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BUSINESS CONNECTIONS The Alumni Magazine of UCD School of Business Winter 2007

PROPERTY THE SHAPE OF THINGS TO COME WITH ROBERT VAN ORDER

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:Xccljfe(/0')(*(+(fi[ifg`ekfXepLcjk\i9XebYiXeZ_ nnn%lcjk\iYXeb%Zfd BUSINESS CONNECTIONS The Alumni Magazine of UCD School of Business • Winter 2007 WELCOME TO UCD BUSINESS CONNECTIONS

I am delighted to be back at UCD School of Business, 10 although not as a student this time. During the summer I joined the management team as the new 20 Alumni Relations Director. My main role is to develop and support the UCD business alumni community in Ireland and abroad to ensure they can stay connected with their alma mater and each other. To do this I need your help. We currently have email addresses for less than 20% of our alumni. Consequently, many people are missing out on event invites, business news and our UCD Business Connections ezine. So please take the time to drop me a mail at [email protected], with your details. In the magazine this month we look at the sub- 40 30 prime and property markets with Prof Robert Van Order — a topic that will be dealt with in greater detail at our Property Seminar in November. We also 6 NEWS & VIEWS 29 BOOK REVIEWS showcase work by one of our PhD students on the A round-up of news and events from the Alumni offer their views on several phenomenon of the Irish sports horse. And, as ever, alumni community, faculty and campus recently published books you can catch up on news from your classmates in the Class Notes section. I hope you enjoy this issue of the magazine. A big 10 DEVELOPMENT 30 RESEARCH thank you to everyone who has been in contact, A look at the preliminary plans for Ongoing PhD research casts some light attended an event or contributed to the magazine. a new state-of-the-art campus at on the sport horse industry in Ireland I look forward to working with you and hope to see Blackrock and its future you at one of our events. 14 COVER STORY 34 GETTING AHEAD Natalie McGuinness (MBA 03), An in-depth interview with business International coaching expert Peter Alumni Relations Director, UCD School of Business leader Angela Kennedy (MBA 02) and Bluckert on the emerging profession a conference report from ‘Creating the of executive business coaching Innovative Enterprise’, at which she We would be delighted to receive your feedback, comments, spoke 38 STRATEGY & BUSINESS photographs or letters. We cannot, however, accept responsi- Sinead Johnson (DBS 91, MBA 96) bility for loss or damage to such materials. Please note that 20 THE INTERVIEW on managing people through change the editors reserve the right to edit material and can’t guar- antee that items will be used in part or full. Robert Van Order on the sub-prime debacle in the US, the international 40 TIME OUT ALL ENQUIRIES TO: fallout and the Irish property market Art collecting is no longer the sole Natalie McGuinness, domain of the connoisseur Alumni Relations Director 24 THE ENTREPRENEUR Tel: + 353 1 7168805 Profile of Conor Ridge (BComm 98, 45 PHOTO DIARY MMP 99) and his fledgling sports The NY Dinner in October, the BComm EDITORIAL BOARD: Anne Nolan, Tony Somers, Caroline Kinsella EDITORS: Natalie McGuinness, Ann O’Dea, Róisín Burke management company Golden Jubilee, MBA reunions, alumni CONTRIBUTORS: Mahesh Bhaskar, Karen Hennessy, at the races and more Sinead Johnson, Aebhric McGibney, Paul McErlean, 26 LETTER FROM KERALA Ann O’Dea, Róisín Burke Mahesh Bhaskar (MBA 02) says there 54 CLASS NOTES PUBLISHER: Whitespace Publishing Group Ltd was never a better time to live and Find out what your old classmates for UCD School of Business work in India are up to

UCD BUSINESS CONNECTIONS 3 MESSAGE FROM THE DEAN

DEAR UCD BUSINESS SCHOOL ALUMNI,

E are delighted to bring you the fourth financial services sector in Ireland. The second, the Innovation, edition of UCD Business Connections. In Technology and Entrepreneurship Academy, will emerge from the it, you will find news of activities at the critical mass of faculty who work in that domain. School of Business along with articles on We do hope you will use the forum of UCD Business Connections significant developments in the business to keep in touch, and we will always be delighted to hear from you world. The magazine is part of our effort and receive feedback. In the meantime, we hope you enjoy this edi- to stay in closer touch with alumni, keep tion, and wish you the very best for the coming holiday season. you informed on what we are doing and offer you the chance to let classmates With very best wishes know the latest in your lives and careers. The current initiatives focus on implementing our strategy. We plan Professor Tom Begley, Dean, UCD School of Business toW increase the number of graduate students while maintaining and enhancing quality. A significant portion of new students, both graduate and undergraduate, will come from other countries as we seek to provide Irish students with exposure to the globalised environment in UPCOMING ALUMNI EVENTS which we live. Since we are getting close to full usage of classrooms and Property Seminar: The Shape of Things to Come offices, we will need to expand. Our Blackrock campus is the logical place for that, and we have come up with an exciting preliminary Monday, 19 November 2007 design for new construction and the refurbishment of existing build- Christmas Drinks Thursday, 6 December 2007 ings, which you can read about in greater detail in this issue. Even more important are our plans to increase our intellectual An Inconvenient Truth Tuesday, 15 January 2007 capabilities. Talented faculty are the cornerstone of any great school. Our current academic staff constitute the best in Ireland, Wine Wednesday Wednesday, 6 February 2008 providing a high standard of teaching, and publishing research in Marketing Seminar February 2008 top outlets in their disciplines. Building on their considerable accomplishments, we intend to recruit additional chaired profes- IFSC — 20 years and growing March 2008 sorships as well as entry-level lecturers. We also plan to develop major centres of excellence. The first, the Global Finance Academy, For more information, is well on its way to addressing the educational needs of the visit www.ucd.ie/businessalumni

4 UCD BUSINESS CONNECTIONS Execution is another.

Strategy is one thing.

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*E225 billion as at 30 September 2007. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Pioneer Global Investments Limited is regulated by the Financial Regulator in Ireland. Registered number: 223421. NEWS&views Leadership — the French connection

LEADING members of the business community in Ireland participated alongside the deans of HEC Paris and UCD Smurfit School in a conference on the subject of leadership at UCD Smurfit School on 24 September. Paul Duffy, CEO of Irish Distillers, and Oliver Tattan, CEO of Vivas Health, were among the panelists who debated the key attributes of good leaders, in front of a packed hall. The lively discussion was Philippe Cosson, President, the Ireland France Chamber of Commerce, Prof Tom Begley, Dean, chaired by former rugby international UCD School of Business, Hugo McNeill, Managing Director, Goldman Sachs Ireland, Oliver Tattan, Hugo McNeill, today managing director CEO, Vivas Health, Paul Duffy, CEO, Irish Distillers and Bernard Ramanantsoa, Dean, HEC Paris of Goldman Sachs in Ireland. Called ‘Cross Cultural Leadership — A to leadership, particularly leadership in a than nurture. The consensus was that pan-European perspective on manage- cross-cultual context and different styles while leadership cannot be taught, it can ment and education practices conducive of leadership. The panel also debated in fact be fine-tuned through training, to leadership’, the conference saw the whether leadership can be taught or and learning can bring empowerment to panel discuss a range of issues pertaining whether it is essentially nature rather natural leaders. The business of variety year students, the seminars have proven so popular that several are already booked out. The first talk, ‘The Business of Fashion’, took place on 25 October at UCD Quinn School, with speaker Moira Murphy, Marketing and Communications Director at Brown Thomas. The next talk, ‘The Business of Magazines’, takes place on 22 November with Norah Casey, CEO of publishing house Harmonia. ‘The Business of Radio’ and ‘The Business of Sport’ seminars will take place in January and February 2008 respectively, and the speakers will be Chris Doyle, CEO of Spin 1038, and Keira Kennedy, Commercial and Marketing Manager for Leinster Rugby. “This series is about opening up students’ minds to business and the many career opportunities it can bring,” said Dean of Jamie Crawford, Marketing Manager, Spin 1038, Keira Kennedy, Commercial and Marketing Manager, Leinster Rugby, Aileen Pierce, Director, UCD Quinn School, Moira Murphy, Marketing UCD School of Business, Professor Tom and Communications Director, the Brown Thomas Group Begley. “Business is all around us from the clothes we wear to the magazines we read or AN innovative new series of seminars from careers within the business sphere, from the music we listen to. Everything starts off UCD Quinn School was launched in fashion and sport to radio and as an idea and it is the skills of business peo- October, demonstrating the wide variety of publishing. Aimed at fifth and sixth- ple that bring ideas to life.”

6 UCD BUSINESS CONNECTIONS NEWS & VIEWS Inaugural Business Alumni Communications and Events Manager Journalist Awards launched appointed

IN September, UCD Smurfit School launched the inaugural Business Journalist Awards, with a total prize fund of €12,000 available to journalists who cover business, economic and financial issues. “Business journalists have a unique ability to influence business at many levels,” said Lochlann Quinn, Chairman of the judging panel. “Whether it is a positive review of an organisation’s new serv- CAROLINE Kinsella (BComm 00) has ice or direction or a shadow of doubt joined UCD School of Business as cast on management’s ability, their Alumni Communications and Events reporting can and does make a differ- Manager. In her new role she will be ence to the landscape of Irish business. responsible for all UCD business alumni These awards are about rewarding jour- events and will work closely with Natalie nalists who have made significant con- McGuinness, the new Alumni Relations tributions to the understanding of busi- Director, on communications with the ness, finance and the economy in School of Business alumni community. Ireland.” Kinsella was formerly Senior Account There are eight categories — Business Pictured at the launch of the awards were Executive with Murray Consultants’ con- News, Business Comment, Business members of the judging panel (clockwise from sumer and brands division, where she Feature, Business Technology, Business back left): Vincent Wall, Director of worked on a broad range of consumer Broadcast, Specialist Business Report- Communications, Dublin Airport Authority, Ted public relations and event management ing, Regional Business Reporting and Harding, Barrister and former editor of the projects including the Nissan Irish Open, Young Journalist of the Year. The win- Sunday Business Post, Fiona McHugh, Co- Cadbury Ireland, Cafedirect, ADM ners, who were to be announced at an Founder of Fallon and Byrne restaurant and Londis and Postbank. If you are interes- awards ceremony on 6 November, will former editor of the The Sunday Times and ted in organising an event, please contact receive €1,500 each. Prof Tom Begley, Dean, UCD School of Business Caroline at [email protected].

Mintzberg dispels myths of healthcare management

IN June, one of the world’s best-known statements and takes dramatic actions,” management scholars, Professor Henry he said. “The health sector is lacking a Mintzberg, gave a talk on ‘Managing the dynamic approach because it is so top Myths of Healthcare’ at a breakfast heavy. Effective leaders drive change in hosted by UCD Smurfit School. the healthcare sector by stepping down Cleghorn Professor of Management from ‘on top’ of organisations and Studies at McGill University Montreal, implementing strategies with others, Mintzberg detailed the numerous myths often considered separate from their of healthcare management to an invited formulation. Such engaging manage- audience of senior healthcare profession- ment is needed to drive change in the Dr Gerardine Doyle, Head of Teaching and als, MBA students and media. sector.” Learning, UCD School of Business, and Academic Director of the MBA in Healthcare Management, “It is a long-standing myth that the The talk coincided with the launch of UCD Smurfit School, Prof Henry Mintzberg, problems of healthcare institutions the new MBA in Healthcare Cleghorn Professor of Management Studies, can be somehow fixed by bringing in Management at UCD Smurfit School, McGill University and Prof Tom Begley, Dean, the ‘great leader’ who makes bold which started in September 2007. UCD School of Business

UCD BUSINESS CONNECTIONS 7 NEWS & VIEWS Quinn School the focus of Five new chairs for Microsoft case UCD Smurfit School study

MICROSOFT has created a case study focusing on the added value that technology — and particularly Microsoft technology — can bring to teaching, learning and administration in education. The study focuses on the use of technology at UCD Quinn School, which continues to be one of the most advanced learning environments in Europe. It found the school to be a forward-thinking groundbreaker in the area of education and technology and as a supporter of digital student lifestyles. The study will be available at www.microsoft.com/casestudies.

