In 2017, charitable giving exceeded $410 billion across America. Out of that total, individuals donated $286.65 billion and corporate giving amounted to $20.77 billion.
In 2016, the Children’s Hospital of Philadelphia (CHOP), the nation’s first children’s hospital and a nonprofit organization, received five million dollars from the Wawa Foundation, Wawa Inc.’s nonprofit corporation dedicated to philanthropic ventures and charitable giving, which went towards the development of the Wawa Volunteer Center in CHOP.
Why did Wawa invest that much into the volunteer program, and why is philanthropy such a large part of the maintenance of nonprofit organizations? Neil Batiancila, the featured guest speaker for the February 9th Fox Board Fellows meeting, explains the motivations behind individual and corporate philanthropy while detailing his own experience in the field.
Batiancila, a 2011 Fox MBA graduate, graduated from the University of Pennsylvania with a degree in Political Science in 1999, but instead of pursuing an expected career path, he began his philanthropic journey as an Americorps member.
After spending a year in Philadelphia as a volunteer teaching elementary students at the Hartranft John F. School, he joined City Year, an educational nonprofit located in Boston, and stayed there for 10 years as Co-Executive Director of the Philadelphia branch.
He worked for Aramark, a food service corporation, as Director of Community Relations for a period of time before joining CHOP’s staff as their Executive Director of Campaign Operations, and stayed there for 7 years. In March 2017 he received an offer for the position of the Chief Development Officer at Philadelphia Zoo and has been working there since the beginning of 2019.
Batiancila’s philanthropic nature stems from the environment in which he grew up. Both of his parents were physicians and immigrants who gave back to their communities in the Philippines. His father returned to the Philippines to fundraise for the implementation of a critical care facility on the island where his older brother and best friend passed away without access to any local emergency care resources. With these kinds of values embedded in his family, Batiancila went on to work for several nonprofits following the same kind of giving nature.
In order to successfully draw in potential donors and those who are willing to give, Batiancila encourages nonprofits to provide an experience that inspires a deeper connection with the nonprofit’s purpose and to find those who can personally connect to the values of the organization.
Batiancila mentions the importance of building a strong fundraising infrastructure that is able to help the organization grow its donor pool and maintain its current givers.
“One of the hallmarks of strong corporate philanthropy is to facilitate workplace giving, and to develop this philanthropic culture within the organization,” Batiancila explains. “Like anything in the world, if you want people to do the right thing you have to make it easier for them to do so.”
When CHOP launched a 2-year campaign the first to know and the first to celebrate were the employees. They wanted to make sure that the employees were included first and foremost to show that they held significance in the decisions and they were cherished enough for the hospital to share and celebrate this news with them first. The hospital makes a point to emphasize their employees’ value, and in doing so bolsters employee morale so that workplace giving is not so much enforced as it is an act of appreciation.
One of the reasons for charitable giving on both the individual and corporate forefront is to make a difference and for the altruistic sense of self-empowerment that comes with any kind of philanthropy. Giving to the greater good is the heart of philanthropy.
“Most people are charitable in this country, they give because the plate comes across on Sunday. It’s part of the ethics of America to give forward to other communities,” Batiancila said. “When people are appreciative of their experience, they like to express that and share it through philanthropy,”
On the corporate side, there are tax incentives to philanthropic giving, with the Educational Income Tax Credit program, which reimburses the money spent giving to nonprofits. It is an effective opportunity to advertise their company and create brand awareness at a much cheaper price.
Charitable giving also reinforces the alignment of goals and brand values that will benefit the business. Doing well by doing good, says Batiancila, is a branch of cause marketing. Aligning the corporation with a nonprofit that fits its values is a smart business investment.
Giving to a nonprofit also opens doors for company networking, the more organizations the corporation is exposed to, the stronger its community network. Strength is your reputation, Batiancila says.
Data-driven decision-making is now the norm in many workplaces. Executives collect and analyze information to inform hiring practices, promotions, and insurance premiums. However, Leora Eisenstadt, assistant professor of Legal Studies at the Fox School, warns that the kinds of data that employers can track should be safeguarded by law, to both protect employees’ privacy and limit employers’ liability.
For many, work and personal time have begun to blur together as smartphones and emails have invaded the home. As this line erodes between the home and office, employees are often left unaware that their employers can glean so much information from their personal lives. “Most of us have left enormous data trails,” says Eisenstadt, “that employers are now beginning to access in order to create the most efficient workplaces possible.”
With social media, FitBits, and online healthcare platforms, Eisenstadt says, employers are gathering data from more than just workplace activities. Healthcare service platforms, for example, can tell by looking at internet searches, prescriptions changes, or specialist appointments that employees are planning to start a family or have major surgery.
The platforms indicate that only top-level numbers are shared with employers, not individual names of employees. However, she argues, “that knowledge could lead to companies making decisions about promotions, hiring, and terminations based on this information.” Narrowing down gender and age, for example, could give employers enough clues to know which of their employees were likely to be trying to have a baby soon.
In her paper, “Data Analytics and the Erosion of the Work/Non-Work Divide,” which was accepted for publication by the American Business Law Journal, Eisenstadt asserts that the current legal statutes do not provide enough protection to both employers and employees. “Laws like HIPAA and the Pregnancy Discrimination Act likely do not apply to data gleaned from search queries,” she says. And there are virtually no laws or regulations prohibiting employers from collecting and relying on data gleaned from employees’ social media profiles, from facial recognition software, or from Fitbits.
So why should employers care about overreaches into employee privacy?
“The erosion of the work/non-work divide will impact the concept of a ‘scope of employment’ and employer attempts to avoid liability for their workers’ actions,” says Eisenstadt. Over the years, courts have seen the line blur between personal and work-related activities—like a case in 1928 in which an auto sales manager crashed a car, killing an employee on the way home from a staff appreciation dinner. The courts found the company liable for the death, and considered the events to be “within the scope of employment.” This move toward an expanding “scope of employment” has only grown with the advent of laptop computers, smartphones, and the myriad other devices and technologies that make it easier and sometimes even essential to bring work outside of the traditional physical boundaries of the workplace.
