BerkeleyHaas
University of California, BerkeleyHaas School of Business545 Student Services #1900Berkeley, CA 94720-1900Nonprofit OrganizationUS PostagePAIDPortland, ORPermit NO. 2917BerkeleyHaasT H E M A G A Z I N E O F T H E H A A S S C H O O L O F B U S I N E S S A T T H E U N I V E R S I T Y O F C A L I F O R N I A, B E R K E L E YWinter 201312 GET OUT OF THE BUILDINGLecturer Steve Blank pioneers a new model forteaching entrepreneurship14 RISK TAKERSTips from top VCs and entrepreneurs onnavigating startup challengesFirst-time @cal Login:Your PIN is the numberabove your name on youraddress label.StrengthenYourNetworkVisit the new @calAlumni Directoryand take 3crucial steps: Rekindlerelationships Jump-start yourfuture job search Be there for others1 23Display youremail addressUpdate youremploymentinformationUpload a photocal.berkeley.edugreat minds onlineGoodbye Business Plan,Hello Lean LaunchPadRewriting the Rulesof Entrepreneurship16 The ACCIDENTAL SPYAlum Kenneth Taylor plays a major role in theIran hostage crisis and Oscar-winner Argo
The Berkeley-Haas AdvantageStep outside of your day-to-day and return to one of themost stimulating business environments in the world.Winter 2013F E AT U R E S A N D D E PA RT M E N T S T h e E nt re p re n e u rs h ip I s s u eUP FRONTUPCOMING PROGRAMSStaff WritersValerie Gilbert, Kent Sumrall,Pamela Tom2 Haas ListFinance Prof. UlrikeMalmendier wins the2013 Fischer Black Prize.New Manager Boot CampApril 22-24, 20135 Haas NewsDean Rich Lyons oncatching the Haasculture wave.High-Impact LeadershipApril 30-May 2, 20136 Power of IdeasProf. Ross Levineon teens andentrepreneurship.Financial Analysis forNon-Financial ExecutivesMay 6-10, 2013IN THE BACKA team at Skydeck, Berkeley’s startup incubator, during a recent health care hackathon. page 8Strategy in Competitive MarketsJune 3-7, 20138 Goodbye Business Plan,Hello Lean LaunchPadRewriting the rules of entrepreneurship.11 Building a Startup EcosystemHow Haas, the university, and the East Bay can support entrepreneurship.All Berkeley-Haas alumni enjoy special pricing for open-enrollment programs.To find the right opportunity for you, contact:Kristina Susac, Director of Marketing and Open Programs 1.510.642.9167 susac@haas.berkeley.edu12 Get Out of the BuildingHaas Lecturer Steve Blank pioneers a new model for teachingentrepreneurship.14 Risk TakersHaas entrepreneurs and VCs share insights on navigating risk.18 Haas NetworkProfiles of alumni inSouth America,Tel Aviv, Amsterdam,and San Francisco.Contributing WritersMichael Benson,Laura Counts, Sean Elder,Mike Elkin, Mandy Erickson,Kim Girard, Martin Haro,Martin Mevious, Dan Mitchell,Bill SnyderPhotographersNoah Berger, Jim Block,Milena Carranza, KarlNielsen, Ronen Goldman,Genevieve ShiffrarIllustratorsHarry Campbell, Carl DeTorres,Thomas PorostockyBerkeley-Haas magazine ispublished by the Haas Schoolof Business, University ofCalifornia, Berkeley. Forfurther information, contact:Berkeley-HaasMagazine EditorHaas School of BusinessUniversity of CaliforniaBerkeley, CA eley-Haas Winter 2013,Number 82.For change of address, emailalumni@haas.berkeley.edu.22 Campaign for HaasVic Trione, MBA 70,blends grapes, realestate, and banking intoa successful career.24 Worldwide EventsThe Cal Band celebratesat the Gala.26 Alumni Notes39 In Memory16 The Accidental SpyAlum Kenneth Taylor plays a major role in the Iran hostage crisis andthe Oscar-winning movie Argo.www.executive.berkeley.eduEXECUTIVE EDITORSRichard KurovskyUte FreyDesignCuttriss & Hambleton,BerkeleyThe Women’s ExecutiveLeadership ProgramApril 8-11, 2013Venture Capital Executive ProgramMay 6-10, 2013Editor IN CHIEFRonna Kelly, BS 9240 Personal ViewHaas culture transcendsgenerations.Winter 2013 1Cover illustration by Carl DeTorres
