THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University

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THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
Tepper School of Business | Carnegie Mellon University         SPRING 2022

                                                             T HE P OW E R OF DATA
                                                         REIMAGINED BY HUMANS
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
DE A N ’ S LE T TER // IS A BELLE BA JEUX- BESN A INOU
                                                                                                                                                                                                   TE PPE R DI G E S T                                NEWS FROM THE TEPPER SCHOOL OF BUSINESS
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                                                                                                                                                                                                                                                                                                                          @TEPPER
                                                                                                                                                                                                                                                                                                                           D I G I TA L
                                                                                                                                                                                                                                                                                                                         MAGA ZINE

                                                                                                                  Dean’s Letter                                                                  Tepper School Current and
                                                                                                                                                                                                 Former Faculty and Ph.D.
                                                                                                                            s we usher in a new year, we find ourselves contending with old
                                                                                                                            challenges that we had hoped to leave behind. COVID-19 and
                                                                                                                                                                                                 Graduate Win Review of Asset
                                                                                                                            its variants are still surging, supply chains remain disrupted,      Pricing Studies Award
                                                                                                                  and the labor shortage continues to impact our daily lives. Indeed,
                                                                                                                  the past two years outlived their trite description of “unprecedented”         Former Assistant Professor of Finance, Emilio Osambela,
                                                                                                                  long ago. Still, within our shared struggles, lie many lessons. After all,     and Steve Baker (Ph.D. 2013) co-authored their paper,
                                                                                                                  history shows that adversity is often where imagination, innovation and        “Preventing Controversial Catastrophes,” with Professor
                                                                                                                  education begin.                                                               Burton Hollifield, PNC Professor of Finance; Professor
                                                                                                                                                                                                 of Financial Economics; Associate Dean, Undergraduate
                                                                                                                  With this idea in mind, I am more optimistic about the future of the           Programs. The paper was awarded 2020 Best Paper Award
                                                                                                                  Tepper School than ever before. Every year, our faculty, alumni, and           from the Review of Asset Pricing Studies (RAPS). Their
                                                                                                                  students push forward to intelligently respond to the global challenges        research covers different constituencies that disagree
                                                                                                                  beyond our campus. Your commitment is impressive. Our momentum                 regarding the likelihood of economic disasters.
                                                                                                                  is palpable.
                                                                                                                                                                                                 The Review of Asset Pricing Studies is a prestigious scholarly
                                                                                                                  In this issue of the Tepper magazine, you will read about Tepper’s efforts     journal that strives to publish the highest quality research
                                                                                                                  to empower students to meet complex, real-world challenges. Learn how          in asset pricing. RAPS evaluates papers based on their
                                                                                                                  our new brand positioning—The Intelligent Future—shines a spotlight            substantive original contribution to the understanding of
                                                                                                                  on Tepper’s unique value proposition and unites our community around           pricing assets.
                                                                                                                  a common vision. By taking a collaborative, data-informed approach to
                                                                                                                  business, we are well positioned to make sense of a world that is puzzled
                                                                                                                  by an overabundance of data. Technology and information are intrinsic
                                                                                                                  to finding solutions, but the human mind and its sound judgment can
                                                                                                                  never be replaced by mechanics.

                                                                                                                  You will also learn about the progress Tepper is making toward building
                                                                                                                                                                                                                                               Professor Weingart Receives “Most Influential
                                                                                                                  a more engaging and agile learning environment. Collectively, we                                                             Article” Award in Conflict Management by AOM
                                                                                                                  garner far more intelligence when each of us feels secure and confident
                                                                                                                  to express our varied opinions and different perspectives. With                                                              The Academy of Management (AOM) has named the 2015 paper by
                                                                                                                  that knowledge at the forefront of our minds, we will soon release a                                                         Laurie Weingart, Richard M. and Margaret S. Cyert Professor of
Tepper School of Business | Carnegie Mellon University

                                                                                                                  comprehensive diversity, equity, and inclusion (DE&I) strategic plan, that                                                   Organizational Behavior and Theory at Carnegie Mellon University’s Tepper
                                                                                                                  reflects and activates our core values.                                                                                      School of Business, titled “The Directness of Oppositional Intensity of Conflict
                                                                                                                                                                                                                                               Expression,” as the recipient of the Conflict Management Division’s Most
                                                                                                                  We may not know what the future holds, but we are determined to                                                              Influential Article Award published between 2013 and 2016.
                                                                                                                  educate and motivate tomorrow’s leaders so they are prepared to shape
                                                                                                                  our future in ways we have yet to imagine. We could not accomplish any                                                       The Conflict Management Division’s Most Influential Article Award is a
                                                                                                                  of these goals without you and your support. I personally thank you for
                                                                                                                                                                                                                                               prestigious designation, only given to one article each year and reflects
                                                                                                                  all that you do for our school. And on behalf of all of us at Tepper, I wish
                                                                                                                                                                                                                                               the importance and influence of the published work. A committee of
                                                                                                                  you all a happy, healthy and prosperous 2022.
                                                                                                                                                                                                                                               conflict management experts scanned the literature for all CM-related
                                                                                                                                                                                                                                               papers published between 2013 and 2016 and judged Weingart’s paper
                                                                                                                  With gratitude,
                                                                                                                                                                                                                                               to be the most influential in light of its high quality, important findings,
                                                                                                                                                                                                                                               and many citations.

                                                                                                                                                                                                                                                                                                                                          cmu.edu/tepper
                                                                                                                                                                                                                                               Her new book called “The No Club: Putting a Stop to Women’s Dead-End
                                                                                                                  Isabelle Bajeux-Besnainou                                                                                                    Work,” with three coauthors (Linda Babcock, Brenda Peyser, Lise Vesterlund,
                                                                                                                  Dean, Tepper School of Business                                                                                              and Laurie Weingart) will be published by Simon and Schuster on May 3, 2022.

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THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
TE PPE R DI G E S T
                                                         NEWS FROM THE TEPPER SCHOOL OF BUSINESS                                                                                                          B Y S A L LY PA R K E R
                                                                                                                                                                                                                                                                                                                          TRENDING TOPICS
                                                         Dr. Robert M. Dammon, Professor of Financial
                                                         Economics, has been awarded the Richard C. Green
                                                         Professorship in Financial Economics
                                                         Dr. Robert M. Dammon, Professor of Financial Economics, has been
                                                         awarded the Richard C. Green Professorship in Financial Economics.
                                                         Dr. Dammon has been a faculty member at the Tepper School since 1984.
                                                         In addition to his research accomplishments, he has been an extraordinary
                                                         educator—including being a three-time winner of the Tepper School’s
                                                         George Leland Bach Teaching Award. He served as Associate Dean of
                                                         Education from 2009 to 2011 and the ninth dean of the Tepper School from
                                                         2011 to 2020.

                                                         Dr. Dammon made important contributions in the finance profession prior
                                                         to moving into the dean’s office. He served as Secretary-Treasurer of the
                                                         Western Finance Association for several years and an associate editor for
                                                         several professional journals, including Financial Management (2002–2008),
                                                         Management Science (1993–1997, 2001–2003), and the Review of Financial
                                                         Studies (1996–1999).

                                                         The Richard C. Green Professorship in Financial Economics was established
                                                         by the Tepper School, in collaboration with alumni, colleagues, and friends of
                                                         the late Richard C. Green, former Richard M. and Margaret S. Cyert Professor
                                                         and Senior Associate Dean at the Tepper School.