By gathering data from nonwork activities, Eisenstadt cautions that employers may be pushing this trend to new, more troubling places. By eroding the work/non-work divide so dramatically, companies may be opening themselves up to new liabilities for employee health issues, violent outbursts, or other employee behavior that would previously have been considered to be outside the “scope of employment.”
Data analytics can be an extremely powerful tool. “It allows humans to capture, analyze, and use massive quantities of data,” says Eisenstadt, “that the human brain can not make sense of on its own.” Yet, in today’s environment of data concerns and privacy breaches, Eisenstadt warns, companies should be cautious of data mining that goes too far.
This story was originally published in On the Verge, the Fox School’s flagship research magazine. For more stories, visit www.fox.temple.edu/ontheverge.
In today’s fast-paced society, if there is one word that doesn’t escape us, it is “busy.” How does this ongoing obsession with the idea of being busy affect the choices we make?
As a behavioral scientist, Monica Wadhwa, associate professor in Marketing and Supply Chain Management at the Fox School, studies the impact of having a busy mindset on decision making. In a paper that was recently published in the Journal of Consumer Research, Wadhwa discovered that people who see themselves as busy are more likely to make decisions that are beneficial in the long run, such as making healthier choices.
Prior research has established that high-stress situations—especially when work has to be completed within set deadlines—impair consumers’ ability to exercise self-control. As a result, people tend to give in to impulses that have negative long-term health consequences.
But turns out that that is not the end of the story. While being overworked can be problematic, there are benefits to feeling busy.
Wadhwa highlights that there lies a difference between being busy under time pressure and having a busy mindset. “A busy mindset is merely a perception that one is busy,” says Wadhwa. “Two people could have the same amount of work to do, but the perceptions of busyness could differ.”
Wadhwa notes, “Feeling busy gives people a sense of pride.” This behavior stems from the fact that busy people are perceived to be more important and have a higher social status. “It makes us feel valued and makes us believe that every moment of our lives matters,” says Wadhwa. “When you feel you are important, you make decisions that are better for you from a long-term beneficial perspective.”
For example, if one had to choose between an apple and a chocolate brownie, someone who is under significant time pressure would give in to their momentary impulses and pick the brownie. However, a person with a busy mindset would more likely focus on the long-term implications of the choice. Wadhwa says, “They’re more likely to choose the apple, favoring health consequences over taste, which provides only immediate gratification.”
To capture the busy mindset behavior over a wide range of scenarios, Wadhwa and her fellow researchers, Jeehye Christine Kim and Amitava Chattopadhyay, conducted seven experiments, including a field study. In one of the experiments, the researchers analyzed the buying pattern of students at a college dining hall. “We created two types of visual signs to be posted on different days,” explains Wadhwa. One read “Good to go, for busy college students!” whereas the other read “Good to go, for summer college students!” Wadhwa notes that the days when ‘busyness’ was made salient through visual signs, students chose to consume less unhealthy food and fewer fat calories.
To analyze how busyness affects branding, the researchers compared the buying behavior of consumers for brands perceived to be indulgent, such as Carl’s Jr. For the study, consumers were shown an advertisement that featured a tagline that either made busyness salient (It’s good to go for busy college students) or not (It’s good to go for college students). Those participants who saw the ad with busy tagline were less likely to consume the indulgent food from Carl’s Jr. than those who saw the ad with a non-busy tagline. It turns out that for brands that are not perceived as indulgent, such as Subway, busy taglines did not negatively impact consumption behaviors.
The researchers also studied the impact of this mindset on other self-control situations, like saving for retirement among adults and making good grades among students. “We asked adults the percentage of income they are willing to save,” says Wadhwa. “Busy people were willing to save more.” Similar behavior was seen in students—busier students said they’d rather take extra credit even if it means more work.
The findings of this study, besides adding a new dimension to the otherwise popular perspective of being busy, also have important real-world implications, especially to marketers. A growing number of commercials are using the busy appeal to make the product more relevant and favorable to new-age consumers. But the study shows that this strategy could backfire for brands that are perceived as indulgent. “For instance, Dunkin Donuts’ advertisements using a busy appeal may actually reduce consumers’ desire for donuts,” adds Wadhwa.
To consumers and policymakers who are concerned with people’s self-discipline, especially in societal problems such as overeating and food waste, Wadhwa offers: “Perhaps activating a busy mindset may be an effective nudge to facilitate self-control behavior.”
“I would not be at the level I am at right now without IEI or the Lori Bush Seed Fund,” says Stephanie Taylor, CEO and founder of TailorFit Laundry LLC. “And I’m really grateful for that.”
Recently, three beneficiaries of the Lori Bush Fund, Stephanie Taylor, Emily Kight and Heather Jones sat down together in the new Accelerator at the Innovation & Entrepreneurship Institute (IEI) to discuss their careers, the role that funding played in furthering their business ventures and offered advice to women entrepreneurs.
The Lori Bush Seed Fund provides funding to women entrepreneurs ranging from $500-$10,000 based on defined needs. Funds are provided with the purpose of supporting companies in proving their concept, and where the money will have a significant impact on the company’s ability to progress.
The fund, much like its namesake, supports ideas and models that advance women in entrepreneurship. Lori Bush, MBA ‘85, is the former CEO of Rodan + Fields. During her time there, she guided the skincare company to an annualized run rate of over $1B in revenue. To learn more about Lori Bush, click here.
Taylor, a full-time student at the Fox School, taps IEI’s extensive resources to elevate her business, especially while the company is in the startup phase. Since she was awarded funding, TailorFit Laundry, a mobile laundry service based in Philadelphia, has a host of recurring customers and is being discovered on Google by visitors to the area, including a Los Angeles Lakers sports commentator. She has also seized the opportunity to promote her business during events such as Temple Fest.
She advises women entrepreneurs to believe in their ideas and to dive in headfirst. “You have to know your worth in order for others to know your worth,” she says. “And if you overthink it, you’re never going to jump. That’s what you have to do, you have to just jump.”
