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.
Happy holidays from the Fox School of Business!
Everyone at the Fox School of Business wishes you a safe, happy and relaxing holiday. We look forward to a productive and innovative spring semester.
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.
The season of giving has been productive for the Fox School of Business. In the spirit of the holidays, the Fox School faculty and staff came up with creative ways to give back to Philadelphia and the Temple community.
Filling “Purses of Hope” for Local Women’s Shelters
For their annual We Give Back event, the Fox School and School of Sport, Tourism and Hospitality Management (STHM) marketing and communications team donated to local charity Purses of Hope. This organization delivers purse donations to women’s shelters in the South Jersey/Philadelphia area housing women in poverty or seeking refuge from abusive partners and toxic households. Each purse is filled with female hygiene, beauty or clothing products. The team was able to donate 100 purses to women in need!
Bartending Deans and Student Scholarship Donations
On Dec. 10, the Fox School and STHM faculty and staff came together to celebrate a successful fall semester and give back to Temple University students. From 5-7 p.m., Dean Anderson and the rest of the Fox School dean’s served as guest bartenders at Interstate Draft House in Fishtown. All tips and $1 of every draft beer was donated to the Temple student scholarship fund, which helps provide accessibility and excellent education for students across all walks of life.
Have a suggestion for a great nonprofit or charitable organization that should be on our radar? Contact us!
First-time home buyers take notice—after a five-year flurry to start her career at retailer-for-good United By Blue, Jen Singley (BBA ’13) decided to pivot towards real estate. Now, she’s slinging much more than exposed brick and herringbone tile kitchens. Singley has an idea, cultivated at UBB, that could change the way home buyers and sellers approach real estate in Philadelphia.
Singley’s path to real estate has not been straightforward. Born and raised in Allentown, Pennsylvania, she decided to major in marketing at the Fox School of Business with the idea of getting into retail after graduation. Four days after receiving her diploma, Singley did just that, having landed a job at the then retail start-up UBB, owned by fellow Fox alumni Brian Linton and Mike Cangi. Tasked with opening and managing their first storefront at 2nd street, she eventually oversaw the brand grow to include four locations, including one in New York.
“Brian and Mike taught me so much,” said Singley. “I received constructive feedback and was pushed to step outside of my comfort zone. They were a huge part of my career growth.”
Singley credits Fox with helping her prepare for such a huge opportunity immediately after college.
Four Skills Singley Sharpened At Fox
- Financial Management: “At Fox, I learned as much about numbers as I possibly could. Not everyone left college knowing how to manage income vs. debt and I’m glad I did.”
- Interviewing: “I overthink and get nervous before interviews. The mock interview nights at Fox really helped. As realtor, having a “script” ready for clients that answers potential questions comes in handy.”
- Independence: “Fox encouraged networking. Even if my friends couldn’t make it, I’d go by myself to networking nights.”
- Negotiation: “Several of my classes had a focus on negotiation, which definitely translates into my job today. Every deal I work on involves negotiation for prices, rate, and timeline.”
When Singley decided to leave UBB in the summer of 2018, she had risen to title of director of operations, but the burgeoning retail guru wasn’t happy anymore. Too busy with managing scores of new employees, she missed out on the litter clean-ups that UBB was well-known for, one of the reasons she liked her job.
“I thought about it for a year and a half,” she said. “I love everyone at United By Blue, but part of me wasn’t whole at that point. I saw my coworkers getting excited about a new product launch or an event, and I didn’t share in that same passion anymore.”
Hailing from a family of entrepreneurs and small business owners, Singley got her real estate license in 2017 while still at UBB and was selling homes part-time. The decision to leave her comfortable position at a growing company was tough, but she felt supported by her parents—her father owns a duct-cleaning and fire restoration company.
“I wanted to do something I was excited about everyday again,” she said. “Having flexible hours and helping young house buyers, that’s what’s motivating me right now.”
There are similarities between her old career and her new one. Singley is organizing neighborhood trash pickups to rally new buyers and current community residents. Her hope is that bringing together social enterprise and selling homes, she can help set a new standard for real estate agents in Philadelphia, one cigarette filter or cheesesteak wrapper at a time.
To get the word out about the places she loves, Singley has harnessed the power of social. She knows that people her age find aesthetically pleasing photos, tips on maintaining homes and defining real estate jargon more interesting than print mailers and cold calls. Her strategy has worked to engage potential home buyers. So far, Singley has sold 14 homes and counting—not bad for seven months on the job.