New diploma Petra Ahrweiler, Professor of Innovation and Technology Management, UCD Smurfit School in sales THE new academic year sees the appointment of five new chairs to the faculty at UCD Smurfit School. Brian Fynes has management been appointed Professor of Supply Chain Management, the first appointment of its for SMEs kind in Ireland, underpinning the importance the school places on researching and JULY saw the launch of the new teaching supply chain management. As Advanced Management Diploma in well as leading the school’s research pro- Sales Management at UCD Smurfit gramme in the subject, Fynes will also School. This new fully accredited post- supervise PhD students. graduate diploma is aimed at owner- Petra Ahrweiler has joined the National managers of small to medium-sized Institute of Technology Management enterprises (SMEs) who want to shore (NITM) at UCD School of Business as up their sales management skills. Professor of Innovation and Technology The programme has been designed Management. She will be responsible for in association with the Sales Institute the establishment of a research proof Ireland and with the support of gramme on science, technology and inno- FÁS, and is eligible for funding of 70% vation policy as well as supervising PhD under the FÁS Competency students. Development Programme. The other three appointments see The part-time programme is deliv- Donald Burgh as Professor of Organisa- ered over a series of eight workshops tional Behaviour, Ciaran O'Hogartaigh as on Fridays and Saturdays to facilitate Professor of Accounting and Robert those with busy working lives, and the Johnston as Chair of Information Systems Brian Fynes, Professor of Supply Chain first intake was in October. and Organisation. Management, UCD Smurfit School

8 UCD BUSINESS CONNECTIONS NEWS & VIEWS New websites for A taste of success — UCD Smurfit and Smurfit School team Quinn Schools wins Apple challenge WHERE next for Apple, creator of the iconic iMac and iPod? That was the question posed to MBA students from top business schools throughout Ireland and Northern Ireland who converged on UCD Smurfit School in June for a university challenge with a difference. The MBA Association of Ireland’s Strategy Forum, now in its second year and sponsored by InterTradeIreland, challenged MBA students across the island to apply their strategic business minds to the future of Apple. Five teams from Dublin City University, Trinity College Dublin, UCD Smurfit School, University of Ulster and Waterford Institute of Technology competed in the one-day intensive session to develop and present a winning strategy for the company that’s reshaping the way the world consumes music. The UCD Smurfit School team won the challenge and was presented with the MBA Strategy Forum Trophy at an awards ceremony that evening. “The competition was very tough this year, especially given the time limitations put on the teams,” said Nick Barniville, Director, UCD Smurfit School MBA programme. “The new curriculum on the programme has a very strong strategy focus and we are delighted to see this borne out in the quality of strategic analysis of this year’s winning team.”

PhDs on the up at UCD Smurfit School

WITH 18 new students taking on research PhDs in 2007 at UCD Smurfit School, the number of students involved in active PhD research has exceeded the 100 mark. “We’re delighted with the uptake,” says Jane O’Mara, Programme Manager, Business Research. “In the past three years we’ve been seeing a very strong intake, with an average of 20 new active researchers each year, which is excellent if you consi- THE UCD School of Business’ marketing team recently intro- der the huge commitment involved. And we’ll be seeking to duced their new-look websites: www.quinnschool.ie and increase that in the coming years.” www.smurfitschool.ie. The redevelopment of the sites was “Ireland has moved into the ranks of the top economies of undertaken in conjunction with IQ Content, which consulted the world, and it needs a business school to represent its place on website usability, accessibility and content, Strata3, which in the world and contribute to its ability to develop into a completed the website design work, and Terminalfour, which knowledge economy,” says Professor Tom Begley, Dean, UCD implemented a new content management system. School of Business. “To be a knowledge economy means you While the sites are designed to offer a great service to stu- are developing state-of-the-art knowledge, not ‘me too’ dents with video, podcasts and online student diaries, there’s knowledge. That means you are generating new findings. also a new emphasis on providing a richer source of informa- Research is vital in this, and the strategic plan is to have 150 tion to alumni, with features like alumni in the news, upcoming active research projects under way at Smurfit School in the alumni events and services for alumni. coming years.”

UCD BUSINESS CONNECTIONS 9 DEVELOPMENT

CAMPUS VISION ‘We’re determined to retain the existing character and personality of the campus, and this was one of the things that excited us about the preliminary design’

10 UCD BUSINESS CONNECTIONS DEVELOPMENT

Strategic plans for the enhancement of the All this academic development has put space at a premium, so the School of Business has commissioned an exciting preliminary intellectual capital at UCD Smurfit School are well design for a refurbished, cutting-edge campus at Blackrock. “If under way. Now, ambitious plans are afoot to we are to continue to grow in the way we want, we will need additional faculty, additional professional staff and the capacity to develop a campus to match this vision handle the additional students,” says Tom Begley, Dean of UCD School of Business. “We have carried out some refurbishment and HE strategic plan developed at UCD Smurfit redesign of existing buildings, but the task force decided that if we School last year called for an expansion in the are to realise the full extent of our strategic plan, we need greater number of students on a yearly basis, and it will in capacity.” effect almost double the student body in the com- The school architect was commissioned to create a preliminary ing years. Already, a strong executive education plan that would make best use of existing space, while providing the programme has been put in place, five new chairs much-needed new space. The plans will incorporate some new build, have been appointed and various innovative pro- which will cleverly complement the old buildings, while calling for grammes have come on stream. Current faculty the demolition of two older sub-standard buildings. The move would are publishing top-quality research, and over 100 see the capacity increase by some 9,000 sq m, with a more coh- TPhD students have dissertations in progress. erent navigation for students and faculty, and new facilities such as UCD BUSINESS CONNECTIONS 11 DEVELOPMENT

‘It’s an exciting development in Irish university life; we’re creating the business campus of the future’

12 UCD BUSINESS CONNECTIONS DEVELOPMENT

break-out areas, small cafes, bookshops and first-class teaching plan to raise both physical standards and intellectual capital. We facilities and lecture halls. want to see UCD Smurfit School become the centre of excellence in “The way in which the school architect did the preliminary design business learning, available to everyone on the island of Ireland.” involves knocking down blocks D and E and constructing new build- Crowley attaches great importance to the development of facilities ings on their footprint,” says Begley. “So we don’t need to extend our- for the executive education programmes. “The executive education selves further into the open spaces on campus, which is something facilities are an important part of our strategic plan. It’s essential we were determined to preserve as much as possible, as they really that we have a top facility here in Ireland for executive education. We add to the character of the place. It’s a very innovative design and would not be fulfilling our role as educators if people had to go we’re very excited about it.” abroad for this. It’s all part of the essential educational resources for The marriage of old and new was a key consideration in the plan. management in Ireland, as we climb up the knowledge ladder. “We’re determined to retain the existing character and personality of “Dean Begley has already been very instrumental in building up the campus, and this was one of the things that excited us about the the intellectual capital at the school, recently appointing five new preliminary design for new construction,” says Begley. “It was chairs. Now the board is very much of the view that the Blackrock designed to serve and enhance the main buildings, rather than to campus needs the facilities to match. There’s been a great tradition of compete with them for attention — it is a relatively modern design learning and teaching there for many years, and this new plan will be that would not clash with the old red brick. a great addition. “Executive students remark on how beautiful the campus is and “Needless to say, such an ambitious plan has major fundraising how great it is to leave the outside world behind on Carysfort Avenue implications,” adds Crowley. “And we’re currently developing a plan and venture up the drive to what is clearly a more academic setting,” for a commensurate fundraising programme.” adds Begley. “The great setting is always a selling point when we’re Paul Quinn is chairman of the North American Board. “We have looking to recruit the best faculty.” taken the unanimous view that one of the major assets of the school It’s a sentiment echoed by Tony Condon, Director of Development is the campus itself,” he says. “Over the years we have watched it at UCD College of Business and Law. “We want to build on the mar- mature and grow. I personally — and I think I can speak for the vellous campus we have here and its unique features, but we’re burst- board here — have always strongly felt that maintaining and upgrad- ing at the seams,” he says. “With about 1,200 students, all the class- ing the campus and facilities is critical to the image of the school and rooms are full and, while we have some capacity, the ambition is its ability to function as a first-class international business school on to build a postgraduate business school that can accommodate a competitive stage. 2,000 students in the finest facilities available with the best infor- “UCD Smurfit School needs to compete in a whole range of areas mation and communications technology platforms we can have. in order to attract staff and faculty of the necessary calibre, and the That’s the vision. image it projects is critical in this,” he adds. He too agrees that exec- “It’s an exciting development in Irish university life; we’re creating utive education is vital, and is impressed with the resources that have the business campus of the future,” says Condon. “The dream is to already been put in by Paul Haran, Principal of UCD School of create world-class facilities both for taught programmes and execu- Business and Law, and Hugh Brady, President of UCD. tive education so we will match the executive education facilities of Both chairmen point to the new library as a perfect example of other great universities in Europe — and indeed the US. It’s a very what can be done. “The decision to support the conversion of the exciting time in the history of the school. If you like, we’re building chapel to a state-of-the-art library has been justified by the remark- on the achievements of those who have gone before and led the able job they’ve done,” says Quinn. “The board visited it for the school from the day the Government gave UCD the land to build a first time in May and were hugely impressed. It is an excellent business school here in the early Nineties. example of what people with imagination and determination can do. “I’m delighted to say it’s a vision that has been fully endorsed by They were willing to take risks with this building, which was the Irish and North American Advisory Boards, who have agreed to historically interesting but virutally derelict, and converted it into this back us the whole way, with all the implications of that,” he adds. marvellous facility with 21st-Century technology that preserves the integrity of the building.” Word from the boards Now there are ambitious plans to get the development going as Laurence Crowley (BComm 58, Honorary LLD 04) is chairman of soon as possible. “Our strategy points us in the direction of the Development and Finance Committee of the Irish Board, and he joining an elite, and we are getting increasingly excited about too is enthusiastic. “While some refurbishment has taken place, it’s the possibilities of representing this with top-class people doing an old school and needs to be brought up to date as a top-class teach- top-class research in the best of facilities, as well as the finest ing and learning environment,” he says. “It’s all part of the strategic teaching,” says Begley.

UCD BUSINESS CONNECTIONS 13 COVER STORY

BREAKING NEW GROUND 14 UCD BUSINESS CONNECTIONS COVER STORY

‘In 2004, 40pc of our sales were via the internet, and we thought ‘yes, that’s very good’. But the question I asked was ‘should it be more?’’

Entrepreneur and business leader Angela Kennedy (MBA 02) says innovation has been key to growth and profitability at Megazyme, and not just when it comes to products, but throughout all the processes and structures in the company

EW know better than Angela Kennedy that you need to push out boundaries and be creative to succeed in the business arena. Innovation has solved several business problems for her company and brought it to new levels of growth and profitability for over two decades now. FMegazyme is a Bray-based bio-tech company that develops and supplies diagnostic test kits and analytical reagents for the food and drinks industry. It was founded in Australia in 1989 by Kennedy and her husband Dr Barry McCleary, and it later relocated to Ireland. “We didn’t just focus on product innovation but on innovation in our processes as well, throughout our organisation,” Kennedy says. Early on, being based in Australia and at some remove from world markets, the question was, how could Megazyme be a global company? “We knew we had to be a global biotechnology company if we were going to survive in the marketplace,” Kennedy recalls. “That led us to very simple questions at the start: how do we communicate with our customers? How do we let them know what products we have and how do we get over this time-zone difference and the lag between launching a product and getting a catalogue to a customer?” In today’s climate of digital broadband it’s hard to credit that the time Angela Kennedy (MBA 02) finds adopting between product innovation, launching and getting product infor- innovations early on yields big rewards for her business mation to the customer spanned months.

UCD BUSINESS CONNECTIONS 15 COVER STORY

The early bird “In 1994 we had our first demonstration of the internet. After one half-hour session, we both felt this was something really essential that could get us over all of the communication problems we had in the company,” Kennedy recalls. The advantage Megazyme had was that scientists, the company’s target audience, were early adopters of the internet, but nonetheless the vision to get on board the cyber revolution early does her and her husband credit. “We got over the communication problem and the time-zone problem and it was also a very effective way of reducing advertising costs for the company. The following year, we established our e-catalogue, so as new products became available we immediately put them online.” Kennedy’s questioning disposition meant that even when the company was doing very well, she was still thinking about what could be done to take things further. “In 2004, 40pc of our sales were via the internet, and we thought ‘yes, that’s very good’. But the question I asked was ‘should it be more, and if not, why not?’” In what was an expensive move, the new website was rebuilt from scratch to make it web-compliant and integrate the company’s accounts package with the Federal Express shipping package. This meant that when customers ordered a product they would immediately get a real-time response from Megazyme and an airway bill number allowing them to track the progress of an order. Over the past three years since the introduction of the new site, online sales have grown from 40pc to 90pc worldwide. “It all comes back to asking ‘why are we here and what are we doing?’” Kennedy says, “and it’s all about satisfying customer needs. Today we have over 600,000 hits on our website, 6,000 new users per month, and it has transformed us and the company’s efficiency and profitability. We are a virtual company — we could be based anywhere in the world, essentially.” Now Megazyme is looking at product innovation and technology strategy five years ahead. “As a company we used to buy enzymes but we couldn’t source all the ones we wanted because they weren’t com- mercially available,” says Kennedy. “This posed new challenges and new questions: what if we could actually clone our own enzymes in house? What if we brought that capability on site?” Again, a new platform technology is allowing for this, which means Megazyme can expand its range of test kits. “As a result of that enabling technology and an investment of over €3m in research and development, we have been able to launch 45 new test kits over three years,” Kennedy says. “Thirty of those have specific applications in the wine industry. So now our capacity has improved, so has quality control, and that has allowed us to expand into new markets and have a diversification strategy.” Kennedy is chairwoman of the board at Bord Bia, which she says is aiming to help businesses grow and export. “We’re not doing enough to support the small business to make that step change to become an SME. So Bord Bia will launch its centre of excellence, which will support businesses, act as a resource centre and sales and marketing centre and focus not just on domestic growth but on export growth and distribution — because small businesses are our future.”

