dan Groeber Deborah “Visit redfernimpact.org to stay is CEO and founder founder and CEO is y M “ : ------president and CFO, announced a announced CFO, and president currently am I where Inc., Focus Pittsburgh. near District the School in Chapel Fox counselor academic an as working is Rachel, daughter, oldest my Finally, summer. this Caterpillarof headquarters porate startingrotationala jobatthe cor be will and science computer in went back to finish a second major 2017,in Bloomington IU recently from graduated who Bryan, son, My testing. water poultry, and dairy; and livestock, veterinary; animal companion for services and products provides which ries, Laborato Idexx with technologies an now future scientist–R&D associate is She 2020. at in Cornell sciences, animal in minor a with engineering, biomedical in degree undergraduate her ished fin Allison, daughter, My youngest been happening recently. havethat developments exciting some about classmates former to burgh!wantedI toansendupdate corner of the world.” to look me up if you’re in our mossy for Salesforce.com in SFO. Feel free WA; and my youngest, Tom, works in here Microsoft at works Kevin, a fifth-grade teacher in LA; my son, turing.restruc My daughter, JulieAnne, is org on mostly Coast, West the down and up work and 1990 since business consulting ment manage the in been I’ve area. the of beauty natural and cool, vibe damp the loving been have and 1994 since WA, Sammamish, in CollegeCoach.com. Elite visiting by more learn to you encourages Dan limited. is space and only, application by is Coach world.”Admission toElite College the change ultimately and lives, professional and personal their in succeed schools, graduate and Dan, “gain entry to the best colleges adds communicators,” “Great ble. others, and become truly unstoppa edge, challenge themselves,competitive inspire razor-sharp a hone respect, and attention command clients his that ensuring in utive professional, and a marketing exec communications a as educator, an experience of decades three his upon draws and mentor own his with working while teenager a as acquired first he sets skill the “On the business front, Energy Energy front, business the “On “First, as usual, are family items. Nestor Tod HoweDavid : “Hello from Pitts from “Hello : : “I’ve been living living been “I’ve : spring/summer 2021wharton magazine 81 ------90 gmail.com patriciabogdanovich@ Bogdanovich Patricia (Berenson) ↑ WG89 Class Correspondent full line of e tember. In remembrance, remembrance, In tember. Rosenberg class reunion in the States. post-COVID a for anxious is he us his with classmate,our who of still resides in proud Paris more be not could We energy development. energy and sources renewable with deals junction with Fahad Al Kabbani. Deserts and Areas, Rural Metropolises, in Congress. of nology company. tech- automotive retail a Global, CDK at officer information chief with his entire wonderful family.” us visited and by stopped Finnell and Wharton), at rugby from times great some relived (we area with you are in the area. Recently, I met stop by and visit us in Pittsburgh if I welcome anyand friend or classmateNestor, to Jennifer years, 32 decision! that regretted that are growing rapidly. I have not thriving middle-market companies with or earlier-stage and turnarounds work to and failures!) and four of my own startups (successes start to me led has decision That mandate for change is paramount. the where environments working was not for me and wanted I to be in path 2000, corporate large the decided Around soon. that on news provide to hope I and tial, poten great offers that property intellectual exciting very some has Ltd., Exchange eTicket Global Environment . + Leader Energy from award product-of-the-year top- a wonthereafter shortly that ing-control product called EnFocus May, light a announced Focus Energy Last homes. their in safer feel people make as well as safely work to back world the bring to intent the with October, in ucts prod (UVCD) disinfection UV-C Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: I am sad to report that report to sad am I Kirsten Garen Kirsten almost of wife my “Finally, “Separately, my original startup, Bill Best Bill recognized by the Library Library the by recognized published has Ourown was written by Louis in con in Louis by written was wife, ff passed away in Sep ective and a Véronique, when he was in the the in was he when Energy Transition Transition Energy Louis Boisgibault was appointed appointed was another book book another ff and tells and ordable Scott Scott Ron Ron JP JP

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Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 82 out floor, trading the on called immediately was Ron and was taboo, This inexperience. to up it chalk day; summer hot one work a wear to shirt to button-down short-sleeve chose Ron Brothers, Salomon at internship summer his During punches. the with roll to able was he after—and sought highly was Ron front, job the On Cabaret.the Chestnut closed) (now at house the down brought triumphantly they as the tight, band keep to discipline instilled and music read Ron band, the of member trained classically only the perhaps As band Sunday. on Born Wharton-inspired the talents to musical his lent he and pianist, Ron was an accomplished classmates. our of many so with relationships lasting forged and strong they Together, married 1986. he in whom Rosenberg, Feldman Maris life, his love of the and sweetheart high-school his 1984 before heading to Wharton. honorsfrom Rutgers University in graduated Phi Beta Kappa with top a trademark throughout his life. He wouldbe that humor of sense and siblings while maintaining a levity his for advocated who brother big of kind the was He of children. four oldest the was and NJ, wick, one. in wrapped that of all was Ron personality. magnetic a have or talented wildly be would some dous business acumen, or perhaps us tremen have or among brilliant be would many that knew we has meant to so many of us: about Ron and what his friendship Blankman has written a few words Tod Nestor WG89 & family & WG89 Nestor Tod wharton magazine spring/summer 2021 spring/summer magazine wharton “Ron came to Wharton with with Wharton to came “Ron Bruns North in up grew “Ron Wharton, at arrival our “Upon - - friends and colleagues alike. of wise advice and guidance for his his career, Ron was always a source Throughout the followed. that in years founder company a and neur as both a hedge fund manager proved to be a successful entrepre and Lindsay ters, daugh two his and Maris with time more spend to effort an in firms Street Wall large the away from pivoted Ron man, devoted family a As 1990s. late the by platform investment alternatives firm’s the up head to elevated was eventually and stature his tained main he where Lynch, Merrill to ment at the time. He was recruited accomplish- this of knew us of few so nature, humble his Given Wallon salesman Street. bond top and dedication, quickly became the trading and, through his hard work and sales in JPMorgan joined he Wharton, After success. mendous tre integrity,and honesty, his by ing wouldpersonality prevail. captivatthat and smarts, charm, his confident exposed, ankles his with suit ill-fitting the wore Ron stature. Ron’ssix-foot-one to close come didn’t five-foot-eight at who friend, a to belonged ally - actu suit The powerhouse. Street at a Wallinterviews of final-round series a for Manhattan to brought gave Ron the wrong suit, which he Chestnut) 2400 of lobby the (in cleaner dry the episode, another In 21. Century to run quick a with 90), and he remedied the situation correct—see question’ ‘LIBOR the get all, after (who did, He Ron. of fond clearly were colleagues his by lected col was that ‘kitty’ the accepting “Ron’s career was characterized Liar’sPoker CarlyWG21 , page page , . He He . ------9! our NYC o NYC our in (based Wace Marshall at year friends and health. I am in my 12th and family for thankful but times to pandemic.Strange the during life Adjusting far! so COVID-free that and all to joy and health brings 2021 Hoping visit. outdoor an for saw July and in August Water Mill and of much Spent Labradoodles. lian Austra two and kids three with get together next year!” wesomehow,can hope I someway CPA living and working in Chicago. fornia. Our daughter, Veronica, is a Dr.wife, Kelly, Nicole Cali livein his and He deployed. currently is USMC, Jr., Joe Lieutenant First industry. mortgage the for advice securitization and development, product valuations, services, ing 13th consult strategic its providing year, in now Advisors, View New of partner and founder a am NewJersey.in afterever happily I living are I and Diana update. an submitted I since while a It’s been help contacting anyone. need you if know me let so here, email addresses for everyone listed our class website, WG91.com. at I haveunedited and online available vious updates for our class are now column, all current and many pre Ron Ron was. He missed.” be will greatly guy beloved and talented dously tremen a what of us reminding engaging, and clever, witty, was missive each and together, all us brought Ron As storyteller, Ron. great a from communication daily that get to than captivating more nothing was There porters. group of Wharton friends and sup large a to progress daily his ing a communicat of made WSOP at habit He repeatedly. money the in ‘placing’ times, numerous Poker of Series World the entered He tournaments. major entering ago was time short years very a within 12 and about poker play to himself taught Ron do, can [email protected] Jennifer Taylor ↑ WG90 Class Correspondent Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: Jordan Foster Jordan Joe Kelly Joe “As only a Renaissance man man Renaissance a only “As addition to this magazine this to addition in Also, time. this WG91ers 14 from updates got We’ve Curt Cimei Curt Evan Sturza Evan ffi ce). Still in Scarsdale Scarsdale in Still ce). :