                                                                                                                                                                                                                        hen the COVID-19 pandemic        So says Andrea Shiah (IM 1986, MSIA 1991),       In September, over 40 percent of U.S.
                                                         Class of 1975 Gift Provides Masters Career Center with                                                                                                         hit in spring 2020, the global   head of talent strategy and transformation       workers—twice the 2019 rate—were actively

                                                         Interview Rooms to Enhance Student Experience                                                                                                                  job market grew silent. For
                                                                                                                                                                                                          professionals plotting a move to a new
                                                                                                                                                                                                                                                         at Eightfold AI, who made a big switch herself
                                                                                                                                                                                                                                                         last year after 25 years at American Express.
                                                                                                                                                                                                                                                                                                          searching for a new job or planning to look
                                                                                                                                                                                                                                                                                                          soon, according to a survey report from the
                                                                                                                                                                                                          company, the door slammed shut. For some                                                        Society for Human Resource Management.
                                                                                                                       The Class of 1975 dedicated interview rooms to the Masters Career Center
                                                                                                                                                                                                          Tepper MBA students—those still seeking        To say employers are having a hard
                                                                                                                       (MCC) to provide students with an upgraded virtual experience. The upgraded
                                                                                                                                                                                                          opportunities via the typical “just-in-time”   time filling open positions would be an          Forty-nine percent of U.S. executives said at
                                                                                                                       rooms are being used for virtual interviewing and networking purposes by the
                                                                                                                                                                                                          recruiting cycle—interviews all but stopped.   understatement, she notes. The rate at which     the time that in the last six months, turnover
                                                                                                                       students served by the MCC. Since recruiting has been nearly all virtual since
                                                                                                                                                                                                                                                         jobs are being posted relative to the size of    at their organization was higher or much
                                                                                                                       March 2020, the upgraded technology in the rooms permits a state-of-the-art
                                                                                                                                                                                                          When the market goes cold, people stay         the workforce was 6.6 percent in November        higher than usual. Workers who were most
Tepper School of Business | Carnegie Mellon University

                                                                                                                       experience for students. The trend toward virtual interviews began before
                                                                                                                                                                                                          where they are. The pandemic has caused        2021 for a total of 10.6 million openings,       likely to say they were looking for a new job
                                                                                                                       COVID, and this change is something that the MCC believes is here to stay.
                                                                                                                                                                                                          massive changes in the job market and          according to the Bureau of Labor Statistics.     were Millennial, Gen Z, Black, and Hispanic
                                                                                                                       The interview rooms keep students in a competitive position when recruiting
                                                                                                                                                                                                          the workplace—from how employees are           The number of voluntary resignations—a           workers; those in professional and business
                                                                                                                       virtually alongside other students in programs that have invested in
                                                                                                                                                                                                          recruited to how often they have to work in    good measure of workers’ willingness or          services, technology and administrative
                                                                                                                       upgraded technology.
                                                                                                                                                                                                          the office—giving Tepper alumni caught in      ability to leave jobs—rose to a high of          roles; and those in operations, customer
                                                                                                                                                                                                          the pause of 2020 a chance to reassess what    4.5 million.                                     service, and logistics.
                                                                                                                       The upgraded technology permits a highly improved audio and visual
                                                                                                                                                                                                          they want in a career and an employer.
                                                                                                                       experience, which results in fewer disturbances that can impact a virtual
                                                                                                                                                                                                                                                         The term “Great Reassessment” may be             In addition to better compensation and
                                                                                                                       interview conducted at a student’s home or in a regular meeting room.
                                                                                                                                                                                                          Fast forward to summer 2021, when pent-up      more on point, Shiah says, “because it tells     benefits, the most common reasons for
                                                                                                                       Students also have the ability to virtually whiteboard ideas.
                                                                                                                                                                                                          demand for new hires hit like a tidal wave,    you a little bit more about what’s actually      leaving were career advancement, better
                                                                                                                                                                                                          and job seekers’ phones rang with multiple     happening in people’s minds and in the           work/life balance (excluding remote work, as
                                                                                                                       Originally, the Class of 1975 wanted their 40th Reunion fundraising to directly
                                                                                                                                                                                                          recruiting calls and offers.                   minds of many workers.”                          the option is available to only 47 percent of
                                                                                                                       support students. Their gift would have funded more in-person student

                                                                                                                                                                                                                                                                                                                                                           cmu.edu/tepper
                                                                                                                                                                                                                                                                                                          the workforce, report authors noted), and a
                                                                                                                       events. However, after the pandemic hit and the university went virtual, they
                                                                                                                       became interested in directing their funds to more immediate student needs.       “ THERE ARE PLENTIFUL                           “People are really thinking about their work,”
                                                                                                                                                                                                                                                         she says. “They’re looking at relocating,
                                                                                                                                                                                                                                                                                                          career change prompted by “Covid clarity.”
                                                                                                                                                                                                                                                                                                          “Increased flexibility is now table
                                                                                                                       This pivot led to the creation of the MCC interview rooms. The effort for the      JOBS AVAILABLE. IT’S A
                                                                                                                                                                                                                                                   ”
                                                                                                                                                                                                                                                         working remotely, having more time to spend      stakes. Coming out of COVID, it is just an
                                                                                                                       Class Gift was headed by committee members Marc Allinson, Mac Chiulli,             WORKER’S ECONOMY.                              with their family, more flexibility, and even    expectation. But that alone is not enough
                                                                                                                       Marc Onetto, Steve Rothman, Hemant Sanghvi, and John Schiller.
                                                                                                                                                                                                                                                         more meaningful career paths.”

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THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
BEFORE THE GRE AT RESIGN ATION, THERE WA S THE GRE AT FREE ZE
                                                                                                                                                                                                                                                                                                                             TRENDING TOPICS
                                                          because everyone is offering it,” says         accuracy the likelihood that someone can            “And don’t be afraid to dust off and shine up       In early 2020, such a demand would have           environment, he adds. While MBA recruiting      FEATURED IN THIS STORY
                                                          Julie Murphy (MSIA 1991), Vice President       learn other skills. It’s another way to broaden     that prebreak experience,” she adds. “It may        seemed impossible. Recruiting at the Tepper       was trending toward virtual before 2020, it
                                                          and Chief Human Resources Officer at ANSYS     the pool of potential candidates—giving job         have been 10, 15 years ago, but there are           School and peer institutions was slow.            exploded during the shutdown. “The trend
                                                          Inc. In the software company’s most recent     seekers who want to leap to another industry        some great skill adjacencies in there relevant      Fortunately, most students had secured            across all industries is to embrace the
                                                          exit survey, high-value employees heading      more opportunities.                                 to today’s job market needs.”                       full-time jobs or summer internships before       virtual recruiting landscape, and we’re                         ANDREA SHIAH
                                                          for the door said what mattered most was                                                                                                               the shutdown, but those students who were         seeing some benefits.”                                          (IM 1986, MSIA 1991)
                                                          building a career path and compensation.       Many candidates, particularly in high-tech          Some companies have set up special                  still seeking were digging deep, learning                                                                         Head of Talent Strategy
                                                                                                         areas, are receiving multiple attractive offers.    programs to reach this segment, Shiah says.         how to learn in a new way—all while               One of the biggest benefits: Recruiters                         and Transformation,
                                                          “That goes against conventional wisdom,        To help you decide, return to the basics,                                                               nervously preparing for what looked like                                                                          Eightfold
                                                                                                                                                            “ COMPANIES
                                                                                                                                                                                                                                                                   accustomed to conducting in-person
                                                          especially for those of us in HR. We always    Murphy says: What will you be doing every                                                               a bleak job market.                               interviews at only a handful of schools
                                                          say it’s never about compensation; it’s        day? What kind of work lights you up?
                                                                                                                                                             UNDERSTAND THE                                                                                        have had more time to meet virtually with
                                                          always something more. Well, in the software                                                                                                           “I’ve been in career services during two                                                                          JULIE MURPHY
                                                          industry, where equity ownership tends         “Really go back to where your passion is,
                                                                                                                                                             POWER AND VALUE OF                                  major recessions and as a working adult for
                                                                                                                                                                                                                                                                   candidates at more schools. It has leveled
                                                                                                                                                                                                                                                                                                                                   (MSIA 1991)
                                                                                                                                                                                                                                                                   the playing field, with more emphasis on
                                                          to run pretty deep, wealth creation and        what gives you energy, because that’s where         THESE RETURN-TO-                                    three. This was really unlike anything I’ve       individual talent and less on the school on a                   Vice President and Chief
                                                          compensation are key drivers for retention.
                                                          We’re looking very creatively at how we
                                                                                                         you’re going to be happiest,” she says.             WORK EMPLOYEES.                         ”           experienced in the past,” Rakas says.             student’s resume.                                               Human Resources Officer,
                                                                                                                                                                                                                                                                                                                                   ANSYS Inc.
                                                          extend equity. It drives a deep sense          “When you’re passionate about something, it         The pandemic brought some new twists to             But this time the chances of landing a plum       Rakas and his peers at other business
                                                          of ownership.”                                 tends to be an area you’re strong in, and that      the networking and interviewing process             flexible work arrangement are indeed              schools expect big, popular companies to
                                                                                                         helps you be successful and happy,”                 that everyone—from workforce returners              very good. Despite persistent economic            remain largely remote, while companies                EMPLOYMENT REPORT
                                                          Another big reason people are moving to        Shiah adds.                                         to careerists—is adjusting to. Some clients         disruptions, the demand for workers never         that benefit from the in-person marketing             CLASS OF 2021
                                                          new jobs is to deepen their experience,                                                            are networking over Zoom instead of in-             really went away and is more robust than          opportunity, such as regional and midsize

