The Leeds MBA Experience

Entrepreneurship and the Venture Capital Process

2010-02-10T21:29:13Z

Entrepreneurship and the Venture Capital Process is a new class geared toward students with a focus in Finance or Entrepreneurship. The course connects students with local entrepreneurs, VCs, Angels and other industry experts. The class is unique in that it creates deal flow for the Deming Center Venture Fund; a student run fund that has recently been reinstated through the efforts of MBA 2010 candidates, Rob Delwo and Michael Euperio.

This semester the class will be sourcing deals, conducting due diligence and making recommendations to the fund advisers as to potential investments. Whether looking at a post-MBA future in the capital markets or as an entrepreneur, the class offers students the ability to work through the fund raising process and apply analytical skills attained throughout the MBA program.

The class boasts amazing guest speakers - a few of whom have already included: Chris Wand formerly of Mobius and Foundry Group, Lisa Reeves of Vista Ventures, Ken Fugate of Square 1 Bank and Jack Tankersly from Meritage. Last week, David Cohen spoke to the group about his experience in angel investing and his role in Techstars, a local incubator that has recently expanded to Boston and Seattle.

Students of the class are now engaged in sourcing deals by looking at local startup companies. As well, students engage in weekly discussion about various components of the venture capital process. I've included the following blog post from Rob Delwo, MBA Candidate 2010, to illustrate sample class discussion topics:

What makes a good deal/investment?

A "good deal" can come in various forms. A good deal a la Warren Buffet is an investment in a company that is undervalued, ie. the potential future earnings of the company are greater than the current stock price. Venture Capital (VC) and early stage investing follow this same premise; however the analysis that Mr. Buffet undertakes is much different than that of a VC or Angel. The reason for the difference is attributed to the large amount of asymmetric information regarding the early-stage company's future earning potential. An early stage investor has no public comps, and questionable financial projections which make a numerical analysis difficult (some say worthless). Therefore, a VC valuation will consist of a large amount of qualitative analysis. Foundry group VC, Jason Mendelson recently wrote a great blog titled "What's the Value of My Startup", which explains how he goes through the due diligence process.

Jason's blog is extremely valuable and I will most definitely use his process to guide any due diligence I do in the future. However, I would like to take a step back and look at the process from further out. I was recently talking to Jim Booth, Zetta Sun's VP of Business Development, about investment criteria. His theory was to group Management and Technology against Market, with Market trumping all. Actually several others feel this way too: Russell Siegelman, partner at Kleiner Perkins was quoted saying "the most important requirement is a large market opportunity in a fast-growing sector...this means the market potential has to be at least $500mm - or more." Further, Sonja Hoel, managing director of Menlo Ventures said "It's all about the market; this includes market growth, market size, competition, and customer adoption rates." As you can see market is extremely important, but I'm not trying to prove the management team and the technology are irrelevant, quite the contrary. The point I'm trying to make is that if the market isn't large enough or isn't growing fast enough, then the investment is not going to generate a good return. The market analysis is simply the first item on a long check list, and if you can't check this box with confidence then it's best to move on to the next investment opportunity.

In my opinion the second check is management team; this includes industry experience, honesty, passion, and previous achievements. In addition to these attributes an entrepreneur must be able to pass the "Beer Test", aka do you want to have a beer with this person? If the answer is no, walk away. Early-stage investing is a partnership, if you don't like the management team the investment will never work.

Technology/idea and the business model are also important but not as important as one may think. The entrepreneur's ability to explain their idea and describe how he/she is going execute is a reflection of their attention to detail and their understanding of what it will take to become successful. Chances are idea #1 isn't going to work, and the entrepreneur is going to end up executing on idea #2 or #3. Idea, plan of execution and financial projections are simply a way for an investor to evaluate the management team.

1. Roberts, Michael. Barley, Lauren. How Venture Capitalists Evaluate Potential Venture Opportunities. Harvard Business School. December 1, 2004.
2. ibid
3. Gladstone, David. Gladstone, Laura. Venture Capital Investing, The Complete Handbook for Investing in Private Business for Outstanding Profits. Financial Times, Prentice Hall. 2004
4. Medelson, Jason. Silicon Flatirons Information Session. 2008.

