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Vol. LXXVIII Samuel Curtis Johnson Graduate School of Management April 13
, 2012
Dean Designate Soumitra Dutta Presents Early Vision for Johnson
By Sanjeev Goluguri
MBA ‘13
Soumitra Dutta, who
will succeed Dean Joe
Thomas as the eleventh
Dean of Johnson on
July 1, 2012, was
formally introduced to
the Johnson community last week. Dutta
met with students while on a week-long
trip from INSEAD in Fontainebleau,
France, where he is currently a Professor
of Business and Technology and founding
director of the eLab. In an exclusive
meeting with the Johnson Student
Council, Dutta addressed topics of interest
to the community and offered his early
vision for the school.
CornellNYC Tech
Dutta called CornellNYC Tech, the
university`s tech campus in New York
City, a potential “game changer” that
would open new possibilities for Johnson.
In his view, Johnson is not a single
discipline school, but rather one with
multiple strengths. The tech campus, he
said, would strengthen Johnson`s overall
offerings and particularly deepen its
entrepreneurship program.
CornellNYC Tech “gives great space
for innovation, and stimulates a catalyst
for change”, Dutta said. Plans are under
way to offer the 1-year Accelerated MBA
(AMBA) in the NYC campus, possibly by
2013, contingent upon approval by New
York State government. This program
would allow students pursuing a 1-year
Master of Engineering to also pursue a
business degree.
In addition to the AMBA program, he
listed other possibilities including an
executive MBA program and offering 2

year MBA students the opportunity to
study for a semester or half a semester in
Dutta warned that Johnson would need
to retain a strong base in Ithaca. While
having a global perspective in today`s
world is critical, being global “begins at
home." Thus, fnding a balance between
a strong base in Ithaca and the NYC
campus will be crucial.
Program Structure
When asked for his thoughts on the
duration of the MBA program, Dutta
acknowledged that the 2-year MBA
program still dominates as the classical
model within the United States. However,
he pointed out that several top U.S.
business schools are evaluating the
possibility of reducing the size of their
2-year MBA programs while growing
their 1-year programs. The 1-year MBA
is already the default in many countries,
and Dutta predicts acceptance into 1-year
programs will rise in the future.
Welcome to
Destination Johnson
Ranking Johnson
Dutta weighed in on Johnson`s position in
business school rankings, explaining that
the methodologies used by media outlets
are generally imperfect and designed by
journalists without an MBA themselves.
While it would not be his policy to “manage
towards the rankings,” he acknowledged
the importance of their role in infuencing
prospective students, recruiters, and
the general public. He said it would be
important to learn from the rankings and
look for opportunities to improve.
When asked how he would rank
Johnson, Dutta said that he views it as a
“hidden gem”. Globally, Johnson is already
a well-respected institution with frst-class
faculty and students; but it would do well
to strengthen its public relations machine,
and project a stronger external image.
“I believe that Cornell is a shy school,
and less aggressive in PR compared to
Harvard, which uses a big megaphone.
Cornell now has a wonderful opportunity
to do that with the NYC Tech Campus,
which is one of the most exciting things
happening in higher education world-
Dutta also pointed to increasing faculty
media attention, which he said was
extremely important for Johnson`s public
image. “Nothing is fundamentally broken,
but we need to polish the jewel even
Global Impact
In his fnal remarks, Dutta stated that
his top priority would be to seek a
higher global impact for Johnson, and
he reminded students that they are
the school`s best brand ambassadors.
He welcomed feedback on issues of
importance to students, and expressed
his excitement in joining the Johnson
community this summer as the new Dean.
Learn more about Soumitra Dutta at
Photo / Kevin Wang, MBA '13
Soumitra Dutta speaks with
1st year MBA students
Photo / Sanjeev Goluguri, MBA '13
2 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management - News Vol. LXXVIII
Ahead of the Curve
Recent Media Highlights
By Daniel Sternberg
JD/MBA ‘13
By Natalie Lin
MBA ‘13
In the last issue, I
began a series exploring
the idea of equity
fnancing for individuals,
which would allow the
sale of shares of oneself
in exchange for a percentage of future
net income. As a threshold question, I
determined that a contract to sell shares
of oneself was not, on the surface, illegal.
In this article, I will begin to explore the
details of what requirements of self-
incorporation would be. For convenience,
I will use the Delaware Corporate Code,
as the majority of corporations are
established in Delaware. In practice, the
rules governing self-incorporation would
likely be the state in which a person is a
resident. When articles of incorporation
are fled, a company is essentially born.
Since people are not incorporated at birth,
it stands to reason that the place of their
residency should govern the rules of self-
According to Delaware law, a
corporation must have at least one or
more members of a board of directors.
For a person, this translates quite easily.
If I were to incorporate, my board would
consist of one member—me. I would then,
as the board, make all decisions regarding
my personal behavior. This is optimal
since the Thirteenth Amendment may
come into play if a board of others tells me
what I may or may not do.
As a director of my own corporation, I
would owe a set of fduciary duties to my
shareholders and the corporation (myself).
These are duties of loyalty, care, and
obedience. The duty of loyalty would be
simple to fulfll. As a director, I could not
engage in behavior that would harm me.
As an individual, this is natural. The duty
The zeitgeist, as captured
by trending Google
search queries, was
abuzz in March 2012 with the following
matters of interest: fg. 1
Former Goldman Sachs employee Greg
Smith`s widely read op-ed in The New
York Times incited controversy and caused
Goldman to lose $2.15B in market value on
the day`s trading.
Brand and business pages were pushed
to Facebook Timeline on March 31. New
features include the visual aggregation
of activity, cover photos, redesigned
navigation, and publicized analytics data.
Popular ApriI FooIs' brand hoaxes:
Virgin announced that Tom Hanks would
accompany Richard Branson on a journey
to the center of the Earth; Honda launched
Anti-Theft Negotiator for adjudicating
with thieves; Google-NASCAR launched
Google Racing, a self-driving car.
“Larry,” PepsiCo's Quaker Oats man,
received a healthy makeover. Designers
shaved 5 pounds off of him, removed his
double chin, and trimmed his silver locks.
Media & Entertainment
James Murdoch resigned the
chairmanship of BSkyB amid the ongoing
scandal over phone hacking practices at
UK tabloid News of the World. News Corp.
dominates the UK newspaper market, with
40% of share.
A Nielsen survey shows that 88% of U.S.
tablet owners and 86% of U.S. smartphone
owners use their devices while watching
TV. Evidence suggests that U.S. consumers
increasingly use mobile devices to further
explore commercial messaging.
In observance of Earth Hour 2012,
organized by WWF, 772 million sq. ft. of
commercial property turned off non-essential
lights for one hour to raise awareness for
sustainability issues.
The EPA cleared 20 companies to
produce E15, a new grade of ethanol fuel.
Distribution to 10,000 pumps over 5 years is
to be enabled by grants from the Recovery
Act and the 2008 Farm Bill.
Congress passed the “Jumpstart Our
Business Start-ups” (JOBS) Act, legislation
that aims to ease the regulatory burden on
small companies seeking to raise investment
Facebook acquired Instagram for $1B
in cash and stock. Zuckerberg affrms
that the brand will remain independent,
but development will be integrated into
Facebook engineering and infrastructure. On
April 3, Instagram for Andorid released with
1 million downloads on the frst day.
#TwitterToDetroit: Twitter announced
plans to open an offce at WEBWard Ave.,
the Detroit tech corridor. The move will
improve its ability to capture share of sizable
automotive industry ad budgets.
AOL sold over 800 patents and other assets
to Microsoft for $1.06B, retaining license to
those patents sold. Microsoft also received
license to AOL`s remaining 300 patents.
The SGE Center at Johnson has partnered
with S.C. Johnson to launch WOW®, a
product designed to stem the spread of
malaria in Ghana.
U.S. News & World Report ranked
Johnson number 16 among the best U.S.
business schools. In a ranking of best MBA
Career Management Centers, Poets &
Quants ranked Johnson number 12.
Big Red Bikes, a university bike share
program, launched on April 2. Students
may borrow and return bikes from stations
throughout campus for up to 25 hours per
week at no charge.
Undergraduate applications totaled
37,812 with 16.2% of applicants selected for
admission in 2012 (compared with 18% in
2011). Of the 6,123 admitted students, 52%
are women and 24% are minorities.
The CIS department hosted BOOM, an
annual showcase of interdisciplinary student
research in digital technology. Projects
ranged from autonomous robots to animated
flm shorts to mobile apps, with awards given
by corporate sponsors Google, Cisco, GE,
and Goldman Sachs.
