Owl Have You Know

Mark Morehouse ’01 joins Christine Dobbyn to explain how a chemical engineer ends up in business school, the role that private-public partnerships play in public projects and the effect that COVID has had on the sales practice.

Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.

The Rice Business Plan Competition — the world’s largest and richest student startup competition — will announce the teams invited to participate in this year’s edition on Friday.

More than 440 student startups have applied for the April 6-9 competition hosted by the Rice Alliance for Technology and Entrepreneurship and the university’s Jones Graduate School of Business. The top startups deemed to have the best investment potential will be revealed via video at 10 a.m. CST.

What: Rice Business Plan Competition teams announcement.

When: Friday, Feb. 26, 10 a.m. CST.

Who: Peter Rodriguez, Rice Business dean; Brad Burke, Rice Alliance managing director; and Catherine Santamaria, Rice Business Plan Competition director, will make the announcement.

Where: Watch the announcement at rbpc.rice.edu, on YouTube at https://www.youtube.com/ricealliance, via Facebook at https://www.facebook.com/RiceAlliance/, on Twitter at https://twitter.com/ricealliance or on LinkedIn at https://www.linkedin.com/rice-alliance-for-technology-and-entrepreneurship.

The student startup teams selected will compete in five categories: energy, clean tech and sustainability; life sciences and health care solutions; consumer products and services; hard tech; and digital enterprise.

This year’s event will be the 21st annual competition drawing teams from around the globe who will again compete for prizes expected to top $1 million. Past competitors have raised more than $2.7 billion in total capital, and 237 startups have gone on to be successful. Two past alumni have achieved “unicorn status” with valuations greater than $1 billion each: Hyliion (2015 RBPC finalist) and Owlet Baby Care (2013 RBPC finalist).

For more information about the 2021 Rice Business Plan Competition, visit http://rbpc.rice.edu.

Why did you choose Rice Business?

I wanted to attend a school that was close to home and fostered a sense of community. It was important to me to feel as if I wasn't just another number or recruiting statistic. I wanted to enjoy my education and the people I would be spending so much time with, and Rice Business offered me that.

What are you most proud of from your time at Rice Business?

While I loved my professors and my peers, making a career switch is a clear highlight for me. I knew that pivoting from Education to Marketing would be a huge shift, and there was a lot of fear and uncertainty in that. While I was unable to participate in an internship to further solidify my career switch, I leveraged my network in the end, and thankfully, things worked out for the best.

Image

How has your Rice Business experience supported your entrepreneurial or career accomplishments?

In addition to making a career switch, I obtained a wealth of information on what it means to run a company. As the co-founder of MAW SUPPLY (a vintage clothing and accessories company), I entered into my MBA wanting to learn more about being a successful business owner.

While I have no desire to exit or go public, there is so much to learn from enterprises, case studies, and the number of investors and business owners that I've encountered throughout my time at Rice. Regardless of my desire to stay a small business, there is much to learn from big business. Rice allowed me to see the other side of the coin and reach my own conclusions.

Have you faced racial judgments in a professional setting? If so, what advice do you have for anyone experiencing something similar?

Microaggressions and sometimes less nuanced comments and actions can run amuck in even the most white collar of settings. For me, it's important to find companies and communities that foster an environment that stands up for those who feel voiceless and protects them from those who cause harm, whether intentional or unintentional. When encountered with racial judgements, some folks stick around and create the change they wish to see, others leave for greener pastures or choose to create it themselves elsewhere. I'm not sure which is the best answer, or if there even is one for that matter, but the choice is yours.

What suggestions do you have to work with allies within the workplace or at school?

Finding your community and your "safe space" is key. While this may be easier said than done, I find it important to surround yourself with people you can talk to and enjoy working with, and in some cases you may find allies that support you both personally and professionally.

Valentine’s Day consumer spending will look different this year, according to an expert from Rice’s Jones Graduate School of Business.

“Lower consumer confidence and uncertainty about the overall economy will shape Valentine’s Day spending trends — not the other way around,” wrote Constance Porter, assistant clinical professor of marketing at the Jones School, for WalletHub.

Over the past couple of years, Americans who felt good about the economy and their personal finances fueled strong spending on Valentine’s Day gifts, according to data published by the National Retail Federation. But this year, Porter believes, the pandemic will dampen Valentine’s Day spending.

“Performative gifting,” acts of generosity intended to impress both the recipient and observers, will be harder due to lockdowns and travel and restaurant limitations, according to Porter.

Instead, she suggests more people will opt for alternative ways to celebrate at home — such as cooking a restaurant-style meal or taking online courses for at-home spa treatments. It’s the “physical labor of love” that will make these experiences special, Porter said.
 

“The entire effort feels more fulfilling because our special someone put forth an extra effort,” she wrote.

Indeed, she says even single people may be inclined to find a special way to celebrate the day at home. A National Retail Federation survey found that 35% of respondents age 18-25 said “treating yourself” when asked about their Valentine’s Day plans.

“Given the isolation for some folks during the pandemic, Valentine’s Day is the perfect opportunity to boost mental health and wellness with some budget-friendly self-love activity at home,” Porter wrote. “It is never a bad time to do something special for yourself, like cook a favorite meal or order your favorite flowers. Valentine’s Day is the perfect excuse for self-indulgent behavior.”

Owl Have You Know

Jonathan McAdams ’01 joins Christine Dobbyn to talk about his career journey and working in finance. Along the way, Jonathan describes his experience in high-net worth and hedge funds and comments on the stock market during the pandemic.

Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.