                                                                                                                                                                                                                                                                                                                     96%
                                                          Shiah adds.                                    For people seeking to re-enter the workforce        person coffee. They’re making more use of           ever, making all sorts of things possible. The    firms, will eventually return to recruit                Nearly 96 percent of
                                                                                                         after time away, such as stay-at-home moms,         LinkedIn to deepen connections. And they’re         Tepper employment report for the Class of         on campus.                                              graduates had received offers
                                                          Her company’s customers use Eightfold’s        it’s never been a better time, Murphy notes.        perfecting their Zoom presence for remote           2021 shows the highest employment rate
                                                          AI technology to predict with 95 percent                                                           interviews, dressing as if meeting in person        since before the Great Recession: Nearly 96       “Companies are using this period in time to

                                                         “ PEOPLE ARE MAKING
                                                          CHANGES BECAUSE
                                                                                                         “Own it, put it out there, don’t hide it. You
                                                                                                         took time off to manage other important
                                                                                                         projects in your life,” she points out.
                                                                                                         “Tell recruiters about the problems you
                                                                                                                                                             and limiting background distractions as
                                                                                                                                                             much as possible. If the dog starts barking
                                                                                                                                                             in the next room, they’re learning to take it
                                                                                                                                                             in stride. For most of us, it is just part of the
                                                                                                                                                                                                                 percent of graduates had received offers,
                                                                                                                                                                                                                 and 95 percent had accepted. (Four to five
                                                                                                                                                                                                                 percent less still would be considered a
                                                                                                                                                                                                                 successful year, Rakas says.) Average salaries
                                                                                                                                                                                                                                                                   explore ways to cast a broader net and move
                                                                                                                                                                                                                                                                   away from traditional recruiting models,”
                                                                                                                                                                                                                                                                   Rakas says.
                                                                                                                                                                                                                                                                                                                     95%   95 percent had accepted

                                                          THEY REALLY WANT
                                                                                                                                                                                                                                                                  “ THIS PERIOD
                                                                                                                                                                                                                                                                                                                     $10,000
                                                                                                                                                                                                                                                                                                                                 Average salaries
                                                                                                         solved, such as organizing an initiative            new work reality.                                   rose $10,000 from before the pandemic, and
                                                          TO CONTINUE TO                                 that addressed a specific need in your                                                                  graduates were earning an average $135,000
                                                                                                                                                                                                                                                                                                                                 rose $10,000 from
                                                                                                                                                                                                                                                                   IS GOING TO                                                   before the pandemic
                                                          DEVELOP THEIR SKILLS                           community. You may not have gotten paid for         MBA students in the hunt for a job are              across all industries.
                                                                                                                                                                                                                                                                   BE PIVOTAL IN
                                                          AND THEIR CAREERS.                     ”       them, but you got terrific results.                 also seeking work-life balance, says

                                                                                                                                                                                                                                                                                                                     $135,000
                                                                                                                                                             Stephen Rakas, executive director of the            “This is evidence that the job market is          WHAT GRADUATE                                                    Graduates were
                                                                                                                                                                                                                                                                                                                                    earning an average
                                                                                                                                                             Masters Career Center. He calls it a striking       strong, and the need for talent is strong. As     BUSINESS SCHOOL
                                                                                                                                                             new trend: Many students are earnestly              we’re working with changing dynamics, it’s                                                                         $135,000 across
                                                                                                                                                                                                                                                                   RECRUITING IS                                                    all industries
                                                                                                                                                             seeking companies that offer flexible,              really encouraging to see how successful our
                                                                                                                                                             remote, or hybrid options.                          students are being in the job market,”            GOING TO LOOK
                                                                                                                                                                                                                                                                   LIKE.     ”
Tepper School of Business | Carnegie Mellon University

                                                                                                                                                                                                                 he says.
                                                                                                                                                             “That mindset, to have to start a career at
                                                                                                                                                             corporate headquarters, is changing,”               It’s also evidence that companies,
                                                                                                                                                             he says.                                            schools, and students have
                                                                                                                                                                                                                 adjusted to a virtual recruiting
                                                                                                                                                             Rakas concedes that younger workers,
                                                                                                                                                             especially those who worked closely in an
                                                                                                                                                             MBA cohort, often want the camaraderie
                                                                                                                                                             and networking advantage of an office.
                                                                                                                                                             “Working together on a project and then
                                                                                                                                                             hanging out afterwards, or meeting in the
                                                                                                                                                             hallway—this is how you make friends and
                                                                                                                                                             network in an MBA program,” Rakas says.

                                                                                                                                                                                                                                                                                                                                                              cmu.edu/tepper
                                                                                                                                                             “But I’m really intrigued with the balance
                                                                                                                                                             between the greater desire for flexibility and
                                                                                                                                                             work-life balance while still growing a career
                                                                                                                                                             as a young professional. We’ll see how that
                                                                                                                                                             unfolds in the next few years.”

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THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
BY SEB MUR R AY

                                                         A BOLD NEW VISION FOR
                                                            B U S I N E S S E D U C AT I O N
Tepper School of Business | Carnegie Mellon University

                                                                                ever before has the business world seen change at
                                                                                such a rapid pace, thanks to the latest developments
                                                                                in technology, digital tools, and the global disruption
                                                                      caused by COVID-19. This “new normal” is forcing business schools
                                                                      to respond with structural changes that will play an important role in
                                                                      shaping the business leaders of the future—a future that continues
                                                                      to be informed by vast quantities of data and new technology. One
                                                                      that calls for human judgement, intelligence, and leaders who ensure
                                                                      diversity, equity, and inclusion are foundational considerations in
                                                                      everyday decision-making.

                                                                                                                                                   cmu.edu/tepper
                                                                      As business is redefined, business schools are charged with instilling
                                                                      the next generation of leaders with the right balance of analytical
                                                                      skills to manage copious amounts of data, and human skills—such as
                                                                      intelligence and empathy—to embrace challenges, assess risk, and
                                                                      make more prudent decisions.

10                                                                                                                                                 11
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
THE INTELLIGENT FUTURE

                                                                                                                                                                                                    The Intelligent Future is underpinned           Carnegie Mellon that are truly ground-         Ravi highlights the potential for
                                                                                                                                                                                                    by the Tepper School’s rich history of          breaking—departments that are                  interdisciplinary perspectives to catalyze
                                                                                                                                                                                                    delivering interdisciplinary education.         advancing fields like machine learning,        innovation, noting that the Tepper
                                                                                                                                                                                                    Founded in 1949 by William Larimer              robotics, statistics, decision-making, and     School is deeply intertwined with centers
                                                                                                                                                                                                    Mellon as the Graduate School of                the performing arts,” said R. Ravi, the        of entrepreneurship, incubators, and
                                                                                                                                                                                                    Industrial Administration, connections          Andris A. Zoltners Professor of Business,      accelerators at Carnegie Mellon.
                                                                                                                                                                                                    across the Carnegie Mellon University           Professor of Operations Research and
                                                                                                                                                                                                    campus are imbued in the culture of             Computer Science, and Director of              Throughout the Tepper School’s 72-year
                                                                                                                                                                                                    the institution.                                Analytics Strategy. “This is a huge draw for   history, it has not only kept pace with

