Strategy processes and decision making

A repeated theme from my business school strategy courses has been to ask the right questions. The seeds of this learning were planted by Clayton Christenson and Michael Raynor who taught me:

• To decipher contingent circumstances of a theory, ask “When doesn’t this work?”

• To unmask a correlation impersonating a causal theory, ask “What is the causal mechanism?”

Some recent readings expanded my field of application to broader management and strategy development. Bazerman and Chugh’s notion of a “devil’s inquisitor”[1] seems like an immensely practical and powerful practice for managers and strategy consultants (whose ranks I will join shortly). A devil’s inquisitor could ask “When doesn’t this work?” to objects far more diverse than a management theory; the inquisitor could challenge hidden assumptions embedded in sales presentations, marketing plans, hiring decisions, and financial forecasts.

Innovation in Recruiting: VisualCV

Are you ready to take ownership of your professional web identity? A veteran of web services and a seasoned recruiting executive have teamed up to launch VisualCV, Inc. Their gorgeous multimedia web document resuscitates the resume, allowing you to post a professional resume, CV, or bio for public distribution or even application for employment. With a VisualCV, you can attach videos, image files, work samples, or other professional portfolio documents to provide a more compelling first impression – and if you’re a recruiter, you can cut down the time you waste screening out applicants for your positions.

Darden student videos

Originally published May 1, 2007.

It’s a first in business school world – which means this is really innovative or really dumb, and I’m sure an audience poll will reveal a widely polarized opinion. Nonetheless, students at Darden are producing homemade marketing videos on YouTube promoting the school from our own perspective. I’d really like to see these merged with the “Learning Team Linebacker” skit (that’s right, Terry Tate style) from Follies.

For some background, our school has a student-run Darden Capital Management which puts select students in charge of a multi-million dollar investment account (which returned 13.7% last year, outperforming benchmark peers in each of its four fund types). In a similar effort to provide marketing-focused students with rewarding experiences, Darden Marketing Management launched the project to give students experience with a real marketing project with measurable impact.

Ventures and entrepreneurship: coast to coast – Part 2

Originally published April 10, 2007.

Washington DC is a great city if you like a number of things: free museums, great public transportation, the federal government, perpetually losing sports franchises, and – surprise! – entrepreneurial ventures. While DC sometimes gets a bum rap for bureaucracy due to the inescapable presence of Uncle Sam, it turns out that the greater DC area has a strong and somewhat intimate venture community with a few distinguishing characteristics that set the city apart from its west coast peers. (In a spirit of full disclosure, I will be interning at a metro DC startup this summer.) I was able to learn more about the possibilities of starting a company in the DC area through a truly special Darden program called the Batten Venture Bootcamp, a three day drink from the firehose that draws students from MBA programs at Darden, Michigan, Maryland, and Georgetown.

Ventures and entrepreneurship: coast to coast – Part 1

Originally published January 13, 2007.

There are a few hubs of venture capital and entrepreneurship in the world, but Silicon Valley is the undisputed king of them all. So, after dutifully finishing my Quarter 2 exams, I boarded a plane straight to San Francisco to check it out. Two other Darden students and I organized a trip for nearly 30 Darden students on a corporate and venture tour of Palo Alto, Mountain View, San Jose, and San Francisco. Some 14 companies opened their conference rooms (and fridges!) to us over the course of a week as we learned about companies at every stage of life – from startups that never made it, to the Google monster that’s eating Silicon Valley and the venture capital firms that finance and guide the whole thing.

In this Part 1 of my winter break reflections, I will offer some comments about the culture of starting new ventures in Silicon Valley to contrast with the comments of Part 2, which will reflect my experiences at the 2007 Batten Venture Bootcamp in the Washington, DC area.

First: Some insightful comments from a venture capitalist about working in venture capital. “Move to Palo Alto.” That’s career step number one for anyone hoping to make career inroads in the Mecca of venture capital.

Structuring innovation for success

Originally published October 27, 2006.

Darden hosted a brilliantly funny man named Larry Keeley for a small forum on corporate innovation this week in what was one of my favorite Darden experiences thus far.  We let Larry know up front that his ability to draw a crowd was admirable since it was a) the start of a three day weekend for Darden students, b) at the same time as a presentation by Steve Reinemund, the CEO of Pepsi, AND c) going head to head with the Virginia Film Festival and a talk from Mark Johnson (The Chronicles of Narnia, Rain Man).  What a lineup.

