Pfizer Helping Expand Rutgers, and More – New York City
Let’s review the most interesting stories to emerge from New York business schools this week.
You Were a Finalist City, but Didn’t Land Amazon HQ2? You Still May Benefit – Simon Business School News
While large companies have been increasing in size, there has been a steady decline in entrepreneurship over the past 30 years. However, new research from the University of Rochester’s Simon Business School explores some of the surprising benefits that large companies may have for entrepreneurs.
Graduate student Zhao Jin studied entrepreneurial activity in the 20 finalist cities that were considered for Amazon HQ2 and discovered start-up companies were about 7 percent more likely to incorporate in one of the finalist cities for Amazon.
“The mere possibility of a large company entering a market encourages entrepreneurs to find profitable ways to be useful to that company. The main effects are concentrated in the larger cities, like Atlanta, Pittsburgh, Denver, and Los Angeles, where the sample size is larger.”
Assistant Professor Michael Gofman supervised Jin’s research and remarks, “The paper addresses a fundamental question about the influence of large tech firms on startups and innovations. As Amazon, Apple, Facebook, Alphabet, Microsoft and other tech giants increase their investment in internal R&D and attract the best talent, some have argued that it discourages startups. Zhao shows that big tech firms actually foster the establishment of startups.”
Since the Simon Business School released the piece, which you can read in full here, Amazon has decided to not build its Long Island City, NY HQ2, completely pulling out of New York City.
Expanding Rheumatology Services via Telemedicine – Rutgers Business School News
Pfizer awarded a $342,00 grant to an interdisciplinary partnership between Rutgers Business School, the Rutgers Robert Wood Johnson Medical School, and the Rutgers School of Nursing to expand rheumatology services through telemedicine.
Telemedicine is a highly scalable technology, helping geographically dispersed providers deliver healthcare to untapped locations, particularly rural and urban underserved populations who have a shortage of providers.
“I am very pleased that Pfizer awarded this major grant to a multidisciplinary Rutgers faculty team,” Dean Lei says.
Dean Lei Lei of Rutgers Business School applauds the partnership, “I am very pleased that Pfizer awarded this major grant to a multidisciplinary Rutgers faculty team. Congratulations to professors Alok Baveja and Ben Melamed in the Supply Chain Management Department and the entire team participating on this project.”
Assistant professor of nursing and co-investigator on the grant Ann D. Bagchi adds, “We are very excited to be collaborating on this multidisciplinary initiative, which will offer nurse practitioners an opportunity to train in rheumatology and telemedicine. Through the telemedicine approach, the program has the potential to help address the rheumatology workforce shortage nationwide.”
Read more about the Pfizer award here.
Blockchain’s Transformational Impact on Commerce and Beyond – Lubin School of Business News
Joseph Lubin, co-founder of blockchain computing platform Ethereum and founder of Consensys, a blockchain venture studio, will be a special guest at an upcoming event on Tuesday, February 19 2 p.m. at the Schimmel Theatre in New York City, courtesy of the Lubin School of Business.
ConsenSys is one of the largest and fastest-growing companies in the blockchain technology space, building developer tools, decentralized applications, and solutions for enterprises and governments that harness the power of Ethereum. ConsenSys employs top entrepreneurs, computer scientists, software developers, and experts in enterprise delivery worldwide.
As a software engineer and consultant, Lubin worked with eMagine on the Identrus project and was involved in the founding and operation of a hedge fund with a partner. He held positions as Director of the New York office of Blacksmith Software Consulting, and VP of Technology in Private Wealth Management at Goldman Sachs. Through these posts, Lubin focused on the intersection of cryptography, engineering, and finance. Lubin co-founded the Ethereum Project and has been working on Ethereum and ConsenSys since January 2014.
Find out more about the event here.
Finance Fraud Won’t Stop, and More – New York News
Let’s explore some of the most interesting stories that have emerged from New York business schools this week.
Don’t Let Artificial Intelligence Take Your Job – Rutgers Business News
The Rutgers Business School is slated to host a symposium this week entitled “Lifelong Learning in the Digital Era,” which will host LinkedIn, edX, Google, and McKinsey experts, among others, to “offer solutions to companies and individuals on how they can refresh their knowledge and skills and not become irrelevant in the new digital economy.”
Rutgers Dean Lei Lei says, “The pace of change in technology requires both management and the workforce to keep their skills current. Otherwise, they will lose out to competitors that have increased their efficiency and stimulated product innovation,” she said.
Rutgers Assistant Professor of Professional Practice and Symposium Organizer Leon Fraser adds, “Recent college graduates as well as seasoned executives must refresh their skills regularly or risk becoming irrelevant and disposable.
You can read more about the recent symposium here.
It Pays to Cook the Books–Even When You Get Caught – Columbia Business School News
According to new research from Columbia Business School’s Shiva Rajgopal and Dan Amiram, along with researcher Serene Huang, the risk of detection for cooked books is only about 25 percent, which means that “more than half of perpetrators—most often the CEOs and CFOs of major companies—could find it beneficial to commit financial reporting misconduct.”
Rajgopal writes, “Unless regulators improve their processes, research shows that financial reporting misconduct will continue to be an attractive option.”
Their study, “Does Financial Reporting Misconduct Pay Off Even When Discovered?,” finds that “stock market losses are an effective deterrent: analysis shows that the average cost of getting caught amounts to $26.7 million, with the notable hits coming via stockholding and forgone earnings, suggesting that the stock market and the labor market are generally effective at punishing perpetrators.”
You can read the complete study here and the full article from Columbia Business School News here.
Young Professionals Earn Binghamton University MBA While Pursuing Full-Time Careers in NYC – Binghamton SOM Blog
The Binghamton University School of Management blog recently highlighted its one-year Professional MBA (PMBA), which enables students to earn MBAs while simultaneously pursuing careers via Saturdays-only classes.
“The PMBA program is designed specifically for New York City-based young professionals who are looking for a step up without temporarily stepping out of their relatively new careers.”
Trevor Smith (MBA ’17) and current district sales manager for Mazda of Boston writes, “It’s so much more than being able to look at data and know what’s going on—we learned how to deliver an effective message and story based on the data.”
“I feel much more comfortable communicating with top decision-makers than before, and it prepared me to better manage both my personal and professional life.”
Laurice LuSane (MBA ’15) and Weill Cornell Medicine Fellowship Coordinator adds, “What I was learning made me feel ready for something new. I was ready for new challenges at work. I was given more opportunities to speak out, to plan, to manage and to show I was capable.”
You can visit the program page here and check out the entire Binghamton SOM Blog entry here.
