Under the grant, Berkeley will lead a new NSF Northwest Region Innovation Corps (I-Corps) Hub with UC Davis, UC Irvine, UC San Francisco, UC Santa Cruz, Oregon State University, University of Alaska Fairbanks, and the University of Washington. The five-year grant will be used toward regional training, hiring new instructors, expanding programs, and building outreach.
“We’re excited to apply Berkeley’s expertise in basic research and entrepreneurship to push innovation forward all along the West Coast,” said Chancellor Rich Lyons, who served as principal investigator on the project in his role as former dean of Berkeley Haas.
Since 2011, nearly 8,000 people have received training on commercializing their research through the NSF’s I-Corps, and almost half of participating teams have launched startups, among them many from Berkeley and Haas.
Rhonda Shrader, executive director of the Berkeley Haas Entrepreneurship Program (BHEP), will serve as director of the NSF I-Corps Northwest Hub. Shrader helped grow Bay Area I-Corps after it was established in 2013 with Lyons and S. Shankar Sastry, Berkeley’s former dean of engineering.
“We’ve been delivering results for a very long time for Berkeley and Haas companies through I-Corps,” Shrader said. “The methodology we use works so well because we are applying the scientific method to business. This common language bridges the gap between business and STEM students and allows them to move more quickly than traditional advising or mentorship methods.”
There are two I-Corps programs: a seven-week national program open to teams that have developed intellectual property for the university or a national lab, and a one-week virtual boot camp. UC Berkeley, overall, is the world’s top producer of venture-capital-funded startups founded by undergraduate alumni, according to the 2024 PitchBook university rankings (and No. 4 for U.S. MBA programs, according to the P&Q Top 100 MBA startup list).
Success stories
Berkeley has built many I-Corp success stories, including early-warning earthquake app MyShake, founded by Berkeley Seismology Lab director Richard Allen and Qingkai Kong, PhD 18 (seismology and machine learning).I-Corps has also served as the launch point for scores of successful Haas startups whose founders connected with their team members through I-Corps programs.
I-Corp teams are often MBAs, faculty, postdocs, PhD students, or engineering graduate students, who have gone on to win coveted grants from federal agencies such as NSF, NIH, NASA, and more. I-Corps Hubs across the country work collaboratively, training researchers from 128 colleges and universities to brings ideas to market.
MBA students who completed I-Corps programs while at Haas include:
Lida Kourita, EMBA 16, chief business officer at neuroFit, which uses eye movement to scan, predict, and enhance brain health. neuroFit, spun out of the NASA Ames Research Center in 2016, received an I-Corps grant, funding “that was invaluable to neuroFit as we sought to understand and validate our value proposition,” Kourita said.
Amy Fan, MBA/MPH 19, co-founder of women’s healthcare access and equity provider Twentyeight Health. Last year, Twentyeight Health announced $8.3M in preseries A funding.
Hiroki Koga, MBA 17, who founded vertical farming startup Oishii, which is moving into the sake market after raising a $134 million Series B funding round led by Japanese telecom giant NTT in March.
Hannah Weber, MBA/MPH 23, co-founder of HOPO Therapeutics, which recently landed a contract of up to $226 million from the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. Department of Health and Human Services to advance development of a heavy metal poisoning related drug.
Tushar Misra, MBA 20, who co-founded startup Grido at Haas and pivoted after graduation to co-found transportation startup AtoB. The company, focused on improving trucking industry payment systems, has raised $230 million and ranked No. 7 on the Poets & Quants 2024 list of 100 highest-funded MBAs.
I-Corps has also trained Berkeley and Haas alumni teams through a free virtual program that runs three evenings a month. “Not every winning idea happens as a student, so the program has served as a valuable resource for alums and other community teams to learn entrepreneurship basics, partner with current students, and test the market desirability of their ideas,” Shrader said.
From Tim Cook to Bill Gates to Mark Zuckerberg, Kara Swisher has interviewed nearly every tech executive imaginable since she began covering the dawn of the internet age at The Washington Post and The Wall Street Journal in the 1990s. Known for her quick wit—seasoned with salty language—and hard-hitting questions, she’s constantly questioning the status quo and putting honesty at the forefront of her content.
Silicon Valley’s top media maven discussed her journey as a truth teller in tech at a recent Dean’s Speaker Series, in conversation with Fernanda Kasper Ortolan, MBA 25, and Ashley Wong, MBA 25. The talk has been released as the debut episode in the new UC Berkeley Haas Dean’s Speaker Series podcast, available this week all podcast platforms.
Swisher’s recent New York Times bestseller, “Burn Book: A Tech Love Story,” published earlier this year, details many of her encounters with the world’s wealthiest and most powerful tech founders—some of whom she’s been following since the start of their careers.
“I met a lot of them when they weren’t who they are,” she said. “They didn’t have immense wealth that protected them. And when you get immense wealth, you suddenly have a chief of staff or a chef or a driver or this and that. And so, they weren’t protected in that way, and they wanted to tell you about what they were doing. They were founders. They were almost religious about what they were making. And so, I was eager to hear about it.”
Being the “young person” on the team, Swisher said she understood her assignment to the tech beat, where she instantly found herself attuned to the changing digital landscape—both in regard to the content she was reporting on and the very way that content was being covered.
But being young, she said she often faced pushback from higher-ups who wanted to embrace tradition.
“I did understand the basic concept that everything…that could be digitized would be digitized,” she said. “And I think I got that before a lot of people and accepted it in the way people in the media—they were perfectly happy to put out a print newspaper. And I was like, ‘I’m sorry, I hate to tell you, but the Gutenberg Bible has just been invented.’”
Known for her no-holds-barred reporting, Swisher added that being “dead honest,” while not always the most well-received, has actually been an asset throughout her career, from commiserating with Steve Jobs over Apple’s failed social network, iTunes Ping, to having her feedback appreciated by executives like Tim Cook and Satya Nadella.
“On some level, these people get licked up and down all day and do not hear the truth,” she said. “And I think they appreciate someone who tells them the truth in an honest way because they’re living in such a bubble of their thing. And if someone says, ‘That’s not good,’ they’re not used to it. And some of them welcome it.”
Swisher bemoaned the time wasted in tech solving “small problem”—such as a “digital” dry cleaning startup—and urged students interested in entrepreneurship to “pick something that has an enormous market that really is of a great need,” such as climate change technology.
“You could see what’s happening in North Carolina or Florida or anywhere else all the time. We are in the midst of a climate crisis. It’s just going to spin out of control,” she said. “And so, you have to sort of pick something that is meaningful versus something that is meaningless.”
PODCAST TRANSCRIPT
KARA SWISHER: I’m willing to change when other people aren’t and I move on from things. I think a lot of people stay, whether it’s jobs or bad marriages or whatever, they happen to stay in. They stay in them, and I just don’t, I’m like, time to go and I go.
[INTRO MUSIC PLAYS]
ASHLEY WONG: From the Haas School of Business at the University of California Berkeley, this is the Dean’s Speaker Series Podcast. I’m Ashley, a Haas MBA student and member of the Dean’s Speaker Series board. Every semester we bring in a diverse mix of top business leaders from across the world to share their stories and lessons on being an effective leader. We’re now sharing them with you in the form of a podcast. If you enjoy this discussion, please subscribe and come back for more. Thanks for listening.
JENNY CHATMAN: Hello. Welcome. Hi. I am your interim dean, Jenny Chatman. Welcome to today’s Dean Speaker Series. I am more than thrilled to introduce our guest, Kara Swisher. I’m kind of a groupie. She’s kind of a hero of mine. And so I can’t believe that she had time to come and see us. We’re so thrilled.
Before I do the introduction, let me just tell you, from a housekeeping standpoint, our logistics, you have cards on your chairs, and you can use those to write down any questions that you have and then pass them out, and we will be picking them up. Sarah and Kerry will be picking them up. When you write your question, please also write your name and what program you’re from because we would like to know that.
OK. So now, to the introduction. We all know Kara from her hard-hitting, fast-talking, and riveting podcasts. I was just listening to an interview with Pete Buttigieg on. He’s incredibly articulate. You matched his level of articulation, I would say. And pivot her former podcast with Berkeley alum and NYU Stern professor–
KARA SWISHER: Current podcast.
JENNY CHATMAN: Oh, current. Sorry.
KARA SWISHER: I have four a week.
JENNY CHATMAN: Oh, god.
KARA SWISHER: Five when I was doing Succession, but that’s over.
JENNY CHATMAN: Yeah. The Succession one I haven’t heard yet. I’m doing one, and it’s like a full time job for me. So I can’t even imagine more. OK. So Pivot is the other one. And then there are more.
So Kara was one of the first journalists to recognize the potential of the internet and the power of its rising stars. And so since the ’90s, she’s been chronicling the rise of tech through writing in the Wall Street Journal, the New York Times, the New York Magazine, Washington Post, and many, many more.
She’s interviewed far more people than I could list here. Steve Jobs, Jeff Bezos, Elon Musk, Bill Gates, Sheryl Sandberg, Bob Iger, Meg Whitman, Peter Thiel, Mark Zuckerberg, Hillary Clinton recently. It’s earned her a reputation as Silicon Valley’s most feared, but also most well-liked journalist, which is a very, very difficult combination to pull off. And now she’s examining the political domain with the same directness and no nonsense approach that we’ve all come to appreciate.
Kara has written two previous books, including an account of the doomed merger between AONL and Time Warner called There Must Be A Pony In Here Somewhere. Most recently, she published a memoir all about this wild world that she’s been inhabiting and what it means for the future of technology. Appropriately, it’s called Burn Book, A Tech Love Story.
Best of all, Kara is actually optimistic about Tech’s potential. I hope she’ll tell us about what kind of leaders, ideally human, not AI, are necessary now to steer us in the right direction. So thank you Kara, so much for joining us today. Please help me welcome her.
[APPLAUSE]
Sorry. I forgot to introduce our esteemed student interviewers, most important of all, Fernanda Kasper Ortolan and Ashley Wong, who are going to lead today’s discussion. Thank you both.
[APPLAUSE]
FERNANDA KASPER ORTOLAN: I can’t even say how honored but also a little bit scared. Of course, we are to interview you. My name is Fernanda. I’m a full time MBA student from Brazil, and I previously worked in tech startups transitioning to big tech companies.
ASHLEY WONG: I’m Ashley, also a current second year MBA student, exploring innovation and technology in the food systems and sustainability space. We are so excited to have this conversation with you today, Kara, which will undoubtedly be very rich given your expertise in just about everything.
KARA SWISHER: Yeah, everything. I’m good at everything, just so you know.
ASHLEY WONG: So segue into our first question. Across your career, you’ve investigated, written about, and to this day, are able to speak eloquently on topics from tech, finance, politics, media, culture, climate change, sustainability. How do you stay up to date and knowledgeable on cross-industry trends and emerging topics? How do you choose what projects to pursue, given your wide range of interests?
KARA SWISHER: That’s interesting. Obviously, I’m not a genius. I didn’t win the MacArthur Fellowship again this year, which I think I’ve been cheated out of that. But I’m just an interested, curious person. And I think curiosity can get you a lot of places.
I know it sounds kind of glib, but I’ve always been super curious about whatever I happen to do. And I think one of the things that it combines with is I do have an entrepreneurial nature and an interest in changing and shifting, which is what brought me here to Silicon Valley in the 1990s and kept me in the sector as it was growing. I met all the main characters in this when they didn’t have any money or when they were in garages. In fact, Google was in a garage when I met the two founders, in Susan Wojcicki, who just recently died, sadly, tragically, at a very young age.
And so I’m someone who shifts a lot very similar to the stuff I cover. And so I think entrepreneurism is one part of it, is that I’m always interested in sort of, not the next thing, but an interesting thing for me. I’m willing to change when other people aren’t, and I move on from things. I think a lot of people stay, whether it’s jobs, or bad marriages, or whatever they happen to stay in. They stay in them, and I just don’t. I’m like, time to go, and I go.
And so I think that’s a really great quality in general in your life. And at the same time, I try really hard to make substantive content. There’s so much crap out there. And once someone just came up to me in the plane when I was on my way here from Washington, DC, where I live much of the time. I still have a house in San Francisco.
And they said, thank you so much for the word, craplets. And it was a word that Walt Musker and I used to describe shitty products. So we call them craplets. We hate crap blitz on your phone. We hate craplets journalism. We hate this. And so throughout my career, I’ve tried to make substantively good things, very similar to someone who cooks.
Or I think of myself as a maker of things. And so I think that’s probably what keeps me going, is making things that are delicious, or substantive, or nutritious, or whatever. I think about that all the time. I think about the product itself. And that does put me in line with people who make great products in Silicon Valley too. Like I’m very interested in people who make good things. And it doesn’t matter what it is.
And so I just think curiosity and a willingness to change. And the last thing, which is a big theme in my book, is mortality. I have a very keen sense of mortality. And a very close friend of mine is Anne Lamott, who wrote Operating Instructions. She’s amazing. And one of the lines in her books when she was– this friend of hers had cancer, and she was frittering away at some stupid thing that she was concerned with.
And her friend with cancer, who was going to die very quickly, looked at her and said, Annie, you don’t have that kind of time. And it took her a moment to realize, of course, she didn’t either, even though this woman knew her time frame. Annie was acting like she had unlimited time.
And so my dad died when I was five of a cerebral hemorrhage. He was 34. And since then, I’ve had a very keen sense of the amount of time we have on the planet for ourselves and stuff like that. So I don’t have time.
FERNANDA KASPER ORTOLAN: Thank you so much for your very personal response. And you’ve been really successful in industries that are traditionally very male-dominated, all while being an openly gay woman. How has that influenced your leadership style, and how do you navigate the industry? Does it have any influence?
KARA SWISHER: Yeah. It’s interesting you used the word openly gay. I think we need to rest that one because it’s like I’m just gay. That’s it. It’s sort of obvious from this outfit, obviously. Although now, straight ladies are dressing like this, so it’s really hard now. You’re like, what’s happening?
It is a male-dominated– tech is male-dominated, has been male-dominated. Reporting is not necessarily, but tech reporting certainly was. When I arrived at in covering tech, it was all sort of fanboy guys covering it. And they’re like, oh, Mr. Gates, what a giant head you have. How do you think of such great things? And I was like, I think his product is kind of shitty. I don’t know. I feel like it is. And so I think it was an asset for me to be a little different because I could see it out of that.
I also had, I think, a keen sense, and I think I wrote about this in the book, which was of the things– one of the first stories I wrote for the Wall Street Journal when I got here covering this beat, covering the internet beat really at its nascent stages, was that they would say things that weren’t true like a lot of the time.
Like we’re all in this together, but then they would have controlling shares. I was like, if we’re in it together, why do you have controlling shares? That seems to be– well, give me some of your controlling shares, so I can control it with you. But that was never the case.
Or I’m just a simple person. I just wear hoodies, and they were made of cashmere. And I was like, well, that’s a $700 hoodie. So you’re not a simple person. And there was a lot of cosplaying. And so every industry has cosplaying. And so it was really interesting– Or we don’t have titles here. That was one that went on and on in early internet times.
But Jerry Yang was always Chief Yahoo, and they were always juvenile titles too. And like, what are you, 12? Like essentially. And so I was really riveted. And I think if I had been like them, I wouldn’t have noticed how ridiculous it was. And so a lot of my early articles are about pointing these things out.
And they were funny. I did them in a funny way, so it wasn’t just mean. Well, they were mean, but it was mean funny. And so I think it was a breath of fresh air for people reading about it. And at the same time, I was covering something that was really, truly exciting this new shift.
And I did understand the basic concept that everything, and I wrote this in the book, everything that could be digitized would be digitized. And I think I got that before a lot of people and accepted it in the way people in the media didn’t. They were perfectly happy to put out a print newspaper. And I was like, I’m sorry, I hate to tell you, but the Gutenberg Bible has just been invented, and you better get the fuck out of the way, monks. You know what I mean, that kind of thing. And so I had a keen sense of history also. They were monks. And I was like, hey, monks, you’re done.
ASHLEY WONG: Like you mentioned, I think your frankness and your fresh perspective led you to early on success as a journalist and reporter. What else do you think was the secret to your ability to build deep relationships with high level industry leaders and securing their trust and honesty? Do you think that approach still works today?
KARA SWISHER: Some of them. Some of them. Some of them. I met a lot of them when they weren’t who they are, right? Jeff Bezos was wearing pleated khakis and overshirts, and he didn’t have muscles. None. So let’s put a pin in that. But they were all very– Elon didn’t have hair. Now he has hair. They’re all different and wasn’t crazy as now. Beyond crazy now. It’s toxic and horrible.
But they were not who they were. So it’s very easy to get– if you know someone at the beginning of their career, they would welcome you to talk to them. I mean, Jeff would call me all the time. He’d want to be written about in the Wall Street Journal. And so in the power differential, I had the power.
And so a lot of them were very interested in what they were doing. And so they wanted to tell you about it at the time. And they were not surrounded by enablers. They didn’t have immense wealth that protected them. And when you get immense wealth, you suddenly have a chief of staff, or a chef, or a driver, or this and that. And so they weren’t protected in that way.
And they wanted to tell you about what they were doing because they were founders. They were almost religious about what they were making. And so I was eager to hear about it. And so that was one thing. The other thing was I do think, especially some of them were established like Steve Jobs or– it’s interesting. I just interviewed Bill Gates last week. It’s up today. Yesterday, I guess it went up. No. Today or yesterday.
Anyway, we did not get along for much of me covering him and everything else. And we ended up doing a great interview yesterday. He’s doing quite a good series on Netflix about the future. It’s very well done, I have to say. And we did this great interview.