TEDxCornellUniversity was held on
March 28. The event theme, “Progress
with passion," was refected in TEDTalks
delivered by speakers including professors
Jeffrey Hancock, George Hudler, and
Shawkat Toorawa.
of care states that I should fulfll my duties
as chief decision-maker in a non-negligent
manner. Again, as an individual, this maps
very well onto my normal behavior. The
duty of obedience simply states that I will
act in a manner consistent with my articles
of organization and by-laws. Again, this is
not diffcult.
On the surface, it appears that as
long as I own a controlling interest in
myself, there would be no problem with
the scheme of self-incorporation. There
is, however, a signifcant wrinkle: the
shareholder derivative suit. This provision
of the Delaware code allows an individual
shareholder, even someone with only one
share of stock, to fle suit to prevent the
corporation (me) from taking action that
might be harmful to shareholder interests.
In other words, if I am a high-priced
consultant and choose to give it up in favor
of living in an artists` colony, a shareholder
may attempt to prevent me from taking
such action, as a violation of my duty of
care or duty of loyalty. The shareholder
would allege (rightfully) that my actions
harm the long-term value of myself and my
share price. Consultants earn signifcantly
more money than budding artists.
However, preventing me from fulflling my
life`s goal would run afoul of the Thirteenth
Amendment and be tantamount to slavery.
In the alternative, my shareholders would
need to be compensated through money
damages, possibly through the sale of my
assets. Alternatively, public policy might
dictate that shareholder derivative suits
should be unavailable in cases of self-
incorporation. In this case, shareholders
would simply have to live with a higher
level of risk than in a normal stock setting.
This would affect the share price, and
create a potential moral hazard problem
for me as a director. The optimal approach
remains an open question.
Next issue: Valuation.
Rising Google Searches, March 2012 fg. 1
Location: United States
Search Term Growth Rate (MoM)
1. A marvel in online social activism, the “Kony 2012” viral
video campaign generated over 100M views and is fueling the
manhunt for Ugandan militia leader Joseph Kony
2. “Trayvon Martin”, the unarmed black teen slain by self-ap-
pointed neighborhood watch captain George Zimmerman
3. “NCAA Tournament 2012”, the college basketball series
where Kentucky and Baylor emerged as Men`s and Women`s
champions, respectively
4. The record-breaking “Mega Millions” jackpot of $656M will
be split between three winning ticket holders
5. Lionsgate`s "The Hunger Games" earned $521M in its frst
10 days, making it the third biggest box offce opener in history
6. “Easter 2012” was celebrated on April 8
7. “iPad 3” sales topped 3 million during debut weekend
> 5,000%
> 5,000%
> 3,500%
> 350%
> 170%
> 150%
People are Corporations too
Part two in a series
Vol. LXXVIII News - Samuel Curtis Johnson Graduate School of Management April 13
, 2012 3
Business Simulation Lab Offers
Students Unique Opportunities
By Margaret B. Shackell
Lecturer, Accounting
A team from Johnson placed second
in the Eighth Annual Healthcare
Forum and National Healthcare Case
Competition, hosted by the Goizueta
School of Business at Emory University
on February 10. Johnson was represented
by MBA candidates Krupa Gohil, Dale
He, Mohamad Hamade, Natalie Lin, and
Viraj Mehta, who presented their strategic
recommendations on investments in
telehealth technology to executives and
practitioners from the healthcare provider
Competitors were asked to crack
a Harvard Business School case,
“Telemonitoring at Visiting Nurse Health
System”, which focused on home
healthcare provider VNHS`s efforts to
improve the quality of care provided for
at-risk patients who were discharged from
hospitals and in need of home care
The Johnson team`s recommendations
focused on three dimensions: (Strategy)
investments in telehealth and strategic
alliances; (Operations) restructuring
human capital to maximize productivity
in the short-term while managing long-
term, upstream pressures from impending
shortages in the nurse workforce and
amid the burgeoning population of aging
baby boomers suffering from chronic
illnesses; (Marketing) repositioning the
health care provider at the forefront of
preventative care – a key trend in the
industry – as a specialty clinic with the
most advanced health care technology.
“I had a lot of fun working with the team
and learned a lot about healthcare and
the directions the industry is taking at
the moment," said Krupa Gohil, MBA `13,
If you`ve ever wondered
how people make certain
purchasing decisions at
the grocery store or how
relationships between
superiors and subordinates affect group
decision-making, look no further than the
research being conducted in the Business
Simulation Laboratory (BSL) at Johnson.
Housed in Sage Hall, the BSL offers
many unique opportunities for students to
participate in, and affect research that not
only captures headlines but also makes
a real difference in ways organizations
conduct business.
Critical questions in accounting, fnance,
economics, management, marketing, and
operations are continuously examined
by Johnson faculty members and Ph.D.
students. Students play an important
part in the research because they serve
as study participants. MBA students in
the strategic marketing immersion and
consulting focus may also use the lab to
fnd participants for focus groups, studies,
or other research. Using the BSL, students
are also able to conduct primary research.
Understanding how to set up and utilize
this form of research before entering the
workplace further distinguishes Johnson
“During the marketing immersion, my
immersion project team and I were looking
to solicit input from undergraduates, and
were able to set up a focus group through
the BSL," said Aaron Seabron, MBA '12,
who has participated in numerous BSL
BR Consulting President Rishi Sood,
MBA '12, notes how the student-run club,
which provides business consulting to real
start-ups, has used the BSL to conduct
research for clients who were looking to
tap college-aged individuals.
“Before coming to Johnson, I looked at
the research being conducted,” Sood said.
“I knew I wanted to attend a research-
focused institution.and I`ve had a great
time here.”
MBA students and undergraduates alike
participate in studies to earn cash or extra
credit points in classes as compensation;
but they also value their ability to impact
research results and, ultimately, the way
businesses unlock consumer insights,
market their products, and more. Students
also help design and run studies, serving
as research assistants for faculty members
and Ph.D. students.
"I`m always trying to acquire new
knowledge and reading the latest business
bestsellers, so I value the research
conducted in the lab that`s advancing the
world of business,” Seabron said. “Our
professors also support the advancement
of research by allowing us to participate in
studies and gain extra credit points.”
The BSL is equipped with sophisticated
software that allows researchers to
present participants with realistic business
situations and analyze their behavior
in light of psychological and economic
models. Using cutting-edge technology
in the lab, researchers can also use
Q-sensors to measure emotional arousal
via skin conductance and physiological
responses to stimuli.
Manoj Thomas, BSL director and
assistant professor of marketing, recently
conducted a study on judgment and
decision making that asked participants
to answer several simple questionnaires
on everyday judgments and decision.
His study piloted the use of a Skin
Conductance Measurement device to
collect physiological responses.
In a study by doctoral student Christin
Munsch, participants took a variety of
surveys, created an avatar using the
Nintendo Wii and then played a game so
the researcher could utilize an immersive
virtual environment to simulate realistic
situations that allowed for subjects to
engage in violent actions toward a target
without actually endangering the target.
During the fght, accelerometers were
utilized to track participant movement.
While the primary target for most faculty
and doctoral student research is peer-
reviewed journal publications, some
research has direct implications for MBA
student careers. A wide range of research
is conducted in the lab, generating interest
within Johnson as well as outside the
school`s hallowed halls. Entering the feld
of consumer packaged goods (CPG)
marketing upon graduation, Seabron plans
to stay connected to marketing faculty and
abreast of their research conducted on
consumer behavior in the lab.
“So much of marketing is about unlocking
consumer insights,” he said. “Having
access to new consumer insights and
its implications will allow me to leverage
that knowledge, stand out in my job, and
develop unique opportunities to grow the
TeleMonitoring at Visiting
Nurse Health System
Johnson at Goizueta Healthcare Competition
when refecting upon the competition.
The team`s experience underscored
hallmarks of the Johnson culture:
teamwork and experiential learning.
“Collectively [my teammates and I] created
a case solution that was not possible
to achieve if we were to contribute as
individuals," said Dale He, AMBA `12.
"Johnson`s focus on experiential learning
helped us to think strategically and
creatively, allowing us to gain an edge at
the competition.”
Mohamad Hamade, MD `09, AMBA `12,
echoed He`s sentiments, citing "dynamic
communication and [team support]” as
keys to enabling success at representing
Cornell "in a way that refects its legacy for
outstanding teamwork.”
