Babson College was recently recognized in the latest issue (Aug.Sept.Oct. 2009) of Pink Magazine as one of their favorite picks for our efforts to reach out to women.  In addition to Babson’s Fast Track MBA, the article highlighted five other programs for executives—University of Pennsylvania (Wharton), University of Michigan (Ross), NewYork University (Stern), Emory University (Goizueta) and Pepperdine Universit(Graziadio).  Since featured in the article, the F.W. Olin Graduate School of Business has actually improved the percentage of women in the program.  While the article listed the percentage of women in the program at 21.6%, last week’s Fast Track Kick Off brought that number up to 29%–our highest ever!

When interviewed, Jan Shubert, Director of the Center for Women’s Leadership, highlighted the integrated curriculum and the focus on entrepreneurial thinking that all Fast Track students receive.  The Fast Track MBA matched the schools in all areas with one noticeable exception—the price tag!  While other programs cost upwards of $90,000 (and some into the $150,000 range), Babson’s Fast Track MBA cost $56,000—just another example of the great value that the program continues to deliver. 

Submitted by: Allyssa Bates

I had the great privilege and pleasure of having breakfast last week with the new administrator of the Small Business Administration (SBA), Karen Mills.  The breakfast was for a board on which I serve, the national advisory board to the SBA for the SBDC program.  This was our first meeting with Administrator Mills to hear her thoughts and learn more about her plans for the agency and her expectations for our board.  The current SBA situation actually reminds me of Babson’s situation over the past few years, or at least I think I see some parallels.  First, both in the world of government and the world of business academia, people finally are realizing the leading edge importance of entrepreneurship and small business.  This is the world in which we live - some of it driven by economics and some by lifestyle choice, and most by some combination of the two.   (After all, take a look at the GEM data on opportunity and necessity entrepreneurship around the world).  Second, both the government and academic arenas are recognizing the constraints of silos.  This has certainly been Babson’s song for some time, but the increasing emphasis in our federal government on collaboration and coordination - all learning from each other - is quite exciting.  Can it really work?  All digits crossed on this end.

Submitted by: Patti Greene, Professor of Entrepreneurship, Babson College

If you are a regular follower of events and activities at Babson’s Center for Women’s Leadership, you already know that for the first time in a dozen years (even longer if you count the amazing student-run conferences back in the days when) we will not be holding our Annual Women’s Leadership Conference this autumn. Why? What’s going on?

Late January 2009, we began our usual discussions with sponsors, with supporters and with potential speakers. We quickly discovered just how deeply the economic downturn affected their ability to make commitments. Even organizations that were in strong or at least stable shape, financially, still faced the difficult challenge of employees, customers and suppliers that were unsure, even frightened.

Because of the exceptionally strong relationships we’ve developed with these organizations over the years, this just wasn’t something we could blow off with a “Well, everyone’s in the same boat” attitude. So in the space of one intense staff meeting/brainstorming session we went from trying to figure out ways to get support, to finding ways to give back something to these amazing organizations who have been there with us and for us for so many years. What follows is the intro to the message we then sent to fourteen organizations:

Our Gift To Our Conference Sponsors and Supporters: The 2009 Women’s Leadership “Thank-You”Mini-Conferences…Rather than make 2009 another year of asking you for your sponsorship or to support women attending our Annual Women’s Leadership Conference, we want to make this the year for telling you “Thank You.” Thank you for everything you have done in years past to support CWL, to make our Conferences so successful and for publically underscoring your strong commitment to employing and developing talented women.

So far, ten have contacted us—mostly in amazement—and certainly in gratitude for reaching out to them during tight times. Eight are in the process of working with us to create these Thank-You Mini-Conferences, to be delivered on-site, at their organizations, free of charge.

In the meantime, we’re also hosting a dynamic set of programs and events that, while they can’t ever replace the buzz of our Conference, will give hundreds of women opportunities to explore cutting-edge issues, meet experts and continue the CWL tradition of building strong and lasting relationships.

In some ways, this was a tough decision. In others, we felt like it was really a no-brainer. What’s your view?