“Hello, classmates. classmates. “Hello, and his family family his and , :

Sami Karam, Sami “Thankfully “Thankfully ------passed away.passed almost and room emergency the to rushed unexpectedly be to had who was in health, relatively good mom, my PA, Reading, in parents son, Gabriel, and I were visiting my teenage our Patti, wife, my when Day, Thanksgiving on because, best, the for was it out, turns it As mutually project. the I terminate to decided and client the and culture, conservative company’s the with mismatch a was it that the project evolved, it became clear As practice. innovative e-learning utive search firm about creating an project for a consulting well-established exec demanding a ished fin just had NovemberI 2018.in started ordeals the me, For year. challenging extremely an been has 2020 world, the throughout people countless for that saying in Brazil.” unit’‘nudge government first the creating was project notable One Cambridge, New York, and Toronto.London, to often travel me made which science, behavioral applied developing a consulting practice in vants in Rio de Janeiro. I have been 100,000- ser among civil leaders tion with the mission of developing founda a of president was I years, films, short and full feature. For five independent in and plays in actor an as working (was) is and school film in is Gabriel animation. film graphic working andhasbeen designwith in graduated Carolina a postgraduate degree in art history. organizations. She is also finishing impactnot-for-profitteer social in volun- a and teacher philosophy a been has Christiane years, several at this stage in our lives.” place is pretty fabulous. Especially uals and making the world a better opportunity while helping individ- thing that has an enormous market already)! 400 (almost opportunities board and executive see and join can up and The short version: Anyone VP level executivehiring. for siveplatform called AboveBoard, that’s an inclu- you!company,I’venew foundeda of all to relevant likely is that way a in time this again, game startup the in back me has opportunity had retired, but a truly compelling one! I’m back in NYC and thought I our quarterly lunches!” LaVecchia Pat Frank Ganis Frank José Moulin Netto Moulin José Duncalfe: Lucinda Working on some Workingon , and I can resume resume can I and , :

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“For the past - Every “Hi - - - - out to me over the past few months reached and obituaries parents’ my on stumbled somehow who friends Wharton many my thank faith, family, and friends. I want to be to need priorities my that and life to approach balanced more a need I realize to come have 19, I COVID- by wrought changes the the shuffle. withbecamediminished in orlost me nurtured parents my values the of many decades, four almost for areas metro DC, Washington, and City, York New Philadelphia, dynamic social pace of living in the and schedules, combined with the challenges career hectic my with that realized I years, two past the on Reflecting II. War World since restrictions lockdown and ages short many so seen not had he for standing V (the V War World coronavirus calling started humor, of sense great his until their final days. My dad, known for coherent extremely were my parents of Both visits. hospital theirfinal months, especially with during challenges of lots created not have COVID-19, but it certainly did they Thankfully, 23. May on days53followed mybymomlater that I could not justify outsourcing. myfull-timeparentsa job became for caring treatments, and ments countless weekly doctors’ appoint Pennsylvania.Within months or weeks spending basis, regular a on Reading and DC, Washington, was commuting 170 miles between pitalrehabora center. Suddenly, I dad had a long stay in either a hos the next 18 months, my mom or my for month single Every condition. cardiac serious a triggering out, shape, became extremely stressed- declining, my dad, who was in good mymom With treatments. weekly itatingdisorderblood that needed debil- a with diagnosed was mom Susan Somersille Johnson WG91 “After a long hospital stay, my my stay, hospital long a “After Cmiig ht ih l of all with that “Combining “My dad passed away on April 1, ) because because virus) - - - my son, Michael, out of his moth his of out Michael, son, my got finally I normal. all So school. about my complaining are girls three and internationally, plants solar developing Solar, Scatec for working is Esenia, wife, super My hope hope to see all in May.” and healthy, Stay father. his and denly, life changed rapidly for him Sud rehabilitation. for January leavewill Norwayfor of endthe at and 30 October per bettermuchis He insurance. health of existence the for you thank million—so $1 Willrack hospitalupa billto close Hospital with a severe head injury. RegionalMemorialthe intime his of remainder the spent has and scooter electric his with crashed he birthday), (21st 3 October on But 31. August on arriving keeper, Southeasternasthe soccer goal er’s tight fist and sent him to Nova October: creative ideas.” move, please let me know if you have anycareer next my discern I as Also, weeks. few next the over you with up follow to promise I with messages, cards, and flowers. and we’ve greatly missing travel missing we’vegreatly and tennis and golf. to stay and enjoy an extra month of the schools and o whenbreak this hit andschool took for advantage of Beach Palm in andwe all are making do. We were of this but have avoided any harm, have certainly been impacted by all is enjoying real nursery school. We mostly remotely, and the youngest other in engineering, both learning one in sports management and the both graduate university this year, enjoying Montreal. are The two middle us kids will of rest the and NH, Portsmouth, from remotely working scientist data a is eldest nowhave wonderfulfour kids.My I confession. last my since pened overtime, so all is okay. Work? Work? okay. is all so working overtime, is BBQ the but closed, are gyms and Restaurants winter. long our during two or month a for Beach Palm to and Vermont to it make also will we Hopefully, enough. soon skiing to transition will we but approaches, winter as Yes, we’re still out on the lake, even countryside. the in cabin a at ing kayakand swimming of tons and golf, some tennis, playing time of etc., but we have been spending lots ing with family and buddy ski trips, Gary Pencer Gary Steckmest P.M. “Since returning, no big trips, trips, big no returning, “Since