Róisín Burke

16 UCD BUSINESS CONNECTIONS INNOVATION

‘Companies need to anticipate future wants — what might help people — rather than just asking them directly. You can have the wrong question as well as the wrong answer’

Innovate for

successInternational experts and leading Irish entrepreneurs gathered at a recent conference in Dublin to discuss innovation and entrepreneurship, a hot topic in today’s competitive business environment

PENED by President Mary McAleese, the recent MBA Association of Ireland (MBAAI) conference titled ‘Creating the Innovative Enterprise’ provided a rare opportunity to hear global and local experts speak on a subject at the heart of entrepreneurship and on the lips Oof everyone today — innovation.

UCD BUSINESS CONNECTIONS 17 INNOVATION

Dr Bettina von Stamm, director of the Innovation Leadership Forum, Architects of the future who lectures, researches and consults on the subject, told the conference EI’s executive director of entrepreneurship Julie Sinamon told the con- that with today’s emphasis on market research, businesses can forget ference that it is only through new indigenous enterprises coming on success can take more than asking consumers what they want; it’s also stream that we ensure we are the architects of our own economic about anticipating their future needs in a creative way. She quoted future. Sinamon was previously responsible for strategy development Henry Ford: ‘If I had asked people what they wanted they would have in EI and has substantial experience supporting new start-up compa- said faster horses’. “Companies need to anticipate future wants, what nies. “A lot of growth fuelled by multinationals has slowed in the past might help people rather than just asking them directly,” she said. “You few years, therefore it is very important to have a flow of entrepre- can have the wrong question as well as the wrong answer.” neurship. Regional development particularly depends on this constant To von Stamm’s mind, innovation is vital because it’s difficult to copy, supply of new companies to add economic freedom.” offering inimitable competitive advantage. US CEO, serial entrepre- The time is ripe for this, Sinamon continued. A growing population neur and author Margaret Heffernan (no relation to the Dunnes Stores such as Ireland’s typically supports a high level of entrepreneurship, helmswoman) concurred. She holds that innovation in entrepreneuri- and the positive motivation for this is there among the business com- alism is about “niches and specialisations”. munity. Some 2,000 people a month are starting up companies. Levels of education are rising, she added, which usually heralds an increase in Niches and specialisations entrepreneurship, especially among women. Irish entrepreneur Ann Heraty (BA 84, economics and mathematics) What needs to happen now, Sinamon advised, is the right kind of was convinced that specialism was the key to success when starting mentoring. A big factor in someone’s becoming an entrepreneur is her business. “I had the idea that the only way I could become a whether they know an entrepreneur, again particularly for women. trusted advisor was to specialise. I had a huge passion to build a dif- Other supports include Business Angels — EI’s scheme for matching ferent type of recruitment business.” Her then boss said ‘no, that’s not private investors with start-up, early-stage and developing businesses. how we do things’, so Heraty departed to pursue her own vision. To learn more about the help they need, the Small Business Forum was Ernst & Young Entrepreneur of the Year in 2006, Heraty set up by the Government last year to look at the environment in which co-founded the recruitment success story CPL, which is now one of small business operates. the fastest growers on the Irish stock exchange. She points out that it is only very recently innovation has been associated with the service Selective strategy industry, but this is changing, and Enterprise Ireland (EI) has set Heffernan takes issue with the Government’s strategy via EI of support- about starting up a services section. ing businesses over a certain size, or ‘higher growth companies’ as it calls Heraty outlined how she tries to provide innovative service for clients. them. Companies employing fewer than 10 people don’t get support She thinks of this as a constant process of renewal of people’s skills and from EI’s main office, although they do get limited support from local of services and products through learning. “Your openness to learning branches. “When all you have is the idea and the enthusiasm, that’s the today is almost as important as your current learning,” she said. hardest stage,” said Heffernan. Sinamon also acknowledged that this is This approach became particularly valuable when the global tech a bone of contention and a big issue for many early-stage companies. downturn in 2001 saw CPL’s profits drop from €5m to €1.2m. “We Moving beyond start-up stage, von Stamm questioned the efficacy of learned very quickly during those times to really listen to our clients,” the Stage-Gate process, the widely touted conceptual and operational she said. “We listen and we listen hard. Today we have phenomenal roadmap for moving a new product from idea to launch. In research repeat business. Now the company has offices in Warsaw, Prague and she found companies are surprised by how few of their ideas survived Bratislava. CPL grew by 132pc last year. We’ve been growing by 40pc this. “You can lose innovative ideas during market processes,” she said. year on year, mostly organic growth.” She added that there must be alignment between words and Angela Kennedy is one half of the husband and wife team that action. If, when times get tough, a company looks to make founded biotech firm Megazyme (see interview on page 14) and was economies by cutting its innovation budget, it sends a huge negative named Inventor of the Year this year by the Small Firms Association. signal. It’s a big ask, says von Stamm, as the person who succeeds in Some 80pc of the company’s product range is niche market. The envi- organisations tends often to be the one who cuts costs and makes the able and growing sales reach that Megazyme has is largely thanks to organisation more efficient. having embraced the internet as far back as 1994. Failure, according to several of the speakers, is far from being the Another area of importance in entrepreneurship is leadership. Von end of the line. “It’s often through failures that you have great succ- Stamm contends that a lot is determined by leadership style in esses,” said Heraty. Von Stamm agreed: “Much of innovation happens organisations, giving the example of David Whitwham, the inspira- through failure.” tional former CEO of Whirlpool. Whitwham drove that company’s As for taking the big step and going to market, Heffernan holds that brand transformation in the late Nineties, hugely boosting the bot- sometimes it’s better to just go for it. “You can have pilots and more tom line and market share. According to von Stamm, he declared to pilots, but at the end of the day you just try it because then you’ll know.” employees: ‘I want innovation from everyone, everywhere’. And this Sinamon, too, said over-testing can be a waste of sometimes scarce was no lip service. If any employee proposed innovation in any resources. “Customers give you feedback before you spend a lot of sphere of the company and it was rejected, he put in place a process money. We encourage companies to go to market as early as possible.” whereby they could come directly to him. “It was a very clear, very clever message,” said von Stamm. Róisín Burke

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Markets may be picking up, but the sub-prime drama continues to play out in the US. We speak to international property and finance expert Robert Van Order on the US scenario, the international fallout Robert Van Order and the lessons to be learned for Ireland PRIME PROPERTY

HE summer of 2007 will be long remembered “We haven’t yet got all the information to assess exactly what hap- in financial markets, thanks to the liq- pened, but I think people have overreacted a little,” he says. uidity crisis that resulted from sub-prime woes “Certainly there are some institutions that will take real losses but, in the US over the past year. When we sat from a world point of view I don’t know it’s a particularly big deal.” down to talk to Robert Van Order, adjunct He concedes that England did have a bank run of sorts with Professor of Finance at Ross School of Northern Rock, but believes it will survive. “I think they’ll get over it, Business, University of Michigan, the mar- and it won’t have any wider implications, but what it does in the kets were still jittery, but seemed to be short run is it makes those people connected with it worry about recovering, as investors put aside worries taking risks.” about credit markets and displayed more Risk is something many investors had been willing to take on optimism about economic growth. The better-than-expected in recent years, Van Order points out. “Interest rates in general TUS jobs reports at the beginning of October helped calm fears of were low, and people were willing to take greater risks to get those a downturn in that key world economy, but the fallout will likely higher yields. That was part of what made these securities (based be felt for some months to come, warns Van Order. on sub-prime loans) attractive. But I think the psychology has There are few better placed than Van Order to comment on changed now.” the subject. He is a former chief international economist at Van Order decribes as a “little sad” the fact that the sub-prime Freddie Mac, where he focused on issues of international finance market is likely to suffer, particularly in the US. “It is a useful mar- as well as advising foreign organisations on the benefits of a ket; it is manageable and has been managed in the past. In the US, secondary mortgage market. Prior to this, he served as director of for example, we’ve had a sizeable increase in minority home owner- the Housing Finance Analysis Division at the US Department ship and I think some of that comes from the sub-prime market. It of Housing and Urban Development, and visiting Professor of does charge higher rates but it’s a market that has served a large Real Estate at the Graduate School of Management, University number of borrowers pretty well, and, over the past few years, a small of California. number of borrowers very poorly. The latter shouldn’t have

20 UCD BUSINESS CONNECTIONS THE INTERVIEW

‘Interest rates in general were low, and people were willing to take greater risks to get those higher yields. That was part of what made these securities [based on sub-prime loans] attractive’

UCD BUSINESS CONNECTIONS 21 THE INTERVIEW

‘The Nasdaq tended to have a lot of tech stocks. In the space of five years it tripled, then went back down to its original level — now that’s a bubble’

happened, and there’s a danger now of the market overreacting and sponsored agencies such as Fannie Mae, Freddy Mac and Ginnie of public policy overreacting.” Mae don’t have reach. “Different indexes tell very different stories, It’s a sentiment that was echoed by Alan Greenspan just days after but the best ones are suggesting they’re falling most in those areas, we spoke. “Sub-prime mortgages were and are risky, but they are offering indirect evidence that it’s the areas where sub-prime loans worth it,” Greenspan said at the launch of his latest book in London. were made that are faring worst. The other sector that is faring “I’m terribly concerned that we would cut back on the availability of poorly is high-cost areas. They’ll come back, but we’re not going to sub-prime that has enabled a very significant increase in mortgages see them do anything like reverting to growth rates as they were five among minorities in the US.” years ago, so we’re certainly going to see the people who bought houses this year and last year being disappointed.” Future of sub-prime market So is there a danger of the negative equity problems seen in the UK So what is the future for the sub-prime market in the US? “In the in the Nineties? “Of course, that will happen, but I don’t think it’s short term it will be virtually shut off, except for the best parts of it,” going to be huge. We’re seeing default rates go up even in the prime says Van Order. “And then I think it will gradually come back. The market, but they’re going up from extremely low levels. I don’t think so-called abuses — cases of poor documentation and outright false- they’re going up to levels you’d worry about.” hoods — will be handled by the market itself. Investors, who must As for the future, Van Order says housing always does well in the really have been asleep, will insist, I’m sure, on much stronger docu- long run. “We’ve had bumps in the housing market before. This will mentation of the quality of the people who are taking the loans.” probably be the worst since the early Eighties. But in the long term, And there remain unquantifiable consequences. “When certain the 30-year fixed rate mortgages in the US prime market offer inter- lenders were selling on to investors, they made representations to est rates in the region of 6 or 6.5% — that makes housing pretty those investors that these loans were done properly. There will be a affordable. It’s hard to have a really bad downturn in housing when lot of law suits about that, and it is going to be one of the questions rates are that low. for the future — how can US investors ensure these representations “I think we’re more likely to have something like stagnation for a few can be enforced?” years, but in the US, as almost everywhere, if you hold on to the prop- Overall he believes the sub-prime market still represents good erty long enough, the value goes up significantly faster than inflation.” business and will recover. “The spreads are big enough that you can On the down side, Van Order believes the US could see 10 or 20% of get in there and do business, so I think it will settle down. It won’t be recent sub-prime borrowers lose their homes. “It’s a lot, of course, but if as wild. Borrowers will have to document their income, and there’ll you’re an optimist you could say that means the glass is 80 or 90% full.” be much less business with adjustable rates. There’ll be another after effect also — many people simply won’t get loans.” The Irish market With much talk recently about Ireland’s over-dependence on the The US property market property market, and falling house prices, I asked Van Order if While he acknowledges things are not great in the US property mar- Ireland could be set for a fall, given the remarkably rapid rise in ket, Van Order dismisses talk of a housing ‘bubble’. “People write house prices in recent years. about bubbles, but if you think of a bubble as what happened to tech “Yes, the housing market has been very strong — more so than in stocks in the late Nineties, this is nothing like one. The Nasdaq ten- the US. But I think this is largely because Ireland has the strongest ded to have a lot of tech stocks. In the space of five years it tripled, economy in Europe, it’s had the most impressive growth rate and the then went back down to its original level — now that’s a bubble. per capita disposable income has been growing faster than anywhere “In the US, house prices did not rise by anything like that amount, in Europe and faster than in the US. The combination of this boom although they did go up very sharply. In terms of historical standards, and the low interest rates has resulted in this rise.” they’ve risen sharply before, but what was particularly remarkable However, he concedes it could be a valid concern. “The rise has about the last 10 years was that they rose dramatically in a period when been very rapid, if you consider that 10 or 15 years ago housing costs there wasn’t much inflation.” in Ireland were well below the European average. Now it’s becoming As regards property prices, Van Order recognises they are falling one of the most expensive places in Europe — if not the world — in thoughout the US, particularly in those areas where government- terms of housing. There is a real risk that prices have overshot.

