Bringing It All Together

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

There is far more to an MBA experience than what you absorb in a classroom and it is learning from the experiences and skills of your peers where the MBA is most valuable. The consulting project in Iceland typified this. For our team Taramar, we worked closely with a small organic novel skincare company in Iceland looking to expand into new regions.

From start to finish the project lasted just three weeks which concluded with four days working on site with the client. Timelines were extremely tight and we knew we would have to hit the ground running if this project was to be a success. We spent two weeks prior to our trip researching market conditions, compiling data, liaising with the client on project scope and defining success criteria. Just like in the real world, no consulting project runs exactly smoothly and Team Taramar had to work through a number of trials and tribulations throughout our project. We quickly realised that defining scope and understanding exactly what a client desires is crucially important. We faced each challenge head on and a highlight for all of us was presenting our work at the end of the week to a delighted client.

As a team, we used the skills and knowledge we had acquired over the year to carry out a feasibility study. When we look back now, it is amazing the body of work that was accomplished in just four short days. But that is another characteristic of the MBA; each team gets more and more efficient as the year progresses. We assessed the market conditions, carried out a pricing study, drafted a marketing strategy, proposed a logistics solution to distribute in the new territory and used aspects of each MBA module we had completed.

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Although putting all the arduous hours of study into practice at the end of the year was rewarding, looking back it is what we learned from each other that was a real highlight. Our team was comprised of a variety of backgrounds and experiences from e-commerce, sales and commercial strategy, accounting, pharmacy and chemistry. The combined experience of the group was invaluable when developing a solution for our client. For each member in our team it was a first foray into the consulting world, and it’s safe to say we loved it!

The trip to Iceland was definitely one of the highlights of the year for all who attended. There was a sense of camaraderie from start to finish which helped to enhance the overall experience for all involved.

The opportunity to engage with faculty and members of the Full Time and both classes of the Executive MBA was thoroughly rewarding. We have all made new connections which will no doubt be invaluable in our future careers.

Suffice to say our Icelandic experience will live long in our memories!

https://www.taramarbeauty.com/

John Cassidy, EMBA 2016-2018

… the sweetest thing?

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

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“…And these are the team’s recommendations for market entry with your new product”. This was the end of what can only be described as a fantastic, informative whistle-stop journey into the world of management consulting working with ORF Genetics in Iceland. It was hard to believe just three days earlier the team sat down with the company’s Head of Market Development for our project briefing in ORF’s new state of the art offices that overlook the Reykjavík skyline and the blue Atlantic ocean beyond.

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We were tasked with determining if a market exists for ORF’s new sweetener grown in a barley plant. It was a excellent opportunity to apply not only our first year of the Executive MBA’s classroom learning but also our own team’s diverse background experience to a real life scenario and business problem. We left with a sense of fulfillment and pride, confident our findings have the potential to add real value to the company.

Little did we know when we set out from Dublin airport what a wonderful experience we would have as a team but also as a wider group spending a week in Iceland working with businesses on real life commercial challenges. Not that it was all work and no play; we also managed to pack in visits to the tourist destinations of the Blue Lagoon and the famous Golden Circle which encompasses the gushing Strokkur geyser, the iconic Gullfoss waterfall and the wide open landscape of Thingvellir National Park. The visit was helped all the more by the nearly 24 hours of sunlight at this time of year at 66 degrees latitude.

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The week also included an insightful visit to Reykjavík University to hear about how to do business in Iceland from two of their business school’s alumni, Thordis Loa Thorhallsdottir, CEO of Gray Lines Tour Iceland and Viggo Asgeirsson, Chief HR Office and Co-Founder of Meniga, one of Iceland’s top Fintech companies.

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Our Iceland experience was topped off with a farewell dinner in the architecturally stunning Harpa Opera house looking out over the old harbour where all students and staff got to celebrate a successful week. We just missed out on the mountain top concert but maybe next time….

A big thank you to Professor Karan Sonpar, the faculty and MBA office for organising a wonderful trip.

Paul Donnelly, Séamus Harrington, Ciara Keane, Brendan Staunton, Paul Walsh – EMBA 2016-2018

Reykjavik “High Fliers”

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

Stu Garrett, Yasser Matloob, Gauav Bansal and I worked on consultancy project for Reyjkavik-based start-up, Karolina Fund. Having developed their own successful crowd-funding platform with an enviable funding success rate of 74%, Karolina identified the opportunity to turn its platform into a white label engine which could be licensed to other crowdfunding platforms, creating an additional revenue stream.

