University of Virginia Darden School Students Support Social Innovation in Global Markets
Source Newsroom: University of Virginia Darden School Foundation
Newswise — CHARLOTTESVILLE, Virginia – The University of Virginia Darden School of Business has created a new category of electives for its full-time MBA. Called Global Field Experiences (GFEs) and born of the need for corporate social innovation, the electives will deploy the talents and passions of Darden students to locations across the world, starting in Africa.
In Zambia, the Darden students’ efforts will help provide bicycles to hundreds of thousands of people so they can more easily pedal their way to opportunity. Equipped with transportation, young people will be able to travel to school and healthcare workers will reach patients in remote villages. Workers will be able to transport important commodities.
The pilot GFE in Zambia began in the fall of 2012 and culminated in a weeklong journey to the country in December. Farther north, in Tunisia, a second GFE also took place this past fall. Darden students teamed up with peers from the Mediterranean School of Business (MSB) to develop business plans that will bring support to families facing Alzheimer’s and branchless banking to Tunisians for the first time. Senior Associate Dean for Degree Programs Peter Rodriguez led this MSB-sponsored GFE.
The GFE in Zambia resulted from a collaboration with World Bicycle Relief (WBR), a nonprofit organization that has distributed more than 100,000 bicycles and trained more than 750 bike mechanics in developing countries. The organization’s success demanded a model for financing in the rapid growth market of Zambia, and World Bicycle Relief recruited a team of Darden students to work on the issue.
According to Marc Johnson, associate director of Darden’s Center for Global Initiatives, “GFEs expand Darden’s portfolio of international opportunities beyond our existing exchange, better meet students’ needs and provide another way to build global perspective.”
Students applied for the Zambia project last fall, and World Bicycle Relief selected six Second Year students to participate. Professor Mary Margaret Frank serves as the faculty leader, although she emphasizes that the project was driven by the students. Their assignment was three-pronged: compile a complete review of, and offer recommendations for, the current WBR financial model; create a pitchbook that will aid in raising new capital; and develop a potential investor base for funding growth.
“We worked directly with the COO of Buffalo Bicycle — the for-profit arm of WBR that finances its nonprofit mission — to gather operating forecasts and build monthly financial statement models,” said student Paul Manlapig.
The Darden students’ analysis revealed a dire need for capital infusion to sustain growth and expand.
“We had to anticipate the questions an investor would have in evaluating WBR against competitors,” student Leidy Lebron said, adding that, although WBR has demonstrated significant impact on people’s lives across Africa, exacting quantifiable metrics — key factors in investors’ decisions — was more difficult.
Having communicated entirely via conference call or e-mail prior to their trip, the team wrapped up its final proposal during the field visit in Zambia.
“The travel aspect has a twofold benefit,” Frank said. “First, it results in a better final product, since it’s difficult to truly understand a company until you actually see it in context along with its constraints. Second, it’s a once-in-a-lifetime opportunity for students to gain in-depth experience abroad — a full week in one place with one company is remarkable.”
The students agreed that traveling was a highlight.
“After working so hard on the project, it was great to view both the nuts and bolts of the operation and the social impact it creates,” MBA student Jay Beekman said.
In future years, the School plans to expand the number and type of GFEs offered — including social and commercial enterprises in different industries and regions.
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About the Darden School of Business
The University of Virginia Darden School of Business is one of the world's leading business schools, offering MBA, Ph.D. and Executive Education programs. The unique Darden experience combines the case study method, the highest-ranked faculty whose research advances global managerial practice and business education, and a tight-knit learning environment to develop principled and complete leaders who are ready to make an impact.
About the Center for Global Initiatives
The Center for Global Initiatives sponsors, develops and implements educational programs and research projects that enhance both student and executive understanding of international issues, enabling them in turn to take advantage of international opportunities. The center aims to increase global awareness of the University of Virginia Darden School of Business by promoting interaction between Darden and the rest of the world. It achieves this goal by supporting international programs with partner business schools in Argentina, Australia, Belgium, Brazil, China, France, Holland, Hong Kong, India, Italy, Japan, Mexico, Spain and Sweden. In addition, the center brings overseas faculty and business leaders to the University and the commonwealth of Virginia to share their experiences, knowledge and perspectives.