Up FrontHaas List1BerkeleyHaas3Top ize WinnerFacultyBerkeley-Haas Finance ProfessorUlrike Malmendier was awarded the2013 Fischer Black Prize from theAmerican Finance Association inJanuary. The prize honors the top financescholar under the age of 40 and is modeled after the Fields Medal in mathematics and the Clark Medal in economics.The award cited Malmendier’s workin corporate finance, behavioral economics and finance, contract theory, and thehistory of the firm, noting the originalityand creativity of her research.Malmendier holds a joint appointment at Haas and Berkeley’s EconomicsDepartment. She has long been interested in why and how individuals makedecisions—specifically mistakes andsystematically biased decisions.2Interested in bringing Haas@Workstudents to your company?Visit haasatwork.berkeley.edu.Prof. Ulrike Malmendier2Alfred Yuan, MFE 13,won the 5,000 MorganStanley Prize forExcellence in FinancialMarkets for a paperfocused on designingand implementing analgorithm to accelerate thecomputations of complexfinancial systems.Yuan competed againstmore than 100 financialengineering and PhDstudents around thecountry. The prize alsoincludes a summerinternship with MorganStanley and interview for afull-time position.Yuan’s paper outlinesan algorithm to morequickly complete complexfinancial calculationsthat have been enabledby improvements incomputing. Before comingto Haas, Yuan earneda bachelor’s degree instatistics and actuarialscience from RenminUniversity of China.FacultyTrio Garner HonorsProfessors David Teece, Nicolae Gârleanu, andAdair Morse have been honored for their researchand scholarly service. Teece received the RoyalHonour of Companion of the New Zealand Orderof Merit for his services to New Zealand/UnitedStates relations. Gârleanu has won two awards:the Journal of Finance Smith Breeden Prize for aco-authored paper titled “Technological Growthand Asset Pricing” and the Review for FinancialStudies’ Barclays Global Investors Michael BrennanAward for his paper “Margin-Based Asset Pricingand Deviations from the Law of One Price.” Morse,a visiting professor, won the Journal of Finance’sBrattle Prize for a paper on payday loans titled“Information Disclosure, Cognitive Biases, andPayday Borrowing.”4Rising inThe FTThe full-time BerkeleyMBA Program climbed to#12 this year from #14 ayear ago in the FinancialTimes global MBAranking. Among U.S.schools, Haas held its#7 spot from last year.The program ranked#3 again worldwidein faculty researchand #6 worldwide inquality of PhD graduateplacements.StudentsShopping ScienceStudents7Reachingfor the StarsExecutive EducationInspiringPoland’s TopInnovatorsForty Polish scientists,scholars, and businessinnovators learned fromthe Haas School’s topprofessors and visitedSilicon Valley’s mostinnovative companiesas part of a programdeveloped by the UCBerkeley Center forExecutive Education.The nine-week,customized programwas funded by thePolish government andEuropean Union. “Polandis full of bright people,but they don’t knowhow to commercializetheir discoveries,”Lukasz Kutrzeba, atechnology broker at theJagiellonian Center ofInnovation in Krakow,said during his Berkeleyvisit. “At Haas, we arelearning to take ourscientific knowledge tomarket. It’s a contagiousprocess, and we areexcited to take ourexperience here back toour nagementCareersThis year Haasselected five firstyear full-time MBAstudents to inauguratea new InvestmentManagement FellowshipProgram: FelipeGonzalez, AndrewKrowne, Nick Shea,Bryan Wong, and EricYanagi, all MBA 14.The fellows receivea one-time 5,000scholarship, preferencein finance electives,and matching with amentor in the field. Theprogram is modeledafter the school’ssuccessful, seven-yearold Investment BankingFellowship Program.Soyeon Yi, MBA 14Viewing Earth from the InternationalSpace Station, Soyeon Yi, MBA 14, hadan epiphany. “You realize Korea is such asmall part of the world,” she says.She understood then how lucky shewas to have been born in South Korea.And that’s part of the reason she cameto Haas: to find the best, most innovativeway to help others on Earth.South Korea’s first astronaut, Yilaunched into the sky on April 8, 2008,and spent 10 days at the space station.After a whirlwind few years of speaking engagements, Yi, 34, decided to add anMBA to her PhD in biotech systems. Shechose Haas because of its proximity to Silicon Valley and distance from Korea, whereshe’s