And at the beginning of the interview, he’s like, oh, it’s you again. And at the end he goes, I really enjoyed that. And I said, see, I’m not an asshole. He goes, you’re still an asshole, but I enjoyed it because on some level, these people get licked up and down all day and do not hear the truth. And I think they appreciate someone who tells them the truth in an honest way because they’re living in such a bubble of their thing.
And if someone says, that’s not good, they’re not used to it. And some of them welcome it. But like Bob Iger does, like I’m trying to think of different things. Sundar Pichai does, Satya Nadella certainly does, because they’re adults. Tim Cook does. He and I had a big argument about I was visiting him during the recent iPhone event. And he was saying how something was so great. I was like, not so great. And he’s like, what? And I go, not so great. Like I’m sorry. I know these people are telling you it’s great, but it isn’t.
And they appreciate that because they get new information. And so the adults like it. The children cut you off. Elon, for example. The ones who are the badly raised children, not the children because the children are generally good people. I have four children, so they’re generally good people.
FERNANDA KASPER ORTOLAN: So you’ve mentioned how you embrace change and also how the landscape of tech journalism is evolving. But we see a lot of other changes that have happened over the last few decades. So the rise of social media, media conglomerates, changing how people consume information. How is all of that changing how we see journalism? And mainly as journalists, as a journalist, how do you see the future landscape evolving for people who want to get into the area?
KARA SWISHER: Right. It’s difficult. I mean, I think I recognize it early, which is why I left the mainstream right to create entrepreneurial new media things. Now everybody’s doing it like. I went to dinner with Casey Newton, who does a great platform and newsletter, and I’m the one who urged him to leave a company I also am a shareholder because he had a lot more– he was more entrepreneurial.
And so I think one of the things that Walt and I did very early, Walt Mossberg and I, is we did it initially within the Wall Street Journal. We did a skunkworks within the Wall Street Journal to create all things D. Because we understood that people were going to consume differently.
And this went back to when I was at the Washington Post. And I started covering digital services as it was called at the time, and AOL was the tiny little company. It was a tiny little company. And then now, it’s again a tiny little company. But actually, it’s doing OK under the new configuration it’s in.
But one of the things that was hard for me was they gave me that beat because I was the young person at the time. And I went there and immediately understood what was going to happen. If everything could be digitized and everything could go online, information was the very first thing.
And I had studied propaganda and information systems at Columbia and Georgetown. That was my area. And so it was very easy to understand. This was one of those radio to TV, TV to internet. You could see it. You’re like, oh. And then you could see that– I downloaded a book, and I was like, oh, dear. What’s going to happen to books. I downloaded a song. I was like, oh, you’re going to carry it in your pocket. And so you could start to see that.
And so in journalism, they really didn’t. They loved that print newspaper. And I think being younger and being sort of understanding the way information systems flow was a good thing or understanding historically. And so I would be in meetings at the Wall Street Journal where they would go, like let’s have a Saturday journal. I’m like, why? Why do we want that? Well, how can we get young people to read the newspaper? That was their favorite meeting that they would have.
And in the book, I recount, I go to the meeting. And they’re like, how can we get young people to read– I was the young person at the time. Now I’m not. But they were like, how can we get young people to read newspaper? And I put my hand up, and I’m like, OK, Kara. Like oh, no. What is she going to say?
And I said, you should tape a joint between every page because they’re not fucking going to read the newspaper otherwise. Like, what are you doing? Like, why are you doing it in a system that they’re not consuming? And it kills trees. So bad bad all around. And they were like, well, this is the way we do it. They that was always the way. This is the way we do it. And I said, well, there’s other ways to do it.
And so that kept happening to me at my different meetings. And I’d write a story. Like I wrote a story about Webvan, I did the reporting. It was a fucking clusterfuck. Like I’m sorry. It was going to lose money. And I kept going, math says this is not going to work, but the idea of it was going to work. The delivery, the concept was big, but their particular company was screwed over because of the way they created it. It was too expensive. It was too early. The tools weren’t– it’s like all kinds of reasons.
And I wrote the story saying, clusterfuck, essentially. That’s what I said. I didn’t say it like that because you can’t do that in the Wall Street Journal, although you should be able to. And so they were like, oh, this is interesting, but can you get someone else to say what you just said? And I was like, I did the reporting, and I declared a clusterfuck. Like this is what it is. Can you get someone else?
And I was like, why should I? I have analyzed the situation. I’ve done the reporting. I should be able to tell readers who trust me and my work to think. They wouldn’t let me do that. And then they made me put in a sentence that I said I would never let happen.
And when I created a media company, which was the to be sure statement. Have you read that.? To be sure, some people say Elon Musk is a reasonable person these days. And I’m like, to be sure, that is not true. If you like or don’t like him, he’s not a reasonable person anymore. And let me show you the misinformation he’s spewing on a daily basis. He used to be different, but now he’s this way.
And so I didn’t want to write the to be sure statement anymore because it wasn’t true. It just was. It was an early version of both sides that wasn’t factual. And so I had the idea that Christiane Amanpour, who’s wonderful. Get truthful, not neutral. And I was like, that’s what I want to do. Truthful, you do the facts, you write it down, and you come to a conclusion. And that’s what I created. And that’s what people want, I think. As long as it’s substantive and factual.
FERNANDA KASPER ORTOLAN: As a quick follow-up, is there anything that you see currently in the journalism industry that people just take for granted and also believe that it is how things are done, that you want people to break from?
KARA SWISHER: Everything. Like the finance, the economics are crazy. Like that’s what we saw early on. And one of the things that I would just sit there, and I’m like, the Washington Post is going off a cliff. I saw classifieds, and then I saw Craigslist. And I went to Don Graham, and I’m like, hey, Craigslist. And he goes, oh, classifieds will be business forever. I’m like, no, no. They’re static. They are expensive. Customer service experience is shitty. The people are mean when you’re buying an ad. And they don’t work. That’s the last one. I was like, so what a great business. And you’re overcharging people. I don’t even understand why.
Same thing with movie theaters. They’re dirty, they’re expensive. The experience is bad. Oh, please. Let’s foist this on the consumer. Eventually, when the consumer has a choice of being at home, they’ll go home. And so with media, we were delivering, including entertainment.
Like albums. I like an album, but people didn’t want to buy it that way. It’s better to buy individual songs for people. Or it’s in your pocket, and it’s digital. They just were ignoring in the newspapers how people– people didn’t want to print newspaper. They wanted it online. People wanted it in different ways, like TikTok or whatever. This was later.
And the people who made it just didn’t want to provide it. And so the costs at some point were going to hit the revenues. And I just saw that way before it goes. So I created businesses where the revenues and the costs, the costs were always here, and the revenues were always here. And if I couldn’t bring them into that line, I would get out of that business.
Luckily, the conference business was very lucrative. The way we did All Things D was very lucrative. Podcasts are very lucrative. Not for everybody, but if you do– I have three employees on each of my podcasts, right? We make so much money, it’s crazy. And every time the New York Times writes an article, you can’t make money in podcasting, I’m like, you can’t, but I can.
And that was another thing. When Steve Jobs and I did an interview, he explained, podcast– he actually kind of named it. He’s like iPod, broadcasting, podcasting. He literally said that on stage like 15 years ago at least or more. And I was like, oh, yes. And then when you have an intimate relationship, and the phone is in place, and you have really good hearing, it becomes something a really interesting way.
And so I had the conference business, but I was like, oh, no. Let’s move it to the podcast business because I can reach more people. And so the way media is configured right now, it’s really bad. It’s the economics are terrible, and the audience is dropping for traditional.
I had a meeting with some people at one of the cable networks today, CNN, who I work at, I like a lot, and I think they do a great job. But I was literally like, how in the world are you paying your anchors $20 million? What are we getting for $20 million? Because that means you have to make $60 million. You know what I mean? Like are they worth $60 million? Because that’s really the number that you have to pay them out.
And so whenever I’m pitching a business to people, I’m like, with the box, the one I have right now, I own the IP because I want to own it. I’m sick of Rupert Murdaugh owning my IP, for example. And so we do a revenue split. And if we all do well, we all do well. If we don’t, we all don’t. And that seems to be the fairest way to do a business.
And so I think going forward, every media concern has to justify costs and revenues and have interests that are aligned with each other. And that didn’t happen before. And so you have to do that. So most media companies will be small and not these big behemoths. The only exception is the New York Times. But it doesn’t really make that much money if you actually look at the– it’s like a very small amount of revenue.
It’s a decent amount of revenue, but it’s not a big profit. But that’s what’s considered a winner at this point. And they do a great job. But it’s mostly cooking, games, and other things, right? And of course, the reporters are like, that’s not nice. I’m like, well, you should go kiss the people over at games, like yesterday, and say thank you so much for attracting so many customers. They don’t do that. They don’t kiss them. I kiss them. I write them love notes all the time.
ASHLEY WONG: Well, thinking about the consumer, on one hand, we’re seeing astounding levels of information becoming democratized. On the other hand, we’re seeing increased misinformation, deepfakes, privacy concerns. And with this likely reshaping how we consume trust, interact with information, how do you think we can build our muscle to become better consumers of information, or are we doomed?
KARA SWISHER: OK. That’s the choice. I have to say I’m very heartened by younger people. I think the real problem is people 30 to 55 who are fucking nuts online. They really are. Did you see this? I’m like untrue. Like it’s ridiculous. Like can you do any kind of due diligence on anything you read?
My son is like, oh, mom. There was one. Something just happened. I forget which– Anyway, he goes, mom, everyone knew that. He calls me chief. He goes, chief, everyone knows that be stupid. Like everyone know that be sex. It was. It was Pavel Durov at Signal. He’s like, oh, that’s the sex, and weapon, and drug buying place. Like young people know all these things. So I’m not worried about young people, particularly. Teens, I am on some level.
But I am worried about how much information comes in. And I did a good interview with Barry Diller many years ago, and I think he really nailed it. And he said, they’re talking about citizen journalism. And someone’s like, citizen journalism is the best thing. And he goes, yeah, what about citizen surgery? Would you like that happening? And I was like, that’s really mean and great. That was true. He was right.
And so I think some of it’s really good, and some of it’s really interesting, like getting all these photos from North Carolina, from all kinds of people. You really do. Media can’t get there in that way. And you really do get a sense of what’s happening.
I think the problem is with every one of these things, malevolent players come in to take advantage of it, to take advantage of whatever’s happening and will repeat lie, after lie, after lie. And so the lies get mixed in with the truth. And therefore, it’s hard to understand what’s real. And that’s to the advantage of malevolent players.
I think one of the issues is our government has not regulated this ever. I was just on that yell fest that Abby Phillip does, who’s terrific on CNN. And the guy, the Trump guy started going on about all the laws that are constricting free speech on the social media networks.
And first, he named Reed Hastings. He was talking about Reed Hoffman, and he said, Reed Hastings. And I was like, OK, I understand you’re an idiot. So let’s start there. And I said, it’s Reed Hoffman, not Reed Hastings. He goes, oh, did I get it wrong? I go, you didn’t even know what they look like. One’s tall and skinny, one’s shorter and heavier. Like I don’t even know what to say to you.
But he then went on about all the laws restricting social media. And so I said, can I stop you for a second? And I said, how many laws restrict social media? And he’s like, hundreds. And I said, hundreds. Interesting, the number is zero. I was like, there aren’t hundreds. And again, you’re being willfully inaccurate, either because you’re dumb or you’re just a liar. So pick. I don’t know which one you are. And Abby Phillip is loving this.
And I was like, there’s zero laws whatsoever restricting anything. And some of it’s because of the First Amendment, but some of it is because our legislators are unwilling to regulate privacy, and data, and things like that. There’s not a national privacy bill. There’s not an algorithmic transparency law. The antitrust laws are back from 100 years ago when we were worried about the train cartel, which I think we needn’t be worried about anymore.
And so they’ve been unable to update it because of the enormous deleterious effects of wealth on lobbying. And I don’t blame these companies from lobbying. That’s their job, is not to have any laws against them. But for our most, the wealthiest citizens in the history of the world, running the most valuable companies in the history of the world, having no regulation is crazy. It’s astonishing, actually, when you think about it.
When every other industry, whether it’s airlines or pharmaceuticals– not enough. Sometimes, we make a mistake. The regulators make a mistake. Everyone else has laws they have to follow, including media, by the way. Rupert Murdaugh had $1 billion judgment against him because of his shitty, whatever he was doing over there. But he lost. He should have lost. You can’t sue these people even.
And so the only law in existence is a law that restricts suing these companies. So they have no regulations. They can’t be sued. And they control all communications. I don’t know why we wonder why we are where we are.
ASHLEY WONG: Glad you brought up regulation because with Congress forming an AI working group, the recent antitrust lawsuit against Google, what long term effects do you see these regulatory pressures having on big tech? Do you think they’ll restore balance or–
KARA SWISHER: It’s like a parking ticket to these people now at this point. I wrote a piece 10 years ago when Google tried to buy Yahoo. I was like, no. Like 98% market share is too much, I feel. And the regulators didn’t step in and do anything when they had the chance. And now, they’re in a lawsuit that does something about the past. Like searches changed and moved on.
And so they didn’t stop this. And now, Google and others are leveraging into the AI business. Most of the AI businesses are owned by these companies now. And so they own the future and the past. And so, again, that’s their job, is to try to be the Borg. On some level, I’m like, yeah, that’s what they’re going to do. They’re in the business of shareholders.
What our elected officials should be doing is understanding and regulating them in a way that preserves innovation, which they scream about. Their big thing is if you regulate anything, our vibe is going to be hit. It’s ridiculous. It’s not true. Like every other business is not constricted by regulation. Sometimes, it is.
But in general, safety issues around AI. We have an opportunity to do safety stuff. I didn’t also like this bill that Scott Wiener did. I like Scott a lot, but it was overreach in a lot of ways. But there is a way to get to AI safer.
But California shouldn’t be regulating AI. It should be the federal government. I mean, there’ll be 50 different AI regulations. And then there’s global AI regulation. It’s crazy. And that makes it difficult to do business well if you have to follow 120 different legislators. Two of whom from, say, Missouri, are as dumb as a box of hammers. Missouri is not a great state for AI regulation. They lost in the Supreme Court. The Supreme Court for once did the right thing in these days around some of these crazy laws they want to put into place.
FERNANDA KASPER ORTOLAN: Talking about the future of tech outside of regulation, in your recent book, Burn Book, you did mention that tech has lost its humanity. Many people in this room want to work in tech or have worked in tech, and maybe will rise to become leaders in this segment. What advice would you give on how to restore humanity back to tech, and what will set tech leaders apart in the future?
KARA SWISHER: Yeah. Well, stop being such an asshole. That’s what I told my kids. Don’t be an asshole. I do think there’s a deleterious effect of wealth, although there’s a lot of people who are– I like Tim Cook. I like Satya Nadella. I think they act like adults. It depends on the person.
But I think the concentration of power into the hands of a very few people in our history has never worked. It’s like this is not a new, fresh thing. If you go back and look at all kinds of different inflection points in history around industry and business, there’s always been a need to concentrate. It’s always a bad impulse. It’s good for the concentrator, but it’s not good for society at large.
And so that’s why we had our antitrust bills. That’s why we had our breaking up of AT&T. And it always results in more innovation. If Microsoft hadn’t been sued by the government, Google wouldn’t have existed. And it always opens up the field for competition. And I think people shouldn’t be scared of competition. Competition makes everybody better.
And when they talk about innovation, they talk about preserving their innovation, not allowing other innovation to flourish. And when you have something like AI, which is so expensive. It’s not like the internet. This is really expensive, what’s happening next. And so it’s natural that the bigger players are going to dominate.
But it shouldn’t be that way. Who knows what idea is going to die in the crib if we don’t do this? I’m not sure what you can do about their humanity. Some of them are just bent people with enormous power. I don’t know what to say. Therapy? You can’t force them to take therapy.
In general, I’m very heartened by meeting a lot of young entrepreneurs because I think they do understand a little better, especially climate change entrepreneurs. It’s much more diverse. What’s interesting about this DEI thing, first of all, everyone has excess. Every push to do anything has excess. That’s true.
But at the same time, there’s never been a bigger beneficiary of government largesse than many tech companies, right? That’s the thing. They benefit from their DEI, but they don’t want anyone else to benefit. So it’s an interesting discussion.
And the other thing I always say about DEI is that if you have a homogeneous group of people creating things, you are going to get– the reason tech is unsafe, a lot of social media is unsafe is because the people who created it have never felt unsafe a day in their lives. And I know this. I have three sons. I get it. They’re like this.
And it was interesting. I was talking to my son, who’s at University of Michigan. And I just hired someone for the thing, and it’s a woman. And he notices these things. And I have a woman investment banker, a woman lawyer, a woman accountant. Most of my staff are women. Just are. I have a man. I have men. I have other different people. And I just go for the qualified person.
And he goes, well, you have a lot of women on your staff. That’s discriminatory. I go, it is. And he goes, well. And I go, yes. Look at that. Isn’t that terrible when people are hired for just their gender? It’s interesting. And we had a great discussion about it.
And he’s like, I think you should hire a White man. And I said, OK, I’ll hire you as an intern at some point. I’ll do nepotism. I’ll do I actually have my son Louis on the podcast, and we call it the Nepisode. But 300 emails after he came on. So therefore, I’m going to do a podcast with him because I can look at market research.
But I don’t know what you– think there’s a deleterious effect of too much wealth. I think if someone’s going to be a trillionaire, they’re going to think they’re god-like. I don’t know what to do about that. Better taxing? I don’t know if that’ll help. And you don’t know who’s going to turn out well and who doesn’t. Mark Cuban used to be such a jackass, and now he’s terrific. Like I don’t know what happened. He had kids. I don’t know what happened.