Unique among MBA programs, case
competitions make up an integral part of
the Core curriculum at Johnson. As part
of frst-year MBA coursework, Johnson
students engage not only in a marketing
competition sponsored by S.C. Johnson
but also in a Citi-sponsored competition
that integrates strategy and fnance.
“The Healthcare Forum experience
made me realize how far I`ve come in
the past several months in critically
analyzing and understanding business
problems," said Viraj Mehta, AMBA `12,
MD `13. "I came to business school with
no background in business. Yet, when we
tackled this case, I was able to combine
my background in health care with
everything learned at Johnson to develop
a thorough solution and present it at an
executive-worthy level. It really is a credit
to Johnson and its faculty because I felt
very prepared to tackle this business
By Sandeep Thalapaneni
and Natalie Lin, MBA ‘13
Exhibit: Johnson team technology assessment
4 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management - Finance Vol. LXXVIII
By Jenny G. Liu JD ‘13
Milson C. Yu JD/MBA ‘13
After joining the euro, Greece has found
itself in increasingly stormy waters as its
national economic condition deteriorates
at an alarming rate. In early March 2012,
the Greek government managed to
convince most of its private debt-holders
to accept another debt reduction deal
that would effectively force a portion of
its debt-holders—comprised primarily of
private banks and hedge funds—to take
a 75% loss on their holdings in immediate
Each investor, whose individual stake
and say in the matter is likely fairly
small, fears that to “hold out” would be to
receive zero rather than 25%. Thus, over
86% of private bondholders ultimately
accepted the deal. Greece avoids default
(for now), the investors get something
rather than nothing, and the International
Monetary Fund now holds the bulk of
Greece`s sovereign debt following a
bailout injection.
The Greek debt crisis was not entered
into blindly. The private investors
that purchased these bonds were not
oblivious to their impending toxicity, nor
were they blind to Greece`s fnancial
troubles. Indeed, the credit default swap
(“CDS”) aided market entry by acting as
both a hedging tool and a speculation
device. As Greece`s economic condition
worsened, the price of the CDS`s on its
debt unsurprisingly increased, rewarding
certain speculators. Additionally, investors
themselves believed in the worst-case
scenario of a complete sovereign
default because it would trigger the CDS
Consequently, tensions ran high when
European offcials initially decided to
confgure Greece`s debt restructuring
as a debt exchange. This begged
the question: will the CDS payouts
fail to happen because of a semantic
circumvention of contractual terms?
The International Swaps & Derivatives
Association (“ISDA”) initially answered
in the affrmative in fear of triggering a
negative spiral in the global fnancial
system. However, it ultimately reversed
On March 19, the ISDA declared
that the reduced payout on the bonds
signifed a contractual credit event,
activating settlement of the CDSs written
on the bonds. In addition to defusing
this particular Greek story, the ISDA`s
move helped strengthen recovering
international fnancial markets-especially
in the derivative sphere—by signaling
adherence to legal and binding contracts.
Yet, there is subtlety lurking below
the surface here. The Greek debt case
represents a microcosm of the potential
effects of congregated but unseen risk
in the fnancial system, particularly in the
over-the-counter derivatives markets.
Though subject to recent reform, the CDS
markets have traditionally been conducted
wholly over-the-counter, meaning much
of this leverage—especially in the
“speculation” side of things—was veiled
from regulator view. The ISDA in this
situation was required to make a snap
judgment with little anterior information
that could have easily resulted in it not
dictating a credit event on the CDS`s.
In hindsight, this would have resulted
in fairly disastrous consequences.
Furthermore, what would the
consequences have been for future
CDS usage had the ISDA decided the
other way? (Or for that matter, what will
they be now?) Will legal terms, drafted
deliberately between cool minds, be
circumvented by regulators precisely
when they are most needed? And what of
the over-the-counter markets in general?
While congregated risk through
heightened leverage can easily result
in systemically relevant default risk
realization, it is far from evident that
the CDS markets should be curtailed
with brute force. Indeed, many in
academia attest to the numerous benefts
engendered by fnancial innovation. This
encompasses benefts in the derivatives
sector such as innovation that may
potentially be stifed through the effects
of enhanced disclosure in the exotic
derivatives and structured products
markets. In addition to “softer touch”
regulation, future research might explore
the international ramifcations of an
expanded derivatives market, particularly
as they arise from an ever globalized
fnancial system.
* Note: a CDS is a derivative contract between two
parties in which one party agrees to insure the other
against some event happening (the “credit event”)
and, in turn, receives a fee.
Insurance Against
the Sovereign
By Anthony Brough
EFII Fellow, MBA ‘13
By Murat Sen
MBA ‘13
In January 2012, the
Johnson Center for
Sustainable Global
Enterprise, in conjunction
with the Cornell Institute
of Public Affairs (CIPA),
launched the Environmental Finance and
Impact Investing (EFII) Fellows program.
The program is the frst of its kind to be
jointly offered by a graduate school of
business and graduate program in public
Through a series of courses and applied
projects, EFII Fellows are trained to
invest in, manage, and regulate ventures
pursuing fnancial, environmental, or social
goals. Fellows gain experience in a range
of areas, including fnance and analytics,
markets and regulation, science and
technology, and economic and political
As part of the program, EFII Fellows
enroll in the Finance + Sustainable
Global Enterprise Colloquium. The
course was created to provide Cornell
students an opportunity to engage in
interactive sessions with private, public,
and non-proft sector leaders on the
cutting edge of the fnance-sustainability
domain. Speakers this term will cover
environmental fnance, impact investing,
China is preparing for
a U-turn characterized
by greater dependence
on domestic demand,
slower growth, carrying
a smaller trade surplus,
and striving to become a stronger military
force. A change in the strategic policies set
by the Communist Party of China (CPC)
might be closer than expected.
After rising to the top post at the Chinese
National PCC in the late 1970s, Deng
Xiaoping began to work on economic
development. His strategy for “four
modernizations” - economy, agriculture,
technological development, and national
defense - has performed well thus far.
Today, Deng is dubbed as the architect
of Chinese economic reforms. Yet, the
program`s performance has created
several imbalances.
According to World Data Bank,
investment spending is around 55%
of China`s GDP. By any international
economic standards, allocating more
than half of the GDP to investment
leads to infation. Even post-war Japan`s
investment spending/GDP ratio was
around 40% whereas Korea spent only
25% of its GPD on investment. With this
much investment, there are concerns
about the return on investments and the
balance sheets of the creditor institutions.
Indeed, most of these investments are in
the “gray-zone” in that they are funded
outside of the regulated banking system.
Another hot spot is gross domestic
savings, which account for over 50% of
GDP. An oversupply of unskilled labor is
driving down real wages. Consequently,
a domestic spending model/market
that corresponds to the geography and
demography of China has yet to develop.
While China consumes less than half of
its output, other BRIC nations consume
65 to 75%. This imbalance leads to two
concerns: (1) the banking system is not
suffciently sophisticated to distribute
socially responsible investing, capital
budgeting, project fnancing, and other
areas relevant to sustainable fnance.
The inaugural cohort of EFII Fellows
candidates was selected through a
competitive process based on their
academic standing, experience, and career
interests; each fellow from Johnson is
enrolled in a different immersion program.
The 2013 cohort includes Greg Allen,
Anthony Brough, Min Chen, Mandy Chu,
and Willy Wang, all MBA `13, and Chris
Smith, MPA `13.
Reviews from the current candidates
have been positive. “The MBA curriculum
does a great job of teaching you the
hard [fnance] skills," said Chu, "but the
EFII program gives you the context and
contacts that are critical in a nascent space
like this.” This summer, Chu will work as an
intern at Lux Capital, a seed-stage venture
capital frm focused on energy, technology
and healthcare investments.
According to Smith, ”The EFII program
has provided … a source of creative
tension and helped me to reach beyond
the normal set of courses I might have
taken. Meeting with professionals who are
actually working at the intersection of the
environment and fnance has forced me to
rethink my career options.”
Applications for next year`s cohort of EFII
Fellows candidates will be accepted in Fall
savings in an effcient way, (2) this
abundance of liquidity might conceal
problems in the industrial sector.
As for the value added to the GDP from
Industrial production, it`s around 50% - a
huge fgure. India is around 20%, Mexico
26%, Japan 30%, and Korea below 40%.
Although it is possible that the share of
economic services is being understated by
offcial records, industry`s share remains
too high for a vigorous economic structure.