22 UCD BUSINESS CONNECTIONS THE INTERVIEW

“Lots of countries have booms, and Ireland has had a lengthy one. Robert Van Order will be the keynote speaker at a major I’m not an expert on the Irish economy but it seems to be related to property seminar at UCD’s O’Reilly Hall on 19 November. better business conditions, better regulations, foreign investment The seminar, which will run from 8am to 11.30am, and a boost coming from the tech side. Those are all things that can will look at some of the key issues facing the Irish go wrong. No economy is really recession-proof. If enough bad things property market from a planning, economic and devel- were to happen at once — say, a combination of house prices falling opment perspective. To this end we have gathered and the export sector doing badly — we could see a mild recession.” some of the leading experts from government, acade- However, Van Order feels the underlying strengths of the economy mia and business. that led to high housing prices are still in place. “People are richer, company formation is stronger than in a lot of countries and Ireland has Event title Property: The Shape of Things to Come seen good growth in productivity. Ultimately, that’s what you want — Part of the ‘Growing Ireland’ thought that’s real power.” leadership event series 2007/2008 Given the length and breadth of the house price rises, Van Order Date 19 November 2007 says a slowdown or even drop-off was inevitable. “But if you ask the Time 8am-11.30am GMT question ‘are they likely to go back to where they were five or 10 years Location O’Reilly Hall, UCD, Belfield, Dublin 4 ago?’ I think that’s extremely unlikely.” On the Agenda Danger zone 7.30am-8am Breakfast 8am-8.10am Welcome by Paul Haran, Principal, I asked Van Order how he felt about the move towards 100% mort- College of Business and Law, UCD gages in Ireland. “We’ve done that in the US and it’s dangerous. You’ve Introduction by Chairman Tom Begley, got people starting out with essentially no stake in their property. In Dean, UCD School of Business the sub-prime market in the US, lenders were doing that with people who had bad credit history, and the two things that are predictive are 8.10am-8.40am Ireland in the World Credit Market bad credit history and no equity. Those are dangerous mortgages.” Keynote speech by Robert Van Order, The key question is whether the financial system is solid enough to Professor of Finance, University of keep any risky financial instruments from bringing down the bank- Michigan ing system, according to Van Order. “If consenting adults want to do 8.40am-10am Panel 1 — Forces shaping the Irish stupid things, sometimes you have to let them.” Property Market So you need the central banks to ensure the institutions can afford Geraldine Tallon, Secretary General, to offer these financial terms? “You need central banks to provide liq- Department of the Environment uidity to the financial system as a whole, but let individual markets take care of themselves. So, for instance, in the US we had a pretty Colm McCarthy, Economist, UCD strong move by the Federal Reserve recently to ensure liquidity. A Robert Van Order, University of Michigan major part of its job in the short run is just to make sure there’s 10.20am-11.30am Panel 2 — Major Irish developments enough money around so banks can borrow from one another — to Paul Maloney — CEO, Dublin Docklands ensure there’s no contraction, particularly in short-term lending. Development Authority, ‘Dublin Central banks are generally pretty good at that.” Docklands’ Van Order seems to have faith in the resilience of the markets in crises such as these. “The problem with financial markets is that you just don’t Michael Scollard, Development Director, always know, but I don’t believe this is a long-term problem. Housing Mountbrook Homes, ‘Jurys Ballsbridge’ almost everywhere does fairly well, and financial systems in developed Mike Smith, Chief Executive Officer, countries have generally become good at coping with losses of confi- Titanic Quarter, Belfast dence, albeit not always quickly.” Ann O’Dea Register now at www.ucd.ie/propertyseminar.

UCD BUSINESS CONNECTIONS 23 THE ENTREPRENEUR

BUSINESSOF SPORT Conor Ridge (BComm 98, MMP 99) has big plans for his fledgling sports management company and already has some of Ireland’s up-and-coming sports stars on the books

ONOR Ridge has just returned from the There is no shortage of ambition for the future. “We don’t British Masters after a hectic schedule of net- have the Padraig Harringtons or the Paul McGinleys yet working, meetings and client entertainment, as because we’re only in existence two years and they have been we sit down to talk. Prior to that, there was a signed up for much longer, but we’ve got the guys coming up business trip to the US. A large mug of coffee is behind them,” Ridge says. “We’ll experience an uplift in profile his best friend at this morning interview, but when they start to come through. That’s when we’ll really make even though somewhat tired after a busy week, it big, hopefully.” his enthusiasm is palpable. It’s no small challenge. As Ridge explains, most players or ath- Horizon Sports Management is Ridge’s business, established letes are with very big global firms with long-established reputa- overC two years ago. The company has four strands: golf player tions and client lists. Harrington is managed by IMG, which management — the company has several up-and-coming Irish Ridge describes as “a world powerhouse” and also looks after the golf names on its books; high-end sports talent management — Williams sisters, Michael Schumacher and Tiger Woods. Other David Gillick and Derval O’Rourke are clients; sports marketing big Irish golf figures are managed by ISM (which also promotes consultancy — Horizon caters for all of Puma’s Irish activity; and the British Masters) and Chubby Chandler, a larger-than-life event management – Horizon has the contract for the Irish part agent in the golf management world. “He’s long established and of the European Challenge Tour for the next three years. Not bad always had the Irish players cornered off for himself, but we’re going for a young business. trying to eat into that now. There’s even a couple of young guys

24 UCD BUSINESS CONNECTIONS THE ENTREPRENEUR

‘I set up a project for myself to go and meet as many people in the industry as I possibly could and see what opportunities were open to me’ Derval O’Rourke Ridge represents Gareth Maybin (above), who, along with fellow golfer Michael Hoey (also a client), will represent Ireland at the World Cup

that were with him that we got to change over to us when we set opportunities in sports management were limited, Ridge up, so he’s starting to notice we’re around!” remained undeterred. “I set up a project for myself to go and meet as many people in the industry as I possibly could and see Elite division what opportunities were open to me.” In terms of sports management, Gillick and O’Rourke are the He landed a job with Drury Sports Management, now rebran- two current clients, but Ridge says Horizon is talking to other ded as Platinum One. “That’s where I got all my golf experience, prominent names, with the aim of signing leading figures in a because it was very involved in the Ryder Cup and the Smurfit variety of sports. “We’re going to make that division quite elite. European Open. It has strong connections with the European Basically we want to become the destination for those who are Tour, so that’s where I gained all my exposure to the sport and the best at what they do, whether it be Damien Duff, Bernard made many of my connections.” Dunne or Derval O’Rourke. This is what we’re going to try to While he is fulsome in his praise of the opportunities and build over the next few years. Golf would be quite separate to development he received while working with Drury, it was that. In golf we want everybody.” inevitable that he would set out on his own eventually. “From The golf business is key to future strategy, but it’s not the big when I was 13 or 14 I knew it was only a matter of time — it’s just earner at the moment. “While it’s probably our biggest focus and something you have in you, I suppose. My dad was entrepre- takes up most of our time, it’s a bit of a slow burner, but we’re build- neurial as well. For some reason I always saw myself building up ing it up,” Ridge relates. “Our main income at the moment is actu- my own thing, whatever that might be. In the end it happened ally coming from the sports marketing division and the other areas. earlier than I thought it would.” You do have to invest a lot of time and energy on the golf management side for a couple of years before you see the rewards.” Self-starter The Challenge of Ireland, part of the European Challenge Tour, Working for himself is Ridge’s ideal. “Obviously it’s a fairly nerve- is managed by Horizon and will hopefully help crystallise some of wracking experience, but I wouldn’t go back on my decision for its ambitions. “It’s like what the second division is to football, so the world. The one thing I know is that I’m never going to work it’s got all the up-and-coming players,” Ridge explains. “Some of for somebody else again, it’s not an option.” Even if one of the big the biggest players in the world have come from the Challenge global talent agencies came knocking at his door? “Not for all the tour. It’s the main breeding ground for all top players, and a lot money in the world. Even if it offered me the most outrageous of our guys are on it. Obviously the hope is that we’d go on from salary ever, I still wouldn’t do it.” managing this event to a full-scale European tour event.” Expansion is already on the cards. Horizon has merged with a UK firm that has rebranded under the Horizon name and will Strong connections bring important UK and US market experience to the business. Always sports mad, Ridge began his career in Sydney, where he Ridge has had discussions with players in the UK and Europe worked with Canon in the run-up to the Sydney Olympics. and anticipates penetrating the US in the next 18 months or so. “Canon wasn’t one of the biggest sponsors, so it had to work In the much longer term, Asia is in his sights. harder to leverage its association with the event. This was actua- Despite his love of sport, it comes second to his drive for busi- lly better, as we had to think harder and be more innovative.” ness success. “I wouldn’t be doing this if I could just make a mod- While aware when he returned to Ireland that the est living; it has to be successful.”

UCD BUSINESS CONNECTIONS 25 LETTER FROM KERALA Photo by Sipa Press / Rex Features IT Tech Park, Kerala, India Kerala, Park, IT Tech Features / Rex by Sipa Press Photo

Passage TO INDIA

‘Like other fast-developing countries, urbanisation has become the order of the day’

26 UCD BUSINESS CONNECTIONS LETTER FROM KERALA

Srinagar Leh Jammu and Kashmir

Jammu

HimachalPradesh

Amritsar Simla Chandigarh Punjab

Haryana

Delhi

Uttar Pradesh Itanagar

Agra Siliguri Rajasthan Jaipur Lucknow Kanpur Assam Nagaland Dispur Kohima Shillong Patna AllahabadBernares Meghalava Imphal

BANGLADESH Manipur Bihar Agartala Ajal Asansol TripuraMizeram Kandla Gandhinagar Bhopal Jabalpur West Bengal Ahmadabad Jamshedpur Calcutta Madhya Pradesh Gujarat Baroda

Veraval Raipur Diu Nagpur Cuttack Daman Bhubaneswar Dadra and Nagar Haveli Puri Orissa Bombay Maharashtra

Poona

Vishakhapatnam Hyderabad Arabian Sea AndhraPradesh

Panaji Mormugao Guntakal

Karnataka

Madras Bangalore Mangalore Pondicherry Cuddalore Calicut Tamil Nadu

Kerala Madurai

Trivandrum

Kerala-based Mahesh Bhaskar (MBA 02) says there was never a better time to live and work in India

NDIA has always been known as a land of spiritualism, mys- India being a highly preferred option for investors. tics and gods. What was lesser known was the tremendous Investments have been made by corporates across the board, and potential for financial and economical growth that lay hid- almost all sectors have seen an influx of funds. Global players such den until it was invoked by the developments of the 21st as DaimlerChrysler, General Motors, Ford, Samsung, Sony, Century. Not even the most astute of business forecasters Pepsico, IBM, Microsoft and Nokia among others have benefited could foresee the abrupt turn of the tide that made India the from their operations in India and made expansion plans for the most sought-after business destination overnight. country. The companies plan to expand by way of product diversi- IThis is a great time to be in India because things are happening here fication, setting up manufacturing bases in India, increasing the and happening fast. The growth story seems to be on a roll; India has existing production capacity, establishing research centres in India emerged as the fourth largest economy in the world on a purchasing and so on. power parity basis. The IT and business process outsourcing (BPO) sec- Recently, the rupee has strengthened significantly against the dol- tors blazed the trail, but every other sector is now abuzz with progressive lar. When US interest rates were slashed, India, with a vast IT expo- changes that almost spell a revolution. The automobile, retail, finance, sure and all the fallout in the West from the US sub-prime mortgage hotel, tourism, healthcare and real estate sectors are all taking off. market, should actually have experienced a setback. But its One cannot overstate the growth in the technology sector in par- position is so consolidated that it remained on its growth trajectory. ticular, with IT now accounting for nearly 7% of gross domestic With the economy looking up, the infrastructure industry is enjoy- product. Companies here are enjoying steep growth and, as a result, ing a sudden resurgence. A phenomenal amount of construction is individuals and organisations are readily coming up with the confi- taking place, new IT parks are being set up and anything that is built dence and strategies required for successful entrepreneurship. is occupied immediately. Way back in the industrial age, it was only India is also one of the most popular destinations for foreign the manufacturing industry in India that was capable of employing investments. Higher disposable incomes, a dynamic and emerging a large number of people — 70,000 or 80,000 would be working in middle class, a low-cost, resourceful workforce, a progressive reform one factory. But many IT companies today employ more than process, investor-friendly government policies all contribute towards 80,000 people in centres across India. Multinational companies