Submitted by: Janelle Shubert, Director, The Center for Women’s Leadership

At Babson, for the past two weeks, 30 young Saudi women have descended on our campus, eager to engage and learn about social entrepreneurship. Their mission-to develop a new social venture -one that is SUSTAINABLE, FUNDABLE ($$) and EXECUTABLE within the confines of their culture and society.

It hasn’t been easy.

These thirty girls came together from different backgrounds (Moroccan, Eritrea, Sudanese, Lebanese, Jordanian), social class (from real Saudi royalty to scholarship students) and with a range of Islamic beliefs. Some came with a social vision/idea they had developed in the first forum; some were seeking a new cause. 

Over two weeks, they formed new working teams–, disbanded these teams, regrouped with new members and ideas–, argued passionately, experienced indigestion from too much pizza, cried, laughed and, in the end, finally listened and accepted one another. 

They coalesced around six ideas, ranging from a Jeddah recycling center to micro loans and business training for hearing impaired women.  Business plans were outlined; key stakeholders identified and by the last day, most had contacted financial backers for support.

On Friday, July 24, these wonderful, sometimes exasperating, women, finally presented their ideas. Six INSPIRATIONAL visions and plans later, they broke through my professional cynicism, and heart. In the end, they led.

If one drop of water can move a lake, what will 30 drops of this passion form? Can they harness real change in their society?  In Sha Allah (if God is willing), they can.

Submitted by: Victoria Sassine

                    Finance, Babson College

I have been so fortunate in my life and career to have had the benefit of some tremendous mentors over the years.  Although I consider myself a lifelong student, there does come a point when you have amassed a lot of knowledge, information, contacts, and experience that can be shared with others as well. It has been such an honor to be asked to mentor others along my journey as an entrepreneur, business owner, daughter, wife, and Board member. 
 
As one of the CWL mentors these past several years I have met some of the most amazing women. Each year I question whether I have really been helpful to these sophisticated, mature, passionate MBAs because I feel I get so much energy and perspective from them and can only hope I have left as favorable an impression. Like all the mentors, my schedule ranges from chaotic to insanely busy to how can I squeeze in just one more meeting on any given day.  Everyone is so busy and time starved so why make the time?  Well for me that’s easy, I do it because I think it matters. I am a better leader, CEO, and person because of the wisdom my mentors have passed on to me, and I hope to be part of that continuum so that those who follow are even better equipped for the complexities of the world.  None of us will live long enough as is so anything we can each do to contribute to the knowledge and karma bank so that others do not waste time making the same mistakes we did will make the world a better place. 

What’s the saying…if you have something that really needs to get done, then give it to a busy person!  Well I’ll add that each and every one of us has a gift, something we can share with others. So the next time you have an opportunity to be a mentor, no matter how little time you have in your schedule, I suggest you say YES! and I’ll bet you get more from that experience than you can ever imagine.  What a gift indeed to meet wonderful people, share your best advice, hopes and dreams so that we advance the conversation to new and higher levels with every interaction.  

To my mentors and mentees past and future, thanks for your strength, support, and friendship that have made my life so full!

Submitted by: Paige Arnof-Fenn, founder and CEO of Mavens and Moguls, a strategic marketing firm 
 

Cece Sutton, new President of the Retail Banking Group at Morgan Stanley and Liz Smith, longtime President of Avon addressed the crowd of young MBA women attending the Dialogue with Leadership session that Babson’s Center For Women’s Leadership sponsored at the Forte Foundation Conference in New York this past Friday.  Interviewed by Patricia Sellers, Editor at Large at Fortune, these women were candid, smart, funny and very self-effacing.  Words of wisdom? Yes – these two veterans of  Fortune’s 50 Most Powerful Women in Business List addressed topics from mentors they’ve had to juggling home and career.   

On the topic of mentors – enthusiasm and passion for what you do – these were the top characteristics that both women stated were keys to having mentors pick you and help you in your career.  Connecting with mentors on subjects that excite you will sustain the relationship and allow it to blossom.  Don’t necessarily target mentors who are even on your career path – you will learn a lot from solid, confident business people regardless of their current role.   How do you keep relationships going with people you might pass on your way up the ladder? Honesty, collaboration and hard work were cited as characteristics that would foster bonds with prior peers and bosses whom you now have to manage. And speaking of ladders, Moderator Sellers asked us all to consider the path upward more like a jungle gym than a ladder – with lateral and even backward moves to keep a career engaging and fulfilling.