In 2017, Emily Kight, BSBIOE ‘18, won second place in Be Your Own Boss Bowl®) (BYOBB®), a business plan competition hosted by IEI. She pitched Prohibere, a leave-in conditioner that she created to lessen the effects of trichotillomania (TTM), a hair pulling disorder that Kight has personal experience coping with. With the funding from BYOBB and the Lori Bush Fund, she was able to manufacture, create packaging and launch digital marketing for Prohibere, which is now available on Amazon.
“Being selected to compete in BYOBB® and other competitions is nerve-wracking because I had never really talked to anyone about this hair pulling disorder that I have had for 20 years,” says Kight. “I’m not big on public speaking, and this was the last thing I wanted to talk about in front of an audience, but it really helped to get started.”
When getting started with a business, Kight suggests, try to remember that failing isn’t a bad thing. “Failure is how you grow and develop as a businessperson.”
She recently decided to move on to her next challenge and is using her bioengineering education to develop a urine test used to screen for ovarian cancer. Funding from the Innovative Idea Competition, BYOBB® and GoFundMe has helped her partner with an R&D laboratory with the goal of creating an affordable, FDA-approved test prototype.
When Heather Jones came up with the idea for her company Luci, she knew that she
wanted to come back to her alma mater, Temple University, for help from the Fox School. She went to IEI for help building out her concept: a community-driven, multi-benefit skin care line made with vegan, cruelty-free ingredients set at a price that millennial and Get Z consumers could afford.
The line launched in September of 2018 and currently has multiple retail channels. The Luci team is now focused on growing their Glow Getter program across college campuses, where brand ambassadors can earn commission while sharing and promoting Luci products. Luci products are made in Milan, Italy, so the money Jones was awarded from the Lori Bush Fund helped her develop packaging, with shipping logistics and supporting marketing efforts.
“The best feedback is when you get it from the customer. As entrepreneurs, we have to pivot very quickly based on what people say. For me, that has been a very important thing to take on,” she says.
Interested in finding out how IEI can help you achieve your entrepreneurial goals? Visit iei.temple.edu.
It’s the moment every woman dreads: A routine breast self-examination during an otherwise relaxing shower ends in the panic-inducing discovery of a lump.
Often, what happens next is a long, harrowing journey through a combination of biopsies, surgery, chemotherapy, and radiation. While it’s true that, thanks to advancements in screening and treatment, more and more women survive breast cancer, it’s also true that 80 percent of breast cancer cases have already advanced to an invasive stage at the time of diagnosis.
Today, just 20 percent of breast cancers are identified at the earliest stage, when treatment is most effective and the five-year survivorship rate hovers near 100 percent.
Carlos Barrero, MD, and Oscar Perez-Leal, MD, assistant professors in the Pharmaceutical Sciences Department at Temple University’s School of Pharmacy, wants to change all that. “I believe we can invert those numbers so we’re discovering 80 percent of breast cancers at the very earliest stage,” he says.
The research Barrero and Perez-Leal are conducting may represent a major breakthrough in breast cancer screening. Their work could lead to a simple routine blood test that detects breast cancer sooner than ever before for more women. To do this, Barrero and Perez-Leal are working on identifying a set of biomarkers for breast cancer, a specific signature of early-stage breast cancer detectable in a blood sample.
Their work on this project received funding through the Office for the Vice President of Research’s Targeted Grant Program, and the team is currently in the process of securing additional funding from the National Institutes for Health, and the National Cancer Institute. Perez-Leal is also using the knowledge gleaned from his master’s degree from the Fox School’s Innovation Management & Entrepreneurship program to turn the idea into a feasible product.
Though mammograms are a recommended cancer screening for women age 40 and older, only 65 percent of women over 40 have had one in the past two years, according to the Centers for Disease Control.
“Many women avoid mammograms because they can be uncomfortable, and because of the hassle of needing to make a separate appointment. If screening for early-stage breast cancer became a part of routine blood work, more women would be screened regularly,” says Barrero. That would likely result in more early diagnoses, more effective treatment, and ultimately more long-term cancer survivors.
Through systems biology, advances in mass spectrometry technology that allow the detection of very low concentration of proteins and metabolites, and the availability of large public datasets from thousands of breast cancer tumors, Barrero and Perez-Leal can move this cutting-edge work forward. “Most research of this kind starts with analyzing the blood sample. We start by analyzing the data,” says Perez-Leal. It’s a fresh approach to a longstanding problem.
The researchers start by looking for specific proteins secreted by breast cancer tumor cells across many thousands of samples drawn from breast cancer tumors. The team is searching for a signature set of proteins that can be detected in very low amounts. A vast data set and formidable computing power are essential for finding the precise biomarkers that could, in five to 10 years, lead to the blood test. Recently upgraded mass spectrometry equipment at Temple’s School of Pharmacy allows him to carry out this innovative research.
The promise of this research extends even beyond the hopes of early detection into the possibility of new, more effective medicines to battle breast cancer. Going forward, biomarkers are likely to be an increasingly hot topic for those in the pharmaceutical industry, which represents a significant part of the U.S. economy. Biomarkers such as these are often used as a reference point in drug development; when the biomarkers diminish or disappear in blood tests, it’s evidence that the new drug is working.
Current treatments for breast cancer are effective, but they come with their own health risks and side effects, some of which lead to different health challenges years after patients have recovered from cancer. The identification of these biomarkers would also mean that, in addition to early intervention, a breast cancer patient could get a form of personalized medicine, which is another area of potential business growth for the pharmaceutical industry. For patients, that might mean fewer side effects and complications down the line.
“It’s rare to find a scientist with a business background,” says Perez-Leal. He praises the Innovation Management and Entrepreneurship program with helping him take an idea, establish a business plan, and pitch to investors. “The research community should continue to focus on finding solutions and products to real problems.”
Clearly, breast cancer is a real problem, as the most common cancer among women: one in eight will face a diagnosis in her lifetime. But if Barrero and Perez-Leal succeed, it will be a game-changing advance. Many more women will be diagnosed in cancer’s earliest stages, receive more personalized treatment, overcome the disease, and lead long and healthy lives.