                                                                                                                                                                                                                                                    “
                                                                                                                                                                                                                                                    students, professors, and researchers.”        business practice, but also charged ahead
                                                                                                                                                                                                    Partnerships among Tepper School                                                               of the curve with a rigorous approach to
                                                                                                                                                                                                    students, professors, and cross-campus                                                         leadership and analytics.
                                                                                                                                                                                                    researchers in the fields of engineering,
                                                                                                                                                                                                    robotics, biotechnology, and life sciences                                                     In fact, the school pioneered management
                                                                                                                                                                                                    would be considered unconventional at                                                          science, which at the time was a new
                                                         T HE T EPPER SCHOOL OF BUSINE S S IS MOV ING TOWA R D T HIS MOR E IN T ELLIGEN T F U T UR E                                                                                                   THE BUSINESS SCHOOL
                                                         W I T H A F O R W A R D -T H I N K I N G B R A N D I N G I N I T I AT I V E T H AT S E E K S T O P R O M O T E A N E T H I C A L ,         other schools, yet they are ubiquitous at                                                      approach to decision-making. Powered
                                                                                                                                                                                                                                                       ITSELF HA S A STRONG
                                                         D I V E R S E , A N D D I S R U P T I V E N E W M O D E L F O R M A N A G E M E N T E D U C AT I O N .                                     the Tepper School.                                                                             by analytics, the Tepper School integrated
                                                                                                                                                                                                                                                       ENTREPRENEURIAL                             scientific methods into complex problem-
                                                                                                                                                                                                    Interdisciplinary initiatives that unite           S P I R I T, A N D A                        solving. It combined Carnegie Mellon’s
                                                         T H E I N I T I AT I V E — C A L L E D T H E I N T E L L I G E N T F U T U R E — U N D E R P I N S C R E AT I V E
                                                         C O L L A B O R AT I O N , P E R S O N A L L E A D E R S H I P D E V E L O P M E N T, A N D T H E T E P P E R S C H O O L’ S               the Carnegie Mellon community in a                 WILLINGNESS TO                              strengths in business management,
                                                         L EG AC Y OF COMBINING SCIEN T IF IC ME T HODS W I T H HUM A N IN T EL L IGENCE.                                                           spirit of innovation are advancing our             EMBR ACE DISRUPTION                         computer modeling, organizational
                                                                                                                                                                                                    understanding of important topics that             AND DESIGN BOLD                             behavior, and economic theory.
                                                                                                                                                                                                    shape business and society—initiatives             SOLUTIONS FOR THE
                                                                                                     The branding has been a year in                 The new Intelligent Future branding            that cover blockchain, health care,                FUTURE OF BUSINESS                          “In the 1950s the trend was to teach
                                                                                                     development and is the result of deep           heralds big changes to the portfolio of        sustainability, and inclusive growth                                                           business using war stories which were
                                                                                                                                                                                                                                                       A N D E D U C AT I O N .
                                                                                                     engagement with the Tepper School’s             degree programs at the Tepper School,          and prosperity.                                                                                converted into case studies,” said Ravi.
                                                                                                     faculty, staff, students, and alumni.           including the MBA curriculum and
                                                                                                     What started as a new brand positioning         methods of delivery. Bajeux joined the         Tying these different disciplines together is                                                  “Our school took a different approach: It is
                                                                                                                                                                                                                                                                     R. Ravi
                                                                                                     evolved into a strategic anthem for             school during the coronavirus pandemic         the David A. Tepper Quadrangle—home of                                                         known as the birthplace of management
                                                                                                                                                                                                                                                                     Andris A. Zoltners
                                                                                                     the school, amplified by Dean                   and presided over a shift to online            the 315,000-square-foot Tepper Business                                                        science. And now, the model we created is
                                                                                                                                                                                                                                                                     Professor of Business,
                                                                                                     Isabelle Bajeux-Besnainou, who joined           learning and communication, which she          School building—which links students to                                                        deployed in curricula all over the world.”
                                                                                                                                                                                                                                                                     Professor of Operations
                                                                                                     the school in October 2020 from the             believes will hold firm in the future of       the other six Carnegie Mellon colleges,                          Research and Computer
                                                                                                     Desautels Faculty of Management at              management education.                          such as the College of Engineering and the                                                     If case studies are like looking in the rear-
                                                                                                                                                                                                                                                                     Science, Director of

                                                                            “
                                                                                                     McGill University.                                                                             School of Computer Science.                                                                    view mirror, management science is about
                                                                                                                                                                                                                                                                     Analytics Strategy
                                                                                                                                                     “It’s no longer going to be an all in-person
                                                                                                     “The business world is changing at an           experience; it will be about finding the
Tepper School of Business | Carnegie Mellon University

                                                                                                                                                                                                    It is the physical embodiment of the
                                                                                                     incredible pace,” she said.                     right blend between online and in-person       Tepper School’s vision for business
                                                                                                                                                     —a hybrid model,” Bajeux said, noting the      education that connects teaching,
                                                                                                                                                     school has a head start with its Part-Time     learning, and innovation. Business
                                                                            AC ADEMIA , BY CONS TRUC TION, IS MORE                                   Online Hybrid MBA, currently ranked the        students study side-by-side with
                                                                            O F A S L O W M O V E R B E C A U S E I T I S B U I LT O N               top online MBA programs by U.S. News           engineers, computer scientists,
                                                                            SHARED GOVERNANCE AND PROCESSES TO                                       and World Report.                              roboticists, actors, visual artists,
                                                                            M A K E S U R E T H AT W H AT W E ’ R E D O I N G I S                                                                   and students from other fields. This
                                                                            W E L L T H O U G H T O U T. W E N E E D T O F I N D A                   Another big change in store is the school’s    collaboration promotes knowledge
                                                                            W AY F O R B U S I N E S S S C H O O L S T O B E M O R E                 increasing emphasis on experiential, or        discovery, a diversity of perspectives,
                                                                            RESPONSIVE TO BUSINESS CHANGES. WE                                       practical, learning.                           and enriches learning through group
                                                                            CAN BE A LOT MORE AGILE.                                                                                                discussion and joint innovation.

                                                                                                                                                                                                                                                                                                                                                   cmu.edu/tepper
                                                                                                                                                     “We want to partner more with the
                                                                                                                                                     corporate world, and for students to solve     “One of the most exciting aspects of
                                                                                                     Isabelle Bajeux-Besnainou                       current business problems,” the Dean           The Intelligent Future is the ability to
                                                                                                     Dean, Tepper School of Business                 said. “We will be developing more of           more deeply engage with other parts of
                                                                                                                                                     those experiences.”

12                                                                                                                                                                                                                                                                                                                                                 13
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
“
                                                         A B O L D N E W V I S I O N F O R B U S I N E S S E D U C AT I O N

                                                         thinking ahead. It enables students to                                                                         In their paper, the researchers highlighted
                                                         forecast, predict, and model answers to                                                                        when the use of an algorithm applied for
                                                         business problems.                                                                                             recidivism prediction was biased against
                                                                                                                                                                        African Americans, incorrectly suggesting
                                                         This analytical toolkit has never looked                                                                       they were at higher risk of reoffending than
                                                                                                                              THE INTELLIGENT
                                                         more relevant than it does today.                                                                              white defendants.
                                                                                                                              FUTURE IS NOT
                                                         Business leaders of the future will need
                                                         these tools for economic understanding,
                                                                                                                              ABOUT ADOPTING                            “This example underscores a limitation of
                                                         optimization, and predictive and                                     O N E I N N O VAT I O N                   relying solely on data and highlights the
                                                         prescriptive modeling to respond to                                  A N D S TAY I N G                         need for a human lens and accountability
                                                         increasingly uncertain and complex                                   S T A G N A N T; I T ’ S T H E            to eliminate already stark inequalities in
                                                         business challenges.                                                 A B I L I T Y T O TA K E I N              society,” said Justin Kaufman (MBA 2004),
                                                                                                                              N E W I N F O R M AT I O N ,              who serves on the Tepper School
                                                         Thanks to rapid advances in digital                                  A N A LY Z E T H A T D A T A ,            Alumni Board.
                                                         technologies, organizations are                                      A N D U N D E R S TA N D
                                                         capturing, storing, and managing vast                                H O W T O R A P I D LY                    “When it comes to technology and data,
                                                         reams of data from a wide array of                                   A N D C O N T I N U O U S LY              a human-led, tech-enabled approach is
                                                         internal and external sources—now                                                                              advantageous,” said Kaufman, Pittsburgh
                                                                                                                              A D J U S T CO U R S E T H AT
                                                         measured in zettabytes. This gives                                                                             Office Managing Partner, PwC.
                                                                                                                              C O U N T S I N T O D AY ’ S
                                                         businesses far easier access to a rich
                                                                                                                              I N C R E A S I N G LY
                                                         set of valuable information about their                                                                        The Tepper School’s new approach is
                                                         customers, suppliers, and rivals than
                                                                                                                              D I G I T A L E C O N O M Y.              fueled by data, powered by technology,
                                                         they ever had before.                                                                                          and reimagined by human intelligence.
                                                                                                                                                                        By equipping future leaders with these
                                                         The challenge facing company                                                                                   abilities, the Tepper School can empower
                                                         executives is how to turn that data into                                         Cindy Padnos (MSIA 1980)      them to not just respond to—but shape—
                                                         meaningful and actionable insights.                                              Tepper School of Business     the rapidly changing business landscape

                                                                                                                                                                        “
                                                         This process relies on understanding                                             Business Board of Advisors    and lead what will be the intelligent future.
                                                         and channeling the most valuable
                                                         information from a sea of data, as
                                                         well as strong data management and                                   “Business leaders must also have
                                                         governance to control risk and                                       the skills to assess the quality of the
                                                         meet regulation.                                                     data they receive, and then work with
                                                                                                                                                                           BUSINESS LEADERS
                                                                                                                              people to implement change,” said
                                                                                                                              Cindy Padnos, Founder and Managing
                                                                                                                                                                           WHO ARE BUILDING A
                                                         Many businesses face a yawning gap
                                                                                                                                                                           C U LT U R E O F B E L O N G I N G
Tepper School of Business | Carnegie Mellon University