The First Year: 1st vs. 2nd semester

2010-02-10T05:20:01Z

Now that we are in our fifth week back at school, I think it's fair to start looking at the similarities and differences between the semesters. The semesters are very different indeed and deserve a bit of discussion.

Pace:

First semester started out fast and never slowed down. A friend of mine jokingly called orientation "code for school." And it was. Statistics class, case studies, professor introductions; there was a lot going on before school officially started. Actually, our first case study for accounting was due the first day of class! Luckily one of my teammates saw it posted online and we held an emergency Sunday night meeting to do the Kansas City Zephyrs case. This pace continues and you don't get much free time.

Second semester starts out much more tolerably. No assignments due the first day of class, and our first assignment for my electives was a one-page biography on who you are, what you do, and why you're interested in the class. Right now content has picked up and it's again very very busy, but not the break-neck pace of first semester. This semester has much more self-directed intensity and it's more on your terms.

Extracurricular Activities:

First semester I didn't have time or motivation to do much outside of school. Mountain biking a few times was great and Thursday Night Out (TNO) was pretty awesome, but there was no way I could work a job and I had to miss events that I would normally attend like the Boulder/Denver New Tech Meetup (BDNT) and the GreenTech Meetup.

Second Semester there is more time to do activities outside of the classroom. I'm working on a market assessment project for a nanotechnology used in mechanical liquid filtration. I'm also competing in the CU New Venture Challenge (NVC), which is a business plan contest with weekly education and workshop session. Our team is bringing a Kava Bar to Boulder. We're also trying to raise money for a big InterLink event in April; so we have been presenting to funding councils. There is no way I could have done these things first semester.

Class Discussions:

First semester certainly had some good class discussions, especially Marketing. But most classes were full of lectures and had fewer questions / discussions. This might be because there was just so much content that everyone was just trying to breathe and didn't have wind left to state and defend his or her personal position.

Second semester is a lot more dynamic. We have more discussions in class about the assigned readings that do not require mediation from the professor. People jump in because they are truly interested in what's being discussed. Also, the cohort knows each other and can interact more effectively in class without oversight from the professor.

Teams:

First Semester is all about the team. You spend a LOT of time working together, so it's pretty important that you get along, or at lease set a framework to function. My team spent 15-20 hours together in an average week, and it definitely climbed up really high right before big projects were due. "Live together, die alone" was our motto. We did everything together, and I think because of that we got a lot out of the program. A big part of the learning process was figuring out how to work in your assigned team, manage schedules, etc. Also, you're tested individually, so you'd better understand everything your team is working on.

Some teams split up tasks to "divide and conquer." That totally worked too, and the teams that did this had more free time to maintain life. This works if your team is diverse and everyone wants to focus on specific topics, but it can be tough on the team dynamic if you end up with a bad grade based on something your teammate did without your involvement.

Even if your team doesn't entirely get along, you have to figure out a way to make it work. There was a team in my class who didn't get along and never found a functional framework. The result was that half of the team did not continue with the program after winter break. This is exceptionally rare, but the threat does exist.

Second Semester there is generally less teamwork, but that depends a lot on your electives. The teams you work in for electives are self selected, and you actually get to choose groups for a few core class projects too. All in all, I'm spending 5 to 7 hours a week in a team, but I expect that will pick up as deliverables come due in a few weeks.

Bottom Line:

I'm happy to have made it though first semester with only flesh wounds. Now it's getting to the fun part and I'm really enjoying school again.

InterLink Program Winter Hiking Trip

2010-01-26T19:16:07Z

Finally, the Front Range is back into a typical winter routine. Fifty-degree sunny days are standard, with a few snowy ones to even it out. This November and December were atypically cold and the snow took a long time to melt and just got dirty.

Background:
The InterLink program is a club of 1^st year MBAs, half from the US and half from somewhere else. International students are matched up with US students and they usually get together for coffee or lunch once a week. The result of these meetings are that International students get a point person to ask questions about US culture; US students get to expand their network internationally and learn some really interesting things. This weekend we decided to take advantage of our excellent weather and get out as a group for a winter hiking experience.

