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 from the dean Wharton Alumni Welcome, a program that virtu- ally connects MBA students to alumni in their cit- A Time for ies across the world. The embodiment of Wharton Dean James has strong—the inventiveness, resilience, and determi- participated in a number of Reflection and nation displayed by our community—demonstrates virtual events the leadership needed to face a world changed by designed to keep the Wharton Looking Forward the cumulative effect of recent months. This cam- community paign’s success is due to the many who have been engaged and working since its launch to turn ideas into actions. informed while prompting vital There is much to look forward to. Entrepreneurial dialogues. s i write this letter, it’s just over one students will use tools and digital resources to Highlights year since my appointment as dean was experiment with startup concepts in Tangen Hall. have included three “Beyond announced. It was fortuitous timing, Those with a penchant for analytics will find a Business” panels and it remains an absolute privilege to home in the Academic Research Building, which with experts as part of the have joined Wharton during the final will provide beautiful spaces in which students Tarnopol Dean’s year of the More Than Ever campaign. can study and convene. Undergraduate students Lecture Series By all measurements, the campaign has exceeded will find expanded pathways to a Wharton educa- in the fall that focused on how expectationsA in participation and fundraising, cul- tion thanks to scholarships, and MBA candidates systemic racism minating in its conclusion on June 30, 2021. will make the choice to attend Wharton supported impacts business Wharton community members have enabled by fellowships. Faculty will realize expanded and society, and a fireside the School to incubate ideas to transform business, resources for teaching and scholarship, benefiting chat with 2021 power insights to reinvent decision-making, and students in their courses and the global academic Penn Wharton Entrepreneurship create leaders who change the world. Their invest- community. We will continue to celebrate diversity Alumni ments are shaping the Wharton experience today and nurture equity and inclusion within Wharton Achievement and will continue to do so for years to come. I see it and in the world around us. Award winner John Legend C99 in the promise of students, the ingenuity of faculty, Conjuring these images of new HON14 in March. and the magnanimity of donors. opportunities, fresh connections, ↓ Whatever the Challenge, The final weeks of the campaign invite a reflec- and a thoughtful evolution of the tion on the initial More Than Ever goals as I com- School brings hope for an ever pose a comprehensive vision for the School. The brighter future for Wharton. past year has been both a unique and a universal Thank you for your part in Be WHARTON READY. experience; each of us has a distinct story connected making it shine. to the shared narrative of the global pandemic. For Wharton, this campaign has created a foundation Erika H. James is dean, for seizing the opportunity that this moment pres- Reliance Professor of ents to lead positive change. Management and Private As one example, last fall, a prominent leader Enterprise, and professor in Philadelphia sent me an email message saying, of management at the “Erika, have you tried Ben’s pizza?” My initial Wharton School. upcoming live online programs thought was that this was a restaurant suggestion. Live Online Programs I was delighted to learn instead that Ben Berman NEW Distressed Asset Investing WG21 is a current Wharton student aiding people for Executives and Corporate Restructuring in Philadelphia who are struggling with food inse- jun. 1–10, 2021 curity during the pandemic. Ben launched Good When the only constant is change, your strongest Pizza, single-handedly baking pizzas in his Center Mastering Innovation: City apartment and delivering them, in a socially advantage continues to be Wharton. Be ready for greater Strategy, Process, and Tools distanced way, by lowering them down to patrons success with the proven strategies and in-depth business jun. 7–11, 2021 from his window. All proceeds go to Philadelphia charities that feed those in need. Ben’s efforts have acumen you can only get from our world-class faculty. Scaling Ventures: Developing the raised more than $30,000 for these organizations. Choose from a wide portfolio of results-focused Playbook for Profi table Growth Like many others, I have stood in line outside Ben’s programs now delivered in a live online format. jun. 7–11, 2021 window waiting for my pizza delivery. As the name implies, it is Good Pizza. Investment Strategies and Portfolio Management I have been inspired by those who have come fi nd your program › jun. 14–18, 2021 together in supporting, creating, and participating in programs that comprise a signature Wharton Customer Analytics for Growth experience—from “Beyond Business” discussions with industry leaders about racial equality to execed.wharton.upenn.edu/advantage Using Machine Learning, AI, and Big Data jun. 21–25, 2021 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 Spring/Summer 2021 people 3 WHARTON MAGAZINE 42 Editorial Staff feature editor Anatomy of Richard Rys news a Wharton 1 Course associate editor Braden 60 Braden Kelner Kelner feature This editorial board 3 “ The people I’ve met Streaming the inbox Jonathan Katzenbach Life Peggy Bishop Lane through Wharton have Malcolm Jagmohan Raju 13 done great service in Burnley Maryellen Reilly indicators terms of promoting Nancy Zhang Essential Impact WSII celebrates positive social impact.” Barry Lipman W70, p.