"We have seen a recent reduction in interest in new firm creation," said Paul D. Reynolds, professor of entrepreneurship in the Management and International Business Department and director of the Entrepreneurship Research Institute in the Eugenio Pino and Family Global Entrepreneurship Center housed in the College of Business Administration at Florida International University. "Companies that want to start branches or new units, for example, will need to make a stronger argument—such as for more money or more equity—to motivate people to move into such positions."

This observation grows out of his recently-released report assessing the status of entrepreneurship in the United States in 2004. It summarizes five years of research on the level and nature of new firm creation in this country.

"On the positive side, employers may find greater loyalty among their employees who are less inclined to start new businesses, according to my results," he said.

Reynolds, who is the winner of the Swedish NUTEK Award (equivalent to the Nobel Prize in entrepreneurial research), noted that the sharp decline in U.S. business creation followed a substantial rise between 1993 and 2000.

"There was more than a twenty percent decrease in the number of people starting new firms from 2003 to 2004," he said. "I also found that while blacks and Hispanics are more likely than whites to be involved in entrepreneurial ventures, they are much less likely than whites to sustain their new businesses for long. South Florida mirrors these national trends."

His research did find growing entrepreneurial activity in Asia as opposed to Japan and Europe despite the continuing leadership of the United States in this area.

"Most Asians feel they should take care of their own economic well-being," he said. "They will become a very major challenge to the United States."

Upon the release of the ambitious study, Dr. Modesto A. Maidque, president of the University, said, "This report is a strong contribution to our role as Miami's public research university."

Knowing whether or not the results reflect a temporary shift—with stabilization on the way—or a more sustained change will depend on the collection of future data.

"We are seeking sponsorship for a 2005 assessment so we can continue this important research," Reynolds said.

Visit http://www.entrepreneurship.fiu.edu/entrepreneurship_us.htm to view or download the entire report.

FOCUS ON

.: Business Alumni Chapter elects new Board for 2005-2006.

The Business Alumni Chapter recently elected its Board for the upcoming year. Officers include:

• President, Marteena Rodriguez (BA '92), CFO of Diversified Investment Advisors;
• President Elect, Denise Peña (BBA '97), senior credit analyst, Bank United;
• Vice President of Membership , Alfredo Machado (BA '02), international account manager, Martino Tire Company;
• Secretary/Treasurer, Lisa Leal, accountant, Diversified Investment Advisors;
• Director of Speaker Series, Arturo Aviles (BBA '01) credit manager, Wells Fargo;
• Director of Networking Events, Judy-Ann Allen (BBA '04), vendor management analyst, Assurant Solutions, and
• Director of Community Service, Michelle Jorge, attorney, Lilles and Associates, P.A.

The newly-elected Board of Directors convened on June 18th at Shake-a-Leg Miami for a full day of planning and goal setting for the 2005-2006 year.

With a clear understanding of the mission of the Business Alumni Chapter, the Board will focus its efforts on continuing to build a strong network of business graduates through numerous networking events; provide career/professional development through some targeted programming; support the local community through one or more community service programs, and increase awareness of the Chapter among graduating seniors.

To better understand the needs of incoming alumni, the Chapter has incorporated two ex-officio positions to its Board: one Landon Undergraduate School of Business student and one Chapman Graduate School of Business student. The 2005-2006 student representatives are Kenneth Rojas and Bill Wilson, respectively.

This coming year, the Chapter will continue its South Florida CEO Seaker Series, with the next event scheduled for Wednesday, July 27th from 12:00-2:00 p.m. at the Omni Colonnade in Coral Gables. During the luncheon program, Mark C. Perlberg, President and Chief Executive Office of Oasis Outsourcing, will lead an informative session on "Identifying and Implementing Sound Management Principles in Rapidly-Changing Environments."

Also in the works is a new networking program—the "Traveling Happy Hour," which will alternate between Coral Gables and Downtown Miami. Each Happy Hour will feature a prominent business alumnus/ae executive for a "shadowing" opportunity.

Finally, this year, the Board hopes to award its first $500 scholarship to a business student. The monies to build the Chapter's scholarship fund were raised through the Chapter's Family Fun Day event last fall.

