COBI Alumni Affiliate Celebrity Wait Night set for March 24 at Ciao! Ristorante

Ciao! Ristorante will be the location of the 2014 COBIAA Celebrity Wait Night event. This event raised over $8,000 for the Lawrence V. Conway Business Alumni Scholarship in 2013.The 2014 event will take place on Monday, March 24. Cocktails begin at 5:30 p.m. and dinner is at 6:30 p.m. Please make plans to join us and help us raise much-needed scholarship money for our students!  To reserve a spot at this great event, call 800.235.6766.

Business, engineering students work together in NSF funded project to advance entrepreneurship

The University of Toledo College of Business and Innovation and College of Engineering students are participating in an innovative merging of classes this semester to learn how to take creative product ideas and develop them into profitable businesses.

Students in three classes - - Entrepreneurship, taught by Dr. Sonny Ariss; Business Law, taught Dr. Brandon Cohen; and the Bioengineering Senior Design class, taught by Dr. Ronald Fournier - - are working together in 12 teams, with mentors available to each team.

The University of Toledo is one of only four locations in the United States participating in this program, which is funded by the National Science Foundation (NSF) and developed in conjunction with the National Collegiate Inventors and Innovators Alliance.

According to the National Science Foundation, Innovation Corps (I-Corps) is a set of activities and programs that prepare scientists and engineers to extend their focus beyond the laboratory.

Combining experience and guidance from established entrepreneurs with a targeted curriculum, I-Corps is a public-private partnership program that teaches grantees to identify valuable product opportunities that can emerge from academic research, and offers entrepreneurship training to student participants.

"This is an inaugural and very special program at the University," Dr. Cohen said.  "It’s a three year grant at $100,000 annually to develop, train and coach 30 eTeams per year who will learn the 'Lean Launch' curriculum and integrate the training into customer discovery during the year-long Senior Design Course. Students bring and share different perspectives from their inter-disciplinary classes, and each has to understand the value of what the other brings. They're here to be critical thinkers."

With a product idea in place, teams develop their business models utilizing the Lean Launch Pad system, which focuses on nine basic building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships and cost structure.

Dr. Ariss added, “Entrepreneurship is launching a new venture, whether it occurs by starting your own company or by starting a new venture within the corporate business structure, known as intrapreneurship. This trend is becoming very important today because corporate America is looking for innovative thinking from their employees. Many large corporations such as Google, Intel, and 3M have created funds for their employees to fund an innovative idea within their corporate structures to help the growth of the company in the long run."

"Learning the business model canvas of the Lean Launch NSF program will help train our students to make a decision whether to launch their own venture or scrap it with minimal cost,” Dr. Ariss said.

Dr. Cohen told the students, "90% of all businesses fail.  The Lean Launch concept, which emphasizes the 'sell, then build' philosophy, helps you figure out if your idea has a place in the marketplace. If people are not willing to pay for it, it probably does not solve a large enough problem."

Each team receives up to $1,000 to develop a prototype of their product.

"If any design/product idea has market viability after going through the business canvassing process in class, that eTeam has a much higher success rate in getting NSF SBIR program funding," he said. "The over-arching theme here is that technology startups are not like big companies. Entrepreneurs find a market need and then find a solution that the market is willing to pay for. Sometimes you fail during the discovery phase; sometimes you pivot and move in a new direction. As long as you follow the process to its conclusion and continue to learn during the process, any result in this class is good because knowledge is a key driver of success and the ultimate reward."

Dr. Fournier said, "Bringing engineering and business students together on design project teams is unique in academia. It brings a synergistic perspective to the design process, gives the students the opportunity to learn from one another and see what the real world of business is actually like."

 

COBI professor brings international, engineering experiences to business classroom

December marks the end of Dr. Marcelo Alvarado-Vargas’ first semester teaching at The University of Toledo College of Business and Innovation department of management, but if he has his way, it was only the start of what he hopes will be a career at COBI. That’s the focused goal of a man who knows universities, having obtained four degrees from three universities on three continents.

“I was born in Bolivia, a lower-middle income country. I was strongly influenced by my father who sees education as an investment for personal development. Education has expanded my view of the world,” he said.



