The Robert and Myra Kraft Family Foundation has pledged $20 million to Harvard Business School to create the Kraft Endowment for Advancing Precision Medicine, the school announced this week. The pledge, which is part of … →
The Robert and Myra Kraft Family Foundation has pledged $20 million to Harvard Business School to create the Kraft Endowment for Advancing Precision Medicine, the school announced this week. The pledge, which is part of Harvard University’s $6.5 billion capital campaign, was announced at the Partners Precision Medicine Conference yesterday at Harvard Medical School, with foundation president Robert Kraft in attendance.
(LtoR): Jonathan Kraft, Richard Hamermesh, Robert Kraft, Todd Golub, Robert Huckman Photo: Justin Knight
The Kraft Endowment will be used to support research and other activities that advance the field of precision medicine. Precision medicine is a growing movement in patient care that allows scientists and physicians to use genomic and other information to understand a disease based on its biological mechanisms and to precisely diagnose and develop tailored treatments.
The growth of the industry is hampered by gaps that exist between scientific discoveries and the development and commercialization of medical solutions for public benefit. The rising cost of clinical trials and a lack of collaboration among scientists, the pharmaceutical industry and investors also hinder growth.
Harvard Business School will collaborate with the Broad Institute, a pioneer in precision medicine, and others in Boston, to find ways to accelerate breakthroughs and advance commercialization of precision medicine by harnessing the energy and ideas of the medical, science and entrepreneurial communities in the city.
Myra Kraft, the wife of Robert and mother of Jonathan (MBA 1990), Daniel, Joshua (EdM 1993), and David (MBA 1999), died of ovarian cancer in 2011. Through her illness, the Kraft family came to understand firsthand the promise of precision medicine.
“At heart, many of the challenges facing the advancement of precision medicine today are business challenges,” says HBS Dean Nitin Nohria. “We are honored that the Krafts, who epitomize Harvard Business School’s mission of educating leaders who make a difference in the world, see the potential for HBS to work with world-class organizations like the Broad to develop innovative and integrative new models — from organizational structures to collaborative data centers — that will position Boston at the epicenter of this arena in the future. The endowment is a wonderful and fitting tribute to Myra Kraft, who throughout her life devoted herself to helping others.”
To learn more about this gift, and the upcoming initial research pilots designed to accelerate the discovery and trials process, please click here.
This is Global Entrepreneurship Week, and according to the newly released Global Entrepreneurship Monitor 2014 Women’s Report, entrepreneurial activity among women has increased by seven percent across 61 economies worldwide in just two years. Women … →
Women entrepreneurs in nearly half of the surveyed economies are now equal to, or even outpacing their male counterparts in terms of innovation – demonstrating a growing parity between men and women selling products and services that are new to consumers and not generally offered by competitors.
The report, sponsored by Babson College, Universidad Del Desarrollo, Universiti Tun Abdul Razak (UNIRAZAK), and Tecnológico de Monterrey, serves as the most comprehensive research ever conducted on women’s entrepreneurship and confirms that more than 200 million women entrepreneurs are starting or running new businesses in 83 economies across the globe. An additional 128 million are running established businesses.
“Promoting women’s entrepreneurship requires more than increasing the rate in which women start businesses,” says Babson College professor and report author Donna Kelley.
“Our GEM research shows that women entrepreneurs are frequently innovative, which demonstrates the impact they can have on their societies. Supporting women’s aspirations to innovate could be an important means of creating businesses with a competitive edge, and those with novel solutions to improve people’s lives.”
Also, the more women participate in the workforce, relative to men, the more likely they are to be, or become, entrepreneurs. This conclusion derives from an analysis of total early-stage entrepreneurial activity (TEA) in relation to gender gap indicators measured by the World Economic Forum (WEF).
In economies with a greater proportion of women starting businesses – in teams of three or more co-founders – there is also a greater likelihood they will have job-creation ambitions.
“The 2014 GEM Women’s Report helps us better understand the diversity among women business owners and their businesses, including an important recognition of the value created by women working in teams within, and across, their businesses,” adds Babson College professor and report author Patricia Greene.
Women around the world, on average, are also pursuing opportunity-driven entrepreneurial activity proportionate to men, resulting in a smaller gender gap in the percentage of entrepreneurs with opportunity motivations in every region.
And in 10 economies, women are as or more likely to be entrepreneurs than men. They include El Salvador and Brazil in Latin America and the Caribbean; Vietnam, Indonesia, Malaysia, and the Philippines in Southeast Asia; and Zambia, Nigeria, Uganda, and Ghana in Africa.
“In most economies, the prescriptions for success are based on studies of male entrepreneurs. In the past two decades, the rise of women entrepreneurs helps us to better understand the factors leading to start-up success and growth of both men and women entrepreneurs,” says Babson College Vice Provost of Global Entrepreneurial Leadership and report author Candida Brush. “GEM data is central to providing this information.”
