Architect of Change
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Spring 2018 Architect of Change With an eye toward sustainability, USG’s Jennifer Scanlon, ’92, is leading innovations that can address the building industry’s toughest challenges. Building on Big Ideas Vol. 40, No. 2, Spring 2018 CONTENTS FEATURES CLASS, BEHAVE! Thaler, the Teacher Spring 2018 Ask any of Richard H. Volume 40, Number 2 Thaler’s students and they’ll tell you the Nobel laureate deserves just as much recognition for his talents in the classroom as he does AlumniA FacultyF StudentsS Do You Know Today’s Boothies? for his groundbreaking contributions to research If you are an alumnus or alumna who hasn’t been back to Chicago Booth In the spirit of dialogue and and policy. We sit down debate so fundamental with Thaler and his former recently, you might be surprised to learn about some aspects to the Chicago Booth students to lift the curtain of today’s student population. community, stories in the on “the magic show.” magazine are tagged with Page 34 icons representing the BY REBECCA ROLFES participation of alumni, faculty, and students. Test yourTest knowledge your knowledge of Booth of Booth students students circa 2018circa 2018at Campaign. at Campaign.ChicagoBooth.edu/Todays-Boothies.ChicagoBooth.edu/Todays-Boothies. TRIVIA CHALLENGE QUESTION Richard H. Thaler is the winner of the 2017 Nobel Prize in Economic Sciences and the author of the best-selling book Misbehaving: The On average, this percentage of each MBA class at Making of Behavioral Economics. Booth is made up of veterans. COVER: BUILDING ON BIG IDEAS DAA 2018 percent Taking the Reins at a Making an 2 ۷ 5 percent ‘Transformed Company’ Impact Jennifer Scanlon, ’92—the fi rst female CEO in the 116- Meet this year’s ۷ year history of building materials leader USG—on why the Distinguished Alumni Award 8 percent industry is looking up, why sustainability makes for sound winners—a truly global group strategy, and how to promote more women into leadership of bold thinkers turning ideas ۷ roles in manufacturing. Page 46 into action. Page 53 percent BY AMY MERRICK BY SAM JEMIELITY 15 ۷ PUTTING CREATIVITY TO WORK (Correct answer: 8 percent) 8 answer: (Correct Seven Strategies In recent years, Booth’s strategic use of merit-based scholarships has measurably improved the diversity and academic caliber of our entering classes. Enhanced scholarship support to Banish opportunities have also helped us better attract students such as veterans. Learn more at Your Block Campaign.ChicagoBooth.edu. Stuck in a creative rut? Let yourself fail—and make it fun. Page 40 BY ALINA DIZIK Transform the future. Invest in Chicago Booth. CHASE MATT BY BOTTOM / STRONG CHRIS BY TOP AND COVER Chicago Booth Magazine Spring 2018 1 CONTENTS A F S Our“ company culture permeates everything we do. It’s our true north. —Sandra Stark Starbucks executive Sandra Stark leads the teams that brew up Seattle’s appeal is glittering—and not just at the famed Chihuly Garden and Glass (above). As more Boothies fl ock to the Emerald City, a what’s next for the coffee giant. Page 32 supportive alumni club provides a warm welcome and a soft landing. Page 60 Approach Engage Departments INQUIRY REQUIRED MY BOOTH MASTER CLASS THE VIEW FROM MY COURSE CORRECTION LETTER FROM THE DEAN THE BOOK OF BOOTH How Do A Toast to Reaching a Seattle Pushing Accelerating Immanuel 10 24 28 Economic 60 66 4 82 You Manage Data-Driven New Breed of “ BY CLAIRE ZULKEY through Entrepreneurship Thangaraj, AB ’92, Millennials? Marketing Consumer Outlook is Turbulence MBA ’93 valuable MY CAUSE BY ALICE G. WALTON BY BETSY MIKEL BY BLAIR R. FISCHER BY LEAH RACHEL VON ESSEN 6 Contributors BY LEEANN SHELTON enough that I 64 Mathletes in FACE TO FACE A WORKDAY WITH THE WORKSHOP sit there, take Training MY OFFSITE 13 Improving 25 Innovating 30 Three Joint- BY DANIELLE BRAFF 67 Following Her 69 Class Notes Find more stories: notes, and look ChicagoBooth.edu/ Your Economic at UPS Degree Founders Own Tune magazine at those notes MY CULTURE COLLECTION Outlook BY BETSY MIKEL BY DEBBIE CARLSON BY MICHAEL BLANDING 73 In Memoriam BY LEAH RACHEL VON ESSEN all year long. 65 Top Picks from —Randy Bellows THE CORNER BOOTH THIS IS WORKING FOR ME Page 13 a Booth-Bred NEW VENTURES 26 Combining 32 Starbucks and Fashion Startup 15 School News Forces Strategy BY GRETCHEN KALWINSKI and Faculty BY DEBORAH ZIFF BY ANNE MOORE Research PHOTOGRAPH BY STEVEKORN BY PHOTOGRAPH GLASS AND GARDEN CHIHULY OF COURTESYPHOTOGRAPH 2 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 3 LETTER FROM THE DEAN Accelerating Spring 2018 Volume 40, Number 2 Dean Entrepreneurship Madhav V. Rajan SAVE THE DATE FOR RECONNECT 2019 Executive Director Madhav V. Rajan of Marketing Dean and George Pratt Shultz Kurt Ahlm, ’09 Professor