‘Magic’ disruption in the transportation industry lures MBA grads to jobs

Yiannos Vakis, MBA 23
Yiannos Vakis, MBA 23, co-president of the Haas Mobility Club, interned at Zoox.

As a strategy manager at self-driving car startup Zoox last summer, Yiannos Vakis, MBA 23, spent a lot of time thinking about the challenges of rolling out robotaxi fleets in cities. 

“Watching self-driving cars navigate the complex streets of San Francisco is pure magic,” Vakis said. “But to commercialize at scale, the industry has big strategic questions to work on that no one has fully solved so far.”

Vakis, co-president of the Berkeley Haas Transportation and Mobility Club, is among a growing number of students drawn to the rapidly-changing and fast-growing transportation/mobility industry. At Berkeley Haas, interest in the sector reflects that growth, with eight students in the Class of 2022 taking full-time jobs in the industry, (up from previous years), and 15 students in the 2023 class accepting internships. One lure, aside from the fun of being immersed in new technology, is the impressive pay. Mean base salaries for the 2022 FTMBA grads reached the higher end of the school’s employment report, coming in at $152,000 with a mean $23,000 bonus.

The Haas Mobility Club is hosting its annual Haas Mobility Summit 2022 Saturday, Nov. 5, at Chou Hall’s Spieker Forum.

Doug Massa, a relationship manager in the transportation and mobility sector for the Berkeley Haas Career Management Group, said the rise in interest comes at a time when companies that spent years on the technical aspects of building their products and services are looking to scale.

Doug Massa
Doug Massa, a relationship manager in the Berkeley Haas Career Management Group.

 “That’s why these companies are recruiting strong MBA talent,” Massa said. “MBA roles like corporate strategy, product management, and operations are what get our students excited and these are the types of roles that they’re landing.”

Many current students are meeting and networking through the Haas Mobility Club, which is hosting its annual Haas Mobility Summit 2022 Saturday, Nov. 5, at Chou Hall’s Spieker Forum. The summit, UC Berkeley’s largest transportation-focused conference, focuses this year on “reimagining sustainable and accessible mobility,” with senior executives from Zoox, Rivian, General Motors, Spin, Autotech Ventures, and others joining. The student-run Haas Mobility Club, now more than 175 members strong, welcomes graduate students from beyond Haas—in the Engineering, Data Science, and Urban Planning programs. 

Disrupting industries

As the market has heated up, Massa said he’s fielding about 20 calls a week from first and second-year students who want to talk about job opportunities in transportation. In addition to Uber and Lyft, Massa helps students recruit for roles at upstarts as well as big automakers like GM and Ford, electric auto leaders like Tesla and electric adventure vehicle maker Rivian, and autonomous vehicles like Cruise.

Minjee Kang portrait
Minjee Kang, MBA 23, interned at Rivian.

Haas Mobility Club member Minjee Kang, MBA 23, landed an internship in strategic operations at Rivian. Kang, who worked in operations at Air Korea before coming to Haas, said her goal and her reason for getting an MBA is to be part of sweeping industry-wide change.

“I believe the airline industry is going to be disrupted soon, just like Uber and ride sharing disrupted the traditional auto industry,” she said. “I think the transportation and mobility industry is facing a variety of opportunities as a whole, and I want to be a part of it.”

Sarah Thorson
Sarah Thorson, MBA/MEng 23 and co-president of the Haas Mobility Club, interned at Nvidia.

Sarah Thorson, MBA/MEng 23, who studied mechanical engineering as an undergraduate, landed an internship in product management at Nvidia, where she worked on autonomous vehicle development tools.

Thorson said she’s always been pulled to the technical side of the auto industry and knew she could study both business and engineering in her dual degree program. “I wanted to come to Haas to explore a product role in tech and to learn about the impact of technology innovations on transportation and mobility,” said Thorson, co-president of the Haas Mobility Club.

Investment opportunities in transportation also lures MBA students. Logan Szidik, MBA 23, pivoted toward early stage venture capital investment at Haas, working as an intern at Menlo Park-based Autotech Ventures.

Logan Szidik, MBA 23
Logan Szidik, MBA 23

 “With companies staying private longer than ever before, private capital has an outsized impact on the future of the automotive industry,” he said. “As someone with a deep interest in technologies addressing the climate crisis, I wanted to better understand how investors approach start-ups focused on emerging spaces like vehicle-to-grid and fleet electrification.”

Alumni ecosystem

As more Haas grads move into transportation, the alumni community has expanded, with about 180 members of the Haas Mobility Network’s WhatsApp group.

That community includes transportation industry entrepreneurs like Ludwig Schoenack, MBA 19, co-founder of Kyte, a cars-on-demand service, and Arcady Sosinov, MBA 15, CEO of FreeWire, which makes fast electric vehicle chargers and battery generators. Both Bay Area companies have found success in raising $239 million and $230 million respectively, to expand their businesses.

This rich alumni network will continue to serve students well, Massa said. (Carlin Dacey, MBA 22, for example, recently joined Kyte as a market manager)

“The network has led to internships and full-time jobs,” he said. “It’s become a really nice ecosystem.”

Afraz Khan, MBA 23, blends business strategy and social activism

Afraz Khan, MBA 23, has led a life driven by faith, community engagement, and social activism. Prior to business school, Khan served as an outreach coordinator for the ACLU’s Racial Justice Program and wed interracial and interfaith couples within the Muslim-American community as owner of Muslim Wedding Service. In this interview, Khan, an LA native, discusses his journey to memorize the Quran, his activism and social enterprise work, and why he decided to study business.

What brought you to Haas?

I joined Muslim Wedding Service in 2017 as an officiant. Our focus is providing qualified officiants who work alongside interracial and interfaith couples to craft culturally inclusive wedding experiences for all those in attendance. In 2018, I took over the enterprise and have built it out to a team of about 25 officiants. We conducted 120 weddings last year across the U.S. and, given our business is a social enterprise, we successfully donated $50,000 to nonprofits and social services over the past three years.  My thinking was, “Let me come to business school to get a better sense of how business strategy and revenue models are used to build sustainable funding streams.” The hope is to incorporate that type of approach into social enterprise work, where we can sustainably fund the types of initiatives that would help tackle some of our current social issues.

My thinking was, “Let me come to business school to get a better sense of how business strategy and revenue models are used to build sustainable funding streams.”

Tell us about your family background.

My parents immigrated from North India in the 1980s to Los Angeles, where I was born and raised with an older sister. Growing up, we were pretty attached to the local Muslim community, which was primarily immigrant and South Asian. My parents prioritized faith and building connections with immigrants from that same background.

Afraz Khan weds couples with interfaith backgrounds as owner of Muslim Wedding Service.

How did you connect to America and LA from that space?

Until Kobe and the Lakers, my family had little attachment to American culture. However, we really started getting into basketball in the early 2000s when the Lakers were winning championships. I have a lot of memories of watching games with my family and listening to them on the radio. It helped me feel more connected to the broader American culture claiming the Lakers as a piece of our own. Also pivotal was 9/11, when I was in second grade. After 9/11, there was a push for us to demonstrate more of our patriotism. It was understood that you had to have an American flag in front of your house. I remember people in our community not sending their kids to high school because there were instances of racial targeting and Islamophobia.

How did 9/11 change your life?

One moment comes back from eighth grade. I was sitting in class and the clock struck noon and the teacher was in the middle of his lecture. My watch started beeping and this student yelled from across the room, “Watch out! He’s [Afraz] got a bomb.” Most of the kids were laughing. The teacher didn’t really say much, and I was frozen, not knowing how to react. But there wasn’t much addressing of the comment or an acknowledgement that it wasn’t appropriate. In high school, I was one of maybe five or six Muslims in a school of over a thousand kids. It was hard to understand how I, as a Muslim American, was supposed to integrate into this larger society. Islam felt foreign to the American experience, and there was not really a place for my faith identity to exist. This othering continues to persist.

It was hard to understand how I, as a Muslim American, was supposed to integrate into this larger society. Islam felt foreign to the American experience, and there was not really a place for my faith identity to exist.

You began memorizing the Quran in fifth grade and have continued religious work as a teacher and advisor. What drove that commitment?

A big part was this general desire to build a closeness with my faith and take ownership over my relationship with the divine. I spent eight years memorizing the Quran, which also included taking a gap year before college. As an undergraduate student at NYU, I found for the first time a large community of native Muslim Americans also trying to understand their journey with faith. I started delivering sermons and facilitating classes at our Islamic center on campus and unexpectedly fell into a role in providing the community with something I hadn’t had while growing up: a person who possessed the lived experience of growing up Muslim in America and could draw upon deeper sources of knowledge of the faith in demonstrating how Islam can actually serve as a source of empowerment. 

I found for the first time a large community of native Muslim Americans also trying to understand their journey with faith. 

Where did you work after your undergrad program?

I spent a year in New York City government conducting community affairs work, and then the next three years at the ACLU’s Racial Justice Program, focusing on advocacy and outreach. I was doing some organizing work around changing the disorderly conduct statutes in the South. These were policies designed to provide law enforcement broad discretion in criminalizing students of color for typical youth behavior—like when a kid purposely burps in class or doesn’t sit in an assigned seat. Law enforcement was charging these kids with disorderly conduct. We were working to help dismantle that policy, starting a lawsuit and organizing. But we had to shift our priorities at a certain point based on the desires of our funders to focus on a different issue within criminal justice. It’s tough when you know the on-the-ground realities, but the folks providing the funding have a different view. So, there was that lack of agency plus the reactionary way in which a lot of nonprofits understandably need to behave that pushed me to think more about business as a potential force for good. 