This story was originally published in On the Verge, the Fox School’s flagship research magazine. For more stories, visit www.fox.temple.edu/ontheverge.
In late 2018, 26 of China’s top business executives came together in Beijing from Shanghai, Shenzhen and other popular cities to celebrate being the first cohort of the Executive MBA program (EMBA) in China.
The Fox EMBA was developed for business professionals looking to expand their knowledge and enhance their careers. The program consists of market-driven courses and hands-on learning experiences delivered by world-class and award-winning business leaders and faculty members. To help support the global business community, the Fox School entered into a dual-degree partnership with Renmin University. The Beijing cohort includes students with a myriad of backgrounds, both professionally and demographically. Fox School professors based in Philadelphia travel to Beijing host one class per month at Renmin University facilities.
During their opening ceremony, Professor Jason Cheng Jiang, International EMBA program faculty assistant director, provided insight into who the Fox School is, and played a short film to introduce students to the city of Philadelphia.
The first three-day course, taught by Professor Cheng Jiang, was Statistical Analysis for Management. The professor used real-world examples and practical business problems to demystify what can be a complex, obscure topic.
When the group returned to class last month, Professor Roger Kashlak visited the group to teach Contemporary Corporate Strategy, which encouraged students to focus on interaction and discussion in the boardroom and beyond. Students were divided into presentation and discussion groups, where collaboration was key.
“The program has set up a platform for us to communicate and learn from each other,” says EMBA student Yan Cheng. “Through classroom discussions, we can share other people’s management experience. That way, everyone’s knowledge base has been enriched.”
Interested in finding out how the program can help you achieve your goals? Click here to learn more about the EMBA program.
March is Women’s History Month. To celebrate, we are highlighting a few of the women who have inspired us by making an impact on their communities, careers, and the business world at large.
For Dr. Leila Bouamatou, DBA ’17, women’s leadership in business is deeply personal
As the daughter of the founder of a family-owned bank in the West African country of Mauritania, Bouamatou studied the challenges that women in francophone Africa face when seeking to take over the family business during her time in the Fox Executive Doctorate in Business Administration (DBA) program.
Bouamatou found that women’s biggest struggles included the institutionalized stigma of working outside the home; resistance from both older male and female members of the family, who were often unwilling to break with tradition; and the convention of women taking their husband’s last names, thus having a different last name than the family company.
To succeed in leading a family business in this environment, Bouamatou identified several key factors—such as modern-thinking fathers, supportive husbands, access to educational opportunities, and personality traits like determination and ability.
As the general manager at the Mauritanian General Bank, Bouamatou hopes to inspire young African girls and women to become leaders in business. She wants others to receive the encouragement that she felt at home from her parents and siblings. “I am particularly lucky to be the daughter of a modern-thinking father who has great respect towards women,” said Bouamatou, “and who believes in the potential of his daughters.” She recalls her mother teaching her from an early age about the importance of education and ambition.
Despite the barriers that remain, she sees hope for the future. “Africa is changing, and so is the mentality,” Bouamatou said. “Women are getting more and more educated and becoming more and more ambitious. Fathers are more and more supportive of their daughters and more open-minded, compared to previous generations.”
“I am fully aware that it would be hard for one single African woman to change the world,” said Bouamatou. “But I know that this African woman can shape her world and destiny.”
Nirmala Menon, MS ’91, International Change Agent
Nirmala Menon, MS ’91, worked in the Global Diversity and Multicultural Team at IBM before becoming the founder and CEO of Interweave Consulting, a diversity and inclusiveness solutions company. At IBM, she experienced the diversity and inclusion challenges across various countries. The experience prepared her to found Interweave and lead it to be a pioneer in India, where the arena was a non-existent market when the company began operations.
Through Interweave, Menon works with companies to implement progressive policies to support diverse groups. The company has touched the minds and hearts of over 150,000 people, including senior leaders and managers through its workshops and initiatives. Others receive these messages through e-modules and webinars.
“Diversity and inclusion is still a new area of work in India and it is hard to provide a direct ROI on the efforts,” said Menon, addressing the impact of her efforts. “However, there are several anecdotes that show that the efforts have translated into positive behaviors at work. A better understanding of respectful behaviors at work and more conscious efforts at gender, disability, and LGBT inclusion are all, we believe, influenced by our efforts.”
When asked how she is making the world a better place, Menon said, “In my mind, everything we do dovetails into building a better world! The work we do has a tremendous positive impact as it is directly focused on building inclusion. From helping organizations understand the value of diversity and inclusion and helping to build enabling workplace policies to support the same, it has a direct impact for the nation.”
She believes organizations are powerful vehicles of change and teach people to become influencers. “A mind expanded or enriched with knowledge and sensitivity is bound to be applied not just at work but equally in their behaviors at home and in society.”
As a result, Interweave is building the foundations for social change in India and beyond.
Glenn Booraem, BBA ’89, leads the Investment Stewardship team at Vanguard, voting for more than $5.5 trillion worth of investments and engaging with more than 700 different companies last year.
Booraem returned to the Fox School Feb. 5 as a one-day Executive in Residence. Shortly after arriving on campus, Booraem was a guest lecturer in a classroom with Professor Lalitha Naveen and several PhD students from the Accounting, Finance and Strategy departments. He also met with administrators, faculty and staff and attended a Translational Research Seminar in the new executive conference room at 1810 Liacouras Walk.
Since 2001, Booraem has led Vanguard’s investment stewardship efforts. He is involved in several industry initiatives, including the Investor Stewardship Group, the Investor Advisory Group for the Sustainability Accounting Standards Board and is a frequent speaker on corporate governance matters.
He has been named to the National Association of Corporate Directors’ Directorship 100 list every year since 2010 and is considered one of the most influential people in corporate governance.
As the investment stewardship officer at Vanguard, Booraem is an expert in board governance and how it aligns with long-term value for organizations. Booraem explained that the majority of Vanguard investments are index funds, and so Vanguard buys shares in all the companies listed in a fund, such as the S&P 500, the Russell 500 or the FTSE 200. As a result, Vanguard holds shares in more than 13,000 companies around the world on behalf of 20 million clients who have invested $5.5 trillion through the firm.