“Life in Oslo is good.is Oslo in “Life ffi : “A lot has hap has “A lot ces being closed , writing in in writing , ------Catalina and Manhattan swims swims Manhattan and Catalina planned My lockdowns. multiple the during dog) (our Eszter with with an enormous number of walks swimming replaced often!)—and girlfriends and boyfriends (with year the for home children four all having note, enjoyed thoroughly we optimistic more a on But Sarah’s health. ill and to December in mother COVID to May in front, very sadly,personal we lost mya father On clichés! to resort to is year ‘challenging’ a was 2020 hand’ and ‘You are on mute,’ saying spot.” favorite my pick well as remotely,might work asmall island o to Moved extreme. the to tancing Glen Spey, NY.” Life camp called Lake Champion in Ellie, continues to work at a Young grandchild count again to the four. Our third child, doubling boys, twin had Katelyn, wife, his and inAugust, oursecond child, John, work Penn.Also program at social of master a started she August in ated from Belmont University, and gradu Sarah, child, youngest our May, In families. their and dren of Charlottesville, with all our chil house in Browns Cove, VA, outside farm- 100-year-old our at time the March until July, we spent most of our grandchild count to two. From doubling daughter, second her to birth gave Wharton, at born was who Jessica, daughter, our later, versaryinJanuary, and fewa days celebrated our 33rd wedding anni I and Lani, wife, My years. 13 for Networks I Juniper at been highlights. have some had family a year as 2020 has been, the Shelton Group.” Research VMware lab, research industrial their within operations research driving VMware, company ware soft enterprise at year fourth a shout.” me give please Montreal, to get to Reunion in May. If anyone manages 30th our to forward looking really you are all managing okay, and I’m we will just keep on smiling. I hope back to sanity, but in the meantime, is. Hopefully we will make our way it many, for and worse, be always could It hit. a taken have centers o our but building condos, which I’m continues to do well, disaster. a Mostly Julian Critchlow Julian DeanPotashner “AsShelton: Bill disappointing Crotty Sean ffi ce buildings and retail retail and buildings ce ff of Maine. If Ican : “I am in my my in am “I : : “Like ‘legacy : “Social dis “Social : spring/summer 2021wharton magazine 83 - - - - - 92 at the business. at the business. growth profitable drive to helping for and strategy brand and keting leading the company’s global mar- for responsible is she where Inc., ing o ing market chief named been has miss I seeing you all, and please be safe.” apartments. their from working crazy go to not managing Son Justin and daughter Jaclyn are COVID patients (talk about timing). workingwith nurse a became just crazy times, and my son, Brett, who who is teaching fifth grade in these Gayle, wife, my of Proud around. turn a through navigate them pharmaceuticalcompany, helping public a for CFO interim became recently also I clients. 100 over ing, and sleeping PPP loans for well breath eating, 2020 of most spent have I practice. consulting sition tran- the build help to Advisors myupdate,havelast I UHY joined Since times. trying these in well our most precious resource.” is time because day every of most and explore nature, and making the incredible outdoors to kayak, hike, Sierrathe Club, at moving to Oregon planet with the saving Bernie, with journey my during year last me supported whocolleagues and friends many so with fortunate so family. with safely time I’m spend to opportunities precious the ing includ- much, so for grateful am I lenging year in so many ways. Still, chal- and complex impossibly an supported supported all these programs.” which myteams, for achievement will host in November 2021. A huge ferenceoftheParties that theU.K. Con UN the of ahead 2030,all by reduction in U.K. carbon emissions percent 68 a and Revolution trial Indus Green a for Plan 10-Point ambitious an announcing ister min The prime the with ended world. year post-COVID the in better back build to looked U.K. the as central focus a became zero been crazily busy, as delivering net workhas the front,it On crossed!). (fingers 2021 to postponed were [email protected] Chris Malone ↑ WG91 Class Correspondent Susan Somersille Johnson Somersille Susan are all hope “I StevenPinsky: Carpenter Kacey ffi girl at the end of end the at girl little the whispers now.”So starts future electric “The cer of Prudential Financial Financial Prudential of cer : “2020 was was “2020 : Deborah Deborah