What relationship does your faith have with your activism work?

In 2016, our country bore witness to the continued murder of unarmed Black bodies at the hands of the police as well as a spike in xenophobic and anti-Muslim sentiment and attacks. In organizing several university-wide rallies alongside various allied minority groups, I started to learn how the same white supremacist institutions that govern this country uniformly and uniquely impact different marginalized communities. In learning from organizers and advocates who have dedicated their lives to social change, I sought to utilize my own lived experience of being Muslim in America to focus on dismantling broader systems of oppression. As activist Lilla Watson says, “If you have come here to help me, you are wasting your time. But if you have come because your liberation is bound up with mine, then let us work together.”

What’s a principle of your faith you seek to incorporate in your day-to-day work?

In 4:135, the Creator commands me “to uphold justice and bear witness to God, even if it is against yourselves, your parents, or your close relatives. Whether the person is rich or poor, God can best take care of both. Refrain from following your own desire, so that you can act justly—if you distort or neglect justice, God is fully aware of what you do.”

This verse pushes me to reflect on justice as a universal principle that exists outside of ourselves. A commitment to justice actually starts with a willingness to interrogate our own unjust behavior. This requires a strong development of humility and self-awareness which I believe is key to any movement work. 

How have you continued your activism work at Haas?

I’m focused on leveraging the clout and influence of Haas to bring light to issues that otherwise aren’t discussed within elite institutions and circles. Through Haas Hearts, a student-led non-profit consulting program, I got to work with and now currently serve on the board of Urban Compassion Project, an Oakland-based grassroots organization dedicated to empowering unhoused populations. Over the past few months, we’ve organized volunteer events for Haasies to attend as well as hosted an on-campus discussion on the current housing crisis in the Bay Area and what our role as MBA students is in supporting those fighting for change. 

Additionally, I’m working to expand Haas’ engagement with the broader UC’s union organizing efforts. Currently, a few of us student workers here at Haas are phone banking, tabling, and canvassing to build people power within our program to support the 48,000 UC student employees across the state who are fighting for a more fair and equitable contract. 

Afraz Khan began rapping his student government speeches in grade school.

You recently performed a rap at Haas that highlighted the disconnect between how history is taught in the U.S. and the realities that shaped your heritage under British colonial rule. When did you start rapping?

 In third grade I wanted to run for student government vice president. I wrote a first draft of my speech and my teacher told me that the presentation was boring and that I should rewrite it. My sister suggested rapping the speech and came up with a very simple rhyme and I was like, “What the heck?” and performed it. I was so nervous that I didn’t look away from my paper. I ended up winning. I ran for VP twice more and for president and just kept rapping all my speeches throughout middle and high school. At the end of high school, I started getting more into spoken word and slam poetry, using rap not just as a tool to have a fun experience but to also share more about my own narrative and experience.

For those who are curious, here’s my original rap:

Vote for me for VP/ — I’ll be the best, you can put me to the test/ — Yyou won’t regret and that’s a bet, it’s a promise that will be kept/ — Iif I win, I’ll put a spin to the school year that’s bright and clear/ – Sso don’t forget and put a check, next to the best… Afraz!

Watch Afraz Khan performing “Colonization of the Mind” last month at UC Berkeley’s Center for Equity, Gender, and Leadership (EGAL)’s annual EGALapalooza event.

 

Meet the 2022 Berkeley Haas Finance Fellows

Berkeley Haas Finance Fellows
(L-R clockwise from back row) Teo Gumusoglu, Yining Yan, Elias Mufarech, Nick Goomer, Adebola Adeniyi, John Graft, Xan Wood, Didi Pritakinari, Daniel Billostas, Xavier Jefferson, Meredith Albion, Hoi Wong. Photo: Jim Block

Xavier Jefferson, MBA 24, worked as a general analyst in wealth management before arriving at Haas, where he planned to narrow his focus to land a job as a securities analyst concentrating on stocks and bonds.

“When I looked in the mirror, I saw a capital allocator, someone responsible for making investment decisions,” Jefferson said, “And I came to a point in my career where I needed to find ways to be exposed to the next level of investors and thinkers outside of books, podcasts, and blogs.”

That ambition led him to Haas, where he is now among the 2022 Finance Fellows, first-year, full-time MBA students pursuing careers in finance fields that include investment banking; private equity and investment management (including quantitative finance); and entrepreneurial finance (which includes VC, fintech, and impact investing).

Students receive a $5,000 cash award, and are assigned mentors, who are Haas alumni working in finance, including recent graduates and senior executives.

William Rindfuss of the Haas Finance Group

“The one-on-one mentoring by alumni in the field provides high-level perspective and advice, which the Fellows capitalize on in seeking opportunities, and then succeeding on the job in these fields,” said William Rindfuss, executive director of strategic program for the Haas Finance Group.

The 2022 Fellowship recipients, all MBA 24, include:

Investment Banking: Nick Goomer, Didi Pritakinari, Daniel Billostas, Adebola Adeniyi

Private Equity & Investment Management: Xan Wood, Xavier Jefferson, Meredith Albion

Entrepreneurial Finance: Yining Yan, Elias Mufarech, Hoi Wong

C&J White Fellows (selected in the spring before matriculating): John Graft and Teo Gumusoglu

The mentor edge

The Finance Fellowship program launched 17 years ago, expanding over the years as more MBA students pursued finance careers. All Fellows are chosen based on their experience and preparation in their stated area of interest, the clarity of their goals and career plans, and interviews. They all receive priority enrollment for finance electives.

Finance Fellow Nick Goomer said the program has given him the opportunity to learn directly from his Morgan Stanley mentor. 

“Despite his busy schedule and responsibility, he has taken a hands-on approach to help me curate my unique story, and learn about how the tech world is shifting in our new market landscape,” Goomer said. “He is a force of nature within the tech investment banking industry, and I am incredibly grateful to have him as my mentor.”

Yining Yan photo
Yining Yan worked in blockchain venture capital in Singapore before coming to Haas.

Yining Yan, who worked in blockchain venture capital in Singapore before coming to Haas, said that a mentor will play a critical role in her career development in the Bay Area.  

“Having a mentor who is deeply rooted in the industry will be the most effective approach for an international student to plug into the local entrepreneurship and VC investing ecosystem,” she said.

Making venture capital more equitable

Fellow Hoi Wong, who was a business operations manager at fintech startup Bluevine before he arrived at Haas, is driven toward entrepreneurial finance for reasons that hit close to home.

“My parents were immigrant small business owners who leveraged a loan to start and grow their business, despite only having a grade-school level of education,” Wong said. “Entrepreneurship was one of the major levers that helped my family rise from poverty.” 

Wong plans to pivot from the operating side of fintech to the investing side by joining a fintech-focused venture capital firm. He’s also exploring venture capital investing within major financial services firms.

“As a first-gen student, I believe one way to make venture funding more equitable is by changing who is in control of the money, and one way to do that is to become a VC investor myself,” Wong said.

Startup Spotlight: HOPO Therapeutics imagines a future without heavy metal poisoning

Hannah Weber on campus
Hannah Weber

Startup Spotlight profiles startups founded by current Berkeley Haas students or recent alumni.

HOPO Therapeutics is a Berkeley-based biotech startup working to develop treatments for people exposed to toxic heavy metals in their homes, environments, and during medical procedures and treatments.

Hannah Weber, MBA/MPH 23, met HOPO co-founders Julian Rees and Rebecca Abergel—both scientists at the Lawrence Berkeley National Laboratory and leading experts in heavy metal poisoning–last year at a meet and greet hosted by the Berkeley Life Sciences Entrepreneurship Center. 

The meeting was fortuitous. Weber came to Haas with a mission to work on developing a product or drug that could improve global health and to create a new model for access to medicine. Rees and Abergel told her that they’d been working on a drug to address lead poisoning and radiological hazards and were ready to find a partner to help raise funds and bring the drug to market. The meeting led Weber to join their team as vice president of strategy and business development.

A leap forward

More than 800 million children—about one third of the world’s young population—are currently living with lead poisoning, according to a UNICEF report. Other reports suggest half the current American population was exposed to harmful levels of lead in early childhood. 

HOPO Therapeutics’ first product— HOPO-101—is a novel oral treatment that works by selectively binding to toxic metals so they can be removed from the body, a leap forward from older-generation treatments that also remove essential minerals in the process, Weber said.

The company expects the Phase 1 clinical trial to begin later this year, testing for the treatment’s safety in humans. “This innovative product has a broad application for hundreds of millions of people around the world suffering from heavy metal poisoning, and needs to be launched in a way that maximizes its application for public health,” said Weber.

“This innovative product has a broad application for hundreds of millions of people around the world suffering from heavy metal poisoning.”

HOPO-101 has received government funding to date, but one of Weber’s first goals for the company is to secure venture backing, starting with the company’s first seed round. Over the next five years, the company plans to develop relationships with physicians, governments, impact investors, and global health nonprofits to establish distribution channels. 

“This is a lesson in sticking true to our values and finding partners that share our global health mission, and are eager to help us make it happen,” she said.

Weber pointed out that the pandemic has increased awareness of the importance of private and public partnerships in global health—her original mission for coming to Berkeley Haas.

“It’s made us all aware of the need for quick development and quick distribution of affordable life-saving drugs,” she said. “It’s also made the world appreciate the importance of public and private partnerships and the importance of collaboration across the table.” 