a celebrity with little privacy. “California is an easy place to be an Asian womanengineer,” she says. “It feels like home.”One morning last fall, 17 MBA students traded statisticsfor shopping. Their tours of local Target and Safewaystores were part of a retail trek led by Haas careeradviser Wendy Pratt.Pratt, who has more than 12 years of experiencebuilding brands and launching new consumer packagedgoods (CPG), guided students through the aisles whilesharing her knowledge on how products get developed,packaged, discounted, and placed on store shelves. “Thebest way to learn the basics of marketing and discussconsumer behavior trends is to see how CPG companieshandle the marketing mix on the ‘front line’ as consumerssee it,” she says.Perfect test subjects, the students also foundthemselves unable to resist the lure of well-presentedmerchandise. Eliza Rosenbaum, MBA 14, left with a Calhoodie. “There was just no time to shop in Fall A, and Ireally needed something for Big Game,” she explains.9AlumniBanking onHaas@WorkWhen Amir Zelazny,MBA 09, applied to the Haas@WorkProgram for spring 2009, he was a student uncertainof his future in the thick of the recession. Little did heknow that he would go on to work for his Haas@Workclient, building the kernel of an idea from the programinto a major new strategy for Wells Fargo Bank.Zelazny was on a student team asked to advise WellsFargo on helping customers better save for their sunsetyears. After the project ended, Wells hired Zelazny asa contractor and then employee to shepherd a newproprietary retirement tool through a complex designprocess. The “My Retirement Plan” tool launched inDecember.Once an extracurricular program, Haas@Work is now acourse that satisfies MBA students’ experiential learningrequirement. Each semester, student teams advisecompanies on innovation challenges.“Our Haas@Work team brought fresh ideas to WellsFargo,” says Zelazny. “The project feels like the fruition ofall the principles I learned at Haas, such as Questioningthe Status Quo and going Beyond Yourself.”Winter 2013 3
Up FrontUp FrontHaas NewsFollow Dean Rich Lyonson Twitter @richlyons.A Startup forStudentStartupTimelineStartupsAmit Paka, MBA 12, does notwaste time. As a part-timeMBA student, he hatcheda business idea, relocated,launched his app, and sold itto eBay’s StubHub division–all in 11 short months. Hisventure, Flockish, enablesmobile conversation amongusers at the same event, likea concert or baseball game.Amit Paka, MBA 12Aug ’09Start HaasSaturdayclasses whileworking atMicrosoft inSeattleSpring ’11One networking epreneurship &CompetitiveStrategycoursesLeave Microsoft,move to BayArea, AdvancedCompetitiveStrategy courseJune ’11Market Scoping, ProductDefinition,CustomerConversationsJuly ‘11Jan ‘12ProductDevelopment& IterationFall ’11VentureCapital/PrivateEquity courseJan – Feb ’12App StoreLaunchMarch ’12StubHub SaleNew job atStubHubGraduatefrom HaasBerkeleyHaasFrom Lab to LaunchMechanical engineer Lindsay Miller, PhD 12, knew therewas a market for her doctoral thesis project—a devicethe size of a stick of gum that harvests energy frommachinery vibrations to run wireless sensors.The potential is huge because the sensors areexpected to gain widespread adoption for such usesas measuring the temperature in data centers. Miller’sprototype featured several key innovations, but howlong would it take for the market to develop? Who werethe potential customers? What price points would shehave to hit? Those were questions the busy post-dochad neither the time—nor the expertise—to answer.Enter Cleantech to Market (C2M). Started in 2008,C2M is now a course that pairs UC Berkeley andLawrence Berkeley National Laboratory scientists withthree MBA students and two Cal graduate studentsfrom engineering, science, law, or policy, who produce adetailed report on market potential. The class satisfiesthe MBA experiential learning requirement and attractsseveral dozen scientist applications for 8 to 12 slots.