By Lydia Thomas and Harrison Abernathy, Class of 2024
On March 1st, we had the opportunity to travel to Babson College in Boston, Massachusetts and attend their annual Global Entrepreneurial Leadership (GEL) Forum. Babson College is known for its #1 ranked Undergraduate and MBA Entrepreneurship programs. The Forum’s theme this year was “Metamorphosis: Driving Change and Creating Impact.” Through a panel format, ten entrepreneurs and business leaders, who are C-Suite executives, got to share their experiences. Embracing the entrepreneurial spirit of the Kenan Institute, it was incredible to be able to network with the panelists and hear their techniques for being a resilient, innovative, and mission-driven leader in an uncertain global economy. We are thankful to the Luther Hodges Scholars Exploratory Fund for making this opportunity possible. Below, you will find our insights from the forum in an interview format!
Question (Q): Looking at the panelists, whose story did you find the most intriguing?
Lydia – I enjoyed learning about Jonathan Feinman, founder of InnerCity Weightlifting, a nonprofit. Feinman reframed how we view the people in nonprofit programs as a “problem.” Rather he has learned that storytelling in nonprofits should revolve around changing the beliefs of those outside the system (like himself, donors, and community members). For example, his organization uplifts people impacted by incarceration and systemic racism through personal training and careers. He said that these individuals are leaders of his organization, so by living a life true to themselves, they are reshaping how the community responds to the criminal legal system. In my Social and Economic Justice Minor, I learned about Recognitional Justice which I think is at work in InnerCity Weightlifting. This nonprofit was new to me and I enjoyed learning how they are making sustainable strides in social justice in Boston.
Harrison – Of the four sessions we attended, Michelle Werner’s story stuck out to me in particular. She is the CEO of Alltrna, a therapeutics company using tRNA to develop treatments for diseases. Additionally she is on the board of Rare Disease Renegades, a non-profit. Empathy and corporate social responsibility (CSR) were two topics she spoke on that resonated with me. Within a team, she mentioned the constant balancing act that empathy is. It is not only understanding the needs and wants of others, but then helping position everyone to be their best and achieve a mission. In terms of CSR, the value this holds for both stakeholders and consumers must be considered at every decision point, there must always be a plan and your mission should align with this. I am currently enrolled in BUSI 562: Consumer Behavior with Professor Annie Williams and CSR is a topic we have discussed! In particular, the correlation between how a company demonstrates and commits to CSR or sustainability initiatives and effectively communicates this with consumers.
Question (Q): What was a key lesson you learned about how the public and private sectors intersect (and the role policymakers play)?
Lydia – Nitesh Wazenn, a business leader in the ‘Blue Economy, demonstrated how important it is as new graduates and aspiring entrepreneurs, to pay attention to current regulations in your field. This is because policymakers don’t always understand innovations like AI but their policies can either propel or kill your idea. Through this conference, I clearly see how the public and government sectors run alongside all businesses.
Harrison – Knowledge of the current policies within your field is huge, as is maintaining optionality in your company’s decision making. From the private sector point of view, being able to find common ground through initiatives can help cultivate partnerships. Especially in entrepreneurship, being able to have different options mapped out and pivot quickly is crucial. Being both a confident and competent leader can reinforce your conviction when pitching your mission and also leading others. In a time where global supply chains are uneven, technology is evolving, and labor challenges are affecting every sector, being flexible (while still maintaining a core mission) is vital for facilitating and growing public and private sector relationships.
Question (Q): Moving forward, what is something you will take away from the forum and apply to your life beyond college?
Lydia – I will remember that I can pivot at any point. I think that across all the panelists, all had at least some major failure or career change and many had multiple. Wazenn talked about how in his early career he cataloged every failure and shared it with the world through LinkedIn. Recording the failing process is what he calls “passionate failure.” One way it was helpful was to show potential investors that he has remained confident in his ability to adapt. Even when the business changed, a supporter would want to know that he had the guts to figure it out. It is a brave step but I agree that it builds resilience. I know that my first job probably won’t be my last one so it was good to hear from many successful individuals in the room that disappointments and change are normal.
Harrison – Following my graduation from UNC, I will be entering the U.S. Army as a Second Lieutenant. In this job, effectively leading soldiers and positioning them for success (mission and career wise) will be my main responsibility. Hearing Ian Campbell, CEO at Nucleus Research, discuss transformational leadership and creating an environment that facilitates creativity and sustained communication was very impactful to me. He delivered several stories around how the well-being of your team should be at the forefront of your decision making. By doing this and encouraging transparency, you can develop a motivated and innovative team. Creating this type of environment is a task that I look forward to completing in the Army, and in any career field I find myself in.