Singley’s Hot Neighborhoods
- Gray’s Ferry
Follow Singley @:
- Instagram: homesweethomephl
- Facebook: WomenForASustainablePhiladelphia [link to https://www.facebook.com/groups/WomenForASustainablePhiladelphia/]
- Yelp: Jen Singley, Keller Williams
Social Enterprises Singley Loves
- Hungry Harvest (CSA) [link: https://www.hungryharvest.net/]
- And We Evolve (consignment clothing) [https://andweevolve.com/]
Bennett Compost (waste pickup/compost drop-off subscription) [link https://www.bennettcompost.com/]
Seven alumni-owned food and beverage businesses taking taste buds to the next level
Some people say music is the one true universal language. But, let’s be honest, the one true universal language is food. Nobody knows this better than these Fox School alumni who have launched exciting businesses in the food space. From healthy stir-fries to mouthwatering donuts, fancy cocktails to salads-in-jars, learn more about these seven food and drink businesses owned and founded by Fox foodies.
After studying finance at the Fox School, David Restituto, BBA ’96, ran Rita’s Italian Ice and Meineke franchises in the Philadelphia area. In 2017, the self-confessed “sweet tooth” opened Factory Donuts in Northeast Philly. The shop, which boasts a hip, industrial aesthetic, sells coffee and about two dozen different types of donuts, including the Maple Bacon Explosion and the Blueberry Bake. The business has already moved into its next phase: franchising. “We have so much positive interest from people,” Restituto says. “We’re ready to launch the franchise end of the business and we’re planning for future growth. It’s a very exciting time.”
Justin Rosenberg, MBA ’09, is no stranger to the pages of Fox Focus—when we caught up with him in the last issue, he told us all about how honeygrow uses virtual reality to onboard new employees. Rosenberg designed the business plan for honeygrow, the fast- casual salad and stir-fry restaurant, while working on his MBA at
the Fox School. Since opening the rst location in 2012, honeygrow has grown quite a bit. Now there are more than 24 locations in eight states and Washington, D.C. Not to mention three minigrow locations, honeygrow’s new build-your-own dish carryout concept.
Dylan Baird, BBA ’13, worked with Urban Tree Connection, an urban farm in West Philadelphia, while studying entrepreneurship at the Fox School. His passion for the intersection of food and community development morphed into Philly Foodworks, which he co-founded in 2014. The mission? To create a platform for small, non-mainstream food producers—including local farmers, coffee roasters, chocolatiers, tofu makers, and bakeries—to deliver healthy, fresh foods to people. Thanks to Baird and Philly Foodworks, the farmers market now comes directly to your front door.
Do you love pizza? Of course you do, everybody loves pizza. And if you’re a Philadelphian, you also likely love tomato pie. Conshohocken Italian Bakery has been serving up tomato pies (including a custom Philadelphia Eagles version following the team’s Super Bowl LII victory), pizzas, breads, desserts, and more since it was co-founded by Domenico Gambone in 1973. The family business is now run by sister and brother Christina Gambone, BBA ’92, and Michael Gambone, BBA ’91—Christina is the director of business operations, and Michael is the vice president.
“Mike and I have been working here since our early teens,” says Christina. “There’s no better way to learn the business than from the ground up. We’ve always been close siblings, so working together is very natural. And our dad is still very active in the business and our goal is to support him and his passion. We keep that in mind with every new avenue we pursue.”
Ever watched an episode of Mad Men and wondered how in the heck they make those delicious looking cocktails? Jungeun Park, BS ’16, knows the secrets and she’s here to
help you craft that perfect old fashioned. After completing her studies in marketing and being named a finalist in the Temple University Innovation and Entrepreneurship Institute’s 2016 Be Your Own Boss Bowl® for the business concept, Park launched Cocktail Culture Co., which offers interactive cocktail and mixology workshops. They also host whiskey and wine tastings so you know what you’re talking about next time you step up to the bar.
Healthy food is oftentimes not the most convenient to find for lunch at work or on-the-go. That’s where Simply Good Jars, founded by Jared Cannon, MS ’16, comes in. Cannon, a chef, came up with the idea as a Fox School grad student studying innovation management and entrepreneurship. Each convenient plastic jar includes a healthy meal made with local ingredients while creating zero waste for the Philadelphia community.
Melissa Wieczorek, BBA ’93, MBA ’02, always loved food, cooking, and entertaining. So, when she left her position as the director of the Fox School’s Executive MBA program in 2005, she knew exactly what to do: Zest Culinary Services, a personal chef and boutique catering company, was born. “There’s always something new to discover in food—a recipe, an ingredient, a technique, a favor combination, or even a new business model,” says Wieczorek when asked why she loves working with food. “The possibilities are endless and the food industry is constantly evolving so it never gets boring. And the ability to make a positive impact on people’s lives on a daily basis through food—whether it’s a meal, an educational talk, or a dining experience—is extremely gratifying.”
A board of directors plays a crucial role in determining the success of any organization and is largely responsible for major strategic decisions. However, females in these top management roles are often underrepresented. Without women on boards, companies are losing out—not only on talented leaders, but also on different perspectives of business. This raises the question: in what ways do companies with women on the board perform differently than companies with all-male boards?
Prior research suggests there are gender differences in risk-taking decisions, with many researchers supporting that women are more sensitive to risk than men. However, Ofra Bazel-Shoham, research assistant professor in the Department of Finance at the Fox School, reconsiders the implications of this conclusion.