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95 makes makes time for the Reunion calls! been traveling the world but always pleaser. Stay tuned! two number reunion virtual at all you name a few. Congrats! Hope to see be it on WhatsApp or on phone or or phone on or WhatsApp on it be and Cohort over the past months— class our of many so with connect ( co-correspondent don-based time. #NoRegrets. So much news, so little while vation, inno of head as SAP at chapter Casey Park Nancy All the Kristin! best, Jeanne at [email protected]. email please anyinterest, is there If being. blessed another to tunity oppor Rep Cohort this present to me for come has Time years. few say let’s thanks for all the love over First, the past everyone. Hey, [email protected] Paula Cacossa [email protected] Nancy ParkCasey ↑ CohortEReps [email protected] Kristin LeydigBryant ↑ CohortDRep [email protected] Jeanne McPhillips ↑ WG95 Class Correspondent [email protected] Malcolm Lui ↑ CohortJRep 67). Steve Fletcher (page Debra(Sussman) Fletcher Enenstein, and Thakrar, between some of our fearless fearless our leaders: of some between effort and collaboration cessful suc- 2.0a WINE is of launch The ever. than more now are connected friends and peers, leagues, on how to get plugged in. info more for us of any Email dIn. focused Whatsapp, Facebook, Slack, Linke groups: virtual and through media social peers our Brian OwensBrian Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: H greetings from your Lon your from greetings H The saga continues as our col our as continues saga The in April—sure to be a crowd-a be to April—sure in and creating value among among value creating and class job of staying connected Ourclass has done a world- Lori YuhasLori Carlos NiezenCarlos Paula Cacossa Paula )! It’s been great to to great been It’s )! Danny Danny Kattan began a new new a began , Sandeep Sandeep , Craig Craig , and , has has , to - - - - - covered full-time home o home full-time covered dis newly the of advantage Taking tion on a beach near Buenos Aires. vaca family a had we restrictions, travel the of Because December. during backache and tiredness of days three or two serious—just COVID.had Fortunately, nothing already have myself, including members, family seven the of out “Five gracias!: muchas words, for moved to Lausanne, Switzerland, Switzerland, Lausanne, to moved forsome Swiss chocolate. …“I just easy to arrange at this point in life.” holiday, something that is not that family great a had we conclusion, to enjoy the sunset at the beach. In vacations, they could head out late on weren’t they though Even too. girlfriends, their of couple a and us, with go to kids the all invited our friends at H: hear from you. to love I’d U.K., the or London in ness in 2021, and if you are an H-er happi - continued youall wishing epic social event! In the meantime, face-to-face a old-fashioned for good together get can we when forwarddaytothe soon sometime Looking terrific! been it’s and are, you who know you but mention, to names many Too chats. group class our through more know many so to get to opportunity the afforded been I’ve Plus, Surek! Rosefsky ary W79th & Broadway crew: Josh Orenstein Josh Kaplan Martin Gonzalez-Sanfeliu too: members, class H ary honor- few a with well as connect touch! in Get you! we miss apace. Lee Patricia continues in kids college—life homes, new work, and projects on busy keeping are All LaChapelle to up catch with Team Called Wanda. 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[email protected] Pankaj Kedia ↑ WG96 Class Correspondent to Be an American? children’s book, startup. tlingthetemptation toanotherdo bat while companies cyber in opportunities.Heisinvestingalso and ideas new exploring security, cyber in workto continuing is He host. to love would he know; Elad can start traveling again, please let we when Israel to it make you of any If years. two to one for next the Israel to relocated has kids) clan (Elad, Mickey, and four youngYoran the NYC, in years 20-plus schooled remotely. and worked they Paradise where MT, in Valley, October of month the spent and Knox and Maddox, Margaux, kids teenage her with year last trips distanced socially few a take to family, managed her with 2020.along Terri, in years 10 celebrated husband, and partner business her with runs she which and women,beyond) (and midlife for wellness on focused is which in well Atlanta. doing and 5” healthy are “Jackson-Wade the that us Scout troop. Boy son’s his with treks and trips camping past of fondly think and ine, cheer on his daughter’s teams, Cather with golf play volunteer, to continues he work, of Outside and fixtures. building nonstructural graphics, environmental that specializes in custom signage, business light-manufacturing a of president now is Tucker talist, venturecapi and consultant a as companies advising career a After junior). high-school (a Emma and Purdue) at student freshman engineering (a Bennett children, runs two his and (who Advisors), Nest Next Catherine wife, his with suburbs Philly the in happily Stanford GSB. Chico at State. Stacey continues her work at sophomore a is Kevin Austin; UT at PhD his on working is and science computer and ing - engineer electrical a in degree with Berkeley UC from uated U.S.the of grad Brendan market. the California market and twoof percent percent 12 impressive an capture to grown have they years, Elad YoranElad Wade Jackson Terri Twitmyer Tucker

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0! flow) with fellow classmates in in classmates fellow with flow) deal even (or ideas exchange to on deep tech in Europe. He is keen [email protected].)” is email (My Boston. through ing swing those and class the from love to hear in general fromwould I anyone role. new the for excited tries at McKinsey & Company. I am coveringadvanced indus partner associate expert an as havejoined and industry challenging this of out pivoted have I sides, sell and buy the both on industrials ering cov research, equity in years 20 Frankie. and Eleanor kids, well and safe, everyone! ing … yes, we talked about you. Staywonder were folks E Cohort you of rest the case in And everyone. see to great was It area). Angeles (Los trulyyours and Area) Bay (SF (London), (Atlanta), area), Angeles Tabet Beaubron Zoom call in January: mini-reunion second our made [email protected] Sujata Bhatia [email protected] James Fields ↑ CohortBReps [email protected] Jamie ParksMoyer ↑ CohortJRep in the Midwest.” with other Wharton and Penn grads for cooking. Would love to meet up cooking and head of digital strategy tive director of product for built-in execu as Appliances GE a with role take could I so KY, Louisville, to boys two and (Brian) husband my with moved I September, “In Schwartz Smith Rachael [email protected] [email protected] Heather Cochran ↑ CohortERep and go into venture change career a make to decided years, eight past the over grew and bought he that After selling the proptech company Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: Thanks to those of you who who you of those to Thanks wife, Johanna, and two young remain in Cambridge with my McCarthy Rob (London), Jenn(Specht) Ozanne (Luxembourg), Karim Gab (Dudnyk) Hase (Dudnyk) Gab Corey RobinsonCorey Ken Malouf Ken StevenLambert

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rayenne chen: mae axelrod 06 the past 13 years or so.” have been living in the Bay Area for as a UX designer for Cognizant. We school. My wife, Seema, is working sophomore a is daughter, Bhavi, My U.K. University, Cambridge at economics in BA a son, Dev, is in college, studying for my front, family the On equities. Indian listed on focusing 2020, of April in Funds Principles First ally and personally. profession friends, old from hear to love would He manager. ment investfamilyPartners,a Doxa investment, development, and and Pacific Dakota firm management development, investment, Marc Stanworth [email protected] Townsend Baldwin ↑ CohortGRep [email protected] Balmann Courtney (Hischier) de ↑ WG05 Class Correspondent everyone! Bodhi. to be riding out the pandemic with lucky feel and June in Slope Park Reunion@Home: May 14–15, 2021 14–15, May Reunion@Home: Anna Dayn WG08 & family Marc Stanworth WG06 writes:Asnani Sunil “I started Keep writing in, and stay safe, safe, stay and in, writing Keep little Beatrice and manages manages and Beatrice little new for caring is Dad uania. Lith Vilnius, in Tim Viles is joined real estate estate real joined

