International Consulting Project

The results are in! This evening we received our assignments for our International Consulting Projects (ICPs). The ICPs are projects wherein groups of four or five IMD students work on a major strategic project for companies around the world, reporting directly to CEOs or other top management. Each group works closely with an IMD faculty member with relevant expertise.

I was chosen for a supply chain strategy project at a global chemicals/materials company headquartered in Switzerland, near Zurich. My group will be great; there are just four of us, including a German (who is in my current study group), a Zambian, and a Colombian. They are all great guys who are both competent and experienced.

Our faculty member is Corey Billington, our POM professor and a former VP at HP. I’m really excited to work with him as he has a wealth of recent, real-world experience and he really likes to think big. Shall we tackle a project that will make billions of euros of difference to the client’s bottom line? BRING IT ON!

Although I was disappointed by the lack of wine-, football-, and space exploration-oriented projects, there were some other pretty cool possibilities, including:

  • luxury car market entry in France
  • international fundraising strategy for an African non-profit
  • product strategy for DuPont in Asia
  • market entry for an emissions-free scooter startup in Germany
  • growth strategy for a services firm in Quatar
  • geographic expansion strategy for Norelco/Nivea in the Netherlands
  • European marketing strategy for a UK chocolatier

There was even a project for a Danish company looking to open operations in Arkansas–wooooooooooooooooooo PIG SOOOOOIIIIIEEEEEEEEEEEEE!!!

As I find out more about the project I will keep you all updated!

More Rice at IMD

Today in Entrepreneurship we analyzed a case with a Belgian protagonist named Louis (silent “s”). When Benoit asked what management team Louis brought to the company he was acquiring, the answer was “Louis, Louis, Louis, Louis, and Louis.” Naturally this made me want to get up and dance to “Louie Louie” (#99 song of 1964 by The Kingsmen), Rice’s unofficial fight song. Go Rice!

Speaking of Rice, my best friends from there are dropping like flies. One of them recently became engaged (Tanti auguri!) and another now has a serious girlfriend for the first time since . . . well, since I’ve known him. What does it say when, as soon as I leave, they start pairing up? Was I holding them back while I was there?? Oh well, good for them–and for their girls who have found such great guys!

Presidential Visit

Yesterday I was honored to have an old classmate of mine swing into town for a brief visit. Robert Arthur Lundin (or, as many of you will remember him: “Blah blah blah blah blah, me me me me me, Robert Lundin”) was the president of Wiess back when I was president of Lovett and we shared some great times together. I was a terrible tour guide for him but we had a good time just poking around the city and catching up. We had lots of fun eating fondue on the lake, visiting the Museum of Historic Lausanne, and experiencing the Carnival de Lausanne. Thanks for coming, Robert; it was great to have someone in town who still knows me as Guido!

Beach Volleyball Is BACK

Last night I skipped what was sure to be a great party to stay in and get some work done. There were three reasons for this painful decision: 1. My scholastic and extracurricular work has piled up; I really needed a productive weekend to catch up. 2. Tomorrow I will have an old friend in town, which will kill what is traditionally my most productive day of the week. 3. Today I would be spending a significant amount of time playing beach volleyball.

This last reason is the focus of this post. Mario, a Brazilian classmate, and I will represent IMD in the beach volleyball tournament at the MBAT in three weeks. Unfortunately, before today, neither of us had played in a long time and we had never played together. One of the weekends before the MBAT is another Integrative Exercise so our time to practice together was running thin. My heartfelt gratitude goes out to Mario for making time today; he was able to squeeze in two games with me between a late project meeting and a train to Lucerne–that’s dedication!

The weather was GORGEOUS today so I would have been really disappointed if we hadn’t been able to play. As we started there was definitely a lot of cobwebs to dust off and we went down 6-1. Unforced errors and heavy breathing were abundant! As we came around individually and began gelling a little as a team we staged a comeback but still wound up losing 21-18. We turned it around and beat the same team soundly in the second game, 21-10. By the end we were both moving, reacting, passing, setting, hitting, and–most importantly–communicating better so I felt encouraged by our progress. If we can find a few more times to practice before the MBAT I think we’ll be a force to reckon with.

Mario had to race off and catch a train but some of the people there invited me to stick around and keep playing. I played for three hours before taking off myself and met a few local girls and guys. It sounds like many of them are there every weekend so I look forward to getting back into a Third Coast-like culture. As small as Lausanne feels I’ll probably bump into them on the street too–I bumped into another IMD student and his partner on my walk home from the courts.

The sand here is harder and more abrasive than I’m used to (It also doesn’t scald my feet!). Still, it felt great to dive in it for the first time in a long time. I came home, took a long, hot shower, tended my torn-up forearms, elbows, and knees (which reminds me of playing football at Rice on new artificial turf during the UPS strike that prevented our elbow and knee pads from arriving), and am now pleasantly exhausted from sun, exertion, and running/jumping in sand.

Beach volleyball is BACK in my life and that makes me happy.