Bazel-Shoham argues that female leaders change the way business is being done in her paper, “The Effect of Board Gender Diversity on R&D.” She looked at boards’ decisions regarding high-risk, high-reward investment decisions, as well as their professional behavior, to understand the differences in outcomes that gender-diverse boards produce. The research recently won the Best Paper Award at the 2018 Engaged Management Scholarship Conference, hosted by Temple University this September. The award was sponsored by Business Horizons, an academic journal from Indiana University.
As a proxy for analyzing risk-taking decisions, Bazel-Shoham used choices around research and development (R&D), often a potentially risky yet highly rewarding investment. “It requires upfront resources and has a very low probability of success,” she says.
Bazel-Shoham, who is also the academic director of Fox School’s new part-time MBA Program in Conshohocken, collected data from CEOs and board members in 44 countries and over a period of 16 years. The gender disparity was already obvious, as she notes in her sample only 2% of all CEOs and 9% of all board members were female.
The study found that while the direct correlation between the number of women on boards and the number of investments in R&D was negative, women were more likely to focus on monitoring performance, which ends up incentivizing risky but data-driven decisions. Bazel-Shoham says, “As female leaders put more emphasis on monitoring, gender-diverse boards were able to quantify and measure their decisions better than all-male boards.”
Bazel-Shoham elucidates this argument by analyzing the behavior of female directors who are most often outnumbered by their male counterparts. Her interviews with female leaders suggest that being in a minority puts more pressure on women to not make mistakes and make data-driven decisions.
She elaborates, “We realized that female directors felt they were ‘under a magnifying glass’ most of the time and were judged more stringently than their male colleagues.” This made them make more conservative decisions, which usually translated into making lesser high-risk R&D investments. However, teams that quantified their results better supported performance-based compensation where incentives are measurable and dependent on the actual outcome rather than on vaguely defined promises.
Organizations often use performance-based incentives to motivate managers to make riskier but potentially profitable long-term investing decisions. Bazel-Shoham says, “We observed that such remuneration systems encourage CEOs and senior management to engage in more R&D activities.” With women involved, boards more often supported this form of compensation, in affect encouraging managers to make more of these investments. Bazel-Shoham found that these actions successfully mitigated women’s effect of being more risk-averse.
Besides indirectly increasing R&D spending, Bazel-Shoham notes having even one woman on the board of directors significantly influences how the board behaves, the decisions it makes and their resulting outcomes. To illustrate this, she quotes an experience of a male CEO of a large educational organization. “The women directors read all the materials ahead of time, have specific questions and are more professional than the others,” he says. “They have changed the organizational culture of the board. The men, in turn, have started to prepare themselves better as well.”
Underrepresentation of women on boards of directors continues to be a pressing issue to shareholders and society at large. However, organizations are slowly understanding the strategic importance of leveraging a more diverse top management team. With rapidly changing market dynamics, leveraging the power of gender diversity is beneficial for the long-term success of businesses.
With $7,000 in prize money on the line, five startups walked away with the cash to grow their ideas at the 21st Annual Innovative Idea Competition in November. The Innovation & Entrepreneurship Institute (IEI) at Temple University’s Fox School of Business hosted the contest, which focused on innovation, entrepreneurship and education.
Big ideas were transformed into reality for the five winning pitches. Grand prize winner PureTrip walked away with $3,500 in winnings for a portable, efficient and lightweight washing/drying machine concept. Created by College of Engineering (ENG) seniors Salmon Alotaibi and Yaqoub Bushehri, the PureTrip team also won the “Crowd Favorite” category.
“The washer can be applied in the real world in multiple ways—military, hikers and even third-world countries can use the equipment for different purposes,” says Bushehri. “We’re creating a prototype with more awareness to attract investors before commercializing and trying to figure out the rights to our idea.”
In the “Innovation” category, Athlete Crush won for a sport-specific, user-generated mobile platform that revolutionizes the way athletes and fans connect. To help athletes build and monetize their brands easily, professor Thilo Kunkel of the School of Sport, Tourism and Hospitality Management (STHM) developed a way to help fans learn more about their favorite athletes, and provides athletes with a platform to promote social good through the medium of sport.
“The idea came while working with professional soccer player Michael Lahoud,” says Joonas Jokinen, Athlete Crush COO. “Michael cares deeply about his homeland of Sierra Leone. He even built a school there. But as a successful athlete, he was having trouble growing his brand. That’s where our idea and inspiration came from.”
Another pitch, Invest Out, founded by Tyrone Glover, FOX ’96, won first-place in the “Upper Track” category. Glover’s company partners home sellers with houses that could potentially sell for more if renovated with capital from interested investors.
“We’re currently beta testing the model with a limited target of area home owners and investors through www.investout.net,” says Glover.
The first-place winner in the “Undergraduate” category was Mouse Motel, a modernized mouse glue trap founded by ENG senior Paul Gehret.