Working on the company while at Haas also has its benefits, she said. “There are so many classes that allow you to explore your own venture within the classroom,” Weber said, noting that Health Management professional faculty members Kim MacPherson and Jeffrey Ford have been particularly helpful mentors. Weber has also found many opportunities to tap into the Bay Area startup ecosystem to advance the company, participating in the National Science Foundation’s I-Corps program for entrepreneurs, as well as the San Francisco B-School Disrupt showcase.

A passion for improving access

Weber, whose father was a physician, has been around healthcare her entire life and said she’s always had a passion for treating patients who had little access to care. Though she entered the undergraduate program at Georgetown University on a pre-med track, she quickly pivoted to global health and, more specifically, sought to focus her career on addressing how the pharmaceutical sector could be a partner in improved access.

An internship in Tanzania during college working on introducing digital innovations into government hospitals also led her to consider the impact a private company could have on global health. That led her to L.E.K. Consulting after graduating, where she worked in the Life Sciences Practice for nearly four years. Learning about strategy and market access from the point of view of pharmaceutical companies, made her look forward to being involved in making some of those company-forming decisions.

“I was excited at the prospect of working with a team developing novel medicines and asking big questions about how we could get them to people that needed them most,” Weber said. “I was looking to get involved with a small company launching a new technology, one that had that mission in mind.”

That mission led her to pursue an MBA/MPH at Haas, and has been the foundation for growing HOPO Therapeutics.

“I had a strong conviction that it was possible to do well and to do good. Business school has been an eye-opening chance to see how it’s possible,” she said.  “Luckily, I’ve found a community at Haas and at HOPO that really resonates with that idea.” 

Salaries, employment rates jump for FTMBA 2022 Class

Employment rates and average base salaries jumped for the full-time Berkeley Haas MBA Class of 2022, with the consulting, technology, and financial services industries again drawing about 75% of the graduates.

“What made this year so exciting is the extraordinary demand for our MBA graduates and the appetite for their skills, including an ability to lead and innovate in a changing, diverse world,” said Abby Scott, assistant dean of MBA Career Management and Corporate Partnerships. 

photo of Abby Scott
Assistant Dean Abby Scott

Some highlights from this year’s employment report:

  • Salaries reached new heights, hitting an average base salary of $152,831, nearly $10,000 more than $143,696 in 2021. About 74% of the class received an average signing bonus of $33,418 and 43% of our graduates received stock grants or options as part of their compensation packages. Consulting pays the highest average salary at $166,637. 
  • Within three months of graduation, 93% of the class of 320 students accepted job offers. With these results, Haas returned to some of our highest pre-pandemic levels of job acceptances. 
  • Amazon, Bain Consulting, and McKinsey & Co. were the top three hiring firms, followed closely by Adobe, BCG, Deloitte, and Google. 15% of the graduates joined startups and 16 students (or 5% of the graduating class) started their own company at graduation. And 18% of the graduates who accepted jobs reported that their position had a “social impact component,” commonly in industries including healthcare, cleantech, sustainable real estate and investing.

“As our graduates enter the workforce, we look forward to seeing what they do next,” Dean Ann Harrison said.  “We know they are well equipped to tackle some of the world’s biggest challenges. We see our graduates innovating to create inclusive and sustainable businesses.”

Finding the right fit

There were small shifts in industries where students accepted jobs this year. Thirty three percent of the class joined the tech industry; 28% accepted jobs in the consulting industry, and 13.7% went into financial services. There were also small increases in the number of students taking jobs in real estate and the transportation/mobility sectors.

Chase Thompson, MBA 22, a global strategist with Samsung, said he came to Haas knowing that he wanted to work in the tech industry, but unsure about what role would best suit him. 

After interning at Adobe, he discovered an interest in global business, which led him to recruit with Samsung. “Fortunately, Samsung’s global strategy group fit squarely in the criteria I was targeting, so it made logical sense as the best next step for me post-MBA,” he said. 

Thompson said his job provides incredible exposure to high-level Samsung management, travel opportunities for company research at subsidiaries in Korea, Europe, Southeast Asia, and South America, and a clear leadership pipeline. 

Portrait of Tess Krasne
Tess Krasne, MBA 22, is a senior associate at Alante Capital.

“I am working directly with EVPs on projects, and the output of our work is leveraged for long-term decision making within the organization, oftentimes informing multi-billion dollar decisions,” he said.

Tess Krasne, MBA 22, said an interest in the intersection of business and climate brought her to Haas, and ultimately to become a senior associate at Alante Capital, a women-led firm that invests in technologies that enable a resilient, sustainable future for apparel production and retail.

Krasne interned at Alante after she was introduced to its founder through Haas’ Strategic and Sustainable Business Solutions class. After completing multiple internships with different companies during her MBA program, she accepted a full-time position after graduation with Alante,

“I came to Haas wanting to be part of a new wave of change,” she said. “I love that I get to work with such great co-workers and mentors and that I get to meet with 10 entrepreneurs a week to see what they’re building as I think about what the future might look like in the apparel space.”

Read the full 2022 employment report here.

Haas MBA student featured on new season of hit Netflix dating show ‘Love is Blind’

Sikiru (“SK”) Alagbada, MBA 22, in front of Chou Hall on campus
Hoping to meet the love of his life, Sikiru “SK” Alagbada, MBA 22, joined the Season 3 cast of “Love is Blind.” Photo: Brittany Hosea-Small.

Hoping to meet the love of his life, Sikiru “SK” Alagbada, MBA 23, joined the Season 3 cast of “Love is Blind,” the hit Netflix dating show.

The show asks 30 single people to spend 10 days inside “pods,” where they interview potential love matches from behind a wall that separates them. Couples who agree to get engaged during the experiment exit the pods to see each other for the first time. 

In this interview, Alagbada, who plans to work in early-stage venture capital investing after graduating, discusses his Netflix adventure, life before Haas, and juggling the demands of the show with the MBA program. The first episodes of the new season—which features Alagbada—airs October 19.

Haas News: The Season 3 “Love is Blind” cast promo came out yesterday. How do you feel? 

SK Alagbada: It’s a mixture of excitement and feeling anxious because this remains the craziest, most out-of-place thing I’ve ever done—crazier than moving to Poland from Nigeria by myself when I was 19. I’m a little worried about how the show will be edited. We filmed so many hours and you don’t know what will make it to the final cut. 

Do your classmates know yet?
I kept this secret from my classmates even though so many of them watch the show. I haven’t stepped into a class since the announcement so I am just preparing myself for the 21 questions. I kept this from them because of the confidentiality agreement, and also to try to have as normal a first-year MBA experience as possible.

Watch the “Love is Blind”  cast announcement.

 

Had you watched “Love is Blind” before you were on the show?

No, but my mom had. She loves the show.

Tell us a little bit about your background.

I left Nigeria as an international exchange student to study in Poland. I still speak some Polish and three other languages. I lived all over Europe for a few years before moving to the U.S. 13 years ago by myself, and settled in Texas, attending Baylor University as an undergraduate. My brothers and mom are in the U.S. now. I am from the Yoruba tribe in southwest Nigeria, so I take my African culture, food, and Afrobeat music with me everywhere. 

So how did Netflix find you?

Every season is scouted in a certain city. This one was in Dallas, where I lived. Someone reached out after they saw my Instagram account. I initially thought it was a scam and didn’t respond for several weeks. One day, I responded. From Instagram we did FaceTime auditions and interviews during COVID. They’re looking for responsible, emotionally stable people in their 20s to mid-30s. They look at your interests, your career, your lifestyle, and whether you are an eligible bachelor.

Why did the reality show idea of finding a wife appeal to you?

I was at the point in my life when I wanted to settle down. I didn’t want to hear my mom’s constant reminder anymore about getting married. Also, in the past couple of years I’ve lived in different places where I haven’t had stability in my life. I tried the conventional ways of finding partners, through friends and family introductions and dating apps, but nothing seemed to stick. But a lot of things in my life happen in unusual ways, most unexpected ways, so this was not foreign to me. It’s the story of my life.

I was at the point in my life when I wanted to settle down. I didn’t want to hear my mom’s constant reminder anymore about getting married.

How did you juggle filming “Love is Blind” with your MBA program schedule? 

We finished filming the season before I started my first year of class, but I was still working at JP Morgan as a senior data engineer during my first year to cover the higher Bay Area costs and occasionally support my family back in Nigeria. Juggling that first year was tough. I’m so grateful for my classmates at Haas. They’re very gracious and were especially understanding when I had so much going on, willingly volunteering their time to help me understand unclear concepts in class. As a community, we are always there for each other.

I’m so grateful for my classmates at Haas. They’re very gracious and were especially understanding when I had so much going on, willingly volunteering their time to help me understand unclear concepts in class. As a community, we’re always there for each other.

 

Sikiru (“SK”) Alagbada, MBA 22,on Haas campus
Sikiru “SK” Alagbada, MBA 22, is co-chair of the LAUNCH startup accelerator program at Haas and president of the student-run Africa Business Club. Photo: Brittany Hosea-Small.

In the show promo they asked about your most annoying habit and you said “snacking.” Snacking doesn’t seem so bad! 

I work from home and study a lot and I always have a snack with me. My favorite snacks right now are Smartfood popcorn and Walkers shortbread cookies. My girlfriends in the past learned to accommodate it—or they picked up snacks for me when they went shopping.

You are very involved with the LAUNCH accelerator program. How does the student-led startup accelerator program align with your career goals in venture capital?

