Share this: DIRECTOR'S LETTER While blue skies and budding flowers were busy emerging on the scene, the Center for Social Value Creation has been
abuzz with activity! This semseter tendered many successes, including the 5th annual Social Enterprise Symposium,
outstanding Social Venture Consulting projects, the launch of the new Smith Undergrad Net Impact chapter, continued
growth in Social Entrepreneurship, the second annual Do Good Challenge, an exciting new CSVC 'teaser' video, and the
list goes on... And so here we are, not more than two and a half weeks from the end of the school year. It is a time of thoughtful reflection,
and also an opportunity to look ahead. It is a time change and rebirth. We say good bye to some, and anticipate the arrival
of others, as we begin to gear up for Fall planning. But it is also an end to era. In the coming weeks we will bid adieu toDean
G. “Anand” Anandalingam of the Robert H. Smith School of Business. Dean Anand was instrumental to the founding of the
Center for Social Value Creation, and we are forever grateful for his vision and dedication. It is with these thoughts in mind that I present to you the Spring 2013 Quarterly Newsletter. On behalf of the entire CSVC
team we encourage your thoughts and feedback, and hope to stay connected throughout the year! Warmest Regards,
IN DEPTH: THE GENESIS OF SOCIAL VALUE − A PERFECT STORM
By Melissa Carrier, Assistant Dean
Office of Global Initiatives and Center for Social Value Creation
Last year, I asked our Smith School Faculty Committee a simple question, “What does social value creation look like in your
field of study?” They looked at each other, intrigued by the question. So, the challenge was born to define social value
creation across business disciplines. Each faculty member took the next 6 months to craft a story around social value
creation in their field: finance, marketing, strategy, supply chain, entrepreneurship and economics. At the same time, I
reflected on the genesis of our name and the Center’s mission to create a better world through business principles. Why did
we create the Center for Social Value Creation in 2009 and not the Center for Social Responsibility, or the Center for
Sustainable Business or the Center for Social Entrepreneurship? We chose the name because we wanted to redefine value
creation in a new 21st century way. We believe the perfect storm is brewing for a fundamental shift in the role of business in
society that will enable a more inclusive form of value creation ‒ one that embraces shareholders, employees, customers,
communities, and our environment. READ MORE
WHAT'S NEW :
CSVC WELCOMES ATLAS CORPS FELLOW EDUARDO SALAZAR!
CSVC is excited to welcome Eduardo Salazar, our newest addition to the team! Eduardo is an Atlas
Corps Fellow joining us from Peru; he begins his 12 month fellowship in mid May. The Atlas Corps
Fellowship is offered three times a year for nonprofit leaders from around the world. Fellows serve
full­time at host organizations located either in the United States or Latin America working on issues
that complement their expertise. Fellows develop their leadership skills while sharing best practices
and supplement daily knowledge with theoretical topics presented in the Atlas Corps Nonprofit
Management Series. Please join us in welcoming Eduardo!
SMITH UNDERGRADUATE NET IMPACT MAKES ITS MARK The Smith Undergraduate Net Impact (SUNI) Chapter launched earlier this semester, and we couldn't be more proud of
these committed, ambitious students. (We'd feel this way even if we weren't their Faculty Advisor!) SUNI was founded with
the goal of offering students a platform to learn the latest in sustainability, corporate responsibility, and social
entrepreneurship in business, and to connect with others ­ both students and professionals. With four successful events
under their belt already this semester, including a mini case­competition, and a workshop planned this Thursday, April 25th,
SUNI is well on it's way to earning Silver (or maybe Gold!) Chapter status by the end of their first semester! Bravo SUNI!! To
connect and stay abreast of all their many happenings, visit them on facebook.
CSVC WELCOMES THE FOURTH COHORT OF SOCIAL
INNOVATION FELLOWS!
We are pleased to announce the fourth cohort of the Social
Innovation Fellows (SIF) Program. SIF is THE platform for
forward­thinking individuals interested expanding their business
education to include economic prosperity and social impact. SIF
is discussion­based and offers a hands­on learning opportunity to build proficiency in some of the most forward­thinking topics in
business today. It's about critical thinking, sustainability, social
entrepreneurship, an informed world view, and the ability to
recognize opportunities that can transform. As a Social
Innovation Fellow, students will:
Develop an informed point of view on how business can deliver economic and social impact
Discover a new realm of forward­thinking businesses and cutting­edge tools
Leverage unique passions and skills in creative and entrepreneurial ways
Learn the steps to create a business that creates change in the world
Network with students and professionals interested in doing well and doing good
Gain access to new opportunities and business sectors previously unknown or overlooked – both within Smith and
beyond.