“My dad and I knew how ineffective classic glue traps were and wanted to design a new one that would remedy the (mouse) problem,” says Gehret. “Mouse Motel was our solution. Through many experiments in our basement, we achieved a much higher efficiency than the glue traps that are commercially available.”
Other award-winning ideas included second-place “Upper Track” start-up Miranda, an online legal tech company that provides on-demand, 24/7 remote legal service. Founded by Fox graduate student Nikolas Revmatas, the idea came from Revmatas’ first-hand experience of navigating the U.S. legal system as an international student.
“I’ve had to figure out a fragmented legal system that is often expensive and intimidating,” says Revmatas. “In most cases, I only needed a few minutes of a lawyer’s time. I always wished there was a way to quickly, conveniently and affordably get legal advice, so I decided to create one.”
Founded by Rahul Nimmagadda, FOX ’19, and Jonathan Huynh, FOX ’19, another second-place winner was Mailroom in the “Undergraduate Track”. Mailroom is a digital platform that connects people with trusted small businesses and peers in their community to receive packages.
“We’re looking forward to making a difference in our communities by turning ideas and prototypes into a fully functional Mailroom mobile application that consumers can use,” says Nimmagadda. “We’re hoping that by this time next year, we’ll be making a dent in the package delivery problems that Philadelphians face.”
List of Winners
PureTrip – Salmon Alotaibi, ENG ’19 & Yaqoub Bushehri, ENG ’19
GLOBAL INNOVATION PRIZE
Athlete Crush – Thilo Kunkel, School of Sport, Tourism and Hospitality Management
1ST PLACE – UPPER TRACK
Invest Out – Tyrone Glover, FOX ’96
2ND PLACE – UPPER TRACK
Miranda – Nikolas Revmatas, FOX ’19
1ST PLACE – UNDERGRADUATE TRACK
Mouse Motel – Paul Gehret, ENG ’19
2ND PLACE – UNDERGRADUATE TRACK
Mailroom – Rahul Nimmagadda, FOX ’19 & Jonathan Huynh, FOX ’19
1ST PLACE – CROWD FAVORITE
PureTrip – Salmon Alotaibi, ENG ’19 & Yaqoub Bushehri, ENG ’19
2ND PLACE – CROWD FAVORITE
Mailroom – Rahul Nimmagadda, FOX ’19 & Jonathan Huynh, FOX ’19
Cherry Consulting was founded in 2014 as a part of Temple University’s chapter of the American Marketing Association. The firm is completely run by the chapter, consisting of student directors and consultants that meet weekly to serve clients in the Philadelphia area. Since inception, it has grown from 35 to 75 active participants and has increased its average number of clients from four to eight companies per semester.
The firm began by offering primarily market research to companies including Sodexo, Soom Foods and Xfinity Live. As Cherry Consulting began to grow, they have been able to offer more services to clients, including market research, content creation and digital marketing. They now exchange services for sponsorship. Cherry also houses its own creative team to service all client creative needs from logo creation to social media content.
Sixteen students hold leadership positions to manage the organization. Co-director Brittany Pescatore says, “It is our goal to enhance the standing of our clients through the implementation of marketing strategy and innovation. Our work is centered around driving measurable results for our clients, introducing our members to hands-on marketing experiences and increasing partnerships within the Temple community.”
More recently, Cherry Consulting has worked with the Philadelphia Flyers, The U.S. Dream Academy, The Pennsylvania Innocence Project, Temple University’s Division of Student Affairs and the Center for Student Professional Development (CSPD) at the Fox School. Clients have provided great feedback to the team.
“Cherry Consulting has been an amazing experience. The project the Cherry team has worked on for our company brought tremendous value to our business, and I would highly suggest working with them! Our first semester went so well that we are now in talks to create a year-long project!” – Brandon Bahr, co-founder and chief operating officer, TM38
“From emails, phone calls & an in-person meeting, everything went very smooth and
the team produced a solid result. In addition, on their own they conducted a research project that showed how willing they were to go above and beyond expectations.” -Joe Heller, vice president of marketing, Philadelphia Flyers
Participating students love Cherry Consulting because it provides them with an opportunity to gain real-world experience. For some students, Cherry Consulting has led to internships and full-time job opportunities.
Cherry Consulting works with Philadelphia-based businesses, large and small. We love working with Temple University organizations. Any interested parties may reach out to the current co-directors, Brittney Pescatore and Chris Dignen.
Over the summer, the Fox School brought together the top academic marketing researchers from all over the world to present on some of the most pressing issues in marketing science at the 40th annual INFORMS Society of Marketing Science (ISMS) Conference. Professor Xueming Luo, Fox School’s Charles Gilliland Distinguished Chair, served as the general chair for the event that delved into topics like cryptocurrency, artificial intelligence, the shared economy and autonomous driving.
“The conference was a great way to learn about the cutting-edge ideas top scholars are developing, and it is also a great forum in which to discuss research with other scholars outside of our own institutions,” says Michelle Andrews, a graduate of the Fox PhD Program and assistant professor of Marketing at Emory University.