Prior to Berkeley, I worked at large companies like General Motors and JP Morgan, but I wanted an immersive startup experience and to learn the business of technology, grow my network, and boost my startup pipeline. Serving as LAUNCH co-chair of strategy and partnerships helps me to achieve this goal. I’m responsible for shaping the vision by managing and growing our relationships with investors, raising funds for our startups, and developing initiatives to strengthen our program experience. To date, LAUNCH startups have raised over $700 million and LAUNCH remains completely student run.

You are also president of the Africa Business Club. Can you talk a bit about investing in African startups?

This is very personal. I left Nigeria at the onset of a tech revolution that’s led to one of the fastest growing ecosystems in the world. I’ve stayed connected to home, but still have major FOMO from leaving the country at such a pivotal time. That’s why I’ve been dedicated to helping connect startups on the continent to capital, mentorship, and resources in Silicon Valley. In April, my team and I hosted the first in-person Africa Business Forum at Haas since COVID. This event laid groundwork for new connections and startup investment in Nigeria. 

What’s your favorite thing about Haas? 

Haas does a very good job of assembling a class of genuinely good people. In addition to being so accomplished and having done such interesting things in their lives and careers, they are genuinely good people.

What do you like to do outside of school? 

I love soccer, tennis, and Scrabble. I also like to cook. There is a dearth of African food in the Bay Area, so I usually find myself cooking a lot. My mom also ships me food sometimes. 

Have you picked up anything new since moving to California?
Recycling! I came from Texas. It’s a huge shift for me.

Startup Spotlight: Bird plans to make banking easier for African immigrants

Startup Spotlight profiles startups founded by current Berkeley Haas students or recent alumni.

Photo of Joe Obeto
Joe Obeto, MBA 21, co-founded Bird to make opening bank accounts and sending money easier for African immigrants.

Joe Obeto, MBA 21, co-founded startup Bird to help solve a vexing roadblock he and other African immigrants face when they arrive in the U.S.: trying to open a bank account. We recently interviewed Obeto about what led him to become an entrepreneur and his big plans for Bird.

Describe your startup in 30 words or less.

We’re building a platform to enable non-US residents to open a bank account, a checking account, and do easy and frictionless cross-border transfers. 

What was your background before coming to Haas?

My undergrad degree was in computer information science. When I graduated, I had several options: to pursue the traditional technology route as a software developer or maybe go into finance. What really shifted for me was during a summer that I went to Wall Street to intern for Credit Suisse. My experience that year was very incredible, and that really pushed me toward finance. I came to realize that not only do I like finance, I really wanted to become an entrepreneur.

What was the problem that you are solving with Bird?

When I first came to the U.S., I learned that I had to be a resident of the country for about six months minimum before I could open a bank account. With most major banks, this is the policy. In addition, sending money back to Nigeria is very expensive or it takes several days for the money to get to the final destination because there are so many intermediaries. It also costs 10 times more to send $100 to Nigeria than what it would cost you to send to a place like the U.K. or Poland because they have stable currencies.

So you decided to address these challenges as an entrepreneur?

I thought we could build a solution to solve this. So we decided to build a platform to do two things: enable non-U.S. residents to open a checking account and also enable a frictionless, low-cost way for you to be able to transfer money cross-border. There are some regulatory processes that we need to complete before we can actually go live with the banking solution, but the cross-border solution is going to be ready soon.

How does a Bird service work?

We don’t have a banking charter, so we cannot actually hold your funds. What we’ll do is partner with a local bank so when you open an account on the Bird platform and deposit money, it will be held at the bank, so it’s FDIC insured, meaning your money is going to be safe. You can do a wire transfer and have a debit card from the Visa network or the Mastercard network. You can use the card globally, anywhere that Visa or Mastercard is accepted. In addition to that, you can also transfer money.

How will transferring money work?

Right now, we’re establishing a payment corridor between Nigeria and the U.S. We want to test this corridor out. Eventually, we’re going to expand to other corridors in Africa. We’re looking into Ghana, South Africa, and Kenya, as well as Rwanda.

Right now, we’re establishing a payment corridor between Nigeria and the U.S. We want to test this corridor out.

Will transferring money using Bird be cheaper than other methods?

Yes, it is cheaper because rather than having multiple intermediaries moving money from one end to the other, we will use a stablecoin on the blockchain to move money cross-border. Essentially, we convert dollars to USDC stablecoins (a cryptocurrency). When it gets to Nigeria, that USDC stablecoin is on-ramped to Nigerian currency. The same thing will happen when somebody’s trying to send money to the US. We’re able to cut out a lot of middlemen and drastically reduce the cost of sending money internationally, especially to Africa.

Have any Haas courses helped you build the company?

New Venture Finance with Professor Maura O’Neill.  She’s incredible. I learned a lot from that course, and even today when I’m talking to investors or negotiating a term sheet, the learnings from that course have been helpful; the entrepreneurship course taught by Kurt Beyer was helpful as well, and an operations course taught by Professor Terry Taylor showed me how to run operations of any firm. We went through lots of cases, analyzing different companies and what led to their successes, what led to their failures. As somebody building a company, you need to be able to learn from failures so you don’t repeat the same mistakes.

You also placed second last spring at UC Berkeley LAUNCH after going through the accelerator program. How did that help? 

LAUNCH gives you a framework for you to validate your idea. It uses the lean startup methodology to develop a very strong value proposition. You go out to talk to customers to challenge your initial hypothesis, test it, validate it. Ultimately, when you come out of LAUNCH, you realize that you have a stronger position for your customers and that you are building something that people actually want and need.

Did you always plan to get an MBA?

That has always been part of my strategy. An MBA is not going to necessarily make you a successful person or a successful entrepreneur. But it does reduce your chance of failure and increases the odds of your success. Building on that knowledge of having a structured approach to entrepreneurship, to starting a business, is what the MBA equips you with. Besides that, I think the network that I’ve been able to build here in the Bay Area has afforded me the opportunity to build something that I think will be a success.

Welcome Bears! New Berkeley Haas students begin classes

Undergraduate students in the Haas courtyard
New undergraduate students gathered in the Haas courtyard. Photo: Noah Berger

The Berkeley Haas courtyard has sprung back to life. Over the past week, new undergraduate, full-time MBA, and PhD students arrived for orientations, getting a first glimpse of life in the classroom. Students in the Berkeley Haas Executive MBA and the evening & weekend MBA program, including the first Flex MBA class, came to campus for orientation last month.

Full-time MBA Program 

DSC00808
t-shirts MBA
DSC05417
DSC02136
DSC03462
DSC03915
DSC04231
DSC02531
DSC02342
DSC04361
DSC04798
DSC04293
DSC01002
DSC05244
DSC05066
DSC05671
DSC05954
DSC05685
DSC06048
DSC05501
DSC06211
DSC06566

(Photos by Jim Block)

Spirits were high among the entering full-time MBA students who gathered for the traditional Week Zero orientation Aug. 15-17. School and student leaders (including Week Zero Co-Chair Dingmi Gong, MBA 23) and Jamie Breen, assistant dean of MBA Programs, welcomed the group, who throughout the two days participated in sessions on diversity, equity and inclusion at Haas, productivity and time management, and an introduction to the case study method.  They also met their study groups for Teams@Haas, a program that’s celebrating its 10th year in the MBA curriculum with lessons on collaborative leadership.

International student at MBA orientation at Haas
International MBA students had a separate orientation session to learn about careers, financial aid, and housing— and just ask questions. Photo: Jim Block

MBA Association (MBAA) President Jude Watson, a former chef and community organizer from Seattle, introduced Dean Ann Harrison, who emphasized how important it is for students to lead on critical issues such as diversity, equity, and inclusion, as well as climate change. She noted that both innovation and collaboration that will be required to solve the world’s toughest problems.

“The issue of climate change has become visibly real, and despite the important climate bill that Joe Biden has put in place, we have a very long way to go. It’s just a down payment on the change we need,” she said. “I believe that you, as business leaders, will lead the change.”

“I believe that you, as business leaders, will lead the change.” Dean Ann Harrison.

Orientation speaker Lo Toney, MBA 97, urged students to explore, celebrate, and focus during their journeys. Toney, founding managing partner of Plexo Capital, told students that they will learn the most from their peers–not just about the diversity of where people are from, but what they have done. “Look around you,” he said. “These are people who are going to be in extremely senior positions,” who will help you along your journey. 

Undergraduate Program

Undergraduate students shaking hands in Spieker Forum
Berkeley Haas undergraduate students participated in ice breakers throughout orientation day in Spieker Forum. Photo: Noah Berger

In welcoming the new class, Dean Ann Harrison noted the sweeping changes coming for the undergraduate program, anchored by the recent $30 million gift from alumnus Warren “Ned” Spieker, BS 66, and his wife, Carol, BA 66, (political science), that will be used to create the new four-year Spieker Undergraduate Program

In her welcome message, Emma Hayes Daftary, the new assistant dean of undergraduate admissions, expanded on the changes and the importance of enhancing collaboration among the students in the competitive program. “This program and our Defining Leadership Principles will challenge you to shift from what you, as an individual, can achieve, to what we, as a community, can accomplish,’ she said. “It’s for this reason that we’re focusing on culture this year, and we’re working to create a more collaborative, inclusive, and equitable culture in the undergraduate program.”