Dr. Marcelo Alvarado-Vargas

Alvarado-Vargas obtained his bachelor’s degree at Bolivian Private University (Universidad PrivadaBoliviana), where he studied production engineering.

“The university exposed me to various companies and business people. I am still in contact with them, and with authorities of the university.”

Later, he obtained a master’[s degree in international business at Florida International University in Miami.  “I returned to Bolivia in 2004, a young engineer with a master’s degree, but it was very difficult to find jobs…I was overqualified,” Alvarado-Vargas said.  “I was hired by Bata, a shoe manufacturer, and worked there for five months. I was happy there, but they did not use my full potential, and I didn’t see any challenges there.”

“I saw an opportunity to study abroad, in Belgium, so I obtained a scholarship from the Belgian government and went to Ghent University (Universiteit Gent) for a master degree in operations and technology management. They speak Dutch there; I already spoke English, Spanish and French, but I don’t like to feel lost, so I learned Dutch in the evenings.  I think to be functional in society you have to be motivated to be part of that society.”

“While in Belgium I was a graduate assistant to a professor who exposed me to different kinds of research, and pushed me to keep going,” Alvarado-Vargas said, reflecting on his own passionate interest in research.

“Then I received a stipend from Florida International University, arriving in Miami in 2007 to pursue my Ph.D. in industrial and systems engineering, but I transferred to business administration….which was the best decision of my life. This is what I really like, and with my engineering background, I was unique. Strategic management, innovation, and technology management are my areas of research, and I was able to bring different angles and viewpoints to it. Some look only at business, and some look at engineering, but I was able to bridge the gap, which I think also enhances the classroom experience for my students. I graduated in the summer of 2013 with a Ph.D. in business administration.”

Alvarado-Vargas said he loves teaching, and recalled that his first instructional experience was as a private tutor as a senior in high school, charging a minimal fee to earn extra money. His first formal teaching on the university level was in 2008 at FIU, teaching Engineering Economic Analysis, a textbook which still maintains a prominent position on the shelf above his office desk in Stranahan Hall South. Later, he taught strategic management, international business, managing innovation, operations management, and organizational management at FIU.

In his search for a full-time teaching position, he accepted an invitation to visit The University of Toledo College of Business and Innovation.

“I was very happy and surprised the first time I came to The University of Toledo; I knew I belonged here. When something is right for you, you feel that energy. Comparing it to other institutions I had the chance to know from inside, I think UT is equally competitive in resources for research, and, since it was founded in 1872, this school has a history.”

Alvarado-Vargas’ commitment to research even extended to his process for selecting a football team to cheer for, using strategy “to pick my NFL team forever.” He spent a year analyzing the 32 teams, their strengths and weaknesses, and finally determined that his winning team would be the Pittsburgh Steelers.  “Having an engineering background, I could relate to steel…besides, who has a dolphin for a mascot?”

Since settling in Toledo this past summer, he’s been to the museum, the zoo and some area restaurants, but admits he is still exploring the city. He added that he does not miss the traffic or weather of Miami, and that, “I think winter clothing is more elegant.” In addition to helping his students succeed, he enjoys a variety of live music, playing the guitar, travel, movies (Braveheart, A Beautiful Mind and Amadeus are his favorites), and admits to being into motocross sports, especially when he was younger.

“As a teenager, I was really determined about my future. If I wanted something, I found a way to get it,” he said.

Currently, his focus and determination remain intense and intact. “Everything is possible if you really put in the effort.”

 

COBI again receives international recognition as Excellent Business School

The University of Toledo College of Business and Innovation is again internationally ranked by Eduniversal in their recently released 6th edition of their annual worldwide business school ranking, The Best 1,000 Business Schools in 154 Countries, 2013.

This year Eduniversal recognizes only 145 schools in North America in rankings of Excellent, Top and Universal.

UT COBI, rated Excellent, is the only ranked business school in Northwest Ohio.  Headquartered in Paris, the international higher education ranking agency Eduniversal endeavors to provide information for students that enables them to make the right decision regarding the choice of their future studies anywhere in the world.

Eduniversal defines a business school’s international reputation “as its capacity to enhance the prestige of a student – and therefore improve his employment prospects – in his country of study and abroad.”