Coming from the traditional environments of hospitals, utilities, banking and finance the Karolina Fund project gave our team exposure to an industry in its infancy and an exciting start-up environment.

The original scope of the assignment was to undertake a review of the company’s product and target market. However, as our scoping progressed and our interactions with our client became more frequent, we began to understand that the real scope of our assignment was to give an external opinion on whether Karolina should seek additional investment to add AI capabilities to their engine. Our client believes this would unlock a significant number of potential new uses for the company’s crowd-funding engine and become its unique selling point.

We found ourselves drawing heavily on our competitive strategy module from Semester 1. It was not long before the familiar expressions of Porter’s Five Forces, multi-sided platforms and core competences were floating around the Reykjavik innovation hub. We drew from our human resource strategy module by identifying the core competences that existed in the business and how these skills and expertise could be leveraged to achieve the company’s vision and strategy.phoyo1

We thoroughly enjoyed the discussions we had with our client where we could openly explore new ideas for his business in an open and direct manner. We were motivated by his passion and inspired by the company’s success to date. We debriefed each evening with faculty members who sometimes brought us back down to earth from our “blue sky thinking” perch by constructively challenging our ideas. This was an invaluable experience.

It would not have been an MBA study trip without networking opportunities. We got to share our experiences and challenges with over 50 members of the current MBA class, all happy to provide insights and ideas. More importantly, we got to experience networking in typical Icelandic fashion – in a circus tent with the Icelandic version of Eminem, trapeze artists descending from the apex and a special appearance by Pepper the Robot! Amidst the entertainment we met our company chairman and other members of the start-up community in Reykjavik.

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Oonagh O’Grady, Executive MBA 2016-2018

The Sun Never Sets on the Icelandic Empire

In early summer 2017, the Full Time MBA class and first year EMBA class traveled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

We arrived at Reykjavik airport on a sunny Sunday in early June. After collecting our luggage, we were immediately taken by bus to the Blue Lagoon, the most visited geothermal spa in Iceland. It’s not an understatement to say that I was completely dumbfounded by its signature milky blue water, a pure nature’s wonder. After spending two hours in the mineral rich water, I felt so refreshed and ready for our consulting project the next day.

Unlike our previous study trip to Japan and Korea, which was more about experiencing business culture of the Far East, on the trip to Iceland we had the chance to apply what we learned during our MBA programme to help solve real business problems for local companies.

My group’s client was an herbal pharmaceutical company – a young startup whose products are aimed at treating some common diseases for women. It’s planning to enter the Danish market and wanted us to develop a go to market strategy which included a competitive analysis and a list of potential sales organisations with which to collaborate.

Our first working day in Iceland was ironically on a Bank Holiday, and as a result there were only five of us with another group in the innovation incubation centre. Walking through the empty hall, my attention was caught by a table filled with sample products, all of which were incubated in this centre.  Among these, I was most impressed by some fish skin, which is used to make waterproof wallets and handbags. Iceland certainly knows how to make unique products from its natural resources!

In our meeting room, we were given a quick introduction by the Vice-President of Sales and Marketing – it was an informative presentation and we learned how they used a differentiation strategy to achieve price premium and healthy margins. Now with an understanding of the client’s requirement, we quickly got together and used Porter’s Five Forces framework to analyse industry competitiveness. Thanks to Smurfit’s strategy class, we quickly came up with an exhaustive analysis that covered every aspect of competitive landscape.

Over the following two days, we moved on to analyse the size of our client’s customer segment and realised that by catering only to female customers, our client would lose 50% of the Danish market. Further analysis led us to some unexpected conclusions, and on the final day our presentations and recommendations challenged their existing strategy.

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On our final evening, we rented a car and drove around Iceland’s Golden Circle – a 300km route through many beautiful landmarks. As we returned to our hotel at midnight – with the sun still in the sky – we said goodbye to the land where the sun never sets.