If you're interested in learning more about the SIF program, or possibly joining us as a Guest Speaker this Fall, please
emailMelissa Carrier. RECAP : "NO LIMITS" TAKES CENTER STAGE AT THE 5TH ANNUAL
SOCIAL ENTERPRISE SYMPOSIUM
The 5th Annual Social Enterprise Symposium took place on March
1, 2013. Our annual daylong conference welcomed more than
1,000 attendees – mostly students – who participated in 14
presentations and panels geared toward creating a better world
though business principles. Five University of Maryland students
showcased their businesses ideas in the third annual No Limits
Social Impact Pitch Competition to cap off the day. Competition
judges included Jigar Shah, consultant, entrepreneur and author of "The Impact Economy;" Devin Schain, founder & CEO of
Campus Direct, Inc.; and Lisa Hall, president and CEO of Calvert Foundation, who also delivered the afternoon keynote
speech. In a surprising turn of events, the judges decided to pitch in additional money and award two first place $3,000
prizes to KidFit and Payvius. KidFit also took home the People’s Choice Award for $500. READ MORE
WASHINGTON POST BUSINESS RX: SUSTAINABLE SYSTEMS INTERNATIONAL (April 7,
2013)
John Spears has been in the solar energy industry since the early 1970s. In the mid­1990s, he
spent time in South Africa, helping rebuild the housing infrastructure as the country emerged from
apartheid. More recently, he saw an opportunity for yet another venture focused on helping
developing countries replace inefficient diesel generators with sustainable solar­powered
options. Melissa Carrier offers advice. READ MORE
"DO GOOD CHALLENGE" ENTERS SECOND YEAR WITH
CELEBRITY JUDGE FRAN DRESCHER!
Actress Fran Drescher was one of the celebrity guest judges at the
public policy school’s second annual Do Good Challenge. Joining
her was nine­time Olympic gold medalist Carl Lewis and Melanie
Schnoll Begun, managing director and head of philanthropy
management at Morgan Stanley Private Wealth Management, the
lead sponsor of the Challenge. Argentine Terps took home the
grand prize of $5,000. Juan Bellocq (master’s of public policy, 2013)
and 2012 graduate Fernando Saltiel developed the program to
expand Microjusticia Argentina, an initiative that raises funds to pay
for lawyers to work in the slums of Argentina where poor
Argentineans lack the financial ability and skills to address legal problems on their own. Microjusticia Argentina was also
recognized earlier this year as a finalist of the 2013 Social Enterprise Symposium " No Limits" competition.
Along with Morgan Stanley’s lead sponsorship, other key sponsors and partners of the Challenge include the UMD
Colonnade Society and the Center for Social Value Creation at the Robert H. Smith School of Business. READ MORE
GOING GLOBAL WITH SOCIAL ENTREPRENEURS (Maryland International Magazine, Spring 2013)
In the Spring issue of Maryland International Magazine CSVC talks about Going Global with UMD's Social Entrepreneurs
(page 5), and shares highlights from a recent international engagement in Thailand where CSVC, CIBER and a team of
students learned from Thai organizations helping to alleviate poverty and disease in their home country. READ MORE
FROM THE BLOG : Dr. David Kirsch, Associate Professor of Management and
Entrepreneurship at the Robert H. Smith School of Business,
participated in a week­long service trip to Nicaragua over spring
break. David was exposed to new realities of life in the developing
world and had the unique opportunity to advise small business
owners in the village of Troilo, Nicaragua. Read about his journey
and observations that sparked a deeper contemplation of about the
role of business in society. READ MORE
connect with us:
Share this: DEEP DIVE
The Genesis of Social Value ­ A Perfect Storm
Written By Melissa Carrier, Executive Director, Center for Social Value Creation
Last year, I asked our Smith School Faculty Committee a simple question, “What
does social value creation look like in your field of study?” They looked at each
other, intrigued by the question. So, the challenge was born to define social value
creation across business disciplines. Each faculty member took the next 6 months to
craft a story around social value creation in their field: finance, marketing, strategy,
supply chain, entrepreneurship and economics. At the same time, I reflected on the
genesis of our name and the Center’s mission to create a better world through
business principles. Why did we create the Center for Social Value Creation in 2009
and not the Center for Social Responsibility, or the Center for Sustainable Business
or the Center for Social Entrepreneurship? We chose the name because we wanted
to redefine value creation in a new 21st century way. We believe the perfect storm is brewing for a fundamental shift in the
role of business in society that will enable a more inclusive form of value creation ‒ one that embraces shareholders,