“By providing a serious and reliable reference that reflects the international dimension of the 1,000 Best Business Schools in the world, Eduniversal serves as an essential tool for students, human resource professionals and deans and directors from all corners of the world,” noted Martial Guiette, CEO and founder of Eduniversal.

Classification by Eduniversal as an Excellent school is based on two essential elements: the internationalization criteria - - which includes accreditations, such as by the Association to Advance Collegiate Schools of Business (AACSB); rankings by publications such as Business Week and the Wall Street Journal; membership in international academic associations; and university studies - - and the vote by 1,000 business school deans around the world. Every dean’s vote was transformed into a recommendation rate that students and others in the academic field can use to evaluate and compare the academic institutions.

“We are very excited by this prestigious ranking, which validates the high quality of our faculty and students, as well as the significance of our curriculum at all levels,” noted COBI Interim Dean Thomas Sharkey. “Not only has UT COBI again been recognized by this international organization, but we are honored to again be recognized as an Excellent school.”

“Furthermore we completely agree with Eduniversal’s emphasis on the importance of a business school improving a student’s employment prospects. This is a primary focus at COBI, and an area in which we perform extremely well, with an 85+% job placement rate for our graduating students, even during recent challenging economic conditions.”

“The fact that many well-known companies come to UT COBI to find the talent they need reflects very positively on our outstanding quality, and demonstrates the extremely dynamic and mutually beneficial relationship enjoyed by COBI and the business community,” Sharkey said.

COBI is also a member of the Association to Advance Collegiate Schools of Business, a recognition earned by only 5% of all business schools in the world, and is consistently acknowledged as one of America’s Best Business Schools by The Princeton Review.

COBI sponsors fourth annual business innovation competition for UT community

If you have a great business idea, you may be part of a team that wins up to $10,000 to help make your idea a reality in the fourth annual business innovation competition sponsored by The University of Toledo College of Business and Innovation (COBI).

The competition is open to all UT students, faculty and staff, while alumni can participate as a member of a team involving current students, faculty or staff.

“The first three years of the business competition were a remarkable success as we received dozens of entries from across the UT campuses,” said Dr. Sonny Ariss, Chair of the COBI management department.  “We are expecting another tremendous array of entries this year and trust the contest will continue to advance a creative culture of growth in all areas of the University” 

“The spirit of entrepreneurship is critically important to the ongoing success of every university and every community,” noted interim COBI Dean Thomas Sharkey. “That is why the College of Business and Innovation has stepped forward to be the sole sponsor of this event, providing all of the prize money.”

“We strive to live up to our name, which incorporates both business and innovation,” Dr. Sharkey added. “COBI is increasingly recognized on both national and international levels for providing a premier business education and for helping our students obtain internships while here and jobs upon graduation. This business competition truly reflects our emphasis on supporting innovation, fostering creative thinking and nurturing the entrepreneurial environment which is so essential for the life and growth of this region.”

Dr. Ariss added that “Entrepreneurship within the corporate business structure, known as intrapreneurship, is also important today because corporate America is looking for innovative thinking from their employees.”

Dr. Ariss explained that competition entries must be submitted using Lean Launch Pad concepts which enables people to develop their business model upon nine basic building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships and cost structure.

“COBI is ready to offer guidance to help these teams effectively implement their plans, emerge beyond the University, create jobs and enhance area economic growth,” Dr. Ariss added.

There is no cost to enter the competition. Registration must be completed online. Winners must prove that they have formed an LLC or S Corp in order to receive the financial award.

The College of Business and Innovation at The University of Toledo is providing the following prize money:

• First place: $10,000

• Second place: $5,000

• Third place: $2,000

• Honorable Mention: $500

The timeline for the 2014 competition is:
•         Those planning to enter the competition need to attend a mandatory workshop sessions which will be offered on Tuesday, January 28, 2014 from noon to 1:30 p.m. in the PNC Entrepreneurship Lab, Room 3100, Savage & Associates Complex for Business Learning and Engagement
•         Entries must be submitted by February 21, 2014
•         Finalists will be announced on March 21, 2014
•         Finalists will make an oral presentation about their business using the business model canvas       on April 8, 2014 between noon and 5:30 p.m. in the PNC Entrepreneurship Lab, Room 3100,
Savage & Associates Business Complex
•         Winners will be announced April 15, 2014

To register or for more information, go to utoledo.edu/business.