“Because we are going to own all of those companies we want to make sure they are run well in the long-term interests of their owners,” Booraem says. “That really starts with the board of directors. The board of directors is the group that works for us as shareholders to select management. They hire and fire the CEO, they oversee management and they incentivize management through compensation.”
Vanguard has three ways it influences board governance and corporate management to ensure they are aligned with creating long-term value for investors. Booraem explained:
First, they are the proxy vote on all the shares their investors hold. At annual board meetings, the stewardship team votes on all the items on the ballot for a given company.
“We’ve got a really simple mission, to take a stand for all investors, treat them fairly and give them the best chance for investment success,” Booraem says. “From a governance standpoint, taking a stand for all investors by using our voice and our vote to support better governance of companies we believe adds value and that gives our clients the best chance for investment success.”
When Vanguard has questions or concerns with a particular company, Booraem or another member of the team will approach the board or management for a one-to-one conversation. Vanguard engages with a company when there is an item on the ballot that they are concerned with, or if there is a crisis such as a data breach or a scandal involving management or executives.
“Having the opportunity to talk to management or the board gives us the ability to wander into the shades of gray,” Booraem says. “We have black and white opportunity on the ballot but engagement gives us the opportunity to steer our discussion in the right direction.”
The third form of influence the stewardship team has is through regular interaction with the board and management teams of companies.
“We expect to largely, by virtue of the index funds, practically be a permanent owner of the stock over the long term,” Booraem says. “If we see gaps in their board composition, or if they have difficulty articulating how their capabilities are aligned with long-term strategy, that gives us an opportunity to say, ‘your shareholders should better understand the linkage between what you are doing on the governance side and long-term value.’”
What are index funds?
Index funds are a form of mutual funds. Mutual funds are money pooled together by a group to invest in stocks, bonds or other securities, and controlled by a manager. An index fund is a mutual fund with a portfolio of securities designed to match the components of a market index, such as Standard & Poor’s 500 Index. The purpose is to provide broad market exposure with low operating costs and relatively few changes in the portfolio.
How much is a hashtag worth to you?
This simple symbol has become ubiquitous across many social media platforms. Started in August 2007, the hashtag, also known as the pound (#) sign, was officially adopted by Twitter in 2009 as a way to group conversations and aggregate similar themes. Now, having spread to sites like Instagram, Facebook, LinkedIn, and Pinterest, the hashtag has become a key element of many companies’ social media strategies. With that pervasiveness comes power—and pitfalls.
“Creating an original hashtag gives a firm control over a specific social media space,” says Subodha Kumar, professor of Marketing and Supply Chain Management at the Fox School. Businesses can use this tool to increase recognition of their brand, generate buzz, and expand their audiences.
Yet creating a hashtag does not automatically mean the company owns it, says Kumar. Hashtags are susceptible to hijacking, in which competitors or consumers use the hashtag for unofficial messaging—like when McDonald’s attempted to generate positive publicity with #McDStories but instead received thousands of complaints about the fast food chain.
So, how can a company protect its social media reputation? For some, the answer lies in trademarking.
“The trademark protection of hashtags can increase consumer confidence,” says Kumar. Since the U.S. Patent and Trademark Office began allowing hashtags to be registered trademarks in 2013, more and more companies are protecting their intellectual social media property. In 2015, nearly 1,400 hashtags were submitted in trademark applications. “It prevents other competitors from using similar hashtags to mislead consumers.”
However, trademarks may come with a price. “Trademarking a hashtag may prevent or restrict its use,” Kumar says. The successful spread of a hashtag lies in its ability to be used by anyone, connecting millions of Twitter threads and Instagram photos into one conversation. By trademarking, companies could be stifling this kind of organic engagement.
Little research has been done to understand whether a trademarked hashtag makes a firm’s social media audience more or less engaging. Kumar, along with Naveen Kumar of the University of Memphis and Liangfei Qiu of the University of Florida, wanted to know: does trademarking a hashtag defeat its original purpose?
Kumar and his co-authors investigated the tension in these two opposing sides—the organic nature of a hashtag and the restrictive nature of a trademark—in their paper, “A Hashtag is Worth a Thousand Words: An Empirical Investigation of Social Media Strategies in Trademarking Hashtags.”
The researchers compared firm-level tweet data from 102 companies, split between a “treated” group of companies who had trademarked a hashtag between 2014 and 2017 and a “control” group of similar firms. The study compared tweets from before and after the hashtag’s trademark approval, analyzing the level of engagement through likes, comments, and tweets, as well as the linguistic content of the tweet, including its emotions, tone, and style.
Based on this study, Kumar and his colleagues discovered some key factors of making a trademarked hashtag work for a company:
1. Companies that trademark hashtags have higher social media engagement.
This study is the first to identify that trademarking hashtags can improve firms’ engagement with its audiences on social media—though the effects have varying levels of intensity for different types of firms and social strategies. “Trademarking a hashtag can increase the number of retweets by 27 percent,” says Kumar, “which is a considerable amount.”
Yet firms can not trademark hashtags arbitrarily. The U.S. Patent and Trademark Office treats hashtags like any other trademark: in order to be approved, the company needs to prove that the hashtag is a key part of the firm’s identity and that trademarking works in the consumers’ favor by preventing or reducing confusion.
2. Trademarking hashtags works better for smaller, less popular companies with fewer Twitter followers.
While the study demonstrates that trademarking increases social media engagement, Kumar and his colleagues investigated how this effect varies among different types of firms. After comparing the companies in the top and bottom percentiles in terms of Twitter followers, the researchers found that firms with fewer Twitter followers had more significant increases in their engagement after trademarking hashtags than companies with larger followings.
Kumar hypothesizes that small companies see larger positive effects because fewer consumers are aware of their brands and products. “Without trademark protection, other competitors can easily use similar hashtags to mislead consumers,” he says. “In contrast, for popular firms with more Twitter followers, it is more difficult to mislead consumers, even in the absence of trademark protections.”