employees, customers, communities, and our environment. Under the 20th century model of industrialization, the prevailing notion is that governments have the responsibility to
create and protect social value, and the nonprofit sector exists to fill any remaining gaps. Government sets the rules and
regulations that define the business landscape, and companies assumingly play by these rules, operating under ethical
standards, to maximize profits. This framework makes it possible also for business to externalize many types of risk and
cost; though of course, this was not always the intent. In the late 1700s, the privilege of incorporation was granted by states
for specific purposes that benefited the public ‒ such as construction of bridges, roads, schools, and canals. Corporate
charters had limited lifespan and the company was restricted to activities that directly fulfilled their purpose. The ability to
profit was widely seen as an effective way to organize capital, and achieve public goals. In the late 1800s, another critical
shift occurred when corporations were granted “personhood” through the court system. According to historian Brian
Murphy (2010), the intent of free incorporation was actually “to limit the power of corporations by democratizing the
corporate form through dilution.” The intention was to level the playing field over the practice of choosing among rival
charter­seekers. What resulted is the free marketplace of the 20th century, with its genius and imperfections alike, and the
unremitting emphasis on shareholder wealth creation.
The early 21st century is proving to be another pivotal time for business. Anecdotally, CEOs consistently agree that long­
term value creation (for whom?) is the primary purpose of a company, and that an orientation towards long­term decision
making and investing is required. Studies show that short­termism prevents firms from doing what they do best – creating
value in the products and services they produce, investing in new opportunities, and developing human potential. The
belief is that companies with a long­term perspective will ultimately achieve better business results, and make a greater
contribution to the public good. Yet why are so many of us under pressure of intense short­term performance metrics, and
misaligned long­term incentives? A number of important internal and external factors are driving a subtle ­ yet significant ­
shift in redefining business in the 21st century. Let’s take a look at the factors playing into this perfect storm of change and
value creation:
Technology – The proliferation of technology has fundamentally changed the human experience. Now, subsistence
farmers in Ethiopia, small shop owners in Thailand, and Wall Street bankers in NYC are connected in the global
marketplace. The growth of worldwide transportation had led to an increase in invasive plant/animal species and
pandemic health issues among others. And our lives are linked by social media where we can experience the good and
the bad around the world via instant communication.
Investors – Risks once considered externalities are now seeping into the capital markets. There is a growing industry that
measures, values and ranks environmental and social impacts of corporations. At the same time, environmental and social
disruptions degrade returns at an arguably faster pace. And impact investors are growing, expected to pour $9 billion into
impact investing in 2013 . Standards – There is a growing set of global standards taking hold in transparency, reporting and governance. More than
1,800 companies use the Global Reporting Initiative and many more have voluntarily signed the UN Global Compact.
Additionally, there are hundreds of standards used from LEED building certification to Fair Trade to ISO. Internal Stakeholders – The rise of millennials in corporate America is indeed having an impact on companies from within
the organization. According to the 2012 survey by the Society for Human Resource Management, HR professionals say
that the biggest challenge in the next 10 years is retaining and rewarding the best employees. These employees are
seeking work that matches their value system. The implication is that employee expectations will continue to rise around a
company’s sustainable action to the community, the environment, its employees, its customers and society at large. Policy – Although regulatory uncertainty exists in some areas of environmental policy, current and potential legislation has
an influence on corporate behavior. Thirteen states have proactively passed legislation that creates the Benefit
LLC/Benefit Corporation legal entity; thus enacting a statutory corporate purpose to have a material positive impact on
society and the environment for those firms who choose this structure. Another 15 states have introduced such legislation
and this represents the most subversive effort yet to shift the role of business in society.