And so I just think the best thing to do is not concentrate power in the hands of one or two people because you don’t know what you’re going to get and what’s going to happen to them. Like non-concentration of power in the hands of people and sharing it with the rest of the world seems the best way to combat bad actors.
And the last thing is there’s always going to be bad actors. The tech is a tool or a weapon, and it is often a weapon. It’ll always be a weapon. If you don’t think it’s going to be a weapon, you’re wrong. Every single tool has been used as both. So the reason it’s called a Tech Love Story is because it can be used as a tool in so many amazing ways. Whether it’s with AI, whether it’s drug discovery, or cancer research, or all kinds of amazing things.
It could also be used as a weapon very easily. Misinformation, propaganda. And if you don’t think– I had a really interesting discussion this week with a VC, where he started spewing some stuff. And I put up Vladimir Putin’s talking points. I said, you just repeated without knowing Vladimir Putin’s talking points.
He goes, I don’t like Russia. I said, well, you seem to Russia because you literally just said word for word what Vladimir Putin says. And I said, and if you think Russia is our friend, are you fucking kidding me? Like hear me, San Francisco liberal lesbian telling him, Russia’s a problem. Like that’s a weird world we live in.
And so they are not our friend, OK? Let me be clear. Neither is China. They’re not our friend. They have a different system which enjoys autocracy. We are not an autocratic country. And so it what’s really interesting is that they themselves are subject to propaganda and have been bent by it.
And so I always try to point it out to them and then send it to them and say, this is what he said, and this is what you said. Now do you believe that, or has it been repeated to you, or you just want to be in the group that’s become radicalized right now, which they don’t like to look at themselves.
There’s not as many of them as you think. They’re just louder. A lot of the people remain pretty tolerant and pretty open-minded in tech. It’s just the ones that are not have gotten super loud, more than others. So that’s my take.
If you look at the list of sort of I would say Kamala supporters, it would be Reed Hastings, Reed Hoffman, Bill Gates, Vinod Khosla. They’re all stars, every one of them. It’s really interesting. Mark Cuban. They’re all– Sheryl Sandberg is in there. Lisa Su. There’s a whole bunch of them. And they’re all like stars.
When you go to the other side, it’s Elon and Peter Thiel, unquestionably great investor, great entrepreneur, and then it’s the Winklevoss brothers. And you’re like, it drops off rather fast. It really does. David Sacks. Like he had a shitty company, Microsoft closed, and he spent $30 million to speak at the Republican convention. That’s pretty much his entire qualifications. And so it does drop off pretty frigging fast with those people.
And I think most of tech people who are smart really just aren’t political at all. I find them non-political really in a lot of ways. And mostly like, just let me make my stuff. And so they’re just super loud, these other people.
They also have opinions about Ukraine. Do we really want to hear an opinion about Ukraine from a venture capitalist? We do not. We do not. You do not. I know you guys think you want to, but you don’t. Because they don’t know what they’re talking. Neither do I. Don’t listen to my opinions about Ukraine either, although I know more than they do. But I still don’t know much.
JENNY CHATMAN: So should we move to questions?
KARA SWISHER: Sure.
JENNY CHATMAN: OK. So here’s one from Darren, full time MBA ’26. That means he started this year. Darren says you’ve often spoken of Silicon Valley as a place where very smart people ask very small questions, i.e. digital drycleaners.
KARA SWISHER: Yeah. I used to call it San Francisco assisted living for millennials because I was like, they’re like, I’ve got a dry cleaner for you, Carol. It’s digital. I’m like, OK. It goes, the clothes are not digital. There’s no fucking way it’s digital. It’s just on an app, right? They tried to pretend everything was digital, so it used to drive me crazy.
And it gets a little vexing after a while. Like can you think of nothing better than to deliver food faster to you in a business that’s losing money? Like, I really don’t think that’s an innovation. I think you’re just using VC money to enjoy yourselves.
JENNY CHATMAN: I haven’t asked the question yet.
KARA SWISHER: I know. I know what the question is. Sorry, go ahead.
JENNY CHATMAN: Should I go on the question?
KARA SWISHER: Yeah. Go ahead.
JENNY CHATMAN: OK. All right. So here’s the question. How would you advise aspiring tech leaders such that we might avoid this trap?
KARA SWISHER: Well, you think of big ideas. One of the reasons I did have a very long term and interesting relationship with Elon Musk because he had big ideas. He was talking about cars, he was talking about solar, he was talking about space. These are big fucking and difficult ideas. And that was great because I was dealing with him and the dry cleaning people. And of course, I would want to talk to him. And he really did accomplish quite a lot in that area. He’s gone off the rails at this point. But that said, it was really interesting.
And so what I would advise is like one of the columns I wrote a couple of years ago in the New York Times was, and I made this up, I said, the world’s first trillionaire is going to be a climate change entrepreneur technologist. And I just made it up. I just said it.
And I really did believe it. It’s like pick something that has an enormous market, like that really is of a great need. And as you can see what’s happening in North Carolina, or Florida, or anywhere else all the time. We are we’re in the midst of a climate crisis that’s just going to spin out of control.
There is all kinds of technological solutions, whether it’s hydrogen power, whether it’s nuclear, whether it’s fusion, whether it’s– to me, you go where the puck is going, and we have to figure out, including space travel, by the way. I’d never leave this planet, but I think we will. I think as a population, we’re going to have to at some point.
And so you have to pick something that is meaningful versus something that is meaningless. Another food delivery service? I’m sorry. I don’t know how innovative you can get. Food systems, absolutely. What an interesting thing. How we make food, how we deliver food, how we get nutrition. The energy efficiency, clothes making, everything has a technological aspect.
And so the link between digital and analog, I think is really interesting. That’s what I’m writing about my next book about, is that– Health care, another area. Incredible strides happening in the health care that are just mind-blowing when you think– the idea of solving cancer in this generation I think is very doable. And you’ve got some amazing academics here and at Stanford. Karen Bertozzi, Jennifer Doudna. Yeah, there’s lots.
JENNY CHATMAN: You said mostly here. OK.
KARA SWISHER: You can spread it around. I know it’s a country club, but Stanford has some very good academics.
JENNY CHATMAN: OK. So we have another full time MBA from class of ’25. Oh, so this is a second year student. Jacqueline Gattuso. Given the way tech changes how our brains work, shifting neural connections, nervous system proportions of neurochemicals, et cetera, do you feel that we can use it responsibly? If so, how?
KARA SWISHER: Well, not without regulation, right? Like lots of products can change us. And then if they’re deleterious, we get rid of them or whatever. Red dye number 3. Like everything that physically affects us, we do that with.
And one of the things I’m most concerned about just as a parent is what’s happening with teens, especially both men and women, by the way. What’s happening to men around porn addiction and loneliness is really a problem because it’ll be a problem for the rest of us. Trust me.
Someone on my show was like, why are you always talking about the difficulties of men? This is Scott’s area of thing. And I was like, because men or bear, we’re picking bear now, right? I mean, we can’t pick bear. We can’t be more scared of sad, lonely, addicted, unsocialized men. That’s a real problem. You have to think about it.
There’s a good story in the New York Times this week about the differences of development of young men and women, which you all should read. It’s really something. Not everybody. But the living at home, the loneliness, the isolation, everything else.
So I do think about why we haven’t regulated any of this, or thought about, or demanded to know from these companies what the actual impact of– we do that with drugs. We do that with food. We do that with everything else. Why not this?
Because they hide behind the First Amendment. It has nothing to do with the First Amendment. It’s foisting a product on us that might be hurting us. And are there ways to mitigate it? And are there ways to stress the positive benefits over the negative benefits.
And the problem is, and I just did a great interview with Vivek Murthy, who’s this surgeon general, who has zero power and a very cool suit, but he’s been calling attention to it, about this idea of how do you stress that the problem with these products is it’s not like all bad. Some of it’s really good. And so how do you separate the two from it?
And it is by nature, addictive. Tristan Harris has written about this. It’s addictive, and it’s necessary. You cannot not have it for your job and for your livelihood. So something that’s both addictive and impossible to separate yourself from is a real thing that our society has to think about.
JENNY CHATMAN: Great. We have one from Haiyun, who is an evening weekend MBA student class of ’27. And they ask, how can business school students ensure that they’re not contributing to craplets? OK, well, that’s the– he actually has a choice of three, so let me go to the second one. He says, in the vein of making tech leaders uncomfortable, what’s the one question that will throw them off despite their PR media training?
KARA SWISHER: They aren’t very good at PR, I’ll be honest with you. One of the reasons I think I’m successful, I think a lot of reporters ask questions in ways because they want to stay in a relationship with these people. Like they’re very scared about access. That’s a real– And I’ve had a lot of access, by the way.
But I think the best way to do it is to be dead honest with people. And often, I’ll be like, if you’re dead honest with them, it seems to me I’ve done really well by doing that. I don’t know why it works, but it does. And like at one point, Steve Jobs, who was a real prickly character, although now, he looks like a sweetheart.
But he was. He was in a lot of ways– He was a very complicated guy but very interesting and passionate person. When he came out of the back, they had just introduced Ping, this product. It was a social network that Apple did well. It was terrible. It was called Ping. It was around music, et cetera.
What they were doing was chasing Facebook and chasing– Apple never chases people, and they were. So it was a weak moment for them to chase in an area they had no expertise in. They were hardware makers and software makers. They were not social media makers.
And so he came out, and he’s like, what did you think of Ping? And I said, it sucks. And he goes, well, that’s not very nice. I said, well, it sucks. I don’t know what to tell you. It sucks. And he goes, it does suck. And I said, how did you let it happen? He goes, I know. I’m a fucking asshole. Why did I let it happen? And I was like, you should kill it. And he goes, I should kill it. And it like it was he knew it, right?
And so one of the things I tend to do is say when I’m in interviews, we sit down, and I was just at Apple. And Tim was like, what do you think of the new phone? I went, eeh, like a Larry David. And he goes, he goes, what do you mean eeh? I go, I like it. I like what you added. But eeh, the phone paradigm has to change rather drastically because we’re at the end of the cycle of how phones are.
Like I don’t think we’re going to need apps going forward because of AI. It’ll come and pull it for us, right? I said the whole phone paradigm has to change. So it’s fine. And he’s like, well, that’s not very nice. I said, what do you want? Like what do you want? Like a medal? What are you, a 12-year-old who wants a metal for everything you do? You stand up, you get a medal. I’m sorry. You don’t get a metal for adding a click thing on it. Like it’s a nice click thing. I’m happy it’s there. But I don’t know.
And so I think that works better. He did invite me back. He actually wrote me. He’s like, oh, that was interesting what you said about apps. And I was like, good. I got that through. So I think being honest is the best way. Just don’t make shitty stuff. Like you know what shitty stuff is, right? You all know, right? Not all of you. Some of you may be stupid. But some of the people–
Like when I was running my staff, I had a guy who would write all the time, all the time. Like he confused activity with productivity. That’s what he did. He was very active, but a lot of it was crap. It was just like a nothing burger of stories.
And so I said to him, I said, how can I explain to you what you’re doing? I said, here’s the deal, is you’re making a hot dog, right? I happen to like hot dogs, but a hot dog is not very good for you, and it’s not the finest food in the land.
And I said, you’re making hot dogs, and it’s a better hot dog than other hot dogs, but it’s still a fucking hot dog. Like I don’t care what you put on it, it’s a hot dog. Like it can be like a Chicago dog, I love them, But not good for you. Not good. Stop making fucking hot dogs. I was like, make something good. And so I think that’s what I say to people. You know it. You know when it’s bad. You just do. I know you know. And stop doing that. That’s what I said.
JENNY CHATMAN: Great.
KARA SWISHER: Stop making hot dogs. But eat them. They’re delicious.
JENNY CHATMAN: This is from Judy, who’s a marketing faculty member, who asks, how might as socially conscious future tech leaders reform the cultures of the places we go to work? Can we do it from the inside, or are we better off starting our own tech businesses?
KARA SWISHER: I think starting a business is better. I like that because I don’t like working in established organizations because I end up– I’m like, do I have to listen to you anymore? Like at one point, I left an organization. I tell this story, and they said, why are you leaving? I said, I don’t want to talk to you anymore. I can’t talk to you. You keep talking to me about things you don’t know about, and I’m barely concealing my rage at you.
And like I don’t want to be rude, but I just was rude by telling you I don’t want to talk to you anymore. And then I said, life’s too short, and you just took up 5 minutes that I don’t want to give you anymore. And so– she forced me into it, let me just say. I didn’t want to do this. I wanted to leave quietly out the back. But one of the– I got off my thing. What was the question, sorry?
JENNY CHATMAN: Can we change the culture from the inside?
KARA SWISHER: You can. I think what’s been difficult about, and you have narcissism as one of your topic areas, that a lot of people who are in tech right now. One is I do think it suffers from lack of diversity. And I don’t mean in the traditional sense of diversity.
I think of like I was always pushing to have more conservatives there. Age differences, places differences, economic differences. Homogeneous societies die. They do. In nature, they do. Heterogeneous societies are better, of all kinds of people. We have all kinds of people I disagree with on. I was telling backstage, I talked to Liz Cheney now all the time. I don’t know. I can’t believe it. Liz Cheney? Liz fucking Cheney? Here I am, like texting with her.
And one of the things that’s important to do that is to get the points of views into your thing. So you can go, oh. And that’s one of the beauties of pivot. Scott and I disagree all the time, but we do it in a civil way. We learn from each other. We change, him more than me, because he obviously needs to. But it’s a journey, we always say. But it’s really important.
And when I think about the attacks on DEI, I get the attacks because they can’t do whatever they want all the time now, some of these guys. I always say to them, I’m like, what’s the opposite of diversity, equity, inclusion? Lack of diversity, non-diversity, like this homogeneity. inequality. Exclusion. Is that any way to run a pizza joint? Like, I’m sorry. It’s not. It’s just not, if you start to take it apart.
And so I’m talking about many more voices versus just a few. Because you end up– Twitter was like this in the early days. I did a story, which I think I write about, which they had a board with 10 of the same exact White men. Now nothing wrong with White men. I have three sons. I love White men. But 10 of them of the same?
And so the lead I wrote was– and Twitter’s audience was so diverse. It was so interesting, the demographics of Twitter. Women, men, people of color. It was a very interesting mix of people on that platform once. Now it’s a Nazi porn bar, but that’s different. But it was really interesting if you looked at the audience statistics. And I was like, why don’t they have a board that reflects– because it’s easy to get board members compared to, whatever.
And so I wrote a lead that I said, on the board of Twitter, which has three Peters and a Dick, there’s some problems. And so the CEO called me, and it was a great lead. It was all about penises. And he called me, Dick Costolo. And he was the Dick I was speaking of. And he’s a comedy person. He laughed. He’s like, that’s really funny, but it’s so untrue.
And I go, no, no. Literally, how mathematically could you get to that group of people? And he goes, well, Kara, it’s about standards. That’s what he said to me. And he’s a good one, let me just say. And I said standards. It’s really interesting you only mentioned standards when you’re talking about women and people of color. You never mention it with you group who have driven Twitter into a wall over, and over, and over again, and you get to do it all the time. Your business is in a free fall. So it’s not standard. What’s the standard? Stupidity? And so I think diversity in all its forms is a better way to behave.
JENNY CHATMAN: You said there’s 10 of the same people on the board. My daughter would call that a broverdose.
KARA SWISHER: I call it a sausage fest. My sons hate when I do that. My poor sons. They’re so cool.
JENNY CHATMAN: I think we have time for one more. I’ll read the PS first. This is from Stephanie Doiron, who’s in the executive MBA program. They say, myself and many I know are so grateful for your voice, that your voice exists, especially for women. You use your platform to inspire and spread intelligent thought.
KARA SWISHER: Thank you.
JENNY CHATMAN: And then she has a question. What’s the most under-discussed trend in tech that would have a significant impact in five to 10 years? I think everyone’s going to take note and invest based on what you say. So
KARA SWISHER: I would say climate change tech. I’m really, really interested in that. And it has peripheral issues, but the threats we face on this planet are massive. Like massive. And I’m worried that we’re not putting enough shoulder into it, including from the government. There used to be incredible government industry cooperation, which I really like. I really do like that. It’s fallen off astonishingly. It’s either private or public.
And so climate change is one of these things that’s going to be so costly of how we live. And we have got to think of new ways of farming, of water maintenance, of food production, of clothes production.
The analog and digital need to meet somewhere in a really interesting place. The amount of data we’ve now uploaded to this. We really could start to understand what’s happening, like a much better way and have the AI, for example, give us better answers. It really is going to give us better answers. It does a better job.
And so to me, if I were starting coverage, and my next book is about– climate change tech is in this book, but it’s about all the health stuff, all the stuff around the unnecessary costs of people being overweight, of being like diabetes in this country. Bill pointed out correctly. People in other parts of the world are dying of other things. I mean, typhoid is back, which is incredible and shocking. Polio is back in some places, which I cannot even believe, given we have the ability to eradicate it. Malaria still continues to be an issue.
But in this country, it’s around diabetes, and heart conditions, and stuff like that. There’s all kinds of really fascinating drug discovery happening in that area, and we need to lean into that to try to cut costs. How we live, how we build buildings. It’s artisanal how we build buildings now. Really, it’s like crazy. It makes no sense from an economic or a climate point of view.
And this isn’t just like, hey, we’re in California. We love talking about climate– It’s not. It’s an existential threat to the way we’re going to live. And anybody– and by the way, you don’t have to have children no matter what fucking that JD Vance says. If you don’t want to have children, don’t have children. It’s fine. It’s such a sick way of looking at the world.