For details about or to register for any of our events/programs, be sure to visit the Business Alumni Chapter's calendar of events at http://cbalumni.fiu.edu/. For more information about the Business Alumni Chapter and its activities, please contact Cristina Jaramillo at 305-348-6879; jaramill@fiu.edu.

.: Alumni Spotlight: Mike Gibaldi—Surf's up!

Mike Gibaldi (BBA '84) is the regional manager for BusinessWire, responsible for the company's business development, client service, and newsroom operations in Florida. Additionally, he is a past president of the Public Relations Society of America, Miami Chapter, and holds the Accredited in Public Relations (APR) designation. He also is a member of the College's Alumni Circle and serves on the board of the local National Investor Relations Institute. And, he's a hardcore surfer.

"Surfing goes way back for me," Gibaldi said. "I think I started in 7th or 8th grade and used to catch a metro bus to get to the beach."

While many take up surfing only as an adolescent pastime, Gibaldi never gave it up and surfing continues to be his main recreational passion. Surfing, as he describes it, is an addictive sport or art. For those who are not surf savvy, Gibaldi provides some insight.

"About two percent of the surfing experience is actually riding a wave," he said. "Sixty percent is getting to and from the beach and searching for a good surf break, dependent on factors only the professors over at the International Hurricane Center can appreciate. Thirty—eight percent is paddling against the grain through and under waves to get back out and catch another one."

Miami may not be the ideal place for surfing, but that does not prevent serious hobbyists like Gibaldi from driving up Florida 's East coast to catch better surf in Palm Beach, Stuart, Ft. Pierce, Sebastian, Melbourne, Cocoa Beach or New Smyrna. He points out that even though Miami is not a surfer's paradise, the city has a unique advantage: Miami International Airport (MIA). MIA provides local surfers with an array of great surfing destinations, all with world class waves. He has taken advantage of MIA to get to El Salvador for the past six years and to Costa Rica ten years before that in search of a sweet tide and high-riding waves.

As to how he can get away with his buddies every year, Gibaldi replies, "I owe it to my wonderful understanding wife Sandra and to my degree from the College, which is directly relevant to my success in the business world: it gives me a travel budget!"

.: Save the Date.

If you want to be involved in the leadership of our new Real Estate Alumni Affinity Group, make sure to attend the Real Estate Alumni Affinity Steering Committee meeting on July 22nd from 8:00 to 10:00 a.m. at University Park Campus. To RSVP, please e-mail jaramill@fiu.edu.

.: BBA+ Weekend students give "A Lift in Life."

Students in the College's BBA+ Weekend program gave at-risk students at J.R.E. Lee Opportunity School in South Miami "A Lift in Life."

On Tuesday, May 31, from 10:00 a.m. to 2:00 p.m., the students held an "A Lift in Life" field day on the campus of the J.R.E. Lee Opportunity School featuring the Miami Heat's Xtreme Team exhibition and former Heat star Tim Hardaway; ping pong with table tennis Olympian Stephen Hylton; basketball with One United Bank President Alex Fraser; tennis with champion Kim Sands; Patricia McAdoo, wife of NBA Hall of Famer and Miami Heat Assistant Coach Bob McAdoo, and a multitude of other exciting activities.

The 53 students in the BBA+ Weekend cohort each raised $500 from various sponsors and donors to help support the event as well as securing additional funds for the J.R. Lee Opportunity School, which accepts students in lieu of expulsion for various infractions of the Code of Student Conduct. The project is part of Bob Hogner's BBA+ Weekend program course on "Business in Society."

Sponsors and contributors were invited to support the event by joining existing sponsors: Joaquin & Isabel Blaya; Regions Bank; IVAX Corporation, Miami; Dade Fire Rescue; Hasbro; The Biltmore Hotel; Popular Mortgage Corporation; 5th & Ocean; Trophy City Arts & Frames; BellSouth; Miami Heat; Huizenga Family Foundation; Miami Dolphins; Omnibus La Cubana; ASCI of Miami, Inc.; Publix Supermarkets; Miami Dade Water & Sewer; South Miami Police Dept.; Econo Caribe; Lionhead; Gomez Medical Building; Llando Photography; CVS Pharmacy, Community Bank, and Rewards Network.

