Day 5: Market Research & Innovation

Day 5. May 30, 2007

At 7:00 AM, we reviewed individual performance from yesterday’s session at Lexus. We began Day 5 with a session on Market Research lead by Dr. Furse and Ms. Kutka from the Walker Library. The teams focused on database searches for the Lexus project.

At 9:30 AM, Ms. Pace worked with the teams on Personal Branding (pre-presence, presence, post-presence). She also assisted the Accelerator teams in preparing for MAPCO presentations scheduled for Friday AM.

At 11:00 AM, the teams met to finalize their MAPCO presentations for delivery to the Accelerator management for review.

Team 5 (Reif, Taylor, Zhang, Kemph, Hennessey, Smith, Aro, Denman and Daugherty) completed their presentation 1st and chose to present last on Friday.
Team 2 (Patton, Taylor, Lindsay, Reese, Ledlow, Clayton, Dornfeld, Jaimes, Sindel) completed 2nd and chose to present 4th on Friday AM.
Team 3 (Watson, Gottfried, Grumney, McGill, Shafer, Carpenter, Kierstead, Puchon, Agostino) completed 3rd and chose to present 1st on Friday AM.
Team 4 (DeBenigno, Carroll, Gunn, McGuire, Smith-Mui, Nordholm, Peterson, Klaeveman, Fettig) completed their presentation 4th and chose to present 3rd.
Team 1 (Moreno, Fox, Carpenter, Bowling, Mayer, Black, O’Brien, Bernard, Oetting) were slotted into the remaining speaking slot and will present 2nd on Friday.

After lunch, Dr. Boer led the teams in understanding basic Financial Statements (Balance Sheets, Income Statements and Cash Flow Statements). Accelerator teams built basic statements with Dr. Boer and did initial interpretive findings of statements from the partner companies of Accelerator 2007.

Over dinner, the teams did a de-briefing on their individual performance and contribution to the first team experience (MAPCO).

At 6;30 PM, the teams returned to their Team rooms to assign team roles for Lexus, Clarify the data on hand and begin market research. Members of the teams took the Lexus loan cars out for a drive to “experience” the Lexus IS “precision and performance” product image. The day ended about 9:30 PM. The teams clocked 14.5 work hours today.

Thus far, we’ve clocked 65.5 work hours in five days. I’d say we’ve “hit the ground running….”

Day 4: Lexus Project Launch

Day 4. May 29, 2007

At 7:00 AM, we kicked off the day with “elevator speeches” over breakfast – each Accelerator participant worked on their personal introductions of themselves. Morning team sessions included Project Management tools and Personal Branding.

At 11:00 AM, The 5 competitive teams (in 20 minute rotations) did “dry runs” of their MAPCO consulting presentations for Dr. Furse and Dr. Owens. Final feedback was given for the MAPCO presentations to be done on Friday.

After a working lunch, we boarded the bus at 1:00 PM and headed to Lexus of Nashville – Cool Springs (www.lexus.com). We were met by JR Roper (General Manager), Patricia Apple (Marketing Manager) and members of the Lexus Local Sales Teams (www.lexusofnashville.com) In addition, Mike Brumm (Lexus Brand Experience Manager, Lexus Southern Area) and Alexandra Boggs, Manager from the Atlanta Office of Team One joined our session.

The Lexus showroom had been cleared and a new Lexus IS 250 was parked in the center surrounded by Accelerator team tables. The teams were briefed by Roper, Brumm and Boggs on the project objectives, the history of the Lexus IS, and its initial launch. The teams had the opportunity to spend time with the Lexus of Nashville sales team to review the features of the car. As we departed Lexus, the company provided 5 new Lexus IS cars for our Accelerator teams to use for the next 3 weeks during the project competition. Teams will evaluate the Lexus IS, make comparisons of the IS 250 and IS 350 to other automobiles in its class, and develop a “new media” marketing campaign targeted to Millennials (Generation Y). This should be interesting…

At 5:00 PM, our bus returned to Owen in time to visit with Curt Jones, Founder of Dippin’ Dots (www.dippindots.com). Mr. Jones shared his entrepreneurial story of the creation and growth of his famous ice cream business. He also shared with our Accelerator teams his current plans for new ventures. Mr. Jones joined us for dinner for a Q&A session.

After dinner, the teams returned to their Team rooms to begin the work of setting up their strategies for the Lexus project. The day ended about 8:30 PM. The teams clocked 13.5 work hours today.
Thus far, we’ve clocked 51 work hours in four days. We’ll reach about 100 work hours by the end of the week.

Day 3. May 28, 2007

We kicked off the day with a quick de-brief with the Accelerator teams on their field research for MAPCO last evening. Dr. Froeb, Professor of Economics, lead the teams in understanding the “rational actor model.” The Accelerator teams studied the attributes and conditions that drive wealth creation within companies: the need for products to be Valuable, Rare, Difficult to Imitate, and the firm must be organized to exploit these attributes.

This morning, Professor Pace launched our Communications and Personal Branding sessions. Using the “StrengthsFinder” assessment, Accelerator participants developed their strengths profiles and shared insight with these traits with one another.

On another note, I was especially intrigued by an article in today’s issue of Fortune magazine titled " 'Manage' US? Puh-Leeze… Today’s twentysomethings have their own rules. You just don’t understand them :-)" by Nadira Hira. The story is a mirror of the young professionals that make up this year’s Accelerator experience. These children of baby boomers, who according to the Fortune article are “the most high-maintenance workforce in the history of the world”, are going to be “the most high-performing workforce in the history of the world.” Armed with iPods, BlackBerrys and laptops – they are connected – virtually and constantly. They walk around with volumes of information (and tunes) in their heads and even more information at their fingertips. I saw this phenomenon first-hand today as we began research for our second corporate project. With lightening speed, fingers were gliding across keyboards, data was flashing on the laptop screen, and global data searches were initiated. This afternoon, the Accelerator teams worked with Griffin Technologies to design a new iPod accessory (seems only fitting, huh?).

