Innovation Rides Through VMH - On a Segway

This semester’s class on Innovation & Entrepreneurship within an Existing Firm experienced a hands on demonstration of a new product, bringing to life an ongoing classroom discussion. Karyn Kemmerer, a second-year Smith MBA student, brought in Segnation, a company that produces the Segway Human Transporter. The speaker for the class was Richard Segar, president of Segnation, LLC, http://www.segnation.com/.

The class was discussing the topic of innovation, and had read the Segway case as an example. The main area for discussion was whether Segway would be successful if it were developed within a larger firm, or whether the small, independent nature of Segnation helped in the product’s uptake. Segar stated that the Segway can help improve production in many professions. For example, one security guard on a Segway can cover the same area as three on foot. Other potential professions for adoption include mail carriers, paramedics and security guards. Segways are currently used in tours given in Annapolis and Washington, D.C.

Professor Brent Goldfarb offered his thoughts on the class experience: "The Segway is a technology that has the potential to revolutionize transportation, and thereby cities. However, it faces many significant challenges in gaining acceptance in the marketplace. To better help understand these challenges, it was important to experience the technology first-hand. In addition, this was a student-driven event. I challenged the students to find someone who would be willing to come and demonstrate the Segway. They certainly rose to this entrepreneurial challenge.”

Currently, the product’s high price point (one Segway costs $5,000), and lack of adoptable infrastructure prevent mass market adoption. Challenges include lack of parking, roads infrastructure built for larger vehicles and theft of the property. These challenges were put aside for one afternoon, however, as students, faculty and guests were invited to ride the Segway. Once the riders learned to balance and steer, they were off to Chipotle for an afternoon lunch! Segar indicated his company was working to reduce the cost of a Segway to $2500, and to provide customization options for consumers such as colors and sizes.

Etim Edim, a second-year student in the class, commented, “It was a great way to bring alive our class discussion. The presenter was clearly excited about the future of Segway, and we were able to discuss product development, penetration and niche market introduction strategies with him. The in class demonstration also provided us a unique opportunity to gain industry perspective and discuss common problems of new product innovation within a small firm.”

Even Dean Howard Frank and Professor Joseph Bailey were able to join in the fun!

▓ Monisha Banerjee, MBA Candidate 2006, Smith Media Group

Human Resources

Final Reminders for End-of-the-Year Payroll & Personnel Matters

Open Enrollment Period – Ends Wednesday, December 22
The upcoming benefit plan is for a six-month period – January 1, 2005 – June 30, 2005, so that it can be aligned with the State of Maryland’s fiscal year. The Open Enrollment Period is currently underway, and ends on Wednesday, December 22 at 12 midnight. If you haven’t picked up your Personalized Benefits Statement from Diane Moreno, in the Dean’s Office, you need to do so prior to making changes to your benefits.

If you want to make any changes to your insurance benefits package, change the dental plan you have (this IS REQUIRED if you currently have the Dental POS Plan through United Concordia), or enroll in a flexible spending account, you MUST make these changes using the IVR telephone system by 12 midnight on Wednesday, December 22. Visit the State of Maryland Department of Budget and Management Web site at http://www.dbm.maryland.gov for more information on Open Enrollment.

Annual Leave – Use It or Lose It (after 400 hours) After December 31
If you are an exempt or non-exempt employee in a position in which you earn leave, take time to look at your current annual leave balance (found in the ARES system where you fill out your timesheet). If you are currently at or near 400 hours, consider scheduling your leave now to avoid losing any earned annual leave over 400 hours at the end of the calendar year.

Personal Days – Use Them or Lose Them!
All non-exempt and exempt employees in a leave-earning status get three personal days (24 hours) each year. You must use these days by the end of the pay period that ends on January 8, 2005 or you will forfeit the unused hours.

W-4 and W-2 Forms
The State of Maryland will be mailing W-2 forms in January 2005 to the address listed on your paycheck/stub. Please verify the address on your paycheck/stub. If the address is not correct, complete a payroll change of address form or new W-4 form. Remember, if you are a D.C. resident, you need to complete the D.C. W-4 tax form. Forms are available from Mary Crowe-Kokonis, in the Dean’s Office, or online. (mcroweko@rhsmith.umd.edu, or by phone at ext. 52309.)

Announcements

Holiday Hours for the Computer Labs and the OIT Help Desk

During the upcoming holiday period the computer labs and the Office of Information Technology (OIT) Help Desk in 3520 VMH will open as follows:

12/20 - 12/23 (Monday – Thursday)
Help Desk and Labs: 9 AM - 5 PM

12/24 - 1/2 (CAMPUS CLOSED)
Help Desk will be closed

12/24, 12/25, 12/26 and 1/1, 1/2
Labs will be closed

12/27 - 12/31 (Monday – Friday)
Labs open 12 Noon - 6 PM
Help Desk closed

Winter Semester Hours begin 1/3

Help Desk: Monday – Friday 9 AM - 5 PM
Labs: Monday - Friday 8 AM - 8 PM, Saturday - Sunday 10 AM - 6 PM

Facilities Notice – Work Schedule in Van Munching Hall

Because of leaking HVAC equipment that caused water damage to ceiling tiles and furniture, more than 100 controller valves located above the ceiling will be replaced in the new wing (15xx, 25xx, 35xx, 45xx) beginning Monday, December 20, and continuing into early January. The locations of the valve replacements are in public areas, classrooms, suites, and offices of the new wing. You will be made aware of the intention to work in your office by a note posted on your door the day before the replacement will take place. If this time is not convenient for you, please contact Faculty Services at ext. 52189 and another time can be arranged. Individual offices are not expected to be entered until after January 3 as classrooms and public areas will be addressed first.

It is suggested you be out of your office when the work is being done, as the replacements will take about two hours to complete and will produce an odor associated with the cutting and installation of the new valve. Please turn off your computer in your office during this time.

You can expect to see many workers and pieces of equipment from the campus HVAC department, Whiting-Turner and Duffy Mechanical in the new wing while this work is underway. Please contact Faculty Services, ext. 52189, with any questions you may have or to report any issues associated with the project.

Smith School in the News

Compelling Smith School research co-authored by Alexander Triantis, associate finance professor, which explores reasons why rising numbers of companies are “going dark” has made business headlines across North America. The study was featured in a Dow Jones article that was later picked up by The Wall Street Journal, AP and dozens of daily newspapers. The same study was then the focus of the Financial Times and made front page news in a second Wall Street Journal article containing an interview with U.S. Treasury Secretary John Snow discussing Sarbanes-Oxley. A Smith alum and the CEO of Under Armour, Kevin Plank, made headlines with USA Today in an article that profiled his company and mentioned Smith in a sidebar. Peter Morici, professor of international business, was quoted in a CBS MarketWatch story speculating on the future of Fannie Mae that was later picked up by Investor’s Business Daily. Morici was also quoted in stories by The Los Angeles Times and other leading media.

For more Smith School media highlights and links to articles, visit Smith School in the News.

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