Chinese exports makeup approximately
40% of GDP; but China is a big
importer too. Its trade ratio of 55%
[(Imports+Exports)*(100/GDP)] is well over
that of the United States and Japan (both
around 30%), but its GDP contribution
is small because of low value added
from goods sold. This might very well be
a reason for income inequality among
different districts of China, since the value
added from different geographies and
goods necessarily differs.
Another powerful fgure is China`s
current account surplus: approximately
5% to 7% of GDP. While the United
States and Europe continue to fght over
account defcits, China has maintained a
surplus. Typically, a high-growth economy
maintains a sizable amount of current
account "defcit" and fnances it through a
capital account. However, China`s capital
account is closed. With no liberalized trade
of Renminbi, the surplus maintained in
the Central Bank reserves was eventually
used to buy U.S. Treasuries. But the
increase in the reserves is so high that
even investing in Treasuries alone was
not enough to sterilize the surplus.
Subsequently, the Central Bank constantly
uses its reserve requirement ratio to fght
over liquidity.
These peak fgures have caused
signifcant income inequality. Although
the average income for Chinese citizens
has increased since Deng`s rise, that the
theoretical statistic for income inequality
(Gini coeffcient) has worsened from 0.21
in 1978 to 0.40 today. China is probably
at the peak of the famous Solow growth
model, and it may be time to switch to a
different growth model.
China by the Numbers
Exploring a New Growth Model
Environmental Finance and
Impact Investing Program
Johnson SOE & Corne// lnst/tute of Pub//c A#a/rs Partner /n Launch
Vol. LXXVIII Entrepreneurship - Samuel Curtis Johnson Graduate School of Management April 13
, 2012 5
By Aritra Bandyopadhyay
MBA ‘13
Microsoft`s Firenze
BXT is an annual
innovation competition
with multidisciplinary
student teams from select
top universities. As in the
previous year, Cornellians stole the show
with not just victories but also full-time job
BXT in Firenze stands for Business,
Experience (Design, Art) and Technology.
While there are left-brain designers, right-
brain engineers, and right-brain MBAs, the
stereotypes for these disciplines are usually
the opposite of those that lend themselves
to deep challenges in generating the next
idea that will transform the world.
The ideas raised at BXT target problems
of signifcant strategic value and current
focus to Microsoft. Through this competition,
Microsoft encourages teams to explore
key challenges, tackle problems, and learn
together. Each discipline at BXT has its own
methodologies, languages, taxonomies, and
processes that are requisite for success.
Much of the evaluation criteria at Firenze
BXT is designed to encourage collaboration.
The Johnson High Tech Club hosted the
initial screening rounds of the competition
that was attended by over 50 Cornell
students. A team-forming social that ran
Cornellians Rock Microsoft Firenze BXT
Interdisciplinary collaboration in action
like a speed dating event kicked off the
competition. This was followed by an
innovation workshop hosted by Pradeep
U.N., an executive producer at Microsoft.
Michael Dezube, `12 (Operations
Research and Information Engineering),
Colin Budd, `15 (Fine Arts & Info Sciences),
Thao Ly Bui Tran, '12 (Management in
Hospitality), and Yong Jiang, `12 (Johnson
Graduate School of Management) were
selected to represent Cornell in the fnal
round of the competition held at Microsoft`s
headquarters in Redmond, WA.
Once the fnalists reached Redmond to
present their ideas, they were divided into
different teams comprised of students from
other schools and given a new challenge to
address in 24 hours.
Refecting on the value of his experience
at Firenze BXT, Colin Budd observed that
“[the competition] taught ... a very important
lesson: there is always another solution to
a problem. It is only a matter of asking the
right question.” Budd continued to say that
Pradeep pushed his team to “dream bigger,
design better, and approach challenges from
unconventional perspectives.”
Thao Ly Bui Tran compared the
competition to a real world situation, if not
tougher. “In a day and a half, we had to get
to know each other, deal with conficts, and
motivate each other when we had only 4 or
5 hours of sleep for 2 days,” said Tran. “We
were literally 'Sleepless in Seattle.`"
Michael Dezube, whose team ultimately
won the competition, explained that he was
assigned to a team with students from Ohio
State and Carnegie Mellon. “My experience
at Redmond was awesome!” said Dezube.
“I had no functional familiarity with these
people, and initially no shared experiences,
but ... we were under a serious time crunch
and thus we quickly adapted and began
working as a team. It forced us to go for
the low hanging fruits -- that is, to see what
ideas were not only good but also feasible
to fully fesh out in the small amount of time
we had.”
Dezube noted that working with students
from different majors from other schools was
a unique and rewarding experience. “I had
never really worked with a designer before,”
said Dezube, “and it was quite different
as their ideas are different and the tools/
methods they are familiar with are also quite
App to Unlock the Ties that Bind
Cornell Connections
By Sandeep Thalapaneni
MBA ‘13
Cornell Connections is a
geo-location based mobile
application that connects
minded Cornellians to
the alumni, students, professors, events,
and information that are relevant to their
personal and professional goals. The
application is valuable for conceptualizing
applied science and start-up business
ideas, alerting users of nearby events,
and aggregating social media news on
For years, universities have failed to
fully leverage the wide-reaching potential
of their networks, allowing disjointed
communication channels to undermine
their robust communities of thought
leaders, entrepreneurs, and investors.
Cornell Connections addresses this
problem by facilitating opportunities for
new and relevant relationships to emerge.
The current version, which is in beta
testing, begins by connecting Cornellians
worldwide who are interested in
entrepreneurship, the commercialization
of Cornell`s intellectual property, venture
capital, and private equity. However, the
creators are looking to expand the scope
of the application, envisioning that it will
eventually connect alumni worldwide
whose interests span different industry
verticals and world topics.
The Seed of an Idea
John Jaquette, director of
Entrepreneurship @ Cornell, and his
team, were perplexed by the lack of
collaboration amongst Cornell`s nine
world-renowned schools: College of
Arts and Sciences, ILR (Industrial Labor
Relations) School, College of Engineering,
Law School, AAP (Architecture, Art and
Planning), Agriculture and Life Sciences,
School of Hotel Administration, College of
Human Ecology, and Johnson School for
Less than a combined eight-tenths
of a mile separates Cornell University`s
Engineering School, Hotel School
(Statler), and Graduate School of
Management (Johnson). Yet the brick-
and-mortar structures that daily give way
to scores of the world`s brightest minds
and strongest academic programs tacitly
obstruct the creation of the world`s next
Apple – one that might emerge from
an opportune connection between the
business and technically inclined.
Armed with the knowledge that
within these programs and Cornell`s
vast alumni network lies dormant yet
incredible potential for the inception and
commercialization of new businesses,
Jaquette sought Aaron Holiday, MBA
'12, to help devise a web-based solution
that would connect entrepreneurs across
the university to one another. With the
help of Gen Furukawa, MBA '12, the
pair conceived and developed Cornell
Connections, which they envision will
help Cornellians worldwide to identify the
experts and events necessary to facilitate
the inception of high growth businesses.
“I am doing this to change social
behavior, “ said Holiday. “Privacy is
changing and individuals within exclusive
networks will be willing to share location,
personal interests, and knowledge to
catalyze ideas and business creation. We
are designing a product for the new world.”
Product Development and Launch
Emboldened by the dream to launch a
geo-location based mobile application that
would change social behavior, Holiday
recruited Furukawa, who likewise came
to Johnson with the belief that social
mobile technology would change how
people and institutions regard privacy and
manage relationships with one another.
Holiday`s technical expertise as a former
computer programmer and Furukawa`s
complementary network were a perfect
match, allowing the two to exchange ideas
and recruit mobile application developers
to create a prototype.
In April 2011, Holiday and Furukawa
presented their idea before the
Entrepreneurship @ Cornell Advisory
Council in order to gain buy-in from key
stakeholders and raise seed capital.
Throughout the summer, while pursuing
full-time internships at startups, Holiday
and Furukawa managed the development
of the alpha version of the Cornell
Connections, which is now in beta testing
for release in April of 2012.
Holiday and Furukawa recently selected
their successor, Jenny Delaney, who will
lead the Cornell Connections initiative in
2012-2013. Delaney is a frst-year MBA
candidate with experience in the mobile
industry. After graduating from Stanford in
2009, she worked as a product marketing
manager at Shopkick, a location-based
rewards app.
Cornell Connections will be available on
iPhone and Android during Celebration
6 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management - Entrepreneurship Vol. LXXVIII
A Startup for Startups
Entrepreneurship and Innovation Institute
By Nichole Grossman
Institute Coordinator - EII
The Entrepreneurship
and Innovation
Institute (EII) is
Johnson`s new hub for
education, research,
collaboration, and programs in the felds
of entrepreneurship and innovation.