As you may guess, the purpose of the MBA admissions interview is twofold: it gives the AdCom a chance to see a candidate’s personality, leadership qualities and motivation for pursuing an MBA, and it also … →
As you may guess, the purpose of the MBA admissions interview is twofold: it gives the AdCom a chance to see a candidate’s personality, leadership qualities and motivation for pursuing an MBA, and it also lets applicants tell their own story beyond the essays and other materials in the application. Once you receive an interview invitation, your focus should be on preparation.
Research your target program thoroughly, which means tapping into all resources available to you, such as networking with alumni at admissions events or reaching out to current students. Try coming up with a list of questions and see how many of them you can answer after a simple search of the school’s website. If you can’t easily find an answer, that’s probably a good topic to discuss in your interview.
Many interviews will begin with some version of “Tell me about yourself” or “Walk me through your resume.” It can be hard to know where to begin with this. One approach is to simply ask, “Where would you like me to begin?” As an applicant, you shouldn’t be afraid to ask for further clarification, as this also makes the interview more of a conversation.
Remember that the interview is a dialog, often with someone who could soon be your peer. Don’t feel like you need to read their mind and immediately know what they are looking for. In general, you will begin this question with college and provide a brief chronology regarding decisions from there.
In addition to asking insightful questions, make sure you explain why the school you’re interviewing with is the best fit for you. What are the specific courses, programs, and professors that will help you reach your goals? It’s even better if you can highlight your need for academic offerings unique to this school.
Some applicants have reported being asked, “Tell me about yourself—not the resume stuff.” This is a different type of question, where you might start with where you grew up and provide more personal anecdotes about family and personal interests.
Schools are trying to create a well-rounded class of individuals. They want to know that you’re bringing personal interests to their campus that you’ll share with other classmates. So you should tell them about your recent scuba diving trip in Belize, your role as the food and wine connoisseur among friends, your love for historical fiction, your favorite college class in evolutionary biology, and your opinions on globalization.
Interviewers should be able to imagine you as the classmate who will organize trips, plan dinners, start a book club, etc. They don’t want to think that you are just about business and academics all of the time.
Alumni interviewers enjoy reminiscing about their experiences, and will especially like any questions about clubs or activities they were part of, while current students can provide a great perspective on what they wish they had known, or the most interesting aspect of their MBA experience.
As you prepare for your interview, one of the most important tips to remember is to sound natural—not scripted—during the exchange. Instead of trying to remember and include every last one of your memorized bullet points, focus on succinctly answering only the question at hand.
Wrap up the interview with a sincere thank you for the interviewer’s time, and remember to ask for a business card if you haven’t already received one. Send a thank-you note or email within the week, and try to include a memorable detail from your conversation to help the interviewer remember you as well as to reiterate your interest in attending the school.
The interaction in an MBA interview speaks volumes about what kind of teammate you will be when you are in the program, so make sure the right message is coming across loud and clear.
As the majority of Round 2 deadlines are in early January, you should follow up with your recommenders now to ensure they are pacing themselves and won’t be crunched for time once all of the … →
As the majority of Round 2 deadlines are in early January, you should follow up with your recommenders now to ensure they are pacing themselves and won’t be crunched for time once all of the year-end craziness hits.
These contacts are doing you a huge favor, and it would be a shame if they had to take time away from their families and friends over the holidays because you hadn’t gently reminded them about their upcoming responsibility. While b-school applications might be consuming your life right now, they’re probably not top-of-mind for your recommenders.
When you do your check-in, there’s a chance your recommenders may ask you to review what they’ve written so far. Or they may just want to verbally confirm that they’re covering the right points in their letters.
This is your opportunity to remind them that the most critical thing they can do is include examples to back up any claims they’ve made about your strengths or personality traits.
Many recommenders—especially those who aren’t familiar with the MBA application process—think that if they simply sing your praises and repeat how great you are in various different ways, that will be enough. Unfortunately, it’s not. The best way for your recommenders to help you stand out from thousands of other highly qualified applicants is by painting a clear picture of who you are both professionally and personally.
Sharing details of how you contributed to projects or giving specific examples of how you interact with others or went above and beyond (including funny anecdotes or quips that give insight into your personality)—these are the things that make for a great recommendation letter.
Having said all that, if your recommenders don’t intend to share what they’ve written, don’t worry! Chances are you asked them to do this very important task because you know they’re competent people who will try their best to set you apart from the pack. But if they do ask for any advice as the deadlines near, just be sure to drive home the importance of going heavy on the examples.
And when your recommenders’ letters are in, don’t forget to do something nice to thank them!
Think of it this way:
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The Chicago Booth School of Business made a dramatic departure this application season with its innovative essay question based on a series of photographs—applicants must select one picture and explain how it resonates with their … →
The Chicago Booth School of Business made a dramatic departure this application season with its innovative essay question based on a series of photographs—applicants must select one picture and explain how it resonates with their own viewpoint on why the Booth community is the right fit for them.