With over 850 attendees, the ISMS Conference appealed to a broad audience that included professors, marketing executives, doctoral students and others. Andrews presented on why marketers should invest in search advertising on mobile. Newsworthy companies like Amazon, AirBnB and Uber were vigorously discussed in terms of marketing algorithms, customer targeting and Big Data.
“The unique thing about the conference was that we presented our research, but there were also opportunities for CEOs to give feedback and share their ideas with the academic community,” says Luo.
Planning is already underway for future ISMS conference sites, with Rome hosting in 2019 and Duke in 2020.
Additionally, the National Innovation Conference was hosted at the Fox School in May 2018. With over 200 registrants, professionals and their families networked and discussed the latest in innovation.
“Every two years, the Greek America Foundation hosts a conference that focuses on prominent Greek-Americans, or Greek-related people who have done innovative work,” says Angelika Dimoka, director of the Center for Neural Decision Making at the Fox
School. “The 2018 conference featured several people of Greek origin who came up with creative business ideas during the unrest in the Greek economy.”
NIC hosted an impressive lineup of Greek-American professionals in the contributed commentary regarding innovation and entrepreneurship in the areas of food and beverage, education, nonprofit, science and business. Panels included dynamic women speaking about their professional experiences to “Slay in Your Lane” in the wake of the #MeToo movement, and a discussion around innovation of traditional Greek foods into upscale, modern culinary art in “Food 2.0.” The conference also offered Camp NIC to children of attendees, with hands on innovation-themed activities in food, arts and chemistry.
Other impressive contributions to the event included Huffington Post’s Arianna Huffington’s “Be Fearless” message, as well as presentations from Axios Wines master winemaker Gus Kalaris, President of NowThis Media Athan Stephanopolous, and tech entrepreneur and chairman of Roa Ventures John Roa.
Do you feel like you’re always thinking in 140 characters?
Microblogging platforms have skyrocketed in popularity in the last decade. As of August 2018, Twitter had over 335 million active monthly users, while Weibo, the Chinese social media giant, had over 431 million users. What makes these platforms so enticing to billions of people?
Xue Bai, associate professor with dual appointments in the Departments of Marketing and Supply Chain Management and Management Information Systems, investigated why these short-form social media platforms can be so addictive, together with researchers from Renmin University and Tsinghua University, in her recently published paper.
Bai and her colleagues analyzed the habits, uses and desires of 520 microblogging users. They found that users often used the platform for three distinction purposes: communication, information gathering and entertainment. Then, the researchers took the study deeper by distinguishing the levels of gratification, or the reasons why users feel satisfied when using the platform. Bai classified gratification into three categories: when people are satisfied due to the content they consume or share, the process of using the platform and the social needs they look to fulfill.
“Before, the commonly accepted understanding was that use leads to addiction,” says Bai. “But it turns out in our study, it is how you use it and how you feel from the use of it that leads to addiction.” For example, Person A might use Twitter more than Person B, but if Person B feels more satisfied when using it due to her particular purpose, she may be more likely to become addicted, regardless of time spent on the platform.
The theory behind the study, called “uses and gratifications,” is a common approach to analyzing mass media. However, by distinguishing between the “uses” and “gratifications,” Bai and her colleagues extended the theory to study the causal relations between use, gratification and addiction, opening up new possibilities for media research.
The researchers hypothesized that users with higher gratification levels have a great possibility of becoming addicted. “This constant feeling [of satisfaction] leads to psychological reinforcement and then eventually to dependence,” says Bai. The researchers then linked gratification to four dimensions of addiction—diminished impulse control, loneliness or depression, social comfort and distraction—to determine the path from use to gratification to addiction tendency.
The study found that the different types of purposes led to varying levels of gratification. “For example, if a user is using the microblogging platform mostly for information, information leads to content gratification and social gratification,” says Bai. Using microblogging for entertainment purposes led to satisfaction with social interactions and their experience of the process. The purpose for social communication, surprisingly, yields the least satisfaction among the three types of use.
“Social gratification, however, was the most impactful to addiction,” says Bai. Users who were satisfied from the social aspects of the platforms were more susceptible to loneliness, diminished impulse control and distraction, and were the most likely to be addicted. “Users who felt satisfied with content were the least likely to become addicted,” said Bai.
With the pervasiveness of microblogging tools, these insights are practically important to both consumers and platform designers. Bai hopes her research will help address the issue of social media addiction by understanding more about how these tendencies are formed. “We hope this will guide platform designers to better construct microblogging platforms to enhance the positive effects and avoid the negative impacts,” says Bai. “The research can inform the design of a platform to satisfy users’ needs at an optimal level, not to the point of being addicted.” For example, companies could use this research to emphasize content gratification, which has the least impact on addiction tendency.
