Dean, Sloan School of Management
Sloan's mission is to be the leading academic source of innovation in management theory and practice. MIT Sloan aspires to develop effective, innovative, and principled leaders who advance the global economy and to conduct rigorous and innovative research that improves management theory and practice. The U.S. and global economies have shifted significantly during this 2000-2001 academic year, providing a rich ground of study for economics and business.
Sloan continues its tradition of drawing top students from around the world. In fall 2000, 314 men and women—with a median GMAT score of 710—began their two-year MBA program. MBA applications are up 9 percent over last year, reversing the trend of the last year or two, and GMAT scores are up. In the Ph.D. program, international applications have shown a sharp increase, moving from 65 percent of the pool up to 87 percent. The undergraduate program has had tremendous growth in the past six years. Enrollment tripled from 100 to 300 for the fall 2000. The program is now the second-largest undergraduate department in the Institute, behind Electrical Engineering and Computer Science.
Sloan's newly redesigned MBA core requirements have been well accepted by the students. The program was retooled around the School's educational mission: to develop effective, innovative, and principled leaders.
Following are a few highlights from the past year:
- We have had two major program anniversaries this year. The Management of Technology Program began celebration of its 20th anniversary this academic year with a symposium on "Innovation to Implementation... managing in a Complex World" and a dinner at the JFK Library. The Sloan Fellows program for outstanding mid-level managers marks its 70th year. This program existed long before the naming of the Sloan School.
- Faculty in the Center for eBusiness at MIT began using "live cases" in their classes this year, to compensate for the rapid change in that field and the lack of formal case studies. In this new format the CEO brings in a current problem and the students work to devise a solution.
- This year for the first time LFM and SDM alumni have gathered virtually for post-degree learning through a new on-line seminar series.
- The Ph.D. research concentration formerly named Industrial Relations has been renamed the Institute of Work and Employment Research to better fit with today's more complex workplace.
- In conjunction with Merrill Lynch, we have developed an exciting new financial engineering executive education program where course participants from the company develop a complex set of tools for designing financial solutions and products for areas ranging from proprietary trading to risk management to corporate financial management, all in an innovative distance learning/e-learning environment.
Students participate in over 50 active clubs and organizations at Sloan. These range from professional clubs to athletic groups to trip-focused groups. Following are just a few of the highlights:
Annual student-run events were very successful this year. Our MIT Sloan eBusiness awards and the MIT $50K Entrepreneurship Competition provided students with valuable leadership opportunities, with the latter $50K providing good opportunities to develop links with students across campus. This year Management of Technology student Sudhir Borgonha, M.D., was a member of the $50K's winning team, Angstrom Medica. In addition, the group Project Team provided enriching opportunities for students to develop teamwork skills. One of the highlights was a new initiative, Team Day where students took a day away from academics to understand how teams could function better.
Special Seminars in International Management, which include trips, are a big part of many MBA students' experience. This year trips included China; the Middle East; India; Japan and Korea; and Finland, Sweden, and Norway. Students also have opportunities for other study/networking trips, including Tech Treks to New York City, Massachusetts and Silicon Valley where students hear an alumni panel, and get networking, company visits, and interview opportunities.
On their study trips students got to meet with the Honorable Donna Shalala, Brookings Institution guest scholar and former secretary of the US Department of Health and Human Services; Stanley Fisher, first deputy managing director of the International Monetary Fund; Dr. Keijo Tachikawa, president and CEO of NTT DoCoMo, among many others.
Five students received top honors at the 2nd annual Kenan-Flagler Marketing Case Competition where mixed school teams presented marketing recommendations to the Walt Disney Company. Sloan winners, all MBA class of '02, were Craig Westmoreland, Carolyn Corazo, Allison Conrad, David Harelick, and George Karayiannakis.
Sloan Leadership Forum's annual conference featured Warren Bennis, author and Chair of the Leadership Institute at the Marshall School of Business along with a number of CEOs and VPs.
The number of alumni participating in any of the many activities offered grew significantly this year. Well over 3000 alumni attended club events, alumni weekend, returned to speak to students, attended c-functions (social events), joined the students during international trips, gathered at corporate sites, networked, and much more. With 20% of Sloan's reunion year alumni returning to campus, Sloan once again set records for reunion attendance. To thank them for their work on Sloan's behalf, volunteers from around the world were invited back to campus for the Alumni Leadership Conference where they enjoyed hearing from faculty.
Sloan continued to expand its faculty with several new appointments, and current faculty received a number of honors and awards. Gerhard Schulmeyer, President and CEO of Siemens Corporation, was named to the Sloan faculty as a Professor of Practice, effective July 1, 2000. Other new appointments included Pablo Boczkowski as Assistant Professor of Organizational Studies; M. Diane Burton as Assistant Professor of Management; Roberto Fernandez as Professor of Organizational Studies; Richard Frankel, Peter Joos and Joseph Weber as Assistant Professors of Accounting; Benjamin Grosof as Assistant Professor of Information Technology; Starling Hunter III and Fiona Murray as Assistant Professors of Management of Technology, Innovation and Entrepreneurship; Jun Pan, Anna Pavlova, and Antoinette Schoar as Assistant Professors of Finance; Thomas Roemer as Assistant Professor of Operations Management; and Jesper Sorensen as Associate Professor of Strategic Management.
Faculty honors of note include the following:
- Tom Allen received an honorary doctorate degree from Linkoping University in Sweden Saturday in May 2001.
- In November 2000, Dan Ariely received the Hillel Einhorn Young Investigator Award from the Society of Judgment and Decision Making.
- Arnold I. Barnett was chosen by the Operations Research Society to present the prestigious Blackett Memorial Lecture in London in November 2000.
- During the Institute Awards Convocation held in May 2001, Paul Carlile was the recipient of the Graduate Student Council Teaching Award for his course, Organizational Processes.
- Robert S. Gibbons accepted an invitation to join the Board of Trustees at the Center for Advanced Study in the Behavioral Sciences at Stanford University.
- John Hauser received the 2001 Charles Coolidge Parlin Award at the American Marketing Association (AMA) 22nd Annual Marketing Research Conference in Atlanta. The Parlin Award is the oldest and most distinguished award in the marketing research field. It recognizes distinguished academics and practitioners who have demonstrated outstanding leadership and sustained influence on the evolving profession of marketing research.
- John Little was chosen as the recipient of the INFORMS Expository Writing Award which is given annually to an author whose publications in operations research and management sciences have set an exemplary standard of exposition.
- Andrew Lo was chosen as the IAFE-SunGard Financial Engineer of the Year for 2001. This honor is given each year by the International Association of Financial Engineers to a distinguished academician or practitioner in recognition of outstanding lifetime contributions to the field of financial engineering.
- Tom Magnanti received the Irwin Sizer Award for the Most Significant Improvement in MIT Education at the Institute Awards Convocation in May 2001
- Wanda Orlikowski, Tom Malone, JoAnne Yates, Peter Weill, and Erik Brynjolfsson have been awarded a $5.2 million NSF Information Technology Research Award for their project, "Social and Economic Implications of Information Technology: What is Really Happening?"
- Georgia Perakis was named a recipient of the fifth annual Presidential Early Career Awards for Scientist and Engineers, in a ceremony at the White House. She also received a Faculty Early Career Development Award from the National Science Foundation.
- William F. Pounds received the prestigious Director of the Year Award at the Corporate Directors' Annual Corporate Governance Conference.
- The Association for Investment Management and Research (AIMR) presented Steve Ross the Nicholas Molodvsky Award in May 2001 for "outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment."
- Edgar H. Schein was the first recipient of the Academy of Management Careers Division's Everett Cherrington Hughes Award for Careers Scholarship. The award was instituted to recognize scholarship which has made a significant contribution to the task of linking careers theory with the broader field of organization studies.
- Lester Thurow received an honorary doctoral degree from Tehnion University in Haifa, Israel on June 11, 2001.
Tremendous work continues to come out of Sloan's research centers, many of which are run in partnership with colleagues in other schools at MIT. A few highlights include the following.
The Center for eBusiness@MIT has brought together over 30 faculty to work on 35 research projects, funded by the center's generous sponsors. The center also works with Sloan's eBusiness Track, executive education programs and Ph.D. research seminar.
Entrepreneurship activities are continuing to thrive at Sloan. Forgetting for a moment the stock market, there is still tremendous interest in Sloan's entrepreneurship courses, the track and Sloan's research. MIT has always been about innovation and there's been no slowing of innovation here.
Global e-lab gives students the opportunity to work in-depth with start-up companies around the world. The student teams work intensively here and on-site at the companies to define a serious and pressing company issue such as a need for financing or a product launch. They then develop and present their recommendations to the company CEO during spring break
Work in three research centers: the New Economy Value Research Lab, the International Center for Research on the Management of Technology, and Inventing the Organizations of the 21st century has come to a close in the last year.
This year we concluded the fifth successful year of our collaboration with three of China's top universities and we have made a commitment to continue to work together in developing international management education programs. Through this program we have worked jointly with the faculty in China to develop their faculty, curriculum requirements and teaching media for international MBA programs. Now, young Chinese professionals have entered the workplace with a broad grounding in the best international management theory and practice-ready to serve China and the world economy today and in the future. Through this program we all share a much richer understanding of the business underpinnings and current practice of our diverse cultures.
Steven Graves, Abraham J. Siegel Professor of Management and co-director of the LFM/SDM programs, was chosen as the Institute's new chair of the faculty.
The MIT Sloan Management Review incorporated MIT into its title and launched a crisp and colorful new design, one fitting its status as a leading academic research publication. Substantial investments were made in both circulation and editorial quality.
Sloan is now moving toward development of a new set of buildings that will become the heart of activities at the MIT Sloan School of Management. These new buildings will enable us to create a world-class facility for management education and research on the MIT campus. During this academic year we have announced a team of architects who will design and oversee the project. The architecture team is Moore Ruble Yudell Architects & Planners of Santa Monica, CA in association with Sasaki Associates of Watertown, MA. Both firms are noted as respected leaders in planning and design for college and university campuses. The site that will be used will be announced in the fall, after refining Sloan and SHASS's needs and conducting a site analysis.