On work/life balance, they were very frank.  Sutton counseled realism if you are going to the top - know what the job entails and make sure it’s a place you want to go because it is not easy.  With grown children, she felt she was now more able to really reach in her career. Although she shared that she might not always have work/life balance, she adds it back into her life with hobbies and downtime.   Her suggestion? Find an outlet like horses (her passion) or gardening to give you a release. To keep on top of family commitments, calendar key home events like they were a meeting with your boss.  “Family comes first for me,” said Liz Smith who has 2 school-aged children.  That being said, she was realistic about the challenges of the “juggle” and shared a recent story about landing in LaGuardia with her 2 kids and immediately changing in the ladies room for a speech that night, all the while thinking “hope I don’t see anyone I  know in here!” 

Lastly, on the topic of who these women were hiring to meet current marketplace challenges – agility was top of the list along with the ability to function well in ambiguity and admit that you don’t have all the answers.  To paraphrase Liz Smith, the business world has moved from “strategic planning to scenario planning” and people who think in terms of contingencies will come out ahead. 

These words were inspirational to a crowd of young women who were taking on the work world with gusto and wondering how it all plays out down the road.  Best advice from the veterans?  Focus on making what you are doing now a success – this effort will create the next step upwards for you.  Future planning is great, but you may miss the random and unexpected opportunity that vaults you upward if your path is planned out too far ahead.

Submitted by: Julia de Peyster, Assistant Director, The Center for Women’s Leadership at Babson

Politics aside, Sonia Sotomayor is someone worth knowing about. So is her mother, Celina.

As with all the other women Supreme Court nominees, many nasty, irrelevant and erroneous news items are being spewed into the media. Post-election, what has happened to our American love of the rags to riches, up with your bootstraps stories that inspire our sense of scrappy American pride?  Please share Sonia Sotomayor’s story with young women in your life.  And, share her and her mother’s stories with working women in your life.  These people are true examples of the contributions that women have made to our economy and our country.  

To rise out of her childhood as an impoverished orphan in Puerto Rico, Sotomayor’s mother joined the US Army and came to Georgia in the 1940s.  After the Senior Sotomayor’s husband died leaving her in the projects with 2 kids to feed, she continued work as a nurse.  Ultimately, she enrolled her children to give her support as she tackled the education that allowed her to move from LPN to RN, becoming the nursing supervisor for her hospital’s emergency room.  Determined, resourceful and independent, she created a working life that supported and inspired her children.  While I am sure she had some bad times, her drive and emphasis on education certainly helped foster their own later achievements and contributions.  

We all need our heroes and myths of growth and success against all odds – they help keep us going.  It’s just too bad that political snipes and media hype are overshadowing the mythic nature of the Sotomayor women.  Women and girls need our Paul Bunyons and MLKs.  Don’t let the nastiness of this nomination take that away from us.

To learn more about Sotomayor’s family, visit a great article by David Saltonstall in the NY Daily New.

Submitted by Julia de Peyster

Not only is Ursula Burns the first black woman who will lead a Fortune 500 company, but this recent succession announcement by Xerox Corporation is also historic in that it is the first time a woman will succeed another woman (Anne Mulcahy) as CEO of a major multinational.  I for one am not entirely surprised that this news comes from Xerox.  Xerox was among the earliest of companies to embrace the notion of affinity networks as a means of encouraging diverse ideas and energies in the workplace.  The Xerox Women’s Alliance is 25 years old this year and both Mulcahy and Burns had the benefits of accessing this incredible internal resource as well as that of other affinity groups at Xerox as they sought to develop their careers and grow their leadership prowess.  A recent Business Week article on Burns’ ascension suggests that the track record of Xerox’s commitment to affinity groups may be a big reason why one-third of their executive ranks are women and more than twenty percent are minorities.  Research we’ve conducted here at Babson confirms the benefits of women’s corporate networks and points to the strategic asset they can be for companies who choose to use them wisely.  My fear in this time of corporate cutbacks is that companies will all too easily view their support of networks as a “nice to do” that can go by the wayside when budgets need trimming.  Instead, our research shows, and the Xerox story illustrates, that investing in affinity groups is an essential tool in the war for developing and retaining the very best leadership talent.  There is tremendous strategic value for talent management and professional development in women’s networks.   Companies who invest in leveraging these affinity groups will no doubt have a competitive advantage!