Destination:
The Ceren St. Vrain trail is just west of Jamestown Colorado and only 35 minutes from Boulder. There is a flowing river during the summer and several very large flat spots that would be excellent for a group camping outing. We went there because this trail is a bit different than most trails in Colorado.

There are large meadows full of tall lodgepole pines with no pine needles until high up the tree. The result is a trail that weaves through many bare trunks - it looks really cool.

Picnic with a view:
I was really happy with this trip because we made it very high up on the trail. Miller Rock has excellent back range views of Indian Peaks Wilderness Area and Longs Peak. It was a beautiful sunny day and we had a picnic at a big rock table of pasta salad, sandwiches (Reuben, peanut butter and Nutella) and some Tzatziki sauce with pita bread to dip. We try to keep it international, even when in the wilderness.

Afterglow:
We ended up getting back to Boulder around 4pm and headed straight to Boulder Beer Co for a few libations to cap off the trip. Unfortunately, they were closed. But no worries, I don't mind leaving the trip open. Memories of the trip have been creeping back into my head over the last few days.

This trip is a great example of why I love this program. It's full of smart people who like the outdoors and are not afraid to try something brand new.

Leeds MBAs Meet Warren Buffett!

2010-01-23T17:40:38Z

This month, twenty-six students from the Leeds School of Business descended on Omaha to meet the man himself, Mr. Warren Buffett. In what we will call an 'invigorating' negative 25 degrees, the students traveled through the city to tour Nebraska Furniture Mart, followed by a Q&A session with Mr. Buffett at Berkshire Hathaway and lunch at his favorite restaurant, Piccolo's. After lunch each student was able to take a couple of pictures with Mr. Buffett, who was such an incredible sport... even getting down on one knee as though he was proposing to a student from another university! After the photo session we toured Borsheims, the jewelry store owned by Berkshire Hathaway. The staff was amazing, putting a $130,000 'museum quality' ring on my finger, demonstrating that they understand the value of gaining customers early!

I have included some 'Buffett insights' from the Q&A session below. Overall, I was delighted by his candid demeanor, sharing thoughts on everything from his recent foreign investments, to thoughts on personal relationships - making sure to remind us of 'what it's all about.' Here are some of my favorites:

"Over time, money will depreciate in value... the best hedge against that is your talent. Regardless of the currency, you'll get your share."

"Talent and realization of potential is the best asset in an inflationary period."

"Do you have an inner scorecard or outer scorecard? Would you rather be the worst lover and thought of as the best, or the best lover and thought of as the worst?"

"Getting a good idea funded in this country is a cinch!" -In response to a question about innovation, entrepreneurship and lending practices.

"Berkshire Hathaway is my canvas and I paint a picture. I hope people admire, but I paint for myself."

"You can always tell someone to go to hell tomorrow." -On having a positive attitude.

"Look around the room, who would you seek 10% ownership in, and who would you short 10%?" -On evaluating your peers and yourself.

How do you want people to remember you? Buffett: "At the end, I hope people will say 'Boy, he was old!'"

The Final Semester is Approaching!

2010-01-07T01:47:03Z

Wow. It's amazing to think that the first semester of my final year in the MBA program is complete! Grades are in, break is nearly over and I'm ready to begin the final term!

So much happened over the last six weeks! Food & Wine Club had two events, both of which were held over Boulder's Restaurant Week, and absolutely spectacular! Thirteen students gathered at Salt, a new restaurant in Boulder, for a wonderful culinary experience and great service! Later that week, a large group of students, significant others and faculty joined together for a lovely meal at Black Cat. Overall, fall semester had great turn-out for each event and I am so excited for this semester's events: cooking classes, wine nights and a lovely meal at Frasca are in the works!

Warren Buffett Trip

I am also thrilled to report that for the second year, Leeds MBA students will be traveling to Omaha to meet Warren Buffett! Throughout the daylong trip, students will be visiting Berkshire Hathaway followed by lunch with 'The Oracle' himself and ending in a Q&A session where each school will ask Mr. Buffett three to five questions.