Our capital campaign is off to a good start with over $107 million already raised to support Sloan's priorities and projects. With three years remaining in the drive, we are optimistic that despite the unsettled economy we will meet our goals. This year we are fortunate to have received a $5 million endowment fund from John C Head III and his wife Madie Ivy. This $5 million fund is one of the largest private gifts to Sloan and has established the John C Head III deanship.
In September 2000, Sloan became one of the first business schools to embrace wireless network access to stimulate innovation. Sloan activated a wireless access network that enables students, faculty, and staff to use their laptops to connect to the MIT wired network and the Internet from anywhere on the Sloan campus. This comes on the heels of Sloan being the first business school to require online applications in 1999, the same year the incoming MBA class built a web site that formed a virtual community before students arrived on campus. With the new wireless access students can communicate instantaneously with project team members, work from a much larger variety of locations and can now access the Internet for up-to-date company news and research.
A number of top corporate and government leaders spoke at Sloan over the last academic year, providing insight to students, faculty, researchers and alumni. Speakers included: Spain's Vice President and Minister for Economics and the Treasury, Rodrigo Rato; Texas Instruments' Chairman and CEO, Thomas J. Engibous; Michael Dell; and Jeff Wilke of Amazon.com.
The 2001 The Lemelson-MIT Student Prize, housed at Sloan, was presented to mechanical engineering doctoral candidate Brian Hubert for his development of the world's first nano-assembly machine, capable of picking up and assembling any kind of material, several thousand atoms at a time.
We have continued to be well rated among industry rankings and use them as one of many forms of feedback. In the Business Week ratings that were released in September 2000, Sloan's MBA program was ranked fourth, moving up an incredible 11 places from the last survey. In January, MIT Sloan was ranked number 6 in the Financial Times 2001 rankings of the top 100 MBA programs in North American and Europe. In U.S. News & World Report's 2001 edition of Best Graduate Schools MIT Sloan was ranked as number five among MBA programs. As counter point, in April the Wall Street Journal released its first business school ratings, entirely based on feedback and data from recruiters. Sloan was ranked 38th out of 50 schools. Other top schools whose graduates are hard to hire because they are in great demand, also did poorly in this survey. While we do not feel this ranking is a proper reflection of the quality of the education we provide or the success of our graduates, we respect their right to choose their own criteria.
Our top priority, as always, will be conducting leading research and providing a first-class education for top students around the world. This next year we will begin the celebration of our 50th anniversary, a time for rejoicing and reflection. It will allow us time to highlight what we have accomplished in the past as well as plan for our future and will include a number of events and projects, beginning next spring. The development of our new campus buildings will move into the design phase in Fall 2001, an exciting step for us as we glimpse our future environs. Our capital campaign, currently underway, will help make that vision possible.
More information about the MIT Sloan School of Management and its programs can be found on our web site at http://mitsloan.mit.edu/.
The MBA Program at the MIT Sloan School of Management includes three areas-Admissions, Student Affairs, and the Career Development Office. The MBA Program has had a busy and productive year. We reorganized into a more efficient structure, hired new people, and continued to build a new organization, revamped and enhanced many of our offerings, and created new programs. We've also made strides in terms of student satisfaction and been recognized with outside rankings (fourth in Business Week, fifth in US News & World Report, sixth in Financial Times). The program's continued high rankings are recognition of our student selectivity, high graduation rate, employment success, and academic reputation.
In keeping with the MIT Sloan School mission statement, we are dedicated to developing effective, innovative, and principled leaders who advance the global economy. We will work toward aligning our offerings with what students need to be successful in their time at Sloan and in their lives after Sloan. We also will refine our marketing message content and delivery, create new offerings and ways of working together to create a more differentiated, successful program.
Sloan's Doctoral Program aims to provide institutions in the United States and abroad with outstanding management faculty and researchers. On the output side, we graduated 13 people this past academic year with job success and placements being quite good in all of our management fields. Recent graduates have found positions at Harvard, Columbia, Carnegie Mellon, Cornell, New York University, Seikei University, and the London Business School . Although some graduates succumbed to the blandishments of industry, most remain committed to academic careers.
On the input side, we experienced another record-breaking year, due in part to the ease of access to our web page (http://mitsloan.mit.edu/) and the application form availability via this method. We received 522 applications from 61 countries, 31 percent from China. We made 29 offers and got 19 acceptances (66 percent yield) and believe that the upsurge in acceptances is directly correlated to the major improvement in the financial aid offers, bringing us up to the mid-range of offers tendered by comparable schools. Total enrollment now stands at 90, with 60 international and 30 U.S., and a total of 27 women. While the number of under-represented minority students has dropped to two active students, we continue initiatives begun four years ago to increase our diversity, including participating in the KPMG Peat Marwick Ph.D. Project (an annual recruitment event). We also continue to explore other means to increase the participation of minority students in Ph.D. studies here.
MBA Student Affairs Office
The MBA Student Affairs Office staff had an eventful and productive year. Overall full-time MBA student enrollment at Sloan, including Leaders for Manufacturing, is 732 (634 MBAs and 98 LFMs). The final phase of the Core 2000 redesign and rollout included the addition of an introductory marketing elective in the Fall 2000 Core, which complements the introductory finance elective, put into place in 1999. The finance and marketing electives were popular options for the first-year MBAs; 94 percent of the overall MBA'02 class (including first-year Leaders for Manufacturing students) chose to take an elective in their Core term, with 64 percent of this group enrolling in marketing and 36 percent taking finance.
After students complete their required fall core requirements, they then choose a specific Management Track or Self-Managed Track, all of which require the completion of a sequence of extended "Spring Core" electives common to all the tracks in addition to each track's specialized electives. The Core 2000 initiative also encompassed changes in the Spring Core; the required sequence format for the 2001 Spring Core was expanded from one "4-of-6" series to two "3-of-5" sets of subjects, all of which were successfully delivered. The MBA Fall and Spring Core curricula will continue to be monitored and adjusted as needed on an ongoing basis by the School's Master's Program Committee.
The MBA Program currently has a roster of seven Management Track offerings-Financial Engineering, Financial Management, Strategic Management and Consulting, Information Technology and Business Transformation, Manufacturing and Operations, eBusiness, and New Product and Venture Development. More than two-thirds of graduating MBA students completed a Management Track in Academic Year 2000-2001, with an especially strong enrollment demonstrated by students drawn to the New Product and Venture Development Track's emphasis on entrepreneurship and new product marketing. Students who did not join one of the seven tracks noted above opted for the Self-Managed Track, which provides them with maximum flexibility of course selection and the ability to customize their program following completion of the Fall Core.
The Minority Business Club met regularly during the academic year to discuss minority student issues. The MBA Program again subsidized the membership of minority students in the National Black MBA and National Hispanic MBA associations, allowing students to attend national conferences. Both groups developed résumé books and used them at career fairs for these events.
MBA students, faculty, and staff participated in five school-sponsored international trips last year. The international trips continued to be an important part of the MBA Program student experience; students, the MBA Student Affairs Office, and International Management faculty worked collaboratively to organize the trips. An academic seminar that examines the relevant management, social, and cultural issues of the countries precedes the trip. The trip destinations last year were Japan and Korea; Jordan, Turkey, and Syria; Finland, Norway, and Sweden; India and China. More than 200 MBA students participated.
MBA Career Development Office
The 2000-2001 Academic Year was a successful one for Sloan students in the MBA job marketplace and for the Career Development Office (CDO) staff assisting them with this process. The CDO offered over 65 seminars on 31 different topics during 2000-2001. Subjects ranged from an overview of effective career management to self-assessment, resume development, networking, conducting a proactive job search, managing relationships with employers, interviewing, negotiating, evaluating offers and making final career decisions. Seven new seminar topics were introduced to address special search issues: behavioral interviewing, Interviewing 101, interviewing for consulting, banking, investment management, high technology careers, and Career Options Day.
From October through June, CDO staff held over 650 individual counseling appointments, in addition to answering regular questions on a drop-in basis. Support for more than 200 alumni seeking new career opportunities were also provided during this period of time.
The MBA Career Development Office coordinated the logistics for 120 corporate presentations and over 340 interviewing companies. In addition, the CDO successfully attracted 69 new firms to recruit our students during the 2000-2001 academic year; these firms participated in traditional recruiting processes as well as through three spring semester career fairs.
At graduation, 90 percent of the Class of 2001 reported receiving a job offer. The median starting salary for accepted positions increased to $95,000 from $90,000 in 2000. Forty-five percent of the Class of 2001 chose to join a consulting firm. This is an increase of 15 percent from 2000.
This has been another highly successful year for Sloan Admissions. The new MBA Class of 2003 is made up of 378 students, including 48 students for the Leaders for Manufacturing Program and joint Sloan/Engineering candidates. Continuing the trend of the past several years, the class is an experienced one, having an average of five years of employment before matriculating. The average age is 28 years. Average GMAT score has risen to 710 (median is 710).
Sloan continues to be a diverse population on all dimensions. The incoming class is 35 percent international (45 countries are represented), 30 percent women, and 5 percent underrepresented minority students. Sixteen members of the first-year MBA class matriculating in September 2001 are from underrepresented minority groups. The Class of 2003 includes 10 African-Americans and 6 Hispanic-Americans; they joined 27 second-year minority students.
In addition, students have come from all over the United States with backgrounds in engineering, mathematics, economics, political science, history, languages, international studies, social science, business, publishing, law, computer hardware and software, communications and transportation. Many are already entrepreneurs who have founded their own businesses.
The total number of applications was 2964. The number of applications held very steady this year and in the second round of applications, the number and percent of applications increased. We continue to see a diversification of our applicants to include doctors, lawyers, architects and other professionals who find themselves in need of sophisticated management skills to complement their professional expertise. This year's applications came from all 6 continents.
The virtual community developed by the incoming students two years ago has grown into a partnership with the Admissions office whereby students connect with each other before arriving on campus and the Admissions and MBA program management are also communicating with students in an official capacity.
A new MBA admissions web site will be launched in September 2001 in an effort to maximize Sloan's presence on the internet and reflect its reputation as an innovator and leader in technology. Since 100 percent of Sloan's applicants apply on-line, the site will be updated to provide succinct information with the highest standards of usability.