3. Writing styles are more important to firms that use trademarked hashtags.
The researchers also studied how companies used language in their social media strategies to understand the key drivers that cause trademarking hashtags to increase engagement. “This is based on the assumption that the way that people use words reflect how they think,” says Kumar. For example, using pronouns can reflect a self-centered focus, or using prepositions and conjunctions can indicate more nuanced thinking.
The study found that when hashtags are trademarked, a firm’s writing style becomes more important to its social media engagement. “People tend to like a more narrative and informal writing style in tweets,” Kumar says. The researchers saw that more positive, colloquial, and confident writing increase retweeting by up to 10 percent.
4. Effects of increased social media engagement last longer when hashtags are trademarked.
Recognizing that trademarking is a lengthy and expensive process, the researchers sought to discover whether the increased engagement lasted in the long term.
“Before trademarking hashtags, writing more tweets with desirable linguistic styles has only a contemporaneous effect,” says Kumar, meaning that the tweets’ increase in engagement was immediate, but dropped off quickly. After one month, it was no longer significant. “Trademarking hashtags makes things different,” Kumar says. After trademarking, the researchers found that the effects of increased engagement were still happening a month later.
Based on their research, Kumar and his colleagues believe that, especially for smaller companies with fewer followers, trademarking their intellectual social property, like hashtags, is a worthwhile investment. However, to get the maximum bang for your buck, Kumar suggests that companies consider the longevity of their chosen hashtag.
Social media can be fleeting, so invest wisely.
This story was originally published in On the Verge, the Fox School’s flagship research magazine. For more stories, visit www.fox.temple.edu/ontheverge.
Throughout the month of February, the Fox School of Business is highlighting the voices and businesses of esteemed entrepreneurs, executives, volunteers and more. These talented professionals are striving to make the world a more diverse, inclusive and accessible place for future generations.
Since joining the National Association of Black Accountants (NABA) as an undergraduate student at the Fox School, Tamika Boateng, BBA ’06, made the organization’s motto, “Lifting As We Climb” her personal mission. Studying asset management and risk, Boateng became passionate about helping others while on her personal journey. Along with helping others in her undergraduate class, Boateng mentored a young woman in Big Brothers Big Sisters, and through networking found a personal mentor of her own.
“My mentee helped immerse me in Philly culture and showed me so much of what the city has to offer,” she explains. “During that time we also spoke about our lives and shared experiences. We helped each other grow and learned so much from one another.”
Today, Boateng is a management consultant for financial services at PricewaterhouseCoopers and is a board member for Settlement Music School, one of the largest and oldest community schools of the arts in the U.S. The organization offers instruction in music and the arts to children and adults, regardless of age, background, ability or economic circumstances.
She has over 13 years of experience in the financial services industry. Prior to joining PwC, Tamika served the Global Head of Bank Strategy and Relations at Vanguard. She has led global teams and had oversight of globally significant investment banks in Canada, Europe, Australia and Hong Kong. Tamika has extensive experience in investment platforms, strategy, risk and transformational initiatives in custody, transfer agency, fund accounting, endowments, donor advised funds, institutional asset management, third party oversight and brokerage services.
After graduating from Temple, Boateng went on Drexel University to pursue a Masters of Business Administration in Finance and Innovation and The Wharton School at University of Pennsylvania for an Investment Management Analyst Certification.
“Being a student at the Fox school not only expanded my professional network and education, but it also helped me understand my passion. I learned how to harness and use my authenticity to navigate any situation,” says Boateng.
Throughout the month of February, the Fox School of Business is highlighting the voices and businesses of black entrepreneurs, executives, volunteers and more. These talented professionals are striving to make the world a more diverse, inclusive and accessible place for future generations.
From his work as an assistant professor of Marketing at Howard University to co-founding the Our D.R.E.A.M Foundation, Dr. Johnny Graham, PhD ‘16, has made it his mission to give back to his hometown of Baltimore using his expertise and access.
In his role at Howard, Dr. Graham conducts research on brand management and teaches introductory courses on marketing management and marketing analytics. He received both his undergraduate degree and MBA at the University of Maryland-College Park, where he was a Banneker Key-Scholar and Dean’s Scholar. He then went on to earn a doctorate in marketing from the Fox School.
In addition to his esteemed status as a scholar, Graham is an experienced jazz musician and entrepreneur. He previously served as chief partner of his own strategic consulting firm, Graham & Peters LLC, which specialized in helping young professionals in their entrepreneurial pursuits.
During his time as a PhD student, he was inspired by working with the Philadelphia Future’s program and the ever-present desire to give back to Baltimore. He used that passion and partnered with his fellow entrepreneur and former college classmate Justin Peters to develop the philanthropic concept that would revolutionize their careers.
“Creating something that would be engaging, but also informative for young people was important to us,” he says. “We wanted to expose youth from our community to avenues of economic opportunity, while also building their overall personal development and life skills.”
What started as an idea to organize a week-long youth entrepreneurship camp, in Baltimore evolved into Our D.R.E.A.M, a nonprofit organization aimed at entrepreneurship-based education for youth in underserved communities. Graham leverages his wide range of knowledge on business topics such as marketing research and strategy to establish the vision and program curriculums for Our D.R.E.A.M.
Through the organization’s cornerstone program, The Y.E.S. (Youth Entrepreneurship Startup) Program, Baltimore-based students learn basic business concepts and are given access to resources to help them develop leadership and communications skills, and to fuel their entrepreneurial spirit. The program regularly features lectures and activities led by local entrepreneurs and business leaders.
Since its inception in 2015, the YES Program has served 70+ students from 30+
different schools across the Baltimore metro area.
In 2018, the Y.E.S Program partnered with the Mayor’s Office of Baltimore City for the Teen Biz Challenge, which resulted in 11 students receiving over $28,000 of business startup funding.
With the largest cohort in the program’s history and the Mayor’s Office partnership, the organization has gathered more momentum than ever before. Dr. Graham and the rest of the Our D.R.E.A.M team used their connections within the business world to provide
student participants with volunteers to help them further develop their business ideas.