Consumers – Of course in this “age of consumerism”, one of the most persuasive factors is the shift in buying
preferences. With the rise of technology and social media influences, we have become more acutely aware of the impacts
of our actions as a collective species. Consumers expect the companies from which they buy to act ethically. They want to
know more about where their food comes from, and how they can protect the environment through their purchase. And,
they don’t think they should have to pay more for it! While much is still unknown to the consumer about a product’s supply
chain and life cycle, what is clear is that in many segments, consumers are starting to vote with their wallets… and
companies are following suit.
These factors collectively support the development of the conditions needed to redefine the role of business in society.
Corporate competitive advantage will only be sustained if companies have the ability to manage the dynamic process of
rapidly changing expectations among stakeholders that reflect new views about the co­creation of economic, social,
environmental value. The integration of opportunities across these dimensions will give rise to a new type of business
leader with skills to manage complexity across sectors. So, what then is social value creation? A definition of social value
often cited is offered by James A. Phills Jr., Kriss Deiglmeier, and Dale T. Miller: “The creation of benefits or reductions of
costs for society – through efforts to address societal needs and problems – in ways that go beyond the private gains and
benefits of market activity”. This definition is a good start. However, I would like to expand on this with support from Phil
Auerswald’s thought leadership on Creating Social Value (2009). “Not all of the benefits of entrepreneurship work through
markets; in some cases, entrepreneurs may act directly to enhance human capabilities, increase freedom, or build levels
of trust. The Aravind Eye Care System provides a striking example. The gift of sight is an end in itself.” This definition also
goes beyond dollar­dominated metrics of traditional value creation to one that is anchored in human capability. Thus,
social value creation not only encompasses regular market activity but also extends to accounting for externalities and
solving market failures created by incomplete markets. I believe this definition can serve as an effective roadmap for
organizations of all types working to make the world a better place.
Share this: STUDENT SPOTLIGHT
An Interview with Megan McElroy (Burkhart), MBA '13 By Jacqueline Cleaver, MBA '13
I recently had the opportunity to speak with Megan McElroy a second year
Smith MBA student who is graduating in May. We spoke about her career
before arriving at Smith, her goals after graduation, and her advice for others
who are interested in pursuing a career in the social value space. CSVC: Please tell me a bit about yourself.
McElroy: I’ve always looked for opportunities that interest me both in my
personal life and professional life; things that call on my skill set and keep me
interested and engaged in an exciting way. Probably the most influential thing
I’ve done is volunteering with Peace Corps in Tanzania, which was a really
dramatic shift from what I was doing before ­ interior and landscape design.
When I made that shift I really started to feel like I was finally starting on my own path. I’ve worked on public health and
economic strengthening projects, and in DC I founded and a catering company with a friend. Outside of professional
endeavors I just really like being active and outside, so I do a lot of running, biking, and yoga.
CSVC: Tell me more about your decision to join Peace Corps?
McElroy: Growing up, I was really active in my community through Girl Scouts and other service activities. In college I tried
to keep that alive, but it was harder to find the time and the opportunities. After college, I wasn’t feeling fulfilled by my social
and professional options. I felt like I wasn’t doing anything that was of value in the greater scheme of things, and I had too
much energy and curiosity to wait it out. I had always thought about Peace Corps; I had some friends in undergrad, who
were grad students at the time, who had done Peace Corps. They were some of the most interesting people I knew. They
had a really unique perspective of the world and I wanted that. So I applied to an HIV/AIDS education project, which I feel
is our generation’s big challenge. I wanted to work in an area that’s really defined our generation from a public health
perspective.
CSVC: Were you always interested in social enterprise or did the experience of starting your own business spark that
interest? McElroy: I believe that people and communities are most fulfilled when they are doing something that is closely aligned to
who they truly are, or what they need or value most. That’s what intrigues me about social enterprise, and I think that’s
also why I’ve done so much exploring in my own professional life. I love having a mission that people can believe in and
get excited about. It’s more fun that way; it’s a more fulfilling way to live. Social enterprises are this really great way to be a
part of the fabric of a community and make a difference ­ I truly believe that the purpose of a business is to add value in
more ways than profit alone.
CSVC: Did you know a lot about social value creation and about the CSVC before coming to Smith, is that what brought
you here?
McElroy: It was definitely one of the reasons I came to Smith. When I came back from Tanzania and we ended up in DC, I
began looking at schools locally. It became clear to me that social value had to be a part of the curriculum and
extracurricular activities. The thing I liked about Smith is that it’s at a really exciting stage; it’s cool that the Social Venture
Consulting practicum, for example, is only in its first few years; it means that students can have an influence on the
program. That has been really exciting, and interesting, and I feel proud to have been a part of those discussion.