Sloan will also be in the road this year. Currently, the Admissions office has 17 international events planned; including MBA Fairs, symposium and Sloan Evening Presentations. To increase the pool of domestic applicants, we are sponsoring and/or participating in 28 events planned around United States including 15 Sloan Evening Presentations, 5 MBA Forums, 4 "Top 10" school events, 2 professional associations fairs and 2 symposium. The enthusiastic participation of alumni and student volunteers in these events demonstrates their continued commitment to the Sloan family and their satisfaction with its programs.
Leaders for Manufacturing
The Leaders for Manufacturing (LFM) Program is a partnership between MIT and over 25 global manufacturing firms to discover and translate into teaching and practice principles that produce world-class manufacturing and manufacturing leaders. This partnership is motivated by our shared belief that excellence in manufacturing is critical to meeting the economic and social needs of individuals, firms, and society, and that the health of companies operating in global markets is essential to society's well-being.
Now, in its 13th year of operation, LFM is a partnership between the School of Engineering, the Sloan School of Management and leading manufacturers. Launched in 1988 with significant industry funding, the program emphasizes collaboration and knowledge sharing with its partner companies across the entire spectrum of "Big-M" manufacturing enterprise issues. LFM supports students both as fellows in the program (with fully-paid tuition). The largest component of the educational efforts is the Fellows Program, a 24-month dual masters degree (S.M. in engineering and MBA or S.M. in management) experience involving a single integrative research project carried out on site in partner firms.
Forty-eight students in the class of 2001 completed the Fellows program and approximately 80 percent have taken positions in manufacturing firms. Each of the 48 graduates completed an internship at a partner company during the summer and fall of 2000. Internships are focused projects of concerns to the partners, accomplished by interns with company support and MIT faculty guidance. Representative projects this past year included modeling design rework in a product development process, integration of the design and manufacture of high-precision cast components, evaluating wastewater treatment technologies, and addressing the complexity of multimedia wireless computing solutions, among others.
Another 49 students (class of 2002) completed their first year of on-campus studies and are starting their six-month internships. Forty-eight new students (class of 2003) were admitted and have begun an intensive summer session. The class of 2003 has an average of 4.8 years of work experience.
Don Rosenfield continues to serve as the Director of LFM Fellows. Co-directors for the program include Paul Lagace, Bill Hanson, and Steve Eppinger. Steve Eppinger, GM LFM Professor of Management at the Sloan School of Management, assumed the LFM-SDM co-director's position on July 1, 2001 when Steve Graves, who has been an LFM co-director for 10 years, was elected Chair of the Faculty. Both began their new position effective July 1, 2001. Steve Eppinger is no stranger to LFM-SDM. His course, Product Design and Development, is a favorite of students in both programs, and he frequently supervises LFM and SDM students for internship and theses projects.
Research and Knowledge Transfer Program
As part of LFM and SDM's commitment to lifelong learning, a new initiative was introduced to encourage LFM and SDM alumni to stay connected with MIT by sharing relevant information. Paul Gallagher, research associate for LFM and SDM, established monthly webcasts presented by various LFM and SDM alumni. The content of each webcast, also called e-seminars, provides valuable information on the latest trends, cutting-edge developments and innovative strategies, all of which pertain to manufacturing and/or systems design. The presentations are given in real time, via the Internet and telephone, which allowed participants to follow along visually and audibly as well as ask questions.
Presenters have included Steve Graves discussing his research on supply chain issues, Don Rosenfield on manufacturing strategy, and Sara Beckman, from the HAAS School of Business at UC Berkley, talking about vertical vs. virtual integration. Due to the positive feedback, the webcasts will continue into the next academic semesters.
LFM continues its leadership role in the National Coalition of Manufacturing Leadership (NCML), a partnership of 15 universities with joint management and engineering manufacturing programs. In conjunction with the NCML, MIT, Univeristy of Michigan, and Penn State University once again sponsored a recruiting forum the National Manufacturing Recruiting Forum (NMRF) hosted this past year by Penn State University. More than 118 students and 50 companies participated in last year's event, in which LFM makes a significant contribution to the NMRF by providing a robust, web-based interview scheduling system that increases interview scheduling efficiency. The NCML meets twice a year to share curriculum, research, and program best practices.
LFM students, sponsored and non-sponsored, continue to be highly sought once they have completed the program. Partner companies as well as other organizations take a special interest in LFM students as proven by their commitment to speak to the class on various issues during the Pro Seminar session. About 80 percent of each class accept positions within the manufacturing industry while the percentage of students aceepting positions within partner companies has remained at about 50 percent. Within the past two years, however, LFM has experienced a slight increase in the number of graduates who have accepted positions in consulting. Ten percent to 15 percent of students have chosen this field.
More information about Leaders for Manufacturing can be found online at http://lfm.mit.edu/.
Sloan's office of Executive Education has continued its efforts to provide superior programs to key partner companies and alumni of executive education, drawing on Sloan's research depth and expertise to help managers and executives solve important business problems. The offerings of Executive Education increased during the year responding to the demand for open-enrollment courses and for customized programs. Both the Sloan Fellows and Management of Technology programs, flagship programs for executive education at Sloan, successfully recruited full classes for 2000-2001, indicating continuing strong demand for these mid-career management degrees. Five executive short courses of five days each were successfully presented in May and June. A two-week course on Latin American business was run in October and will be offered again in response to enthusiastic demand. And the portfolio of open enrollment two-day courses has increased dramatically over the year. Responding to market demand for more customized programs, Sloan increased its offerings of executive education programs for individual companies such as McKinsey, Siemens, and TRW. Topics of particular interest are strategic management of technology, the impact of emerging technologies on current business models, and the challenges of organization transformation. The Office of Executive Education is leveraging new learning technologies in both its custom and on-campus programs. A successful, new program this year was developed for Merrill Lynch, a MIT partnership company. Using distance learning technology, Professor Andrew Lo's Advanced Investments course was offered to Merrill Lynch traders around the world. Being at the forefront of new learning technologies allows Sloan's Office of Executive Education to meet the needs of its corporate partners for cutting-edge knowledge on a global basis.
More information on executive education at Sloan can be found online at http://mitsloan.mit.edu/execed/.
System Design and Management
The mission of the System Design and Management Program is to educate future technical leaders in architecting, engineering, and designing complex products and systems, preparing them for careers as the technically grounded senior managers of their enterprises. SDM intends to set the standards for delivering career-compatible professional education using advanced information and communication technologies. SDM was one of MIT's early entries into the field of distance education and remains the only degree-granting program at MIT that can be earned primarily from a remote location.
The SDM program is a joint offering of the School of Engineering and the Sloan School of Management, leading to a Master of Science degree in engineering and management. Targeted for professional engineers with three or more years of experience, the program centers on a 13-course curriculum in systems, engineering, and management, including a project-based thesis. It offers three curricular options: a 13-month in-residence format; a 24-month distance education for company-sponsored students, requiring one academic semester in-residence at MIT; and a 24-month on-campus program for self-supporting students who can obtain a research assistantship in one of MIT's labs or centers. The program was conceived as an alternative to the MBA for professional engineers, allowing working professionals to pursue a degree without interrupting their careers and relocating themselves and their families.
Denny Mahoney, Director of SDM Fellows, completed his second year in that position, providing a much-needed stability to program leadership. Co-directors for the program include Paul Lagace, Bill Hanson, and Steve Eppinger. As of July 1, 2001, Steve Eppinger, GM LFM Professor of Management at the Sloan School of Management, will assume the LFM-SDM co-director's position when Steve Graves will be appointed Chair of the Faculty.
SDM Student Statistics
In January 2001, SDM admitted its fifth class, enrolling 37 students. In all, 11 organizations sponsored students in the incoming class, including LFM-SDM partner companies: UTC (3), Ford Motor Company (10), NASA (10), Eastman Kodak (1).
In June 2001, SDM graduated its third full class. Forty of the 49 graduates attended the commencement ceremony to receive their degrees-a testament to the cohesiveness of this distance education group. The graduating class includes 11 employees from Ford, 10 from UTC, eight from Xerox, one from Eastman Kodak, as well as employees from Polaroid, Visteon, GM Delphi, GTE, Honeywell, Intel, the U.S. Navy, and Gemcor. SDM continues to draw from a wide range of companies for its students. This past year, ArvinMeritor sponsored three students in the January 2001 class and has expressed interest in participating in the LFM-SDM partnership. Xerox, a long-time supporter of SDM, did not sponsor any employees this year because of difficult economic times for the corporation. United Technologies Corporation, which usually enrolls a significant number of employees into each SDM cohort, only sponsored three employees in SDM who were all from Pratt & Whitney, one of UTC's divisions. Several other business units within UTC, most notably Sikorsky and Otis Elevator, which normally sponsors students in SDM, did not do so last year because of internal reorganization. UTC, however, expects to increase its overall participation in SDM in the next intake as a result of a new educational partnership.
Table 1. SDM Student Statistics
MIT-UTC System Integration Project
This past year, LFM-SDM and UTC embarked on a new educational venture. UTC has identified 11 core capabilities that the corporation believes must be strengthened across all the business units for UTC to remain competitive in the next century. For each capability, UTC will partner with a university that can deliver the highest quality education to its workforce in each of these areas. UTC proposed that LFM-SDM serve as its partner for one of these competencies-Systems Engineering. UTC believes that much of the current SDM curriculum addresses many of the required capabilities needed for systems engineering that they have identified as important across the UTC business units.
The project team has segmented the educational process into four target populations-a group of experts enrolled in the SDM program, a second group of experts enrolled in UTC-MIT's Systems Integration Certificate Program, the managers/facilitators of the experts, and implementers/doers. A holistic approach recognizes that each target population is part of a larger whole and tries to identify the critical points and people in a process where new knowledge must be applied.
The project team identified the certificate program as its priority, and a pilot class of 12 students will begin the new certificate program starting Fall 2001. It is expected that this project will not only provide the Institute with an important experiment in lifelong learning, but will also solidify a higher level of enrollment by UTC employees in the regular SDM program.
Distance Education Delivery
As MIT's premier degree program offered at a distance, SDM has recognized its leadership role at the Institute regarding the practice of distance education and is in a process of evaluating its delivery with the goal of increasing the quality of the remote-learning experience while reducing costs.