“The intent of the essay is to get a better feel for who you are, how you think, and the unique impact you bring to the Booth community,” Ahlm explains. “We’ve been really impressed and have seen applicants take a very personal approach with their chosen image, as well as give profound reasons for wanting to be a part of this community.”
The photo is simply a way to contextualize and personalize the response, says Ahlm.
Michael Scichili, a Booth applicant featured in a recent Wall Street Journal article about the trend of unusual MBA essay prompts, said he thought the concept was “a little weird” at first.
He ultimately chose to write about a picture of Cloud Gate, the bean-shaped sculpture in Chicago’s Millennium Park. Scichili told the WSJ his essay focused on how the sculpture “distorts reality a little bit and makes things seem as though they’re not the way they are,” a reminder that in solving business problems, “you have to make sure you’re cognizant of your own bias.”
We’ve advised clients to think strategically about this question and chose a photo which resonates most specifically with them. You have the freedom to express who you are in words, images, graphics or some combination.
If you decide to write an essay response, you have enough space to tell a story that describes something new about yourself. If you decide to prepare a PowerPoint in response to this essay question, refine your story to its key elements.
To keep a visual essay interesting and high-impact, consider how you will format. Can you use photos? Drawings? If you use words, keep them clear and focused. Take every point up a level, so you are communicating a vision rather than a thesis.
The Booth admissions dean says that, “At the end of the day, we are looking for you to bring a new element about yourself into the essay, something that you haven’t already shared in other sections of the application.”
This post originally appeared on Stacy’s “Strictly Business” MBA Blog on U.S.News.com Although some armed forces veterans might not immediately see the correlation between their skills and experiences from the military and those needed to lead … →
Although some armed forces veterans might not immediately see the correlation between their skills and experiences from the military and those needed to lead a Fortune 500 company, the truth is that business schools admire the leadership skills, grit and mental agility these applicants typically possess.
Harvard Business School Dean Nitin Nohria once wrote an editorial in the Washington Post about how MBA programs should target more veterans, saying, “Business school can be a pathway for integrating our service members back into civilian life, and for finding new ways to engage their intellect, integrity and leadership at home.”
If you are planning a transition from active military service to business school, begin your research by finding out how each of the programs measures up in the following three areas.
1. Explore culture and fit: Every applicant should consider whether the business schools that interest them are good fits as far as class size, teaching method, location and general culture are concerned. A good fit is even more important for veterans, however, since their background is quite different from the majority of candidates. The adjustment from active service to a classroom can be challenging, and having strong outlets of support from the school makes a world of difference.
Once on campus, find out how many students are in the MBA program. Veterans at top-tier business schools typically make up about 5 percent of each incoming class, and too few fellow service men and women may leave students wishing for more peers they can relate to.
Find out what kinds of special programs for veterans exist, and whether the business school has student clubs or organizations created specifically for veterans. Also, look into what kind of personalized academic and career support is available to veterans to help translate their military skills into civilian life.
Reach out to current students for their honest feedback about daily life in the program with details that go beyond what you discover on the school website or by chatting with admissions officers.
Even if the school you’re thinking about doesn’t host an admissions event specifically for military applicants, you can still get a fair assessment of how eager the program is to recruit veterans by looking at whether it provides support services starting during the application phase – not only once you’re admitted. Also, find out if the school offers deferment flexibility to candidates whose needs may change at the last minute if still on active duty.
3. Look into financial aid: The high cost of business school often deters veteran applicants. Many already have families of their own, and the concern over lost wages while they study cannot be overstated.
However, there are so many financial incentives specifically designed for this group that one’s actual out-of-pocket expense goes down dramatically once you factor in Veterans Affairs benefits, dedicated veterans scholarships, waived application fees and the Yellow Ribbon Program.
Under this program, the federal government matches, dollar for dollar, any financial aid that participating schools commit, essentially providing eligible student veterans with free or reduced-cost tuition. It’s designed to make out-of-state public colleges, private institutions and graduate programs more affordable for veterans.
Schools offer varying levels of support under the Yellow Ribbon Program, so visit the U.S. Department of Veterans Affairs website to learn whether the business school has limits on the number of recipients eligible annually – some are unlimited – and to see the exact dollar amount of the maximum school contribution per student, per year.
Stanford Graduate School of Business, for example, has no limits on the number of eligible veterans and contributes $16,500 per student, per year. The Fuqua School of Business at Duke University caps the number at 40 participants and offers $18,000 annually. Northwestern University’s Kellogg School of Management, meanwhile, accepts 50 students under the Yellow Ribbon Program and contributes up to $15,000 a year.
“The Yellow Ribbon Program is the best indicator of how much a school truly supports veterans and when you apply it really should be part of your research,” wrote Dave Dauphinais, a Navy veteran who served in special operations for 10 years and is currently enrolled in the joint MBA and MPA program between Dartmouth’s Tuck School of Business and Harvard’s Kennedy School of Government, on Tuck’s website.
“The program is voluntary for schools in the amount of money offered by the school and in the number of veterans they will support so it serves as a telling indicator,” he wrote.