When I was selected to attend the trip I shared the news with a foodie friend of mine. He suggested that I lunch with one of his favorite customers, Ms. Herta Kahn, a peer of Warren Buffett and one of the first female stockbrokers in the US. She shared a story about being invited to the 100^th birthday party of a mutual friend of her and Warren Buffett's, and having to miss due to her late husband's illness. Ms. Kahn wrote Warren Buffett a letter asking for a rain check, and shortly thereafter received a handwritten letter from Mr. Buffett asking her to attend the annual shareholder meeting in Omaha.

We shared a lovely lunch, discussed her amazing experience in the world of finance and she even shared her thoughts on dating! I hope to have the opportunity to mention my lunch date to Mr. Buffett and look forward to posting details of our trip!

Venture Capital Boot Camp

2009-12-10T19:33:53Z

Last month, Michael Euperio and Rob Delwo, two second-year MBA students, organized a VC Boot Camp for CU business and law students. The event took place over two Fridays in November and brought six area venture capitalists which included: Kirk Holland of Vista Ventures, Pam Shepherd and Kim Bixel of Greenmont Capital, Jason Mendelson of the Foundry Group along with Brad Bernthal - CU Law professor, Chris Wand and Keating Investments.

In true *Boulder VC* form, the speakers provided a candid overview of the industry and their experience. Pam Shepherd and Kim Bixel from Greenmont Capital, two of four female Jr. VCs in the state, discussed how they became involved in the industry and the 'unique' focus of their firm as a fund investing in early-stage companies in the $500-billion Lifestyles of Health and Sustainability ("LOHAS") market.

Jason Mendelson of the Foundry Group along with Brad Bernthal, CU Law professor, led the group through a discussion about term-sheet negotiations, highlighting incentives, motivations and critical deal terms. The pair provided a very casual, yet highly informative session to the group.

It's rare that one would have such entre to the venture capital process however the accessibility of the VCs and their willingness to be engaged in the student community is characteristic of the strong entrepreneurial culture found in Boulder. Arguably one of the best events of the year!

New Series: Women Who Inspire Me

2009-11-09T00:55:53Z

Women who Inspire Me

A few years ago, I ran across an article (gotta love Oprah) that reflected on the search that many women undertake to find their ideal mentor. It discussed how women often seek a single person that embodies perfection in various aspects of life...you know, the woman who exhibits perfect work-life balance as she climbs the corporate ladder, attends her children's school functions, leads a non-profit, and works out every day? Then frustration mounts as they have a hard time identifying a person to 'fit the bill' in terms of their guidance. No wonder, considering they are looking for a super-woman, right?!

The article goes on to encourage women to look at the relationships they have with a variety of female mentors, and to cling on to the aspects of each that match their ideal; building a cadre of supportive women to reach out to for advice, perspective, etc. I've decided to start a blog series highlighting some of the women in my life and the mentorship that they offer.

A Woman in Finance

A few weeks ago I flew to NYC to help a very special friend pick out her wedding dress. During this trip her fiancé facilitated a meeting between me and his boss, a female executive at a real estate private equity firm with nearly $3B in assets. The meeting was incredible! Though an undoubtedly busy principal at a major PE firm, she was warm, friendly and eager to impart wisdom about her industry and career path. It was amazing to have a candid and comfortable conversation with such a successful individual. Not only did we discuss the company and industry, but also had a fairly frank conversation about 'framing the discussion' with potential employers regarding career preferences post-MBA. Our conversation ended with an offer to keep in touch throughout my last year in the program and the job hunt process.

A note to MBAs: you've heard it before, but the time actually spent in the MBA program is one of your greatest assets. Make sure to ask for 'informational interviews,' as professionals are eager to impart wisdom in a 'low pressure' situation where they do not feel like you are only there for a job. Make friends whenever possible and you may be surprised about the connections you make and the job that may be waiting out there for you!

The Women who Make Me Sweat

Last week the Leeds School of Business National Association of Women's MBAs (NAWMBA) attended an event at Bar Method, a fantastic new workout studio in Boulder that incorporates principles of ballet, yoga and pilates into each session. The owner took us though a class then gave an entrepreneurship talk about securing her venture's funding and how to create a business plan. After working in publishing for ~15 years, she sought to bring a new fitness option to Boulder that was built around values of service, community and of course, a great workout.