UCD BUSINESS CONNECTIONS 27 LETTER FROM KERALA

‘The IT and BPO sectors blazed the trail, but every other sector is now abuzz with progressive changes that almost spell a revolution’

such as Accenture, Oracle and Ideal have already established and are still setting up huge development centres here. Online resources As a result of the IT boom and the subsequent growth in other ind- For an Irish company contemplating doing business in India, ustries, the standard of living has begun to rise significantly. As with there are several ways of learning about the business landscape other fast-developing countries, urbanisation is the order of the day. there. Information is available from: India and Ireland • India Investment Centre: www.iic.nic.in There are strong trade links in software between India and Ireland. • India Business: www.indiainbusiness.nic.in For example, people from my company work for Dell, a client in • India Investment Commission: Ireland. Many companies either have clients in, or do business with, www.investmentcommission.in Ireland — developing software applications and so on. There’s a big • Ministry of Information Technology and Communications: market for manufactured products in Ireland and, on the flip side, www.mit.gov.in India represents a huge consumer market for Irish businesses. • National Association of Software and Services Companies: One definite advantage with India is that people speak English www.nasscom.org pretty well. It’s so much a part of the system that when you go to any • Chamber of Commerce: www.ficci.com major city you will find people conversing in English more or less all • Departments of Commerce and Industry: http://commerce.nic.in and http://dipp.nic.in. the time. In fact, English is the predominant ‘office language’ in India, while the vernaculars are used at home. You will get a lot of relevant information from the Commerce and Cosmopolitan community Industry departments, and the Chamber of Commerce website has Kerala stands out as a state in that it boasts 100% literacy and has an information on which offices to contact and what to look for. That’s educated, enterprising and hard-working population. It has limited the route to take if you want a direct market entry, but there are also natural resources, so consumption has led directly to its economic consultants who will do a lot of the ground work for you. Business growth. Given that tourism is one of the most important industries fairs can also provide good exposure in terms of networking. here and a large part of the population of Kerala is employed in Eur- The Indian embassy in Ireland will guide you to the right people in ope and the Middle East, there is a definite international influence. India to begin with. The Government has adopted a highly business- Kerala was not one of the states companies first considered when friendly policy and is keen to encourage businesses coming to India. choosing locations in India. But while such companies tended to The growth of the Bombay Stock Exchange Index is just one indi- focus on the major cities such as Bangalore, Delhi, Chennai and cator of the growth in the economy as a whole — two and a half years Bombay to begin with, Kerala, with its unique features, could not go ago the Sensex was close to 6,000 points; it’s now at 17,000-plus. unnoticed for long. Today, it is one of the locations multinational This is India’s time — it’s happening, it’s for real. Vast investment companies consider best suited to their operations. Besides being potential exists in sectors from biotechnology to real estate, power to educated, the people here have the right skillsets and are available. telecommunications and civil aviation to healthcare. This is when And the place is booming — silently, gracefully. There is a technol- people need to be here and make things happen, for themselves and ogy park and umpteen amenities for IT companies to come and set their businesses. up facilities here. The price of land is a good measure of the success and economic Mahesh Bhaskar (MBA 02) was born and raised in Kerala, a coastal growth of India. Real-estate prices in the cities where IT centres are state in south-west India. After graduating with an MBA from UCD located have shot up exponentially. A three-bed apartment in Kerala School of Business, he returned to India to work in the technology in a place such as Cochin, close to a business hub, would easily cost sector in Bangalore, India’s ‘Silicon Valley’, for some years. He then US$200k today. The same property would have been available a few returned to Kerala, where he now works for US Technology as a years ago for US$50k. And land prices are going up even as I write. relationship manager servicing a portfolio of Fortune 500 clients.

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Wikinomics: How Mass Get Smashed: The Story Collaboration Changes of the Men Who Made Everything the Adverts That Changed By Don Tapscott and our Lives Anthony D Williams By Sam Delaney

Published by Atlantic Books Published by Hodder & Stoughton ISBN-10: 1843546361 ISBN-10: 0340922508

Anyone who has amended a reference on Wikipedia, sub- In the multitude of anecdotes about the British advertising mitted a book review on Amazon or donated some of their industry in its golden era of the Seventies and Eighties that computer’s processing time to the Search for Extra fill this book, two that are printable in this magazine help Terrestrial Intelligence has taken part in an act of mass col- capture the character and approach of its leading figures. laboration, thanks to the ‘Weapons of Mass Collaboration’ The first has Charles Saatchi and an early partner in the – cheap calls and the internet. This book tells us of a new advertising business Ross Cramer on a shopping trip to buy paradigm in business (stop me if you’ve heard this one a wedding present for a mutual friend. They decide on a before) that is built around the idea of a bunch of disparate Miró etching but there are two to choose from, and when people in disparate locations working together on a project. Cramer wonders which they should pick, Saatchi’s reported Not short of a few superlatives and more evangelical than a reply is: ‘Let’s get the one with the biggest signature’. preacher at Armageddon, the authors tell us mass collabo- The second involves one Alan Waldie, art director of ration will change our lives. Collett Dickenson Pearce, the madcap but brilliantly cre- The book consists of various business models based on ative agency that bestrides this book. Waldie goes to Seattle the new paradigm and it is filled with practical examples. to shoot an Aer Lingus ad at the Boeing factory and fills two The owner of a loss-making mine provided the geological 747s with as many female models as he could find. He pro- data free online, offering prizes to any budding expert ceeds to regale us with details of how ‘accommodating’ the whose suggestions for exploration led to new finds. The models were, ‘because I was in charge of the shoot’. US$100m company was revalued at US$9bn after 110 So if you’re looking for a business book about the effec- potential sites were suggested, half of which had not previ- tive use of advertising in marketing campaigns, don’t ously been considered by the company and the majority of bother reading this. However, if you’re interested in hear- which led to substantial new quantities of gold. The ing how the likes of Tony and Ridley Scott, Alan Parker popular open-source software Linux was developed; it is and David Puttnam started their film careers by shooting upgraded courtesy of the unpaid contributions of software ads, then it’s worth a dip. It’s also worth a dip if you’re programmers around the world. Wikipedia is a free online interested in the historical development of advertising and encyclopaedia where, in the main, anonymous contribu- the role television played in the consumer revolution of the tors continuously write and rewrite the entries. Sixties, Seventies and Eighties — primed in part by the Clearly there is something to the idea of mass collabora- likes of the Hovis, Hamlet and Smash ads that became cul- tion that could prove useful, or act as a threat, to your busi- tural markers in their own right. ness. The main problem with this book is the degree to We also get some valuable insights into the father of cre- which the concept is oversold. Wikipedia is as reliable as ative advertising, Bill Bernbach, and the current colossus of the Encyclopaedia Britannica, the authors say in a throw- the industry, Sir Martin Sorrell (a Harvard MBA), whose away remark, citing one piece of research. Many would beg favourite quotation, from Calvin Coolidge, helps show why to differ, as Wikipedia’s articles take a random walk about it seems to be the money men and not the creatives who run mediocrity. If you have never heard of mass collaboration, advertising now. Sorry, the quotation is too long to repeat check out this book. Alternatively, you could just ask your here; you’ll just have to get the book, which perhaps at kids. Your time would be better spent tidying up your times overplays the hedonistic excess but is nonetheless an Facebook page or watching YouTube. easy, informative and often very entertaining read.

Aebhric McGibney (MBA 01) is director of policy and Paul McErlean (MBA 02) is founder and MD of MCE communications at Dublin Chamber of Commerce Public Relations. See www.mcepr.com

UCD BUSINESS CONNECTIONS 29 RESEARCH

‘There may be a mismatch between what Irish breeders believe they should produce and what the market actually wants’

30 UCD BUSINESS CONNECTIONS RESEARCH

Unlike its thoroughbred counterpart, the Irish sport horse industry is not commanding the premium prices it once enjoyed, says Karen Hennessy. She looks at the serious marketing challenges ahead in rebuilding the international brand

BRANDING a national treasure

“Irish-bred horses enjoy worldwide celebrity… To have Ireland as a agricultural output. Its contribution to rural areas, social and eco- birthplace is reckoned as one of the best credentials which a hunter nomic, is substantial; it employs 11,000 people directly and as many can possess and, all else being equal, a horse of Irish origin will as 25,000 indirectly. invariably find a purchaser at a substantially better price than that The sport horse industry is more modest, but it does generate rev- of any other country” — William P Coyne (1902) enues of about €400m per annum, as well as employment equiva- lent to16,000 full-time positions. It is showing steady growth, par- ODAY we would interpret the above statement to ticularly in rural areas where other forms of agriculture are under mean that the Irish sport horse is a strong interna- most threat. The Irish sport horse population numbers 110,000, tional brand able to command a substantial price which makes us the most densely populated equine country in premium based on its superiority over the competi- Europe. Some 40% of the national sport horse herd is involved in tion — whether real and perceived. Undoubtedly equestrian activities such as hunting, trekking, competition, leisure true in the past, there is much evidence to suggest it riding, carriage and driving, while 55% of all animals are classified as is no longer the case, and the industry is looking to breeding stock and/or young stock. The sport horse population reclaim this position. increased by 9% between the last two agricultural censuses and While the reputation of Irish thoroughbreds has gone from interim figures indicate a continuing upward trend. Tstrength to strength, matched by the achievement of premium prices, Irish sport horses are not commanding the kind of price they Sales figures once enjoyed. They have lost out relative to competing stud books The sale of sport horses has been almost completely unrecorded up such as the Dutch (KWPN) and the Germans (Hanoverians, to now, with many horses unregistered and 75% of transactions tak- Holsteins and others). Our research suggests prices achieved for ing place privately. Assessing the export of horses has also been prob- Irish sport horses today often fail to even cover the costs of produc- lematic, as many horses are sold to purchasers in Northern Ireland tion for breeders and producers. and then re-exported, unrecorded, to the UK. It’s a situation that is of great concern to the Irish Horse Board The first task of our study was simply to get a fix on the size of the (IHB), the government body charged with guarding the interests of sport horse population, the amount and destination of trade and the breeders in the Irish sport horse industry. It has recently commis- prices achieved. This was done in several steps — firstly, by analysing sioned a major research project on the industry to provide recom- the records of horse registrations held by the IHB, and of claimants mendations for its future. The project was carried out as a joint ven- to the inward buyer programme (a government scheme where over- ture between various schools within UCD, covering genetics on the seas purchasers of Irish horses can claim back their air fares). one hand, and economics and marketing on the other. Mary Secondly, the records of the two main auction houses that sell sport Lambkin and I are conducting further research on the marketing horses, Goresbridge and Cavan, were analysed. This secondary data challenges facing the industry and this article looks at some of our yielded a wealth of information that has never before been available initial results. and that is now a source of valuable reference material for the industry. Finally, a survey of industry participants (1,500 replied) was car- The facts ried out to find out more detail on their individual ideas and experi- Not only is the equine industry an intrinsic part of our Irish culture ences in the industry. and heritage, it is a large and strategically important contributor to This analysis confirmed what many may have suspected — the Irish economy, generating annual revenue estimated at over that Ireland has more sport horses per head of population than €2bn per year. Ireland is today the third largest thoroughbred pro- any other country in Europe. It also yielded an estimate of the ducer in the world, accounting for over 42% of EU output, approxi- number of horses sold annually — 10,780 animals valued at just mately 10% of all livestock production in Ireland and 4.4% of under €60m.