• Ed Arista (BACC '95), a founding board member of the Business Alumni Chapter, was a guest speaker at a seminar hosted by the National Business Institute, where he lectured on advanced issues in LLC formation and operation in Florida.

• Miami-based Tortuga Blue Mountain Coffee Rum Cake was recognized recently by renowned food critic David Rosengarten, one of the original hosts on the Food Network, as one of his Top 25 Best Products Ever Recommended in his gourmet food newsletter, the Rosengarten Report. Monique Hamaty-Simmonds (BBA '96), is the CEO and president of Tortuga Imports, Inc., and a College of Business Administration Entrepreneurship Hall of Fame Finalist.

• Andrew P. Yap (MBA '97, BBA '91) was promoted to President and Chief Operating Officer of LEASA INDUSTRIES CO., INC.—the largest grower of bean and alfalfa sprouts and one of the largest manufacturers of tofu in the state of Florida. Yap also is a marketing and management instructor in the College.

• Alan Lips (MS '98) was featured in June's issue of South Florida CEO, NextGen section, an ongoing monthly column which profiles future South Florida leaders. Lips is a partner at accounting firm Gerson, Preston, Robinson & Company.

• George Bermudez (BBA '03) was appointed senior vice president, middle market manager for Commerce Bank. He will be in charge of managing the sales and marketing initiatives and growth in middle-market lending as well as overseeing business development by directing and developing commercial loan portfolios in Miami-Dade County.

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.: College hosts seminar on "Achieving Diversity."

From left, Alumnus Robert Garcia, Lee Hecht Harrison; Alumnae Maria Villar, IBM, and Debra Sholes, Exxon Mobil Inter America

The College held its first-ever "Achieving Diversity" conference on June 9th at the Wyndham Miami Beach Resort Hotel. Executive Dean Joyce J. Elam and Chapman Graduate School of Business Dean, José de la Torre welcomed more than 25 human resource professionals from Texas, Georgia, New York, and Florida for this seminal event.

The all-day meeting, moderated by Barry Shiflett, director of Career Management Services for the Chapman School, covered topics ranging from recruiting for diversity to diversity networking programs, from mentoring diverse employees to policy-making for diversity throughout an organization.

Special thanks to our conference speakers, who included: Cindy Joseph, associate recruiter, Goldman Sachs; Maria Villar (BS '81), vice president, Enterprise Business, BT/CIO IBM; Debra Sholes, Exxon Mobil Inter America; and Robert Garcia (EMBA '97), Lee Hecht Harrison.

"This seminar is the first of many programs we hope to offer our partners," said Monique Catoggio (EMBA '03), director of alumni and partner relations. "Not only does it allow us to touch upon issues that are of importance to the College, but it helps us to engage our partners in meaningful discussions which benefit them and their organizations as well."

The College will be offering a diversity seminar again next year and currently is planning a seminar focusing on innovation for this fall.

.: Business academics get revealing look at South American realities.

Members of the Ninth Annual Professional Development in International Business (PDIB)—Mercosur program pose against the backdrop of Pão de Açúcar (Sugar Loaf Mountain) in Rio de Janeiro, Brasil. Tita Kourany, Juan Diego Ibañez, and Kate Lawrence are in the front row, second, fourth, and fifth from the right.

Over a two-week period, participants in the Ninth Annual Professional Development in International Business (PDIB)— Mercosur program visited Brasil (Rio de Janeiro), Argentina (Buenos Aires), and Chile (Santiago). They interacted with business faculty from leading academic institutions, business executives from multinational companies, and government officials. They also attended cultural events and city tours.

This year, the College co-sponsored two of the fifteen academics by partially defraying their expenses: Kate Lawrence, an assistant professor in international marketing at Loyola University in New Orleans and Juan Diego Ibañez, an MBA candidate at Indiana University in Bloomington, the only graduate student in the group. Tita Kourany, associate director of the Center for International Business Education and Research (CIBER) in the College, was project leader for the fourth time.