I have been a member at the studio for a few months now and I love what Bar Method has to offer. Not only is it a great workout, but the owner is always sharing perspective and happy to do whatever she can to build a strong sense of community. It's inspiring!

Foodies Unite!

2009-10-29T04:45:25Z

Food & Wine Club

Since my last post, a team of students and I launched the CU MBA Food & Wine Club. For the event, each attendee brought a bottle of wine that 'described' them in some way and shared their description, wishes for the club and varietal with the group. The evening was a great success, bringing over 45 MBAs and professors together in the name of great food, wine and conversation!

Upcoming events take full advantage of the 'food' component of the club, with two dinners planned at local restaurants during First Bite Boulder week! Food & Wine Club members will be dining at Salt, the new addition to the West End of Pearl St. and Black Cat, both of which utilize a 'farm to table' approach for their culinary offerings. I can hardly wait!

Finance Club Update by Rob Delwo

2009-09-27T18:25:46Z

The following blog written by 2nd year, Rob Delwo highlights some exciting finance-centered offerings of both the Leeds School of Business and the MBA Finance Club. I am particularly looking forward to the VC Boot Camp...thanks for sharing, Rob!

The fall term of my second year has been flying by, I can't believe we are already through the 3^rd week of classes and mid-term exams are around the corner. It seems like yesterday when we started the term and I set the goal for the 2^nd year of my MBA; to further my understanding of private equity investing (this includes venture capital investing), and ultimately, to start a career in this space.

This term I am taking three PE/VC related classes:

PE/VC law: This course is taught by Prof Victor Fleisher and has provided an amazing overview on how private equity works. So far we have covered topics such as the structure of a PE/VC firm, the limited partner's perspective, commission structures and the history of private equity which includes legal acts such as Erisa. I'm excited to get into term sheets and the course project which will have us analyze a local VC firm and some tech start ups.

Entrepreneurial finance: Prof Chris Leach is one of the most entertaining professors I have ever had, giving this class the potential to be my favorite MBA course.

Business Plan Preparation: Prof George Desiro and Liz Snowden provide guidance as students go through the process of creating business plan. While there are differing opinions on the business plan process, I believe it adds a great deal of value to "new" entrepreneurs.

Next term I'm looking forward to taking Entrepreneurship and the Venture Capital Process, a new class offering taught by Prof Bret Fund. The class will operate in conjunction with the recently proposed Deming Center Venture Fund, a seed capital fund run by a group of Leeds MBA students. The class will go through deal flow, due diligence, investment decisions and portfolio management. The goal for the class is for students to further their education in entrepreneurship and venture capital, and to use the funding from the Deming Center Venture Fund to make a real investment.

As one of the managers of the finance club I am proud to say that we have expanded our offering on the PE/VC side. Our goal for the new division of the club is to promote the educational experience in private investing and to take advantage of the network of venture capitalists in the Boulder area.

I recently attended an event sponsored by the Colorado Bioscience Association called "Negotiating the Venture Capital Term Sheet". Brent Fassett from Cooley and Dan Mitchell from Sequel role-played a VC negotiation and took "character breaks" to explain the term sheet. The CU MBA class was well represented with 15 participants.

There are several other incredible events that are taking place in the near term, these include: "Ask the VC" with Jason Mendelson from the Foundry Group and a "One on One" with Brad Feld, also from the Foundry Group. On Nov 3^rd I will be volunteering for the NREL Industry Growth Forum which will provide exposure to private investors and entrepreneurs in CleanTech.

Lastly, the VC boot camp on Nov 6^th and 13^th will be a two day event, put on by the finance club that will feature an all-star line up of speakers including: Pam Shepherd and Kim Bixel from Greenmont Capital, Jason Mendelson from the Foundry group, CU law professor Brad Bernthal, and professional investor Chris Wand.

Hopefully by the end of this term I will have a strong understanding of private investing and will be slightly ahead of the game when it comes to finding a job this spring, but only time will tell. That's all for now, I'm off to write my application for the Venture Capital Investment Team!