Hayes Daftary said the first order of business is to  eliminate the “Haas Curve” grading policy—which drew cheers from the students.

new undergraduate students cheering
Students cheered the news of a plan to eliminate the “Haas Curve” grading policy for undergraduates. Photo: Noah Berger

She said the policy of grading on a curve was adopted in 2011 across the MBA and undergraduate programs for ease and consistency. But in May 2021, the Undergraduate Program Committee voted to recommend that the policy be eliminated. Policies such as grade caps and grading on a curve are often criticized because they lead students to compete against each other, but in this case it was also deemed to be ineffective, she said.

 “I’m not a competitive person, so I think it’s good…It will definitely help.” said Gloria Gonzalez-Serrano, a continuing undergraduate student who plans to pursue a career in digital marketing.

Other program changes include the hiring of more staff to focus on the academic and student experience, funding the Haas Business Student Association (HBSA) at historic levels, renovating the undergraduate program lounge, and upgrading the Cheit Hall classrooms. 

Browse more highlights (photos by Noah Berger):

Undergrad1
Undergrad10
Undergrad11
Undergrad12
Undergrad2
Undergrad3
Undergrad4
Undergrad6
Undergrad7

Evening & Weekend MBA

The new class of evening & weekend MBA students arrived on campus in July for a jam-packed “WE Launch” orientation weekend of work sessions, team-building exercises, and an introduction to the Haas Defining Leadership Principles.

A few details about the Class of 2025: More than 40% of the new students have at least one advanced degree, including 21 PhDs. More than 40% of the class was born outside of the U.S. Nearly half—47%— are married or partnered, with 22% raising kids (altogether they have 80 children.)

Browse highlights from EWMBA orientation here. (Photos by Jim Block)

EW7
EW8
EW6
EW5
EW2
ewmba skit
EW4
EWMBA 12
EWMBA 13
EW11

Also, some fun facts:

  • The class includes a violinist who performed at Carnegie Hall, a former professional ballet dancer, and three published authors, including the author of the “Silicon Valley Dictionary.”
  • Among the students is a professional water polo player, a Formula One race car driver, and the general manager of a minor league baseball team
  • The class boasts the youngest elected city council member of a Bay Area City, the lead singer in a band that raises money for domestic violence victims, and a volunteer for the Yellowstone Wolf Project who helps with tracking wolves. There’s also a flight controller for NASA Mission Control, a pilot instructor for the Air Force, and a paratrooper for the 82nd Airborne Division of the U.S. Army.

PhD

portrait of new PhD students
Top row (left to right): Ockemia Bean, Amol Singh Raswan, Simoni Jain, Karin Li, Edgar Sanchez-Cuevas, Jacob Moore, Analexis Glaude, and Rui Sun. Bottom row (left to right): Sylvia Chin, Bernardo Lembi Ramalho Maciel, Patrik Räty, Silvia Farina, Minghao Yang, Dingzhe Leng. Photo: Jim Block

A total of 14 students joined the PhD program this fall, with an equal split between men and women. The group hails from around the world, including the U.S., Brazil, China, Colombia, Finland, Germany, India, Italy, and Singapore.

The students’ area of study is equally diverse, including accounting, business and public policy, finance, marketing science, management of organizations, and real estate.

A record-breaking 2022 for fundraising at Berkeley Haas

student walking toward faculty building at Haas with campanille in back
Berkeley Haas raised $69 million from more than 4,300 donors in fiscal 2022. Campus photo: Noah Berger

The Haas School of Business announced its best fundraising year in the school’s history, raising $69 million from more than 4,300 donors in fiscal year 2022. 

The banner year was anchored by a $30 million gift to transform the Berkeley Haas Undergraduate Program.

This year’s efforts bring the total raised for the past two fiscal years to a record $116 million, the most ever raised in two consecutive years.

“So many alumni, faculty, staff, students, parents, and friends went beyond themselves this year, providing unbelievable support for Haas,” Dean Ann Harrison said. “Their generous gifts will be used to do important work within our community, work that will help Haas build the next generation of Berkeley leaders, stay connected to and support our alumni community, and remain a top business school. We are truly grateful.”

Fundraising highlights from the past year:

  • $69 million raised from donations by 4,339 alumni, faculty, staff, students, parents, and friends.
  • A $30 million gift, the largest single donation in the school’s history, from Ned Spieker, BS 66, and his wife, Carol, BS 66 (political science). Their gift will be used to launch the four-year Spieker Undergraduate Program in Fall of 2024.
  • The addition of seven new Builders of Berkeley—donors who given at least $1 million to Berkeley—including Haruki, MBA 12, and Mikiko Satomi, Kevin, BS 82 JD/MBA 85 and Eileen Shields, John Hokom, BS 59, MBA 60, Steve Etter, BS 83, MBA 89, Roshni and Jagdeep Singh, MBA 90, Joanne and Jon Goldstein, BS 82; and the Liang-Kuo Family.
  • The 2022 one-day Big Give campaign, which raised $2.475 million from a record 911 gifts.
  • A record number of gifts of $2,500, the new gift level for the Haas Leadership Society.
  • A record $4.86 million raised for the Haas Fund, the most raised in one year. Gifts to the Haas Fund are used for scholarships and program enhancements, as well as our Alumni Network podcasts, lifelong learning, and alumni programming.

Alumni engagement highlights from the past year:  

Alumni engagement also thrived in 2022, with a record-breaking group of nearly 1,700 alumni returning to campus for their makeup and in-person MBA reunion weekend celebrations. Together, the MBA reunion classes of 2020 and 2021 donated $2.2 million and gave 11 lead gifts. At the annual Alumni Conference, the combined virtual and in-person events allowed alumni from all over the world to tap into Haas thought leadership. In-person events fostered community-building and connections.  

More alumni engagement highlights:

  • Alumni affinity groups increased programming for women graduates as well as programming in real estate and growth industries like cryptocurrency and blockchain.  
  • Alumni sourced and shared 474 jobs with the school as part of the Hire Haas campaign.  
  • More than 3,700 alumni accepted a call to action, volunteering for Haas by assisting with admissions, meeting with students for career conversations, serving as guest speakers or panelists, or leading and arranging events and programs for fellow alumni.  
  • The OneHaas Alumni Podcast produced 42 podcasts featuring alumni in conversation about their Haas experience and career trajectories.
  • Three new mentoring programs were launched to support student career planning and help build greater alumni connections.
  • A self-paced alumni lifelong-learning management platform was launched which provides video content curated for intellectual curiosity. The first two courses focused on Diversity, Equity, and Inclusion resources for alumni. 

For more information about investing in the schools priorities and/or becoming a volunteer please contact Howie Avery, assistant dean for Development & Alumni Relations, or the Development and Alumni Relations office.

Berkeley Haas MBA team wins 2022 Net Impact Case Competition

Collage featuring 4 MBA students. 3 women and one male
Clockwise: Tomoe Wang, Tomas Stegmann, Adriana Rueda, and Liz Kanovsky, all MBA 23.

A Berkeley Haas MBA student team took first place at the 2022 Net Impact Case Competition for crafting innovative ways that a leading outdoor retail company could invest $50 million to make a sustainable impact.

The March 5 competition, hosted by University of Colorado Leeds School of Business, virtually brought together 50 MBA teams from U.S. business schools, including Daniels College of Business (University of Denver), Robert H. Smith School of Business (University of Maryland), and Darden School of Business (University of Virginia). 

The winning team, Too Haas to Handle, won $10,000 in prize money. Team members included Tomoe Wang, Adriana Rueda, Liz Kanovsky, and Tomas Stegmann, all MBA 23.

This year, teams were asked to consult a leading outdoor retail company on how to allocate $50 million to address three priorities for the company: narrowing the racial wealth gap, reducing climate emissions, and strengthening democratic institutions.

The Haas team proposed creating a sustainable impact fund that would support initiatives including offering down payment loans to 7,000 employees to narrow the existing racial wealth gap; distributing grants to nonprofits focused on redistributing political and economic power; and providing loans to all stakeholders–from employees to suppliers–who initiated projects that raised sustainability standards and reduced climate emissions. Those projects included installing solar panels at the company’s warehouses. 

“What set us apart from other teams was the diversity of our team,” Stegmann said. “Each of us came from different backgrounds, grew up in different countries, and experienced different cultures. However, despite being so different, we complemented each other very well and we were able to leverage each other’s strengths to get the most out of the team.”

Q&A: Yue Chen, BS 20, MFE 23, pioneering Division 1 women’s basketball player, aims to be a Triple Bear

photo of Yue Chen
Undergraduate alum Yue Chen, BS 20, is currently studying in the Berkeley Haas MFE program and plans to enter the MBA program in 2025.

Yue Chen, BS 20, MFE 23, is the first-ever Chinese national to play on a NCAA Division 1 Women’s basketball team. At 6’6” and the daughter of professional basketball players, Chen played center for the women’s team at Cal for five years before returning to China to play professionally for 18 months.

Now, the pioneering athlete is back at Berkeley with sights on becoming a Triple Bear. Chen is studying in the Master of Financial Engineering (MFE) program, among a record 32% women in the Class of 2023, along with a diverse group of students from 17 different countries. This fall, Chen will intern as an associate at

After Chen finishes the MFE degree, she plans to begin the full-time MBA program in 2025, accepted under Accelerated Access, which allows students to apply as seniors and defer for several years. We talked to Chen recently about her basketball career and why she chose to do three degrees at Haas.

Tell us a little about yourself. Where did you grow up?

Yue Chen: I was born in Beijing and spent my first 18 years there. Both my parents met in college. They used to be professional basketball players in China so I was born into a basketball family. I started playing basketball when I was a little kid and it was a big part of my life. During high school, I was facing the decision of either going to play pro or going to college. It was always a dream for me to come to the States and to play ball and also pursue academics simultaneously.