Financial Aid

An anonymous reader posted a comment recently asking how IMD’s full-time MBAs afford the program, which isn’t cheap. Tuition and fees come to ~$75,000 (increasing to $80,000 for next year’s class). Living expenses are estimated at ~$30,000 on the year (Switzerland isn’t cheap either.) and then, of course, is the fact that most of us aren’t earning any income in the meantime. After discussions with students, discussions with financial aid office personnel, and some research on the Web, I am finally prepared to respond.

First, we have ~10 students who are sponsored by their previous employers. This means their tuition, fees, and–in many cases–expenses are paid for. Many of them are still participating in the career services activities and it will be interesting to see if they return to their sponsoring companies.

For the rest of us the first opportunity for financing is through scholarships. IMD offers many (although American males aren’t eligible for most of them) plus there are myriad others available from third parties. Another 20+ of our class is on scholarship.

I applied for IMD’s Global Future Leaders scholarship (the only one for which I was eligible), thinking that it would be a great fit. After all, my entire purpose in going to IMD was to learn to be a better global leader. When I failed to win it, I was at first crestfallen (Was I not the future global leader I thought I was?) but I gradually dealt with it. I was coming to IMD to learn and this validated that I still had plenty to learn in exactly my area of interest. Furthermore, it reinforced a lesson I thought I had learned before: that I can’t just slap something together and expect it to reflect my capabilities, passion, or even message. I wrote my application essay on the flight back from my interview, exhausted and uninspired but up against an immediate deadline. It was lackluster and it received the appraisal it deserved.

It wouldn’t be the last time I had to cope with performance disappointment at IMD but I am learning (slowly but surely) that it is OK to fail; some of the best learning comes from failure. IMD allows us to fail (and, in fact, ensures that it will happen) in a relatively consequence-free environment. This way we are not only more prepared to succeed in the “real” world, we are also more prepared to turn our future failures into constructive learning.

With sponsorship and scholarships out of the way, the final two methods of financing are through debt and savings. Due to the very high average work experience (7 years) and highish average salary of entrants ($75,000), many students have adequate savings to self finance. Due to the tax advantages of taking out student loans, however, some of us choose to take out debt anyway; I did.

Average salaries upon graduation are in excess of $130,000 (plus signing bonus) so I would strongly discourage anyone from letting price be a barrier to application. Even considering foregone salary, it doesn’t take long for the IMD MBA to pay for itself in absolute monetary terms. However, I would also discourage anyone from applying just to increase his/her earning potential. The real value of the IMD MBA is enhanced self awareness, teamwork, leadership, performance under pressure, and cultural understanding. While these happen to be highly valued in the market place, they can have a tremendous impact in your nonprofessional life as well. So don’t come to IMD to earn more money; come to improve yourself and augment your ability to make the world a better place. That is more than worth the price!

Olga, I hope this answered your question. Please let me know if you have any more questions and thanks for reading!

Good and Bad

Good:
The weather here has been beautiful the past couple of days. Yesterday after class I went for a run along the lake. Instead of running a specific distance for speed, sometimes I run a specific duration and try to cover the most ground possible while keeping my heart rate below a certain threshold. Yesterday was one of those days so, as I jogged along, I suddenly found myself in another commune–I was covering more ground than I was accustomed to at that heart rate. By the time my 45 minutes was up, I had crossed a significant barrier: 5 miles, the greatest distance I have ever run in one stretch! That probably seems insignificant to most of you but it’s kind of a big deal for me.

Bad:
1987 features the introduction of Kenny G to the American popular music scene.
And Bruce Willis–I’m assuming “Respect Yourself” (#89 of 1987) had something to do with Moonlighting.
Where Kenny G is, Michael Bolton can’t be too far behind. I see dark days ahead.

Career Services

A major part of this program is career services. We spend significant time not just focusing on the “how” aspect of finding our next career but, more importantly, the who/what/where/why. What fields really motivate us and which of our skills are most valuable? How can we merge those and other factors, such as culture, to identify the ideal industries, companies, geographies, and roles for ourselves? Then how can we identify (or create!) opportunities that meet those criteria and secure them?

This has all been incredibly interesting so far and I will keep you updated as I progress along my own path. However, in the meantime, let me share with you the results of another career services function: marketing the MBAs! They have recently published the Class of 2008 Profile Sheet. This is seen by executives and recruiters at all of IMDs client companies so I’ll hope it finds itself in the right hands. For example, if someone out there is hiring for the CEO position of the first NFL franchise on Mars, I’ll be expecting your call . . .

IPD and IPE

We have begun two new classes this Mod that start with “IP.” The first, Innovation and Product Design (which I first covered in March), is taught by American professor David Robertson. David comes from the software world so I’m naturally very interested in his class. His most compelling feature, though, is his utter lack of tolerance for superficial comments in class. When someone raises his hand to speak and then says something which David doesn’t think goes deep enough, his comment is usually met with a condescending “AND . . . ” or a probing “OK, sounds good, but HOW?” It was a bit shocking at first but I think it has had the intended effect of fostering real analysis instead of consultant speak.