Guatemalan Radio Debut by Daniel Moncayo

2009-09-17T17:51:36Z

I am so excited to share this blog, written by Daniel Moncayo about his experience in Guatemala this summer! Enjoy!

This afternoon I made my radio debut on ' Stereo 100' down here in Xela, Guatemala. I never thought I'd be interviewed in Spanish . . . in Guatemala . . . on the topic of an appropriate technology business plan competition, but . . . the way things are working out during this summer internship . . . why should I be surprised?

I'm having a great time in Guatemala working for an NGO called AIDG (The Appropriate Infrastructure Development Group)! AIDG researches and develops sustainable infrastructure solutions such as solar water heaters, biodigestors, and micro-hydro power stations, and then incubates local businesses that market and sell the technologies.

The field of 'appropriate technology' is fascinating and it's exciting to think about it from an entrepreneurial perspective; especially its application in an international development context. In case you are not familiar, allow me to share a bit about what I've learned so far about a couple of appropriate technologies.

Biodigestors, for example, are like small storage tanks filled with organic waste such as vegetable scraps and animal excrement that produce methane gas and effluent (a liquid fertilizer). The methane can be used to power stoves and lights in rural areas that lack access to utility infrastructure. The effluent is a rich and hearty fertilizer for crops or gardening.

AIDG developed the technology for low-cost solar water heaters, and a local incubated business manufactures and sells the heaters. They consist of sheets of glass over black galvanized tubing in a large panel connected to a reservoir. The sun generates enough heat for comfortable showers at night or in the morning.

Finally, another exciting technology is the Rocket Stove. Briefly, this is a wood-burning stove that utilizes a more efficient combustion chamber than traditional stoves. The Rocket Stove offers local Guatemalans several benefits including: time saved, fewer respiratory problems, and money saved since the wood burns more efficiently. You can learn more about these and other appropriate technologies, along with AIDG's business incubation strategy on AIDG's website - www.aidg.org

The majority of my summer internship is focused on the development and coordination of an appropriate technology business plan competition called GuateVerde . Check out our new website at: www.guateverde.com to learn more about it. In addition to developing publicity and website content, I am giving public presentations on the contest and I am helping to develop all-day entrepreneurial workshops. The Leeds MBA is definitely coming in handy as I develop the curriculum for the all-day workshops. In fact, the training course will teach future entrepreneurs about finance, marketing, business plans, and management and operations - topics I've become quite familiar with during Business School!

I feel inspired by my internship with AIDG because it provides exposure to creative and sustainable infrastructure ideas in a context where contamination is rampant, rivers are polluted, and trash is tossed through the windows of passing 'chicken buses.' I see a lot of potential for innovative ideas that are both profitable and sustainable. I also recognize the latent potential of local entrepreneurs who are accustomed to running small businesses such as liquor stores and internet cafes. I'm curious to see how these entrepreneurs will transfer their enthusiasm and determination into 'green' ideas that make a positive impact on the local communities.

I look forward to reporting more about the GuateVerde Business Plan Competition and other aspects of life in Guatemala as the summer progresses. Until next time. ¡Hasta Pronto!

Aaaannnd they're off...

2009-09-16T02:21:03Z

Wow.

This has been an event filled couple of weeks! The second years are officially in session and have settled into the classes that they will be working on for the next (and second to last) semester of the MBA program. Personally, it took a great deal of effort and thought for me to make final course decisions, as the end of the tunnel is certainly in sight and there is quite a bit of pressure to make every class count! This semester I am taking Entrepreneurial Finance, Marketing Intelligence and Social Entrepreneurship in Emerging Markets in the Business School and a VC/PE Law class. My schedule represents some opportunities to step out of my 'comfort zone' (i.e. efinance) as well as some very exciting opportunities to 'round out' my experience at Leeds.

Along with the start of classes has been the resurgence of the packed social calendar! Each student club has presented the student body with a number of very exciting events to expect for the year. This week we will be announcing the re-launch of the Ladies MBA Golf Club in partnership with NAWMBA (National Association of Women MBA's). As well, Kim West and I, along with a few other classmates, will be launching the Leeds MBA Food & Wine Club which will provide some unique occasions to socialize among 1^st years, 2^nd years, faculty and alumni, while offering opportunities to engage those with significant others outside of the program. I am so excited to introduce our MBA's to the incredible Food & Wine culture that Boulder has to offer!