PDIB—Mercosur seeks to raise awareness about the social, political, economic, and business environments in South America. It works.

"The trip is always an eye-opener for the group," said Kourany. "It gives them the chance to see what South America is all about."

For Lawrence, the trip was just the kind of revelation Kourany described.

"Even though we talk in international marketing courses about the importance of knowing a country's politics and economy, I had never realized the extent to which these factors affect everything else in a country," she said. "I also was really struck by the fact that the orientation of academics, government people, and business people fell along the entire political and economic spectrum."

Lawrence teaches at both the undergraduate and graduate levels and is now redesigning her courses to integrate what she learned—extracting material from the copious notes she took during the trip for reference.

"I am even adding a new project that will draw on my experiences," she said.

The trip had both short- and long-term consequences for Ibañez, even though he doesn't teach.

"It had an immediate effect on the way I plan to continue my education," he said. "I know how I want to structure my next year of graduate school. Long term, it will have an effect on my career. I want a future that focuses on Latin America and the quality of the trip, and having it on my resume, will help catapult me."

The Mercosur CIBER Consortium—Florida International University, University of Connecticut, University of Florida, University of Memphis, and University of South Carolina—co-offer this annual program.

.: College's graduates experience surge in job opportunities.

Recent MBAs are finding more job opportunities according to a new study conducted by the MBA Career Services Council (MBA CSC) of 68 U.S. business schools.

Ninety-two percent of the schools reported an increase in recruiting activity from the fall/winter of 2004-05 compared with the previous year, and an average of 58 percent of their graduating MBAs had one or more employment offers by mid-April.

The job market for MBA graduates in South Florida has witnessed an increase in activity over the past twelve months, according to Barry Shiflett, director of Career Management services in the Chapman Graduate School of Business.

"The number of job opportunities for both permanent positions and internships has increased when compared to last year," he said. "Companies we have not seen recruiting at our University are beginning to look at our MBAs due to our programs and our diversity."

Recruiting for MBA students with skills in finance and marketing has been particularly strong this year.

Undergraduates fared well also. There was tremendous growth for students with undergraduate degrees in accounting and finance, along with expanded opportunities for the rest of the majors in the College.

"PricewaterhouseCoopers, Grant Thornton, BDO Seidman, Ernst and Young, Deloitte, and KPMG have been some of our biggest recruiters in accounting, with the majority of positions in audit work," said Michael J. Potoczniak, assistant director of career services in the College, who focuses on undergraduate students. "Many of the firms had to come back a second time in an attempt to fill their numbers, each stating this was a rare occurrence."

The year also saw an increase in students placed in investment companies.

"UBS has begun to hire a minimum of eight students a year for its Coral Gables location," Potoczniak said. "NCA Investments recently relocated from New York to Miami, specializing in the stock markets of Latin America and bringing a unique opportunity for our students. We also have had students placed in companies such as Lehman Brothers and in corporations such as General Electric."

The remainder of the College's business majors have seen great employment opportunities this year and recruiting relationships with a number of companies are growing.

"Target, Black and Decker, Procter and Gamble, and Johnson & Johnson are among the companies at which our students are getting internships and entry-level positions," he said.

.: Local businesses welcome participants in IESA executive education seminar.

When IESA, Venezuela 's leading business school located in Caracas, wanted to bring members of its executive education seminar to Miami for lectures and site visits, they turned to the College's Chapman Graduate School, with whom they already partner in the School's dual degree (MBA/MIB) program, for help.

Over a three-day period, the group of sixteen high-level executives from major companies in Venezuela attended seminars in the mornings and paid corporate visits— to the NAP of the Americas, DHL, and LAN Cargo—in the afternoons during the one week of their four-week program they spent in Miami.

"The bi-lingual session, which was called 'Strengthening Corporate Competitiveness: The Management Challenge,' gave these business leaders a chance to see operations and best practices at three major companies, which was valuable to them and was tremendous exposure for the hosts," said Erica Gjorven, executive education manager, Chapman Graduate School of Business, who developed and coordinated the seminar's Miami-based component. "Upper levels of operations people impressed the visiting executives by providing a good overview of their companies' status and future directions."