CSVC: That was a nice lead up to my next question: have you seen things change in the social value creation space from
when you were an undergrad, to now as an MBA candidate in the Smith business school? McElroy: Yeah, interesting ­ when I first thought about getting an MBA, I was working internationally with a lot of public
health people, and many had a negative opinion of the MBA. The general reaction was, “why would you be involved in
business; don’t you want to do good in the world?” While I was in Tanzania I saw the trend starting to shift; I saw more jobs
looking for people who had MPPs or MBAs, and that was really exciting for me. I had seen the sustainable impact of
enterprise on development, and I wanted to work in that space. When I was in undergrad, social value creation wasn’t really visible in non­specialized curriculum. I was studying interior
design, and my final project was to design a hotel in San Francisco. It was my final class, and we had never covered green
building design, nor anything related to elevating your process by being more sustainable. When I asked my professor
about incorporating it into my design his response was “yeah, everyone is doing that on the west coast, we don’t really do
that here.” I feel like the discussion used to be, “oh the non­profits do that;” or it was always, “somebody else does that” ­ but I
definitely feel like in the last few years there has been an understanding that it’s all integrated.
CSVC: You have been very involved with the CSVC while at Smith, could you tell me a bit about your involvement?
McElroy: Initially when I came to Smith and I was trying to get a grip on how I could define my MBA career; I kept an eye
on opportunities to volunteer with the CSVC and get involved in other ways. I did two social venture consulting practicums
for my Smith Experience credits, because I liked the format and variety of projects. I also joined the Thought Leadership
team for the 2012 Social Enterprise Symposium, where I planned a session titled “ Launching a Social Enterprise”. I think
being familiar with the CSVC and being engaged has really helped me position myself both within my cohort, and help
develop my own professional niche. Also, as a board member of Net Impact, the CSVC is a major ally for us. We’ve always turned to them to help us develop
our event concepts and identify people to engage for our events. The Center has also provided funding and in­kind
support for some of our activities. Of all my experiences here at Smith, being on the board of Net Impact has been the most
valuable to my own personal development, and I’m really grateful that the Center has supported our goals in so many
ways. There’s a really great partnership and shared values between the two.
CSVC: Following on that last question, were there other activities that you were involved in while in the MBA program that
had a great impact on you and your career path?
McElroy: Since I’ve been at school I’ve also been the financial assistant for Amani ya Juu in DC. Amani ya Juu means
“peace from above” in Swahili, and is a sewing and training program for marginalized women. I’ve been working with
them for a couple of years, and prior to school I experimented with some self­taught methods to make their processes more
efficient. Since being in school I’ve been able to use Amani as a case study here, and apply what I’m learning to my work. Working in that role while earning my MBA has given me an interesting perspective; Amani is a revenue­generating non­
profit and they faces challenges very similar to traditional businesses.
CSVC: Could you tell me a bit more about Amani ya Juu?
McElroy: Amani is an organization that provides livelihoods and skills training to women in five African countries, through
the design and sale of textile handicrafts. We have sister centers in Kenya, Burundi, Liberia, Rwanda, and now Uganda. It
is known as a sewing and reconciliation project, as the women who work with Amani come together as refugees or victims
of other types of social marginalization. In the past few years we have been growing our presence in the US. I work at the DC center, which was the first center in
the States, and now we have a center in Tennessee. The US centers manage the local boutiques, the webstore, offsite
volunteer sales, and our marketing strategy. I work with a very inspiring and strong group of women, who are continually
exploring innovative ways to grow the organization to add value to their professional lives, their families, and their
communities. CSVC: What are your career goals and plans for after graduation? Is working at Amani something you will do going
forward?
McElroy: For now I’m handing off my position at Amani, but I look forward to staying involved with the organization in
some way. This summer I’m moving to Swaziland with my husband, Patrick, who lives and works there as a manager with
the Peace Corps. I’ve been talking to organizations in Swaziland about opportunities to support their mission, and have
some interesting leads. There’s an eco­design company that I hope to provide part time support for, such as developing a
market entry strategy for the US and a social media marketing plan. It’s a really small community there (in Swaziland), so
I’ll probably be piecing together different short­term and project­based jobs for now. I’ll be just out of school with fresh
ideas, so I hope to have direct contact with project implementation and really get my hands on some interesting work.