UCD BUSINESS CONNECTIONS 31 RESEARCH PhD student Karen Hennessy in action at Kilmanahan showgrounds, Co Kilkenny

Markets for Irish sport horses sold through auction

Average (€3,700) UK Average 54% (€3,700)

other 61% Europe Average 6% (€3,600) Ireland 39% US Average 1% (€14,600)

It was found that approximately 75% of horses are sold privately No 1 in the world for the past 12 years. However, it is a minority sport (for which there are no records) and 25% are sold through auction. that does not attract the large audiences of show jumping, and so the It was also estimated that the average value of a horse sold privately profile and reputation of both competitors and their horses tend to is about 50% greater than the average price achieved at auction. Of come from their performance in the latter. Unfortunately, Ireland’s the horses sold at auction, 39% remain in Ireland (some temporar- ranking in show jumping has fallen from first place in the Nineties ily), 54% go to the UK and 6% go to the European markets at very to 10th in 2006 and this has led to a steady erosion in the reputation low, often uneconomic prices. Only 1% go to the more lucrative of Irish sport horses as a whole. North American markets (see above). The reality of the situation becomes more apparent when you con- Finding solutions sider the average cost of producing a 3.5-year-old horse for sale is The question is what can be done to restore the fortunes of the Irish €3,335, which means many producers are making a loss. Further sport horse and improve the commercial well-being of the industry? research found that less than 31% of breeders claim to make a profit Clearly, this is a multi-faceted problem that needs to be tackled on from their breeding enterprise. Data from the inward buyer pro- several levels. gramme for 2005 showed the average price paid by UK buyers — our One possibility is there may be a mismatch between what Irish largest export market — was just €3,650. A survey of horse buyers in breeders believe they should produce and what the market actually the UK provided further corroboration of this trend, showing that wants. Irish horses are renowned for their kind, brave temperament, the average price paid for an Irish horse purchased in the UK was their versatility and their longevity, and these are key product attrib- £3,920 (€5,690) compared to £7,650 (€11,110) for horses from the utes of both the eventing and leisure markets. However, Irish breed- rest of Europe, a difference of some 100%. ers may be taking such things for granted in the pursuit of high performance. It may be, therefore, that the very attributes that make the The Irish sport horse brand Irish sport horse attractive to international buyers are being lost The findings are disappointing, rebuffing previous impressions of through the pursuit of different breeding goals. the Irish sport horse as a premium brand, but they bear out a wide- The next stage of our research will evaluate brand equity along the spread opinion we found among participants in the industry that the supply chain for the Irish sport horse. It is already a well-known, position of the Irish sport horse has declined. So what has changed? international brand, due to its history and heritage rather than The main markets for Irish sport horses are show jumping, event- intensive marketing, but its full potential has not been realised. The ing, hunting and leisure riding. The leisure-riding sector accounts aim of our study is to provide a detailed understanding of interna- for the vast majority of participants (up to 90%), but the profile and tional market requirements and the current position of the Irish reputation of the sector comes from the performance of the elite rid- sport horse brand. It should place a very sharp focus on breeding ers competing internationally. Irish horses and riders have competed objectives, marketing strategy and brand positioning for the future, internationally in both show jumping and eventing since the foun- which, in turn, should facilitate the sustainable development of a dation of those sports. The Irish horse built up an unrivalled inter- competitive consumer-focused sport horse industry in Ireland. national reputation in the developing equestrian competition sector until the latter part of the 20th Century. Many of our Irish horses This article is based on ongoing research by Karen Hennessy, and riders became legends, not only in Ireland, but worldwide. current PhD student, and Mary Lambkin, Professor of Irish horses continue to dominate the world rankings in eventing, Marketing at UCD School of Business. There are currently over and the Irish sport horse stud book in eventing has been ranked 100 research PhDs under way at the School of Business.

32 UCD BUSINESS CONNECTIONS At Whelan Dowling & Associates we dedicate ourselves to quality services, an inclusive team approach and the excellence of our people.

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33 WESTLAND SQUARE, DUBLIN 2. TEL: 01 6771411 FAX: 01 6771410 EMAILS: [email protected] GETTING AHEAD

COACHING CLEVER Peter Bluckert has coached everyone from Premiership football managers to South American presidents. We spoke to him on his recent visit to Dublin about the emerging profession of executive business coaching

34 UCD BUSINESS CONNECTIONS GETTING AHEAD

‘One of the principles of coaching is that we typically have the answer ourselves but don’t always find it easy to access it’

OR most people in senior positions, the traditio- Coaching v mentoring nal route to management and leadership skills devel- There’s also an element of confusion regarding the differences opment has been through training. However, execu- between coaching and mentoring. “In the field, there is no common- tive business coach Peter Bluckert believes the lack of ly agreed definition,” says Bluckert. “But the general view is that transferability of learning into real-life situations mentoring is more of an off-line role where the mentor doesn’t man- makes training something of a blunt instrument at age the individual and where his or her role is to help and guide, par- senior level. “A training course is not customised, so ticularly with career development.” youF might have 12 people in the room who will all get something use- Coaching, particularly in the case of line-management coaching, is ful,” he says. “But the higher up they are in terms of experience, the about the performance of the individual in his or her job, he says. “So, less and less they tend to get from these courses.” for example, in my team I coach the people who work for me on a reg- Bluckert, who runs his own specialist coaching consultancy and is ular basis and it’s all about how they’re performing in their role — are programme director of the new Advanced Management Diploma in they performing to a certain level, are they stretching themselves, are Business and Executive Coaching at UCD Smurfit School, advocates they fulfilling their full potential, are they achieving objectives?” a more streamlined approach that focuses on individual needs. Bluckert says executive and business coaching has two main applica- “One-to-one coaching has the advantage of being a tailored process. tions within organisations — on the one hand, external coaching of very It isn’t about one size fits all. It’s about asking the person I’m coach- senior executives and, on the other, in-house line-management coaching ‘What are your needs?’” ing. People who are at the top of their organisations, he believes, often Although business and executive coaching is a relatively new experience the isolation of senior leadership. “There are very few people approach to management and leadership development — it has only they can use as a sounding board for their own thinking,” he says. “The been around for the past 20 years or so — it is becoming more wid- executive coach is that sounding board. Executive coaching provides an ely used in large organisations throughout the western world. And, opportunity for somebody who normally wouldn’t have anywhere else according to Bluckert, most big Irish companies already have or are to take their concerns, questions and dilemmas to go to somebody who’s adopting a coaching initiative of some kind. Despite this, he says impartial, trustworthy and hasn’t got an agenda. there are different interpretations as to what constitutes coaching. “It “Senior people have to keep a lot to themselves,” he continues. ranges from where the coach is able to bring specialist expertise all “They become very self-contained, but there’s no check and balance the way through to people who regard coaching as nothing to do on their thinking. As we get to hear ourselves think things through with the provision of expertise or information.” Bluckert himself sub- — and this is one of coaching’s fundamental principles — invariably scribes to the latter interpretation, which involves the coach leading we solve these things for ourselves. One of the principles of coaching individuals to find the answers within themselves and build their is that we typically have the answer ourselves but don’t always find it own self-belief, or self-efficacy. “I’ve worked with presidents, football easy to access it. We try to do it by thinking these things through in managers, chief executives of massive companies and chiefs of police. our heads. But there’s a big difference between what we can sort out I’ve never done any of those jobs; I can’t tell them anything about by just going over things in our own minds and by putting it to how to do their job better in a technical sense, but I can coach them.” another, skilled person who helps us think about it.”

UCD BUSINESS CONNECTIONS 35 GETTING AHEAD

‘There are very few people [leaders] can use as a sounding board for their own thinking. The executive coach is that sounding board’

Coaching culture the thing that holds us back is our self-doubt, our fear and our While this is important, he says the most common application of generally lower level of self-confidence and self-efficacy.” coaching is in line management. He also says many organisations are trying to achieve a coaching culture. This involves changing from a The role model traditional management style based on command and control to a Bluckert has strong views about the role of the coach and talks coaching style, which acknowledges that team members often have about the idea of the self as an instrument of change. “Within every solutions to problems themselves and need to be helped to find them. aspect of one’s life one can act as a role model for other “Building people’s capacity to solve problems, their self-esteem and people’s change,” he says. “That’s at the heart of what leadership is their self-confidence is one of the most essential things in coaching.” about. It is not just about whether you end up with a big job, a big According to Bluckert, performance-related issues in the work- title and a big office; it’s about how you choose to live your life.” place often have psychological aspects. “That can sound a bit myste- To him, coaching is a way of living rather than a job. “You rious but it’s not at all. Confidence is a psychological issue. Many of don’t coach between nine and five — it’s about living life according us make the assumption that people who are relatively successful and to a certain set of principles. The skills and the tools are far are achieving things don’t have a confidence issue. But they don’t less important.” necessarily reveal their self-doubt. They may think it is something Bluckert firmly believes those learning to become coaches should that would be seen as a weakness, something that could make them share these values. “I would expect coaches to live by that code and vulnerable to other people. An executive coach can provide a very try to display that in interactions. The sort of things I would expect important place for somebody to explore those things in a way in them to exemplify in life would be an interest in other people and a which they feel nothing’s going to come back on them.” belief that people can sort their problems out, with help, find what He also believes most people are quite self-critical and can get into they want in their life and achieve a great deal more than they first faulty thinking about their achievements. “We can beat ourselves up think they can. The philosophy I’ve just touched on would have res- more than we need to and we can also fail to bank our positive expe- onance with all senior coaches. People may have different methods of riences when we have achieved things.” coaching, but the belief system that underpins them would have a He talks about the importance of self-efficacy. “This is a more pre- great deal of common ground.” cise way of looking at self-confidence,” he says. “High self-efficacy Grainne Rothery means you feel you can do things. My self-efficacy is high now, but it didn’t start that way. I had to grow it, build it. And that’s what coach- Peter Bluckert is programme director of the new Advanced ing is about — helping somebody to build that deeper sense of self- Management Diploma in Business and Executive Coaching at belief. Most of us are nowhere near tapping into our potential, and UCD Smurfit School.

36 UCD BUSINESS CONNECTIONS RECRUITMENT MARKET

‘A couple of years ago the skills shortage at this level would have applied only to booming sectors such as telecoms or IT’ THE FOURTH DIMENSION Demand for fourth-level business graduates is high across all sectors at the moment, with both private and public sector organisations vying for quality candidates in a tight market, writes Tony Somers

ECRUITERS looking for MBA graduates will such as McKinsey typically look to MBA schools around the world encounter a tight market at the moment, as when hiring. Strategic consulting typically looks at advising at board demand is high across all sectors. Increasingly, or senior management level on future company direction. companies in Ireland are viewing these fourth- Operational consulting includes that remit but is more about how to level graduates as having the learning and expert- change systems within the company and how to move from one ise across a broad range of business direction to another. In spite of the instability of the markets in functions that is vital to the future of their organi- recent times, the indications for both these areas have been very solid sations. in terms of growth. Companies in the consultancy field are looking to A couple of years ago the skills shortage at this level would have hire more people — and they have MBA graduates in their sights. Rapplied only to booming sectors such as telecoms or IT, but the indica- This may suggest a trend in the wider business world. tion I’m getting from the current market is that companies right across One interesting development is the marked rise in uptake of MBA the board are on the hunt for good-quality candidates. graduates in the public and semi-state body sector. These organisations Specialist sector companies are not necessarily seeking people with a want people who can come in at a senior level (from mid- background in their specific area. The financial services sector is a case management up) and take on problem-solving within a very specific in point, where the need appears to be not just for candidates with the timeframe. They want people with that dynamic private-sector mindset pure finance skillset — understanding accounting, business projections and, as a result, they have become very competitive in terms of salary, and so on — but for those who have experience of other business areas extras and packages. A job offer to one of our graduates from, for as well as wider business skills. It’s also to do with people who are able instance, Enterprise Ireland or the Department of Finance would to communicate well, have problem-solving skills and general manage- include a package that would stack up well against what’s on offer in the ment acumen and understand something of supply chain management, private sector, and is therefore receiving more interest from graduates. human resources, how you move into a market and progress within that Overall, despite recent market turbulence and much talk of econom- market, where the challenges are and so on. This, too, is driving the ic slowdowns, the hunger for candidates at the high end of the market demand for MBA candidates. appears extremely strong in Ireland. The typical MBA graduate will have seven or more years’ work experience and is seeking to either move into a slightly different area of busi- Tony Somers is MBA careers advisor at the MBA Career ness in terms of function or industry, or wishes to progress in their cur- Management Centre, UCD Smurfit School. The centre acts as the rent industry or function. It’s the combination of experience and formal interface between industry and students. Each year it produces qualifications that appeals to employers. the MBA CV book; this year’s launch is on 20 November. The cen- Consultancy firm activity often acts as a barometer of business tre also offers an online CV platform on the intranet, free of growth and confidence. Leading international consultancy firms charge. For more information, email [email protected].