Jerry Haar, professor of management and international business, contributed to the planning of the Miami segment of the seminar.

Information-packed sessions, led by College faculty members and local business leaders, filled the mornings.

IESA campus

Day one's topic, "The Digital Challenge," included presentations on "E-Business: Strategies and Operations," by College Executive Dean Joyce J. Elam, and "Technology and Global Competitiveness," by Ronald Lee, Ryder Eminent Scholar for logistics and information systems in the College.

The second day focused on "Adapting to Resource and Market Diversity," with insights on "Logistics and Distribution Challenges in the Americas," by Fred Hernandez of Agilent Technologies, and "Infrastructure Needs for Hemispheric Competitiveness," by John Price, InfoAmericas.

College presenters on day three looked at "Politics and Bureaucracy." John Zdanowicz, professor of finance, covered "Money Laundering, Income Tax Evasion, and Import Duty Fraud through Abnormal Pricing in International Trade," and David Wernick, instructor and director, Global Business and Security Program, Knight-Ridder Center for Excellence in Management, discussed "The Impacts of U.S. Homeland Security Measures on Florida and International Business."

"Hosting the seminar was a great benefit for us— one that paralleled the benefit the companies experienced by having IESA's participants visit their sites," Gjorven said. "They got to see our resources, hear from our faculty, and see that we have impressive local contacts in the business community. Since people are well aware of the value of a quality education, the seminar was an opportunity for us to showcase our strengths."

Thanks to the success of the program, IESA plans to participate in such programs with the Chapman School in the future.

.: School of Accounting students capture string of major awards.

Three

Zameer Upadhya

students from the College's School of Accounting have been recognized by the Association of Latino Professionals in Finance and Accounting (ALPFA).

Zameer Upadhya (BACC '02), staff auditor at BDO Seidman, founder of the College's Chapter of ALPFA in 2001, and current president of the ALPFA Miami Chapter, has been named Most Promising Business Person of the Year at the national level.

Manuel Munguia, who will graduate in August, 2005, was named ALPFA South Region Member of the Year. Already an auditor at BDO Seidman, he has been nominated to

Manuel Munguia

sit on the ALPFA national board as student director and will be the next president of the ALPFA Miami Chapter.

And senior accounting major Vanessa Ball-llovera has been named South Region Student of the Year, following an award event this spring in which she was honored as ALPFA Miami Student of the Year. She will graduate in December, 2005, and will start work at Ernst and Young in January, 2006.

Vanessa Ball-llovera

"To have an organization outside the University say that one of our students is their best student member is very gratifying," said Kenneth Henry, lecturer in the School of Accounting and the faculty advisor of the FIU Accounting Association (FIUAA). "The awards are an external validation of the quality of one of our best students and of the program that we have here."

Students affiliate with ALPFA through their membership in FIUAA and the College has the largest ALPFA student chapter in the country.

"The achievements of our students bring great distinction to the School of Accounting—they would not be receiving these awards if they, and the School, were not well perceived by the profession," said Dana Forgione, the School's director. "We are very proud of them, as we are of alumnus Alfredo Cepero, who has played such a large role in their lives."

Cepero (BACC '88; MACC '90), audit partner, BDO Seidman, has mentored all three students and is delighted by their accomplishments.

"It gives me a lot of satisfaction to see how these three people continue to achieve," he said. "They learned the lesson that you have to keep developing, and give back to the community and to the School."

This is no small praise since Cepero, a member of the College of Business Administration 's Dean's Council, founded the Miami chapter of ALPFA, served as its president, and is now the president of the national organization.

"I'm very proud of how they are taking their commitment to the next level," he said. "They embody what ALPFA is all about."

In addition to the prestigious individual awards, the Miami Chapter of ALPFA, with Upadhya at its helm, has been recognized as the ALPFA South Miami Region Chapter of the Year. All the awards will be handed out at the ALPFA National Convention in Miami in August.

Joyce J. Elam, executive dean of the College, sits on ALPFA's national Board of Governors. The organization's mission is to be the leading professional association dedicated to enhancing opportunities for CPAs, accountants, finance and related professionals, and students, while expanding Latino leadership in the global workforce.