And he and I got– and see, you know what’s really funny? Let me tell you a story. When he was a venture capitalist, he was a bad one, just so you know. Like he had five minutes doing it, and he was bad at it. And let me tell you, a squirrel could have made money during that period, and this squirrel didn’t, just so you know. Just pointing out, he was bad. I call him Peter Thiel’s failed intern, which Rachel Maddow made up, which I think is a great thing.
That said, his children thing is so offensive. And many years ago I did an interview with John Fetterman, and he was struggling because of his stroke. I had a stroke. I had a similar stroke to John Fetterman. He was struggling, but I knew he would recover. He’s a young guy. I had gone through it myself. I had aphasia. I messed up words. It’s very easy, especially under stress. So I had actually gone through it.
I did an interview with him. He was fine. I knew just where he was in the process because it’s exactly the same thing I had. And of course, the Republicans were all attacking him. He was a vegetable, all this and that. Because they were ignorant. They wanted to win that seat. Whatever you want to do, if you want to be a terrible person and do it that way and not win fair and square, up to you, you terrible person.
And so I had done an interview, and I said, I’m sorry. I think he’ll be fine in like a year. That’s what happened to me. And of course, he is. He’s as sharp as a frickin’ tack now. You can see him. He’s fantastic on social media.
And so for some reason, JD Vance got on this thing like crazy because he has nothing else to do because he had no legislative career in the Senate whatsoever, just so you’re aware. He had passed nothing. And there’s lots of Republicans, I think, do good legislation. Tons of them. Ken Buck, others, many others.
And so he for some reason came at me on Twitter about the whole thing and like that I was lying about the stroke. And I was like, JD, sorry, I had one. You didn’t. And as usual, you’re speaking without any information, which seems to be your MO. And then he goes on and on. He starts going on about liberals don’t believe in the future. And that’s why you want to hire vegetables to be your Senator. Something really offensive like that.
And he was like on and on about children. He was obsessed with it. It was weird. And of course, now it’s all come out. You’re seeing quote after quote. And so he was on and on about children, and liberals don’t believe in the future. You don’t have children. I was like, you really need therapy, sir. But whatever.
So I wrote him back. I go, well, JD, I have four children, and you have just two. You’re a straight guy with a wife, and I have double the amount of children, which is really hard to do. So do you have a problem you need to talk about with your wife about having children? And I said, because if a lesbian has twice as many children about you, I would worry about your masculinity. I was trying to get him.
And I said, I believe in the future twice as much as you do, but it shouldn’t matter. Anyone who lives on this planet should believe in the future. So I’m just giving my thing. The Vice Presidential debate, this is in his head, this fucked up version of how people should live.
So I’m sorry. I just did that on the side. But it’s really, he’s a dangerous character, and Donald Trump is old. And so this might be your President. So just think about that. I’m just, he’s old. Sorry. The actuarial tables. He has a 20% chance of dying in office. So think about that. Like think about that when you– just think about it. Even if you’re a Republican, think of this as the guy who attacks women and people without children. Sorry, that’s me just going crazy.
Anyway, climate change. Climate change. Climate change tech, if you believe in the future. And anyone can believe in the future. And I do believe in the future a lot because of my kids. But that doesn’t have to be the reason. If you believe in the future of all humanity, climate change tech would be the area. I would go into food tech, health care tech. Those are the areas that are really important now and where I think actually money can be made too.
It’s not make money by doing good, but these are good things for our planet. Versus making another dry cleaning app or whatever shitty product they want to foist on us. Make something good. That’s the only thing you can do. And digital has created a situation where anybody can do that. And that’s a really exciting thing, and it continues to be.
JENNY CHATMAN: OK. Well, thank you. So we’ve had a raucous couple of Dean Speaker Series. Tony Fadell was here. And at least he apologized the first two times that he used the f-bomb.
KARA SWISHER: Oh, he’s like that. He’s a funny guy. He’s a great guy. He was early. He did the iPod and stuff like that. He calls himself sort of the father of the iPod. But he is. He’s a really great guy, and he did Nest and everything else. He had a birthday party. He’s a rich person I can get behind.
He had a party at one of the San Francisco art museums. And he hired, it was Macy Gray for his– when she was having troubles. I don’t know where she is right now, but he hired her as the singer because that’s what rich people do. They hire like Elton John or whoever the fuck.
And she didn’t show up because she was having problems. And so he had to bring in some local singer. And I go, nicely done, Tony Fadell. He had to do it. But he’s a great guy. He’s a guy who’s made great products, FYI. That’s a perfect example. And he’s a laugh riot too.
JENNY CHATMAN: So listen, as billed, irreverent and brilliant. Thank you.
KARA SWISHER: Thank you. Thank you. [APPLAUSE]
I hope I offended at least 12% of you.
About 400 new undergraduate students—including the first class of freshmen in the new four-year Spieker Undergraduate Business Program—began their Haas journeys last week with an orientation that culminated with Haas Base Camp, a community-building weekend in South Lake Tahoe.
The class, which includes 191 first-year Spieker Undergraduate Business Program students, 110 transfer students, and 100 continuing UC Berkeley students, were introduced to life at Haas during Aug. 26 orientation sessions on building leadership and community, an intro to Becoming a Changemaker (a course created by Haas Professional Faculty member Alex Budak), and advice on adapting to the program’s academic rigor. (The Haas Undergraduate Program ranked No. 2 in U.S. News & World Report’s 2024 Best Undergraduate Business Programs.)
“We are so excited to have each and every one here with us to launch your academic and personal journey here at Haas,” said Interim Dean Jenny Chatman. Chatman, a workplace culture expert who helped codify the Berkeley Haas Defining Leadership Principles, urged students to connect with professors, build relationships with classmates who come from different backgrounds, and follow their passions during their time in the program.
Haas announced in 2022 that its top-ranked two-year undergraduate business program would expand to become a four-year program, named the Spieker Undergraduate Business Program in recognition of the $30 million gift from Haas alumnus Warren “Ned” Spieker, BS 66, and his wife, Carol, BA 66 (political science).
Making changes
The undergraduate program office made many changes this year to orientation and the undergrad program, including splitting students into six cohorts, each with two leaders, and providing additional academic and mental health support programming for all. The undergraduate program is also moving toward UC Berkeley’s goal of attaining a Hispanic Serving Institution (HSI) designation, or a full-time equivalent (FTE) undergraduate student enrollment that is at least 25% Hispanic.
Katrina Koski, the director of Inclusion and Belonging at Haas, told the students that if they are feeling any sense of impostor syndrome at Haas, “you are definitely not alone.” That belief has nothing to do with accomplishments and successes, she said. “We admit zero impostors here,” she said. “Each one of you, regardless of what has brought you to this chair you are sitting in now, deserves to be here.”
Elias Goss, BS 28, said he was excited to be building community as part of the first Spieker class.
“As a young, underrepresented student and the first in my family to attend a four-year accredited university, just being at Berkeley has changed the trajectory of what I thought was possible for me and my family,” he said.
After orientation, the new first-year Spieker and M.E.T. students gathered for Haas Base Camp, a Labor Day weekend trip to Camp Concord in South Lake Tahoe led by the Haas Program Office and supported by upper division cohort leaders. At Base Camp students took an exhilarating dip in Lake Tahoe, played an epic game of Capture the Flag, demonstrated their knowledge of Haas and Cal during a lively trivia game, learned Cal songs, and performed in an enthusiastically choreographed lip sync and dance contest. They also explored one of the Defining Leadership Principles, Students Always, with Haas staff members sharing how they developed a growth mindset, learned from failure, and built resilience as a response to setbacks.
Interim Dean Chatman, former Dean Ann Harrison, along with Ned Spieker and Michael Grimes, both members of the Spieker Undergraduate Program Advisory Board, joined the students during a lively reception.
“The weather was perfect, the weekend was fun, and the students seemed to enjoy and appreciate the experience,” said Katie Marshall, associate director of Admissions, Yield & Transition, at Haas, who was on the planning committee for Haas Base Camp. “I was touched to see the students really come together as a community by the end of the weekend, and many felt that they made genuine connections to their cohorts and classmates.”
Expanding program
Over recent years, the undergraduate program has added three multidisciplinary programs and one minor outside of the core program, including:
The Management, Entrepreneurship & Technology (M.E.T.) program, a collaboration between Haas and the UC Berkeley College of Engineering that grants graduates two bachelor of science degrees in business and an engineering discipline of their choice in four years, with the goal of providing deep leadership and technology skills. (This year marked the fifth entering M.E.T. cohort.)
TheGlobal Management Program, a four-year international program that requires students to study abroad their first semester, fulfill a language requirement, and take specialized global business courses.
Dawn McGee has loved entrepreneurship since she was a kid “playing company” with family and friends.
That love, anchored by the belief that business should benefit society, turned into her career. As the executive director of the new Berkeley Haas Entrepreneurship Hub (eHub), set to open this fall on Piedmont Avenue just steps away from Haas, McGee, along with eHub Faculty Director Saikat Chaudhuri, will help shepherd startup ideas from the next generation of Haas and Berkeley students. For McGee, that group includes novices who previously held no interest in the startup world to students who are well on their way to building a company.
The eHub, housed in an elegant Julia Morgan-designed building that’s been fully renovated, promises to be a haven for students to connect, build, and be discovered. In this interview, McGee, who joined Haas from UC Davis, where she co-led the Student Startup Center, discussed programming plans and UC Berkeley’s important role in the innovation ecosystem.
First of all, the new eHub building is beautiful. Can you talk about your role there and how you’ll be working with students?
My number one job right now is to market the eHub and to get students involved. Next, we’ll focus on amplifying what already exists. There is a wealth of innovation and entrepreneurship resources on Berkeley’s campus—so many colleagues are doing so many things well. So the first programming task is to connect students to those resources through the eHub Navigator, who is a member of our team. Any student on campus can visit the Navigator to get help planning their unique entrepreneurship journey. The Navigator will learn about you and your aspirations, and then they’ll help you figure out what the next steps and right resources are for you.
What interested you in entrepreneurship as a kid?
Very early on, I had this idea that business was about being of service. I was a young child who loved designing business models. And my key partners were always friends and family members, so I could design their business models, too.
When I was in my 20s working for startups, I was introduced to the idea of social entrepreneurship by my brother, who was an Echoing Green fellow. I worked with him to build his organization’s vision,and I loved it. His venture was extra special because its ultimate impact was to help people create change in their lives. I’ve supported a variety of profit-driven entrepreneurs, and I enjoy the exercise of developing founders and helping them to develop their businesses. But personally, I am most passionate about social entrepreneurship.
How will the eHub programming support innovation and entrepreneurship?
We will host events that engage students in practicing entrepreneurship and events that are built for community building. We’re designing micro-communities around students’ interests and their stage within their entrepreneurship journey. We’ll also provide data-driven matchmaking to help students meet the right people.
For those who want to build something, we will offer an eHub membership, which requires a small weekly time commitment. These low-commitment programs are designed to get students started, and then we’ll keep you moving until that next right resource is available.
How will the tracks work?
We have three tracks: SEARCH, TEST, and BUILD.
In the SEARCH track, students will look for a problem worth solving—something that’s meaningful enough that it motivates them to do the work required of an entrepreneur. Then, they’ll brainstorm and try to find solutions that are worth testing. Over 10 weeks, for just 50 minutes a week, they’ll use a methodology for figuring out which solutions should be at the top of their list.
The TEST track is for students who already have ideas. These students will collect a body of evidence that demonstrates that their ideas are worth investment. Every week, in 50 minutes, they’ll set up a new test of their idea. If they decide that they want to do the legwork, they’ll invest extra time to run the tests.
The BUILD track is for students who have collected sufficient evidence showing that their business model is viable, desirable, and feasible. These students will attend weekly hacking meetings with others in the BUILD track, spending two hours a week together making progress on their priorities. Students will also be matched with mentors who will help structure goals, provide advice and support, and hold their mentees accountable to their goals over the course of the semester.
You bring a wide variety of business experience to your new role, including two business degrees. Could you tell us a bit about your educational background?
I was an undergraduate at the Wharton School and studied entrepreneurial management. Then, I focused on social entrepreneurship at NYU Stern, where I got my MBA. Most recently, I’ve studied design thinking at Stanford’s d.school.
It’s great to be back to my business school roots here at Haas. I understand the language of the business school, the rhythms of the business school. It just feels more natural. And Haas is an exceptional school.
Your career has taken you in different directions, which led you back to entrepreneurship.
I’ve worked three different tracks during my career. I worked with startups as an advisor, an employee, a founder, and a board member. I’ve worked in many capacities in finance: everything from an analyst doing solvency and valuation analysis to interim treasurer of a publicly-traded company navigating bankruptcy.
Then, I moved into higher ed as a faculty member for five years, leading undergraduate and graduate students in experiential entrepreneurship education. I’ve also been a leader of entrepreneurship centers on university campuses.
So this isn’t your first time developing an entrepreneurship program?
This eHub will be my third. I directed one at a small college in Brooklyn. I was on the leadership team for four years at UC Davis’ Student Startup Center, which is where I really had the opportunity to experiment and try out a lot of different things. And now, I’m at Haas.
One thing I’ll underline about my background is that experiential education has always been really important to me. By far, the leading way for me to learn has been through experience. I am a huge advocate and champion for experiential education, and that’s one of the things that I’m excited to offer students at the eHub.
I am a huge advocate and champion for experiential education, and that’s one of the things that I’m excited to offer students at the eHub.
What excited you most about working at Berkeley Haas?
I am excited by Berkeley’s breadth of world-class research and academic programs. Students here have access to levels of knowledge that most people don’t. This allows you to solve problems at the highest of levels: you can go after the most complex problems, the ones that we have left unsolved for a long time.
Second, Berkeley resides in the capital of innovation. If you look at the dollars invested in innovation in this region and compare it to everywhere else in the world, there is no competitor.
Third, Berkeley is a leader in social mobility. One of the primary reasons I’m an entrepreneurship educator is because I’m able to transform the lives of generations of families through just one student. But doing that at a university that already has a track record of catapulting students’ economic futures? That’s really exciting.
Saikat Chaudhuri believes that the next 10 years will be among the most exciting in history—and that some of the most disruptive ideas will be hatched within the walls of the new Berkeley Haas Entrepreneurship Hub (eHub).
In a recent interview with Haas News, we spoke to Chaudhuri about his role as faculty director of the eHub, which will open to all UC Berkeley students this fall on the Berkeley Haas campus. Dawn McGee joins Chaudhuri as eHub executive director.
You came to Haas from Wharton, where you taught management and ran the Mack Institute for Innovation Management. What do you believe sets UC Berkeley apart as a startup and innovation machine?
Berkeley is pretty phenomenal when it comes to producing all kinds of ventures. It’s not just the Apples and the Intels and the Teslas and the Databricks that we’ve co-founded. It’s also the OpenAIs, for instance, and other household names, and thousands of startups overall across sectors. I’m proud that we’re the No. 1 university in the world for producing venture-backed startups in the PitchBook rankings, but what truly sets us apart is that founders at Berkeley are driven by a mission to change the world for the better.
But what I think about is: How do we make that even bigger? How do we produce even more incredible startups that go and disrupt the world and create positive change? We do it by helping the entire ecosystem become more productive and build the pipeline.
How will the eHub build that pipeline?
We’ve got 60 to 100 different units on campus involved with entrepreneurship or innovation in some way, whether it’s labs, technology commercialization entities, or academic programs to help you get from an idea to a startup. We’ve got funding opportunities and all kinds of venture competitions and hackathons and an accelerator in SkyDeck as well. But there are a couple of things that are missing.
First, we need to do a better job with the business side. Science and technology ideas are great, but we need to make the ideas sustainable and economical. We also need a space for people to be able to collide, connect, and find other founders and co-founders and share experiences to build community. We also found that though we have many different resources on campus, students have a hard time figuring out where to go to take an idea forward.
Finally, there’s also no easy way to connect with mentors. We have so many alumni who are both entrepreneurs and investors, but there’s no easy way to connect with them. The eHub will unite the entire university ecosystem and bring the strengths of Berkeley Haas and UC Berkeley together.
Our mission is to make entrepreneurship easier and more accessible for all by allowing people from across campus to connect, build, and be discovered. Whether you just have an idea or already have a prototype, we will help you navigate the ecosystem, and thereby also feed all the amazing units on campus by complementing what they do.
Our mission is to make entrepreneurship easier and more accessible for all.
Why did you want to serve as faculty director of the eHub, in addition to your role running M.E.T.?
I firmly believe that to solve the world’s most pressing challenges, we need to take an interdisciplinary approach, and I love working across fields and schools at a great campus like ours. There are natural areas that come together with innovation and entrepreneurship. M.E.T is one of those programs that does so, and so is the eHub, where technology and science are coupled with the management and the business side. Since I was working on building that synergy across areas with M.E.T., it made sense to bring these things together in a different capacity. Former dean Ann Harrison asked me at some point if I was interested in building it out and serving the entire campus, and I just found it to be an extremely exciting opportunity.
The eHub building restoration is beautiful. How does the space align with the startup mission?
We hope that when you come in, you will be hooked by the beauty of the building—a Julia Morgan building and an architectural masterpiece that’s iconic in so many ways. But the building is more than just iconic. It’s designed to be a place where people will get to spend time getting exposed to new ideas, accessing resources that are free to them, and hanging out with like-minded folks.
So when students are in class with peers working on things that cut across these boundaries, they get excited, too. People want to collaborate with each other. This opens up opportunities. All I want to do is create more mechanisms to really get people to collaborate and unlock those synergies.
