The Family Issue EDITOR in CHIEF Ronna Kelly, BS 92 up FRONT EXECUTIVE EDITORS Richard Kurovsky Ute Frey
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THE MAGAZINE OF THE HAAS SCHOOL OF BUSINESS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY BerkeleyHaasFallFall 20132013 2 FED LEADER 11 EXPANDING THE MENU 13 REAL ESTATE UP CLOSE Haas cheers Prof. Emeritus Janet Yellen’s Two MBA 06 alumnae lead Revolution Prof. Nancy Wallace opens a new nomination to lead the Federal Reserve Foods through exponential growth Big Data lab to build better indices 2013 Business Leader of the Year Family of Philanthropists Douglas E. Goldman, MD, BA ’74, carries on a long tradition of giving The Berkeley-Haas Advantage Step outside of your day-to-day and return to one of the most stimulating business environments in the world. UPCOMING PROGRAMS Product Management February 3-7, 2014 High-Impact Leadership February 19-21, 2014 Business Leadership for IT Professionals February 26-28, 2014 Financial Analysis for Non-Financial Executives March 3-7, 2014 Negotiations and Influence March 24-26, 2014 All Berkeley-Haas alumni enjoy special pricing for open-enrollment programs. Find the right opportunity for you; contact: +1.510.642.9167 | [email protected] www.executive.berkeley.edu Fall 2013 FEATURES AND DEPARTMENTS The Family Issue EDITOR IN CHIEF Ronna Kelly, BS 92 UP FRONT EXECUTIVE EDITORS Richard Kurovsky Ute Frey DESIGN Cuttriss & Hambleton, Berkeley STAFF WRITERS Valerie Gilbert, Amy Marcott, Pamela Tom 2 Haas List Haas cheers Janet Yellen’s CONTRIBUTING WRITERS nomination to Fed chair. Bill Brazell, Ann Boor, 4 Haas News Sean Elder, Kim Girard, Dean Rich Lyons on new Lisa Fernandez, frontiers for the school. Christine Fundak Rohan 6 Power of Ideas PHOTOGRAPHERS Prof. Don Moore on hiring John Angerson, Noah Berger, blunders. Jim Block, Robert Houser, Lauren Radack, Cho Tang, IN THE BACK BS 77 ILLUSTRATORS Harry Campbell, Jean-Francois Podevin Berkeley-Haas magazine is Then Chancellor Robert Birgeneau and Cal Athletics Director Sandy Barbour join Lisa and published by the Haas School Douglas Goldman, MD, BA ’74, and their sons, Jason (l.) and Matthew (r.), both BA ’10, at a ribbon of Business, University of cutting for the Lisa and Douglas Goldman Plaza at Memorial Stadium. page 8 California, Berkeley. For further information, contact: 16 Haas Network Berkeley-Haas 8 Family of Philanthropists Alumni from Gymboree, Yelp, Magazine Editor Douglas E. Goldman, MD, BA ’74, has been honored as the school’s Business Rice University, Accenture, Haas School of Business Leader of the Year in recognition of his generous contributions to Haas, Berkeley, Bank of Tokyo-Mitsubishi, University of California and the Bay Area. Goldman serves on the Haas Board and with his wife, Lisa, and Goldman Sachs. Berkeley, CA 94720-1900 donated $10 million to Cal Athletics. He carries on a long tradition of giving 20 Campaign for Haas 510-643-0259 passed down by his ancestors, including Levi Strauss and Walter A. Haas Sr. [email protected] Consumer products maestro Mike Gallagher, BS 67, Berkeley-Haas Fall 2013, MBA 68, supports the new Number 84. 11 Expanding the Menu Innovation Lab. For change of address, email Alumnae Kristin Groos Richmond and Kirsten Saenz Tobey, both MBA 06, 22 Worldwide Events [email protected]. have been recognized with the Haas School’s Leading Through Innovation Lecturer and alumnus Award for their bold eff orts to serve healthy meals to schoolchildren across Steve Etter reunites with the county through their company, Revolution Foods. former students. 24 Connections Classmates help Matthew 13 A Close-Up Look at Real Estate Cooper, BCEMBA 11, give Led by Professor Nancy Wallace, the Haas School is building a more concrete birth to a biotech startup. understanding of complex real estate markets at both the local and national levels. 25 Alumni Notes 39 In Memoriam 40 Personal View A millennial entrepreneur Cover photograph by Noah Berger debunks stereotypes. Fall 2013 1 Up Front Haas List 3 Students Entrepreneurship Faculty Fellowship Winner Fed Leader Bo Cowgill, a former Google analyst and current Haas PhD student, 1President Barack Obama has won a $20,000 nominates Haas Professor Kauffman Dissertation Emeritus Janet Yellen to Fellowship, which supports become the fi rst woman to Faculty research in the field of 4 lead the Federal Reserve. entrepreneurship. He Haas, MIT is one of 15 fellowship Partner on winners nationwide. Energy The money will go towards Cowgill’s research, The Energy Institute which in general focuses at Haas has teamed on the intersections of up with MIT’s Center economics, job markets, for Energy and and innovation. Specifically, Environmental Policy Cowgill has been Research to evaluate interested in studying the and improve energy- link between firms’ hiring efficiency policies and practices, patenting, and technologies. other innovative activities, The joint initiative, as well as firms’ internal called E2e, aims to betting markets that let support and conduct employees bet on which rigorous and objective new ideas they think will be