Specific distance education accomplishments include:
- Delivering the full range of SDM course offerings to all of its students;
- The adaptation of other courses for the distance education medium of multipoint videoconferencing to as many as 15 simultaneous company sites;
- Jan Klein's funding by NASA and Ford Motor Company on a proposal to apply her research on Virtual Teams to improving the SDM distance learning experience. She conducted a survey and will introduce and measure specific change elements into the program;
- SDM's efforts to experiment with new distance formats. For example, when SDM students could not get into Rebecca Henderson's Technology Strategy course because of over-enrollment, SDM program administrators created a course format in which SDM distance students received the core of Henderson's teaching via videotape. This included videoconferenced recitations and a half-day workshop on campus facilitated by Henderson herself. A similar approach was taken with Steve Eppinger's Product Design and Development course in the spring;
- Another experiment with Systems Dynamics, in which Jim Hines, a senior lecturer in the Sloan School, is offering a web-based, asynchronous course to SDM students both on and off campus, during summer 2001.
SDM will continue to explore effective ways of making course materials available to distance students.
More information about SDM can be found online at http://sdm.mit.edu/.
Management of Technology Program
The MIT Management of Technology Program (MOT), the first joint program between the Sloan School and the School of Engineering, was established in 1981 to develop leaders who can create the linkages between their organizations' underlying technology and overall strategy. This 12-month intensive program provides executive development for strong technical leaders who are taking on senior leadership positions in their firms, and has also attracted an increasing number of participants who are involved in technology-based entrepreneurial opportunities.
The MOT Class of 2001 included 57 participants from 23 countries, the largest and most internationally diverse class in the 20-year history of the program. They averaged 11 years of work experience, representing a wide variety of industries and functional expertise. More than half of the class had advanced degrees prior to joining the MOT Program, most in technical disciplines.
This past year, domestic field trips provided the MOT class an opportunity to visit leading high technology firms on both coasts of the United States. In November, the annual trip to New York included visits to telecommunications, financial services, media, electronic commerce and technical consulting organizations. In January, the group spent a great week in Silicon Valley, visiting a wide array of large and small technology-based firms, venture capitalists and intellectual property consultants. While large firms such as Cisco, Sun Microsystems, Hewlett-Packard, Agilent, and Oracle provided great insights into how technological innovation is implemented, much was also gleaned from visits to smaller firms, particularly those involved in wireless applications and e-commerce services.
In March 2001, the MOTs set out for the England, Ireland, and Spain on their annual International Field Trip. Visits to large organizations such as BP Amoco, British Telecom, and National Grid were interspersed with smaller entrepreneurial firms in Dublin and Barcelona. Visits to Cambridge University and the new MIT Media Lab Europe in Dublin took advantage of MIT ties in England and Ireland. Colleagues at University College Dublin and IESE in Barcelona were also instrumental in setting up excellent company visits in those countries. Waterford Crystal, which offered hands-on exploration of both old and new manufacturing technologies, was a highlight for the whole group.
In April 2001, over 525 people attended a conference jointly sponsored by ILP, ICRMOT and the Management of Technology Program, marking 10 years of sponsored research in the field of managing technology and innovation. Many MOT students participated in presentations and poster sessions surrounding this excellent conference.
In June 2001 in conjunction with the graduation of its 20th class, the MOT Program sponsored a series of events celebrating the 20-year history of the Program. A full-day symposium entitled "Innovation to Implementation....Managing in a Complex World" and a gala dinner at the JFK Library on Boston Harbor were highlights of the three-day celebration. Other satellite celebrations are being organized over the next year in other locations around the world.
More information about the Management of Technology Program can be found online at http://mitsloan.mit.edu/mot/.
The Sloan Fellows program is the oldest degree granting executive education program in the world. Begun in 1931 with the backing of several industrialists, it was designed as an innovative 12-month graduate program covering the fundamentals of management and managerial decision-making. Now in its 70th year, the program has evolved over the years to keep abreast of a changing world and has remained the leading choice among the world's top corporations to prepare today's managers to be tomorrow's leaders. The individuals designated as Sloan Fellows are fully sponsored by their organizations during their year at MIT.
The program continues to make a significant contribution toward achieving the Sloan School's strategic objectives: to develop effective, innovative and principled leaders who advance the global economy and to conduct rigorous and innovative research that improves management theory and practice.
In support of the first objective, the program attracts and educates individuals from corporations that are industry leaders from around the world. The class of 2001 came from 19 U.S. and 38 foreign organizations, many of which have long associations with MIT. They represented 20 different nations spanning six continents and numerous industries, including automotive, energy, telecommunications, and financial services. This profile provided an excellent opportunity for cross-cultural and cross-industry exchange, a hallmark of the Sloan Fellows Program. The class formed a diverse, mutual-learning community from which individuals took away not only the analytical tools necessary to perform, but also the intellectual confidence to help them to make the right decisions in the complex environments they face. Addressing the second objective, through an active alumni network, strong partnerships with sponsoring organizations and the Sloan Fellows' thesis work, Sloan faculty have enjoyed many opportunities to conduct research in which to improve management theory and practice.
Active participation by Sloan Fellow Alumni in program and MIT events continued. The Sloan Fellows class of 1960 held their annual reunion in Boston and invited the class of 2001 to a reception that included a talk by Lester Thurow. The Seminar in Leadership series and the annual Sloan Fellow Field Trips to New York, Washington, and an International Trip to Mexico and Brazil all provided opportunities for alumni to take an active role as speakers and hosts.
A major initiative begun during the year was a comprehensive review of the Sloan Fellows Program. The primary objective of the review, which will continue through 2001 and include discussions with key stakeholders of the program, is to examine the position of the Sloan Fellows program in the executive education marketplace and within Sloan, the curriculum offered, and the delivery of the program. The ultimate goal is to create a program that is a world leader in degreed executive education and meets the management development needs of strategically important sponsors and the professional and personal needs of the Sloan Fellows themselves.
More information about the Sloan Fellows Program can be found at http://mitsloan.mit.edu/sf/.
Sloan Visiting Fellows Program
The MIT Sloan Visiting Fellows Program provides the opportunity to pursue full-time, non-degree studies tailored to individual goals and interests. Each Visiting Fellow's program of study, usually for one or two semesters, is designed in consultation with a faculty adviser to meet individual professional needs and interests.
Sloan Visiting Fellows is a small program. Participants usually have an existing relationship with the school through their company, their school or a member of the Sloan faculty. Enrollment per semester averages around twelve. Thirteen participants were enrolled in fall 2000 and eight in spring 2001. The 2000-2001 academic year included both self-sponsored and company sponsored participants as well as visiting students from the Norwegian University of Sciences and Technology and also the Digital Institute of Technology in Munich. In addition, graduates of the Management of Technology (MOT) Program continue regular participation in the Visiting Fellows Program as a second semester or year of sponsored study.
Sponsors of participants included NEC Corporation, Site Design Co., Ltd., Fuji Xerox, Samsung Life Insurance, Norwegian University of Sciences and Technology, and the Digital Institute of Technology in Munich.
More information about the Sloan Visiting Fellows Program can be found online at http://mitsloan.mit.edu/rf/.
Undergraduate Program in Management Science
The Sloan Undergraduate Program was ranked second this year, tied with the University of Michigan, for the Best Undergraduate Business Program in the country by the U.S. News & World Report.
In addition, we are now the second largest undergraduate major at MIT-second only to Electrical Engineering and Computer Science. With 109 freshman recently declaring Management Science as their first major we now have over 300 students in our program. Enrollment has tripled since the 1993-1994 academic year. We also continue to see large numbers of undergraduates from other MIT degree programs enrolling in our management subjects.
The Undergraduate Program Office has gone through many changes this year. Last fall the office moved from Building E52 to E40. Ms. Etaine Smith left the program in early December, and Ms. Maggie Devine-Sullivan joined us as the new Assistant Director of the Undergraduate Program in late January.
Eighty-nine S.B. degrees in Management Science were awarded last year (one in September, 15 in February, and 73 in June). Thirty-four of these students chose concentrations (these used to be called "options") in finance, 32 selected information technologies, 17 chose marketing science (previously named "marketing research"), and two elected operations research. In addition, four seniors each completed two concentrations: two with finance and information technologies, one with finance and marketing, and one with marketing and information technologies. Finance and Information Technology continue to be our most popular concentrations.
Sixteen of our students received simultaneous degrees in other MIT departments: Three received S.B. degrees in Electrical Engineering and Computer Science, two received S.B. degrees in Economics, two in Chemical Engineering, and one each in Biology, Brain and Cognitive Sciences, Mathematics, Philosophy and Linguistics, Physics, Anthropology, and Music. Two students received M.Eng. degrees in Electrical Engineering and Computer Science.
One student received three additional S.B. degrees: in Electrical Engineering and Computer Science, in Mathematics, and in Economics. Three students received two additional degrees: one in Physics and in Mathematics, one in Electrical Engineering and Computer Science and in Anthropology, and one received both S.B. and M.Eng. degrees in Electrical Engineering and Computer Science.
Approximately 25 percent of our seniors graduated with minors in other MIT disciplines. More than half of these minors were in economics. Other minors were in architecture, biology, comparative media studies, music, physics, and political science.
Sloan Undergraduate Advising and Committee Assignments
Our increasing number of majors has increased the need for more undergraduate faculty advisors. Last spring we began the process of evaluating the undergraduate advising program at Sloan by individually interviewing our 26 undergraduate advisors. We plan to implement opportunities for increased social interaction and increased program office support for advisors (and their advisees) over the next year.
Faculty serving as undergraduate advisors were Professors Thomas Allen, Daniel Ariely, Dimitris J. Bertsimas, Paul Carlile, John Carroll, John de Figueiredo, Chrysanthos Dellarocas, Stephen Graves, Denis Gromb, Leigh Hafrey, Neal Hartman, Starling Hunter III, S. P. Kothari, John Little, Fiona Murray, Stewart Myers, J.D. Nyhart, James Orlin, Edward Steinfeld, Scott Stern, Yashan Wang, and Roy Welsch along with Sloan Administrators Dr. Jeffrey Meldman, Director of the Undergraduate Programs; Etaine Smith (fall term) and Maggie Devine-Sullivan (spring term), Assistant Director of the Undergraduate Programs; Stephanie Karkut, Program Coordinator; and Debbie Shoap, Director, Sloan Educational Services.