We concluded the day with a cookout – and a celebration of Memorial Day. Kristin, Katrice, Amy and Chapleigh sang patriotic songs and a few young people spoke about friends and family serving in Iraq and their views of the war. We’ll save that story for another time.

Day 2. May 27, 2007

Project Management, Team Dynamics, Process Management and Project Story Boarding ruled the day. Teams defined individual roles and began the process of understanding the current customers vs. the desired customers for our corporate partner on project one.

Teams designed tools to measure and collect observational data for our client company and the firm’s competitors. Dr. Owens oriented the Accelerator teams to tools designed for innovative thinking about the MAPCO project. Dr. Furse worked with the teams to understand the “gap” between products and customers.

After dinner, the teams divided tasks – sending some members out to collect information, capture images and complete research. Others began working on storyboard and final presentations. Lots of Dasani water, Red Bull, and Post Its.

The teams clocked over 14 hours of work today and consumed (while working) over 200 bottles of water, 4 gallons of coffee, a 3 flats of chips, 8 cases of soda (plus 3 full meals). “Twenty somethings” do get hungry!

Day 1. May 26, 2007

Today, we launched Accelerator 2007. The day began with a social and dinner for participants to meet one another, the staff and the faculty. After a welcome from the Associate Dean and dinner, the real work began. Our first corporate project: MAPCO (owned by Delek US Holdings, Inc.). Company executives presented a business overview and a real merchandising issue they are facing. Accelerator 2007 participants were divided into 5 competitive teams – working to solve the issue.

The teams began by brainstorming the highest payoff idea, the lowest investment idea and the most promising idea for the company. Next, the teams began a story-boarding process to map out their strategies.

The teams will have approximately 3 days to compile market information, observe customers, compare stores to competitor stores, develop 3 realistic options, select a single best recommendation for MAPCO, and present their idea to the firm. Company executives will then rank best to worst team. I’ll keep you posted…

The big day is here – we launch Accelerator 2007 in a few short hours. The months of work leading up to today are a distant memory. Amid the flurry of last minute details, my mind is already racing toward tonight’s opening dinner. I see in the faces of our arriving students (who tonight become the “apprentice”) anticipation, excitement, and a bit of worry. I know what lies ahead for them. The next 30 days will be an amazing adventure of self discovery, learning, and growing. They will “do more then they ever imagined.”

Before we officially begin, I’d like to thank the many individuals who have worked so tirelessly to make Accelerator 2007 an amazing experience. First, a big thank you to my partner and our Program Director, Carol Barry - what an amazing individual. Next, the core team: Kristin Keiper, Kimberly Pace, Dave Owens, David Furse, Jeff Schwartzenberg, Cynthia Kutka, Amy Wolf, Yvonne Martin-Kidd, Jon Lehman, Thomas Salas, Meg Savage, Clay Prickett, Patrick Johnson, Matt White, Robert Beals, Will Hare and Heather Webb.

Next, a special thanks to the many great Faculty and Staff of Owen. From Sybil’s help with the physical plant to Luke’s insight to the successes of the past and opportunities for improvement – your help was invaluable. We have a great lineup of faculty for Accelerator 2007: Froeb, Willis, Jeter, Hoeffler, Lapre, Talbot, Owens, Boer, Clark, Franklin, Victor, Bollen, Pace, Mahan, Furse.

We appreciate the support and participation of our Corporate Partners – who create with our faculty the “real world experiences” that define the Owen Accelerator experience: American Airlines, MAPCO, Lexus/Toyota, Gomez Photography, Griffin Technology, FedEx, National Civil Rights Museum, Gresham Smith & Partners, Whirlpool Corporation, Tennessee Performing Arts Center and HCA Healthcare.

Now it’s time to - Learn it. Apply it. Live it. Let’s roll.

Michael

“I came to the program knowing nothing about business and being scared about my future. I never thought Accelerator would teach me so much about business or about myself. I feel armed with the right equipment to step more confidently toward my future career. I can’t thank the program enough for that.”
-Leslie O., Vanderbilt University, English Literature & Creative Writing Graduate (Class of '06)

What is Accelerator? For the participating student...

• It’s a blend of academic instruction, practical job skills development, real project experience, and valuable networking with the business community.
• It’s hands-on experience with a variety of business disciplines and industries.
• It’s an opportunity to learn from successful business leaders and distinguished business faculty.
• It’s a chance to network with peers, recruiters, business executives, faculty, and MBA students.
• It’s an opportunity to build a working portfolio to show potential employers.
• It’s a program that strengthens your individual skills as well as your ability to work as part of a team — both important to employers.
• It’s a small, highly selective program with individual attention focused on your needs and goals.
• It’s a credential for your résumé from a business school recognized as one of the world’s best.
• It’s an accelerated track from the academic world to the business world.

I want to welcome you to my blog for Accelerator 2007, Vanderbilt’s Summer Business Institute. A hand-selected group of 50 students will come together and experience a unique immersion into the world of business. For these young men and women, Accelerator 2007 offers a hands-on, real-world experience that will complement their undergraduate education with the specific, practical skills needed to “hit the ground running” in today’s business climate.

This “Business Bootcamp” will launch on Saturday, May 26th – and for 30 straight days, 12 hours a day - these young people will be completely immersed in an intensive program that includes over 100 hours of training/education, over 250 hours of corporate projects, and will meet over 100 business leaders. They will be pushed to do more than they ever imaged.