Why is learning about entrepreneurship important, regardless of whether a student will become an entrepreneur?
We call many students “entreprecurious,” or interested in entrepreneurship even though they haven’t tried it yet. Learning to be entrepreneurial matters in any industry and for any job role. Every industry is being disrupted in some way right now. Take artificial intelligence. Transportation is affected by AI, as are consumer goods, finance and health care. It’s not just affecting the tech industry. There are so many industries that will change; and students, even if they don’t become entrepreneurs, need to learn how to prepare for these changes.
So let’s take every single industry and revolutionize it, make it work in such a way that it’s more cost-effective, more productive, more impactful, and generates greater returns economically and for society.
How will you make sure that the hub draws many kinds of students from different programs?
I like to think about the commonalities rather than the differences across these different communities at Berkeley. We have people in Berkeley’s vast undergrad program, in our MBA program at Haas, PhDs across fields, as well as the faculty in disciplines ranging from English to biology to engineering to business, who have entrepreneurial ideas. There are entrepreneurs who are doing innovative things all over campus. We are looking to draw many categories of stakeholders to the eHub, including alumni who will come to campus to check out everything that’s going on. And I’m hoping we’ll be able to tempt the venture capital community in the South Bay to drive across the bridge because they don’t want to miss out!
Professor Jennifer Chatman, who is known for pioneering research in organizational culture, has been appointed interim dean of Berkeley Haas.
UC Berkeley Chancellor Rich Lyons and Executive Vice Chancellor and Provost Ben Hermalin announced the news today.
Chatman’s appointment, effective August 1, 2024, follows Dean Ann Harrison’s announcement that she will step down at the end of July after a successful five-year term, including being named Dean of the Year by Poets and Quants in 2023. Harrison will continue her teaching and research as a half-time Haas faculty member.
Harrison was enthusiastic in her endorsement of Chatman, noting her profound impact as an academic expert and effective leader. “Jenny has been an inspiration to many at Haas, including myself. Her appointment as interim dean ensures that Haas is in capable and visionary hands,” she said.
Chatman said, “It will be my honor to serve the school and campus, and I look forward to hearing your ideas and concerns so that we can accomplish great things together in the year ahead. Let’s continue to let our Defining Leadership Principles inspire the best in us.”
The search for a permanent Berkeley Haas dean will begin in early fall.
Commitment to Berkeley
Chatman, the Paul J. Cortese Distinguished Professor of Management, joined the Haas faculty in 1993. She has served on numerous school and campus committees and was associate dean of academic affairs from 2022 to 2024. Chatman was instrumental in helping Haas significantly increase the size and diversity of its faculty. From October to December 2023, she led the school as acting dean during Dean Harrison’s sabbatical.
Chatman has a strong connection and commitment to Berkeley. A double Bear, she earned her BA in psychology and her PhD in business administration from Berkeley. Her connection to academia has deep roots as well. She followed in the footsteps of her late father, Seymour Chatman, a first-generation college student and former faculty member at Berkeley, who was influential in the fields of film, literature, and rhetoric.
Award-winning research
Chatman’s research has garnered numerous accolades, including the Lifetime Achievement Award from the Academy of Management. Her work has shown, for example, how emphasizing innovation within a strong organizational culture can increase a firm’s financial success and how narcissistic leaders create organizational cultures with less collaboration and integrity.
Chatman’s influence extends into the corporate world where she advises top companies across various industries on real-world cultural challenges. She is widely recognized for her expertise in fostering effective organizational cultures and its impact on the success of the organization, co-creating one of the most widely used tools to assess organizational culture. She co-founded and co-directs the Berkeley Center for Workplace Culture and Innovation with Haas Professor Sameer Srivastava. In March 2024, they launched a podcast, The Culture Kit with Jenny and Sameer, in which they apply insights from current research to help solve listeners’ workplace culture problems.
Berkeley, Calif.—The world of work is a work in progress. Hybrid work arrangements, emerging AI tools, ongoing layoffs, and an increasingly diverse pool of workers who want a voice and a sense of belonging at work—managers have a lot on their plates.
In their new podcast “The Culture Kit™ with Jenny & Sameer,” organizational culture experts Jenny Chatman and Sameer Srivastava tackle questions from business leaders wrestling with the seismic changes underway in the world of work.
Chatman and Srivastava are professors at UC Berkeley’s Haas School of Business who have dedicated their careers to studying and advancing workplace culture. In each 15-minute podcast episode, they draw on the latest academic research and their years of experience advising organizations around the world and share concrete strategies to improve workplace culture.
“What I’m most excited about with this podcast is that it brings together the worlds of academic research and industry practice,” says Srivastava, the Ewald T. Grether Professor of Business Administration and Public Policy. “Here, we get to take a deeper dive into a specific problem raised by a specific leader and really workshop it together.”
“Here, we get to take a deeper dive into a specific problem raised by a specific leader and really workshop it together.”
The podcast is an extension of the work that Chatman and Srivastava started six years ago when they launched the Berkeley Center for Workplace Culture and Innovation to bring emerging insights from academic research to business practitioners.
“With our new podcast, we hope to expand the reach of the work we’ve been doing through a new medium with the goal of reaching more people,” says Chatman, Paul J. Cortese Distinguished Professor of Management and Berkeley Haas associate dean for academic affairs. “Business leaders can submit culture ‘fixit tickets’ laying out the topics on their minds. Our goal is to give them actionable steps they can take to improve their organization’s culture.”
Season 1 of The Culture Kit with Jenny & Sameer launched today and includes thoughtful questions from industry leaders such as WD-40 CEO Steve Brass, Hubspot CEO Yamini Rangan, and former Google SVP of People Operations Laszlo Bock. New episodes will be released every two weeks on major podcast networks.
The Culture Kit with Jenny & Sameer is a production of the Haas School of Business, the Berkeley Center for Workplace Culture & Innovation and Professors.FM, a new podcast network helping you make sense of the world with top scholars. Professors.FM is a collection of scholar-hosted shows that bring insights from research and make them relevant to today’s world.
About the Haas School of Business
As the second-oldest business school in the United States, the Haas School of Business at the University of California, Berkeley has been questioning the status quo since its founding in 1898. The school is one of the world’s leading producers of new ideas and knowledge in all areas of business. Located within the world’s top public university, Berkeley Haas is at the heart of what’s next in the Bay Area’s rich innovation ecosystem. Learn more about our six degree programs, our exceptional faculty members—including two Nobel Laureates in economics—and our community of big thinkers: haas.berkeley.edu.
About the Berkeley Center for Workplace Culture and Innovation
The Berkeley Center for Workplace Culture and Innovation aims to usher in the next generation of organizational culture research, one that draws on a wide range of data sources and computational methods to uncover different facets of culture within and across organizations and industries. The center partners with organizations and academics from a wide diversity of disciplines and industries to lead these efforts, with the ultimate goal of leveraging research insights to help organizations function more effectively and advance academic understanding. The Culture Connect Conference, held in January each year, convenes leading academic researchers studying organizational culture and company leaders to deepen the dialogue about how to address culture-related challenges. Lean more about the Berkeley Center for Workplace Culture and Innovation.
Berkeley Haas has been chosen to host the prestigious 2025 Global MBA Summit on Climate, Capital and Business, or ClimateCAP, which prepares MBA students and business leaders to understand and respond to the business and investment impacts of climate change.
Haas was named host school during the 2024 ClimateCAP Summit held last month at the Ross School of Business at the University of Michigan. At that event, the largest summit to date, Haas Dean Ann Harrison participated in a virtual Dean’s Roundtable on Climate and Business Education.
Asked by Professor Stuart Hart, a visiting lecturer at Michigan Ross, whether sustainability is “here to stay” or “something that you don’t want to bet the company on,” Harrison said:
“Business has to accelerate the transition to net zero. It has to reckon with the impact of climate change and shift away from fossil fuels. That is not a fad, it is not niche, and it is clearly, in my opinion, going to be a part of the business curriculum now and way into the future.”
“Business has to accelerate the transition to net zero. It has to reckon with the impact of climate change and shift away from fossil fuels. That is not a fad, it is not niche, and it is clearly, in my opinion, going to be a part of the business curriculum now and way into the future.” – Dean Ann Harrison
With more than 41 partner schools across the world, ClimateCAP hosts a summit every year at a different partner school. The event will bring up to 500 MBA students and business leaders from across the world to the campus for one weekend.
“We are so pleased that Berkeley Haas has been chosen to host ClimateCAP next spring,” said Michele de Nevers, executive director of the Office of Sustainability and Climate Change at Haas. “The conference will provide a terrific opportunity to bring hundreds of climate leaders to our campus to showcase Haas and California’s leadership on climate change.”
ClimateCAP aims to give students a deeper understanding of markets with the biggest financial and operational risks due to the climate crisis, and introduces them to promising innovation and entrepreneurship opportunities, de Nevers said.
“Classified” is an occasional series spotlighting some of the more powerful lessons being taught in classrooms around Haas.
It’s a recent Tuesday evening at Berkeley Haas, and Marissa Maliwanag, MBA 24, has just five minutes to pitch her team’s idea for Tables Together. It’s an online marketplace that big corporations like Google could use to donate surplus food from their employee kitchens to organizations that feed people in need.
“There are matches that need to be made and we want to create a marketplace and solve the problem,” Maliwanag said, ticking off the amount of food that goes to waste in the United States each year.
After a few quick questions for the team, the rapid-fire pitch slam—part of the MBA class called Online Marketplace and Platform Design—continues. Students pitch ideas, among them a private plane rental marketplace to a community for matching skiers and snowboarders with coaches to a marketplace for tailors of bespoke clothing for events like weddings.
All of the pitches serve as practice for the students who are working toward final projects, says Assistant Professor David Holtz, who teaches the class, an elective that enrolls 68 students. The group is a split of mostly full-time and evening & weekend MBA students, on a journey that covers all aspects of online platforms—from A/B testing, network effects, and platform monetization, to reputation systems and discrimination in online marketplaces.
The class aligns with Holtz’s career experience as a former Silicon Valley data scientist. Most recently, Holtz worked for Airbnb, where he first became intrigued by online marketplaces. “I was exposed to a lot of interesting problems including reputation-system design, algorithmic pricing, and experiment design,” Holtz, a member of the Management of Organizations (MORS) and Entrepreneurship & Innovation Group at Haas, says. “To this day, these topics form the backbone of my research, because, in addition to being extremely interesting, they’re also extremely difficult to solve.”
Taking apart the case
During the first half of a recent class session, Holtz asked students to split into groups to discuss one of the week’s assignments: Pick a company on the a16z Marketplace 100 list—Andreessen Horowitz’s ranking of the largest and fastest-growing consumer-facing marketplace startups and private companies—and come up with a new market mechanism that the company might trial using A/B testing.
One MBA student team wrote about the online specialty food marketplace Goldbelly, suggesting that the company might add a feature that prompts site visitors to indicate that they’re trying to buy a gift. Then, Goldbelly could customize searches and provide a more personal message option at checkout.
Holtz then runs students through a business case called “Innovation at Uber: The Launch of Express POOL, a case directly related to some of his marketplace research that examines experiment design in two-sided markets. Set in March 2018, the case follows Uber through the launch of a new product called Express POOL, which offers carpooling riders a cheaper ride if they agree to walk a short distance to and from pick-up and drop-off points and wait a few minutes before being matched to a driver.
In this case, Uber had to decide whether to keep rider wait times at two minutes or change the Express POOL wait time to five minutes mid-experiment. The big dilemma? Uber benefited from a cost-per-ride reduction with a five-minute wait time but didn’t want to make a change that could hurt the user experience. “Even if the company did decide that a longer wait time was preferable, what did that mean for the ongoing experiment the company was running?” Holtz says. “Should they change the product mid-experiment or let the experiment continue running as originally intended?”
In this case, Uber had to decide whether to keep rider wait times at two minutes or change the Express POOL wait time to five minutes mid-experiment.
Holtz then shifts to a whiteboard, where he outlines different types of experiments (also called A/B tests) that marketplace companies like Uber use to test new features.
First is the “bread and butter” user-level test, which Uber could have used to compare the behavior of riders with access to Express POOL to the behavior of those who did not have access to Express POOL. The second kind of test, a switchback experiment, would give all riders and drivers in a given market access to Express POOL for randomly selected 160-minute-long chunks. Over two weeks, Uber would switch Express POOL availability back and forth to compare behaviors.
The third type of experiment Holtz describes, which Uber did use with Express POOL, is a synthetic control experiment. It is the most accurate form of testing, Holtz says, but also the most complicated to run and the “noisiest.” Using the synthetic control experiment, Uber identified two sets of markets that, in aggregate, were as similar to each other as possible. The company then launched Express POOL in one set of cities, but not in the other. By comparing behavior in the two sets of cities, Uber could estimate the impact of both.
Holtz’s knowledge of how to apply A/B tests comes from deep research. He has conducted multiple large-scale experiments analyzing the effects of marketplace design choices on Airbnb. One studyexamined whether coupons would lead more Airbnb bookers to write more reviews—with the eventual aim of facilitating better matches on the platform and increasing revenue. Comparing behaviors of buyers who received coupons to those who didn’t, he found that the coupons led to additional reviews that were more negative, on average, and that the reviews didn’t affect the number of nights sold on the site or total revenue.
In a separate, widely cited study, he and his co-authors examined the effects of remote work on collaboration among information workers at Microsoft. They scoured anonymized, aggregated data describing emails, calendars, instant messages, video/audio calls, and workweek hours of more than 60,000 U.S.-based Microsoft employees during the COVID-19 pandemic, trying to estimate the causal effects of firm-wide remote work on collaboration and communication. Results showed that under firm-wide remote work, collaboration patterns become more static and siloed, with fewer bridges between disparate parts of an organization.
Impressive guest speakers
For Lena Corredor, MBA 25, knowledge gained in Holtz’s class is providing an opportunity to explore the challenges of building a successful entrepreneurship marketplace, which is her startup idea.
“This class is really eye-opening for me because it’s not as straightforward as it seems,” she says. “When you think about the different sides of a marketplace, one would think if you build it, they will come, but it’s not the case. The design elements he talks about are very important to business success.”
During most classes, Holtz opens with a guest speaker, and his roster includes an impressive industry bench of leaders including Sudeep Das, head of Machine Learning/AI at DoorDash; Martin Manley, co-founder of Alibris and former U.S. assistant secretary of labor; Ania Smith, CEO of Taskrabbit; and Briana Vecchione, a technical researcher at Data & Society’s Algorithmic Impacts Methods Lab (AIMLab); among others.
Roberto Pérez, MBA/MEng 24, an entrepreneur in Mexico before coming to Haas, said they were drawn to the class for two reasons. “First, I knew that the professor had a great background and first-hand experience on this topic,” they say. “Second, I knew that the class would have a lot of guest speakers and that was interesting to me as this level of exposure is very valuable.”
Looking toward the future of online marketplaces, Holtz said he’s excited to see where entrepreneurs will take new technologies, such as generative AI, AR/VR, and blockchain-based tech. To that end, he said he expects the students will hear more from a group of investors and VCs who are guest judges at the last class—Raphael Lee, Vickie Peng, and Lindsay Pettingill.
“They weigh business pitches all the time and will have a better sense than anyone of where we are headed,” he said.
Miaad Madeline Bushala, BS 25, likes Taylor Swift’s music but doesn’t consider herself a die-hard “Swiftie.” What’s more intriguing to her is Taylor Swift’s evolution as a business leader who continues to top the music industry.
Bushala is now tapping into how the 14-time Grammy winner built her fortune, co-teaching a DeCal at Berkeley Haas called “Artistry & Entrepreneurship: Taylor’s Version” with Sofia Mei Lendahl, a sophomore Data Science and Statistics double major. The pair were in their fourth week of teaching the 13-week class when Bushala talked to Haas News.
You came to this class with both a musical and a business background.
Indeed, I did. I was a vocalist in the Popular Music Conservatory at the Orange County School of the Arts (OCSA) alongside my brother who is a fantastic drummer and my biggest musical inspiration. I attended Grammy Camp twice for vocal performance, a camp where high school students across the nation learn from and collaborate with music professionals.
My business background comes from watching and helping my parents with their real estate business, and then of course all that I’ve learned since being a student at Haas.
What interested you most about Taylor from a business perspective?
I heard somebody say that “nothing about Taylor Swift is an accident,” and I truly do believe that. Particularly as a business student, Taylor’s story has been so fascinating to me. At the end of the day, her songs, albums, merchandise, tours, etc. are all products, and for a product to have a life of almost 20 years not only says something about Taylor’s brilliance as an artist, but as a businesswoman. With that, I am interested in unraveling all those pieces about her and seeing what made her the success that she’s become.
I heard somebody say that “nothing about Taylor Swift is an accident,” and I truly do believe that.
How did you meet Crystal Haryanto, BA 23 (Economics, Cognitive Science, & Public Policy), who founded this class?
Crystal and I met through Lizzie Coyle, director of Major Gifts at Haas. Lizzie shared the excitement of the Taylor Swift course in the business school and I was encouraged to consider joining the team as the team was also seeking a business perspective. I was supposed to study abroad this semester in Spain, but this was my sign to stay and do something that I’d never done before.
As a business student, how did you help shape the class syllabus?
I asked the hard questions—for every concept in our syllabus, I ensured that there was a viable link to business. We wanted students to view Taylor as an entrepreneur who differentiates herself within a market, manages customer acquisition and sustains customer loyalty, and impacts multiple economies. We wanted them to think about how, as future entrepreneurs and business leaders, to make their customers their biggest fans, like Taylor has done.