This post will not go into detail about the current state of our football team ... however, I will be there on Saturday, cheering our Buffs against Wyoming and hoping that those throwback jerseys serve us well! Let's hope for a big 'W' this weekend!

Welcome back everyone!

End of Summer To-Do List

2009-08-15T18:35:39Z

1. Take a Hike! Less than 10 minutes from the center of town are number of beautiful hiking trails that can accommodate various skill-levels. Hike the beautiful Flatirons or follow Mapleton Ave. west to Mt. Sanitas trail. To get equipped, visit Boulder Running Company for a personalized shoe-fit experience.

2. Scope out the Local Coffee Scene. Boulder has a coffee culture that is rarely found outside of Seattle and if you're embarking on an MBA program, you'll want to have a few coffee shops to call home! Some of my favorites include Pekoe Sip House and The Cup. Also, be sure to check out the Laughing Goat, which offers ample seating for a long work session, an eclectic Boulder crowd and amazing live music (Dechen Hawk is a must see)!

3. Get your CU Buffs Football Tickets! The season opens on September 6^th with the CU v. CSU game returning to Boulder! As the game returns to Boulder, students can attend with the purchase of their season tickets!! Visit the CU ticket office for season and single game tickets. GO BUFFS!!

4. Get Geared Up! While shopping for books and school supplies at the CU book store, be sure to pick up some Buff Gear! Checklist: Football Jersey (ladies can shop the kids section for these), comfy hoodie, and a great CU tee.

5. Determine your Workout Regimen. Remember those freshmen fifteen? Be prepared to experience the same in the first year of the MBA program if you're not prepared! Along with an intense school schedule that allows for little 'down time' and fun fall events (think tailgates pertaining to #4 above) will likely come a few extra pounds! Become familiar with the CU Rec Center, as well as local gyms and group fitness studios and work to establish a routine. Boulder provides ample outdoor activities and yoga studios like Corepower provide free week memberships for beginners, as well as ongoing student discounts.

6. Check out Concert Venues. See great bands up close and personal at the Fox Theatre on the Hill or at the Boulder Theater on 14th St. For a quintessentially Colorado experience, get tickets to see one of the many amazing groups scheduled to play at Red Rocks Amphitheater, located ~40 min from Boulder.

7. Float the Creek. For those of you who like a little adventure... drive a short way up Canyon Blvd. to Eben G. Fine Park and tube the Boulder Creek! Take advantage of the last hot days of summer and float the former kayaking course!

8. Get a Backup Plan. Cliff Rosell, MBA 2010 helped many students with computer repairs/restorations throughout the last school year. His recommendation is that everyone gets an external hard drive and creates a backup plan for their work. A little advance planning may save a lot of heart ache should something happen to your computer!

Good luck to the incoming MBA class of 2011! I am so looking forward to this school year, meeting the incoming class and enjoying what Boulder has to offer! If you have any additional activities to add to this list, please post them as a comment to this blog!

See you in a couple of weeks!

Internship Highlight: Brian Vautour

2009-07-27T16:43:39Z

Brian Vautour, University of Colorado at Boulder, MBA '10, sent the following about his exciting internship with MillerCoors...

So while fellow classmate Eric Lundeen is jetting around the country on private jets reviewing the impact of an acquisition on a company's credit rating my summer's been routed in something a little simpler, beer. That's right, cold refreshing beer. I've spent the summer interning for MillerCoors in Golden, CO. The first thing people ask about...well okay the second right behind, "Do you get free beer?" (More on that question later) is "Wait, I thought Miller and Coors were competitors?" Well in July of 2007, Molson Coors and SABMiller joined forces by launching a joint venture of their US businesses with the stated goal of becoming America's best beer company. By combining forces MillerCoors has been able to generate significant synergies that are helping them compete against market share leader Anheuser-Busch InBev.