(Photo of Larry Keeley, shamefully lifted from the Doblin website.)

Nonetheless, Mr. Keeley brought the house down in theatrical fashion, and his presentation originally slated for an hour and a half painlessly grew to two and a half hours plus as he wowed us with stories of innovation and modern marvels.  Mix two parts Stephen Colbert and one part Lewis Black, coat with innovation and design, and you’ll get Larry Keeley.  From the magic of Dell, who innovated everything besides the final product (until the acquisition of Alienware), to the enviable and highly profitable Mini brand created by BMW, to the most successful iinovators of our time (pharmaceutical firms), Mr. Keeley wove story after story of cutting edge innovation that stretched beyond the product line.  It’s no wonder he’s got so many stories to tell: he’s been doing this for 27 years.  Only recently though has innovation really landed square on the global business landscape, and in Keeley’s words, “It took 27 years for us to have an overnight success.”  Even still, he thinks innovation is just beginning to get good.  As he mentions on his Doblin consulting website (www.doblin.com), “since innovation fails about 96% of the time, it seems self-evident that the field has advanced to about the same state as medicine when leeches, liniments and mystery potions were the sophisticated treatments of the day.”   So it’s a good time to be in innovation management, and Larry Keeley is helping companies develop more disciplined, productive approaches to innovation that will lead them into the uncharted roads of value creation ahead.

Larry Keeley is working in a breakthrough confluence of business and design, teaching at the Illinois Instiitute of Design and the Kellogg School of Management at Northwestern.  I’d like to see some of that work filter down to Darden and the University of Virginia, and potentially match up with the design wonks at VCU AdCenter, who recently scored huge in the Innovation Challenge global MBA competition.  Congratulations VCU!

Darden’s strategic outlook

Originally published Sept. 28, 2006.

A brief spat of hail and a full afternoon of rain drove me off the golf course today, but it didn’t stop Darden Dean Bob Bruner from meeting with me and the other 65 students in the Class of 2008’s Section D for an evening reception.  In a room bedecked with shrimp cocktails, sushi rolls, chardonnay and longnecks, I had the good fortune to chat with the Dean about his strategic vision for Darden.

One of Darden’s most powerful traits is the quality of its teaching.  The faculty here are driven to build students into “future leaders in the world of practical affairs,” as goes the Darden mission statement.  As a studnet, this is one of my favorite features of the Darden experience.  Professors are here to teach, and they provide an outstanding classroom and co-curricular presence around Grounds.  To date, this has been a tradeoff against the quality and quantity of research coming from the faculty halls however.  Darden’s partnership with Good to Great author Jim Collins is leading us to embrace the “Genius of the And” – to achieve great research while maintaining top teaching performance as well.  (You can check the Darden BusinessCast after Friday, Sept. 29 for a podcast about Darden’s Good to Great partnership with Jim Collins.)

Darden is currently continuing a multi-year celebration of its 50 years of business education (2005 was the actual anniversary).  Dean Bruner provided a very inspirational message envisioning our Class of 2008 arriving at the 100 year centennial anniversary, where the school leaders of that age will look back on the people of 2006 and say, “They did something right.  They made smart choices, took wise risks, and succeeded in bringing Darden squarely into the global top ten business schools and a central feature of a lifelong learning environment.”

(Darden’s front steps: Saunders Hall)

We at Darden believe in the power of this school, in its dynamic teaching, in the rigor of the aggressive case method, and in the dedication of our outstanding Career Development Center.  We have a Dean with an inspiring vision to ratchet up Darden’s global image and performance levels, and students and faculty who love what this school is and what it can become.  If you’re ready to work harder than you ever have in your life, if you’re ready to make something more of your life and more of our school, if you’re ready to join us to lead throughout the world of practical affairs – then join us here at Darden.

What are we working for?

Originally published August 14, 2006.

I just finished an invigorating read through Jim Collins and Jerry Porras’ best-seller, Built to Last.  I love the way these researchers capture the epic mythology of doing great work – of finding purpose and meaning beyond the dollar signs.  Their research showed that “visionary companies,” as they defined them, are more often built with some motivating purpose other than making money when compared to less successful competitors.  This point is one that captures my entrepreneurial spirit – to do something that matters for the long haul, something that makes a lasting impact on the world around me and improves the lives of others. 

