Event Summaries: Summer 2006

Video Recaps

Dingman Center Hosts Real Life Version of Apprentice in China - May 28

By Amanda Buchanan ‘08

On May 28, 2006, four MBA students from the Robert H. Smith School of Business began their journey overseas to China to work on a case study of the Magnesium Industry. The project, initiated by Shipston Group Ltd., a private equity investment firm directed by Michael Dingman, sought to conduct market research and analysis on the magnesium industry in China. Unlike The Apprentice their assignment was not to compete for an employment opportunity with Mr. Trump but to work as a team to compete to capture markets trends and draw conclusions.

Asher Epstein, Managing Director of the Dingman Center for Entrepreneurship, along with MBA students, Amanda Buchanan ‘08, Greg Gordon ‘06, Niya Kocheva-Stouffer ‘06 and Henry Li ‘08 worked together to formulate novel solutions and an innovative market approach to the Chinese magnesium industry. The team then presented these findings to the Chinese management team for Shipston consisting of Jamie Dingman, Steven Huang. Shipston is an investor in Quay Magnesium, a magnesium alloy production company.

Quay recently built a magnesium alloy production facility in Mainland China as part of a business strategy to offer high-quality magnesium products at premium prices. Since the formulation of this strategy, however, market conditions have changed dramatically. Some of the most notably changes have been local competitors' production technology upgrades and a significant increase in idle capacity at upstream primary magnesium production facilities. As the company prepares for commercial production of an increasingly commoditized product, it must now adapt its long-term strategy, involving potential vertical- and/or horizontal- acquisitions. Therefore, the students needed to focus on providing upstream and downstream recommendations.

Prior to their departure, the team had weekly discussions to build a base of knowledge regarding major trends, market price forecasts, customer demand, legal regulations and competition in the magnesium industry in China.

Once in China, the students met with executives at Quay Magnesium and worked in conjunction with Jamie Dingman and Steven Huang. Mr. Dingman and Mr. Huang provided the students with valuable information specific to the case while teaching the students their first important Chinese phrase, “Ganbei!” This phrase is often used in celebration of a successful business interaction and roughly translates to “Drink Up!” The students, being very successful, used this phrase often.

The Magnesium case study in China proved to be a once in a lifetime opportunity for this team of students. Greg Gordon summed up the student's overall experience during his introduction to their final presentation, "We learned more about Magnesium in this past week than we ever wanted to know."

The Dingman Center for Entrepreneurship in partnership with Robert H. Smith School of Business continues to explore new opportunities and looks forward to enhancing the academic experience of students through additional case studies abroad. The Dingman Center also operates a global China Business Plan Competition held each September in Beijing.

Dingman Center Featured on Smith Business Close-Up - June 22

Smith Business Close-Up is co-produced by the Robert H. Smith School of Business and Maryland Public Television. The television segment focuses on the latest thinking in business management, and features in-depth interviews with Smith School faculty and other members of the school's community of business leaders.

June 22 - The Dingman Center for Entrepreneurship

Tune in for this special edition of Smith Business Close-Up, to find out how the Dingman Center for Entrepreneurship has supported entrepreneurship in the Washington, D.C. area for 20 years.

The Dingman Center and its team of about 20 people, which includes entrepreneurs-in-residence, senior fellows and MBA students, offers students and regional entrepreneurs assistance evaluating business plans, mentoring, early stage capital networking and a host of other services.

The Dingman Center has helped students develop a company that sells university-branded jewelry; a board game company that has just put out two games called “Cluzzle” and “Wits and Wagers,” and a beer company that's up and running and on tap in restaurants in the D.C. region – and these are just a few examples of how the Dingman Center encourages entrepreneurship in a practical way. Reporter Lou Davis talks to Dingman associates and scholars, providing a history and overview of the successful center.

Watch the Video:

Windows Media: http://www.rhsmith.umd.edu/news/sbcu/wmv/Dingman.wmv
Real: http://realtime.rhsmith.umd.edu:8080/ramgen/BMGT/sbcu/Dingman.rv
iTunes Podcast: http://realtime.rhsmith.umd.edu/media/podcasts/SBCU_Dingman.m4v
Audio/MP3: http://realtime.rhsmith.umd.edu/media/podcasts/SBCU_Dingman.mp3

A Strategy Crafting Concept for Entrepreneurial Start-Up Ventures - July 12

On July 12th, Daniel Hudak, from UMUC, presented the basic concept underlying his dissertation thesis titled" "A Strategy Crafting Approach for the Special Case of the Independent, Growth-Oriented, Entrepreneurial, Startup Venture."

His basic objective is to create a simple intuitive approach that facilitates crafting a creative idea into a unique and definitive new venture strategy. Hudak's approach is designed to achieve two basic objectives: 1. incorporate relevant academic knowledge at the right time and place to compliment the entrepreneur's intuitive insight and 2. facilitate insight into the alternate opportunities and strategies inherent in the entrepreneur's creative vision.

His assumption is that the "right" academic knowledge on strategy applied at the "right" decision point in the strategy crafting art can complement the entrepreneur's intuitive insights and yield an enhanced new venture strategy. This approach is designed for independent, growth oriented, entrepreneurial startup ventures in the US business culture.

The proposed strategy crafting concept represents a significant first step towards a simple intuitive approach, a complement and enhancement to the entrepreneur's intuitive insight, and a natural approach for incorporating relevant academic knowledge into entrepreneurial strategy.

For more information on Daniel Hudak's presentation please view his video link, or contact Daniel at dhudak@umuc.edu.

Entrepreneur Invitational Golf Tournament - August 1

On August 1st, over 50 players enjoyed a round of golf at the P.B. Dye Golf Club on a mild 100 degree day. They braved the sweltering heat to help support the Dingman Center and raise money for the Dingman Scholarship fund.

Golfers were treated to a professional golf exhibition by Phil Bundy, former Dingman Scholar and founder of the Entrepreneur Invitational. Golfers then took to the beautiful P.B. Dye Golf course in Ijamsville for an exhilarating 18 holes of championship golf. As they made their way through the course, golfers were greeted by several current and former Dingman Scholars who showcased their businesses and practiced their elevator pitch. Golfers got to see, first hand, the Dingman Center's success stories.

Golfers were then treated to cocktails, a hearty dinner, and some gifts and prizes. Teams of four were awarded prizes for the lowest gross and net scores. Hole prizes were awarded to golfers for the longest drive, straightest drive, and closest-to-the-pin shots.

The evening concluded with inspiring speeches from the tournament Honorary Chair, Phil Samper and Tournament Chair, Lee McGee. For more information on this years tournament, please visit the Entrepreneur Invitational website.