“C2M is the reason a lot of my energy peers are here,”says Chris Tan, MBA 13, who worked with Miller on herenergy harvester. “It’s the capstone class for us.”FEEDBACK From Our ReadersJan- I was very interested to read “The I in CIO” inApril ’12the fall issue and fully agree that never hasHaas bPlanthe role been so focused on innovation andCompetition,so integral to the company’s objectives andLester Centereventsstrategy. As the first U.S. airline to providepilots with iPads and flight attendants withmobile technology, we recognize innovationis key to success.May ’124Lindsay Miller, PhD 12, and Chris Tan, MBA 13, teamed up as part ofCleantech to Market.CleantechFall ’10April ’11May ’11Undergrads advise new firmsMaya Leibman, MBA 94CIO, American AirlinesSend feedback to letters@haas.berkeley.edu.When a group of Haasundergrads wanted morehands-on experience inthe startup world, theydid what any enterprisingentrepreneur would do:created their own startup toprovide consulting servicesto new and growth-phasecompanies.Venture StrategySolutions (VSS) was foundedlast spring by Jamie Core, Francisco Grisolia, andAndrew Lim, all BS 12; and Paulina Ramos and CarolynKao, both BS 14.One of the club’s first clients was Zaarly, amarketplace for services such as decorating, whosefunders include Ashton Kutcher and Kleiner PerkinsCaufield and Byers. Asked to advise Zaarly on gainingshare in the college market, a VSS team concludedthat students’ limited income made them less-thanideal customers. Indeed, Zaarly eventually exited thecollege market to focus on time-strapped consumers.“The VSS team did a lot of user testing and providedgreat insight into how students feel about peer-to-peermarketplaces,” says Angela Meyer of Zaarly. “It wasan amazing experience. I love hearing students’ freshideas and voices.”Haas Connects at GoogleThe benefits of alumni relationships“We were just catching up oversome beers,” says NewtonCheng, MBA 08, about his former Haas classmate ClaytonSchloss, also MBA 08.“I didn’t know he was looking for a job.He didn’t know about the position at Google, where I work.”It’s the scenario job hunters dream about. But as morecompanies place increasing emphasis on employee referrals, it’s a dream that’s coming true for many Haas alumni.“Haas did a good job with our class of building community and emphasizing the importance of our relationships,” says Cheng, fitness programs manager at Google.“I had developed a strong personal relationship withClayton after meeting through Haas. That’s how I knewhe would be a good fit and a high performer for Google.”Google agreed: Schloss is now the tech giant’s workplaceservices program manager.To rekindle relationships and leverage the strength ofthe Haas Alumni Network, alumni can first reconnect online through the growing 13,500 member Haas alumnigroup in LinkedIn and the new @cal Alumni Directory.For more assistance, contact the Alumni RelationsOffice at alumni@haas.berkeley.edu or 510-642-7790.MoneyballDEAN’S LETTERGiants, Mets Execs Talk Sports Bizwith UndergradsExpansion overseas and fierce competition wereamong the big issues that Giants President LarryBaer, BA 80, and Mets General Manager SandyAlderson tossed around with undergraduates duringvisits to Haas last fall.“Our competition isn’t the [Oakland] A’s; it isanything in the vicinity that can attract leisure timefor three or four hours,” Baer told students in NBCnews anchor and Haas alumna Diane Dwyer’s MediaConsulting course about a week after the Giants’World Series victory.Alderson, a speaker in a Sports Marketing classhe previously co-taught with Lecturer Mike Reilly,said Major League Baseball’s top priority in thenext decade should be growing the game beyondthe United States. “The best way to expand theinternational base is to develop international players,”said Alderson. “The person who did the most todevelop basketball in China wasn’t the commissioner;it was Yao Ming.”Giants PresidentLarry BaerCarlos Prieto, dean of Escuela Bancaria y Comercial, and Haas Dean Rich LyonsThe Culture WaveThe Berkeley-Haas Defining Principles catch onWhen we unveiled our Defining Principles in fall 2010, I never imagined thetremendous