Quang Huy Tang, Full Time MBA

A Crash Course in the Icelandic Fishing Industry

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

As part of the MBA capstone, the FTMBAs, joined by some of the Year 1 EMBAs, went to Iceland to complete a week-long consulting project with Icelandic companies. Our team worked with Skaginn 3x, a food processing equipment producer that focuses on the fishing industry. As an island country with a population of approximately 300,000, the fishing industry plays an important role in the Icelandic economy. The week in Iceland was for our team a crash course in the fishing industry, as we had limited collective exposure to it beforehand.

Our consulting project for Skaginn 3x focused on their Sub-ChillingTM product, a technology that creates significant innovation in the fish processing industry. This product brings sustainability and environmental benefits to fish processors, and we were asked to develop a recommendation for how Skaginn 3x could leverage those benefits to help customers gain access to government funds or grants that would make the technology more affordable for them.

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In order to complete this project, we applied frameworks that we learned in competitive strategy, we conducted interviews with industry experts in Iceland and in Ireland, and we did an extensive amount of research during the three days we had to prepare our presentation. On the final day, we presented our findings, along with an action plan for how Skaginn 3x could further develop our research.

As an added bonus – our company was based in the beautiful Ocean Cluster House – a marine innovation centre located by the harbour in Reykjavik. This building was filled with a number of companies that worked in the marine or fishing industries, and offered beautiful views.

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After making our presentation on our last day in Iceland, our team rented a car and headed out to see the Golden Circle. We got to see a geyser, a waterfall and eat some delicious ice cream, while running into other MBA teams at every stop! As we took in the beautiful views, we were able to share our experiences and talk about our projects with our classmates, bringing the Iceland trip to a wonderful close!

Laura Shumaker, FTMBA

When the Calculator Doesn’t Have the Right Buttons

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

We thought we were in Iceland to solve a mathematics problem. Five EMBA students, calculators in hand, showed up on the first day of our consulting project ready to answer a straightforward question: “How can our assigned company maintain margins in an increasingly competitive field?” Four days later, we stood in front of management to present a solution that may have seemed the answer to a completely unrelated question. (Don’t worry, it wasn’t!) Thankfully, the first year of the UCD Smurfit MBA gave us the skills needed to assess the problem from less obvious angles and confidently recommend an unanticipated course of action.

So, how did we come to answer a question that wasn’t even asked of us? We listened to our first-year lecturers, of course! Through the initial assessment, we heard Brian McGrath, who taught competitive strategy, asking “What is the company good at?” We imagined his displeasure with our wishy-washy answers until a lightbulb moment when, at last, we could all agree on a few short convincing words to describe the company’s unique strengths. Next, as we mulled over a Porter’s Five Forces analysis, Brian was in the back of our minds asking “How serious is the competitive threat to the business?” With much practice forcing ourselves away from a non-committal conclusion of “Medium, I think…?”, we found ourselves surprised to conclude that, in fact, the challenge posed by the competition was more serious than we first thought.

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As we started to truly understand the challenge at hand, Ashley Hughes, who taught leadership and organisational behaviour, was top of our minds. We were starting to believe that internal rather than external factors might be preventing the company from reaching its full potential vis a vis competitors. So, we followed Ashley’s suggestion and asked the employees themselves. Mindful of the need for a consistent methodology, we developed a set of questions intended to probe employee incentives to behave in the best interest of the organisation. The results led us down the path to our final conclusion, in which Joe Hanley – lecturer in strategic human resources – helped us tie everything together with the concept of “Congruence and alignment,” still ringing in our ears after recent exams.

In the end, we packed our calculators away, cognisant that the absence of a “congruence” button rendered them relatively useless for this project. We will almost certainly need to bring them back out to practice other skills learned in the MBA, such as putting together a balance sheet or determining an appropriate internal transfer price. In the meantime, delivering a difficult answer to a question that wasn’t exactly asked of us proved to be one of the best learning experiences we have had to date!

Andrew Gebelin, EMBA 2016-2018

A Formal Initiation Into the World of Consulting

In early summer 2017, the Full Time MBA class and first year EMBA class travelled to Reykjavik, Iceland for Smurfit’s first MBA International Consulting Project.

During the first week of the Smurfit MBA, our class was asked to reveal our ‘dream job’. While my mind automatically went to Consulting, I was quite surprised by the sheer number of my classmates who had been bitten by the same bug. The stalwarts of the MBA program (Read: Orla Nugent  and Karan Sonpar), in yet another display of having their finger on the pulse, had already lined up two exciting consulting opportunities for everyone in our class – the first of which was an International Consulting Project in Reykjavik, Iceland.