CSVC: What do you see as the greatest opportunities in the area of “business for social impact”?
McElroy: There’s a growing income gap in almost every country around the world, and that negative impact is being felt at
more levels. The middle class in the US is starting to feel that gap a lot more, and I think that empowering small businesses
and growing entrepreneurs from within their communities is essential to respond to the increasing instability. I think, in the
US at least, there seems to be a shift back towards small business and buying local and supporting local enterprises.
That’s how I perceive social value creation through business: using market­based approaches to grow the community in a
healthy and sustainable way.
CSVC: So would you say the line is beginning to blur between traditional business and those with a purely social impact
mission?
McElroy: Yeah, when I studied Benefit Corporations last semester as part of the Smith Experience Social Venture
Consulting course we looked at the history of corporations within the US and realized there have always been shifts, big
shifts, like regulatory changes and shifting expectations of corporate responsibility. The most recent and exciting change
is the introduction of benefit corporations. I feel like that really reflects what’s happening in business today, and reveals
what consumers are demanding. They expect a higher level of participation and responsibility from their businesses. CSVC: You mentioned the two venture consulting practicums, but could you tell me a bit more about the benefit
corporation project that you worked on? McElroy: Maryland was the first state to pass benefit corporation/LLC legislation in 2010, and now has over 30
organizations incorporated under that law. It was a great opportunity and exciting to be the people taking the first look at
benefit corporations. As a research project it was challenging because there was no data; we had to figure out what we
needed to look for, where we could find it, and how to analyze it in a useful way. I think the most valuable thing was
connecting with the network of local business leaders who are driving this shift in corporate culture – we got to meet the
first adopters, and the trailblazers who helped make this new legislation a reality. One of the most interesting findings from our research was that the companies electing to be benefit corporations or LLCs
represented many industries. It wasn’t a predictable group of players ­ there’s a gaming company that’s a benefit LLC,
grocery stores, there are art studios – the legislation has found a place in every industry. I feel like that really speaks to
what we were talking about earlier; social value creation isn’t a siloed concept anymore. Many people want to be a part of
their community and to do good in their own unique and meaningful way. CSVC: Are there any challenges you see facing this “sector” or those who wish to pursue a career in it?
McElroy: I think battling misperceptions on both sides of the professional spectrum is the biggest challenge. There are
people who’ve been entrenched in traditional development practices, and see public health initiatives as the “right” way to
support communities; and there are people entrenched in traditional corporate cultures who don’t find value in considering
anything beyond their bottom line. I think it’s a continued effort to keep that gap bridged and make sure information is
evolving with the influence of both camps. CSVC: That’s interesting perspective; what advice would you give to students interested in using their careers to make a
difference?
McElroy: Stay curious ­ keep exploring, keep talking to people, let each day be a part of your story. It’s important to find
where you want to plant your flag, and try to define what you want to achieve through your work. To me being a part of
something that’s challenging and also makes a positive impact, that’s really what makes me feel fulfilled. It’s different for
every person, so it’s important to remember that you can be a changemaker no matter where you are. Our generation was raised on the abstract and idealistic “follow your passion” theme, which is great ­ but we owe it to
ourselves to find a practical way to do that. Dream big, follow your passion, but make sure you’re building a foundation to
support your journey. You should ask yourself, “how can I be an asset to this community, industry, or planet?” and craft
yourself into that person.
CSVC: You already spoke a little bit about some of the activities that you like to do but it there any fun fact about yourself
that you would like to share?
McElroy: My husband and I were recently reminiscing about hitchhiking around Tanzania (a very common practice there),
which brought back a lot of great memories. We had an ongoing challenge to score the best “lifti,” measured by the most
interesting method of travel, fastest or funniest trip – I declared myself “Lifti Queen of the Southern Highlands,” and worked
hard to keep that title. Once I hitched a ride in an airplane, from an airstrip in the bush to the capital, and another time we
were paddled up Lake Nyasa in dugout canoes…which took a painful 13 hours. But the best was hitching a ride in a lorry
that turned out to be hauling a bunch of couches! Definitely the most comfortable hitchhiking trip ever.