Can you give a few examples of how that plays out weekly in the class?
One of my ideas for our marketing unit was a deep dive into Taylor’s style evolution over her self-proclaimed eras, and how that has reinforced her principles of relatability and world building. While style was a more subtle signal that built up over time, I’ve also enjoyed speaking about her direct power moves. Last night, for instance, we discussed how Taylor negotiated her contract with AMC Theatres and took hold of the reins for the Eras Tour film project. She financed the film and received 57% of the movie profits. To me, that was her learning from the mistake she made when she was younger, when she signed over the masters to her music.
In business school, students study the importance of connection in building an authentic brand. How has Taylor become a master at that?
Taylor’s songwriting stands out on two primary levels. The first is that she puts her insecurities and struggles out there, emotionally stripping herself through art. The second is that she vividly weaves those vulnerabilities into stories. Unique structures, sonic devices, and figurative language add layered complexities to these stories that ensure that they are highly talked about among consumers as a hot commodity. These elements of songwriting craft also tailor each product to match the message it is sending, which strengthens its value to consumers. She’s able to create a dynamic, so people continue to feel like they can relate to her. She really knows her audience, and her songs cover every part of her ideal listener’s life.
What does Taylor teach us about how to lead?
Taylor’s grandmother, Marjorie, said it best: “Never be so kind, you forget to be clever / Never be so clever, you forget to be kind.”
Taylor shows us how to balance a good heart with strategic design. We bring it up in class—the bonuses that she gives her team and the ways that she gives back to the community. Philanthropy happens to also be a tax write off for her, but that isn’t a bad thing. I think people know when a brand is doing something that feels inauthentic, and that isn’t the case with Taylor.
I think people know when a brand is doing something that feels inauthentic, and that isn’t the case with Taylor.
Taylor has so much power. How do you see her using it to uplift women’s voices, big and small?
Taylor has spoken extensively on how navigating the industry as a woman is different than as a man, which she writes about in “The Man” and “mad woman.”
She wears clothes from small, women-owned businesses, which have seen huge jumps in customers and traction.
But arguably one of the biggest ways that Taylor has amplified women’s voices is when she was a victim of sexual assault and ended up suing her assaulter for a symbolic one dollar. For many women, especially young fans, hearing a beloved figure speak so openly about that emotional damage not only acknowledges their pain, but also models speaking out against intolerable behavior that has become normalized in our society.
I have to ask about her dating Travis Kelce and what that has done for her brand.
The question should be what dating Taylor Swift has done for Travis Kelce’s brand. We’ll discuss her influence in the NFL in class and perhaps the perceptions that come with being in a high-profile relationship.
How much longer do you think that Taylor will continue reinventing herself as an artist? Do you think she will be like Madonna, touring in her 60s?
A lot of artists, once they feel like they’ve reached a certain point, go off the grid. I don’t quite know, but I know this: Taylor will always be a songwriter. She’s even said that she would consider writing songs for other people at some point. She cites songwriting as her lifeline, passion, and purpose—singing and performing are extensions of that.
Note: Bushala and her team will present at the annual Berkeley Haas Alumni Conference on April 27. Registration is open.
When Lizzie Hoerauf, MBA 24, joined Berkeley Haas, she had a vision of what she wanted to do post-graduation.
“My goal was to bring the finance and operations business acumen I gained from an MBA program back to organizations with missions I care deeply about,” said Hoerauf, who has a background in nonprofit management, including working for Yosemite National Park.
At Haas, Hoerauf found her calling in the Impact CFO program, an innovative initiative designed to create a new generation of CFOs equipped to lead foundations, nonprofits, and other social enterprises.
She’s not alone in this journey; Hoerauf is part of the inaugural cohort of 14 MBA students united by a goal to develop strong finance and analytical skills while having an impact on society.
(Hear about Impact CFO from a few students in video below.)
Workshops, speaker series, and networking events complement hands-on projects and industry mentorship, ensuring a comprehensive learning experience. Another key program feature is an internship that bridges impact and finance, helping students gain insights into the evolving role of a CFO in the social sector.
Raising the financial leadership bar
Silver emphasized the program’s unique approach: “Today’s social sector organizations need more than just accountants who can close the books; they need strategic thinkers with an MBA-level understanding.” This sentiment echoes throughout the program, raising the bar for financial leadership in the social impact realm, she said.
“Today’s social sector organizations need more than just accountants who can close the books; they need strategic thinkers with an MBA-level understanding.” — Nora Silver.
Even-Tov highlighted the diverse backgrounds of the program’s candidates: from seasoned finance professionals seeking meaningful impact to experienced nonprofit professionals aiming to amplify their fiscal expertise. “The program challenges its participants to balance the mission of the organization with financial stability,” he said. “Without wise business decisions, these organizations will not be able to achieve their social missions.”
CFOs in demand
Demand for such specialized financial talent is high, especially in California, a hub for the social impact sector, Silver said. “Of the 86,203 U.S.-based foundations, 22,347, or 26%, are located in California and hold assets of more than $722 billion,” she said. The base salary range for a senior finance manager or director in the sector is $120,000-$140,000.
Mentorship is a cornerstone of the Impact CFO program—and mentors in the Impact CFO program hail from industries including education, health care, impact investing, government, humanitarian aid, housing, art & culture, and philanthropy.
Hoerauf’s mentor, David Samuels, MBA 86 and CFO of REDF, exemplifies this. Interning at REDF, Hoerauf uses her MBA skills in a real-world setting, applying her learnings from courses like Strategic Management of Nonprofit Organizations and Social Sector Solutions.
Victor Ringeard, MBA 24, who is transitioning from a healthcare consulting background, anticipates a transformative experience at LifeLong Medical Care under CFO Brent Copen. Ringeard aims to grasp the nuances of nonprofit finance in healthcare and learn how to influence stakeholders who may not have a financial background, all the while making healthcare more accessible in the Bay Area.
A deeper understanding of the role
Yvonne Mondragón, BS 16, MBA 25, is blending her investment banking career with her nonprofit commitments. “Understanding the CFO role deeper will enrich my contributions to both sectors,” Mondragón, who serves on the board of the East LA Community Corporation, said.
Delphine Sherman, CFO of BRIDGE Housing, is mentoring Alex Weinberg MBA 24, who is interested in low-income housing, a field where BRIDGE Housing is a major player.
Sherman, the former CFO of Haas, said she believes that the Impact CFO program is not only shaping future leaders, but “molding a new financial paradigm in the social sector.”
“Impact CFO will fill a huge need for strategic, forward thinking, systematic, efficiency-driven, change agent CFOs in the social sector,” she said.
Looking ahead, Even-Tov and Silver envision building one of the largest networks of finance professionals in the social sector within a decade.
“We want the Impact CFO program to stand as a beacon, illuminating the path for future CFOs committed to making a difference,” Even-Tov said..
At a time when the world—and especially the job market—is full of uncertainties, it can often seem impossible to rise above the challenges many women face, from the workplace to their personal lives.
The 28th annual Women in Leadership conference aims to shed light on these challenges—and more specifically, the resilience that women exhibit. This year’s theme, “Leading with Resilience,” features speakers who will discuss their experiences in maintaining strength and overcoming adversity as women, from the personal to the professional to the physical. The conference will be held Saturday, Feb. 24, at the Haas School of Business, with an additional optional event the preceding evening at Ivy Room in Albany.
“Thinking about the theme for this year, we wanted to focus on what was happening in the broader world and physical environment,” said conference co-organizer Jillian Geary, MBA 24. “And this topic of resilience kept coming up for a lot of us in the room.”
Organized by the Women in Leadership club, the conference is one of the longest-running and highly attended events at Haas.
The conference will feature speakers such as Yasi Baiani, co-founder and chief product officer at Raya; Shripriya Mahesh, founding partner at Spero Ventures; and more.
Geary, who worked for a diagnostics startup amid the pandemic, discussed how her background in health care helped inspire the conference themes of leadership and resilience. She noted that, especially during such a time of uncertainty, she discovered the importance of collaboration.“I think of this conference in a similar manner—that we are smarter when we come together and create an atmosphere for people to share the challenges they’ve been through, rather than solely share their biggest successes.”
Co-organizer Alyssa D’Cunha, MBA 24, likewise noted that she hopes that the conference will help normalize difficult conversations surrounding hardship through a mixture of keynotes, a fireside chat, and panels on topics ranging from navigating male-dominated fields to living a balanced life.
She added that their ultimate goal is for attendees to leave the conference with a toolkit, having discovered their own resilience.
D’Cunha, who has a background in mechanical and materials engineering, highlighted the significance of addressing how women can navigate and succeed in male-dominated industries. Kellie McElhaney, Haas lecturer and founding director of the Center for Equity, Gender, and Leadership, will lead a conference workshop on the topic.
“I remember having a less than ideal conversation about having reached parity already, and how there is no longer this equality or equity problem that we need to address going forward,” she said. “We want to talk about how you navigate conversations like that with your superiors and what it means to be equity fluent.”
On Friday, Feb. 23, there will be a pre-conference “Story Slam,” inspired by Haas tradition of Story Salon, where students share their lived experiences with storytelling.
At a time of life when many of his peers are well into retirement, Peter C. Fung is having “the time of his life” as a student in the Berkeley Haas Executive MBA Program.
But for Fung, 76, a retired neurologist and self-proclaimed lifelong learner, retirement was never an option. It’s the reason he wanted to earn an MBA and why he connected immediately to Students Always, one of the four Haas Defining Leadership Principles (DLP).
“Age is not important,” said Fung, EMBA 24, who sits on the El Camino Health District Board of Directors and for a decade led the hospital’s stroke program, which is named after him. “When we’re using our brains in thinking or learning new information, neuronal pathways from neuron to neuron are formed. This is the best anti-aging therapy. Just like an old car, you have to keep it running to keep it from rusting.”
Developing leadership skills
As a physician, Fung, an advocate for health, wellness, and disease prevention, has spent more than 35 years improving health care quality and access. Now, he’s running for an open seat on the Santa Clara Board of Supervisors, where he hopes to tap what he’s learned at Haas on the journey.
In the EMBA program, Fung said he’s developed leadership skills that he believes will help him stand out as a political candidate. He’s also gained new expertise in economics and data analysis—and a deeper understanding of organizational finance that he hopes to apply to overseeing the county’s budget and tackling the deficit.
He said he is impressed that his classmates—busy with careers and young families—are all committed to learning new skills, pivoting to new jobs, starting companies, and helping each other.
“The cohort has been treating me as one of their own,” he said. “I was terrible with the computer, especially with Excel, when I started the program. But I was finally able to master this very powerful tool. I actually did quite well on my finals. I have enjoyed the challenge. It was a thrill.”
Fung believes he brings something unique to the program. His classmates agree.
Abdus Sattar, EMBA 24, collaborated with Fung during a recent business policy immersion trip the cohort took to Washington D.C. Their paper on “Medicare Drug Price Negotiation, “offered me an opportunity to delve into crucial healthcare topics,” said Sattar, who holds a PhD in electrical engineering.
Saya Honda, EMBA 24, said that Fung “pushes us and encourages us to challenge ourselves.” She said Fung embodies all four of the Haas Defining Leadership Principles: He questions the status quo by being unafraid to ask questions; he shows confidence without attitude by using humor in public speaking; he’s a student always as the oldest person in the cohort and as someone who believes in the importance of education; and he’s questioning the status quo by running for county supervisor.
A passion for learning
Originally from China and having grown up in Hong Kong, Fung came to the United States to study at the University of Michigan Medical School, where he became board-certified in internal medicine and neurology and also earned a master’s degree in neurochemistry and neuropharmacology.
“His passion for learning is not only impressive but also infectious,” said Elizabeth Stanners, executive director of the Haas Executive MBA program.
When a professor recommended a PhD program, Fung’s wife, who missed living in Asia and warmer weather, balked. “She said, ‘We’re going to move to California.’ he said. “That pretty much was an ultimatum. So we came to San Jose, where I was the only neurologist in my area of the city.”
For Fung, 1996 proved a turning point in life after his mother had a devastating stroke that left her paralyzed on one side and unable to speak. Fung managed to consult with the chief of the stroke program at Stanford about a new drug called tPA, which his mother received. “The next day, she asked, ‘Why am I here?’ Her arm was no longer paralyzed, and she was speaking fluently,” Fung recalled.
Running for supervisor
After that experience, Fung decided to study strokes, immersing himself in articles and at conferences for a decade. Along the way, he became the first physician in the Bay Area to be board-certified in stroke neurology. “I thought I would work as a stroke and vascular neurologist for the rest of my life,” he said. “But then, I started thinking about what else I could do.”
Running for office was part of that plan, to expand his commitment to improving access to care for everyone. Earlier in his career, Fung served as co-director of the El Camino Health Chinese Health Initiative, to provide education and access to the Asian community. The initiative is now the largest nonprofit organization catering to Chinese patients in California.
In 2014, he ran for the El Camino Healthcare District, which manages the budget for the district’s hospitals. The Santa Clara Board of Supervisors is the next step, where his work would have impact on a larger population.
If elected, he said he’d tap into the DLPs to help with decision making in critical areas that are top of mind for constituents: crime, safety, healthcare, inflation, education, and housing. “After thorough research and analysis, I would delve deeply into the issues at hand, engaging with fellow political leaders to gain diverse perspectives, and to develop well-informed and practical solutions,” he said.
Meanwhile, Fung is looking forward to adding an MBA to a long list of accomplishments.
“If I’m the oldest student to graduate successfully from Haas, and I go on to make a meaningful life after graduation, that will be something to write about,” he said. “That’s my goal.”
Berkeley — A team of researchers who developed tools for investors, academics, and businesses to measure economic risks from the loss of the planet’s biodiversity has won the inaugural Berkeley Haas Sustainable Business Research Prize.
The new $20,000 prize, which recognizes research with the greatest potential to spur immediate change in the face of environmental crises, has been awarded to the paper “Biodiversity Risk” by Stefano Giglio of the Yale School of Management, and Theresa Kuchler, Johannes Stroebel, and Xuran Zeng of New York University’s Stern School of Business. (Read paper summary.)
Giglio says he and his co-authors are honored to receive the inaugural prize and hope it will encourage further research and practical change.
“While research in the field of climate finance has been expanding dramatically over the last few years, a lot more work needs to occur to ensure that the ideas developed in academic research find practical applications in the business and policymaking world,” Giglio says. “This is even more important for topics like biodiversity risks and its financial implications, where much less work has been done so far.”
Actionable research
The prize is administered by the Berkeley Haas Center for Responsible Business (CRB) and was launched with the support of Allan Spivack, MBA 79, to encourage serious scholarship with real-world business applications related to responsible business, sustainability, and ESG (environmental, social, and governance) issues.
The judging panel’s focus for the prize’s inaugural year was on papers that investigate economic levers to motivate individuals, corporations, and markets to act with urgency on climate and resource-saving initiatives. The winner was selected from a competitive field of 63 papers submitted by academic researchers around the world.
Berkeley Haas Dean Ann Harrison, a noted economist, served on the judging panel. “Thank you to our winning researchers for calling attention to the emerging area of biodiversity risk. All too often, groundbreaking academic research fails to gain traction or get put into practice in the ‘real world,’” Harrison said of the prize winners. “Rewarding research with direct implications for business and policy is another way that Berkeley Haas can help stem the multiple environmental crises we are facing.”
Defining biodiversity risk
The winning paper noted that humans rely on biodiversity to thrive. For example, diverse ecosystems are key to food production, while medicines are derived from natural compounds found in plants, animals, and microorganisms. Yet damages caused by the loss of ecosystem services alone—such as the supply of raw materials like food and fuel—have been estimated as high as $20 trillion per year, according to the paper.
Using surveys, news coverage, and analysis of 10-K statements, the researchers developed multiple measures of biodiversity risk. They determined that it is a separate phenomenon from climate risk and concluded that the energy, utilities, and real estate sectors are most exposed. They also concluded that biodiversity risks are partially reflected in stock prices over the past decade.
The researchers recommend that businesses regularly monitor and report how their activities affect the biodiversity of the areas where they operate, both directly and indirectly. It is also important that these data are aligned with emerging standards and regulations.
The paper has immediate applications: Investors can now use the scholars’ findings to better understand how biodiversity risk affects current and future business performance and take better-informed positions on industries and specific equities. At the same time, researchers can use the new measures to delve more deeply into impacts in economics, business, and human welfare, the co-authors say.
Three finalists
In addition to the winning paper, the judging panel—comprising sustainability researchers and practitioners affiliated with Haas—chose three finalists:
“Cost-Efficient Pathways to Decarbonizing Portland Cement Production,” by Gunther Glenk, Harvard University and University of Mannheim; Anton Kelnhofer, Technical University of Munich; Rebecca Meier, University of Mannheim; and Stefan Reichelstein, Stanford University and University of Mannheim.
The researchers developed an economic model for identifying cost-efficient pathways for decarbonization. Read full summary.
“CRISK: Measuring the Climate Risk Exposure,” by Hyeyoon Jung, Federal Reserve Bank of New York; Robert Engle, NYU Stern School of Business; and Richard Berner, New York University’s Stern School of Business.
Figuring out how much risk financial institutions face from climate change poses challenges. To address these challenges, the authors suggest using market-based metrics. Read full summary.
Corporate America needs to decarbonize due to its massive contribution to climate change, but how? This paper seeks to understand the most effective way of closing the emissions gap by exploring if corporations can be left alone to govern themselves or if subnational (city and state) government policies should contribute to this fight.Read full summary.