UCD BUSINESS CONNECTIONS 37 TIME OUT

ARTFUL investments

The democratisation and commercialisation of today’s art market means art collecting is no longer the exclusive domain of the connoisseur and, if you do your homework, it can be an investment as well as a passion

40 UCD BUSINESS CONNECTIONS TIME OUT

Purchasing art can be both a pleasure and an investment if you choose wisely. Maria McMenamin (BBL 96) is pictured with one of her own acquisitions, titled Betty, by Steve

‘What you really need to do when starting a collection is see as much as you possibly can. Go out there and look. That gives you a much better idea about your own taste’

NCE the exclusive domain of the very monied or the connoisseur, today even the purists have no choice but to accept the democratisation and commercialisation of the art world — or should that be the art market? It’s a market that now offers opportunities to anyone with an interest in the area, and the purchase of art can be both a pleasure and an investment if you choose wisely. There are two main ways to go about buying art for investment. YouO can set your cap at the work of unknown, emerging artists, in the hope that further down the line it will increase in profile and value, or you can invest in established names with a reputation already behind them, banking on their work continuing to grow in value. It’s a long-term investment for the most part. Charles Saatchi may have made quick money from getting in on the ground floor of the ‘Britart’ phenomenon, but you are unlikely to make a fast buck. Reputations take time to grow and, in turn, cause the value of the artist’s work to appreciate. Increased accessibility to art was what Maria McMenamin (BBL 96) had in mind when she started the Art Ireland fairs in 2000. A novice art collector herself, she had frequented events in London such as the Affordable Art Fair and was struck by this open arena for exhibiting and selling artwork, where an artist, group or gallery could hire a stand and show work. She brought a similar concept to Ireland and it has thrived here.

UCD BUSINESS CONNECTIONS 41 TIME OUT

“What you really need to do when starting a collection is see as record of work and exhibitions, they have retrospectives and are much as you possibly can,” McMenamin advises. “Go out there and highly regarded not only by the general public but also by the look. That gives you a much better idea about your own taste. The art cognoscenti.” second thing is to start off with relatively inexpensive pieces. Don’t go However, don’t buy for the artist’s name alone, Beattie warns. out and blow your whole budget initially.” “Every wonderful artist has created mediocre work at some time in McMenamin agrees with the much-quoted advice that you should his or her career. A mediocre work will always be that and quite often buy pieces you like. “If you’re buying something just for the money when they appear at auction they’re cheap for that reason. you’ll automatically take all the pleasure out of it and possibly lose Sometimes people fall into the trap of buying a work because of the interest. You want this to be something you enjoy and in which you name that’s associated with it, but something like that is never going have an interest.” to be a very strong investment regardless of the name.” ‘Every wonderful artist has created mediocre work at some time in his or her career… something like that is never going to be a very strong investment, regardless of the name’

This is particularly sound advice when you consider that you are Both McMenamin and Beattie say that when viewing an art pur- likely to hold on to a piece of sculpture or painting for some years chase as an investment, you should treat it in the same way as you before selling it to relinquish your investment. When investing on a would any investment, such as stocks or shares. Look at how the more low-key scale, go for the best of both worlds. artist’s work is selling and what art opinion-makers and experts are According to McMenamin, the eastern European art scene is saying before you buy — and read as much as you can. something to look out for at the moment. “There’s some absolutely fabulous, really stunning, affordable work. And it’s not going to stay Róisín Burke that way forever; prices are going to go up.” She cites the likes of Russian artists Evgeny Malykh and Katya Gridneva (see opposite) as being worthy of note among this emerging group. McMenamin’s bread and butter is mainly the emerging artist sector; at the other end of the scale is the established art market. USEFUL READING Established artists McMenamin and Beattie advise consulting Jane Beattie (BA 04) is an associate director at James Adams & Sons, the following publications: the fine art auctioneers and valuers who hold four Important Irish Art sales each year, two of which are in association with Bonhams in London. The events have sold works by Irish names such as Jack B ■ The Buyer’s Guide to Irish Art Yeats, Louis de Brocquy and Paul Henry. Beattie recommends considering some basic criteria before making a purchase. ■ The Irish Arts Review “There are concrete reasons why an artist’s work might appreciate, ■ such as the academic history, whether they have received any awards the art pages in The Irish Times on a Saturday or accolades throughout their career and what sort of gallery they ■ Apollo might be represented by — is it a well-known gallery with a history of selling successful artists? In Dublin that might be the Taylor ■ Circa art magazine Gallery or the Solomon — somewhere that’s very well respected and has a good track record.” ■ Antiques Trade Gazette There are many names worth considering, and it doesn’t have to ■ Arts Sales Index, which will tell mean spending massive amounts of money, according to Beattie. “For less than €5,000 you could buy work by really respected artists you what sold recently at auction such as Brian Maguire, Michael Cullen, Ciaran Lennon and Charlie and for how much. Brady. Then you have Neil Shawcross and Sean McSweeney — you could pick up a nice McSweeney for €6k-€8k — so there are good reliable names out there. People like that have a very clear and good

42 UCD BUSINESS CONNECTIONS TIME OUT

Above, Still Life With Fruit by Russian artist Evgeny Malykh and, below, Dancer Standing by fellow Russian Katya Gridneva. The eastern European art scene is a source of “some absolutely fabulous, stunning, affordable work”, says Maria McMenamin

Investing in art doesn’t have to mean spending lots of money, but it does require careful thought before you buy, advises Jane Beattie, pictured right with an untitled mixed media work by Brian Maguire

UCD BUSINESS CONNECTIONS 43 UCD Michael Smurfit Graduate Business School

“The quality of leadership, more than any other single factor, determines the success or failure of an organisation.”

Fred Fiedler & Martin Chemers Improving Leadership Effectiveness.

UCD Smurfit School is one of the world’s leading business schools. Accredited by EQUIS, AACSB and AMBA, it’s helped to create more Irish business leaders than any other institution. Our MBA programmes are dedicated to creating the next generation of business leaders. For further information on our MBA programmes Visit smurfitschool.ie Ph: +353-1-716 8862 Email: [email protected] PHOTO DIARY

MBA regatta in Portsmouth In July, the MBA regatta, hosted by Cranfield University, saw four races over two days in identical Sunfast 37 yachts. The UCD Smurfit School alumni team finished joint third, and the student team (MBA Class of 2007) in a very respectable fifth place

Pictured is the MBA 07 team. Back row: Colette Delaney (pit), Jonathan Kidd (navigator), Heike Pfeifle-Shull (trimmer, upwind) and David Forde (trimmer, downwind) Front row: Michael McCarney (main & tactics), Dan Yakob (mast), Steve Hayes (helm) and James Munro (bowman) Business Alumni Golf Society’s Captain’s Prize The Business Alumni Golf Society’s Captain’s Prize took place at the K Club on Sunday, 26 August

Congratulations to all of this year’s winners

First prize went to David Heeran (MBA 92) Second prize was won by Diarmuid Murphy (MBA 02), pictured receiving his prize from Natalie McGuinness (MBA 03) Third prize went to John Wheatley (MBA 00) ‘Closest to the Pin’ was won by Stephen Halpenny (MBA 05)

If you’re interested in joining our Alumni Golf Society, just send a mail to [email protected] with ‘golf’ in the subject line

UCD BUSINESS CONNECTIONS 45 PHOTO DIARY

Leopardstown Races In July a great evening of fun was had by all when MBA alumni got together and backed a few winners

Derek Angrove (MBA 07) and Anita McGeever (BComm 91)

Margaret Kavanagh (MBA 84), Darcy Ward (MBA 07), Sean Donohue, Joe Moore (MBA 98) and Michael Loftus (MBA 98)

David Rouse (BBLS 99) and Margaret Kavanagh (MBA 84)

(Far right): Sean Donohue, Peter Ryan (MBA 98) and Joe Moore (MBA 98)

Gaby Murphy (MBA 02), Jim Arigho (MBA 02) and Fiona O’Connor (MBA 02)

Natalie McGuinness (MBA 03) and Peter Tarrant (MBA 05)

46 UCD BUSINESS CONNECTIONS PHOTO DIARY

Golden Jubilee groups outside O'Reilly Hall BComm 57 Golden Jubilee This year marked the 50th anniversary of the graduation of the Class of 1957, and many turned out for the Golden Jubilee lunch at O'Reilly Hall on 14 September to celebrate with their classmates

Learning leadership School of Business alumni mingled with current students and leading business figures at the Cross Cultural Leadership conference at UCD Smurfit School on 24 September

Jacqueline Oglesby (MBA 00), John Nolan (MBA 98), Michael Ryan and Natalie McGuinness (MBA 03)

Stephen O’Kelly and Melissa Camargo, (MBA 08)

UCD BUSINESS CONNECTIONS 47 PHOTO DIARY

Full-time MBA 2008 reception On 26 September, MBA alumni turned out to welcome the full-time MBA class of 2008

William McAuliffe (MBA 91), Tom Begley, Dean, UCD Smurfit School, Nicola Kennedy (MBA 07) and Ajit Gangadhalan (MBA 08), Rory Gardiner (MBA 08) and Grant Paul Hennessy (MBA 08) Galvin (MBA 91)

Hugh Hardiman (MBA 08) and Irina Eddaira (MBA 08)

Johan Franken (MBA 05) and Natalie McGuinness Claire Garvey (MBA 08) and (MBA 03) Ian White (MBA 01)

Padraic Conway, Vice-President of David Carr (MBA 02), Fiona O Connor (MBA 02) University Relations, and Ruth D’Alton and Grant Galvin (MBA 91) (MBA 03)

48 UCD BUSINESS CONNECTIONS PHOTO DIARY

MBAAI Entrepreneurship and Innovation Conference School of Business alumni turned out for the ‘Creating the Innovative Enterprise’ conference hosted by the MBA Association of Ireland on 27 September. Speakers included biotech entrepreneur Angela Kennedy (MBA 02), and the keynote address was delivered by President Mary McAleese

Brian O Grady (MBA 00) and Grainne Barron (MBA 07) Caroline Kinsella (BComm 00) and Colin Lewis (MBA 07) ✷ Wherever you are ✷ this holiday season… Join UCD alumni for a Christmas drink!

6 Dec Blackrock, Dublin 6 Dec New York ✷ 6 Dec London 21 Dec Dublin — International alumni welcome-back drinks

For all venues, times and updates, please ✷ visit www.ucd.ie/businessalumni. ✷ Spread the word to all your alumni friends! ✷

UCD BUSINESS CONNECTIONS 49 PHOTO DIARY New York Dinner On 10 October, UCD School of Business held its fifth annual New York Dinner in the elegant surroundings of the Metropolitan Club, just off Fifth Avenue. This year’s honourees were Michael Collins, Irish Ambassador to the US, Kingsley Aikens, President and CEO, The Worldwide Ireland Funds, and Tony Campbell, President and CEO North America, Anglo Irish Bank. A great evening was had by alumni, board members and distinguished guests alike. To be with us next year, please make sure your details are up to date by logging on to www.ucd.ie/businessalumni.

Kingsley Aikens, President and CEO, The Worldwide Ireland Funds, Phil Haughey, John Duffy, Paul Haran and Dean O'Hare Kathleen Murphy, Susan Davis and Tony Condon

Sean Murray, Kingsley Aikens, Aidan Browne and Ian Hyland Brian Ruane and John Kelly

50 UCD BUSINESS CONNECTIONS PHOTO DIARY

Paul Quinn, Ambassador Michael Collins, Tony Campbell, John Duffy, Kingsley Aikens, Tony Condon, Tom Begley and Paul Haran

Jim Quinn, Denny Quinn, Paul Quinn, the Ambassador's wife Marie Collins and Irish Ambassador to the US Michael Collins

Honourees Tony Campbell, President and CEO North America, Anglo Irish Bank, Ambassador Michael Collins, and Kingsley Aikens, President and CEO, The Worldwide Ireland Funds

UCD BUSINESS CONNECTIONS 51 PHOTO DIARY

Bernard O’Rourke (BA 70), Gavin Doyle (BComm 94, MAcc 95) and Denis Naughton (BComm 94, MAcc 95) Drinks in New York Fitzpatricks Hotel, 12 October If you're based in the New York area and are interested in getting together with some of your old UCD alumni got together in New York to share a few classmates or other alumni, contact Martin Codyre (BE 98), pictured drinks and swap stories at Fitzpatricks Hotel, Manhattan above, at [email protected]

Executive MBA 10-year reunion

Front row: Noel Carroll, Aine Higgins, Anne O'Connor, Mary Larkin, Breda Naughton, John Havel, Old classmates from Alexander Keane and Niall Sommerville the Executive MBA Middle row: Eamonn O'Leary, Tony O'Dea (UCD), Frank O'Dwyer, John O'Driscoll, Peter Conlon, Willie Class of 1997 met up Cremen, Declan Hughes, Gerald McTiernan, Brendan Neenan, John Hughes and Seamus Connolly at UCD Smurfit School Back row: Kevin Garvey, Tom Carson, Brendan Murphy, Brian Mackle, John Fenton, Paul McCann, Tom for dinner and drinks Trainor, Jacques Henry-Bezy and Stephen O'Connor in October