                                                         between the demand for the right mix                                 Director of Illuminate Ventures, a
                                                         of skills to turn data into value, and                               venture capital firm. “That human            AND WHO ARE ALL IN
                                                         their actual capabilities. The dearth of                             aspect is equally important—the              O N D I V E R S I T Y, E Q U I T Y,
                                                         talent underscores the role of human                                 judgement and intuition and ability to       AND INCLUSION, WILL
                                                         judgement in the process of converting                               collaborate and lead people into an          I N H E R E N T LY B E B E T T E R
                                                         data into actionable insights, and then                              uncertain future.”                           P O S I T I O N E D T O U S E DATA
                                                         using the insights to drive                                                                                       I N A W AY T H AT W I L L
                                                         business results.                                                    Padnos highlights the risk of human          HELP BUILD TRUST WITH
                                                                                                                              bias being translated into algorithms.
                                                                                                                                                                           T H E I R S TA K E H O L D E R S A N D
                                                         The Intelligent Future takes a human-                                A recent study by several academics at
                                                                                                                                                                           DELIVER RESPONSIBLE,
                                                         centered approach to management                                      Carnegie Mellon found that although
                                                                                                                                                                           S U S TA I N E D O U T CO M E S .
                                                         education, imbuing business students                                 artificial intelligence and machine

                                                                                                                                                                                                                        cmu.edu/tepper
                                                         with the ability to analyze data,                                    learning are widely used throughout
                                                         while also imparting behavioral skills                               the global economy, algorithmic bias
                                                         that focus on creativity, emotional                                  can have far-reaching consequences                        Justin Kaufman (MBA 2004)
                                                         intelligence, and empathy. It’s a powerful                           for employment, education, access to                      Tepper School of Business
                                                         combination of analytics and leadership.                             credit, and more.                                         Alumni Board

14                                                                                                                                                                                                                      15
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
GOOD A DV ICE // C Y RUS FREIDHEIM (MSI A 19 6 3)                                                          BY TRICIA MILLER KLAPHEKE

ADVICE
                                                                                                             Cyrus Freidheim (MSIA 1963)
                                                                                                             was in the room when the U.S.
                                                                                                             government decided to bail out
                                                                                                             Chrysler in 1979. He was in the room
                                                                                                             to chart the future of Booz Allen
                                                                                                             Hamilton and other corporations
                                                                                                             across the world, as well as cities
GOOD                                                                                                         like Chicago and organizations
                                                                                                             like the Brookings Institution, the
                                                                                                             Thunderbird Graduate School of
                                                                                                             International Business, and the
                                                                                                             Chicago Symphony Orchestra.
                                                                                                             The room was the inner sanctum
                                                                                                             where key decisions were made by
                                                                                                             the board, the executive committee,
                                                                                                             and the CEO’s trusted inner circle.

                                                                                                             Freidheim recounted lessons from his storied 55-
                                                                                                             year career as a management consultant, CEO, and
                                                                                                             board member in his new professional memoir,
                                                                                                             “Commit & Deliver: On the Frontlines of Management
                                                                                                             Consulting,” published in October 2021.

                                                                                                             A DIVERSE CAREER
                                                                                                             Early in his life, Freidheim realized that he always
Tepper School of Business | Carnegie Mellon University

                                                                                                             wanted to be in on the important decisions. He
                                                                                                             constructed an imaginary ladder which would get him
                                                                                                             to that goal: to build the foundation and obtain the
                                                                                                             experience and skills necessary. In his new book he
                                                                                                             describes how the process played out for him.

                                                                                                             Freidheim grew up in Chicago and studied chemical
                                                                                                             engineering at the University of Notre Dame before
                                                                                                             serving four years in the U.S. Navy. He needed
                                                                                                             a broad foundation so he pursued a liberal arts
                                                                                                             education. At the Naval Language School he became a

                                                                                                                                                                                                cmu.edu/tepper
                                                                                                             Russian interpreter. His formal education culminated
                                                                                                             with a graduate degree from the Carnegie Institute
                                                                                                             of Technology’s Graduate School of Industrial
                                                                                                             Administration (now Carnegie Mellon University’s
                                                                                                             Tepper School of Business).

16                                                                                                                                                                                              17
THE POWER OF DATA REIMAGINED BY HUMANS - SPRING 2022 - Carnegie Mellon University
GOOD ADVICE                                                                                                                                                                                                                                          C YRUS FREIDHEIM (MSIA 19 63)

                                                         Freidheim claims three careers over his       Sick, a GSIA grad who became an              Chrysler. Freidheim followed, outlining the    CEO AND BOARD MEMBER                           the Chicago Sun-Times and community           “Commit & Deliver” and “Notes From
                                                         lifetime. “The common denominators and        important mentor and friend. After three     gravity of Chrysler’s condition but offering   Freidheim began serving on a number            newspapers. The newspaper industry            Grampa” were only part of his growing
                                                         core of my careers have been problem-         years at Ford—a masterclass in financial     some hope.                                     of not-for-profit and a few corporate          was in a tailspin as the internet was         career as a writer sharing the wisdom
                                                         solving and service. By service, I mean       planning and analysis—came Booz Allen.                                                      boards while still working with Booz Allen.    taking over its role as a primary source      learned over his long career in business.
                                                         helping others to bring out the best in                                                    “I said there was a solution, but it was       These boards gave him an extraordinary         of news. This crisis was accompanied by       In 2000 he published “The Trillion-Dollar
                                                         themselves and their organizations,” he       MANAGEMENT CONSULTING                        draconian,” he wrote in the book. “I           network of top executives, many of whom        the 2008–09 financial meltdown. Because       Enterprise: How the Alliance Revolution
                                                         said recently. “A key to any success that     “While I loved my time at Ford, it would     explained the recommendations we made          became Booz Allen clients. They also           of his experience with turnarounds, the       Will Transform Global Business,” and next
                                                         I had was marrying the right partner,         take years to get to the inner circle, and   to the management team and added that          gave him opportunities to give back to his     board asked Freidheim to take on the Sun-     year he plans to publish his first novel,
                                                         my wife Mitzi. She made every move an         it was far from certain. Consulting and      implementation would be difficult, and the     community, reflecting his conviction that      Times as CEO and publisher. He led the        “The Star of Africa: From Dictatorship to
                                                         exciting new adventure for the family and     Booz Allen provided a unique opportunity     risk of failure was high.”                     everyone is obligated to contribute their      restructuring and outsourced distribution     Democracy.” Like “Commit & Deliver,” the
                                                         raised three almost perfect children.”        to become involved in major corporate                                                       skills to improving society. Eventually, he    and printing to its arch competitor, the      new book will have an important purpose:
                                                                                                       decisions almost immediately.” In his book   Ultimately, Freidheim and Booz Allen           served on fifteen corporate boards and         Chicago Tribune. Nevertheless, the decline    to demonstrate how the human spirit can
                                                         While he was in the Navy, Freidheim met       he describes what a consultant does,         worked with Chrysler and CEO Lee Iacocca       over twenty not-for-profit boards, five        in the industry erased any gains. Like        lift a struggling nation.
                                                         Robert Trueblood, a senior partner of         and how they must perform, with case         for the next two years to get congressional    as chair.                                      many newspaper companies, Sun-Times
                                                         Touche Ross (a predecessor of Deloitte &      examples. He worked with CEOs from           approval of a $1.5 billion loan guarantee                                                     Media Group declared bankruptcy but sold
                                                         Touche) and visiting professor at Carnegie    day one.                                     and to execute their plan under close          Upon retirement from Booz Allen in 2002,       its newspapers, so the Sun-Times remains
                                                         Tech’s GSIA, on the first tee of the Monte                                                 scrutiny from the government, the              Freidheim was elected CEO of Chiquita          a vibrant voice in Chicago.
                                                         Carlo Country Club. During a round of         Booz Allen took Freidheim and his family     media, and the public. Chrysler repaid         Brands International as it was coming
                                                         golf and lunch, Trueblood described his       from Chicago to São Paulo, Paris, New        100 percent of its guaranteed loans with       out of bankruptcy and needed a fresh           AUTHOR
                                                         firm’s move into management consulting        York, and back to Chicago. He worked         interest seven years ahead of schedule,        approach. The transition from consultant       As Freidheim approached 80, his
                                                         and explained what GSIA was doing to          with close to 100 CEOs in 20 countries       and the government made $300 million           to CEO proved easy for Freidheim, though       children told him that his nine young
                                                         prepare the new generation of corporate       on a wide range of problems and retired      on Chrysler warrants attached to               dealing with shareholders presented            grandchildren wouldn’t get to know
                                                         leaders. He described Carnegie Tech as the    35 years later as vice chairman of the       the guarantees.                                interesting challenges. For example,           him, so he wrote “Notes From Grampa:
                                                         tip of the spear in research and teaching     firm. He experienced and wrestled with                                                      certain shareholders demanded a stock          Preparing for Your Tomorrows.” His goal
                                                         where the business world was going with       different cultural and economic systems,     “The Chrysler experience in 1979–81            buyback and sold their stock when              was to pour everything he could into
                                                         computers, information technology, and        the technology revolution that Trueblood     was for me a stellar example of what a         Freidheim refused, driving the stock down      the minds of the most important clients
                                                         analytics. To be part of the inner circle,    and Carnegie predicted, the globalization    management consultant actually does,”          from $16 to $8 per share. Freidheim held       in his life to give them the benefit of his
                                                         Freidheim realized he needed to bring         of everything, and corporate transitions     he wrote. “Business at the top level is as     his ground and restructured the company.       experience and mistakes.
                                                         something special. Trueblood was so           for both successful and failing companies.   compelling, challenging, and satisfying a      Chiquita sold off a third of its revenues,
                                                         compelling that Freidheim turned down         His job was to advise companies and their    career as there can be.”                       gave its plantation in Panama to its           Freidheim realized a much broader
                                                         Harvard Business School to go to              CEOs on how to improve their businesses.                                                    employees with the help of the president       audience could benefit from those
                                                         Carnegie Tech.                                                                             He loved the auto industry, and many           of Panama, cut costs by $100 million, and      lessons. “I no longer have clients, but
                                                                                                       Chrysler was a good example. The             of the clients he worked with were car         entered two new, fast-growing businesses.      I do have an opportunity to adopt
                                                                                                       secretary of the Treasury had called         companies grappling with evolving              Debt was cut in half. The stock rose to $30.   grandchildren who have no grandfathers
                                                         AT CARNEGIE, I WAS                            Freidheim’s boss at Booz Allen Hamilton,     technologies and markets. He also found                                                       to guide them. Thus, “Commit & Deliver”
                                                         BLESSED WITH TWO
Tepper School of Business | Carnegie Mellon University