feedback we would receive. Question the Status Quo, ConfidenceWithout Attitude, Students Always, and Beyond Yourself have truly resonatedwith people, inspiring everything from band names to life lessons for newbornsto culture initiatives by business schools in other nations.As a musician, I appreciate that our principles struck a note with a new fulltime MBA band: David Haaselhoff and the Four Chord Principles. GuitaristMichael Nurick, MBA 14, says the name is a look at the ways the band embodiesthe Haas Defining Principles. “We want to serve the Haas community, shatterthe stereotype that top business school students can’t also be artists, learn towork as a team in an artistic context, and not take ourselves too seriously, whilemaking this band the best it can be,” he explains.As the father of two children, I also was heartened by an email I receivedfrom Ajay Kshatriya, MBA 11, who realized that the values he hopes to instill inhis son coincided with our Defining Principles. (See page 40 for Ajay’s story.)More recently, I discussed the importance of culture with Dr. Carlos Prieto, deanof Escuela Bancaria y Comercial (EBC), Mexico’s oldest private institution of higher education. I first met Dr. Prieto at MBA commencement in 2012, when his son,Diego, graduated. Dr. Prieto was revisiting the mission of EBC at the time.When Dr. Prieto visited in November, he and his team had developed“características distintivas” for the school. We talked about the importance ofcodifying such cultural elements and then reinforcing them. (Dr. Prieto notedthat he had been given a Haas culture card in almost every interaction he’d hadwith people at Haas.)This outreach from a business school over 2,000 miles away is one of manyexamples of how Haas culture is catching on. As Diego Prieto, MBA 12, putit, “It is much more powerful to stand by a flag based on shared values. I felt astrong pull to Haas because I believe in what is here.”I am very proud to stand by Berkeley-Haas. Sometimes we forget thatamong all the world’s institutions of public higher ed, Berkeley is in so manyways without peer, a beacon serving not just our own students but also as aninspiration elsewhere. There is great purpose in that, a purpose we all share.Sincerely Yours,Rich Lyons, BS 82lyons@haas.berkeley.eduWinter 2013 5
Up FrontPower of Haas IdeasUp FrontWatch Prof. Ross Levine talk abouthis entrepreneurship research atInsights.haasalumni.org/teens.By Pamela TomTax Evasionin GreeceENTREPRENEURSHIP Professor Ross LevineProfessionalsunderreport incomeTeen SpiritLinking juvenile delinquencyto successful startupsIndependence. Creativity. Money. Those are the benefitsoften associated with successful entrepreneurs. Butis being an entrepreneur really more lucrative thanworking for a salary? And who is best cut out to succeed?A new study by Professor Ross Levine of the HaasEconomic Analysis and Policy Group answers both ofthese questions.Levine and co-author Yona Rubinstein of the LondonSchool of Economics and Political Science found thatentrepreneurs earn on average 50 percent more thantheir salaried counterparts who are working in thesame industry and have the same education, contrary toa large body of research finding that entrepreneurshipdoes not pay. Levine explains that many previousstudies broadly define entrepreneurship, includingpeople who are self-employed such as an accountant ora plumber. In this study, an entrep
California, Berkeley. For May 6-10, 2013 further information, contact: Berkeley-Haas Magazine Editor Haas School of Business University of California Berkeley, CA 94720-1900 510-643-0259 rkelly@haas.berkeley.edu Berkeley-Haas Winter 2013, Number 82. For change of address, email alumni@haas.berkeley.edu. U
to Berkeley. 6 Faculty Big Man on Campus Longtime Haas Finance Ben Hermalin became a key leader Berkeley when he vice provost for faculty in July. Hermalin now oversees faculty appointments and promotions and de-velops strategies concern-ing diversity and equity; faculty recruit-ment, and re
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