Dr. Meldman served as Chair of the Undergraduate Advisors Committee. The Undergraduate and Interdepartmental Policy Committee was chaired by Professor John Little and included Professors T. Allen, J. Carroll, S. Eppinger, S. Graves, D. Gromb, together with Dr. Meldman, Ms. D. Shoap, Ms. E. Smith, and Ms. M. Devine-Sullivan. Professors Gabriel Bitran and Lawrence Wein served as ex-officio members.
In addition, 35 members of the Sloan faculty supervised Undergraduate Research Opportunities Projects (UROPs) with undergraduates from all MIT departments.
Center for Coordination Science
The MIT Center for Coordination Science conducts multidisciplinary research to help understand how information technology can provide new ways of organizing human activity and help people work together better. Primary funding comes from a variety of government sources, including DARPA and NSF. The center also has corporate sponsorship from Fuji Xerox, Intel, and British Telecom.
The past year has brought significant progress on the two major projects in center continued from previous years:
- The Process Handbook research area completed the first phase of a collaborative project focused on "supply chain visualization." This project is integrating the process knowledge management functionality of the Process Handbook with tangible user interfaces (from the MIT Media Lab) and process simulation tools (from the MIT Systems Dynamics Group). The first integrated prototype was demonstrated at the end of the year, and a significantly enhanced prototype is expected by the end of next year.
- The Adaptive Systems and Evolutionary Software research area made significant progress in the area of exception handling and norms for multi-agent systems.
In addition, a major new project was added in the past year. This project on the "Social and Economic Implications of Information Technology" is a five-year $5M project, funded by NSF, and performed jointly with CISR and CeB. A primary CCS component of the project is the development of a taxonomy of six basic business models for all companies in the economy and the classification of dozens of companies using this framework.
More information about the Center for Coordination Science can be found online at
Center for eBusiness@MIT
The Center for eBusiness@MIT, created by the Sloan School of Management, has taken as its mission "to be the leading academic source of innovation in management theory and practice for eBusiness." The Center engages in research, education, and interaction with industry on all aspects of eBusiness.
In its first year and a half of existence, the center has been fortunate to have tremendous enthusiasm and support from industry, faculty, and students. This has enabled the center to make some substantial accomplishments, including:
- Commissioning 42 research projects involving 50 MIT faculty and researchers, supported by $5.4 million in industry sponsor funding in FY2001 alone;
- Supporting the development of eight new eBusiness courses and an eBusiness Track in the Sloan MBA Program;
- Offering a popular two-day executive education course on eBusiness Strategy three times per year through the Sloan Executive Education Office;
- Engaging the financial support and active participation of 40 corporate sponsors;
- Producing an active sponsor interaction program which includes a large two-day Annual Conference, five other sponsor events, two student recruiting events, web-casting a weekly series of research lunchtime seminars, the annual eBusiness Awards, and hosting many individual company visits to MIT; and
- Establishing a first-class web site for sponsors, faculty, students, and the public, featuring the educational and research projects of our faculty and students.
As we enter FY2002, we are heartened by the fact that most of our sponsors report an expanded commitment to eBusiness practices, technology, and strategies in their operations. The center plans to continue and expand the activities listed above. We plan to grow by adding more sponsors and research projects, by giving our faculty and students more visibility in the business and academic worlds, and by strengthening collaboration with other parts of MIT including the Media Lab, the Engineering and Science Schools, and several other research centers at MIT.
The center has very recently reached nearly full staffing for its activities, which will enable us to further improve our sponsor and faculty support. The center has also relocated to larger office space in NE20, which it shares with two other Sloan research centers. By the end of FY2002 our goal is to have 50 sponsors, contributing at the annualized rate of $6.5 million. Our FY2002 budget shows a modest surplus as a contingency fund from the total revenue forecast of $6.3 million. While the center has been little affected by the recent collapse of Internet startup enterprises, our FY2002 plans and financing could be substantially affected by a prolonged downturn in the U.S. and world economies. Fortunately, we are well positioned with banked funds from FY2000 and 2001. While we have projects planned for these funds, we intend to move forward with them cautiously, as we carefully watch the financial fortunes of our corporate sponsors who provide our funding.
More information about the Center for eBusiness@MIT can be found online at http://ebusiness.mit.edu/.
Center for Energy and Environmental Policy Research
The Center for Energy and Environmental Policy Research (CEEPR) has been the locus of research at MIT on energy economics since the mid-1970s and on environmental economics since the late 1980s. This research draws on resources from the Sloan School, the Department of Economics and the Energy Laboratory, and it receives financial support from corporations and government agencies. In conjunction with MIT's Center for Global Change Science, CEEPR co-sponsors the Joint Program on the Science and Policy of Global Change, which conducts interdisciplinary research to inform global climate policy.
The most notable publication event during the year was the appearance of Markets for Clean Air: the U.S. Acid Rain Program, co-authored by Denny Ellerman, Paul Joskow, Dick Schmalensee, Juan Pablo Montero, and Elizabeth Bailey. This book presents CEEPR's research on SO2 emissions trading during the first three years of the program, and it is the definitive source of information and analysis concerning the U.S. experience in using tradable permits to achieve environmental goals.
In addition, six working papers and three article reprints, reporting CEEPR-sponsored research, were published, distributed, and posted on the CEEPR website. In November 2000 and May 2001, CEEPR convened its usual Energy and Environmental Policy Workshop in Cambridge to present research results to corporate and government sponsors and other interested parties.
During the year, the director and executive director of CEEPR were invited to make numerous lectures and other presentations of CEEPR's research principally concerning electric utility restructuring and emissions trading. CEEPR's director, Paul Joskow, was asked repeatedly for advice and comment on the electricity market problems in California, including testimony before the U.S. Senate in June 2001. In April 2001, CEEPR's executive director, Denny Ellerman, was honored by the International Association for Energy Economics as the recipient of its award for Outstanding Contributions to the Profession.
In the 2000-2001 academic year, CEEPR sponsored research on the topics of SO2 emissions trading, new electricity markets, and energy futures, forwards and arbitrage. In addition to contributions from sixteen corporate sponsors totaling $600,000, CEEPR received two multi-year funding awards during the year: a $300,000 grant from the Environmental Protection Agency to continue its research on the SO2 emissions trading program for another two years and a three-year grant for $375,000 from the Cambridge-MIT Institute for research on electricity restructuring in conjunction with Cambridge University in the UK. During the 2001-2002 academic year, CEEPR will continue to focus its research on electric utility restructuring and emissions trading.
For more information, please refer to http://web.mit.edu/ceepr/www/.
Institute for Work and Employment Research
In FY2000, the Institute For Work And Employment Research's (IWER) multi year project, Reconstructing America's Labor Market Institutions, funded by the Ford and Rockefeller Foundations, completed a manuscript based on the work of the Task Force. The book will be published by MIT Press in November 2001 and is entitled Working in America: A Blueprint for the New Labor Market. A meeting of the Task Force was held on October 13, 2000 to review the draft of the manuscript and a final newsletter detailing the findings of the Task Force was produced in April 2001.
IWER's Sloan Work-Family Policy Network also had a productive year. Network participants met over the course of the year to draft a report. The report will be released on September 14, 2001.
IWER has three new projects beginning July 2001. A portion of the spring of 2001 was devoted to putting proposals together for these projects.
The aim of The MIT Workplace Center is to build-in theory and in practice-a mutually supportive relationship between the performance of firms and the well being of employees, their families, and communities. Focusing on a regional economy, we bring together groups concerned with work-family issues to elicit their ideas and promote coordinated problem-solving. We collaborate with interested firms to design work systems and employment practices that improve the quality of work and family life. Using this experience, we work to create models of work-family integration that will be useful in other areas of the country.
The Kaiser Permanente Union Management Partnership Study will analyze and track over time the development, evolution, and impact of the Kaiser Permante Labor Management Partnership on the objectives the parties to the partnership have established for it.
A two-year grant from the Annie E. Casey Foundation will support research on the interaction of economic development and labor market policies with community organizing strategies. The focus will be the activities of the Industrial Areas Foundation in the Southwest.
MIT Sloan Management Review
MIT Sloan Management Review (SMR) is a peer-reviewed journal that disseminates research from the top business schools, with the dual purpose of affecting management practice and publicizing the Sloan School. FY2001 was a very successful year for SMR, which undertook a major redesign and editorial enhancement in January 2001, doubled its circulation, and launched a new book series.
The journal finished the year with revenues of $3.5 million. SMR's circulation exceeded 50,000, readership grew to 150,000, renewal rates topped 58 percent, and reprints and permissions sales were at all-time highs.
SMR's citation and impact ratings, as measured by the Social Science Citation Index, were also impressive. It ranked fourth among the 61 management journals tracked.
75 percent of articles came from top-20 business schools, including several from MIT faculty. Well-known authors include Sumantra Ghoshal, Christopher Bartlett, Henry Mintzberg, C.K. Prahalad, Clay Christensen, Peter Senge, Constantinos Markides, Lester Thurow, Michael Porter, and J.B. Quinn.
SMR has successfully implemented the first stage of its aggressive growth strategy. The journal will continue to grow circulation, improve its web offerings, and increase advertising, permissions, and reprints revenues in the coming years.
Laboratory for Financial Engineering
The focus of the Laboratory for Financial Engineering (LFE) is the quantitative analysis of financial markets using state-of-the-art mathematical, statistical and computational models. The LFE's goals are to spur advances in financial engineering and computational finance; and to support curriculum development for financial technology in undergraduate, graduate and executive educational programs.
The LFE has received major funding support for its activities from Merrill Lynch this year as part of the five-year MIT/Merrill Lynch partnership announced in March 1999. As a result, several new research initiatives will be launched, including the following projects: Trading Costs and Liquidity; Global Financial Crises; Psychophysiology of Real-Time Risk Processing; Financial Visualization; and Hedge-Fund Return Dynamics.