in high high in - - - 08 07 services business.” data and software gamma BCG’s fied, “I’ve taken a new role heading what asked When BCG.” at business data and software AI unicorn et-powered rock our building role new a on more actively for advice and support. classmates Wharton his with connecting to forward looks He CEO. its as appointed was and Biologics, Ilias Korea, in startup Ham Justin (Celgene), Biotech Big and Lilly) wharton.upenn.edu jonathan.adler.wg07@ Jon Adler ↑ CohortCRep [email protected] Arif Janmohamed ↑ CohortKRep ating o oper chief as Partners Estate Real chairman and CEO of Arcellx, a Arcellx, of CEO and chairman to into step my new role.” investorand relations,I’m excited management, portfolio markets, capital overseeing recently most with the company for been over 10 years,Having Properties. SMITH JBG at officer financial chief of role the assumed I 1, January of the Americas region. for merchandising led ier,I where Chocolat Godiva previouslywith merchandisingfrom to marketing. I shift was functional a also but resents not just a company change excited about the move, which rep am I Etsy. at strategy marketing thispast November, leading buyer Hawaii, etc.) are available right now. … right for available are (like etc.) Hawaii, visas work easy visit: his for and friends love also would Wilson +23059892598. here: message or together, please drop Wilson a line something building or ideas any spirit. Anyone interested in sharing toteach entrepreneurial skills and movement startup edtech an ing lifelong dream project of his: build Matt Kropp After 15 years at Big Pharma (Eli Rami Elghandour Rami Tripathi Banerjee Moina has decided to kick-start a kick-start to decided has and Mauritius in rentlyback Wilson Li Youn Hing Li Wilson e é n ( role new a started recently I o w e d e McLeod) D a v e e K ffi cer. mates Cohort that meant, he clari- he meant, that joined a biotech biotech a joined reports: “I’m taking taking “I’m reports: : “My update is that : “I’m now now “I’m : to come to is cur : “As : ------now!” 12 are daughters twin our well; is ago.half Niyatia yearand a Diego team!” the joining even and customers classmates serving as advisors and invaluable been for me has as a founder,network with Wharton The Airtable. and Plaid, Chime, like unicorns hyper-growth and era, Cloud Heinz, Kraft Bloomberg, includes list client our ronment; envi work remote the during leaders their develop to ways for looking are who alumni Wharton with work We’d to love Board. ing written a different story for - Sound the workforce, we’re proud to have exited women of numbers record and dropped companies founded female- to venturefunding where year a In Partners. Canaan by led scribed Series A Series scribed our announce recently and downs, but we were thrilled to It’s been a wild ride with lots startup. of ups last my from coach tive execu my is co-founder my and organization, female-founded in the organization. We are a solely tizeaccess to coaching atall levels venture-backed startupmissionaon todemocra a Board, ing building years few past sector, called Parataxis Capital. asset digital the on focused fund hedge multi-strategy a launched therapies.” autoimmune and cancer oping devel company biotechnology institutional asset class.” an as cryptocurrencies other and bitcoin of growth continued the about excited are and operation of year first our up wrapped just Pranav Sharma WG09 & family Niraj Desai Niraj dad Chin Edward Christine TaoChristine : “We moved to San San to moved “We :

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Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 wharton magazine spring/summer 2021 spring/summer magazine wharton 92 Sanon WG15 Nohémie & Roland Frederick with baby Caylee WG15 Carvalho Rachel & Joe Rohmer WG09 Gisselle & Leon Guillermo Carlos Widelia Liu WG18 & WG18, Gu Yu WG09, Zhang Jing Zachary Hammond & WG09 Metzger Liana Liu WG18 in the Lion City. :) ness with busi serious discussing catch-up: recent a from photo panying weird!” stay and safe Stay friends! our of all with person in safely loween on Hal our ‘spiritual anniversary’ forward to the day we can celebrate and are on a list to get a puppy puppy a soon. get to list a on are and we’ve just closed on our own house wasCOVID-safe. fullyit that share several to we’re And pleased years). from Lauderites fellow them, (among livestream via joining alumni and dearest in person andand many friendsnearest the only with mony cere small a had and pivoted we September! in place take will France of South the in celebration large a mitting, 150 her and - per Vaccines friends! Wharton Gisselle he that married vows his in say to was right Carlos reception. the wedding during toasts and speeches wedding offered and ceremony, the throughout all glasses pagne dressed cham raised occasion, the for up They virtually! brated celein friendsWharton person, wedding the attend to travel not could many While world! the over all from family and with friends celebration virtual large a pandemic—and COVID-19 the of declaration the after months few Republic—a Dominican the in Domingo Santo in ceremony It was an intimate, pandemic-style ermo Leon got married on June 27. Guill Carlos Gisselle Rohmer and upenn.edu jing.zhang.wg09@wharton. Jing Zhang ↑ CohortCRep when fun most paying). is else someone is planning weddingthat (and life in matters really what of us reminded and until dawn, but the pandemic came and a live second-line band playing costume ple Haunted featuring Hallo-wedding blowout a for hoping MA. ough, backyardSouthbor ceremonyin were I and Hammond Zachary 29, August summer, I got the low-key of end the At news! exciting Metzger Liana As for me, check out the accom

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!7 [email protected] Jackie Wong [email protected] Alana Rush [email protected] Bob Reish ↑ WG15 Class Correspondents another baby girl on the way! turningisSophie two, andshehas in Rose Valley, PA. an Mill Old in the ceremonyat intimate 25 Frederick September on life, Roland, her of love the married andpandemic the during to tion Rylan, August. in early baby, another addi- in expecting They’re field. the and between marketing liaison a is she which in marketing, ecosystem in role new a in working but Genentech with still is Alex times. COVID in especially family, to close be to thrilled they’re but debate, much and SF in years many after 2020 March in suburbs the to Philadelphia moved Shane, husband, week romance?). beach a from baby first class’s our child in December (and potentially Shivan Patel on November 9. Carvalho, Rose Caylee child, first produced produced by EY. Year the is award of program neur and physical health. The Entrepre mental between gap the bridging on focused company ues-based val a building to commitment and leadership his for recognized was Chris winner. Award delphia Phila Greater 2020 Year the of writes that baby baby that writes Huang Linda Sanon Nohémie Gilroy (Burtoft) Alex selected as an Entrepreneur Entrepreneur an as selected was NeuroFlow, of CEO and Molaro Chris welcomed their first welcomed

Alli Alli Chandra , co-founder co-founder , found love love found and her her and and - - - 02 0! 99 9! president and chief financial financial o chief and president Johnston Neil appointed Wakefield & Cushman bill-yoh.com/sixdays. here: found be can Information publisher, if anyone has any ideas. a seeking is Bill spawned. it tions observa life the and trip mission recent a on reflection faith-based which Ute heads as senior vice vice president. senior as heads Ute which Immunotherapy, Cancer for tute - Insti Parker the at Francisco San and there between time split will demic abates, his wife, Ute, and he NJ.Princeton, in media commentary from his home zations, organi international for director National Security Council as senior safe and well. America. of Club Garden the with was trip The hit. COVID trip to India just completed before two-week a get to able were Lisa retirement. for frame 2020 Fintech MVPs list. Law360’s to named was practice, [email protected] Gowri Grewal ↑ WG01WEMBAPhiladelphia [email protected] Steve Tuel ↑ WG99WEMBA [email protected] Cynthia Orr ↑ WG91WEMBAPhiladelphia Executives MBA for ffi Global real estate services firm services estate real Global After concluding a year at the the at year a concluding After cer. York City and ponders a time a ponders and City New York in Healthfirst of CFO Bermel John script for his second book, a book, second his for script he manu- the completed has that reports Yoh Bill back to Charlotte, NC, after 12 Paysafe as CFO and relocated Izzy Dawood firm’s fintech and blockchain Telpner Joel Sullivan & Worcester partner Hugh Dugan Hugh as executive vice vice executive as Once the pan the Once recently joined joined recently continues as as continues , chair of the of chair , will resume