“The students came up with so many brilliant, tangible ideas, a mobile smoothie stand, a reinvented toothbrush, a hygiene subscription-based service and so much more. They showed business ingenuity and intuitiveness that I certainly did not have when I was their age,” said Dr. Graham.
When Dr. Graham looks toward the future, his goals are to grow holistically as a business thought leader and academic, and to make even more impact in the classroom, in his field, and in his community.
Kate Zipin knows what empowerment looks like. As the founder and director of Own Your Awesomeness, a program that uses summer camps to help high school girls take pride in who they are, she has seen empowerment in action.
“Last summer towards the end of camp I asked the girls to spend some time writing an introduction for themselves,” Zipin remembers. After several minutes, Zipin invited the women to present their introductions to the group.
“I thought that maybe two or three girls would want to share,” Zipin recalls. Instead, five girls immediately raised their hands.
“The first girl went up and talked about her family, and when she was done the room exploded in applause,” says Zipin. “Another talked about wanting to be the first in her family to go to college.” By the end of the session every girl but one had shared her story to affirming words and raucous applause.
“I was really proud of them,” Zipin says, “but maybe more importantly I could see that they were really proud of themselves and each other.”
Since she started Own Your Awesomeness three years ago, Zipin has watched teens find their voices. Through open dialogue about cultural issues impacting women, skills building workshops that teach girls how to change a tire or use power tools, and activities that keep the girls moving and having fun together, these young women create a sense of pride in each other and themselves.
Seeing the program’s impact is not an issue. The struggle for Zipin (and most nonprofits) is measuring that impact. More and more grants are requiring data as part of the application process, and even individual donors appreciate metrics as a way of ensuring their money makes a difference.
To help her address the need for data, Zipin reached out to the Fox Board Fellows program at Temple University’s Fox School of Business. Fox Board Fellows was created in 2000 to match skilled MBA students with non-profit boards for year-long partnerships supported by coursework.
“Fox Board Fellows is a win-win for its nonprofit partners and the Fellows,” says Program Director Maureen Cannon. “Nonprofit partners benefit from hosting an experienced, passionate MBA student as a non-voting, working board member. Fellows gain valuable insight and perspective on the realities of nonprofit management and are better prepared to be effective board leaders in the future.”
Own Your Awesomeness was matched with Fox Board Fellow Teena Bounpraseuth, a full-time student in the Global MBA program. A native of Philadelphia, Bounpraseuth says non-profit youth programs were a big part of her own childhood in the city.
“Growing up, I was part of the youth arts workshop program through the Asian Arts Initiative,” says Bounpraseuth. “It gave me an opportunity to learn more about my Asian American identity in a safe and inviting space and to see how art can be used in bridging communities. The Initiative was really important to me as a teenager and I see Own Your Awesomeness doing similar work with the summer camp. Kate and her team are amazing. They’re helping to build a network of strong, confident, and independent women.”
One of Bounpraseuth’s most vivid memories of that time was watching an Asian American spoken word duo. “Just to see the confidence in those women meant so much to me. Seeing them ooze confidence, knowing their history, embracing it, and that empowering them — It helped set an example for me.”
To help Own Your Awesomeness quantify their impact, Bounpraseuth interviewed leaders from several nonprofits throughout the city that work with youth. “Everyone measures impact differently,” she says. “The key is that your metrics are actionable, manageable and comparable, and most importantly that they align with your organization’s mission.”
Bounpraseuth also led the board through a logic model. This tool helps organizations think through how their resources and activities translate into the outputs and broader impact they hope to have.
“The Logic Model was helpful,” Zipin says, “because it gave us a chance to get on the same page about our goals. Now that we have those articulated, we can ask questions in our assessments that specifically apply to those goals.”
Bounpraseuth’s project helped Own Your Awesomeness define what metrics they should be tracking, and also highlighted that some things make better stories than charts. “One thing I’ve learned is that, even if people have a lot of numbers, there’s still a lot left up to interpretation,” she says. “Some things are just very difficult to calculate.”
This month as Zipin wraps up three weeks of camp she will distribute surveys about leadership and confidence, skills building, and plans for the future. Part of Zipin’s impact will make it onto those surveys.
But some of Zipin’s work, uncovering the intangible awesomeness of each of these women, can’t be relegated to a page. Women have laughed at themselves, talked about hard issues, played touch football, and changed tires. Some of that impact will just have to play out in the lives these women forge in the years to come.
Fox Board Fellows just matched another cohort of Fellows with nonprofits! To get a fellow at your nonprofit contact Maureen Cannon at Maureenc@temple.edu.
For the second time in a row, another successful alumnus of the Fox School, Kevin Hong, PhD ’14, won the prestigious 2018 Early Career Award by the Association for Information Systems. This award recognizes individuals in the early stages of their careers who have already made outstanding research, teaching and service contributions to the field of information systems. Last year Gordon Burtch, PhD ’13, was awarded this honor.
Hong is an associate professor of information systems, director of the IS PhD program, and co-director of the digital society initiative at the W. P. Carey School of Business of Arizona State University. “I feel really honored and lucky to have won this award,” Hong says. “I attribute who I am as a researcher today to my experiences and associations at the Fox School.”
We spoke with Hong to learn more about his journey.
Who were your mentors at the Fox School?
A lot of people at Fox have inspired me and taught me not just be a better researcher, but also a better person. Paul Pavlou was my advisor and mentor through the years. I learned so much from him, including how to write and publish papers.
If Dr. Pavlou is my research mentor, I’d say David Schuff is my teaching mentor. I watch all his videos and learn how to engage students while teaching. I also get ideas and examples to share with the students in the analytics class from him.
How did the Fox PhD program support you in achieving your degree?
The rigorous curriculum and training at Fox have helped me a lot. During the time I was a PhD student, Fox had recruited many world-class faculty members who were also high profile researchers from prestigious universities. They had solid training and the required expertise to teach the students state-of-the-art methodologies which I still use today.