Certainly, microblogging will not be going away, says Bai. “It is changing the way people, especially teenagers, communicate with each other and socially interact with the rest of the world.”
3 Fox School alumnae shaking up their industries
There’s a new ultimate compliment in business today–Fox alumnae are go-getters, and they are shaking up the status quo in their elds and starting revolutions across the business world. Find out how these three alumnae are changing the rules of the game. See who they are and how they’re disrupting their industries in the best possible way:
1. Yasmine Mustafa, Fox ’06
Born in Kuwait, Yasmine Mustafa emigrated to the United States with her family as a child. She has chosen to make a difference using what she learned as an entrepreneur at the Fox School. It took Mustafa over seven years of part-time classes— first at community college, then at Fox, while working two jobs, to dream up her best idea yet.
“After traveling alone for six months, everywhere I went I encountered women who had been assaulted in different ways,” she said.
Mustafa decided to do something about it and started ROAR for Good.
“Just a week after I returned to Philadelphia, a woman was raped a block from my apartment when she went out to feed her meter,” she said. “I was enraged and inspired to create something to make women safer.”
As president and CEO of ROAR for Good, Mustafa has led the development of ‘Athena,’ a safety wearable device that helps to keep people safe. As a smart tech device, Athena shares user locations when activated.
“In reality, our goal is to have a world where technology like ROAR’s doesn’t need to exist,” she said. “In the meantime, why not create something that improves the situation?”
Not one for the sidelines, Mustafa and ROAR have been proactive about taking a role in the cultural paradigm surrounding sexual assault prevention and #MeToo. The ROAR Back program exists in tandem with the Athena device. ROAR Back has been designed as a series of nonprofit partnerships—with the goal of educating men about violence prevention and empathy training. In addition, an app provides educational tools on safety and situational awareness.
Awards and attention have been rolling in for Mustafa, who was selected as one of the BBC’s 100 Women in 2016, Philadelphia Magazine’s Top 20 Best Philadelphians, Philadelphia Business Journal’s 2016 Tech Disruptors, Innovator of the Year by Rad Girls, and many more. We can’t wait to see what’s next for this dynamic, young maker.
“I see a long-term vision of changing the world and ROAR having a profound impact,” she said.
2. Lori Bush, MBA ’85
Scientist to CEO isn’t the normal career trajectory for a pre-med major, but Lori Bush learned early on to defy expectations.
Driven to push the boundaries, Bush went beyond her work as a research scientist and eventually led production, innovation, marketing, and business development for Johnson & Johnson. Once established in the eld, Bush became an expert in beauty products.
During her 25 years in the consumer and healthcare products industry, Bush led product innovation for several global brands. She has also held leadership positions as the worldwide executive director of Skin Care Ventures and vice president of professional marketing at Neutrogena.
In 2006, Bush was approached by Katie Rodan and Kathy Fields, who solicited her insight when they were in the startup phase of their premium skincare line. A year later, Bush accepted the role of president and CEO at Rodan + Fields. Her leadership helped the company to reach $600 million in revenue by 2015.
While Bush’s story is motivational, she’s providing financial inspiration to the next generation of female entrepreneurs—people like Camille Bell. Bell, a twenty-something Temple graduate, won $10,000 for a pitch she did in 2016 for her company, Pound Cake, an inclusive cosmetics company. Assistance for projects like Bell’s is possible partially through a lump sum donated by Bush to Temple’s Innovation and Entrepreneurship Institute (IEI).
“I think of myself as an enabler, moving obstacles for people and empowering them to do what they can do,” said Bush.
That’s not to say things have always been easy for Bush. She had a habit of tackling difficult projects that no one else wanted to touch, which didn’t fit in with the typical corporate resume progression.
“In the mid-1990s, I was very frustrated,” she said. “I was watching my peers being promoted to higher titles because they seemed to t the corporate prototype.”
Today she recognizes that not fitting in was the best thing that could have happened. “Ironically,” she says, “what I thought I wanted would have trained the courage out of me, to take on the crazy initiatives.”
3. Rakia Reynolds, BBA ’01
For Rakia Reynolds, a CEO, tastemaker, and influencer, re-defining what it means to work for herself has been a learning experience. As a wife and mother of three, Reynolds’ time is always in demand as the founder and president of Skai Blue Media, a public relations agency based in Philadelphia. She has worked with brands like Comcast NBCUniversal, Dell, the Home Shopping Network (HSN), United By Blue, Ted Baker, and others including Serena Williams’ clothing brand.
“The most successful people are the ones who find the secret sauce where work doesn’t feel like work,” said Reynolds in a 2017 interview with Marie Claire. “You wake up before your alarm goes off. You know the elevator pitch of your company without having to practice. You know what your career path is if you nd yourself thinking about it at night.”
Her touch seems to be on all things Philadelphia lately—she was Visit Philadelphia’s ‘Entrepreneur in Residence’ and also helped to lead the charge for Philly’s Amazon H2 bid.
“You have these defining moments where you have that window and you say, ‘It is my time’” she said in a 2017 interview with Philly.com.