Our team was paired with CrankWheel, a SaaS company that offers a browser plugin designed for quick, reliable and hassle-free screen sharing. Our consulting project entailed designing a US market entry strategy for the company. We were extremely fortunate to work closely with Jói Sigurdsson (Founder/CEO) and Gilsi Sigvaldason (Co-Founder/CCO). We couldn’t have asked for two more accomplished and accommodating individuals with whom to do this project. In addition to having a great product, they were extremely forthcoming with information that we deemed necessary to carry out our research and were always available to answer our questions and critique our suggestions. This went a long way in motivating us to deliver a project that would be useful to our clients and a source of pride for us in the years to come.

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The year-long rigorous MBA programme at Smurfit equipped us with the right tools to successfully complete a project of this magnitude. The stress on teamwork, the long hours spent researching assignments, the management frameworks learned, etc helped us over-deliver on our promises. We were also extremely fortunate to have an invested mentor in Orla. She asked us all the right questions and gently nudged us in the right direction whenever she deemed it necessary, all the while supporting and encouraging our creative freedom.

The international capstone project has been instrumental in helping me internalise the learnings from the MBA programme and understand the rigors of working in the field of consulting. It was an exhilarating experience that further strengthened my resolve to succeed in this field. The major takeaway from the project for me was the importance of having an involved and interested client. Our experience and project would have been extremely different if our client hadn’t shown the enthusiasm they did. Another important takeaway was the importance of regrouping. We realised the importance of coming back to the drawing board every few hours to report progress and set hard deadlines. It is very easy to keep researching new information to fine-tune or improve your work. However, it is essential to know when to stop, especially when you’re working to an extremely strict deadline.

This project wouldn’t have been the roaring success it was – or as much fun – had it not been for my team mates – Ciaran Hope, Khanh Nguyen, Nikita Pusnakovs. I couldn’t have put a better team together had I selected it myself.

Gursheel Parmar, FTMBA

Crankwheel also took the opportunity to write about the project on its blog.

 

Last Week We Invited External Consultants …

No, not the type you’re thinking of! We were hosting UCD Michael Smurfit Graduate Business School students for International MBA Consultancy Week (from the 5th to 8th of June).

The goal of the MBA Consultancy Week is to provide benefits to both students and their clients. We feel this goal was definitely achieved.

These motivated, driven individuals stormed through our door and, after a brief introductory session, started applying their expertise to our business. They had to research, analyze and offer a key solution to our business case using MBA-grade skills and experience to develop practical growth recommendations.

Hopefully this exercise helped them put academic theory into action, learn practical business skills and finally, use presentation and reporting abilities in a business environment. As for CrankWheel, we really appreciate this remarkable opportunity. Nothing is better for business than an external, objective perspective, fresh insights and intriguing recommendations. Would we do that again? If possible, even tomorrow!

PS. Thanks for sharing lunch with us and for hunting for an open swimming pool in the wee hours of the morning! Big thank you and shout-out to the brilliant members of our team: Ciaran Hope, Gursheel Parmar, Khanh Nguyen and Nikita Pusnakovs!

For a view “from the other side” and a demo of the product, please visit http://crankwheel.com/external-consultants/

 

Golf in Historic Surroundings – A Day in the Luscious Parklands of Luttrellstown Castle

 

Difficulties are just things to overcome, after all.

Superhuman effort isn’t worth a damn unless it achieves results. 

Sir Ernest Shackleton

Just ahead of our recent exams and final assignments, we set out for a day’s leisure in the peaceful and historic surrounds of Luttrellstown Castle. While the golf was at best mediocre, we were fortunate to get some fine weather for the day and had the opportunity to catch up with classmates at the “19th hole” to reflect on our endeavours over the course of the MBA programme.

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Many esteemed graduates note that doing an MBA is like “going on a journey” and the mediocre standard of golf on the day ensured that we got to see more of the tracks and trails that Luttrellstown has to offer than most regular golfers. In conjunction with the challenges posed by the variety of elements of our MBA programme, the championship course we played also provided many obstacles with a lot of water features to be overcome among other challenging features.