                                                                                                       CEO Jim Farley, to ask him to assess         that the auto companies were leaders in        A year after retiring again, Freidheim         is intended to be a mentor in book
                                                         MENTORS AND A                                 whether a large cash infusion from the       manufacturing, product development, and        joined the board of Hollinger International,   form,” he explained.
                                                                                                       government would enable Chrysler             financial planning, and provided him with
                                                         DOZEN OUTSTANDING                                                                                                                         which was then the holding company for
                                                                                                       to survive as the car company neared         a laboratory of best practices.
                                                         PROFESSORS .                                  bankruptcy. Farley chose Freidheim to lead
                                                                                                       the team.                                    In all but a few cases, his clients acted
                                                         Freidheim recalls, “Hal Leavitt, a                                                         on his recommendations, and he had
                                                                                                                                                                                                   MORE ADVICE from “COMMIT & DELIVER”
                                                         management psychologist, opened my            Four weeks after the Treasury called,        the satisfaction of seeing Booz Allen’s
                                                         mind to management consulting. He             Freidheim, Farley, and three other           positive impact on many companies
                                                         thought Booz Allen Hamilton would be a        partners met with the secretary, his team,   and countries. “Our gospel that ‘good                                                                    Surround yourself with
                                                                                                                                                                                                                 In life, you are your                                                                   Do what you love,
                                                         good fit for me—a sink-or-swim culture        and the Chrysler board at the Department     management enables prosperity’ was                                                                       top talent. The team with
                                                                                                                                                                                                                 most important project.                                                                 love what you do.
                                                         and a hard analytical edge. Leland Hazard     of the Treasury in Washington, D.C. Booz     proven almost everywhere we worked,”                                                                     the best players and coaches

                                                                                                                                                                                                                                                                                                                                              cmu.edu/tepper
                                                         taught me to think about the role of          Allen’s plan required deep cuts and          he wrote. “While the U.S. certainly did not                                                              almost always wins.
                                                         business in society and planted the seed      restructuring at Chrysler and did not        have all the secrets to effective corporate                  Understanding is crucial                                                                Treat everyone with

                                                         that service was crucial to a leader’s        have the support of management. The          management, U.S. management consulting                       for a consultant and                                                                    respect, but choose
                                                                                                                                                                                                                                                             Sometimes the best deal
                                                         success.” They also demonstrated the          CEO of Salomon Brothers, Chrysler’s          firms did spread the gospel and practice of                  essential to mutual trust                                                               your friends and
                                                                                                                                                                                                                                                             is the one left undone.
                                                         value of mentors. Freidheim’s first job was   investment banker, led by stating that the   good management principles throughout                        with a client.                                                                          associates carefully.

                                                         with Ford Motor Company working for Bill      government’s money would be wasted on        the world.”
18                                                                                                                                                                                                                                                                                                                                            19
READ MORE
                                                                                                                                                                                                                                                                                                           @TEPPER

                                                         enterprising leaders
                                                                                                                                                                                                                                                                                                            D I G I TA L
                                                                                                                                                                                           A L U M N I S TA R T U P S // B E G I N N I N G S A N D B A C K S T O R I E S                                  MAGA ZINE

                                                         H. JACOB HANCHAR              (MBA 2013)                        JODY MADALA            (MBA 2021)                                 CHRIS BELL         (MBA 2009)                                          BARATH SHANKAR SUBRAMANIAN (MBA 2011)
                                                         CEO, DIGITAL DREAM LABS                                         CEO AND CO-FOUNDER, CULTURORA                                     CEO, PERCH                                                             PARTNER, ACCEL

                                                         Jacob Hanchar (MBA 2013) knows that starting a new              Jody Madala (MBA 2021) is a recent Tepper School                  Chris Bell (MBA 2009) and his company, Perch, are devoted              Barath Shankar Subramanian (MBA 2011) has faced his
                                                         business is no easy feat. Overcoming challenges from the        graduate who wasted no time in launching her company,             to acquiring great brands, improving them, and putting them            share of challenges and setbacks during his entrepreneurial
                                                         pandemic, Hanchar’s company, Digital Dream Labs, has            Culturora—right in the middle of a pandemic. But for              on the map. Using a self-built technology platform, Bell helps         adventures. Inspired by Professor Sridhar Tayur, Subramanian
                                                         continued to grow. Being an entrepreneur is not for the faint   Jody, the timing could not be better. The pandemic has            build and scale micro-brands, making them available across             took the path less traveled and began to explore non-
                                                         of heart, and Hanchar attributes his success to the people      drastically changed how we work, and employees now face           the globe. With the pandemic forcing many brick and mortar             traditional career options. Returning to India to join Accel
                                                         around him. He explained his company’s mission, the             challenges previously unimagined. Culturora facilitates work      stores to close or limit hours, Perch and Bell were in the             was no easy decision but one that has greatly paid off. Barath
                                                         support he had on his way to launch, and what he hopes          connections to help employees fight isolation, burnout,           perfect position to provide retail on an online platform. Chris        explained the successes he found along the way, how he
                                                         to achieve next. ―                                              and disengagement. Culturora is invaluable to human               recently let us know what it took to get Perch launched, how           ended up as a Partner at Accel, and what he hopes to
                                                                                                                         resources personnel who are extremely concerned about             he has taken advantage of changing retail trends, and where            achieve next. ―
                                                         Q What is your elevator pitch?                                  high burnout and low retention, and desire to create a            he hopes to take Perch next. ―
                                                                                                                         supportive and interpersonal environment for employees                                                                                   Q What is your elevator pitch?
                                                         My elevator pitch for Digital Dream Labs is ever evolving
                                                                                                                         during remote and hybrid work. ―                                  Q What is your elevator pitch?
                                                         depending on the market or our circumstances; however, the                                                                                                                                               I’m very excited to partner and work with founders who are
                                                         key points that have been immutable for several years are:                                                                        Perch acquires great brands and we make them better. Perch             exploring technology ideas from a very early stage and work
                                                                                                                         Q What is your elevator pitch?
                                                                                                                                                                                           is building the next-generation consumer products company,             with them on building out exciting companies.
                                                         1. That we are an “edtechtainment” company that leads with      Culturora is a Human Resources tech company. Our                  building a technology platform that enables us to build and
                                                           fun and teaches inadvertently.                                connection engine and user experience help employees              scale the micro-brands that consumers love and scale them              Q Why CMU?
                                                                                                                         fight isolation and burnout and proactively build a strong        across channels and geographies.
                                                                                                                                                                                                                                                                  I visited several campuses before deciding on CMU—the
                                                         2. We are poised to be the most influential makers of robot     sense of belonging to their company. HR departments
Tepper School of Business | Carnegie Mellon University