John and John All areAll - - - - 04 extend Olive’s market-leading and growth trajectory. market-leading Olive’s support extend to sion-making deci financial and strategic chief with charged officer, as financial Olive startup software health-care joined Byrd Ali wharton.upenn.edu shari.wakiyama.wg04@ Shari Wakiyama ↑ WG04WEMBAPhiladelphia edu [email protected]. Mary Gross [email protected] Rahul Sondhi ↑ WG02WEMBA sons. Northwest-based Pacific two their to closer living yearthe half spend to plan they where OR, Bend, in house new a much of the year. found They also for isolation happy in living been have they where Shore, Eastern Maryland full-time the on house their to moved and suburbs Brian sold their house in the Philly and Max news, other In panies. three of other public and two private com boards the on sits also She achievements. the company’s of proud very is and directors of CEO role, she remains on the the board from retired Although 2020. mid- in FDA the by for marketing approved was Inc., Trevena company, her from drug first the in 2021. public firm his taking on astically enthusi working away. is He years for Strategic and International Studies (CSIS) in Washington, DC. International and Strategic for non-resident a a as position a taken also has She advisory, partnerships, and policy. financial in specializes that firm lecchia International, a consulting updates. other and sharing career and family them up. look to sure be there, down ever to New Orleans in 2019, so if you’re moved Lisa, wife, his and Richard of Empathy third novel, His 2020. for Year the of Author Independent Louisiana named Max GowenMax Richard Kristie Pellecchia one enjoyed seeing each each seeing enjoyed one reunion in December. Every remote a held 28s WEMBA , was released on April 5. The Tormenting Beauty Robbins ffi was thrilled when when thrilled was liate at the Center was recently recently was founded Pel founded - - - - - 06 05 to be his retirement plan. Please Please plan. retirement his be to 25th home in Austin.its That is going sold and built that company construction residential custom a Builders, Valorem and Phoenix, and Austin in units apartment ily multi-fam 700-plus operates now which Ventures, Valorem panies: com investment real-estate his hit two significant milestones with also Vivek fall. the in degree ness headingbusicollegebeto afor to excited is Vishal team. varsity playo football deep high in schoolandrecently concluded a senior a is Vishal, son, 24-inch speckled trout. Their older a of catch trophy previous his on back out in 2021, trying to improve be will Vivek Mexico. of Gulf the off wade-fishing while fishermen acquired a boat and became skilled J2 (Nasdaq: JCOM). The Sagi family previous company, RetailMeNot, to between roles after helping sell his in August. He took the summer off EB) (NYSE: Eventbrite at CTO the cochlea. the of treatment regenerative first world’s the commercialize to tics Therapeu Frequency startup joined and School Medical wharton.upenn.edu matthew.myllykangas.Wg05@ Matt Myllykangas ↑ WG05 WEMBA San Francisco Marin counties. Mateo,andFrancisco,San San in families working to opportunities extends a and homes builds which Francisco, Miriam Leigh Storch WG10 & family Vivek Vivek Sagi for Humanity Greater San San Greater Humanity for boardofdirectors ofHabitat Lee Jeffrey Mass Eye and Ear/Harvard Ear/Harvard and Eye Mass at job clinic/academic his Franck Kevin ff ordable homeownership took on a new role as has joined the the joined has ff run with his his with run spring/summer 2021wharton magazine 93 resigned - - - -

junior year in high school, who who school, high in year junior to grade sixth from ranging kids, grand four has She microbiome. human the with dealing company biotech a Therapeutics, Series of CEO is Eric son and Boston, in tal FaulknerHospi the at anesthesia of chief is David son practice; dental his from retired is Harvey, husband, Her minds. young tive inquisi and eager with class a in ethics law, and business, icine, med- of manyaspects integrate to able and she’s which in Law Compliance, Healthcare teaching sorat Boston College Law School, profes adjunct an as time great a attended law school, and is having medicine and business endeavors, ﬁshing trip. a plan to want or estate, real talk to want Austin, in ever are you if person in meet to line a him drop Vivek Sagi WG06 Neil Johnston WG01 LeslieShaff has retired from from retired has - - - -

Interested in being your Class Correspondent? Contact: [email protected] [email protected] +1 215-746-6509 FMC Tower, Suite 500, 2929 Walnut St, Philadelphia, PA 19104 !0 past summer past this city the fled family her and and Fang (Thanks, globe. the across join classmates 30 than more had We Zoom. over Reunion 10-year the COVID-19 vaccines. things will go back to “normal” with new hobbies. and There’s renewedtime hope that family quality in gratulations, gratulations, Dan! wife, son, and two daughters. - Con He currently lives in Seoul with his seniorvice president at Samsung. estate market! new roles, family, and even the real WeIndia.) enjoyedon catching up and Seoul, Kong, Hong from us wharton magazine spring/summer 2021 spring/summer magazine wharton 94 upenn.edu brian.egras.wg06@wharton. Brian Egras ↑ WG06WEMBAPhiladelphia online learning. and in-school of permutation ble - possi every have them among cated with her family to a small small a to family her with cated life thus far.” classmate and am loving suburban so glad to be reunited with a fellow am I me! from away houses few a classmate Nishiguchi fellow Nathan was it Well, sons. two my with stroll borhood out my name as I went for a neigh into our new home, someone called in Marin (Mill Valley). Two months SanFrancisco house aandbought life. “In our case: We sold our ﬂat in & Elliott WG13, Davis Brian Kate, Lancon, Ray In August, WG10 celebrated our Like so many, so Like to promoted been has Dan Miriam Leigh Storch has Leigh Miriam relo Mukesh Agarwal ways, I found silver linings linings silver many found I in ways, challenging and unique was 2020 Although , Dan Paik

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Pretaa will will Pretaa Brian Brian Tim Tim - - - - also survived by 13 grandchildren. 13 by survived also Katherine Winicov Dumesge. He is and Winicov, Levine) (Amy Peter John (Brenda McFadden) Winicov, Winicov, (Linda) Theodore Saia, Pepper) and (née father of Amy (James) Nancy late the to husband PA, passed away on July 17. He was Arnold Winicov W52, of Malvern, Association. Aluminum the at relations government in years 25 spent later He Works. Public on Committee Senate the for clerk chief and counsel chief becoming eventually before Associations ing Truck American the and Roads Public of Barry Bureau the for worked where DC, Washington, suburban to moved they riage, Berch.Lee Thelma Following their mar met Barry School, Law adelphia. While attending Harvard Charleston, WV, and raised in Phil in born was He COVID-19. to ing succumb after 18 May on away MeyerBarry M. W52 OwensEakins, his wife of 41 years. Joan is family surviving George’s retired as presidenthe in 1991. where Among Davis, and Allebaugh, 1948. He eventually joined Broyles, in discharged honorably was He hebecame an M.P. and asergeant. where Korea, to deployed diately joined the U.S. Army and was imme December30. Post-high school, he on CO, Aurora, in causes natural GeorgeEakins WG52 2014.in death Sidney’s until riage mar of years 62 enjoyed and 1952 in married Boyce Stinnett his Sidney and John passing. until recent agent insurance dent indepen an as served he where Agency, Williams-Boyce at father his joined graduating upon and four years. Johnfor then attended WhartonEngineers of Corps the in served and lieutenant second a as commissioned was he ation, degree. engineering Point, West military a with 1945 in graduating at Academy itary Mil 24, U.S. the attended John 1924. September on born was He 15. September on died TX, rillo, WG51 Jr. Boyce John Obituaries Upon gradu Upon , 95, of Ama- , 89, passed passed 89, , , 92, died of of died 92, , ------