Doling out advice for aspiring entrepreneurs is something Reynolds does on the regular, and she encourages people to establish a “friendtor” board, a combination of friend and mentor. She credits the word to her friend and colleague Almaz Crowe, now the chief of staff at Skai Blue. Reynolds relies on her own diverse group of friendtors for real talk, feedback, and opinions. She also believes in quality over quantity when it comes to social media, something she knows a bit about as the face of small business for Dell.
“Influence goes back to the basics—understand your audience and deliver value,” she said in an interview with FastCompany.com.
Tis the gift giving season. Whether your loved ones are Temple alumni, Philadelphia residents or simply love food and fashion with a touch of philanthropy, we can help you find the perfect gift.
The Fox School of Business has a network of alumni and students who are passionate about using the power of business to give back to their communities. Check out products and services founded by entrepreneurs and make a purchase you can feel good about.
Temple accounting alumnus Nicholas Adelizzi, BBA ‘09, and his husband Jovan opened Sparrow and Hawk Apothecary with the goal of providing customers with a diverse range of natural bath, body and beauty products. The brand is focused on customer feedback and encourages open and continuous dialog. As Sparrow and Hawk Apothecary grows, they will give back to the community and help customers calm and soothe their mind, body and soul.
Sisters and Temple alumnae Rachel Stanton, BBA ’14, and Sarah Stanton, BBA ’14, co-founded Fruitstrology. The company combines produce-themed clothing and philanthropy through a sustainable partnership with Philabundance’s KidsBites program and the Life Do Grow Farm in North Philadelphia. When you purchase a product from Fruitstrology, you help to ensure children in Philadelphia have access to fruit and education about healthy eating.
When Avi Loren Fox, ENST ’10, could not find the perfect hooded scarf for the cold weather months, she decided to make one herself. Beyond creating a new clothing category, the goal of Wild Mantle is to move the fashion industry in a more sustainable direction. Give your friends and family a gift that feels like a warm hug this holiday season!
After carb-loading this Thanksgiving, cookie exchanges and more, your loved ones
might be looking for healthier meal options. Gift them Simply Good Jars! Each convenient plastic jar includes a healthy meal made with local ingredients. Jared Cannon, MS ’16, has made it his mission to increase access to nutrient-rich food, while creating zero waste to the communities that his company serves.
Is someone on your list looking for modern, comfortable and ethically-made clothing
basics? Founded by Brandon Study, BBA ’17, Understand Your Brand is an apparel company that uses all-natural dyes. The clothing is made in a zero-waste Cambodian factory that pays employees above the living wage.
Pick up something for the bookworm in your life and support a Temple alumna at the same time. Ariell Johnson, BBA ’05, opened the doors of Amalgam Comics & Coffeehouse in 2016. She has molded the shop into an inclusive environment for “geeks” of all types to drink coffee, read, play games and chat.
Know of any other businesses owned and operated by Fox School alumni that deserve to be highlighted? Contact us!
Remember the last time you donated warm clothes to a homeless shelter and felt good about yourself? Or that time your friends helped you get through a difficult life problem after which you couldn’t help but feel extreme gratitude towards them?
A lot of traditional research has been done on why people help and how they feel after helping. You Jin Kim, assistant professor of Human Resource Management at the Fox School, goes beyond just that by exploring the role of the recipient of the help. Her research emphasizes how demonstrating gratitude, as well as the helper’s feelings of pride, interact to encourage repeated helping.
In her paper, “A Dyadic Model of Motives, Pride, Gratitude, and Helping,” which was accepted for publication by the Journal of Organizational Behaviour, Kim demonstrates that the motives of the helper interact to predict pride via initial helping whereas recipient attributions of helper motives predict recipient gratitude in response to being helped. This interaction of emotions (i.e., pride and gratitude) influences any subsequent helping by the helper, making them both active members of the social exchange.
Kim points out that the helper’s motives drive their initial actions. She highlights two positive motives: “autonomous motives,” where individuals help because they value doing so, and “other-oriented motives,” where individuals help because of their concern for others. These motives often lead to voluntary helping that is intended to benefit others.
These motives affect the perception of the recipient and the level of appreciation they feel. “Recipients seek information about helpers and helping contexts because they seek to understand why others help them,” Kim reasons. For example, an employee might choose to cover a shift for a sick worker because he or she truly cares about the coworker’s welfare, leading to the recipient attribute this action to the helper’s selfless (what Kim classifies as autonomous or other-oriented) motives. In such interactions, the recipient feels more gratitude toward the helper.
Kim also considers that the motives may not always be altruistic. She elaborates, “They could be doing it because of impression management, career enhancement motives, and not truly directed towards benefitting others.” For example, a helper could choose to teach a peer a new skill with the goal of transferring an undesirable task to this peer. Such interactions fail to evoke the feeling of pride or gratitude in either party.