EII`s mission is to foster the feld`s three
most critical components: knowledge,
networking, and opportunity.
Together, the components form a robust,
comprehensive menu for engagement
among current and aspiring stakeholders
in Johnson`s entrepreneurship and
innovation ecosystem: students, faculty,
alumni, entrepreneurs, business leaders,
inventors, technologists, investors,
advisors, mentors, and researchers.
Organizations under the EII umbrella
include the “BR Suite” – BR Venture Fund,
BR Consulting, BR Advisory, and BR
MicroCapital – and Innovation Interface.
EII`s core team includes Rhett Weiss,
Executive Director, Zach Shulman,
Associate Director, Wes Sine, Academic
Director, Nichole Grossman, Institute
Coordinator, plus 16 Fellows Candidates
representing all four MBA programs in the
EII Fellows Program.
In addition to relevant coursework,
students are involved in EII`s daily
business, including consulting
engagements, strategic alliances,
internship programs, and major capstone
projects. One of the initiatives is the EII
Startup Mentors Program (SMP). SMP
places current full-time MBA students with
startup project teams in undergraduate
engineering classes. Each mentor guides
a team to focus on the most critical
business issues in tech commercialization
and company formation.
“For me, the EII Fellows Program
is a chance to create and lead new
entrepreneurial initiatives at Johnson. I
am excited to work with students across
Johnson`s various MBA programs while
also developing opportunities for MBA
students to collaborate with other schools
at Cornell," said Vinay Badami, MBA `13.
Bill Culley, AMBA `12, is working on
a bridge between EII and the Cornell
Center for Technology Enterprise and
Commercialization (CCTEC). “EII has
made it a priority to grow the spirit of
entrepreneurship at Cornell. By partnering
with CCTEC, EII`s goal is to commercialize
more of Cornell`s cutting edge technology
faster, and to encourage entrepreneurs on
campus to take the reins in forming new
companies,” Culley states.
Other students are working with
outside frms to conduct research
on the entrepreneurial marketplace.
“EII has afforded me the opportunity
to simultaneously augment my MBA
experience and create lasting value for
Johnson,” said SRS team lead Ryan
Barringer, CQEMBA `13. "Our consulting
project with Shareholder Representative
Services, for example, has enabled me to
get some direct experience in shareholder
equity analysis, while being able to work
alongside other grad students and faculty
outside of my program -- all while helping
to generate revenue for EII.”
EII is building on Johnson`s commitment
to provide leading-edge business
education by launching or growing several
initiatives. To this end, EII has launched
an internship program with Greenstart, a
clean tech business accelerator in San
Francisco. Other internship programs
and strategic partnerships are in the
works, including one with Plug and
Play in Silicon Valley.In addition, EII
has expandedparticipation by local,
national, and international speakers
in the Innovation Seminar Series and
Entrepreneurship Seminar Series.
Rhett Weiss became EII`s frst Executive
Director in July 2011. His efforts range
from forming new relationships and
programs, expanding on current ones,
and creating opportunities for student
involvement, to fnding new revenue
streams, presenting at professional
conferences, and judging at business
plan competitions and pitch fests. A serial
entrepreneur and patent holder himself, he
also serves as a mentor to student, faculty,
and alumni entrepreneurs and innovators
and advisor to startups.
According to Weiss, “we have
tremendous potential here with our
assets – among them, talented and
energetic students, popular programming,
growing number of valuable relationships,
vibrant fow of new Cornell technology,
vast Cornell alumni network, exciting
prospects of CornellNYC Tech, and key
organizations like those in the BR Suite.
EII will leverage these assets, with our
creativity and action, to help make Cornell
a clear go-to leader in entrepreneurship
and innovation.”
Editors in Chief
Natalie Lin,
Sandeep Thalapaneni
Managing Editor
Sanjeev Goluguri
VP of Advertising
Karlin Keller
VPs of Marketing
Piya Dey, Maggie Gu
Contributing Editors
AB Bandyopadhyay, Anthony Brough,
Murat Sen, Daniel Sternberg,
and Milson Yu
Creative Director
Michael Beck
Senior Staff Writers
Evan Charles, Anvar Varadaraj
Selina Ang, Roberto Cusato,
Robert Frisch, Nicole Grossman,
Nora Hansanugrum,
Vince Lee, Jenny G. Liu,
Margaret Shackell, and Kevin Wang
Vol. LXXVIII Destination Johnson - Samuel Curtis Johnson Graduate School of Management April 13
, 2012 7
By Evan Charles
MBA ‘13
By Natalie Lin
MBA ‘13
One of the paramount
considerations facing
new admits during
Destination Johnson
weekend is where to
fnd housing for the
coming academic year. While there are
various locations from which to choose,
students will hear the phrase “the sooner
the better” numerous times with regard
to locking up housing for the fall. Luckily,
Destination Johnson provides a great
opportunity to grab prime real estate.
Perhaps the most popular area for
Johnson students is Collegetown. Where
Dryden Road and College Avenue
intersect (A) is undoubtedly the late night
epicenter of this neighborhood, with
numerous popular restaurants and bars
lining the street. If you choose to live in
or around this location you will never be
far from the action. Another great aspect
of this neighborhood is its proximity to
Sage Hall (B). With no more than a 10
minute walk from bed to campus, this
location is simply indispensable to many
students. If there is a downside, it`s that
this area tends to have higher rents and a
limited supply of parking spaces. It is also
noteworthy that this location is considered
the antithesis of a quiet neighborhood
come the weekend. Away from the noise
on the eastern edge of Collegetown, but
still a short walk to Sage, is The Fairview
Apartments (C), a place that is considered
a safe bet for affordable housing and
where many Johnson students are known
to live.
If you desire a more urban area, slightly
further from campus, then downtown
Ithaca, or The Commons (D) as it is
referred to, is worth exploring. With a
multitude of restaurants, shops, and more
(A) Gimme! Coffee
Coffee & Tea | 131 E. Green St.
Food & Wine named Gimme! Coffee
one of the best U.S. coffee bars, and in
recent years new locations have sprouted
in Williamsburg and NoHo, NYC. But
Gimme!`s roots are in Ithaca, where its
fair-trade, organic beans are artisan
roasted in small batches. Try a cup of the
pour over coffee -- magnifcently silky and
rich with concentrated favors extracted
by the award-winning baristas -- and
accompany it with a pastry (the vegan
chocolate cake is so good, you won`t miss
the butter and eggs).
Ithaca Housing
Where Johnson students live
Ithaca Eats
Where Johnson students dine
View the interactive Ithaca Housing map at
View the interactive Ithaca Eats map at
(B) Moosewood
New American, Vegetarian | 215 N.
Cayuga St.
Winner of the James Beard “American
Classic” award, Moosewood is a
collectively owned restaurant that serves
delightfully simple vegetarian dishes with
bright favors achieved through the use
of local, organic ingredients. Founded in
1973, Moosewood was named one of the
most infuential restaurants of the 20th
century by Bon Appetit -- and it justifably
remains a local favorite today.
(C) Saigon Kitchen
Vietnamese | 526 W. State St.
Comfort food in a bowl: the most authentic
pho in town is served at this casual eatery,
with options ranging from traditional beef
noodle soup to vegetarian pho chay. Other
home-style staples include spring roll
vermicelli and Vietnamese-style coffee.
(D) The Chapter House
Bar | 400 Stewart Ave.
Generations of Cornell grad students have
imbibed at this storied brew pub. Chapter
House is an Ithaca institution with 49 beers
on tap, unlimited free popcorn, pool tables,
live music, and [photoshopped] portraits of
Johnson alumni gracing its wood paneled
(E) Carriage House Cafe
Brunch | 305 Stewart Ave.
On weekends, the wait for a table is
alarmingly reminiscent of that to be
experienced at popular Manhattan cafés.
But you`ll it worth your while at the taste
of CIA-trained chef Kristian Woodall`s brie
stuffed french toast or textbook perfect
strata. Tip: grab a cup of Gimme! coffee
and snack to go, or drop by on a Friday, to
avoid the lines.
(F) CoIIegetown BageIs
Coffee, Sandwiches | 415 College Ave.
Collegetown Bagels, or “CTB”, serves
everything from bagel sandwiches to
ready-made entrees, coffee, and pastries.