him. One is son children, two of whom predeceased five had Joan and William ment. retirebusinessbeforeservices management investment an sold Management. He also founded and and then a partner at Company Wagner Forest Management Putnam at president vice senior a became in the Navy as a lieutenant. He later years two spent and RI, Newport, O Navy the attended William Wharton, married Joan Hoxsie in 1954. He After 2. October on causes natural WG55 Bell William Penn. at him followed ENG19 WG89 Son Cruser. Wilson Susan wife by survived is Hemember. board a officer,and financial chief president, vice senior as retired 1960 ultimately in and WestRock) (now Paper and Pulp Virginia West for work to went George conflict. Korean and served in the Army during the NJ, Princeton, in born was He PA. County, Bucks in 12 October on WG54CruserGeorge wife, his daughters. four and Gwendolyn, including family by survived is Edward Hospital. rial Memo Abington of board the serving on notably organizations, health-care nearby numerous supported backgrounds,utilityhe and business his Leveraging PA. and uncles and based in Willow Grove, father his by founded ities pruningCo.,businessautil for Expert Tree Asplundh of ident pres as served he Later,1955. in lieutenant second a as Force Air the entered he Wharton, from ing graduat After disease. artery coronary to related complications awaypassed on31Decemberfrom W54 Asplundh Edward him. predeceased Weiss, Judy ing a daughter and a son. His wife, He includ relatives Sciences. behind leaves of Academy ton of Washing- the including groups, dozens of director executive or president was Armand tions. think for corpora and nonprofits, as tanks, well as Energy, of Department the and Defense, of Department the House, White the in parties political both via levels high at worked he veteran, Navy A 27. November on away passed 89, WG54, W53 Weiss Armand and grandson John Cruser Cruser John grandson and ﬃ cer Candidate School in in School Candidate cer George Cruser Jr. Jr. Cruser George David Bell WG84David Bell , 89, died of of died 89, , , 89, died died 89, , , 88, 88, , ------.

by the e the by Associates. Julie became weakened and,in 1968, found J.D. Power and children four raise to on go would JuliePierce 1962;in together, they married Dave college. after Guard U.S.Coast the entered he MA, ter, BornonMay 30, 1931, inWorces 23. January on died firm, mation infor- marketing influential the of founder Power, J.D. as known 89, WG59 III Power David James daughters. three raised Together, they 1968. in Susan, wife, his married He Island years. several for Staten of College the at accounting taught he practice, accounting his from retired After he accountant. public tified parents, before his going into practice as a cer with managed he school Manhattan a Institute, can Ameri Latin the at career his began He disease. Parkinson’s of complications from 5 February on Manhattan in home at peacefully died 83, W59, Beiles Arnold Journey Rochester). Greater of (Resolve Safe and Corps lance Ambu Volunteer Perinton with serving volunteering, to returned LLC. RetiringServices in1998, she Training Computer started she at Computer Consoles Inc. In 1986, nicalwriter and training specialist returned to the workforce as a tech Lynda 1979, In 1976. to 1974 from Parents Adoptive of Council the of co-presidents as served John organizations. Lynda other and husband among UCC, Rise Mt. and involvedwith theFairport schools becoming volunteering, toication ded lifelong a began Lynda 1964, in Rochester to Moving specialist. RCA as a programmer at and training computers of field new tively rela the in career her began She the first class that included women. Lyndagraduated from Wharton in November 27. Raised W58 in Geneva, NY, Bailey Lynda James David Power III WG59 ff ects of multiple sclerosis sclerosis multiple of ects passed on on passed ------,

daughter Clementine Day Lacey.Day Clementine daughter Day, son Horace Corbin Day Jr., and familyincluding wife Kim Morgan Dorothy Jemison. He is survived by wife by death in preceded was He Co. Investment Jemison business family at transition leadership a catedto Birmingham, to AL, begin 1986.companyin 1987, In relo he the from retiring there, director managing first the as served and and director of the Huntsman Huntsman the of director and advisor an as well as Sciences, and Arts of College its of overseer and University the of emeritus trustee a was he Penn, many to Paul’s contributions Among years. 30 livedWestport,ters in CT, overfor Nancy,wife daugh- four their and in onFebruaryBoston 18, 1940. Paul, born was He COVID-19. with associated complications from CT, Westport, in 4 March away on WG64 C62 Kelly Paul opening of the ﬁrm’s Londonthe o led subsequently He 1971. in acquisitions partner makingwhile department and mergers the led and founded he where York, New in Sachs Goldman at career his began Corbin NJ, Orange, in Born 10. January on away passed WG63 Day Corbin Horace JaneSeltsam. Betty wife including family by survived is Mutual He of Funds. Family Security the today is what building years, 40 for Group Benefit Security with VA. Lee, workedFort later Johnat U.S. the in Army, tenant stationed he lieu second a degree, commissioned was undergraduate his 1936, in Atchison, KS. After earning November 7. He was born on May 1, WG61 Cleland John members. family loving and other Boling Messer Sharon wife by survived is He retiring. before years many for Insurance Boling the in and Boling owned and Army U.S. officer an as honorably Charles, He LA. served his country Novemberonborn 6, 1937, Lake in 19, was 2020.He January away on WG61 Boling David 2003. in married he whom Heiler, Joan former the with again love found He retiring. before panies, purchaser,- McGraw-HillCom the the for consulting Associates, and Power J.D. sold Dave later, Three years life. her claimed disease mid-1990s,the in 2002,the in and , 84, died on on died 84, , , 82, passed passed 82, , , 81, passed passed 81, , , 83, 83, , ﬃ ce - -