When was the first time that you visited the U.S. ?

I was fortunate to attend a Junior NBA camp when I was 12. Three teams played each other from Beijing, Shanghai, and Shenzhen. The winning team got the opportunity to come to the States and watch the All Star Games. I played for Beijing, the winning team, and we came to the States to watch the All Star Games in Dallas. That was my first time in the US. Kobe Bryant was there and people were truly enjoying basketball with others and celebrating. That was really a culture shock, and I was like, “Oh, I want to stand on this course one day, and also play here.” So that’s always been a dream, a goal, from then on.

How did that experience lead you to Cal?

In high school, I needed to choose a college. I looked at places like Berkeley, Georgia Tech, North Carolina and did official visits as an athlete. Of these three schools, Berkeley was my first choice. While the others are definitely great universities, I felt like the culture, the people here are just awesome. The coaches and players were warm and welcoming. I said, “Oh, I’m coming here.” I still keep in touch with a lot of the staff and coaches.

Yue Chen playing center for Cal Women's basketball
Yue Chen played center for the Cal Women’s Basketball team for five years as an undergraduate before playing professionally in China.

You were among the first group of students to apply for the Accelerated Access Program at Haas in 2020. Then you decided to do an MFE degree before the MBA. What led to that decision?

Berkeley has one of the top MFE programs in the world. As an undergrad, I was a double major in statistics and business administration and those subjects have been a passion for me. I’ve loved math since middle school and I’m really good at it.  The MFE is a really interesting intersection of mathematics, statistics, and finance. So that’s how I came to the program. It’s a perfect combination of my interests.

Yue Chen with Cal Basketball teammates
Yue Chen (right) with Cal Women’s Basketball teammates at senior night.

How are you finding the MFE program so far?

The class material is really hard. The professors are great and you are surrounded by talented, smart students. So it’s just awesome to be with them, to learn with them, and to learn from them. Every day I’m improving at something and that feels really great.  This semester, I am taking a class on Fixed Income with Professor Richard Stanton, who has won Haas’ Cheit Outstanding Teaching award three times. He is enthusiastic and engaging, sharing not only his knowledge about knowledge but his experience in the financial industry. 

Yue Chen with Alibaba's CEO
Yue Chen meeting a role model, Alibaba CEO Joseph Tsai. “He’s someone I really look up to when I envision my future.”

A great mentor for me at Haas is Stephen Etter, a finance lecturer for 10 years. He respects the potential of all students from diverse backgrounds.I met him when I was 17 when I first visited Cal and he’s been a great support both on and off the court—with my professional career, my Haas application, and career development.

Why did you choose to combine the MFE with the MBA degree?

It’s really hard for undergrad students to say what they want to do in the future. We’re really young. So the deferred MBA program gives us time to try out different things, and to gain different experiences to be sure about what I really want to do for the future. This gives an option to come back to Haas and make more connections and improve my skills and see how business is run from a leader’s perspective.

What kind of career are you thinking about?

After just finishing my basketball career, I’m trying different things right now and the MFE is preparing me to enter the finance career path. I’m looking forward to gaining more experience in the finance world and eventually, maybe, doing some business involving sports. Someone I really look up to is Joe Tsai, co-founder of Alibaba, who owns the Brooklyn Nets and the New York Liberty basketball teams. He was a student athlete at Yale and played lacrosse, and he’s a really successful businessman. So he’s someone I really look up to when I envision my future.

Do you still play basketball?

Although I’m not playing sports anymore I am still close to Cal Athletics. I hope I can help out and offer support to young student athletes. I want to use what I’ve learned on my journey, and what I’ve gained here at Berkeley, to help young people who are facing challenges—so that they will be able to celebrate their journey at Cal long after they graduate.

Faculty, Graduate Student Instructors honored with 2022 Cheit Awards

Collage of the Cheit Award winners from 2022 commencement
Clockwise from top left: Cheit Award winners Ricardo Perez-Truglia, Panos Patatoukas, Veselina Dinova, Richard Huntsinger, Eric Reiner, Ned Augenblick, Max Auffhammer

Seven faculty members and five Graduate Student Instructors (GSIs) were honored at 2022 commencements for excellence in teaching.

Students in each degree program choose faculty each year to receive the Cheit Award, named after Dean Emeritus Earl F. Cheit, who made teaching excellence one of his top priorities.

This year’s winners include:

  • Evening & Weekend MBA program: Max Auffhammer (evening cohort), for Data and Decisions, and Ricardo Perez-Truglia (weekend cohort), for Macroeconomics
  • Full-time MBA program: Associate Professor Ned Augenblick, for Strategic Leadership
  • Undergraduate program: Distinguished Teaching Fellow Richard Huntsinger 
  • PhD program: Accounting Professor Panos Patatoukas 
  • Master of Financial Engineering (MFE): Finance Lecturer Eric Reiner
  • Executive MBA program: Distinguished Teaching Fellow Veselina Dinova
  • Graduate student instructors (GSIs): Paige Wahoff (undergraduate)  Griffin Grail-Binghman (FTMBA), Kimberlyn George (EWMBA), Nicolas Corthorn (MFE), Jonathan Wong (EMBA)

Solve the world’s seemingly insurmountable problems, Berkeley Haas MBA grads told at 2022 commencement

MBA grads at the Greek Theatre
MBA students gather behind stage at the Greek Saturday before commencement. (Photo: Natasha Payes)

Exuberant grads tossed beach balls and danced salsa in the aisles of the Greek Theatre at Saturday’s commencement ceremony for the Berkeley Haas Full-time and Evening and Weekend MBA Class of 2022.

It was a moment of unfettered joy, as speakers rallied the graduates for the challenges ahead.

“The world right now has lots of  huge unsolved problems—from political polarization to climate change to artificial general intelligence to augmented humanity to disease to inequality—so you have lots of big problems to choose from,” commencement speaker Jagdeep Singh, EWMBA 90, told about 600 graduates, who gathered under blue skies and sunshine. “Pick one that you have passion for, that you can’t help but want to spend all your time day and night on even if others think it’s too idealistic, too big, or too unsolvable. You’re Berkeley MBAs now. You don’t need to settle.”

Jagdeep Singh, MBA 90, speaks at MBA commencement at podium
Jagdeep Singh, EWMBA 90, speaks at MBA commencement. Photo: Jim Block

Dean Ann Harrison welcomed Singh, an entrepreneur who in 2010 co-founded battery technology company QuantumScape. She acknowledged how special it was to be together for the first in-person MBA commencement in two years. 

“This felt like the best closure for a two-year process that has been life changing,” said Ignacio Solis, MBA 22, an international student from Chile.

Harrison praised the students for their resilience during their program, noting that those experiences will serve them well throughout their careers. “Because of who you are—your fierce intelligence and your deep understanding of the forces that drive business– you will have power,” she said. “Power is not always about how many people report to you or whether you have the CEO’s ear or whether you are the CEO. Power is the ability to make a difference—one day at a time; one project at a time; one function at a time.”

Evening & Weekend grads: “Pause and savor”

Noting how many life events happened for the EWMBA class during the program, Harrison said that 32% of the class was promoted, 41% of the students changed jobs, 13% got married, and 30 babies were born.  

MBA students behind stage in cap and gowns at the Greek Theatre
MBA students at the Greek Theatre. Photo: Natasha Payes

Evening & Weekend program student speaker Paulina Lee, a marketing director at Procter & Gamble, told graduates to stop and consider how much they’ve changed at Haas.

“What Haas has afforded us is the opportunity to redefine ourselves, to explore the edges of our comfort zone, and that’s why as we end this chapter and start our new paths to our own definitions of success we are faced with so many different emotions,” she said. “Joy, anxiety relief, excitement to move on to the next thing, get on with it, but perhaps we shouldn’t. At least not right away.”

Lee asked students to pause for a moment and savor, after spending the last three years on a sprint. “The first ask (from me) is to pause, really pause, and see the space that school used to take up and protect it,” she said. “Now that you have become the person you are today, reevaluate, sit down with yourself and honestly seek to understand who you have become.”

Full-time MBA: The opportunity to “fail and learn”

The 2022 full-time MBA class is the most diverse ever,  Harrison told the graduates, including 39% women, 50% U.S. minorities,  8% veterans, and 10% first-generation college students. 

Kokei Otosi, MBA 22, student speaker at MBA commencement speaks
“For two years we had the opportunity to try and fail and learn and try,” Kokei Otosi, MBA 22. Photo: Jim Block

Full-time MBA student speaker Kokei Otosi, who will join IBM as a senior consultant in August, opened her speech by thanking her classmates. She also expressed thanks for the time that the MBA program gave her to explore. 

“What I know now is that the MBA is a sandbox,” said Otosi, a Bay Area native-turned-New Yorker whose parents are Nigerian immigrants. “When you leave you may still not know what you want to do, but for two years we had the opportunity to try and fail and learn and try. We may not get that kind of freedom again.”

Throughout the ceremony, speakers paid tribute to classmate Nadeem Farooqi, who died in fall 2020.

Otosi said the shock and grief the class experienced over his death was palpable. “Nadeem, we cannot believe you aren’t here with us celebrating today, but we haven’t forgotten you,” she said. “We miss you.”

Honors for both MBA programs

Dean Ann Harrison hands a student an MBA diploma
Dean Ann Harrison congratulates an MBA student. Photo: Jim Block

Harrison asked all students with GPAs in the top 10% of their classes to stand and be honored for their achievements. 