With beer on tap, plenty of outdoor
seating, and close proximity to campus,
it`s also a favorite post-exam watering hole
and a frequented late-night destination.
(G) KoKo Korean Restaurant
Korean | 321 College Ave.
KoKo attracts on the basis of its
generously portioned bowls of bibimap
and platters of sizzling bool go gi -- both of
which are especially enticing during lunch,
when the menu boasts a sizable selection
of lunch box specials priced at under $10.
of a city feel, many Johnson students
go this route to fulfll their housing
needs. TCAT buses that run relatively
often provide reliable transportation and,
should you choose to walk to campus,
it is no more than a 30 minute trek. The
only downside: the steep hill students
must climb to reach campus. According
to the latest Johnson survey, over 50%
of respondents lived in Collegetown,
Fairview, or The Commons.
Although these two neighborhoods are
the most popular, there are plenty of other
locations that students point to as great
places to reside. Maplewood (E) and
Summerhill Apartments (F) are slightly
east of campus, while Casa Roma, Boiler
Works, and Quarry Arms Apartments (G)
are slightly south of Collegetown. Towards
the northern end of campus, closer to the
Cayuga Heights area, Westview (H) and
Hasbrouk Apartments (I) are common
places for students to live and provide
relatively quick access to facilities such
as the campus golf course and Jessup
Fields. Lastly, a few students always tend
to live west of campus around the Gunhill
Apartments (J) or far north of campus
towards the Lansing area.
Overall, Johnson students live
everywhere in and around Ithaca and no
matter where anyone chooses to reside,
all agree they`ll enjoy a great sense a
community at Johnson.
© 2011 Google.
© 2011 Google.
8 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management - Opinion Vol. LXXVIII
By Roberto Cusato
MBA ‘12
Israel: land of
mysteries, of
conquerors, of religious
strife; a land that has
captured, throughout
the centuries, the
imagination of countless travelers and
pilgrims, of mighty Arab Caliphs and
bloody Crusader Kings. From David to
Herod the Great, from Sal-ad-Din to
Suleiman the Magnifcent, from Mark
Twain to the modern tourist, Israel has
been a diffcult - often misunderstood -
Promised Land.
Johnson visited the country during the
last Spring Break. Twenty-six students
and three TAs ventured there to explore
the business landscape as well as the
cultural and natural beauty of this disputed
land. Students met with business and
political leaders, mingled with the locals,
and heard different stories about Israel, its
role in the world, its diffcult relationship
between Israeli and Arab neighbors, and
its ambivalent cooperation with the United
States and Europe.
I am not going to talk politics here. There
is too much going on in this sacred land
to explain it all in one, short article. Yet,
this has been the single, most important
lesson that my fellow travelers and I
feel we took home from this trip: Israelis
have many different opinions. For one,
not all Israelis are Jews. Druze, Muslim,
Christian minorities comprise 1/6 of the
7 million people inhabiting the country.
Even in the Jewish community, diversity
couldn`t be more marked - from ultra-
orthodox families (where only women can
work while men are entirely dedicated
to studying the Torah and to praying) to
secular Jews (who don`t care that much
about religion altogether) to utopian,
Marxist-minded kibbutzim dwellers
(completely atheist) the country is a
Thoughts from the Holy Land
A Johnson Trek to Israel
My Journey from
Banking to Branding
Pursuing your passion
By Anvar Varadaraj
MBA ‘13
Tasked with an article
for the “Destination
Johnson” edition of
the Cornell Business
Journal where many
readers would be
prospective students, I racked my
mind for possible topics. As an aspiring
marketer, should I expound upon the
growing private label threat facing CPG
companies? Or, should I channel my
inner consultant with a critique of P&G`s
emerging markets strategy? After many
Word documents closed in frustration, I
realized that a personal refection would
best serve future MBAs.
Recruitment season is a paroxysm of
joy and sadness; a mix of “Rockstars”
with the luxury of multiple offers, and
those frantically reaching out to pre-
MBA contacts to secure something
noteworthy for the summer. It saddened
me to see talented peers undergoing
multiple failures before realizing that
their selected career path was not
appropriate for them. There were signs
aplenty throughout the recruitment
process that should have indicated that
they were on the wrong path, yet many
chose to ignore those signs.
I ignored such signs myself when I
was convinced that I wanted to be an
investment banker as an undergraduate.
With an aptitude and interest for
fnance that could be best described as
optimistic, I suffered through numerous
banking interviews, emerging with
sweaty shirts and a battered ego. As
I refect upon the recruitment process
leading to those interviews, I realize the
signs were evident. I found myself in
uncomfortable crop circles regurgitating
banking topics gleaned from the “Vault
Guide to Investment Banking” and
awkwardly asking analysts for their
business cards, so I could thank them
for listening to my drivel and request
more time to share yet more Vault Guide
Sociability and impressionability were
not my problems as ironically, I was
doing quite well as an amateur stand-
up comedian. My problem was that I
was not interested in banking. I had no
interest in learning about the latest deals
or sharpening my spreadsheet modeling
skills. Instead, I surrounded myself
with aspiring bankers and without a
passion of my own; I found it convenient
to mirror theirs. I slipped deeper into
this façade as I envisioned pinstriped
suits, big bonuses, and Wall Street
cred. However, since I was unwilling to
voluntarily recognize my lack of passion
for banking, it had to take humbling
interviews for me to confront my ego and
realize that my interests lay elsewhere.
The transition process was painful but
liberating. I faced the shame of telling
my friends and family of my disinterest
in banking and I fretted that they would
question my competence. I had to
dispose of the caricature of myself
that I embodied as I interacted with my
banking friends. My false vision of my life
in banking prevented me from seeking
out a true passion.
As recruiting season in Michigan drew
to a close, I attended a recruiting event
for Target Corporation, a company
held in little regard among my banking
friends. For the frst time in my career,
despite uncertainty about my passion,
I felt comfortable interacting with
recruiters because I was honest about
my interests. Before long, I found
myself in an internal consultant role at
Target, which exposed me to different
business areas and instilled a passion
for marketing.
Restricted by a two-year program,
MBAs don`t have the luxury of time to
embark on such life lessons. Thus,
my hope is that you are honest with
yourselves about your interests. Use
your time to explore career options,
but free your mind of stereotypes, peer
pressure, and even your application
essays with fowery exposes of your
post MBA career plans. Be aware that
you chose to sacrifce time and money
to identify and pursue your passion
following your MBA, and it would be a
gross injustice to not have ownership of
your future.
melting-pot of ideas.
Culturally, the country couldn`t be more
diverse either: immigration from around
the world made Israel a concoction of
Sephardites (Jewish from Southern
Europe), Ashkenazis (Jews from Eastern
Europe), Ethiopians, Americans, Middle
Easterners… a huge internal diversity
for such a small land (the size of New
Jersey), but a diversity that helped the
country grow and succeed, leveraging
one another`s difference as a positive
enhancer of innovation (high-tech is
everywhere in Israel – sometimes it seems
to be in Silicon Valley and not by the
beautiful Mediterranean Sea shore).
What keeps it all together is a common
language (Hebrew, resurrected after the
creation of the State of Israel with a huge
cultural effort) and – for most – the Jewish
identity, stronger than anything I have
seen and witnessed before. What these
people accomplished, against all odds, in
the last 60 years is quite extraordinary, no
one can deny it.
Going to Israel I carried with me many
prejudices about the country and its
inhabitants. Yet, this trip helped me better
understand the land, its people, and its
problems. I learned to admire the strong
nationalism of Israelis, as well as the fght
of Palestinians for what they consider
their land as well. I have more questions
now than before landing in Tel Aviv. Yet, I
guess it`s supposed to be this way, if not
even sultans and prophets could solve
the problems afficting the Holy Land
throughout the millennia.
One thing is for sure: the narrow streets
of Old Jerusalem, the fortress of Masada,
the Judean Desert with its former Bedouin
warriors, The Baha`i Gardens of Haifa
will now always be a part of whom I am.
This beautiful country, so troubled yet
so beautiful, made us all think about the
problems afficting it. Simply because it
made us refect on such important topics, I
deem this trip a success.