The prize is part of Dean Harrison’s three strategic priorities for the Haas School: sustainability, entrepreneurship, and diversity, equity, inclusion, justice, and belonging (DEIJB). As the top public business school, Berkeley Haas is committed to addressing sustainability challenges by preparing its students to lead the transition to a sustainable and inclusive economy through designing and implementing new business models, policies, and solutions.
The new program, enrolling for fall 2024, will allow full-time MBA students to earn both a Master of Business Administration and a Master of Climate Solutions degree in five semesters, or two-and-a-half years. The application deadlines for the first MBA/MCS cohorts are January 4, 2024, and March 28, 2024.
The MBA/MCS degree is designed for early-career professionals who plan to take their careers to a higher level of business leadership, grounded in understanding of sustainability and climate change challenges and opportunities.
Berkeley Haas Dean Ann Harrison said the new program will draw from the strength of both schools, allowing students to learn from some of the world’s top minds in climate change,sustainability, and business.
“Future business leaders will require a depth of training in both business and climate change to work across disciplines and execute competitive strategies,” Harrison said. “This new program will provide a breadth of skill sets, equipping our grads to lead in building a sustainable, low-carbon future.”
“Future business leaders will require a depth of training in both business and climate change to work across disciplines and execute competitive strategies.” — Haas Dean Ann Harrison.
The program aims to develop critical skills and knowledge in climate data science, carbon accounting, and lifecycle analysis, as well as technological and nature-based solutions.
Students in the MBA/MCS cohort will spend the first year completing MBA core coursework at Haas before moving to classes at Rausser. The rigorous MBA curriculum includes courses in leadership, marketing, management, finance, data analysis, ethics, and macroeconomics, along with sustainability courses.
Doubling down on sustainability
Under Harrison’s leadership, Haas has doubled down on sustainability through the creation of the Office of Sustainability and Climate Change and by revamping all of the MBA core courses to incorporate thinking about climate change and other sustainability challenges.
The new MBA/MCS degree program follows Rausser’s launch of its new Master of Climate Solutionsdegree. MCS courses will translate the fundamental science and groundbreaking discoveries of UC Berkeley experts, enabling professionals to learn how to evaluate technologies, develop just climate strategies, and remove barriers to implementing practical climate solutions. The MCS core curriculum includes teaching in the climate and environmental sciences, climate economics and policies, technological, business and nature-based solutions, training in analytical and quantitative skills, and applied exercises and engagements that emphasize adaptive thinking and problem-solving.
“The Master of Climate Solutions represents a critical step forward in expanding the interdisciplinary and highly interconnected community of practitioners needed to solve the climate crisis,” said David Ackerly, dean of UC Berkeley’s Rausser College of Natural Resources. “Students in the concurrent program will be able to leverage the critical climate knowledge and tools taught in the MCS, as well as the leadership and business skills that are core to Haas.”
“Haas and Rausser both have such impressive track records in climate research,” added Michele de Nevers, managing director of the Office of Sustainability and Climate Change at Haas. “This program combines our offerings at the master’s level, with a keen focus on professional students, who are clearly positioned to make an immediate impact, and who serve a critical role as translators of academic insights and enacting these insights in the world.”
Addressing the Climate Challenge
All MBA/MCS students will participate in a semester-long capstone program that gives students the opportunity to partner with organizations operating across the business, government, and non-profit sectors. A unique leadership course on organizational, political, and societal change for climate solutions will prepare students to be change agents and leaders in businesses, nonprofits, and government agencies.
“New research on climate solutions is still critical, but we already know many of the things we need to do to address the climate challenge,” said James Sallee, a professor in the Department of Agricultural and Resource Economics and faculty director of the MCS program. “What we really need are people spread throughout society and the economy who are in a position to take action on climate, and who are equipped with the tools to make the right choices. Educating those students is the vision of the MCS program.”
Summer internships are also crucial to the MBA/MCS program. Students will complete two summer internships, which will allow for deep immersion in different disciplines and more time to build relationships.
Haas now has four dual degree programs, including the MBA/MPH (public health), the MBA/MEng (engineering), and the MBA/JD (law).
Setting a record, annual base salaries for the Berkeley Haas Full-time MBA Class of 2023 increased to an average of $162,831. That’s about $10,000 more than last year, with nearly 70% of the class nabbing signing bonuses averaging $36,777 as well. Notably, 39% received stock options or grants, adding significantly to total compensation.
“We’re thrilled that starting salaries and compensation packages have continued to grow, reinforcing the strong return on investment on a Berkeley Haas MBA,” said Abby Scott, assistant dean of MBA Career Management & Corporate Partnerships. “These outcomes are a testament to the high caliber of our students. Our alumni and career management team also play an instrumental role in helping them navigate paths to reach their goals.”
Of the total class of 294 graduates, roughly 90% received job offers within three months of graduation, and even more secured opportunities within six months of graduation. Similar to previous years, more than half of the students accepted roles in the technology industry and consulting. A few more highlights from the Career Management Group (CMG):
Technology remained the largest industry employer, with about 30% of the class taking positions in the sector. Amazon was the top tech employer.
Nearly 28% of the class accepted consulting jobs; the largest number of graduates went to McKinsey (26 hires), followed by Bain (14 hires), this year’s two top employers overall.
Financial services hiring increased from 13.7% to about 14.5% of graduates; health care and biotech jumped from 5.1% to 7.5%. Energy-industry roles among grads jumped to 6.6% of graduates from 2% last year, reflecting the increase in climate tech.
About 22% of graduates embarked on “impact careers,” defined as jobs in sustainability, climate tech, healthcare, edtech, and some areas of finance and real estate.
A growing number of students (4.4% of the class) accepted positions in real estate, typically in development and investment roles.
McKinsey, Bain top employers
This year’s top employers for Haas—companies that hired three or more graduates—included Amazon, Boston Consulting Group, McKinsey & Company, Deloitte, Bain & Company, EY Parthenon, PayPal, Apple, Evercore, Microsoft, TikTok, and Tesla.
Matt Solowan, MBA 23, is now a consultant at Bain & Co., after interning there while at Haas, finding the people at Bain similar to the people at Haas: “very down to earth, very kind, very warm, very supportive.”
While at Haas, Solowan said they worked closely with Julia Rosof, a career coach in the Career Management Group, to prepare for early recruiting opportunities scheduled during ROMBA, the annual LGBTQ+ MBA conference. “After that, I really leaned on the second-year peer advisors who provided me with on-the-job insights and helped to improve my casing and behavioral interview skill,” Solowan said.
In addition to consulting, the tech sector remained a top area of interest for FTMBA graduates, “so we were particularly pleased to see so many land roles this year, given all the churn in the field,” Scott said.
Highlighting the power of the alumni network, Henry Gordon, MBA 23, landed a position as strategy and planning manager at drone startup Skydio, after chatting with classmate Harrison Zhu, MBA 23. Zhu, a product manager at Skydio, had interned there while at Haas. “I knew he really liked the company and when I was looking for roles this one popped up in my LinkedIn,” Gordon said. “I texted Harrison to ask about it, and three weeks later, I had a job.”
Since joining Skydio, Gordon said he’s helped guide the company’s strategy as it pivoted from its consumer drone business to the enterprise market. “I was attracted to Skydio because of the enormity of the problems that they are trying to solve”—by providing drones to utilities, fire departments, and other industry customers. “About 30% of my job now is familiar, and the other 70% is totally new.”
Grads land in multiple regions
Lecturer Abigail Franklin, managing director of a program for careers in real estate who works with the Fisher Center for Real Estate & Urban Economics, said alumni working in real estate are particularly critical to her students’ success in finding roles. “Our 2023 graduates did so well in many geographic locations with the best compensation that I’ve seen in my 12 years here,” Franklin said. “It’s really a testament to the real estate alumni we have.”
One example, she noted, are the Haas alumni at privately owned real estate firm Hines, which hired two 2023 Haas MBA graduates this year—one in Chicago and another in Seattle, she said.
A number of 2023 graduates held out until the fall for the right opportunity, based on their specific career criteria—and the Career Management Group continues to support graduates until they find the right role, often reconnecting during future job transitions.
Before coming to Haas, Megan Nelson, MBA 23, worked for Uber in Australia. When she started in 2015, she was one of 20 employees in Sydney, a number that swelled to 400 people by the time she left as senior regional operations manager in 2021.
Nelson decided to take a few months off after graduating from Haas before beginning her search for strategy and operations roles last August. With a goal to move back to Australia and work at a startup or scale-up, she jumped to apply for a position as chief of staff at Sydney-based startupJOLT, a company working to support the transition to electric by providing free, fast, and clean EV charging.
Her new role at JOLT aligns with her love for working for a company at an early stage. “I am focused on a bit of everything, including expanding our CEO’s capacity so he can steer the ship. I’m supporting both Australia and our international markets, and helping build the internal operating structures to enable our teams to sprint.”
Classes at Haas provided a professional lens that Nelson said she applies in the workplace.
“Haas built my confidence,” she said. “I realized that my background was really valuable. Hearing the perspectives of my peers in the classroom, the courtyard, and over drinks—the people were the best part of Haas. It’s having those rich experiences and interactions, and being able to share my own…it’s these types of learnings that have helped me the most.”
Established with a philanthropic investment of almost $17 million from Robert G. and Sue Douthit O’Donnell, the new center will bring together the best minds from a wide range of fields.
Berkeley, Calif.—Ever since Nobel laureates George Akerlof and Daniel Kahneman created a 1987 UC Berkeley course that broke the rigid barrier between psychology and economics, the university has led the way in bringing the once-disparate disciplines together into the field of behavioral economics.
“We went from neoclassical economics that considered humans to be perfectly rational, to behavioral economics that brought in social psychology,” says Ulrike Malmendier, the Cora Jane Flood Professor of Finance, who will serve as the center’s faculty director. “Now we want to move the needle further, bringing together the best minds for rigorous research on human behavior from the sciences more broadly—including neuroscience, cognitive science, biology, medicine, epidemiology, and genetics.”
Funded with a philanthropic investment of almost $17 million by Bob O’Donnell, BS 65, MBA 66, and his wife, Sue O’Donnell, the center aims to become the preeminent hub for the maturing fields of behavioral economics and finance, bringing together leading researchers from a wide range of disciplines for collaboration, conferences, and bootcamps, as well as funding promising PhD students and postdoctoral scholars. The center will also host the prestigious Behavioral Economics Annual Meeting (BEAM), co-founded by Malmendier, every three years.
A nexus for cross-disciplinary research
O’Donnell says he was inspired by the pioneering work of Kahneman, Akerlof, Malmendier, and others who gave Berkeley its leading position in behavioral economics. “UC Berkeley is dedicated to integrating business education with other disciplines on campus, which is essential in this area,” he says. “It should have a center devoted to continuing this work.”
The center, says Berkeley Haas Dean Ann Harrison, will create a far-reaching impact across UC Berkeley, a research powerhouse with many areas of strength. “The goal is to cut through barriers that traditionally hinder research across disciplines, such as different ways of presenting data and publishing results, and bring people together in a different way than what’s usually done,” she says. “The O’Donnell Center will be the nexus of a new form of cross-disciplinary collaboration that pushes behavioral economics toward the future.”
Beyond ‘homo economicus’
Traditional economics was based on the assumption that human beings are perfectly rational, profit-maximizing “robots”—sometimes referred to as “homo economicus” or “economic man,” Malmendier says. Behavioral economics brought in insights from psychology and human behavior to explore the predictable foibles in our thinking, such as decision-making biases, fears of losing out, lack of self-control, and overconfidence. A classic example is Kahneman’s pioneering work with Amos Tversky on loss aversion, which showed that people are willing to take greater risks to avoid a loss than to secure a gain.
These ideas have been integrated into economics and finance departments around the world and have deeply influenced public policy and practice. For example, after Nobel Laureate Richard Thaler and Cass Sunstein developed the concept of the “nudge”—interventions that spur people to act in their own self-interest, such as enrolling in a retirement savings plan—hundreds of “nudge units” were established in governmental and private-sector organizations around the world.
Many other Berkeley Haas researchers helped pioneer this intellectual revolution, including finance professor Terrance Odean, BA 90, MS 92, PhD 97, the Rudd Family Foundation Chair, who was convinced by Kahneman to pursue a doctorate in finance rather than psychology and whose work reveals investors’ flawed decision making.
O’Donnell, the center’s founding donor, says he often applied insights from behavioral economics during his career as a portfolio manager for a large mutual fund group. “It represents a further step in the evolution of financial theory comparable to the development of the efficient market hypothesis,” he says. “When combined with existing financial theory, I believe that its insights enhanced results for my clients.”
Yet, during the 17 years he taught an investment class in the Berkeley Haas MBA program, O’Donnell says he sometimes encountered skepticism when he introduced ideas from the field. “Indeed, one student asked, ‘Isn’t all this kind of woo-woo?’”, he says. “Several years later, that student told me how perspectives from behavioral economics had helped her career in finance.”
Experience effects
Now, after more than three decades of foundational work, it’s time to move behavioral economics past its adolescence, Malmendier says. “Behavioral economics made progress by including psychology, but we didn’t include all the other sciences.”
Malmendier, whose groundbreaking work on “experience effects” earned her a Fischer Black Prize in 2013 for the top economist under the age of 40 and a Guggenheim Fellowship in 2017, has focused on complex economic behaviors. She has studied how stressful experiences with recessions, layoffs, inflation, housing bubbles, and political repression make consumer and investor behavior more cautious and risk averse for years afterward, and she has explored how stress can affect our health, careers, education, and other aspects of life in dramatic ways.
To further that work, Malmendier aims to bring a wider range of researchers together and break down silos. For example, collaborating with neuroscientists, neuropsychiatrists, biologists, medical researchers, and epidemiologists who have studied stress and trauma could more precisely demonstrate how past experiences shape our actions today and across generations. Stress impacts the big variables that economists study, such as completing an education, choosing an occupation, and deciding to have a family, she says.
“As we walk through life, our outlook on the world changes, especially if we suffer trauma,” she says. “Neuroscience says our brain gets rewired. There may be a long-term impact of stress on our longevity, on our aging, and on our health.”
Questioning the status quo
Malmendier, who now serves on the German Council of Economic Experts, is passionate about the potential of behavioral economics to help leaders create better solutions to the most complex and urgent problems of our time—from fighting climate change to battling inflation and avoiding financial crises. “If leaders keep in mind people’s emotions, their personal histories, and their psychologies, they can engineer ways to make things more predictable and give people more control over events help them live better lives,” she says. “That is our ultimate goal.”
Moving the field forward will also involve rigorous research to reexamine what has come before. For instance, a recent paper by center co-founder Stefano DellaVigna, the Daniel E. Koshland Senior Distinguished Professor of Economics and professor of business, with Elizabeth Linos of Harvard, suggests that leaders should get more realistic about nudge policies—and better at incorporating them into practice. Two government nudge units opened their records to allow the researchers to look at all their interventions. By examining 126 randomized controlled trials of nudge policies involving 23 million people in the United States, the researchers found that nudge interventions are on average effective, increasing the desired outcomes by about 8%. However, the effects are less than those in published academic papers—about one-fifth the size. The authors attribute the difference to publication bias, or the tendency toward publishing only large, surprising results.
“Our study stresses the importance of research transparency,” DellaVigna says. “This transparent access is quite unique and shows a further innovative impact of behavioral economics, which has led to more evidence gathering within governments.”
In a second paper, DellaVigna and Linos, along with Department of Economics doctoral student Woojin Kim, found that even when nudge policies are found to be effective, public agencies implement them only about a quarter of the time, often due to organizational inertia.
In addition to Malmendier and DellaVigna, the center will include a host of affiliated researchers from Berkeley Haas and Berkeley Economics, as well as from across the university. They include Berkeley Haas professors Ricardo Perez-Truglia, Ned Augenblick, Don Moore, and Gautam Rao, PhD 14—who will join Haas in January from Harvard University—as well as Dmitry Taubinsky of Berkeley Economics and others. The founding gift will establish a permanent endowment to support the center and some of its ongoing activities.
The Haas School of Business is launching the first student-led Climate Solutions Fund, the latest addition to its comprehensive curriculum to equip the next generation of business leaders with the financial skills to accelerate the transition to a low-carbon economy.
Beginning in fall 2024, MBA students can enroll in a new course where they serve as investment managers for the $2.37 million fund, learning how to structure financing in complex private markets by co-investing in real-world deals focused on solutions to climate change.
“As the world moves toward a goal of net-zero carbon emissions by 2050, we need financial leaders with the skills to navigate the economic revolution we are facing,” says Professor Adair Morse, co-founder of theSustainable and Impact Finance Center (SAIF), who conceived of the fund and will lead the course. “This economic revolution will be staggeringly disruptive yet will also be a source of more business opportunities across all parts of the country than we’ve seen in 250 years.”
“As the world moves toward a goal of net-zero carbon emissions by 2050, we need financial leaders with the skills to navigate the economic revolution we are facing.” —Professor Adair Morse
The new fund was made possible by a lead gift from Allan Holt, MBA 76, along with generous founding donations from Larry Johnson, BS 72, Charlie Michaels, BS 78, and his wife Doris, Scott Pinkus, and Professor Laura D. Tyson, former Haas dean and co-founder of SAIF.
“I am thrilled to help Haas take the lead in training leaders in the emerging area of climate finance,” says Holt, a Senior Partner and Managing Director of The Carlyle Group. “Decarbonizing our economy is the critical issue of our time, and I am committed to supporting future leaders who can spur this transition.”
“Decarbonizing our economy is the critical issue of our time, and I am committed to supporting future leaders who can spur this transition.” —Allan Holt, MBA 76
The multi-asset class private Climate Solutions Fund augments Haas’ unique curriculum under SAIF, which teaches investment management with hands-on experiential learning. It rounds out the public markets-focused Sustainable Investment Fund—the first and the largest student-led sustainable investing fund within a leading business school—and the Haas Impact Fund, a seed/startup capital offering.