The MBA Golf Society will hold its main event of the year in the splendorous surrounds of the K Club on Saturday, July 1st. The day will be held in aid of the UCD Ad Astra Scholarships/UCD Foundation and Cardiac Risk in the Young. Details of how to enter are on Eventbrite at:

https://www.eventbrite.ie/e/ucd-smurfit-mba-golf-society-classic-tickets-34792133207?utm-medium=discovery&utm-campaign=social&utm-content=attendeeshare&aff=escb&utm-source=cp&utm-term=listing

Ciarán O’Shea,

Executive MBA.

Finding Value in Diversity

As we enter the summer term of the full time MBA programme, I have come to realise how much diversity I, and my classmates, have been exposed to over the past nine months.  Before I decided to undertake an MBA, I had heard some MBA graduates mention this point about “diversity” but I had underestimated the learning experience that diversity can offer.

In an MBA, diversity takes on many forms.  Firstly there’s the diversity found within the cohort itself.  This is a combination of cultural diversity (in our full time cohort of 32 students there are 10 nationalities), there’s age diversity and indeed diversity in our educational backgrounds and experiences!  The result is a multitude of perspectives that contribute to some very thought-provoking classroom discussions.  Coming from an engineering background myself, I have really enjoyed learning about other people’s previous work experiences and pre-MBA careers in various fields such as marketing, e-commerce, finance, IT and the entertainment industry. It has also helped me to realise how valuable diversity can be when it comes to problem-solving.

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Secondly, the vast range of modules also presents another element of diversity.  From accounting, financial analysis, economics and strategy to negotiation skills, ethics and executive decision-making!  The volume of information is over-whelming but the skills obtained will not only be relevant to our future careers, but will be also be helpful in others areas of life, whether one realises this at the time or not!

Thirdly, the prospects we’ve had to immerse ourselves in, outside of the classroom, pose yet another realm of diversity.  An international learning module to Japan and South Korea in March provided a unique opportunity to learn about new cultures, about doing business in Asia but also to get to know our part-time MBA classmates.  I was also lucky enough to travel to Yale for the Integrated Leadership Case Competition in April, with three other classmates.  This trip enabled us to meet other MBA students from 12 different business schools around the globe.  Over the course of three days in Yale, it was refreshing to see how all students were genuinely interested in one another and embraced the diversity around them by exchanging anecdotes about their MBA experiences and offering each other helpful advice regarding post-MBA decisions.

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To complete the international experience, we still have a week in Iceland to look forward to, where we will be working as consultants for a number of different companies.

For me, it took time to realize the value that all this diversity could bring, and I believe that I will continue to see its benefits over the coming years, in both my career and personal life.  I am certainly more open now to looking at things with a different lens, than I was nine months ago.  With this in mind, my advice for anyone considering undertaking an MBA is to truly consider its significance, not only from a career standpoint but from a non-career perspective too.

Aisling O’Halloran, Full Time MBA 2016-2017

“If you want the rainbow, you’ve got to put up with the rain”

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As semester two draws to a close, and the finish line is starting to come into focus, now is the perfect time to reflect on what has been one of the biggest decisions of my life thus far – surrendering the 9-5 to return to education and the MBA.

There have been highs, there have been lows, and many sleepless nights either as a result of excessive studying or excessive partying!

Even as I write this entry, on the sunniest day of the 2017 thus far, the thoughts of getting over the finish line provide enough motivation to skip paying “respect to the man in the ice-cream van” for one day and keep the head in the books (H.P. Baxxter).

Without doubt, getting to spend seven days with my colleagues, immersing ourselves in Japanese and South Korean culture was the highlight. The historical significance of these countries, as well as being modern day industrial powerhouses, was such a fantastic journey to take with such close friends.

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War Memorial – Seoul

Taking in everything those cities had to offer, from the sushi to the singing at a karaoke bar ensured there was sufficient, and much needed, down-time to a very hectic schedule.

Soaking up authentic Asian culture
Soaking up authentic Asian culture

But it won’t stop there. No sooner will our exams finish in May that we will be back in the air once more to experience Iceland for a consulting trip and the excitement is palpable! “On the road is where we come alive” (David Brent).

The whirlwind nature of the programme so far shows no signs of stopping, and who would like it any other way?

Patrick Whelan ~ Full-Time MBA