                                                                                                                                                                                                                                                                  things that stood out to me where the collaborative attitude
                                                           companions that not only teach coding and robotics but        care because the pandemic has shifted work to a remote            Q Why CMU?
                                                                                                                                                                                                                                                                  on campus, the compact class size, flexibility offered with
                                                           teach us more about ourselves and the human condition.        and hybrid experience, and talent retention and happy
                                                                                                                                                                                           I came to the Tepper sell weekend, and I was so impressed              selecting courses and pursuing areas of passion. I felt like
                                                                                                                         employees are critical priorities. Unlike lightweight or static
                                                                                                                                                                                           with how smart and down to earth everyone was. There                   these were very important aspects of decision making. The
                                                         3. And, of course what investors want to hear is we expect to   tools like Donut and LinkedIn, Culturora connections are
                                                                                                                                                                                           was no pretense or ego, just smart people with                         analytically oriented teaching methodology is also a very
                                                           lead the way in the market as a billion-dollar company and    highly personalized and actionable.
                                                                                                                                                                                           interesting backgrounds.                                               powerful toolkit that students get to build on.
                                                           be the dominant player in this space for years to come.
                                                                                                                         Q Why CMU?
                                                                                                                                                                                           Q What big ideas will you pursue next?                                 Q How did the Tepper School help to shape your path?
                                                         Q Why CMU?
                                                                                                                         I came to Pittsburgh in 2017 to work at UPMC Enterprises
                                                                                                                                                                                           Right now, all I can think about is making Perch the best it           The flexibility that Tepper offers really stood out to me and
                                                         The initial reason I chose Carnegie Mellon was because of its   as a product manager in health technology. I was busy, but
                                                                                                                                                                                           can be. I truly believe we can redefine an industry if we do           helped me navigate through the complex and difficult process
                                                         reputation for analysis and critical thinking when it comes     still itching for something else. I decided to round out my
                                                                                                                                                                                           this right, but it will be a lot of work over many years (likely       of figuring out a career shift. The ability to design your courses
                                                         to management. I have a scientific background and a Ph.D.       skills in marketing and strategy and try to build more of a

                                                                                                                                                                                                                                                                                                                                       cmu.edu/tepper
                                                                                                                                                                                           decades), so I don’t want to be distracted anytime soon. I do          and continually keep exploring new ones (including the
                                                         from UCLA. It also helped that CMU was within walking           community for myself here. I applied and got accepted to
                                                                                                                                                                                           enjoy helping other entrepreneurs where I can so when I have           flexibility to do cross department courses) was helpful. The
                                                         distance from my house! Eventually the value I discovered at    CMU’s Tepper School of Business. CMU has been such a
                                                                                                                                                                                           spare time, I like to pay back the advice and kindness that was        Tepper network is also very diverse and global. I’ve had the
                                                         the University extended beyond book learning. The network       champion for Culturora. I can’t wait to be able to give back
                                                                                                                                                                                           shown to me along the way back. Between family, Perch, and             luck of bumping into and meeting several alumni across the
                                                         and the band of brothers turned out to be one of the most       to the university. It’s coming!
                                                                                                                                                                                           helping others, I have a full plate for the foreseeable future.        globe that have helped in my career journey.
                                                         enduring contributions CMU made to my life.

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GOING , GOING , GONE // A LLIS GHIM (BS 19 95)

                                                                                                                                                                                                                  BY SEB MURRAY

                                                                                                          Allis Ghim (BS 1995) does not come from the glamorous world of fine art. Masterpieces change hands for
                                                                                                          hundreds of millions of dollars at the very top end of the market. Ghim has a humbler origin and purchased
Tepper School of Business | Carnegie Mellon University

                                                                                                          her first works at flea markets growing up in Boston and while on vacation in her native Korea.

                                                                                                                                                                             “It’s the thrill of the hunt that
                                                                                                                                                                             attracts me,” she says. “It’s that
                                                                                                                                                                             auction mentality, when you find a
                                                                                                                                                                             treasure and you bid on it. I love the
                                                                                                                                                                             dynamic between buyer and seller.”

                                                                                                                                                                             Her values are perfectly aligned with
                                                                                                                                                                             her current role as Chief Executive

                                                                                                                                                                                                                                  cmu.edu/tepper
                                                                                                                                                                             Officer for Bidsquare, an upstart on-
                                                                                                                                                                             line auction house which has raised
                                                                                                                                                                             $1.5 million in seed funding on its
                                                                                                                                                                             mission to democratize high-end
                                                                                                                                                                             fine art and design.

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GOING, GOING, GONE
                                                                                                                                                                                                                                                                                                                     ALLIS GHIM (BS 19 95)

                                                         New York-based Bidsquare is rewriting           reckon NFTs can tap into a broader               scholarship, but what set the institution
                                                                                                                                                                                                          At that time, the beauty industry was          More than $500 million worth of bids
                                                         the rulebook and helping to bring about         audience, improve transparency, and              apart was the school’s prowess in science
                                                                                                                                                                                                          slow to embrace e-commerce, but Ghim           have already been placed through the
                                                                                                                                                                                                                                                                                                        CEO sounds like a fancy
                                                         a long-awaited digital transformation           raise royalties for artists. “We’re definitely   and technology, Ghim says.
                                                         in the art market. The startup offers           looking into the NFT market, as it has
                                                                                                                                                                                                          foresaw the sector’s impending digital         platform, which has attracted 100 premier      title, but for a startup
                                                                                                                                                                                                          makeover. When a job offer came up at          auction houses and dealers along with
                                                         live online auctions for rare and               definitely come to the forefront of the art      “All majors, even liberal arts, had to learn
                                                                                                                                                                                                          eBay, then a pioneering internet darling,      a truly global audience. The platform
                                                                                                                                                                                                                                                                                                        it really feels like you
                                                         authentic art, antiques, jewelry,               world, but it’s still early days,” Ghim says.    programming. Those classes helped me
                                                         furniture, and collectibles.                                                                     develop my problem-solving skills and the
                                                                                                                                                                                                          she jumped at the opportunity to               recently sold an oil painting worth a record   are a Chief Everything
                                                                                                         She got the CEO job through no small             way I think about tackling problems today.
                                                                                                                                                                                                          become a Category Manager for Health           $850,000. But lower-priced lots have
                                                                                                                                                                                                                                                                                                        Officer more than a Chief
                                                                                                                                                                                                          and Beauty.                                    proved to be the strongest draw, with
                                                         It’s one of a new breed of digital              degree of courage. Having read about             It’s a very rational and logical mindset that
                                                                                                                                                                                                                                                         the majority of goods changing hands for       Executive Officer.
                                                         newcomers that have emerged to                  Bidsquare in the news, she immediately           served me well even after I graduated.”
                                                                                                                                                                                                          “At the time, people doubted whether           below $15,000.
                                                         challenge the supremacy of traditional,         fired off an email to a generic company
                                                                                                                                                                                                          consumers would ever buy beauty
                                                         venerable auctioneers such as Sotheby’s         address, not expecting a response. To her        She looks back with fond memories of not
                                                                                                                                                                                                          products online, but it was exciting for me    While the Sotheby’s and Christie’s of the
                                                         and Christie’s. Bidsquare competes with         surprise, Ghim received a warm reply from        just the rigorous academic curriculum,
                                                                                                                                                                                                          to join a company that was really pushing      world have been adapting to e-commerce
                                                         online players Artsy and Invaluable, but        one of Bidsquare’s founders the very             taught by world-leading faculty, but a go-
                                                                                                                                                                                                          the boundaries of the retail landscape and     with their own live online auctions, Ghim
                                                         the USP is a curated platform with vetted       next day.                                        getting cohort of her peers, says Ghim.
                                                                                                                                                                                                          changing the way people shopped,”              says she’s competing more with midsize,
                                                         sellers. “We are addressing a problem                                                            “It makes for a unique experience.”
                                                                                                                                                                                                          she says.                                      regional auction houses that don’t have
                                                         of authenticity that has been around for        The move speaks to Ghim’s character.
                                                                                                                                                                                                                                                         the capital or know-how to build their
                                                         years in the online art market,” Ghim says.     A former Fulbright Scholar in Korea and          You are expected to work hard,                  She learned to navigate the world of cross-    own digital platform.
                                                                                                         Goldman Sachs alumna, her career path
                                                         Covid-19 has delivered a huge boost to          has taken many twists and turns. She             and the people around you are                   border business, including the language
                                                                                                                                                                                                          barriers, taxes, and shipping challenges       “The cost to build the technology is a
                                                         the sector. According to insurance group        urges others to make bold career choices:        just as smart and ambitious as                  that are part and parcel of connecting         barrier to entry,” she says, adding that
                                                         Hiscox, online auction sales by Christie’s,     “I have taken a lot of risks over my career,
                                                         Sotheby’s, and Phillips reached $1 billion in   and it’s always scary to venture into
                                                                                                                                                          you are, but the culture is very                buyers and sellers who are in different        Bidsquare provides a valued service
                                                                                                                                                                                                          countries. “You’re dealing with layers of      with a qualified audience and online
                                                         2020, up 524% from 2019. More than three        something that is unfamiliar, but I think        supportive and collaborative.                   complexity,” she says.                         marketing. Moreover, last year the
                                                         quarters of new art collectors bought           that’s the only way that you can push
                                                                                                                                                                                                                                                         company launched Bidsquare Cloud, a
                                                         works online last year, compared with just      yourself and learn new things and grow. I        Shortly after graduation in 1995, she lived
                                                                                                                                                                                                          The role took her across the world, but it     software that allows third parties to run
                                                         36% in 2019.                                    don’t have any regrets.”                         in Korea for a year on the prestigious
                                                                                                                                                                                                          was in Tokyo—where she exported high-          auctions on their own
                                                                                                                                                          Fulbright worldwide exchange program
                                                                                                                                                                                                          end health and beauty products to the          websites, syncing all
                                                         “A lot of people were thinking I could          It has not been all plain sailing, however.      that fosters multilateralism. She returned
                                                                                                                                                                                                          U.S. and Europe—that she found a passion       bidding activity with the
                                                         spruce up my space now that I’m spending        The switch from large, structured com-           to the U.S. with a global mindset that was
                                                                                                                                                                                                          for the business of luxury.                    Bidsquare marketplace.
                                                         a lot more time at home,” says Ghim.            panies with well-established infrastructure      highly prized by employers: In 1996, Ghim
                                                                                                         and resources to a smaller, scrappy              landed a job at the storied investment
                                                                                                                                                                                                          Yet Ghim gave up her globetrotting career      With this software,
                                                         So the appetite for online                      startup proved to be her toughest                bank Goldman Sachs, where she worked
                                                                                                                                                                                                          and moved back to the U.S. to be closer to     Ghim sees a bright
                                                                                                         challenge yet.                                   as an analyst in the private wealth
                                                         bidding increased during the                                                                     management practice.
                                                                                                                                                                                                          her loved ones after a family bereavement.     future ahead for