Thanks to major funding support from the MIT/Merrill Lynch Partnership, the LFE has been able to expand its research focus in number of new directions, in addition to making progress on several existing projects. In particular, the LFE launched three new initiatives last year: the Risk Preferences Project, the Global Financial Crises Project, and the Marketing by WebMarkets Project. The Risk Preferences Project involves theoretical, empirical, and experimental analysis of the risk preferences of investors, and includes collaborations with cognitive scientists, computer scientists, and professional traders at two local financial institutions. The Global Financial Crises Project is an attempt to develop a systematic framework for understanding the mechanisms by which financial crises in one institution or country is transmitted to others. The Marketing by WebMarkets Project is a collaboration between faculty in the Department of Brain and Cognitive Sciences, Sloan Finance, and Sloan Marketing departments in which artificial financial markets are proposed as a more efficient and cost-effective alternative to standard marketing surveys to elicit consumer preferences.
In addition, there has been considerable progress in each of the existing projects of the LFE: Asset Allocation, Trading Volume, Derivatives, Derivatives Sourcebook, Risk Management, and Nonlinear Financial Time Series.
These projects and their corresponding preprints and reprints, along with LFE staff and affiliated faculty, are described in more detail at the LFE's web site http://lfe.mit.edu/.
The MIT/Merrill Lynch partnership also includes two important educational components: a distance-learning initiative for Merrill Lynch executives and the Financial Technology Option (FTO), a new graduate minor in financial technology that has been jointly developed by the Sloan School of Management and the Department of Electrical Engineering and Computer Sciences in the School of Engineering. The distance-learning program involves the electronic delivery of Professor Andrew Lo's investments course (15.433) to a select group of Merrill Lynch executives over a 12-week period, along with live chat sessions and group projects developed by Merrill Lynch teams. The MIT FTO program's intent is to provide training in financial engineering for MIT graduate students from technology fields such as engineering, math, computer science and media studies. The minor will increase financial applications within the School of Engineering's technology courses and boost the number of technology courses available to MBA students in Sloan's Track in Financial Engineering. This is the second year of the FTO and approximately 35 students have signed up for the option.
Research support for the LFE has been generously provided by a number of industry sponsors and donors. Sponsors include FleetBoston, Gifford Fong Associates, Lehman Brothers, Merrill Lynch, National Science Foundation, Putnam Investments, Silicon Graphics, and Sun Microsystems.
Donors include Harris & Harris Group and Morgan Stanley Dean Witter.
More information about the Laboratory for Financial Engineering can be found online at http://lfe.mit.edu/.
MIT Entrepreneurship Center
The mission of the MIT Entrepreneurship Center is to train and develop leaders who will make high-tech ventures successful. To that end, we offer educational programs to inspire, educate, and coach new generations of entrepreneurs from all parts of MIT. To support this mission, MIT's Entrepreneurship professors, practitioners and staff teach more than a dozen courses and conduct basic research to enhance our fundamental understanding of the dynamic process of high-tech venture development in the United States and around the world.
The MIT Entrepreneurship Center was launched as an Institute-wide initiative in 1996. At that time, President Vest said, "We must not only be the best. We must also serve as a model for others and ensure that, together, we all make a significant global impact in this vital field." To achieve these objectives set out by our president, we established two goals: to recruit ten leading professors and practitioners and to raise $60 million in endowment to fund their teaching and research.
Since then, our ranks have grown as we continue to recruit world-class educators. In FY2001 we recruited several more experienced entrepreneurs as Senior Lecturers and tenure-track faculty members. We now have 12 professors and 13 practitioners teaching our courses.
During the year, while other schools saw a drop off in entrepreneurship enrollment, the center sustained its rapid growth, increasing student enrollment in entrepreneurship courses while launching new courses, student activities, and faculty initiatives. From 1996 to 2001, student enrollment in entrepreneurship courses grew from 288 to 1475. In the same period, the center increased its recurring course offerings from five to eleven.
Table 2. MIT Entrepreneurship Center Course Enrollment
|Entrepreneurship Without Borders||70||55||55||39|
|Entrepreneurs in the Next Economy||125||55|
|Global Entrepreneurship Lab||43|
|Raising Early Stage Capital||25|
|Business Plans that Raise Money||64|
|Independent Activities Period||128||170||283||418||369||458|
|Total (counting listeners)||288||517||926||1043||1086||1475|
In 2001, our faculty launched three new courses: Global Entrepreneurship Lab; an international version of the Entrepreneurship Lab, now in its 6th year; Business Plans that Raise Money; and Raising Early Stage Capital. In addition, we continued to develop our intense, one-week executive education course, Entrepreneurship Development Program (EDP).
Student organizations supported by and housed in the MIT Entrepreneurship Center were recognized as world leaders this year. The MIT $50K Entrepreneurship Competition celebrated its 12th Anniversary with over 108 business plan entries and a new summer breakfast series for start-ups. The MIT-Sloan Venture Capital Conference attracted 500 attendees from over 20 countries.
We continued to expand our efforts to build and engage the alumni community. In addition to regular Entrepreneurship Society functions, the center hosted major networking galas in Austin, Boston (2), Chicago, Manhattan (2), Seattle, Silicon Valley, Washington, D.C., London, UK and Cologne, Germany. The events drew over 2,000 members of the center's network, including MIT and Sloan graduates engaged in entrepreneurial activity.
Our partnership with the University of Cambridge and the ten Scientific Enterprise Centers (SECs) in the UK expanded significantly, catalyzed by the bright leaders of the Cambridge Entrepreneurship Center. During the year, our quarterly meetings with the SECs focused on commercialization of University-developed intellectual property and launching business plan competitions.
Together with leading universities in Taiwan, we prepared a business plan to launch the Asian Entrepreneurship Center.
The center's programs and activities received significant favorable press coverage in The Wall Street Journal, The Economist, The Financial Times, Fortune, The Boston Globe, Red Herring, Tornado Insider, and Asahi Shimbun, among others.
On the financial side, endowment pledges of support from entrepreneurial alumni since 1996 have provided $24 million in seed capital toward our goal of $60 million. Eleven corporate sponsors were selected in the upcoming year for their ability to add to our educational programs and assist our students and alumni in starting new technology ventures.
MIT Program on the Pharmaceutical Industry
The MIT Program on the Pharmaceutical Industry (POPI) was founded in 1991 as a research and education program for understanding the structure and dynamics of global pharmaceutical industry, the firms and their suppliers, customers, and regulators.
Currently, more than 10 MIT faculty and 12 outside collaborators from other universities are participating in the research program. Since POPI's inception, some 30 MIT graduate students have completed doctoral work with support from POPI. More than 20 pharmaceutical, biotechnology or other healthcare firms have contributed funding and/or data for POPI's research or educational activities. As of June 30, 2001, nearly 90 articles and working papers have reported on research conducted by POPI faculty and students.
In 2000-2001, faculty associated with POPI continued research on a number of the managerial and policy issues associated with drug discovery and development, the use of new tools to systematize key aspects of drug discovery, pharmacoeconomics and many other topics.
Recently, the program launched a new research thrust that focuses on the manner in which science and technology are driving change in drug discovery, development, manufacturing and the business of pharmaceuticals. These issues form the basis for the content of the Institute's multidisciplinary academic subject, Principles and Process of Drug Development, taught in conjunction with five POPI-affiliated faculty members. Of particular interest will be how technological changes are impacting the availability of new drugs and the delivery of health care.
Productivity from Information Technology (PROFIT) Initiative
The Productivity from Information Technology (PROFIT) Initiative explores how information technology can enhance productivity in both the private and public sectors. Its research spans diverse areas from finance to transportation, and from manufacturing to telecommunications. Current research efforts include knowledge acquisition (including the extraction of information from paper-based media as well as semi-structured web sources); knowledge discovery (which includes the use of neural network-based data mining techniques); knowledge management and integration (which includes the mapping and assembling of information across departmental, corporate, and national boundaries to suit new conditions and requirements); and knowledge dissemination.
Under the aegis of a broad multiyear agreement with MITRE, significant research was conducted during the year in a number of areas including: data mining; knowledge discovery; semantic web; and knowledge abstraction and dissemination from a future corporate-wide knowledge infrastructure (http://scanner-group.mit.edu/).
Merrill Lynch, Banco Santander Central Hispano, Suruga Bank and Fleet Bank are supporting research on important technologies and strategies for the future of financial services firms, including the development of a prototype Universal Financial Aggregation (UFA) that utilizes the work on web wrapper and context mediation (http://context2.mit.edu/). Some of this work was done in collaboration with MIT's Center for eBusiness.
Researchers of PROFIT played a major role in organizing the ACM Knowledge and Data Discovery (KDD) Conference in Boston (http://www.acm.org/sigkdd/kdd2000/) in August 2000, the IEEE International Workshops on Enabling Technologies: Infrastructures for Collaborative Enterprises (WETICE) at MIT Sloan School in June 2001 (http://sec.femto.org/wetice-2001/), and the Information Quality Conference at MIT in November 2001 (http://web.mit.edu/tdqm/www/IQConference.html).
During the year, members of PROFIT Initiative became founding-members of the SSPARC Consortium organized by the MIT Department of Aeronautics. The work at PROFIT was in the areas of Design Rationale; Collaborative Design; Data Mining and Knowledge Repositories to enable quicker, better, and cheaper design, development, and manufacture of spacecrafts (http://leanair4.mit.edu/docushare/default.htm).
More information about the PROFIT Initiative can be found online at http://mitsloan.mit.edu/research/profit/profit.html/.
System Dynamics Group
The System Dynamics Group was founded by Professor Jay W. Forrester in the early 1960s to pursue research in the area of understanding the importance of structure in the behavior of complex systems, particularily corporate structure. Currently, we are studying three areas.
The National Model Project, a large computer model, strives for a better understanding of how the U.S. economy works, and is used to help analyze the effects of proposed economic policies. The group uses the National Model to capture the interactions of local structures and decision-making policies, building a bridge that joins microstructure with macrobehavior. Corporations and private individuals fund this research which is directed by Professor Jay W. Forrester.
