NYConvergence: “FinTech Innovation Lab Makes Wall Street Sexy Again”

In a double play … Professor Bruce Bachenheimer’s recent quote in MIT’s “Technology Review” concerning Wall Street losing some of its allure due to the financial crisis was picked up by NYConvergence.com, which reports on digital media technology in the Tri-State region.

Since Wall Street’s profits and prestige have slumped, the best and the brightest are looking elsewhere for jobs, making it harder to lure promising recruits. Bruce Bachenheimer, director of entrepreneurship at Pace University, told Technology Review that in the 1990s it was ”exciting and sexy to say you were working on Wall Street.”  But that’s changed. Those formerly positive perceptions have flipped 180 degrees.

Meanwhile, the prospect for tech entrepreneurs joining startups with the potential of a lucrative IPO is looking brighter all the time, reported NYConvergence in an article about the FinTech program.  Launched in December 2010, the lab is an incubator of NYC-based financial technology startups.

MEDIA ALERT/INSIDE TRACK DISCUSSION, OCT 25 at 7 PM – “Creative Destruction: Innovation in America and China” with Pace University President Stephen J. Friedman and Management Consultant/Best-Selling Author Richard Foster

Austrian economist Joseph Schumpeter’s “gales of creative destruction” are blowing and many companies are being taken under by this storm. Richard Foster shares his view on how the changing economy of China will determine which U.S. businesses will survive and prosper, and which ones will wither and die.

Get the INSIDE TRACK on how the changing economy of China will determine which U.S. businesses will survive and prosper … and which ones will wither and die.

PACE UNIVERSITY MEDIA EVENT ALERT

TUESDAY, OCTOBER 25 at 7:00 PM, NEW YORK CITY CAMPUS

“CREATIVE DESTRUCTION: INNOVATION IN AMERICA AND CHINA”

An engaging, thought-provoking discussion with Pace University President Stephen J. Friedman and Leading Management Consultant, Best-Selling Author and “Wizard of Innovation” Richard Foster

When: Tuesday, October 25, 7:00 PM to 8:30 PM.

Where: Pace University, Michael Schimmel Center for the Arts, 3 Spruce Street, New York, NY 10038. Directions: http://bit.ly/qxH0g3

Who:  Richard Foster is an emeritus director of McKinsey & Company, where he founded the technology and innovation practice, the health care practice, and the private equity practice, and led McKinsey’s worldwide knowledge development. He currently advises health care service and technology companies on how to capitalize on disruptive innovation. He has written two bestselling books: Innovation: The Attacker’s Advantage and Creative Destruction.

Stephen J. Friedman became president of Pace University on June 4, 2007. Friedman is a former senior partner at Debevoise & Plimpton LLC, commissioner of the Securities and Exchange Commission, deputy assistant secretary of the Treasury, executive vice president at The Equitable Companies Incorporated and the E.F. Hutton Group Inc., and U.S. Supreme Court law clerk. Friedman served for three years as dean of Pace University School of Law prior to being named president by the Pace University Board of Trustees.

What is Creative Destruction? The automobile cost blacksmiths their jobs; personal computers replaced the typewriter. The Internet has seriously impacted the publishing, music and film industries. Based on an “endless cycle of innovation” concept first popularized by economist Joseph Alois Schumpeter, creative destruction suggests that companies can outperform capital markets and maintain their leadership positions only if they creatively and continuously reconstruct themselves. In doing so, they can stay ahead of the upstart challengers constantly waiting in the wings.

About Inside Track with President Stephen J. Friedman: A forum that brings the world’s most renowned leaders to Pace University to inspire, motivate and provide deeper insight into social, political, economic and environmental issues that affect us all.

RSVP: The event is free and open to the public, as well as to the Pace community.  Please register in advance online at www.pace.edu/insidetrack

Pace Media Contact: Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172

Crain’s New York Business.com: “How to handle, and profit from, last-minute jobs”

Entrepreneurs are finding that in this economy, they can’t afford to refuse 11th-hour projects. Professor Bruce Bachenheimer on why being prepared to assist Johnny-come-lately clients can be a good way to boost revenue when growth is hard to come by.

Making the most of late orders can be a win-win. 

“With all of the uncertainty, tight purse strings and risk-aversion, people are waiting until the last minute” to make purchases, said Bruce Bachenheimer, clinical professor of management and director of the entrepreneurship program at Pace University.  Increasing globalization has intensified competition in many fields and destroyed traditional business hours.

“You may have to work on Sunday at 2 a.m. to fill an order going outside of the U.S.” Mr. Bachenheimer said in an article appearing on Crain’s New York Business.com

BestSouthwestNews: “Alternatives to ‘Buy Local’ Campaigns”

Recent research shows that buying local campaigns provide only limited and short-lived results for small businesses. So, as budget-conscious consumers turn to mass retailers, Internet and malls for bargains, what can small business owners do?

Tell a story

For consumers to view your shop as unique and deserving the premium that small businesses often need to levy, offer unique or even one-of-a-kind products and services, says Paul Kurnit, a business consultant and clinical marketing professor at Pace University in New York.  Then, make sure those items have a story to go along with them, he says.

Perhaps a store carries porcelain dishes that were hand-painted by a local artist. If that’s the case, include that person’s story with the plates. “The handmade idea is good, but it’s not the whole story,” Kurnit says. “In a tough economy especially, play up the customer connection.”

For additional suggestions, click here

MSNBC’s Your Business – Bruce Bachenheimer – Tips to Better Your Business

“Too often entrepreneurs mix up passion and persistence with arrogance and they need to step back and listen,” advised Bruce Bachenheimer, Pace’s Director of Entrepreneurship, on a December 15 segment of MSNBC’s Your Business.

Tips to help you better your business, provided by Bruce Bachenheimer on MSNBC’s Your Business (December 15):

  • Entrepreneurs are optimists by nature – and that’s good. But what they really have to do is put themselves in their customer’s shoes.
  • It’s difficult but entrepreneurs need to ask themselves: What do my customers really want? What are they really willing to pay for my products or services?  What do they honestly think of me, my brand, my products?   
  • Social media is a great way to get close to the customer.  Listen carefully.  Don’t be defensive or dismissive; be as objective and analytical as possible.
  • With technology in particular, the most important thing is to get your product out there. Then be prepared to refine it as quickly and efficiently as possible.

ASI Central – “Business-Building Strategies – Increase Your Profits in 2011”

Although experts have suggested small-business owners dump the deadweight, Professor Bachenheimer counsels against that.

“Firing bad customers indiscriminately is a dangerous move. Instead, keep the marginal clients – you never know when a small order or difficult customer might pay off handsomely down the road – but make them turn their drain on your company into a potential profit center.”

For example, Bachenheimer says, “when electronics retailer Best Buy noticed certain types of shoppers would buy a TV to watch the Super Bowl and return it the next day, the money it cost to service the returns and restock those items was a drain on its profits. So it started charging a restocking fee to discourage customers who had no intention of keeping the products they bought.”

Members of the largest media and marketing organization serving the Advertising Specialty Industry (ASI) receive tips on boosting profitability from Small Business Expert Bruce Bachenheimer – http://asicentral.com/asp/open/Education/OnlineLearning/Perfect-Closing-Skills.aspx