The most interesting takeaway from IPD so far is its focus on all the other types of innovation in a company besides just innovation in the product itself. Innovation at the supply chain or business model levels, for example, tends to provide much more value than product innovation. As someone who is not necessarily all that creative himself, I also really like our study of how to foster innovation with corporate structure, process, and culture. The study groups are now pitted against each other in a competition to create the most innovative bag for IMD students. It sounds pretty simple but it seems that 90 students from 44 countries and diverse educational/professional backgrounds are capable of coming up with some wildly different ideas. I can’t wait to see the final results.

International Political Economy, taught by French professor Jean-Pierre Lehmann, is all about the world’s ever-changing geo-politics and their social and commercial effects. To quote a paper written by our professor (whose initials are JPL–awesome),

“As business goes global and learns the tremendous advantages of diversity, secularism and tolerance, business leaders must establish their credentials as “global citizens” and work hard to diffuse the racial, ethnic, religious and other tensions that arise. To that end, business schools must also draw on philosophy, history, anthropology, and literature to ensure that the education of the business leader has the kind of mental, moral, intellectual, cultural and emotional tools and compass necessary for being able to constructively address the great challenges humanity will face in the 21st century. ”

For someone who came to IMD hoping to learn to be a more global leader, this sounds very relevant! Moreover, learning and discussing in such an international environment will add significantly to the class’s value. In our one class so far the US was held out in several cases as having selfish, unproductive (at a global level) policies. It was an interesting experience psychoanalytically. I found my sense of nationalism compelling me to jump up and defend the US–even when discussing policies I didn’t personally support. Much of our leadership training has involved self analysis and recognition of our subconscious, emotional responses. It was helpful in this case in my quelling my urge to argue. After all, I’m not here to incite brash debates; I am here to learn how actions may invoke responses from different countries, companies, or cultures and today I learned a lot about that.

It seems that a large organization (like a company, country, or even continent) sometimes exhibits a sort of collective conscious. This conscious has a personality and behaves in many ways like an individual human. Sending it a message may evoke an unanticipated response in the same way that miscommunication occurs between two humans. Conversely, I think there are macroscopic lessons that can be applied to the individual. The US has been a leader in the global economy and, just as it had to sit there and accept/evaluate criticism in class today, so must a CEO accept/evaluate criticism from his organization’s employees, shareholders, clients, the media, etc. It is important to be able to keep a cool head and receive potentially very valuable feedback–again, our leadership stream has been very beneficial in developing this quality.

And speaking of which, today I received some very diplomatic criticism about my LinkedIn profile tagline from someone whose opinion I respect. We’ve been encouraged to market, market, market ourselves by career services, but how much is too much? Might a more understated approach be more effective? As with most things at this school–and in the “real” world–there is no right answer. I must make the best decision given my knowledge of the context, goals, resources, instinct, and–especially in this case–who I really am.

We have a full day of IPE tomorrow so I look forward to more humility and new insights.

Living the Startup Dream

A major component of our IMD entrepreneurship education is the Startup Project. 18 startup companies have come to IMD asking for “help.” “Help” means anything from business strategy to market research to marketing to manufacturing and production optimization to HR to . . . any other aspect of business. Frequently they need help with several of these issues in order to secure loans, raise money, or even just get “unstuck”. In January students selected from the 18 client opportunities and began work immediately. We are expected to deliver demonstrable value–not just a high-level, hand waving consultant report. We are expected to provide recommendations and then help implement them–essentially to work IN the startup.

My startup group (myself and four others: Turkish, Russian, South Korean, and French) is working on a company called DeskNet, which produces Sobees. They came to us without any investors, strategy, business model, clients, completed product, or many of the other things you would expect in a successful startup. Ah yes, living the startup dream! 😛 But hey, they have a cool idea and we know we can help them commercialize it. We’re really into the thick of it now, so I will keep you all posted about our progress over the next few weeks. I may even ask for some feedback on our ideas and options as we move forward.

Jurassic IMD

Yesterday our afternoon class was interrupted by numerous loud booms that sounded (and felt!) progressively closer and closer. Theories about the source of such tremors ranged from the boring (construction of the building next door) to the outlandish (fiesty Evian launching an offensive from the other side of Lake Geneva). As I sat watching the shock waves in my cup of water, I was positive that the booms were attributable to a Tyrannosaurus Rex that had escaped her pen. Good times.

Fortunately we had a really cool case about Palm, US Robotics, 3COM, and Handspring during Entrepreneurship so there was no time to fret. It was fun analyzing the entrepreneurial opportunities in the handheld software industry during the .com boom because my first startup was . . . a handheld sofware company during the .com boom! What amazing times those were–and were only in Austin. I can only imagine the electricity in Silicon Valley!

John Doerr’s name came up again during that class and today’s strategy discussion about Apple has included some talk of Intel and AMD. AMD’s CEO, Dr. Hector Ruiz, is another Rice alum–go Rice!

And speaking of Rice, I wore a War Owls shirt to Saturday’s ping pong tournament but it didn’t seem to help much. I won a few games but was out before the semis. This forced me to break out the football and toss it around in the gorgeous weather. Rough life!