The System Dynamics in Education Project was established in 1990 with private funding. Writing the Road Maps series is the main area of activity. Road Maps is a self study guide for learning system dynamics which is available free at http://sysdyn.mit.edu/. The series of self-study chapters use modeling exercises and selected literature to provide a way of learning about the principles of system dynamics and it's many uses. More recently, a distance learning course in system dynamics called The Guided Study Program has been offered using Road maps as the core text. This is a large UROP effort involving approximately ten students per term. The educational work of the System Dynamics in Education Project is headed by Professor Jay Forrester.
The Improvement Paradox: Designing Sustainable Quality Improvement Programs is directed by Professor John D. Sterman. With initial funding in the 1990s from an NSF grant, the project studies the design of sustainable quality improvement programs. In the past, many firms abandon TQM programs due to lack of perceived impact on profitability, even after they experience a significant increase in performance. Through the development of formal models and original case histories, the group seeks to identify the critical interactions between quality programs and a company's other organizational structures. A number of papers on this work are available from http://web.mit.edu/sdg/www/. Corporate sponsors have contributed additional support.
Highlights from the FY2001 include the following:
The Alumni Relations and Resource Development Offices were further integrated into a larger and more efficient operation. Eliza Dame was hired as Director of Alumni Relations, and Bob St Cyr became Sloan's first Director of Corporate Relaitons.
The new Director of Corporate Relations, Bob St Cyr, initiated the development of a Corporate Strategy for the School.
About 700 alumni and their guests attended their class reunions, 30 percent more than the record breaking, previous year.
More than $107 million has been raised to support Sloan's priorities and projects in MIT's $1.5 billion capital campaign, with 3 full years remaining in the drive.
FY2001 recorded more than $17 million in cash and almost $28 million in cash and pledges-another great fundraising year.
The Sloan Annual Fund raised almost $2.0 million in unrestricted funds, while an additional $350,000 supported the School's Minority Fellowship program.
7 Sloan Masters Reunion Class Gift Campaigns were run: each class raised considerably more funds. Sloan's very young class reunion gift program is growing very well.
The first six months of the year were months of maintaining the status quo (...at best, keeping the boat floating at worst) as there was no director during those first crucial planning months of the fiscal year. The second half of the year 2000-2001 was one of studied assessment, analysis, re-structuring, and re-building and re-staffing all the while managing a program of alumni relations.
This year brought changes in many areas.
- New positions needed to be created and filled, existing positions needed re-definition, and staff needed philosophical repositioning and training. This was completed.
- Old ways of thinking about the purpose for an alumni relations office needed to be brought up to date and agreed upon. A strategic plan as well as a tactical plan reflecting these new ideas needed to be developed, written, and implementation begun. As a result, priorities needed to be re-defined. This has been completed.
- New programming with strategic and fundamental links to the goals and priorities of Sloan needed to be set in motion and they were. In addition, a solid foundation for the 50th Anniversary activities was put in place-knowing that the activities for the 50th will impact the further direction for alumni activities at Sloan. Plans for the 50th are well underway.
- Few if any systems were in place for tracking alumni activity, volunteer activity, training, or assessment. What was in place was inconsistent. All systems are "under construction" or "under renovation." Stay tuned.
- Technology continues to be an area of great excitement and great frustration. The past year was no exception. Much of the promotion for reunion was electronic and done with great success. Many of the club events were successfully promoted electronically. (However, with only about 50 percent of alumni on the database with e-addresses, this method of promotion is far from ideal.) Club tools, the answer to all of our prayers, went out of business. EFL is further along in the process of being available to all-we look to next year for implementation. Instant "communication" between the Sloan alumni database and the MIT alumni database (the database of record) is still outside of our grasp. On line registration continues to elude us. We are able now to provide on line payment but have yet to implement full on line registration functionality. Again, we look enthusiastically to this coming year for all of these functions. These areas of technological tracking and information gathering and decemination will provide Sloan with greater and more accurate data regarding the nature and degree of its alumni activity and interest. Sloan Space is still visible on the horizon but will not be fully operational for alumni activity with our resources to support the demand. As with most things in life, getting there is always harder than anticipated.
The Year By Numbers
During a year of change alumni activity goes on and the news is good.
Reunion 2001 was by far our staff priority and the numbers speak to the success of all involved, staff and volunteer alike. Numbers were up in both attendance and in reunion giving. Volunteer committees were strong and effective, new and old staff preformed with skill and professionalism.
Feedback from attendees was without exception favorable. Back to the classroom continues to be the biggest sellout (underscoring that faculty participation is critical to a successful alumni program) along with Sloan's traditional gathering, the c-function.
With new staff, a new philosophical and collegial approach, and the support of many newly identified and eager volunteers, next year is the year for strategically building our geographic programs. We are building an industry/career-based approach that we think will be more attractive to our constituency than the more traditional strictly geographic approach. However, 2000-2001 was a year of successful and global activity.
FY1998-FY2001 Fundraising Trends
The Resource Development (RD) team now features three separate, but inter-related groups, namely: Principal/Major Gifts headed by Margaret Keller; Annual Fund led by Lori Correale and Corporate Relations managed by Bob St. Cyr.
The RD team is focused on MIT's recently launched $1.5 billion Capital Campaign, featuring Sloan's new building and Entrepreneurship Center as fundraising priorities. We have helped raise more than $107 million since the beginning of the counting period, FY1998.
FY2001 cash receipts and written pledges make this another very successful year. More than $17 million in cash and about $28 million in cash and pledges were recorded.
During FY1998-FY2001, the Dean has increased staffing in OACR by seven in order to meet the growing needs of alumni constituencies and fundraising. The emphasis on building a class reunion-giving program is new but is paying off. FY2001 Class Reunion results were double the previous year's. The proposed Sloan building complex; finding a naming donor for the Entrepreneurship Program; and unrestricted funds remain Sloan's top 3 fundraising priorities.
"Unrestricted" funds have become increasingly important while more difficult to raise. During FY2001 OACR raised about $2.3 million, which was a a very good result considering several hundred thousand dollars were rasied from annual donors to support the Sloan Building Complex. The FY2001 results were largely a result of successes in raising unrestricted gifts in the $25,000-$500,000 range from about 12 alumni.
Principal and Major Gifts
This was a very good year for growth in the Principal and Major Gifts program. The number of gifts in FY2001 of $50,000 or more (including gifts from individuals through corporations or foundations) increased 22 percent from FY2000. The Dean and other senior staff cultivated and solicited about 1000 alumni and friends for financial support for both restricted and unrestricted priorities. Most notably, we solicited and closed on a $5,000,000 gift to name the Deanship, a $3,000,000 for a professorship, and three gifts to the new Sloan Building ranging from $378,000 to $99,630.
A great deal of time was spent this year preparing individuals for an upcoming solicitation for the new Sloan facilities. We have more than 10 individuals ready to be solicited at the six or seven figure range to support the new Sloan Complex once we have the naming opportunities list. In the meantime we have supported the leadership Sloan Annual Fund drive and Class Reunion Giving program by making dual solicitations of major gifts alumni prospects.
This year we also increased our interaction with the Office of Campaign Gifts (OCG), assigning Sloan prospects to Major Gift Officers in OCG and working to support their efforts. While most of these are still in the cultivation stage, gifts from several of these prospects should materialize after we have a Naming Opportunities list.
With the focus on the Principal and Major gifts area on the new Sloan Complex, we have been somewhat successful soliciting building gifts with the promise of a future naming opportunity, but on a very limited basis. We are confident that once that is in place, there are 10-15 people who would be ready for an immediate solicitation. To date we have raised $32,000,000 for the Sloan Building Complex in cash and pledges
The Sloan Annual Fund, Dean's Fund for Innovation Reunion Giving Programs which make up our overall alumni giving program continue to drive our increases in the unrestricted gift revenue the Sloan School needs to stay competitive. We reached a new high of $2.2M in unrestricted from all sources in FY2001 with the majority of these funds coming from individuals.
We continued to expand our Annual Fund Program of direct mail, telemarketing and personal solicitation. We increased our direct mail marketing to approach new, under-developed constituencies such as our international graduates and our non-donors with new, segmented appeals. We also expanded our use of email solicitations to renew our annual donor pool. Our fall volunteer phonathon program continues to bring on a large portion of our unrestricted dollars and the number of students and alumni who participate as volunteer callers increased this year. We made good use of MIT's paid student caller program (Tech Caller) to make in-roads into our population of non-donors. We also continued our Dean's Fund for Innovation Program, which markets unrestricted needs to potential leadership donors ($1,000+) with great success.
We conducted reunion class gift campaigns with the Sloan Master's Classes of 1996, 1991, 1986, 1981, 1976, 1966, and 1961. Each of these classes substantially increased their dollars contributed and donors participating over what each of these classes normally gives to the Sloan School in a given fiscal year. The standout this year was the Sloan Master's Class of 1996. This class increased its overall dollars contributed by $1,140 percent and their class participate rate in giving from 27 percent to 37 percent. We will continue our strategy of focusing on approximately 10 reunion class gift campaigns per year as a means to systematically increase the annual contributions of our graduates to the Sloan School. However, since we only began truly focusing our efforts on reunion giving with appropriate staff and resources in FY1990, we must go through a full five-year cycle, which will be achieved in FY2004, to truly see the impact of our efforts.
The inaugural year of Sloan's Office of Corporate Relations was dedicated to three major initiatives designed to build a foundation for moving ahead with a Sloan School corporate relations program and strategy.
The first initiative focused on gathering baseline data and information from external and internal sources to answer key questions to be used to inform Sloan's approach to the corporate relations work. For example:
- How do other business schools' approach their corporate relations activities?
- Who are Sloan's key corporate sponsors?
The second initiative involved implementing an X Sloan (pilot) approach to serve (improve communication and collaboration) Sloan's key corporate sponsors. The pilot focused on six companies and involved monthly meetings of the senior staff across Sloan (CDO, MBA Office, Exec Ed, Research Centers, Alumni Relations, SMR) and MIT's OCR (ILP). The pilot provided a forum where Sloan program directors came together to review and coordinate a company's multiple interests and engagements across Sloan. Newly formed relationships among Sloan colleagues fostered increased teamwork/work satisfaction.
The third initiative involved a variety of meetings and staff work by the Director with Sloan and MIT colleagues on behalf of Sloan's key corporate sponsors. Visits to campus were planned and hosted, executive speaking engagements were arranged, exploration of research interests, and assessment of education needs and recruiting strategies discussed; and staff support was provided for the DAC, Alumni Reunion.