A new area of finance
The Climate Solutions Fund curriculum will teach students new designs and uses of finance not traditionally taught in mainstream finance courses, where there are dire needs for leadership, according to Morse, who saw the need for this financial expertise while serving as deputy assistant secretary of Capital Access in the U.S. Department of the Treasury from 2021-23.
Financing the climate transition requires a diverse and technical tool kit: An estimated $4 trillion to $5 trillion per year will be needed to reshape global energy, transportation, food, and waste infrastructure, and to help companies reinvent supply chains and integrate new technologies, Morse says.
“This level of reinvestment will require every finance tool available, including designing financial structures to mobilize government programs and work with community and industry partners,” she says. “Our goal is to expand how we teach students to provide the leadership and expertise that corporations, financial entities, startups, governments, and philanthropies will need to navigate this transition.”
“This level of reinvestment will require every finance tool available, including designing financial structures to mobilize government programs and work with community and industry partners.” —Professor Adair Morse
The fund, and the associated MBA course, are the first at a major business school to focus on complex financing strategies within private markets, including growth equity and debt equity; public-private partnerships with federal and state programs; risk mitigation; identifying the underlying technologies to fuel the low-carbon transition; and envisioning new financial products.
Students enrolled in the Climate Solutions Fund course will assess investment opportunities in U.S.–based for-profit companies, working with outside investment partners to structure deals. Following a pitch competition, student managers will select one finalist to co-invest $100,000 to $300,000 annually. The fund is intended to generate positive returns over time so that future generations of students can build off the capital.
Comprehensive curriculum
In addition to the “fund-as-curriculum” courses, SAIF also offers other applied innovation courses such as the Impact and Climate Investing Practicum, where faculty guide small teams of MBA students who are paired with impact investing firms to to gain hands-on experience with impact investing strategy, mapping, and measurement projects.
The courses count toward theMichael’s Graduate Certificate in Sustainable Business. Open to both full-time and evening and weekend MBA students, the certificate requires 9 units of required coursework. Students can create a pathway that’s focused on either bringing a sustainability lens to a mainstream business function or building expertise into a specific industry such as renewable energy or green infrastructure.
In addition to Morse, SAIF is led by Professor Panos Patatoukas, The L.H. Penney Chair in Accounting, and Tyson.
Five major areas of sustainability
The new Climate Solutions Fund is part of Haas’ larger effort to ensure that all students are educated in the fundamentals of sustainability. Haas launched the first student-managed SRI fund in the early 2000s and is now the only top business school to work across five major sustainable business areas: energy, sustainable agriculture and food, real estate and urban economics, corporate accountability, and sustainable finance and accounting.
The school has combined research on energy conservation and storage, building efficiency, renewable energy sources, and sustainable food with efforts to include climate and equity into the core business curriculum across all programs. All told, Haas offers more than 25 courses with a focus on sustainability.
For students planning careers in managing sustainability challenges in organizations, Haas is also planning to launch a new joint master’s program in 2024 with the Rausser College of Natural Resources to offer an MBA/MS in Climate Solutions.
Berkeley Haas Dean Ann Harrison, a renowned economist lauded for keeping Berkeley Haas’ six business programs ranked among the world’s best and significantly expanding the breadth and depth of the faculty, has been named Dean of the Year by Poets & Quants.
Poets & Quants Editor-in-Chief John Byrne announced the news to a global audience at a Thinkers50 virtual conference today. Byrne engaged in a sweeping conversation with Harrison that covered the impact of globalization on workers, the responsibilities of government and business in fighting climate change, the critical role of diversity on campus, and the enduring importance of the MBA.
“The MBA is a wonderful degree,” Harrison said. “It combines the rigor of statistics, data analysis, hard-core quant skills with skills like how to work with people, marketing, and how to sell,” she said. “What’s wonderful about an MBA is that it allows you to combine these different skills. Other degrees don’t offer that combination.” Haas MBA students care about making an impact, she added, “not just a great paycheck.”
Harrison has amassed an unimaginable and nearly breathtaking record of achievement. —John Byrne, Poets & Quants
In his Poets & Quants article, published today, Byrne wrote that Harrison has amassed an “unimaginable and nearly breathtaking record of achievement” during her four-and-a-half years as dean. Harrison, who has led Haas since January 2019 and was reappointed to a second term last February, said she was “deeply humbled” by the honor.
“I am so lucky to be surrounded by a tremendous community at Haas—students, staff, faculty, and alumni who are always going beyond themselves,” she said. “It’s only together that we can seek solutions to climate change, build a more inclusive society, and fuel innovation in all its forms. This is a business school that embodies excellence. I feel great pride in our past and am thrilled to have the opportunity to create impact for the future.”
Harrison is the second woman to lead Haas; Professor Laura Tyson served previously. As the former director of development policy at the World Bank and a longtime professor, Harrison has focused her research on international trade and global labor markets.
Big Changes
Since joining Haas from Wharton, Harrison has made big changes, Byrne noted. She has led a major diversity, equity, inclusion, justice & belonging (DEIJB) effort, broadening the profile of the Haas faculty, school board, and the student body. The school’s entering full-time MBA class this year is 41% women, 47% U.S. minorities, and 13% U.S. underrepresented minorities overall.
Harrison has woven sustainability content deep into the curriculum while maintaining the school’s historical focus on entrepreneurship and innovation.
“The challenges of climate change permeate all aspects of business: supply chain, economics, management, and finance,” she said. “In the latter field, we have pioneered new ways of investing. We need to hire in all these dimensions. It is a big agenda and we are making a lot of progress in a lot of different ways.”
Harrison also oversaw the launch of the first Flex online MBA cohort at any top business school. Applying learnings from the pandemic, Haas used new technology to make the MBA available to expanded groups of international students and working parents who require flexible schedules.
Under Harrison’s leadership, Haas also stepped up fundraising, raising a record total of $227 million, including $56.1 million during the last fiscal year. The school also secured the largest single gift in the school’s history—$30 million from alumnus Ned Spieker, BS 66, and his wife, Carol, BS 66—to turn the undergraduate program into a four-year program.
Figuring it out together
In the Poets & Quants article, Courtney Chandler, Chief Strategy & Operating Officer and Senior Assistant Dean at Haas, noted that Harrison “hasn’t stayed in one lane as dean.”
“She’s ambitious, and she sees the full potential of Haas within UC Berkeley and is driven to realize that potential,” she said. “She has not been that one-dimensional dean and that is incredibly impressive.”
“She’s ambitious, and she sees the full potential of Haas within UC Berkeley and is driven to realize that potential.” —Senior Assistant Dean Courtney Chandler
Harrison’s record as a highly cited scholar has also helped her lead the school’s professors, Byrne said.
“It’s hard to get faculty to buy-in to a dean’s vision, but she has been able to do that effectively,” Erika Walker, senior assistant dean for instruction, who has been at Haas for nearly 20 years, told Byrne. “She relates so well to them…. Ann is very thoughtful about where we should be going. A lot of her success stems from her ability to get the buy-in and then enlist others to figure it out together.”
During her second term, Harrison said she will continue to work with her team to build upon the school’s academic excellence as well as the student experience at Haas. One important goal is to ensure that the school’s degree programs remain the best in the world, she said.
Harrison earned her BA from UC Berkeley in economics and history, and her PhD from Princeton University. She held previous professorships in UC Berkeley’s College of Agricultural and Resource Economics, as well as at Columbia University and the Wharton School, where she was the William H. Wurster Professor of Management.
An avid hiker, Harrison told Poets & Quants that returning to UC Berkeley and California has allowed her to use time off to explore the state’s cliff-lined beaches, redwood forest, and the Sierra Nevada Mountains, “a paradise for those who love the outdoors.”
Harrison is the 13th dean and the third woman to be named Dean of the Year by Poets & Quants, which covers business school education.
Exactly 125 years after Cora Jane Flood announced the gift that launched UC Berkeley’s College of Commerce, Haas students and staff packed the school’s sunny courtyard to celebrate this milestone.
Haas is not only the second-oldest business school in the country and the first at a public university. “Haas is the only leading business school to be founded by a woman, Cora Jane Flood, who was known as Jennie,” said Professor and Acting Dean Don Moore. “Haas is also the first top business school to be led by two women deans—Laura Tyson and Ann Harrison.”
Dean Ann Harrison unveiled a new plaque honoring Flood. “Now, students, staff, faculty, alumni, and visitors can learn her name and be inspired by her far-sighted philanthropy,” said Harrison, who is on sabbatical this fall but returned for the event.
Flood, the daughter of silver baron James Clair Flood, gave a gift of securities and real estate with an estimated value of $463,133.39, constituting the largest private gift received by the then-30-year-old university. According to the book “Business at Berkeley: The History of the Haas School of Business” by Sandra Epstein, “By 2013, the gift’s value had grown to over $25 million, comprising one of the largest endowments on the Berkeley campus.”
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Transcript
Erika Walker, Senior Assistant Dean for Instruction
Good afternoon. I am Erika Walker, Senior Assistant Dean for Instruction at Berkeley Haas.
As we gather for today’s ceremony, we want to acknowledge that UC Berkeley sits on the territory of xučyun, the ancestral and unceded land of the Chochenyo speaking Ohlone people, the successors of the sovereign Verona Band of Alameda County. This land was and continues to be of great importance to the Muwekma Ohlone Tribe and other familial descendants of the Verona Band.
We recognize that every member of the Berkeley community has benefitted, and continues to benefit, from the use and occupation of this land since the institution’s founding in 1868. Consistent with our values of community, inclusion and diversity, we have a responsibility to acknowledge and make visible the university’s relationship to Native peoples. As members of the Berkeley community, it is vitally important that we not only recognize the history of the land on which we stand, but also, we recognize that the Muwekma Ohlone people are alive and flourishing members of the Berkeley and broader Bay Area communities today.
I would now like to welcome Professor and Acting Dean Don Moore to the podium.
ProfessorDon Moore, Acting Dean and Associate Dean for Academic Affairs
Thank you, Erika. And welcome, everyone! Thank you so much for joining us this afternoon. What an honor it is to serve as the acting dean of this exceptional business school while Dean Harrison is on sabbatical. I hope you are all having a great start to the semester so far.
This year, we look back on 125 years of reimagining business at Haas, all the way to 1898, the year of our founding as the second-oldest business school in the United States.
In 1898, we might have been listening to “The Entertainer” on our gramophones, watching the short film The Astronomer’s Dream on the kinetoscope, or trying on a new bowler hat. California had recently transitioned from Mexico to the United States. Berkeley had a population of 5,000. The bicycling craze was giving women a new avenue of independence. That year, the Golden Bears beat Stanford at the Big Game, 22-0!!
This was also a pivotal time for business, which was coming into its own as a profession on par with law and medicine. Smart management was sorely needed in an era of wild economic growth, robber barons and corruption, fortunes made and lost in immense new enterprises. These new businesses needed to make sense of thousands of employees, strategic mergers, and ballooning divisions.
This was also a pivotal time for business, which was coming into its own as a profession on par with law and medicine. Smart management was sorely needed in an era of wild economic growth, robber barons and corruption, fortunes made and lost in immense new enterprises. These new businesses needed to make sense of thousands of employees, strategic mergers, and ballooning divisions. —Don Moore
Where better than a great university in the pioneering West to order and transform the way we worked? Good sense was not enough; mass scale was a necessity; and only the skilled and sophisticated would thrive. Learning the systems and theories of professional management was a logical—and necessary—next step. A new institution would need to draw scholars from the rest of the world to Berkeley, and produce brilliant minds of its own.
And so it did. The College of Commerce, which we now know as Haas, was founded with just three students. Now we have over 2,500 students in six programs, more than 300 ladder and professional faculty members, and more than 43,000 alumni in 81 countries around the world.
We are also the first business school founded at a public university. Haas is the only leading business school to be founded by a woman, Cora Jane Flood, who was known as Jennie. Haas is the first top business school to be led by two women deans—Laura Tyson and Ann Harrison, respectively.
And we are the first school built entirely with private donations on the UC Berkeley campus. We are incredibly grateful to all of the donors who have supported our school.
Of course, the Berkeley Haas legacy includes more than a century of stellar researchers and teachers, including two Nobel laureates. We are fortunate to be able to attract exceptional staff. And we are more than the sum of our parts. My colleague and fellow acting dean Jenny Chatman will say more about what really makes us exceptional.
Professor Jennifer Chatman, Acting Dean and Associate Dean for Academic Affairs
Thank you so much, Don. I am honored to be serving the school with you this fall.
As a scholar of culture, I want to note that Berkeley Haas stands out in yet another way: in being the preeminent mission-driven business school, as Poets & Quants has described us.
The Haas School’s values stretch back a long way. The man for whom our school is named, Walter A. Haas, Sr., graduated from the College of Commerce in 1910. He held forward-looking views on social welfare and public affairs that were influenced by the school’s first woman instructor, Jessica Peixotto. That influence led him to grow Levi Strauss & Co. into one of the country’s largest socially responsible businesses.
All of these priorities grew into our four Defining Leadership Principles, which I know you know well: Question the Status Quo; Confidence Without Attitude; Students Always; and Beyond Yourself. To put these principles into action in our three core areas: innovation and entrepreneurship, sustainability, and inclusion.
Of course, they are all inextricably linked. Berkeley Haas boasts a world-class team for diversity, inclusion, justice, and belonging. The school has built and continues to build remarkable access, while simultaneously equipping all of us to be more inclusive leaders. Sustainability and entrepreneurship are always top of mind at Haas. And thanks to our location in Berkeley—the epicenter of innovation—we have been and continue to be the heart of what’s next.
Finally, I am so pleased that several members of the chancellor’s cabinet are joining us today. Berkeley Haas’ deep ties with Cal are precious, and we don’t take them for granted.
Executive Vice Chancellor and Provost Ben Hermalin has a special connection to Berkeley. He has held a significant number of roles at Haas: as professor, associate dean, interim dean, and winner of multiple teaching awards. Ben, thank you for being with us today.
Ben Hermalin,Executive Vice Chancellor and Provost, UC Berkeley:
Thank you, Jenny!
It is true that Berkeley Haas is dear to my heart. But it is also a treasured and essential star in the Cal constellation. This is a vibrant, visionary school that provides students, faculty, staff, and alumni much of the meaning that I believe gives us purpose as individuals and as institutions. One way the school does that is by attracting award-winning scholars, who illuminate their classrooms and advance the world’s knowledge. Berkeley Haas strives to teach and shape business in ways that are valuable to a broad spectrum of people, in profound and material ways. We try to go beyond in deed and not just in word. We always have a lot more work to do—to be as inclusive and just; bold and confident; smart and ethical as we can. That is the best way for us all to stay true to those who built this institution and to our counterparts in the future. Congratulations on this momentous anniversary!
Don Moore:
Thank you, Ben.
This occasion is so special to the Berkeley Haas community that Dean Ann Harrison has returned today (from her sabbatical this fall) to share it with us. Ann, please join me onstage.
Dean Ann Harrison:
Thank you so much, Don! What a beautiful day, as it so often is in Berkeley. I am thrilled to be here with you all. I do feel as though I am reaching across more than a century and saying thank you to Cora Jane “Jennie” Flood. I am grateful for her confidence, generosity, and foresight, and believe she would have found today to be a powerful testament to her intention. We are so fortunate that there are Flood family members here with us today celebrating this occasion.
In her declaration to the Regents of the University of California on September 13th, 1898, Jennie Flood wrote of her bestowal that it “shall be devoted to some branch of commercial education.” The bold idea to create a College of Commerce had been proposed by Berkeley graduate and entrepreneur Arthur Rodgers in 1883. Jennie Flood turned Rodgers’s vision into reality.
125 years of groundbreaking education is a remarkable achievement for any business school, especially given the immense changes the world has undergone. Having reimagined business, we are well positioned to lead in a world of change. We look back with pride, but we move forward to make an impact for future generations. Keeping our eye on innovation and entrepreneurship, sustainability, and inclusion is more important than ever.
It is high time that we make Jennie Flood a permanent part of our campus. I am honored to unveil this plaque, which commemorates our founder and allows us to put a name—and a face—to the origins of Berkeley Haas. Now, students, staff, faculty, alumni, and visitors can learn her name and be inspired by her far-sighted philanthropy. Her father, James Clair Flood, was the son of immigrants who took an eighth-grade education and an entrepreneurial spirit to become one of the “Silver Kings” of Gilded Age San Francisco and a UC Regent. Jennie often accompanied him to his business meetings, and I would go so far as to say she was an informal student of business herself!
And now, we’ll reveal our new plaque in her honor.
What a beautiful addition to our campus and to our continuing story. Berkeley Haas has staying power. We’re not going anywhere—we’re just getting better.
Please come over during the reception and check it out!
Don Moore:
Thank you so much, Ann. To tie together the whole web of Haas-tory from our esteemed founder to our current dean, I am happy to report that former dean Rich Lyons is here with us to celebrate. He is such an important part of our legacy, both philosophically and musically. To that end, he has brought his guitar to send us out snapping our fingers. Take it away, Rich!
Rich Lyons, Associate Vice Chancellor for Innovation and Entrepreneurship
(Lyons performs a special Haas-themed version of “The Bare Necessities,” singing and playing acoustic guitar.)
Don Moore:
A perfect note to end on. Thank you so much to everyone for joining us today. Please enjoy some refreshments and bask in this beautiful day and community. Here’s to the world-changing 125 years behind us, and to all the triumphs ahead.