                                                         pandemic, and we have not seen a                “I was ill prepared for how much I would
                                                                                                                                                                                                          She kept working, though, and made yet         the company—and
                                                                                                                                                                                                          another career move, this time into the        a potentially bigger
Tepper School of Business | Carnegie Mellon University

                                                         slowdown since the reopening                    need to roll up my sleeves,” she says,           After five years, though, she left to
                                                                                                                                                                                                          online luxury marketplace.                     business opportunity
                                                                                                         noting that she’s had to get stuck into          explore more creative pursuits. “I wasn’t
                                                                                                                                                                                                                                                         outside the world of
                                                         The company turned cash flow positive           customer service as much as board                passionate about financial services,”
                                                                                                                                                                                                          In 2012, she joined 1stdibs.com—an online      art. She is plotting an
                                                         during the pandemic as sales more than          meetings.                                        Ghim explains. An MBA program at the
                                                                                                                                                                                                          marketplace which sells high-end furniture     expansion into new
                                                         doubled at one point this year.                                                                  NYU Stern School of Business provided
                                                                                                                                                                                                          for interior design, along with fine art and   categories, such as
                                                                                                         She says it has been a humbling                  the space to think about her next move,
                                                                                                                                                                                                          jewelry—as Vice President of Global Sales      cars and industrial
                                                         At the same time, NFTs (nonfungible             experience. “I thought being CEO was             and she decided to make a fresh start in
                                                                                                                                                                                                          and Operations. It was while in this role,     equipment.
                                                         tokens) are taking the art world by storm.      having all the answers when in fact              consumer product goods.
                                                                                                                                                                                                          based in New York, that Ghim first heard
                                                         These lines of code, locked into the            your job is to learn and gather as much
                                                                                                                                                                                                          about Bidsquare and made her audacious,        “Bidsquare will always
                                                         blockchain, exploded in popularity this         information as possible so you are able          She joined, as Brand and Product Manager,
                                                                                                                                                                                                          unsolicited approach.                          be focused on antiques
                                                         year after a digital artwork by Beeple          to develop a clear vision and plan. I wish       the leading beauty brand Revlon and then
                                                                                                                                                                                                                                                         and art, but Bidsquare
                                                         sold for $69.3 million in an online             someone had told me that before.”                L’Oréal in 2001 and 2004, respectively.

                                                                                                                                                                                                                                                                                                                                             cmu.edu/tepper
                                                                                                                                                                                                          She joined the company as its first            Cloud is helping us
                                                         auction at Christie’s—the same fetch                                                             “The beauty industry touches the lives
                                                                                                                                                                                                          President and CEO in late 2014. Since          to expand into other
                                                         as a good Picasso.                              It was a formal business education that          of people every day, particularly women.
                                                                                                                                                                                                          then, Bidsquare has flourished into a          verticals that are bigger
                                                                                                         seeded her professional success. She             It’s something that has a huge emotional
                                                                                                                                                                                                          thriving community of auction houses,          in terms of the market
                                                         While critics discount NFTs as pure             was an undergraduate business major              benefit,” says Ghim. “I felt there was a
                                                                                                                                                                                                          antique dealers, and collectors hoping to      opportunity,” she says.
                                                         financial speculation, its proponents           at the Tepper School of Business, on a           purpose-driven role for me.”
                                                                                                                                                                                                          modernize the once staid worlds of art
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WH AT TRUE PA RTNER SHIP A ND FRIENDSHIP IS A BOUT // C A RNEGIE TIES                                                                                                BY TRICIA MILLER KLAPHEKE
                                                                                                                                                                                                                                                  BY SEB MURRAY

                                                                                                           JAKE VACHAL (BS 2007) AND PATRICK CAO (BS 2006) MET AT THE TEPPER SCHOOL                     SINGAPORE
                                                                                                                                                                                                         NEW JERSEY
                                                                                                           UNDERGRADUATE BUSINESS ADMINISTRATION PROGRAM AND HAVE CONTINUED
                                                                                                           MENTORING AND SUPPORTING EACH OTHER FOR OVER 20 YEARS. THE FRIENDSHIP
                                                                                                           HAS GROWN FROM MUTUAL STRUGGLES, VALUES—AND A SHARED WISDOM
                                                                                                           GATHERED STUDYING AT ONE OF THE WORLD’S BEST BUSINESS SCHOOLS.

                                                                                                                                                                                                                      CARNEGIE TIES
Tepper School of Business | Carnegie Mellon University

                                                           Tepper School of Business undergraduates,     And yet, considerable crossovers exist. As    friends, Jake’s still known as ‘handsome
                                                           Jake Vachal (BS 2007) and Patrick             self-defined self-starters, both share (and   Jake,’” Cao laughs.
                                                           Cao (BS 2006) might appear as unlikely        honor) values around hard work, family,
                                                           friends. Vachal hails from New Jersey         lifelong learning, and risk-taking. They      This easy friendship flourished throughout
                                                           and embraced a traditional business           also put a premium on clear and effective     their studies, and (which both agree)
                                                           path all the way to managing director         communication and providing support           defined their careers—and lives. Their
                                                           of the Raine Group, a global merchant         when needed.                                  communications coaching and training
                                                           bank focused on technology, media, and                                                      through Professor Claudia A. Kirkpatrick,
                                                           telecommunications (or “TMT”). Cao grew       The 20-year friendship, so the story          then professor of Business Management
                                                           up in Indonesia and returned to the region    goes, began on a 100-degree August            Communication, became a shared and
                                                           to pursue advisory, investments, and          Pittsburgh day. As new dormitory mates,       memorable legacy.

                                                                                                                                                                                                                                                              cmu.edu/tepper
                                                           then entrepreneurship, most recently as       Cao remembers Vachal’s car ownership
                                                           President of GoTo, the largest technology     —and his stature—as a stand-out feature.      “We learned that ‘people’ problems are
                                                           ecosystem in Indonesia combining the          Meanwhile, Vachal defined Cao as the          communication problems and the power
                                                           national champions Gojek and Tokopedia.       likeable, “magnetic” guy with the only        of writing effective CVs,” Cao recalls of this
                                                                                                         functioning AC. “With family and among        vital training. Kirkpatrick converted

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