During the summer I've worked in the Procurement Organization. Procurement is currently tasked with helping the joint venture leverage the spend of the two legacy companies and drive savings that can be reinvested into the business. At the start of the summer, I was given several projects to complete that have challenged my thought process and exposed me to the beer business. One project encouraged me to come up with "Five Big Ideas" requiring me to think broadly, interact with individuals all over the organization, and review thousands of lines of data in excel. I feel that these self directed projects have allowed me stretch my thinking while using some of the skills I learned during the first year at Leeds (including a Cash Conversion Cycle Analysis). As the summer winds to a close I feel like I've had the opportunity to contribute to the organization and make a difference.

So in addition to learning about procurement I've also gotten to experience all sorts of parts of the business. People may not realize, but one of the reasons why Coors Light is better than the competition is because of the care and attention given to the ingredients. In June, I got to learn firsthand about the first step in the brewing process when I attended Barley Days. Barley is malted eventually becoming the base of beer, what the yeast feeds on during fermentation. Coors brands are unique in that MillerCoors works closely with farmers to raise the barley and then manages a network of Grain Elevators across four states were barley is purchased and stored before it is used in production. Barley Days was an amazing experience were I meet Pete Coors, toured a Grain Elevator, and talked to the farmers responsible for helping to make great beer. Additional events this summer included detailed tours of the Golden Brewery - the largest single site brewery in the US, interaction with the leaders of the company, and experiences at retail seeing the three tier distribution system that gets our beer into the hands of adult consumers first hand. In a few weeks the summer may be gone, but my appreciation for the beer business will continue.

Oh yea.... and yes, I get several free cases of beer a month!

Green Building Conference, July 17-18

2009-07-13T19:26:41Z

Boulder County's Green Building Conference
July 17 - 18, 2009 CU Boulder Campus

The Boulder County Green Building Conference will be an exciting opportunity to join local green building professionals, sustainable practices students, and sustainability scholars to explore the latest trends in green building with the Boulder area and beyond.

The student conference rate is $85.00 and includes: Friday evening networking reception, breakfast, keynote, lunch and Saturday conference sessions. Register here!

Internship Highlight: Eric Lundeen

2009-07-08T22:26:16Z

Eric Lundeen, University of Colorado at Boulder, MBA '10, provided the following synopsis of his summer internship. Read though to hear about his trip with Ball Corp execs on a PJ!

Ah... so a summary of what I am doing this summer...

I am the treasury intern for Ball Corporation, which is a large (7.6 billion dollar revenue) Broomfield, CO based public company that produces, metal beverage and food containers, aerosol containers, plastic containers, avionics and space systems (satellites).

I am working for the Corporate Treasurer and Senior Director of treasury. The main areas that I am gaining exposure to are: hedging against the company's foreign currency exchange rate risk, interest rate risk (for payments on their corporate bonds), commodity price hedging (locking in aluminum prices at the right time) and dealing with the asset allocation of the companies $600M pension investment fund.

I have been stretched in this role as I have very little background and experience in the financial markets (such as portfolio allocation, derivatives investing, commodities futures, etc), but rather in accounting and internal corporate planning and analysis. I have been asked to figure out how to update their approach to asset allocation model given the recent increased swings in the equity markets. I am researching Post Modern Portfolio Theory and I think this may be an approach that solves the issue they want to address. Of course, to understand "post modern" I am learning "modern" first.

Last week, Ball Corp was finalizing the deal to make a ~$600 million acquisition. As part of this transaction they are going to issue bonds. They wanted to make sure the acquisition news didn't result in a downgrade of the firms credit rating prior to the bond issue (otherwise they'd have to pay a higher interest rate on the bonds) so the company sent the CFO, treasurer and senior director of treasury to NY city to meet with Moody's and S&P credit rating agencies. Since I had done some pre work on the bond they invited me to join them on the trip. The best part was that they took the company's jet and I got to spend three hours each way with some of the top execs of the company. We flew out of the airport in Broomfield in the morning, had meetings during the day in the city, grabbed a beer a block from the world trade center and then flew out in time for a late dinner back home in boulder.

It was very surreal, the private jet was fun, but the exposure to the execs and sitting in on these high level meetings was amazing!