Vol. LXXVIII Opinion - Samuel Curtis Johnson Graduate School of Management April 13
, 2012 9
10 Tips for a Successful Summer Internship
Advice from 2nd Year MBAs on How to Maximize the Summer Internship Experience
By Sanjeev Goluguri
MBA ‘13
For many MBA students a summer
internship is an opportunity to explore
a new industry, job function or career
path, with the goal of converting it into a
full-time offer. CBJ caught up with a few
current 2nd year Johnson MBA students
to understand what made their internships
successful, how they set themselves
apart from peers representing other top
business schools, and their lessons
As expected, a few common themes
emerged: 1) networking inside the
company, 2) proactively asking for
feedback, and 3) crafting a work plan and
sticking to it. In addition, a few students
offered tactical advice and tips that could
be applied in a summer internship and
beyond. Here are a few quotes from
Johnson `12 MBAs:
“To differentiate myself from other interns
from top schools, I came to meetings
with well thought out solutions, not
just problems to discuss with my
team. Asking for feedback early and
incorporating it in the day-to-day activities
was critical to show my employer that
I was excited and able to learn quickly.
Finally, meeting people from different
practices within the frm not only allowed
me to get my name out there but also
learn whether this is the right opportunity
for me.”
– MicheI EI Khoury, DeIoitte ConsuIting
(Summer Associate), New York City
“If you are interning in a larger
organization, it's absoIuteIy essentiaI
you reach out and meet different people
across the organization. All you have
to do is write someone an email, tell him
or her you`re an MBA student intern and
that you`d love to learn more about his or
her position and perspectives on the frm.
You`d be surprised how many people will
want to have lunch or coffee with you. I
wish I had started this from the frst week."
– Ingrid Jensen, NPR (Corporate
Business Development), Washington, D.C.
“Beware a steep learning curve on your
internship. Don`t get frustrated and
remember that using your network, both
within the frm and from Johnson, will help
you fgure things out."
– Adam Edwards, American Express
(Finance Manager), New York City
“Internship is a 10 week interview process.
You are interviewing the company, the
role and the industry just as much as the
company is interviewing you for a 'ft`.
You have the golden opportunity to have
candid conversations with everyone at the
frm. Jump on it, ask the diffcult questions,
understand the challenges and the skills
needed to succeed.”
– Shobhit Varshney, Bain & Co.
(Summer Associate), New York City
“In my view, the key to summer
internship success has very little to do
with technical competence, it has to
do with “likeability”. The majority of the
required skills for your summer internship
will either be taught to you on the job or
come from common sense. Therefore, if
people like you, they will be more inclined
to spend time working with (and teaching)
you to ensure that you succeed. To
maximize your “likeability” you should
ensure you are: friendly, eager, easy to get
along with, and most importantly willing
to do ALL tasks with a smile (regardless
of how basic and meaningless they may
– Andrew Schwartz, RBC Capital
Markets (Investment Banking Associate),
New York City
“The summer internship is a great
reality check for business school. It`s an
opportunity to gauge one`s progress both
technically and managerially. Over the
summer, gather as much formal and
informal feedback as possible. When
you return to Johnson in the fall, use the
second year to refne skills that need
– Jason Nyrop, Accenture (Management
Consulting Intern), New York City
“I had the opportunity to be seated in an
intern “bullpen” with MBA interns from
other schools such as Columbia, NYU,
and Wharton. We created a wonderfully
supportive community - not only did we
help one another in checking our projects,
we also kept in touch afterwards. I
would highly recommend developing
relationships with the other MBA
interns during your summer so that
they become a part of your larger
– Kay Fok, American Express (MBA
Marketing Intern), New York City
“I would have re-adjusted my expectations
from the outset. You hear stories from
those who have gone before you about
what their experiences were like and
you expect the same. When my frst
month was chaotic & unorganized I was
frustrated, but once I realized it was
incumbent upon me to create value in my
experience, I was able to re-frame it and
really engage. You have to be ready to
take initiative the minute you show up - no
one in the Fortune 500 is paid to hold an
intern`s hand. Once I started seeking out
my own challenges beyond the scope of
a traditionaI intern project, the ROI on
my experience was tremendous. Be
willing to leave your comfort zone, be
wiIIing to take risks and be conñdent in
what you bring to the table - be proud
to represent Johnson to the “real”
– Jen Baker, Intel (ALP Intern - Strategy
Analyst), Santa Clara, CA
“To bring the most amount of value in
a short amount of time, you have to
start before you technically start. Get
to know your team before you start
and understand what its goals are. By
identifying the goals of your organization
and your team members` individual goals,
you can craft a plan to drive value. Set a
list of personal goals before you start,
revisit that list ever 2-3 weeks and work
towards milestones.”
– Carlos Castro, Agora Partnerships
(Associate), Nicaragua
“I found that volunteering for
responsibilities was the key. JP Morgan
being a large bank, there was tremendous
potential to meet senior employees and
Johnson school alums. Being involved
in a large set of activities enabled me to
broaden my professional network and
have conversations that infuenced my
career aspirations greatly.”
– Varun Khurana, JP Morgan (Summer
Associate), New York City
10 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management - Lifestyle & Entertainment Vol. LXXVIII
The Best of JSMisc, 2011 - 2012
Curated by Anthony Brough
MBA ‘13
WARNING: Any views or opinions presented in these emails are solely those
of the authors and do not necessarily represent those of the Samuel Curtis
Johnson Graduate School of Management at Cornell University (“Johnson”).
CBJ presented you with 13 candidates for The Best of JSMisc (http://on.fb.
me/JMISC-A), and you weighed in with 130 votes. Without further ado, we
hereby present The Best of JSMisc, academic year 2011-2012.
Place: "Rings found in Woman's bathroom in the atrium¨
From: Nikolai Pereira
Sent: Saturday, February 11, 2012 1:54 PM
To: Johnson Student Misc Distribution List
Subject: RE: Rings found in Woman`s bathroom in the atrium
You should probably start looking for an active volcano to throw them in. The
last time someone found a ring, it didn`t work out very well for him.
Nikolai Philip Pereira | MBA 2012
Johnson at Cornell University
From: Dale He
Sent: Friday, February 10, 2012 11:03 PM
To: Johnson Student Misc Distribution List
Subject: Rings found in Woman`s bathroom in the atrium
Posting for a friend, please contact her directly.
I found three rings in the women`s bathroom in the atrium. If they`re yours,
please describe them so I can return them to you.
Place: “Haricut [sic] for Asian guys?”
From: Junghyun Kim []
Sent: Friday, September 16, 2011 12:43 PM
To: Anthony S Brough
Cc: Emile Gerard Ho-Sing Chin-Dickey; Johnson Student Misc Distribution List
Subject: Re: Haricut for Asian guys?
Have a white person cut the front half and a asian person cut the other half.
You`ll be golden.
On Friday, September 16, 2011, Anthony S Brough <>
> I don`t have a good recommendation for you. Perhaps someone else with
gorgeous fowing Alaskan locks can chime in?
> From: Emile Gerard Ho-Sing Chin-Dickey
> Sent: Friday, September 16, 2011 12:24 PM
> To: Anthony S Brough; Johnson Student Misc Distribution List
> Subject: RE: Haricut for Asian guys?
> I have half-asian hair. Any recommendations there?
> Anthony S Brough <> wrote:
> Vince,
> I`m not Asian, but I have hair similar to your people, so I understand your
plight. I went to Sartori Salon (, which is near
Triphammer & Hanshaw. North of Campus, but accessible by bus if you don`t
have a car. The girl who cut my hair was Alicia or Alyssa. suffce it to say her
name is something that satisfes A*a. Cost was $35, but worth it.
> Anthony
> From: Vincent Lee
> Sent: Thursday, September 15, 2011 5:04 PM
> To: Johnson Student Misc Distribution List
> Subject: Haricut for Asian guys?
> Does anyone know of a place in Ithaca for an Asian guy to get a decent
haircut???? I don`t mind paying $25-40 if they actually know how to cut Asian
hair. I don`t want to go to NYC or Toronto every 3-4 weeks! Help!
> Vince Lee
Place: “Jewish Business Association” aka “Rural Cambodian”
From: Adam S Burke
Sent: Sunday, September 11, 2011 12:42 PM
To: Johnson Events List; Johnson Student Misc Distribution List
Subject: RE: Jewish Business Association
After some feedback from my last email, I feel compelled to mention that many
people at Johnson are working hard to improve the technology situation so
that future Johnson students don`t experience any diffculty. I think I speak
for everyone when I say that we recognize and appreciate the work that these
people are doing.
From: Adam S Burke
Sent: Saturday, September 10, 2011 5:59 PM
To: Johnson Events List; Johnson Student Misc Distribution List
Subject: Jewish Business Association
I apologize for sending this to everybody but, since the Johnson School`s
technology infrastructure is on par with what I would expect to fnd in rural
Cambodia, I am left with no choice.