Here are the EWMBA program honors:

Outstanding Academic Achievement Award: Laura Jacobson

Defining Leadership Principles awards:

Question the Status Quo: Eleanor Boli   

Confidence Without Attitude: Cheick Diarra   

Students Always: Steve Odell

Beyond Yourself: Nana Lei 

The Berkeley Leader Award: Nana Lei  and Frances Ho

Cheit Award for Excellence in Teaching, weekend MBA program: Ricardo Perez-Truglia, for macroeconomics

Cheit Award for Excellence in Teaching, evening MBA program: Professor Max Aufhammer, for data and decisions

Cheit Award for Graduate Student Instructor: Kimberlyn George

MBA grads sitting in the Greek Theatre during commencement
Photo: Jim Block

FTMBA program honors:

Outstanding Academic Achievement Award: Jon Christopher Thompson

Question the Status Quo: Aliza Gazek  

Confidence Without Attitude: Casey Dunajick-DeKnight  

Students Always: Mathilde De La Calle  

Beyond Yourself: Kevin Hu

Cheit Award for Graduate Student Instructor: Griffin Grail-Binghman

Cheit Award for Excellence in Teaching: Associate Professor Ned Augenblick for Strategic Leadership

PhD commencement

Earlier this month, seven Phd candidates participated in a hooding ceremony. 

2022 Berkeley Haas PhD graduates
PhD graduates, left to right: Alexey Sinyashin, Daniel Stein, Shoshana Jarvis, Kristin Donnelly, Łukasz Langer, Young Yoon, Petr Martynov

The PhD program at Haas stands out among all six academic programs, Harrison told the graduates. “It is our smallest, but it’s also the program nearest and dearest to the hearts of our faculty, all of whom are PhDs and are deeply committed to training the researchers and professors of the future,” she said. “This is a core part of my mission, and of all of our faculty’s mission.” 

Graduating students included Kristin Donnelly, Shoshana Jarvis, Łukasz Langer, Petr Martynov, Alexey Sinyashin, Daniel Stein, and Young Yoon. The Cheit award for excellence in teaching in the PhD program went to Professor Panos Patatoukas of the Haas Accounting Group. 

Watch the MBA commencement video here:

Two Berkeley Haas students chosen for Auschwitz professional ethics fellowship

Kanyinsola Aibana and Danielle Dhillon, MBA 22
Kanyinsola Aibana and Danielle Dhillon, both MBA 22

Kanyinsola Aibana and Danielle Dhillon, both MBA 22, will travel to Germany and Poland this summer to participate in Fellowships at Auschwitz for the Study of Professional Ethics (FASPE), an intensive 12-day program for students studying business, journalism, law, medicine, or religion. 

Fellows learn about the roles played by people in their professions in Nazi Germany, and explore the ethical issues facing those professions today. Daily seminars are led by specialized faculty who engage fellows in discussions and critical thinking about both the historical and the contemporary.

We interviewed both students about the fellowship.

What led you to apply to the FASPE Fellowship? 

Kanyinsola: I applied to the FASPE Fellowship because it would allow me to go beyond my core Ethics course and explore practical ways to address ethical issues as a business leader. I was intrigued by the structure and setting of FASPE, which provides a unique opportunity to delve into topics in business ethics, both historical and contemporary, and a forum to engage and learn from fellows from different graduate programs to create a genuinely enriching and impactful experience. FASPE will serve as a great capstone to my MBA.

Danielle: I applied to the FASPE fellowship because I truly see it as a culmination of my educational journey. I’ve always enjoyed my ethics and philosophy classes in undergrad and here at Haas. In college I minored in German and had the chance to study parts of the German economy via my finance and international business major. Being part of the FASPE Business Fellows community will give me a community to share with and learn from as we examine the role of business and capitalism in making the world a better place through a lens of the harm that it once contributed to.

What do you hope to take away from the trip?

Kanyinsola: I hope to take away tools to help me resolve, avoid, or prepare for the nuanced ethical issues I will face as a business leader. In addition, I hope to leverage the multidisciplinary discussions and different perspectives of other fellows to examine and better understand the actions and complicity of business executives during Nazi Germany and other contexts to reinforce my professional responsibility to promote ethical and moral decision-making.

Danielle: I hope to take away a renewed sense of what business ethics can and should look like, particularly given the ambiguity created by context and time. I hope to walk away with a better understanding of how systemic evil can make it impossible to make the right choices, especially for businesses. But I also am eager to hear stories of businesses that did the right thing—because we don’t tend to focus on those or have good, accessible examples of what ethical business leadership looks like.

How does the fellowship align with your career goals?

Kanyinsola: I aspire to be a business leader in the sustainable food and agricultural space. I am driven by a desire to promote individual well-being by facilitating access to nutritious food products while minimizing the detrimental impact of large-scale food production on the climate and environment. While I hope to be an innovator in this arena, I anticipate tension will sometimes arise in balancing my ultimate mission with the fiscal responsibilities of running a business. I want to be a business leader who continuously reflects upon and confronts ethical issues in all aspects of my business operations. FASPE will provide a great foundation to accomplish this goal.

Danielle: I came to Haas to pivot to a career in impact investing, where I will be responsible for advising and structuring investments that have a double or triple bottom line. In July I’ll be joining the Draper Richards Kaplan Foundation where I’ll source, evaluate, and select early stage, high impact social entrepreneurs to support via the model of venture philanthropy. This fellowship will give me an additional lens to truly become a prudent impact investor because business isn’t inherently ethical or unethical: business will always have the ability to perpetuate good or harm. An ethical capital allocator needs to be able to dissect and understand the potential harms as well as see the bigger picture if they choose to go forward.

MBA students travel abroad again on consulting projects as IBD celebrates 30th year

portrait of David Richardson standing in front of a taxi in Asia
“We’re so happy to be up and running again.” – IBD’s executive director David Richardson

For the first time in three years, MBA students are traveling abroad this month to work on consulting projects through the International Business Development (IBD) program at Berkeley Haas.

“We’re so happy to be up and running again,” said IBD’s executive director David Richardson, who runs the marquee Haas global management consulting program that is celebrating its 30th year. “This is one of the most popular electives for our students, and we were crushed when we got hit by COVID restrictions and our students could no longer travel. But we want everyone to know that we’re back.”

Lecturer Whitney Hischier, who teaches the IBD course, added that the hiatus “made us all appreciate the value of experiential classes more than ever.”

Thirteen students assigned to four teams will head to Singapore, Finland, and Guatemala in mid May. To prepare, the students began the IBD consulting course last January, which included the much-anticipated “big reveal” when the students learn where they’ll go.

Group of IBD students holding country signs
The 2022 class of IBD students will travel for the first time in three years.

In Singapore, one project team will work with a global food company. Two teams are heading to Finland. One will work with a software company that offers consumer electronics service management solutions, and another is assigned to a company that built a digital food safety and operations system for hotels, restaurants, and catering businesses. In Guatemala, students will collaborate with a social service organization that operates hospitals and vision centers that aim to eradicate treatable blindness.

portrait of Monica Shavers, MBA 23
Monica Shavers, MBA 23, will work in Singapore.

Monica Shavers, MBA 23, said she is looking forward to experiencing the culture and the food of Singapore, while working for the global food company.

“We’ve had lots of (virtual) client meetings, talking to our sponsor every week to figure out our itinerary and the ways in which we’ll learn about Singaporean food culture,” she said. “We’ve been talking through all of our ideas, and laying out what we will validate while we are in-country.”

When applying to Haas, IBD was one of the key attractions, she said. “I didn’t get to study abroad as an undergraduate,” she said. “I saw this as a great opportunity for me to get that global experience while I’m in school again.”

Kylie Gemmell, MBA 23, is heading to Joensuu, a small town in Finland, in mid-May to work with a client that makes hardware and software used to control food temperature safety.

Portrait of Kylie Gemmell
Kylie Gemmell, MBA 23, will work in Finland.

Gemmell, who worked in real estate investing before coming to Haas, said IBD has helped her explore a career change. “I’ve never had a consulting job and I wanted to experience what that would feel like—and here I am, 12 weeks into food safety regulation, an area I never knew existed,” she said. Gemmell added that her IBD consulting project has helped her learn more about herself, as the work differs from the independent nature of real estate.

“What I’ve realized is that I really love working on a team and that I get my energy from people and from working collaboratively.”

IBD has grown since JoAnn Dunaway, MBA 92, started the program after she graduated from Haas. “She saw a need for a challenging experiential learning program for MBA students to solve business problems,” Richardson said.  “JoAnn had an international background and interest and she brought that in—and the school ran with it.”

During the recent Alumni Weekend at Haas, six IBD alumni joined students for a combined virtual/in-person panel during the April 28 IBD class. The alumni shared insights on their projects and the impact the program has had on their careers. (Read more from IBD’s Associate Director Danner Doud-Martin on the IBD blog)

To prepare for the return to project work overseas, Richardson, a former Peace Corps volunteer, headed abroad last November to meet with potential IBD project clients. In recent months, he worked with UC Berkeley Study Abroad Office and Risk Services  to make sure Haas met UC Berkeley’s standards for mitigating the risk of Covid during student travel and at client sites. Over time, he said he’s updated the list of countries where IBD students were able to safely work.

Richardson said he feels great about the program’s future.

“We’re hopeful that we’re getting back into the business of sending more students overseas,” Richardson said. 