Share this: ALUMNI SPOTLIGHT
An Interview with Josh Notes, Smith Alum and Founder of greeNEWit Written by Amarpreet Singh, MBA '14
Josh Notes has ten years of team leading entrepreneurial experience. He is one of three co­
founders of greeNEWit, a company formed to help businesses and homeowners walk toward
a more sustainable smart grid system. Notes and the company are devoted to achieving true
sustainability in regards to the way we use and produce energy. Featured in the October
2009 issue of Entrepreneur Magazine, Notes is also the visionary behind several social
programs. Some of his endeavors include co­creating the first solar powered rock concert in
2008, starting the OUR Schools Program and Agents of Change division within greeNEWit,
along with establishing the Baltimore franchise of AArrow Advertising in 2009.
CSVC: Tell us a little about yourself.
NOTES: I completed my undergraduate degree from University of Maryland majoring in
financial management and entrepreneurship in 2006. I utilized my time at the school to study business principles and to
get actively involved in entrepreneurial ventures. I launched seven startups, most of them in the real estate space, between
my senior in high school and my senior year in college. I learned some great lessons while developing these ventures. I
co­founded greeNEWit with my business partners Jason Jannati and Matej Harangozo to green the energy industry and to
help society become energy efficient.
CSVC: What was the idea and motivation behind greeNEWit?
NOTES: As the real estate market was crashing in 2007, we came up with the idea that laid the foundation for
greeNEWit. The original concept was to serve people by optimizing their energy consumption and, in turn, save them
money in an informative and educational way that would be relevant in the marketplace. We founded greeNEWit in
January of 2008 and started performing home energy audits. Building on the success in this domain, we set a goal of
completing more than a thousand energy audits in the next two years.
CSVC: What were the major challenges as you expanded the operations of greeNEWit?
NOTES: We quickly realized there was a great deal of inefficiency in the way utility programs were run. We used our free
cash flow to build a software model to leverage economies of scale in our operations by digitizing all the paperwork done
in the business. We also diversified to a wider sustainability platform for residential and commercial clients and scaled up
our team to five crews. These crews were responsible for retrofitting apartments, following up with initial savings
accounted for the customers, and encouraging them to consider more comprehensive retrofits for the entire apartment
complex. In five to six years, we aim to operate in the majority of the states in the USA, and will have launched international
operations.
CSVC: What did you learn at the Smith school helped you in your career the most?
NOTES: I remember I took a class on entrepreneurship with Professor Oliver Schlake. He was instrumental in helping me
understand that I was an entrepreneur and how can I hone my skills.In my perspective, applying the business school
studies around an entrepreneurial idea that I was passionate about was a great experience. I always connected the
concepts to the business ideas I was working on. For example, for the equity valuation class, instead of just doing the
model for a huge publicly traded company, I would apply the same concepts for a small rehabilitation program.
CSVC: Is there anything that you think you would have done better while you were at school?
NOTES: I think I could have engaged more closely with my fellow students. As I compare the present student population
with the ones while I was at school, there has been a great increase in the number of students interested in social value
creation and sustainability. I could have partnered with my fellow classmates and faculty to motivate students to pursue
interests in this field to develop an even more engaged community.I am still very well connected to the Smith community.
I try to visit the school once every month to associate with social value creation and sustainability events.
CSVC: What advice would you give to students who want to pursue a career in energy sector?
NOTES: The energy sector is huge and involves all aspects of life. It can be sometimes daunting for the students to
identify interests that they want to pursue. It might be a good idea to explore this domain via different internships with
utilities, construction and other companies. I would also like to inspire students to embrace failure because we learn in our
lives from our failures and not just from our successes.
CSVC: Would you be willing to share a fun fact about yourself?
NOTES: My three business partners and I also own the Baltimore franchise of the international outdoor advertising chain
AArrow Advertising. This is the largest guerrilla marketing firm in the world. I spend a couple hours a week attracting
customers to local businesses by dancing and doing tricks on the street corners.