Submitted by: Nan Langowitz 

A wonderfully WICED thing is being created in Liverpool by a team of
very dedicated women.  WICED (Women’s International Centre for
Economic Development) is a new entry onto the scene of women’s
entrepreneurship.  While it is currently housed with the Train2000
program, WICED will eventually be housed in its own incubator building
currently being designed just for their purposes.

I learned about WICED through its Executive Director, Maggie
O’Carroll, also the Director of Train2000.   Maggie and her team put
together a funding package from WICED, the North West Development
Agency, Future Builders, Train 2000, Liverpool Vision and Liverpool
Council.  Maggie describes the emerging program as, “the hub of  
international research on female entrepreneurship as well as providing  
a range of enterprise support including space for up to 80 business  
units to help women start and grow their businesses.”

I had the great good fortune to be part of a day on which the WICED
women convened a group of experts on female enterprise from across the
world.  Our group included academics, entrepreneurs, and policy folks
to brainstorm about the research, programs, and infrastructure that
will make up most of WICED.  That combination is just one of the
things that will make WICED impactful.  The group intends to conduct
and facilitate research to help us ask questions that will make a
difference for women entrepreneurs, their businesses, and their
communities, and then to ultimately arrive at effective and actionable
answers.

Another great part of the day was to meet more members of the WICED
team. We got to hear from the architect, Katy Health of Nightingale
Associates, about designing the WICED building.  We were trying to
figure out if any other building in the world had been designed and
built from scratch as a symbol of women’s creativity and
entrepreneurship.  This is an incredibly exciting prospect and one
from which we should all learn.   We also were able to meet Councilor
Flo Clucas, Executive Member and Deputy Leader of the Liverpool City
Council whose responsibilities include Economic Development and
Europe.  Flo is a great example of a policy maker who actually
understands the potential contribution of entrepreneurship to economic
development, and the type of timetable and investment it takes to
achieve that contribution.

And finally, if you do get to Liverpool (and you should), make a point
of having dinner at the Sidedoor Restaurant (www.thesidedoor.co.uk),
owned by one of the local woman  entrepreneurs.  You won’t be sorry. Have a glass of champagne and toast the future of WICED.

Submitted by: Patti Greene

I’m a member of the “sandwich generation” – one of those women still raising kids but taking care of parents. Recently I had the occasion to be in a doctor’s office while my dad was having a procedure and that gave me the chance to pick up the May issue of Essence magazine. I was initially drawn to the cover story on First Lady Michelle Obama and her mom Marian Robinson. That was a wonderful article to read, and of course the pictures were a treat.  But what really made me think was the “money makeover” article toward the back of the issue.  And here’s what got my attention.  I’ve read a lot of money advice columns in my time, but this was the first where there was an explicit recognition that giving back is part of the financial equation we all should consider.  How many pie graphs have I seen that neatly lay out a budget among categories for housing, clothing, utilities, transportation, taxes, savings, etc.?  This was the first financial planning chart I’ve ever seen that had a slice for “tithes and offerings.”  While I might not give that particular label to the slice myself the point struck home – giving back is an important part of our financial lives and we should have a target in our plans for how we’ll do it.  Now to be sure, many people give back through volunteerism, and that means there’s no dollar amount coming out of your budget each month.  On the other hand, it’s pretty easy to talk a good game about giving back and somehow never make the time or manage to write the check.  So, I encourage you to actively plan for how you will give back.  In this economically challenging environment, non-profit organizations providing services in our communities and around the globe — educating today’s and tomorrow’s leaders, keeping individuals healthy, feeding minds and spirits, reaching out to the needy, developing innovations to improve our world – need our attention, energy and  financial contributions more than ever.   So set a goal for your slice in the pie, and make it a part of your regular action plan.  Just imagine if all the financial planners in the world started adding that idea to the standard advice they give?   

Submitted by: Nan Langowitz