corporate boards. He leaves behind multiple on serving consultant, a of Law in 2000 and later worked as ated from Seattle University School gradu Bruce Microsoft. at team finance executive the joined later ness career at Price Waterhouse and on September 30. He began his busi- Bruce Biermann W75 16. and October on 1940, away passed 6, May on born was 80, WEV72, Suarez Ricardo at Wharton. overseers of board the of member a and 2017, to 2014 from chair as National Audubon Society, serving the of director a was he Notably, interests. philanthropic pursue to 2003 in retired he company, the at career 33-year a After division. management asset then-fledgling the of co-head becoming Sachs, Goldman at prominence to rose quickly his David In life, professional cancer. aggressive and rare a to related complications of died He side. his at Pamela, wife, his with 20 September on away WG70 Ford David relatives. other many and dren, grandchil- five C04), (Inna C04 WG03 sons CW71, dorf Nuss Franco Melanie wife by survived is He 2014. in CEO and chairman and becoming before COO president as served Larry 1977. in Enterprises Clark joining his before Andersen Arthur at began career he NJ, in Park, Born Asbury 13. November on died LawrenceNussdorfW68 Vineyards. Estate Karikari as well resort called the Carrington Club as Zealand, where he developed a golf New in market estate real the into Knox Co.and 1990s,theIn expanded he and Co. and Peers banks, investment and merchant his own formed and potential ment invest Japanese yetuntapped the identified Paul 1970s, early the In companies. banking mortgage for notes trust as collateral well short-term as companies, holding bank for stock preferred issued publicly and issuance paper cial commer- as techniques financing such originating markets, capital the to concepts financing new ing - introduc by finance in impacts andBusiness. He made significant Studies International in Program (Sarah) and Benjamin Benjamin and (Sarah) Jed ENG02 W02 W02 ENG02 Jed , 74, passed passed 74, , spring/summer 2021wharton magazine 95 passed away , 74, 74, , - - -

page page 81. on Notes Class WG90 the see life, Ron’s on more For 19. September Basking Ridge, NJ, passed away on WG90 Rosenberg Ronald and several other family members. 28 mother, of his sons, three wife his years, former his by vived sur - is Chuck AL. Birmingham, and Chicago throughout Kings Burger 48 of total a acquired he Sachs, Goldman with partnership in 2004, In Asia. U.S. and western the throughout restaurants ald’s Co.,supplying produce to McDon interest in North American Produce CEO. Chuck and later purchased a controlling chairman becoming eventually 1883, in established company distribution food sale whole American-owned African an Co., & James CH at father his West to Virginia after returned his MBA to work he with WV, ton, Bornon July 29, 1958, in Charles home in Atlanta afterhis in a brief7 illness. January on away passed 62, WG85, III James Charles wife, his met He initiatives. city other to addition in Theatre, Children’s Arden the establishing and Park developing Philadelphia’s Dilworth ﬁeld Foundation and was pivotal in Green M. Albert the of member board a was He Manayunk. and City Center notably region, the of parts many touched work Albert’s 1990. in Inc., Co. and Greenfield M. company, Albert grandfather’s his reacquired others, with along he, developers, real-estate phia Philadel- influential of family a from from Hailing disease. Alzheimer’s complications of 7 ruary Feb on died PA, Villanova, of 65, W78, III Greenfield Albert Jean. mother and Neil, brother Brad Croston, Kian and stepson Neil (Sherree), sons Lisa, wife David Ford WG70 Wendy Marcus W78 Marcus Wendy , at Penn. , 57, of of 57, , - - - - -

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My destiny was to go into the business. It wasn’t WHAT’S my parents saying this is what you must do. YOUR Mentorship doesn’t stop at a certain point. It’s con- tinuous through your whole life. One of the greatest mentors I had was the U.S. Navy. One of the things MORE THAN EVER that I espoused when I joined the company in 1958 was that the wrong decision was far better than no decision. That came from my military background. MOMENT? My definition of success changes every 48 hours. The Wharton landscape is filled with your You have to define success by your own standards, not by those of Wall Street or anyone else. voices. Thank you for sharing your defining We launched the Clinique brand in 1968, and by MTE moments with us. April 1969, we were running out of money. I made a decision that we had to get rid of 10 percent of our staff. I knew it was something I had to do and was saddened that I was doing it. Looking back, if he School’s historic $1 billion More Than Ever campaign is a I hadn’t, I don’t know if I’d be on the phone with campaign for the people, the research, the partnerships, the you today. Living with my parents, talking at dinner, just T learning, and the spaces to do what we do best: revolutionize seeing what they did—it was a lesson unto itself. business thinking and generate results. With the Lauder Institute, I wanted to create an elite group of graduates to transform business in the Hear stories of Wharton’s impact in the world through personal United States. I knew the nation would change and reflections and videos of alumni and students who share their was thrilled about it. Today, there’s hardly a business school that does not teach people how to live in More Than Ever Moments. the international world. I would say to my children or grandchildren: You LEARN MORE ABOUT THE are entitled to nothing. Everything you have, you MORE THAN EVER CAMPAIGN AT must earn yourself—not by your family’s connections, but by the sweat of your own brow, by your whr.tn/my-mte own intelligence or your own hard work. Six years ago, I lost my late wife, Evelyn Lauder, and was alone for about two years. Then I married the widowed wife of an old friend of mine, and Leonard A. now she’s Judy Glickman Lauder. That was a life- changing decision. She was perfect for me. I’m on the phone or Zoom about five or six hours a Lauder W54 day. I find it exhausting. I need to be with everyone. Face-to-face meetings give me energy. I do a couple things to relax. Ever since I was in college, I nap every day. At night, we eat early, and then we watch an old movie. Roman Holiday is perfect. And of course, reading. My wife and I are reading a biography of Eleanor Roosevelt. It’s beau- Among the many titles held by Leonard Lauder these tifully written. days: chairman emeritus and former CEO of the Estée My mother was a revolutionary. Her instinct was JAMISON “JJ” VULOPAS W!9 MANDY PURI WG86 ERIC LINN W92 Lauder Companies, which grew from a business founded that we would build the company based on heavy Graphic Designer, Former Head of Private Equity Founder and CEO of Author, and James G. Dinan at BlackRock and Merrill Lynch Oak Point Partners in the family kitchen to a $14 billion brand; co-founder sampling of great products. We called it “gift with purchase.” The industry said, “Estée Lauder is Endowed Scholarship II Recipient and Creator of the Kamal and of Wharton’s Joseph H. Lauder Institute of Management going to go broke.” We did what we had to do to get Amrit Puri Family Fellowship “My More Than Ever Moment “More than ever, Wharton & International Studies; and, most recently, author of out of the cellar and build the company. has been participating in the “More than ever, Wharton not The Company I Keep: My Life in Beauty, a memoir that’s What matters most in life is health: the health allowed me to bridge Female Founders Mentorship only impacted the start of my both autobiography and inside look at the evolution of of your family, the health of your friends, and the my entrepreneurial, Program. To see the growth journey, but it allowed me the an iconic global firm. The 88-year-old took a break from moral health of the nation. analytical, and leadership that Katherine Sizov and I feel proud of what I’ve done. If you don’t trans- platform to create a career.” daily Zoom meetings to share his thoughts about defining interests beyond my Strella have undergone has form something, you’ve left footprints in the sand wildest expectations!” success, one of the hardest business decisions he’s made, that the surf will wash away. You need to leave some been very rewarding.”

and what matters most in life. kind of an impact that outlives you. !

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