The Jewish Business Association will be holding a Town Hall style meeting
for old and new members on Monday from 5-6pm in room TBD. Please try to
attend even if you can only make it for a few minutes to meet the group. We
have been planning events for the next couple months and all of the details are
posted on CampusGroups. Please use the CampusGroups website (https:// to stay up-to-
date with all of the happenings in the club.
Adam Burke
3rd Place: “Re: FIREFIGHTER costume?”
From: Lani Shufelt
Sent: Monday, October 03, 2011 10:25 PM
To: Lani Shufelt
Cc: Laura X. Wang; Selina C. Ang;
Johnson Student Misc Distribution List
Subject: Re: FIREFIGHTER costume?
Shit. That was meant for Laura and Selina
Sent from my iPhone
On Oct 3, 2011, at 10:23 PM, "Lani Shufelt" <> wrote:
I`ve got French fight attendant, cop, and female Edward scissorhands
Sent from my iPhone
On Oct 3, 2011, at 9:33 PM, "Laura X. Wang" <> wrote:
Changing the wanted item: looking for frefghter costume. No, the local
frehouse won`t lend me one. Yes, it`s a serious request. Thanks!
From: Selina C. Ang
Sent: Sunday, October 02, 2011 11:40 AM
To: Johnson Student Misc Distribution List
Subject: Cow costume?

JS Misc World – This is a random/long shot question, but does anyone have
a cow costume or cow-inspired clothing to borrow this week? Will give it back
Tuesday evening.

Vol. LXXVIII Lifestyle & Entertainment - Samuel Curtis Johnson Graduate School of Management April 13
, 2012 11
Recipes from the Iron Chef Sage Social
By Selina Ang, MBA ‘12; Robert Frisch,
MBA ‘13; Nora Hansanugrum, MBA ‘13;
and Emma Kirwan, Joint Ventures ‘13
The Iron Chef competition, an annual
tradition, was held at Sage Social on
March 29 in partnership with Out for
Business and Cookin` The Books.
“We know that everyone at Johnson –
faculty, staff and students – is always busy.
The Iron Chef competition provides much
needed respite … and allows everyone
the opportunity to taste students` creative
dishes,” said Tony Tao, President of
Cookin` The Books.
The following recipes appear courtesy
of the winning team, The Johnson
Curryculum: Selina Ang, Robert Frisch,
Nora Hansanugrum, and Emma Kirwan.
Curried Mushroom Puffs Recipe
1 tablespoon extra-virgin olive oil
1 10 ounce package organic white button
1 10 ounce package organic cremini
½ cup vegetable stock (used quarter cube
of Rapunzel Vegan Vegetable Bouillon
with Sea Salt)
2 teaspoons curry powder1 package
frozen puff pastry, thawed for 45 minutes
Flour, for dusting surface
1 egg, lightly beaten
Splash of milk
Prepare mushrooms: Wash, de-stem,
and cut into eighths, and coarsely chop.
In a large skillet, heat oil over medium
high heat. Sauté mushrooms until juices
emerge, about 10 minutes. Lightly season
with salt and coarsely ground black
pepper. Add in vegetable stock and cook
down until partially evaporated. Add curry
powder, lower heat to medium, and sauté
for another 5 minutes to blend in favors.
Remove from heat and set aside to
Prepare pastry: While mushrooms
cook, unfold puff pastry sheets onto
a foured surface. Using two sizes of
round cookie cutters (2 ½ inch and 2
¼ inch), cut 12 circles of each size.
Preheat oven to 325 degrees.
Stuff and seal: Spoon a heaping
teaspoon of curried mushrooms onto
the smaller pastry circles. Place larger
pastry circles on top of each smaller
circle with mushrooms, and use the
back of a fork to press down on the
rim of the pastry to seal. Gently cut a
slit with a knife in the top of the pastry
to allow the steam to escape during
cooking. Combine beaten egg and milk;
brush each pastry with a light coating of
egg wash.
Bake: Place pastries on baking tray
lined with parchment paper and bake
for 10-12 minutes until puffy and golden
Romaine Salad with Shaved Celery,
Curry Spiced Walnuts, and Curry-
Citrus Yogurt Dressing Recipe
1 bag Finger Lakes Fresh romaine
lettuce, chiffonade
1 stalk celery, chiffonade
1 watermelon radish, thinly sliced
Lemon zest, for garnish
Curry spiced walnuts (see below)
Curry-citrus yogurt dressing (see below)
Curry Spiced Walnuts Recipe
(courtesy of Cayuga St. Kitchen BIog,
1/2 cup walnut pieces
1 teaspoon cumin
1 teaspoon curry powder
1 tsp. coconut oil
Dash of salt
Preheat oven, or toaster oven, on to 300
Mix ingredients and spread on a cookie
Bake for approx. 15 minutes or until
golden brown. Check repeatedly and stir.
Curry-Citrus Yogurt Dressing Recipe
1 cup plain yogurt
1/3 cup extra virgin olive oil
1 tablespoon cumin
1 tablespoon turmeric
1.5 teaspoon ground coriander
Freshly squeezed juice of 1 lemon
1 teaspoon sea salt
1 tablespoon plus 1 teaspoon pure maple
Whisk all ingredients together until well
Salad: Toss romaine lettuce and celery
with several tablespoons of dressing until
well coated. Top with walnuts, radish, and
lemon zest.

Sweet Curry Roasted Butternut Squash
Mash Recipe
1 butternut squash
1/2 cup pure maple syrup
1 tablespoon curry powder
1 teaspoon salt
Peel squash, cut in half lengthwise, and
remove seeds. Roast in preheated 350
degree oven for 1 hour. Coarsely chop
squash into smaller pieces and puree in
food processor.
Stir in remaining ingredients.
Red Wine and Masala Braised Beef
2 pounds beef chuck, cut into 3-4 inch
Canola oil for browning beef
2 small yellow onions roughly diced
4-5 stalks of celery, roughly diced
4 cloves of garlic
3 tablespoons tomato paste
1 cup of dry red wine
1 1/2 cup beef broth
1 cup of water
1/3 cup of curry mix (see below)
2 bay leaves
Salt and pepper for seasoning
1/4 cup of heavy cream
Curry Mix Ingredients:
3 parts garam masala
1 part curry powder
1 tablespoon of cumin
Toast spices over small skillet over
medium-low heat until fragrant (about 5
minutes). Intensity of curry favor can be at
discretion of cook.
Main Preparation:
In a large dutch oven, heat oil over
medium high heat and brown meat on all
sides. Brown in batches to avoid crowding.
Reserve beef on a side plate.
Using the same dutch oven, immediately
sauté onion, celery, and garlic until
softened over medium heat, about 5
minutes. Add tomato paste and stir.
Deglaze with red wine; reduce liquid by
2/3. Add broth, water, and curry mix, bay
leaves, salt, and pepper. Bring to a boil.
Return meat to broth (meat should be
covered 2/3, but not fully submerged).
Line top with parchment paper and cover
with lid. Place in oven at 325 degrees
for 1 hour; reduce to 300 degrees for 2
additional hours.
To fnish sauce, depouillage to remove
excess fat. Add water if needed to reduce
intensity of stock. Using an immersion
blender, puree vegetables to thicken
sauce. Finish with cream.
12 April 13
, 2012 Samuel Curtis Johnson Graduate School of Management Vol. LXXVIII
Spac|ous 1-, 2-, and 3-8edroom Apartments
Many w|th 2 8aths
Some Features:
Short level walk to the Cornell Campus, and to Collegetown
TCAT bus at entrance; East Ithaca Recreation Way adjacent
Elevator serves all floors including heated garage
Cherry or rock maple kitchen and bath cabinets
Granite counters, stainless steel appliances and gas ranges
Natural finish hickory and porcelain tile flooring
Wide oak baseboards, door trim; solid birch interior doors
En suite clothes washers and dryers
Individual control of heating and cooling
Reserved off-street parking (inside and outside)
Coal Yard Apartments
1he I|nest Accommodanons on Last n|||
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I NewThermally Insulated
I HUGE Floor Plans
I Free Private Parking
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I Located on the T-Cat Bus Line
I Large Patios and Balconies
I Pool and Sun Deck*
I Fitness Center*
6 Spectacular Rental Communities
within 2 Miles of Cornell
Secure during
DJ Weekend to
take advantage of
* Select communities
Friday 4/13 - Sunday 4/15
MBA Humor
By Vince Lee, MBA ‘13