52 UCD BUSINESS CONNECTIONS

CLASS NOTES Where are they now?

of directors at the company. Myrtle Ivory Bridal Couture. > BBLS 1972 Prior to Uniphar, FitzGerald She is delighted to offer past worked with Danone, and present UCD alumni a 1999 Microsoft, Procter & Gamble 5% discount off all bridal David Rouse is an account and Ernst & Young. He is a accessories at the boutique. manager with the fellow of the Institute of Independent Trustee Chartered Accountants in Company, a privately owned Ireland. 1993 wealth advisory organisation. James Byrne and Grainne Upon graduating, Rouse Power (MBA 03) tied the joined Arthur Andersen, 1990 knot in July 2006 and are where he qualified as a char- Niall Fenton is the manag- now delighted to announce tered accountant. He lives in ing director of Private Equity the birth of their daughter Ashtown, Co Meath and com- Investments, which has Grace, born on 27 May, pleted his second Dublin recently moved to new offices weighing 8lb, 6oz. Since grad- marathon in October 2007. at 92/93 St Stephen’s Green, uating, Grainne moved from Dublin. The firm is currently Wyeth in 2005 and is curr- Jack FitzPatrick has been seeking to purchase a large ently managing the clinical > BComm appointed chairman at PIBA, office building in downtown trials department at the professional insurance bro- Manhattan with New York GlaxoSmithKline Ireland. 1971 kers body. FitzPatrick is the clients and co-investors. James was recently appointed owner and managing director head of corporate develop- of Guardian Financial Services, ment for Elavon Financial a firm of independent financial 1992 Services. advisors. He is a member of the Million Dollar Round Table, a worldwide association of Nigel Cowman is general finance and insurance profes- manager for Nike Ireland. sionals, and he also serves on He started his career at Nike the editorial board of the Life in 1997 at the company’s Insurance Association journal, European headquarters in the The Professional. Netherlands, where he worked in financial director roles. He moved to the UK in 1987 2004 to become director of finance, planning and operations for Nike UK and Catherine O'Sullivan Ireland. Cowman worked is managing director at John Fitzpatrick has been at KPMG in Dublin after London & European Ireland, appointed director of the cor- graduating. the UK title insurance and porate finance department at conveyancing firm. O’Sullivan MKO Partners. He joins the has worked in the title insur- company from Alltracel ance market for many years 1997 Pharmaceuticals, where he and was managing director of Jeremy Law runs the was group finance director. First American for over eight buy-to-let mortgage business Previously, Fitzpatrick was years. She began her career for Bradford & Bingley in senior audit manager with with the Investment Bank of London. On graduating, he Ernst & Young. Ireland (now Ireland Asset moved to London and worked Management) and was senior for Barclays in various sales David FitzGerald has Suzanne Mills recently manager in the bank’s invest- and marketing roles over 10 joined Uniphar as group opened a high-end bridal bou- ment services division in years. His work took him all finance director and has also tique in Dublin’s city centre. London for five years. around the UK and then to been appointed to the board The new retail outlet is called Africa — he spent six months

54 UCD BUSINESS CONNECTIONS CLASS NOTES

planning and operations for Nike 1990 UK and Ireland. Cowman David Furey has joined worked at KPMG in Dublin Bank of Ireland Asset after graduating. Management as a senior portfolio manager, fixed income. John Fitzpatrick has been He joins from Butterfield made director of the corporate Asset Management in finance department at MKO Bermuda. Prior to that, he Partners. He joins the company spent eight years with AIG from Alltracel Pharmaceuticals, Global Investment Group. where he was group finance working and living in South director. Previously, Fitzpatrick Africa in 2005. Law lives in DBS was senior audit manager with Wimbledon with his fiancé. > and Sydney for Saville and Ernst & Young. Holdsworth. O’Brien has a 1993 degree in psychology from 1998 UCD. 2001 Jenny Berkery is a com- Clive Delaney has joined mercial lending manager for Sumitomo Mitsui Finance Anglo Irish Bank, Dublin. After 2001 Dublin as finance manager in completing her MBS, she Financial Control. A keen foot- worked as an intern with baller, Delaney’s career in the Dolmen Stockbrokers for two sport began at UCD and he years. She then spent five years now plays in defence for Bray working for Anglo Irish Bank Wanderers. UK before returning to Ireland. 2000 > MBA Clive Delaney has joined 1997 Sumitomo Mitsui Finance, Niall Fenton is the manag- Dublin as finance manager in ing director of Private Equity Mark Redmond is head of Investments, which has rec- the financial control section. A David Field is head of mar- human resources at telecom- ently moved to new offices at keen footballer, Delaney’s career keting at Pigsback.com. He munications company 3. 92/93 St Stephen’s Green, in the sport began at UCD and joined the company as an Having worked in HR for over Dublin. The firm is currently he now plays in defence for account director in January of 10 years, Redmond joined 3 looking to purchase a large Bray Wanderers. this year. Prior to this he was from PayPal Europe in Dublin office building in downtown product group manager for the where he was HR manager. Manhattan with New York Yoplait portfolio for two and a Barbara Kelly is an under- Prior to that, he headed up clients and co-investors. writer with Caledonian Life AO Smith’s HR function half years. He also worked with Assurance. Prior to this she across Europe. He holds a BA Superquinn for seven years in worked in Coyle Hamilton in Psychology as well as cer- various commercial roles Willis and Friends First Life tificates in employment law including business develop- Assurance. She is also a quali- and health and safety man- ment manager for convenience. fied neuromuscular and sports agement from UCD. massage therapist. > MAcc 2004 1997 Andrew Casey recently Neil O’Brien has joined 1994 launched an innovative new the Dublin office of business Nigel Cowman has taken the business. Ecocabs Ireland pro- psychologist firm Pearn position of general manager for vides an emission-free trans- Kandola. Prior to this Nike Ireland. He started his port option for Dublin city cen- O’Brien worked with career at Nike in 1997 at the tre in the form of bicycle-drawn PricewaterhouseCoopers as a company’s European headquar- Russell Murphy is in cabs. The beauty of it is that the senior manager in learning ters in the Netherlands, where he the process of setting up a cabs are free of charge, as they development, focusing on worked in financial director roles. sports, entertainment rights are paid for by the advertising leadership development. He He moved to the UK in 2004 to and consultancy business in posted on them! also worked in both Dublin become director of finance, Dublin. Murphy built up a

UCD BUSINESS CONNECTIONS 55 CLASS NOTES

wide range of advertising Kevin Kiernan has left his Lea/Deutsche Post, overseeing and marketing experience role as director-general of projects that cover outsourc- while working in agencies in Engineers Ireland to set up ing and digitalisation. He Dublin and New York before his own consultancy. He first reports that he is still opti- establishing his own sports joined as industry director in mistic about improving his marketing business in London, October 2001 and was humble golf skills! representing motor sport appointed director-general in properties and sponsors in 2004 on the retirement of Formula One, World Rally Paddy Purcell. He had started 2007 and MotoGP. Having sold his career in Siemens in the business to US sports Germany, returning to Ireland multinational IMG, he in 1998 to take responsibility returned to Ireland to set up for the power and industry his Dublin venture. He can divisions of Siemens in be contacted at Dublin. He was then appoint- [email protected]. ed to the executive board of the company’s Irish Ireland. The company spe- subsidiary. cialises in corporate wine gifts and offers a special discount 2001 for all business graduates. For more information, email 2003 [email protected].

Peter Scallan has moved from his previous role as director of Celtic Linen to become the new chief executive of the children’s charity Barretstown. Prior to his 13 years with Celtic Linen — a company founded by his parents — Scallan worked in the UK with Jacqueline Levine Parcelforce Worldwide. He is returned to UCD last Grainne Power and James also a board member of November as student adviser Byrne (BComm 93) tied the Wexford Festival Opera. for the Quinn School after knot in July 2006 and are now delighted to announce spending two years in Deloitte Sile Byrne has in Dublin. Following gradua- the birth of their daughter MBS Grace, born on 27 May, recently co-founded Inicio > tion from UCD Smurfit (www.inicio.ie), a provider of School, Levine worked in weighing 8lb, 6oz. Since graduating, Power moved from tailored risk assessment and Diageo before returning to management packages in 1993 UCD to carry out comparative Wyeth in 2005 and is Seamus Leahy has been currently managing the clin- Ireland and India to comply research between Ireland and with current health and safety appointed director of market- China. During this time she ical trials department at ing at Fota Island Resort. GlaxoSmithKline Ireland. legislation. Inicio assists also lectured in organisation organisations to identify and Leahy began his career with structure and organisation Byrne was recently appointed Dairygold in 1993 and has a head of corporate develop- manage the sources of behaviour on the MBS and organisational stress and wealth of experience in mar- BBS programmes there, and ment for Elavon Financial keting and management. Services. other psychosocial hazards in also in the Asia Pacific the workplace. Management Institute in Helen Brophy has been Hong Kong. She lives in Mark d'Alton has recently appointed chief executive offi- Terenure with her husband set up a new wine company, 2004 cer of the National Dairy Micheál, whom she married Sublimewines.ie, in associa- Marc Wollenschlaeger is Council. She previously last June. She also holds a BA tion with Mary Gaynor, one of now based in Mannheim, worked with Bord Iascaigh in Psychology from UCD. Ireland’s prime wine experts Germany, where he works as a Mhara and the Irish seafood and owner of Wine Academy project manager for Williams company HJ Nolan.

56 UCD BUSINESS CONNECTIONS CLASS NOTES

years, Redmond joins 3 from for four years before returning 1993 PayPal Europe in Dublin to Ireland to work for R&A where he was HR manager. Bailey for three years and Prior to PayPal, he headed up Masterfoods for seven years, AO Smith’s HR function in marketing and commercial across Europe. He holds a BA roles. Quinn lives in Dublin. in Psychology as well as cer- tificates in employment law and health and safety man- > MComm agement from UCD. 1984 1998 Neil O’Brien has joined Fussa, about one hour by train the Dublin office of business from Tokyo City. psychologist firm Pearn Dave Gallagher is Kandola. Prior to this, country manager of Pfizer O’Brien worked with Healthcare Ireland. He PricewaterhouseCoopers as a >DPA joined Pfizer as business senior manager in learning manager, neuroscience and development, focusing on pain in 2001. In 2004 he leadership development. He 1990 Brendan O'Dwyer is assumed the role of sales also worked in both Dublin currently Full Professor of director. Prior to that, and Sydney for Saville and Accounting and Head of Gallagher was a business unit Holdsworth. O’Brien has a Accounting at the Amsterdam manager in Ireland for Eli degree in psychology from Business School, University of Lilly with responsibility for UCD. sales and marketing, includ- Amsterdam, and Visiting ing e-commerce. He also Professor of Accounting at Royal Holloway, University worked on international Diarmuid Bradley has 1999 of London. He worked as assignments in business Jenny Berkery is a com- been appointed a non- a lecturer in accounting development for biotech mercial lending manager for executive director on the and programme director of company Plant Genetic Anglo Irish Bank, Dublin. board of London & European. the Master’s of Accounting at Systems in Belgium and After completing her MBS, Bradley has worked in the the Department of Accoun- Canada before returning to Berkery worked as an intern area of Irish financial services tancy in UCD from 2001 Ireland in 1998. with Dolmen Stockbrokers for almost 30 years. He is a to 2004. for two years. She then spent former deputy chief executive Alain Van Hove is pleased five years working for Anglo of PermanentTSB and former to announce that he recently Irish Bank UK before return- president of the Irish Banker’s co-founded Element61 ing to Ireland. Federation. He began his (www.element61.be), a per- career in the Department of formance management con- Finance and has also worked sulting company. During the for AIB and Irish Permanent. past 12 years Van Hove has worked in business development in the ICT industry, at companies including IBM, > MScMP Sun Microsystems and Cognos. He lives in Brussels 2002 with his wife and two-year-old Tsutomu Taketoshi is We would be delighted to daughter. employed with the US Air receive your contributions Force at Yokota air base in to Class Notes for the next Japan. He specialised in elec- issue of UCD Business tronic commerce for his Connections. Please send 1994 your news and photos to Mark Redmond has been MScMP degree. Following [email protected] appointed head of human Val Quinn was appointed graduation Taketoshi returned resources at telecommunica- managing director of Coca- to Tokyo, where he has been tions company 3. Having Cola Ireland in March of this based ever since. He now worked in HR for over 10 year. She worked in London resides in a small town called

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