 

 

 

COBI’s Beta Alpha Psi Chapter again recognized as Superior

The University of Toledo College of Business and Innovation Gamma Epsilon Chapter of Beta Alpha Psi achieved Superior status for their successful efforts during the 2012-2013 academic year.

“Recognition as Superior Chapter is a significant accomplishment,” noted Jan Taylor Morris, President, Beta Alpha Psi, the international honor organization for financial information professionals. “Under the leadership of Dr. Diana Franz, the Gamma Epsilon Chapter has far exceeded the baseline requirements of Beta Alpha Psi and has excelled in the areas of academics, professionalism and leadership. As faculty advisor for the chapter, Dr. Franz has provided an invaluable service to your academic institution.”

“This validates a lot of work, effort and attention to detail,” noted Dr. Franz, Accounting Professor in the UT College of Business and Innovation.  “There is a lot of record keeping and recording of service hours between the Chapter and the national office. The students had the vision that they would go for the Superior status, so they identified what had to be done and all pitched in to make it happen.”

“Because Beta Alpha Psi is a service organization, we did a lot of events on weekends assisting a number of charitable organizations,” she explained, “participating in a wide array of events which mirrored the students’ interests and availability.

“The link between the College of Business and Innovation and the business professionals in our community is very strong,” Dr. Franz added. “It is amazing to observe benefits that arise from this connection. COBI alumni often come back to the college to speak at Gamma Epsilon meetings, even though they are held late on weekday evenings. There is tremendous networking, which is certainly beneficial for our students. And the message to the business community is, ‘If you are in Beta, you are a leader.’”

COBI ESSPS students continue winning ways, claim 4th place team finish in National Sales Challenge

Greg Fockler and Shane Mytro, professional sales majors in the Edward H. Schmidt School of Professional Sales (ESSPS) within The University of Toledo College of Business and Innovation, claimed a fourth place finish in the 7th Annual Russ Berrie Institute (RBI) National Sales Challenge at William Paterson University in Wayne, New Jersey.

The November 13-15 competition had more than 70 students participating from across the country.

“This fourth place finish at the National Sales Challenge is the latest validation of the success of the Schmidt School of Professional Sales as one of the top professional selling programs in the world,” noted Dr. Ellen Pullins, ESSPS Director.  “It is especially evident when combined with the recent achievements by ESSPS students at other major competitions, such students’ tremendous showing earlier in November at the Pi Sigma Epsilon (PSE) North Central Regional Conference, which UT hosted, and our second place team finish in October at the National Team Sales Competition.”

At the RBI National Sales Challenge, sales students utilized classroom knowledge and application of selling skills in relevant, realistic business role plays, selling ADP products, and in a speed sell, selling themselves for a job. Business judges awarded individual honors for each event and overall performance, and team awards for performance across competitions. Students were also exposed to sales job opportunities.

UT hosted the PSE North Central Regional Conference, attended by about 150 students. The conference included networking with business professionals, a full day of seminars, and the PSE Pro-Am Sell-a-Thon. At that event, UT students claimed the top six place finishes in the individual competition: Manuel Vazquez claimed first place in the Pro-Am Sell-a-Thon, with Melissa Velasquez in second place, Dominique Jones and Joshua White were tied for third place, and Anthony Maulorico and Matthew Wells taking fourth place. Furthermore, Melanie Munoz won second place in the speaker competition during the conference.

At the National Team Selling Competition held at Indiana University in October, UT’s ESSPS team of John Doncaster, Allie Gligor, Brad Mossing and Matt Wells won second place, finishing ahead of teams from schools such as Indiana University, Michigan State University, University of Cincinnati, Purdue University, University of Missouri, University of Kansas, University of Washington and the University of Florida.

“In addition to congratulating our students on these prestigious honors, I want to thank the ESSPS faculty for their commitment of time and talent in coaching these students,” Pullins said. 

For more information about the Edward H. Schmidt School of Professional Sales, visit utoledo.edu/business/ESSPS.