The MBA program guides and consultants I reviewed during my application to business schools all seemed to have one thing in common: discussing the ROI of business school.  The rationale was always the same – since you’re going to business school, now’s a great time to examine the return on your investment!  It’s generallly a winsome argument, since many MBA graduates leap ahead to substantially higher salaries among multiple job offers than their pre-MBA careers would provide.  But this argument woefully discounts the non-financial return of two great years of investing in one’s self and a tremendous network of peers who are capable of leading the next generation of world-changing organizations.  To put it more directly, the prospects of learning extensive practices to create and guide organizations have much more value than the immediate salary commanded by MBA graduates.  That is why my MBA admissions essays focused on learning to make an impact on others more than making more money for myself.

As I see it, my MBA studies are a priceless time to learn about the development and management of organizations, a time to learn more about how to impact teams of people motivated toward a common goal.  I expect my education to be valuable both in my professional career and in my volunteer efforts, as I join the leadership of my church and community non-profits to make lasting impacts in the social sector as well.  While I do find it important to believe that my education will pay for itself in career successes, I also believe one of the greatest advantages of an MBA education must be to share it with those who could benefit from my service but could not otherwise afford it.

Please do not misunderstand me: I am not opposed to earning high salaries and ensuring that one’s MBA education earns significant results.  I am, however, suggesting that making an impact on others is more important than will be reflected in one’s salary, and that the financial rewards of doing good work are best invested to increasing the impact of future work.  For those who share this vision (particularly those who are  Darden MBA students), I look forward to meeting you and exploring the possibilities.

And, as a post-script, it turns out the purpose-driven “visionary companies” of Built to Last dramatically outperformed their comparison companies and stock market indices…

Darden’s Career Next Step

Originally published May 10, 2006.

One of the pre-matriculation requirements for Darden students is to complete a battery of self-assessment tests using a product called Career Next Step.  It’s a bonanza of web applications that prompt you to respond to inductive questions (“What kinds of activities energize you?”  “What might this figure (in an ambiguous sketch) be doing?”) in order for you to build a series of analytical statements about your own personality, preferences, and professional “fit.”  The goal seems to be to avoid job search strategies that rely too heavily on following the buck (i.e. who’s hiring now) and focus more on matching your own preferences and predispositions to a suitable and rewarding career.

While the process is lengthy and the web applications seem to be early in their development, Career Next Step does seem to be a marginally useful and comprehensive tool with the aim of creating some target professional goals and profiles for each student by Day 1 on campus.  As I understand it, this Career Next Step process will be complemented by a full Myers Briggs Type Indicator (I’ve come up ENFP twice before), other large scale assessments, and career/industry presentations during the first week.  All of this seems to build towards a holistic, individually-tailored plan for career development that begins the day you set foot on campus to the day you retire.

So, while some students head for MBA-land with the intent to advance their career in a predetermined industry, other career-hoppers like me are hoping to see more of the business world and find a new place in it.  Already, I’m grateful for Darden’s support in finding a career that will match my own sense of happiness, meaning, and success.

Has anyone already benefited from Career Next Step, or another career development process?  Has anyone discovered a whole new career field because of their MBA studies or career coaching?

Corporate Innovation at Darden

Originally published April 14, 2006.

At the Darden School’s recent “Darden Days” welcome weekend for admitted students, I serendipitously met Professor Jeanne Liedtka, the director of Darden’s Batten Institute for entrepreneurship and innovation.  We talked briefly after a “mock case” discussion that introduced the prospectives to the case method, and I learned more about her courses in strategy and research in corporate innovation - my own fields of interest.

Well, BusinessWeek just turned out a few excellent pieces on innovation, so I thought I’d create a little home for them in this blog as well.

I was really caught by surprise by some of the answers in this Innovation Quiz.  (I scored 5 out of 12, apparently good enough for the quiz to recommend me as chief innovation officer for my company.)

There’s also a great Innovators in Our Midst slideshow (one of my favorite features of BusinessWeek online) on corporations leading innovation in all kinds of industries.

Then there’s the fine analytic piece, Innovative Writing on Innovation, offering five themes emerging from a survey of corporate leaders.

Finally, I’ll add the link to 25 Innovators, 6 Industries.

Hope that’s enough to spark the creative business thinker on a rainy Friday afternoon!