Share this: FACULTY SPOTLIGHT An Interview with Professor Siva Viswanathan
Written by Emmy Lang­Kennedy, MBA '13
CSVC: Thanks for taking the time to speak with us today. As a recipient of numerous
research grants from the CSVC, it’s great to get to know you better and to share your work
with students, alumni and friends of the Center. Please tell us more about your research
interests. Professor Viswanathan: Thanks so much for interviewing me. Broadly my research interests include understanding the
impacts of digitization, and digital technologies, and their potential to transform a variety of sectors. Specifically I am
interested in where and in what sectors this transformation is having the biggest impact and in gaining a systematic
understanding of these developments. If you look at digital technologies, you see that every sector is being transformed or
has been transformed (including how social value is created). I am also interested in the phenomenon of online crowdsourcing and crowdfunding, in particular. Crowdfunding derives
from the broader concept of crowdsourcing, which refers to the process of obtaining ideas, opinions, and solutions from an
anonymous crowd. In the case of crowdfunding, the objective is to raise funds from a large number of investors for a variety
of projects. In contrast to the traditional model of raising funds from a small number of sophisticated investors,
crowdfunding seeks to obtain small amounts of funding from a number of individual investors. This can take the form of
donations, lending, rewards, and equity purchases. Given the uncertainty inherent in such online crowdfunding markets, I
am interested in understanding how technology­enabled mechanisms can help reduce risks for investors in these nascent
markets. CSVC: Sounds like you are on the cutting edge of how technology is changing business. Have you done research around
the impact of digital technology’s impact in the social impact sector? Professor Viswanathan: Of late I have been working on a few studies examining the role of digital technologies in social
value creation. Some of these studies have been sponsored by CSVC. A recent one that demonstrates the impact of social
media and technology is a study examining pro social behaviors (i.e., when individuals take others into consideration,
which is in contrast to the traditional economic view of individuals as solely self­regarding). Many organizations today actively use social media to further their social cause or company’s mission. The goal of our
study was to understand the role of social media platforms, specifically Twitter, in influencing individual’s pro­social
behaviors. This study was conducted in conjunction with one of the first non­profit organizations that used Twitter to raise
micro­donations (average donations of $50) for a social cause. The organization has several followers on Twitter, who in
turn have other followers, all of whom are involved in spreading word­of­mouth and raising donations for the social cause.
The objective of our study was to understand how key factors such as the content of the Tweets, the mode of
communication (“broadcast” vs. “narrowcast”), the characteristics of the senders and the receivers, the structure of their
networks on Twitter, among others, influenced an individual’s propensity to donate and the amount of her donation. We have some interesting findings. For example, not all types of messages were found to be effective. More importantly,
the effectiveness of messages depended on the mode of communication or propagation. In particular, “calls to donate”
were not effective when broadcast to all “followers”. However, when an individual received “calls to donate” from multiple
senders, the message was reinforced and positively influenced her pro­social tendencies. CSVC: It sounds like your research is really relevant to any organization or company looking to make an impact and reach
its consumers or stakeholders. Do you teach any courses that might be of interest to students who want to explore the
impact of digital technology in business?
Professor Viswanathan: At the undergraduate level I teach the core Information Systems course that focuses on digital
markets and technologies. At the masters and MBA level I offer courses that are closely aligned with the research projects
that I work on with various clients. Two courses that might be relevant to students interested in digital markets are Social
Media and Google Online Challenge and Analytics. I also lead a Smith Experience course titled “Digital Strategies for
Businesses” where students work in teams with real­world clients, many of whom are NPOs, to design and implement
sponsored search and social media strategies. This Smith Experience course is unique in that it allows students to see the
fruits of their labor in real time and fine­tune their strategies, a real learning experience. CSVC: Many students are interested in careers that merge digital and business. Do you have any suggestions for them as
they graduate and look for jobs?
Professor Viswanathan: This is the future and there is no running away from it. Technology used to be a support function.
Today it is in the driver’s seat. It is not an exaggeration to say “technology is strategy” for most successful businesses. The
boundaries between what is and what isn’t tech have disappeared. The online world is much more competitive than the traditional world because you are competing not just with other
graduates from Smith but with graduates from around the world. The same is true for businesses. Think about small
retailers around the world competing with Amazon. The only way that you can compete is to understand your customers. Take advantage of the courses and faculty across Smith that are conducting research in theses areas to become as
knowledgeable as you can now. CSVC: When you are not working on your research, teaching or leading DIGITS how do you like to spend your time?
Professor Viswanathan: Most of my time outside Smith is taken up by my two children. My daughter is 8 months old and
my son will be 3 this summer. We take them on short trips around the DC region. My son loves planes and watching flights
landat BWI. This summer we will be taking them to India to see their grandparents. We are really excited as this will be the
first trip to India for my youngest. ***
More details on Professor Viswanathan can be found here. His research that has been supported by the Center for Social
Value Creation is available on our website.