 

MBA Classes of 2020 and 2021 get official sendoff

Graduates of the Berkeley Haas Full-time MBA classes of 2020 and 2021 reunited at Oakland’s Paramount Theatre last Friday for in-person commencement.

The graduates crossed the stage and celebrated with classmates, family, and friends in downtown Oakland and on campus. (The ceremony coincided with Haas’ MBA Conference and Reunion.) The in-person events followed separate virtual commencement ceremonies held in May 2020 & 2021.

Here are some highlights from Friday’s ceremony:

Sorry! No slides added to the slider shortcode yet. Please add few slide into shortcode

Award winners for the full-time MBA class of 2020:

Academic Achievement Award: Brian Shain, the MBA student with the highest GPA.

Question the Status Quo: Evan Wright

Confidence without Attitude: Celeste Fa’ai’uaso 

Students Always: Nina Ho

Beyond Yourself: Benny Johnson

Berkeley Leaders: Molly Zeins & Ezgi Karaagac

Haas Legacy Award: Santiago Freyria and Francesco Dipierro

Award winners for the full-time MBA class of 2021:

Achievement Award: Devan Courtois

Student always: José Ramón Avellana

Beyond yourself: Kendall Bills

Question the status quo: Fayzan Gowani

Confidence without attitude: Fede Pacheco

Cheit award for Graduate Student Instructor: Devan Courtois

Q&A with Sheeraz Haji, new Cleantech to Market (C2M) co-director

Sheeraz Haji standing in front of digital screen in Cafe Think
Sheeraz Haji is the new co-director of the Cleantech to Market (C2M) program. Photo: Jim Block

A passion to protect the environment began as a child for Sheeraz Haji, the new co-director of the Cleantech to Market (C2M) Program at Berkeley Haas. 

“My dad was working in Africa for the World Bank, and we got to see how water pollution impacts peoples’ lives,” said Haji, who directs C2M with Brian Steel. “I ended up going back to Africa in college, and the environment just emerged as something that I became interested in.”

We talked to Haji, who began his career as an environmental engineer, about his varied career and his plans for C2M, a program that matches graduate student teams with entrepreneurs seeking to commercialize their climate tech solutions. 

Tell us a bit about yourself. Where did you grow up?

All over the world, actually. My dad worked for the World Bank, so we lived in Washington DC, then in Algeria and then Kenya when I was between eight and 12. Africa was amazing; Nairobi was a peaceful, amazing city surrounded by stunning parks. My dad was born and raised in East Africa so it felt like discovering our roots. One of my big memories was kicking and screaming when my parents told my brother and I we had to return to DC, where I went to high school. We didn’t want to go.

How did living in Africa as a kid impact your world view?

Africa played a big role in shaping my world view. My dad’s work gave me exposure to development and sustainability projects. It hit me as a young person. I was like, ‘Oh, this is something to hold onto.’ It was a pretty strong focus coming out of college. Later I got interested in a lot of other things, including business and software.

 You’ve had an interesting career. What are some of the highlights?

There are different parts of my background that fit so well with this job. I studied environmental engineering in college, and started my career as an environmental engineer, working on water and air pollution issues. I’ve had some twists and turns in my career, working at McKinsey in strategy and at startups, running software startup GetActive, which helped nonprofits raise money online. But certainly the environment and energy have been big themes. Recently, I ran a company called Cleantech Group which helps corporations and investors across the globe invest in sustainable innovation. I now focus on climate tech investing and corporate consulting through my own firm, zipdragon ventures.

There are different parts of my background that fit so well with this job. I studied environmental engineering in college, and started my career as an environmental engineer, working on water and air pollution issues.

What interested you in C2M and this role in particular?

First and foremost, I’ve known Brian (Steel) for a while. We met back in 2013 when I became involved in the program as a guest speaker, a coach, and then as a judge last year. What interested me was just observing and admiring what Brian and (former C2M co-director) Beverly Alexander had built and the impact it had on the students and the entrepreneurs. They put a lot of passion into this program. When I talked to students last year it was clear that C2M was a transformative experience for many of them. Brian, Beverly and co-faculty Bill (Shelander) have also done a really nice job of also keeping other folks from Haas, from the Berkeley ecosystem, and from the industry involved. Also, I have always dreamed of teaching at a world-class institution such as Haas, which happens to be very close to my home in Berkeley.

What are some of the trends that you’re seeing as an investor in clean tech markets?

Investors have poured more money into climate tech in recent years than at any other stage in my career. Global enterprises are driving sustainability goals, and governments are seeking to adopt policies to accelerate transitions to a low-carbon economy. We have observed some big financial outcomes for climate tech startups – something we had not seen for a long time. For example, quite a few EV charging companies have been able to access public markets and provide big returns for founders and investors. In the larger picture, I see sustainability serving as a huge driver across every industry and every company. There’s a massive amount of investment and adoption of climate technologies like the ones we work on at C2M. It feels like a unique time across the globe to focus on clean tech. 

 Can you share immediate/long-term plans for C2M?

I think job number one is for me to learn the program. Job number two is to try to not to mess up a good thing. We’ve got amazing students and a great cohort of startups. We must execute. We’re definitely looking at the curriculum, trying to figure out if and where to adjust. We’ve had some interesting conversations around, ‘Okay, where could we go? Is it another cohort, perhaps? Doing a class in the spring versus just in the fall?’ Also, we’re trying to be creative, as in, ‘Okay, there’s a great set of relationships, both within and outside the university community, creating a wonderful foundation. What else could we do?’ We are very open to ideas, and would love to hear from the Haas community.

 

There’s a spider robot in the attic! MBA students help win national E-ROBOT competition

 

(L-R) Alexander Sergian, Joseph Aharon, John Aquino, all MBA/MEng 22, worked on a business plan for the U.S. Department of Energy's American-Made E-ROBOT competition as a capstone project in their program.
(L-R) Alexander Sergian, Joseph Aharon, John Aquino, all MBA/MEng 22, worked on a business plan for the U.S. Department of Energy’s American-Made E-ROBOT competition as a capstone project in their program.

A group of Berkeley Haas MBA students helped build the business plan for an attic-retrofit system based around heat sensing drones and foam-spraying spider robots that took the top prize in the U.S. Department of Energy’s (DOE) 2022 American-Made E-ROBOT competition.

Alexander Sergian, Joseph Aharon, John Aquino, all MBA/MEng 22, built the business plan for team RoboAttic/Thermadrone, along with Zixuan Chen, EWMBA 23, and Vincent Chang, MBA 22. The robotics project was led by Dr. Avideh Zakhor

Dr. Zakhor led the team of about 35 people, including UC Berkeley students, professionals, and consultants, who developed the RoboAttic/Thermadrone technology.  The three top winners in the multi-stage competition were announced April 7 by the DOE’s Office of Energy Efficiency and Renewable Energy (EERE).  (Watch the robot in action in the video below)

Homes lose up to 20% of their heat and air conditioning due to poorly insulated roofs. Yet just 1% of building floorspace in the U.S. undergoes a meaningful retrofit each year due to the high cost and invasive nature of construction and renovation, according to Ram Narayanamurthy, a Program Manager in the Department of Energy’s Building Technologies Office.

Thermadrone’s software uses thermal drone camera images to diagnose and identify opportunities for attic insulation retrofits. Once attics in need of insulation are identified, Roboattic robots clean, air seal, and apply spray foam insulation to the building envelope. This enables construction workers to retrofit previously inaccessible attics with a PS4 controller. Finally, Thermadrone software provides quality assurance by measuring and verifying the retrofit was done properly.

An earlier round of the E-ROBOT Competition challenged participants to design and build robot prototypes that could be used to retrofit buildings to improve energy efficiency. For the second and final phase of the competition, 10 finalists were tasked with building viable business models for their respective startups.

Sergian, Aharon, and Aquino worked on the business plan for RoboAttic/Thermadrone for both the competition and as their capstone project, a required component of the MBA/MEng Program. 

Their work included estimating the total market size, sales, marketing, channel partners, and go-to-market strategy. “As MBA/MEng students, we were brought on as folks who were not only technical enough to understand the technology, but also strategic enough to put together a compelling business vision,” Aharon said. “It’s an example of the sort of cross-disciplinary collaboration that we constantly see around UC Berkeley.”

To be successful, the team had to prove the energy consumption and cost reduction benefits as well as worker safety potential. 

To be successful, the team had to prove the energy consumption and cost reduction benefits as well as worker safety potential.

“We were presented with an exciting technology,” said Sergian. “It was our challenge to figure out how to commercialize the product and make it a market success.”

Photo of Zixuan Chen, EWMBA 23
Zixuan Chen, EWMBA 23, worked on the business plan with UC Berkeley Professor Avideh Zakhor.

The students said they applied lessons from their MBA coursework in research and development and finance to the project. They calculated a total market size for building envelope retrofits in the US at about $1.25 billion, estimating that contractors would be willing to invest about $10,000 per robot. The value of the robot is that it can access places in attics that are hazardous and foul for construction workers to crawl through, Aharon said. 

Chen, who also worked on the project while in the evening & weekend MBA program, helped with marketing research, identifying potential user groups and conducting interviews with facility managers, utility companies, and government agencies.

“In the business plan stage, I worked with Avideh to identify critical cost components and revenue sources,” she said. She also developed profit and loss statements, cost performance models, and a manufacturing and scalability analysis.

The other  competition winners included a semi-autonomous flying quadcopter air duct inspection drone and a robotic retrofit tool used for caulking, aerosol sealing, and foam insulating buildings.