Sloan Educational Services
Sloan Educational Services (SES) manages the infrastructure upon which Sloan's academic mission is carried out. The SES team prepares the space (facilities work), arranges for the players (faculty and course scheduling, student registration, student advising, program support), and oversees information flow (internal communications, liaison with MIT Registrar, grades, evaluations).
Our team oversees all registration-related services provided to over 1100 Sloan students; manages the web-based course prioritization system used by more than 2,000 MIT students, equitably resolving difficult supply and demand issues in a department with increasingly popular classes and already high enrollments; handles scheduling of the more than 200 class sections and recitations offered each term; maintains Sloan facilities; and produces both online and paper resource materials for the School (including the PhotoBook, Student Directory, student biocards, and weekly News@Sloan newsletter).
Staffing changes this past year continued the organizational restructuring begun last year in Sloan Educational Services, with a focus on processes, systems and enhanced customer service. In addition to last year's emphasis on enhanced advising and support to the MBA team and students, there is now strengthened assistance to executive education students, teaching assistants and faculty. The MBA core continues to undergo modifications, affecting course scheduling, registration and advising. In addition, SES staff participated in the Dean's Office student revenue project, which will greatly impact the Sloan Course prioritization system. As in previous years, Sloan Educational Services continues to refine its analysis of bidding data to assist Sloan's deans and faculty on issues of demand regarding course and section offerings and teaching load plans.
Facilities management remained a high priority. Sloan Educational Services staff oversaw the renovation of multiple Sloan spaces and the moves of our faculty and staff. Most recently our group managed the relocation of Sloan's Entrepreneurship Center to provide additional student study space. SES staff continues to work collaboratively with the Sloan New Building Committee, participating on teams and providing necessary data as a central source of Sloan operations.
Sloan enrollment remains high and Sloan classes continue to attract record numbers of MIT students from all departments. The School continues to explore ways to forecast and meet demand, including additional sections of classes, videotaped sessions, special seminars, and new joint agreements with other MIT departments. It is our role to balance precious resources such as classroom space and faculty teaching time across all programs. Finding new ways to track and analyze data is vital in this all-School effort. SES staff continually strives to provide the highest possible levels of service to all constituents on a daily basis while striving to implement continuous improvement.
Goals for 2001-2002 include completely revising the class scheduling process; overhauling and automating the teaching evaluation process; designing an auditing database for student record maintenance; bringing student publications on-line; building a strong SloanSpace web presence to better support Sloan students, faculty and TAs; renovating the Sloan Lobby and enhancing current facilities even as we plan for those of the future; and, as already mentioned, constantly improving customer service. As always, we will continue our work with students to explore their changing needs and collaborate on creative methods of meeting them.
More information about Sloan Educational Services can be found online through the Students tab at http://mitsloan.mit.edu/.
The Lemelson-MIT Program for Invention and Innovation
The Lemelson-MIT Program is a nationwide educational initiative promoting invention and innovation through annual awards, an ongoing outreach campaign, and MIT courses that teach invention and entrepreneurship. Each year the program presents inspirational role models in science, engineering, technology, and entrepreneurship through its $500,000 Lemelson-MIT Prize, $30,000 MIT Student Prize, High School Invention Apprenticeship, and Lifetime Achievement Award. The program's goal is to encourage young people to pursue careers in these areas as well as to raise public awareness of the critical role inventor-innovators play in society.
Winners of the 2000 Lemelson-MIT Awards are futurist and pattern technologies pioneer Raymond Kurzeil (Prize); inventor of micro-fabrication technologies and Media Laboratory graduate Brian Hubert (Student Prize); North Dakota native and recent high school graduate Jordan Sand (Invention Apprenticeship); and inventor of the magnetic resonance imaging (MRI) scanner Raymond Damadian (Lifetime Achievement Award).
The program presented exciting inventor-innovator role models through numerous articles, including pieces in USA Today, Business Week, The Industry Standard, Investor's Business Daily, San Francisco Chronicle, and the Boston Globe. Its "Invention Dimension" web site was featured in Popular Science's October cover story "50 Hot Sci-Tech Sites," and topped the "Inventions & Labs" category. The program also conducted joint outreach programs with the Smithsonian's National Museum of American History, the MIT Museum, and the Edgerton Center.
Through funding to courses in the schools of Engineering and Sloan, the program helped stimulate the creation of new inventions in a team-based environment at both the undergraduate and graduate levels (2.009 Product Engineering Process and 2.783J Product Design and Development), as well as helped encourage entrepreneurial student talent through the Center for Entrepreneurship's internship program (15.399 Entrepreneurship Lab). Selected student teams from 2.009 presented their prototypes in Washington, DC at the Smithsonian Institution in March.
As of July 1, 2001, the Lemelson-MIT Program moved administrative homes from Sloan to the School of Engineering. Additionally, Merton Flemings, Toyota Professor of Materials Science was appointed Faculty Director.
This coming November, the Program will release Inventing Modern America: From the Microwave to the Mouse (MIT Press). Inventing Modern America is a highly pictorial, museum-quality book portraying the lives of 35 American innovators of the past century through lively vignettes. Lemelson Professor of Management and Economics Lester Thurow wrote the book's foreword, and science historian and writer James Burke contributed introductions to the book's five sections. A companion web site will go live in October at http://www.inventingmodernamerica.com/.
More information about Inventing Modern America and other upcoming activities can be found at the Invention Dimension web site at http://web.mit.edu/invent/.
Sloan Communication Office
The Sloan Communication Office develops and implements innovative, multimedia approaches to market Sloan as a world-class business school. The four-person staff designs and executes a global media strategy, coordinates and manages Sloan's Web presence, provides communication support for the Dean's Office, publishes a magazine for alumni and other constituencies, and develops and produces Sloan's marketing collateral.
Communication activity at Sloan continued to increase in FY2001 and is expected to grow further in FY2002. The added load involves ongoing management and development of the web, increased media coverage, regular publication of ROI magazine, increased support for the dean (especially with international visits to alumni and the media), support for the capital campaign and increased coordination with resource development, alumni relations, and technology services.
Media inquiries and coverage were up again from last year. Press clippings climbed to over 700, a 20 percent increase from the previous year. There were 800 media contacts made throughout the year, up from 600 the previous year. More than a third of the contacts were made electronically with MediaMap, an online media database and e-mail distribution service added in January 2001. Email invitations to Entrepreneurship Center galas, dean visits and media relations visits throughout the U.S. and the U.K. garnered nearly 300 new media contacts.
Media support and department presence was provided for the dean and Entrepreneurship Center events in New York, Chicago, Austin , Seattle, Silicon Valley, Washington, D.C., and London this past year. Assistance was again provided to several student groups' media outreach efforts. Student organizers for the California Tech Trek, Latin American Conference, International Trips, eBusiness Awards and $50K Entrepreneurship sought media advice and help. Because of the growing student demand for media help the department conducted a media training class for student club and PR team leaders last fall.
The Sloan web site, launched in February 1999, enjoyed many updates and improvements-both in content and organization-in fiscal 2001. The Communications Office regularly updates the features on the section fronts and now provides web development and maintenance support to all Sloan departments. The use of evergreen marketing copy and constant updating of photos helps keep the site fresh, as well as publicize the vibrancy of student and academic life at the School. In addition, we have initiated a redesign of the MBA admissions site, which serves as Phase I of a multiphase plan to eventually update the entire Sloan site.
The alumni magazine, MIT Sloan ROI, continues to be published three times annually, supported by an online version located on the Sloan web site. A reader survey conducted in fiscal 2001 yielded positive feedback from alumni and other constituencies. Goals for fiscal 2002 include more frequent email updates to alumni featuring Sloan news and alumni profiles, as well as increasing alumni traffic to the web site.
The Faculty Expertise Guide is in the process of being updated with a goal of fall 2001 publication. The online PeopleFinder will continue to support the print guide with updated faculty and staff profiles. The careful thought put into developing the infrastructure and people database now makes it possible for faculty to easily update their profiles. It also gives the Communications Office-and the rest of the community-access to the most updated information.
The Wall Street Journal conducted its first ranking of top business schools this year adding another survey to the more than 20 the department already responds to. In Business Week's biennial 2000 MBA survey, out last October, Sloan made a quantum leap from number 15 to number 4.
The overall goals for FY2002 are to continue to manage the increasing global coverage of Sloan and its activities and ensure that the School's key messages are well represented, as well as to work with the various constituencies to create cohesive Sloan messaging in print and on the web. With the dean's visibility and his visits worldwide along with the capital campaign, we expect media coverage at least to double again this coming year.
Sloan Technology Services
Sloan Technology Services (STS) supports the computing needs of faculty, staff and students at the Sloan School. STS successfully completed the following major initiatives during FY2001:
- Wireless. With the assistance of MIT network services, STS installed high speed 802.11 wireless services in all Sloan Buildings. Wireless access is now the preferred mode of connectivity for Sloan laptop users.
- SloanSpace. Launched comprehensive web information portal with features for course management and collaborative communities. Over 70+ courses utilized SloanSpace during Spring 2001. Currently, there are over 4000 registered users of SloanSpace.
- Sloan Email For Life. Students and alumni have requested a Sloan branded "persistent" email address. Launched EFL service in Spring 2001. All entering students and alumni now receive an email address of the form firstname.lastname@example.org.
- Web Infrastructure. To enhance security and reliability, migrated all Sloan web servers from Win servers to Linux. Migrated Cold Fusion Application server and Oracle database from Win servers to Solaris.
- Educational Technology. Participated in numerous educational technology experiments, including an Executive Education course for Merrill Lynch.
- Ecommerce. In cooperation with MIT IS, installed ecommerce system for processing alumni reunion credit card transactions.
Plans for FY2002 are to:
- Continue to extend SloanSpace functionality by adding support for research dissemination and alumni communities;
- Develop Sloan Datamart as the foundation for executive decision making;
- Complete Alumni Database Synchronization Project with MIT alumni services; and
- Migrate Sloan web infrastructure from Cold Fusion to J2EE (Java Enterprise Edition).