Kim highlights cases where, although the helping motive was genuine and the helpers experienced authentic pride, they did not engage in repeated helping unless recipients expressed their gratitude. “Unlike economic exchanges, social exchange returns are not specified in advance, and so reciprocity is not guaranteed,” says Kim. “A simple ‘thank you’ makes a lot of difference.” Thus expressing gratitude is very crucial in encouraging the helper to continue helping others in the future, making the recipient an important influencer of the interaction.
The results of these studies have practical implication for managers. “Managers need to understand why helping is being provided and create a work environment where employees do not feel pressured to help and that helping is voluntary,” says Kim. “It should not be related to any type of organizational decision, such as a promotion or vacation days.”
Importantly, gratitude also has positive implications for recipients. Kim says, “Managers also need to emphasize the benefits of showing gratitude and encourage recipients to communicate their gratitude when receiving help has been positive.” Such reciprocative interactions create a positive environment at a workplace, subsequently improving the efficiency and lowering the turnover intentions of all employees.
Learn more about Fox School Research.
Temple University’s Fox School of Business celebrated Governor Edward G. Rendell with the 2018 Musser Award for Excellence in Leadership, the highest honor conferred by the School, during a Nov. 14 dinner and reception at Mitten Hall. This year’s event marked the 22ndanniversary of the award ceremony, which has honored a number of leading businesspeople in Philadelphia since its launch in 1997.
The evening recognized Rendell’s 34-year career of public service, including his time served as governor of Pennsylvania from 2003–2011 and mayor of Philadelphia from 1992–2000, and celebrated his lasting influence on the city and state the Fox School of Business has called home since its founding in 1918.
“For a century, the Fox School has been plugged into the city of Philadelphia, with students and alumni taking advantage of and benefitting from the personal and professional opportunities it offers,” said Dr. Ronald Anderson, interim dean of the Fox School. “The leadership of Governor Rendell and his strategic investments in our communities, the economy and education make the Fox School’s location in Philadelphia an attractive place to live, to study and to work, and we are proud to honor him.”
In accepting the Musser Award, Rendell, who currently serves as special counsel at Ballard Spahr, LLP, spoke on his continued commitment to the city and his special focus on alleviating the high poverty rate in Philadelphia, which is ranked as the poorest of the country’s largest cities, according to the U.S. Census Bureau. He offered recommendations on how to reduce poverty in the city, calling on business leaders to hire extra students looking to work this summer, increase minimum wage and donate to pre-k programs, among other tips.
Rendell also discussed the legacy of Warren V. “Pete” Musser, the namesake of the evening’s event, whom Rendell called “one of the greatest businesspersons and philanthropists in town,” and the impact the Fox School has made on the business world and society in the region: “Think of all the Fox School has done for the city of Philadelphia and the state of Pennsylvania and how many jobs have been created because the Fox School exists. Think about what this region would be like if the Fox School never existed. Think about it and be proud.”
Tyler Mathisen, the managing editor of CNBC Business News and co-host of CNBC’s Power Lunch, once again served as the event’s master of ceremonies. Mathisen commented on the uniqueness of this year’s event — taking place during the Fox School’s Centennial anniversary — and recognized the School’s century-long heritage of innovation within business education.
The event also paid homage to Rendell’s love for Philadelphia sports, especially the Philadelphia Eagles, featuring green décor and a “LOVE” statue made of plants, and his affection for dogs, with special guests Temple Police Officer Lawrence Besa and his retired canine partner Jarvis presenting Rendell with the Musser Award.
Past top honorees in attendance included Warren V. “Pete” Musser, William J. Avery, Joan Carter, Steven H. Korman and James E. Nevels, and Temple Trustees Dennis J. Alter, Joseph F. Coradino, Mitchell L. Morgan, Chair Patrick J. O’Connor and Jane Scaccetti.
“Governor Rendell’s leadership created an atmosphere in Philadelphia where students and alumni of Temple University and the Fox School of Business can start new businesses, produce new jobs and be successful. Thank you, Governor Ed Rendell, for all you’ve done to create a city where Temple University can thrive,” said O’Connor, who is serving his 10thand final term as chair of the Board of Trustees.
The Fox School also celebrated faculty, staff, alumni and students worthy of distinction with the following prestigious awards:
- Excellence in Teaching: Michael Valenza, associate professor and chair, Department of Legal Studies
- Excellence in Research: Dr. Xueming Luo, Charles E. Gilliland, Jr. Chair Professor of Marketing, Strategy and MIS; founder and director, Global Center on Big Data in Mobile Analytics
- Excellence in Faculty Service: Dr. Steven Balsam, professor of accounting and Senior Merves Research Fellow, Department of Accounting
- Excellence in Administrative Service: Julian White, senior director, Center for Undergraduate Advising
- Excellence in Student Leadership: Suchetha Subramaniam, FOX ’18, Future Leaders Program, GSK
- Excellence in Alumni Achievement: Adam Lyons, FOX ’09, founder and chairman, The Zebra