of Accounting Director of Content ince its inception 20 years ago, what MBA ’17, brings the same academic rigor as our Sam Jemielity, AB ’90 was once a small entrepreneurship top-ranked university accelerator program, the center at Chicago Booth has grown into a Edward L. Kaplan, ’71, New Venture Challenge, Editor-in-Chief university-wide engine for revolutionary to the CNVC. LeeAnn Shelton ideas and transformative new ventures. Over the The launch of each of these three new S Contributing Editors past two decades, the now well-known Polsky classes was met with immediate interest and Melissa Brooks Center for Entrepreneurship and Innovation has excitement. I look forward to further expansion Margaret Currie made a name for itself supporting and coaching and deeper connection with the diverse Molly Heim our nascent entrepreneurs, venture capitalists, communities across the university. Zahra Nasser and private equity professionals at Chicago Building on this expansion, the Polsky Leah Rachel von Essen, AB ’16 Booth. Now, with the help of the two most recent Center is also integrally involved in the new Brent White multimillion dollar gifts from its namesake, Duchossois Family Institute at the University University of Chicago trustee and Booth alumnus of Chicago Medicine, the culmination of a $100 Art Director Nicole Dudka Michael Polsky, ’87, the Polsky Center has been million gift from the Duchossois family. In an able to expand its mission and bring the tried-and- eff ort to develop a “new science of wellness,” Creative Director true teachings from the business school to the the Duchossois Family Institute: Harnessing the Joe Przybylski broader university community. Microbiome and Immunity for Human Health will Entrepreneurship at Booth has grown to enlist the services, expertise, and connections of Project Manager become the No. 1 concentration among our the Polsky Center to bring their breakthroughs, Zach Johnson MBA students. The school currently off ers 19 innovations, and inventions to market. entrepreneurship courses to satisfy our students’ Additionally, the Polsky Center has been Senior Associate growing interest in this area of study. the recent recipient of two generous gifts from Director of Operations It has been a joy for me to witness the Booth alumni to further fund and expand a Mari Sautter thoughtful circulation of our award-winning variety of Polsky programming. Thanks to a entrepreneurial curriculum throughout multiple $5 million gift from Raymond Svider, ’89, UChicago departments and schools. With the help the newly established Svider Private Equity and guidance from the Polsky Center, in just a few Program will off er Booth students and alumni short months, we have launched three new classes an expanded suite of programming, education, available to a wide variety of university students, and opportunities in the private equity industry. faculty, and postdocs. And, with an additional $5 million gift from Clinical professor of entrepreneurship Scott Rattan Khosa, ’79, the Rattan L. Khosa Student F. Meadow repurposed his hugely popular Entrepreneurs Program will provide fi nancial Come back to Chicago Booth for an unforgettable weekend Commercializing Innovation class into a course support and mentorship to eligible student and Mark Your Calendar designed to introduce venture capital practices to recent alumni entrepreneurs from Booth and for Reconnect 2019 with friends and new connections across generations. Learn UChicago scientists, doctors, and researchers. across the university (see page 16). Chicago Booth Magazine something new from preeminent faculty and celebrate the Similarly, adjunct professor Robert Altman, I am grateful to our amazing Booth team, (ISSN 1072-7612) ’88, crafted a course devised for UChicago including faculty director Steve Kaplan, Published by the University close bonds of the Booth community. scientists and medical professionals to teach executive director Starr Marcello, and senior of Chicago Booth School of May 3–4 them the essentials of entrepreneurship currently adviser for entrepreneurship Ellen A. Rudnick. Business taught in many signature Booth classes. They have been instrumental in guiding the Chicago It’s your reunion. Come celebrate with your class and other generations: [email protected] Finally, as I mentioned in my previous letter Polsky Center through incredible growth, 2018, 2016, 2014, 2009, 2004, 1999, 1994, 1989, 1984, 1979, 1974, in Chicago Booth Magazine, it is an ongoing goal from a small center inside Booth to a powerful ChicagoBooth.edu/magazine and the Half-Century Club: 1960–’69. of mine to fi nd new ways to introduce the Booth driver for venture creation and technology experience to UChicago undergraduates. To this commercialization for the entire university and ©