What are some of the current research projects you’re working on?
My primary stream of research has been studying how to design and evaluate the efficiency of digital platforms. I also plan on taking a sabbatical next year to explore new technologies like artificial intelligence, and how humans and AI can collaborate better to develop newer streams of research.
What is your advice to current and prospective Fox PhD students?
What’s most important to be successful is to take initiative. Don’t merely do what the advisors ask you to do. Try to start your research early on. Discuss those ideas with your advisors and lead those projects. The environment created for research at Fox is truly amazing and you should take advantage of it, perform and deliver. For a doctoral student, the culture here teaches you to put research before everything and truly nurtures you to succeed in your academic career.
Read more about the previous Fox alumnus to win this award.
Learn more about Fox School Research.
In order to stay proactive rather than reactive to 21st century business risks, industries as diverse and exciting as cannabis, cyber security, finance and healthcare use enterprise risk management (ERM). Last year, emerging technology and new management disciplines were explored as the Department of Risk, Insurance and Healthcare Management hosted its first-ever ERM Conference at the Fox School of Business. A grant from the Spencer Educational Foundation made the event possible for over 80 attendees. Industry experts at the conference discussed recent discoveries, longer-term trends and shared their best practices along with pitfalls to avoid.
“Risk can surface in multiple forms—cybersecurity, supply chain, climate change, human capital, data analytics and beyond,” said M. Michael Zuckerman, Temple University, Associate Professor and Academic Director for Enterprise Risk Management, and one of the conference’s organizers.
Steven Schain, Senior Counsel at Hoban Law Group who works primarily with banks, shared insights from within the cannabis industry during his presentation. According to The Wall Street Journal, U.S. legal marijuana sales in 2018 were estimated at $10.2 billion. And while cannabis is a lucrative industry, less than .03% of banks are willing to serve marijuana related businesses (MRB). Since federal restrictions make it difficult for MRBs to make financial transactions, challenges abound. MRBs often conduct businesses without bank accounts, and must use cash for crucial functions like employee payroll, rent, taxes and paying vendors. Robbery and assault are also considered higher-risk in this field due to the extraordinary levels of cash.
“Insurance only covers up to $20,000 cash loss, and since many MRBs have $200,000 to $500,000 on hand, theft can be fatal,” says Schain.
Carol Fox, vice president of strategic initiatives at the Risk and Insurance Management Society (RIMS), presented on cybersecurity. Although estimates vary, loss due to cybersecurity breaches is in the hundreds of billions of dollars per year. A 2016 report by Cybersecurity Ventures stated that cybercrime will cost more than $6 trillion worldwide by 2019.
“A disturbing percentage of risk professionals are unaware of disruptive technology prevalence,” she warns.
As a discipline, ERM has the ability to transcend any single industry. Kelly Botti, senior vice president, chief risk officer and corporate counsel at TruMark Financial Credit Union, shared her journey in guiding the TruMark Financial executive team to understand and value risk strategy.
“At its core, Enterprise Risk Management promotes two essential business concepts: informed decision-making and authentic conversation,” says Botti. “Its greatest value is the ability to spark curiosity. In approaching ERM from this angle, executive teams gain insight, as opposed to information, which aid in the development of corporate vision and strategy.”
Planning is already underway for the second annual conference in May 2019, hosted again by the Fox School, with no shortage of fascinating topics on the horizon.
“The opportunity ahead is to harness Big Data,” says Ian Waxman, Principal at Navigate. “How do we use it,? How can we do a better job of getting ahead of risk and being quicker in responding to it?”
For more information about the Fox School of Business and the Department of Risk, Insurance and Healthcare Management, click here.
A roundup of media mentions featuring faculty, staff, and students from the Fox School of Business and the School of Sport, Tourism and Hospitality Management.
Eagles’ Odds of Defending the SuperBowl
George Diemer, assistant professor of instruction in the School of Sport, Tourism and Recreation Management, was interviewed by CBS 3 Philadelphia in regards to the Philadelphia Eagles’ chances of making the NFL Playoffs. Watch now>>
Ed Rendell Receives Musser Award
Last month, former Philadelphia mayor and Pennsylvania governor Ed Rendell was honored with the Fox School’s prestigious Musser Award for his service to the city and the state. Read more>>
What is Anti-Marketing?
A new wireless provider “opened” two secret stores—and the mystery is stopping passersby in their tracks. Jay Sinha provides insight into the nontraditional marketing campaign that gets people talking. Read more>>
Lessons Learned from Amazon HQ2
Charles Dhanaraj speaks with Philadelphia Business Journal about the lessons the city can learn from its failed Amazon HQ2 bid. “We can’t be a reactive city,” he says. What can Philly do to encourage more corporate investment? Read more>>
Attracting International Students
Keya Sadeghipour, dean of the College of Engineering at Temple University, mentions the Fox Innovative Idea Competition as one of the many ways universities can take a global approach to recruiting new students. Read more>>
Temple News | Nov. 27
Fox student Alfonso Corona brought his company, Plug, into Research Professor Susan Mudambi’s classroom to learn how to create a successful marketing and communications strategy. Read more.
The Economist | Nov. 1
What is the future of education? James W. Hutchin, senior research fellow at the Fox School and advisor to Flinders University of Australia, shares his thoughts in a new report from The Economist and the Commonwealth Bank of Australia. Read more.
Economic Times India | Nov. 18
Subscription and streaming services like Netflix, Amazon Prime and Apple Music are all over the world, including India. Jay Sinha, associate professor of Marketing and Supply Chain Management, describes the appeal. Read more.
The Legal Intelligencer | Oct. 8
Do broken windows and doors impact a neighborhood’s safety or just the building’s aesthetic? James M. Lammendola, assistant professor of practice, and Harper J. Dimmerman, adjunct professor, both of Legal Studies, shed light on a recent decision by the PA Supreme Court. Read more.
U.S. News & World Report | Sept. 12
How can prospective students find ways to differentiate their college applications from the competition? David Kaiser shares his tips with U.S. News & World Report on how to make an application stand out. Read more.