research, communicate GETTY IMAGES GETTY most successful. the results, and give decision-makers real- Colleagues and friends at Berkeley-Haas Entrepreneurship world analysis to make celebrated Professor Emeritus Janet Yellen’s smart choices. The nomination by President Barack Obama to From Science to project’s name captures Startup its mission: to find the become the first woman to head the Federal best way to go from Reserve Board. If confirmed, Yellen will Dozens of using a large amount of succeed current Fed Chair Ben Bernanke 2 scientists energy (“E”) to a small in January 2014. and engineers from around amount of energy (“e”). the country converged “When deciding on the Yellen taught macroeconomics to MBA in Berkeley this summer best energy measures, and undergraduate students for more than for a new entrepreneurship decision-makers two decades. Her research has focused on program funded by the National should compare model Science Foundation (NSF). predictions to actual labor markets, monetary and fiscal policies, Haas’ Lester Center for Entrepreneurship is consumer behaviors. international trade, and investment policy. leading the three-year Bay Area NSF Innovation That’s where this Yellen has served as the Fed’s vice chair Corps, which provides training and mentoring to project comes in,” says help NSF grant holders more quickly commercial- Professor Catherine since 2010 and was CEO of the Federal ize their technologies. Wolfram, co-director of Reserve Bank in San Francisco from 2004 The foundation of the program is Haas Lecturer the Energy Institute at until 2010. She has been a vocal advocate Steve Blank’s Lean LaunchPad framework, which Haas. “E2e will provide for transparency of Fed policies. Yellen also focuses entrepreneurs on developing business valuable guidance models, rather than business plans, and iterating to government and chaired the President’s Council of Economic models quickly in response to feedback from industry leaders as well Advisers during the Clinton administration. more than 100 customers. as consumers.” 2 BerkeleyHaas Read the Energy Econmics Exhange blog published by the Energy Institute at Haas: energyathaas.wordpress.com. Students & Alumni Warm Real EstateEstate Welcome NewNL Labb Alumni in such diverse fields as tech- 8 nology, banking, and design welcomed Targets Indices hundreds of new students to campus. The Haas School’s new Fisher Center for Real Estate Greg Greeley, MBA 98, Amazon’s and Financial Markets Laboratory is using Big vice president of international expan- Data to create better metrics for the industry and regulators. Research sion, stressed the value students bring Major Impact One project launched by the lab involves building each other. “As you embark on this more accurate housing price indices. Another project California journey, it’s going to provide you a great is tapping data from 32 million fixed-rate loans 5 Management opportunity to immerse yourselves with issued in the U.S. to map the massive mortgage Review (CMR), the Haas network from loan originators to brokers to branches School’s quarterly journal, some of the most diverse, energized, to large bank holding companies. earned a higher “impact” dynamic people you will ever get a The goal of the new lab, launched this year, is rating than did competi- chance to work with,” Greeley told to develop a deeper understanding of real estate tors from other business evening-and-weekend MBA students. markets and develop risk management tools for the schools in an analysis by industry, says Nancy Wallace, co-chair of the Fisher Thomson Reuters. The New full-time MBA students heard Center for Real Estate and Urban Economics. Wallace most recent release of inspiring talks by Barbara Desoer, hopes the new housing indices under development at Journal Citation Reports MBA 77, newly named chief operating the lab will replace the frequently cited Case-Shiller from Thomson Reuters Index, which she believes is flawed. For more on the gave CMR a current officer of Citigroup’s consumer unit, lab, see a Q&A with Wallace on page 13. impact factor of 1.667 and Danae Ringelmann, MBA 08, co- a five-year impact factor of founder of crowdfunding site Indiegogo; 2.554—both higher than any other competing and Tom Kelley, MBA 83, general Students business school journal. manager of design firm IDEO. Silicon Valley The impact factor Greg Patterson, MBA 00, CEO of a measures the frequency private wealth consulting firm, spoke to Immersion with which articles are 9 cited in other academic the incoming class of undergraduates Entrepreneurship Professor Toby publications. about “the Haas way” of networking. Stuart is leading a Silicon Valley Immersion Week in November for the Haas School’s new Berkeley Rankings MBA for Executives Program, Climbing in including entrepreneurship U.S. News coursework, company visits, talks by C-level executives, and a venture The Haas capital panel discussion. 6 Under- Prof. Toby Stuart The week features two days of graduate Program coursework on entrepreneurship and innovation at the rose to second place headquarters of Google and Airbnb.