When Is “Good” Not Good Enough?

By Scott Gibson

Abstract:

Babson College may be on the fast track to an Oregon expansion. Why does that matter? The best educational institutions produce graduates with competitive skills to do what America does best when confronted with worldwide competition: innovate through entrepreneurship.

Reprinted from BrainstormNW magazine, Sept. 2005, Copyright 2005.

If someone you love had a life-threatening disease would you be content settling for a doctor who is good, or would you search for the very best doctor in the field? There are times when good is not good enough, especially in matters of health. What about the matter of our economic health threatening the quality of life and the future of our state?

Is Oregon economically healthy mid- to long-term? Is it advancing faster than other states, or more importantly, other emerging countries? Economists believe per capita income is one of the best proxies for economic vitality, akin to blood pressure’s influence on human health. Oregon has been losing ground in per capita income at an alarming rate, slipping all the way to 36th in the nation in 2004. Washington State is 11th best. In contrast, China has tripled per capita income in one generation.

What can be done? What kinds of initiatives would raise per capita income, hence raising quality of life? The more of us who achieve a great education, the higher our state’s per capita income will be. It’s that simple. The best educational institutions produce graduates with competitive skills to do what America does best when confronted with worldwide competition: innovate through entrepreneurship.

Investing to achieve a top 25 engineering school in Oregon, making sure we have a top-ranked business school, working with the Chalkboard Project on its 15-point plan to improve our K-12 schools, and increasing the funding of our community colleges – all these would be examples of specific things we must do to improve our economic health. Quality of life for our children and grandchildren depends on us taking action now. We cannot wait decades for results.

So what if we were presented the opportunity to bring to Portland, Oregon the business school ranked number one in innovation and entrepreneurship? We would seize this opportunity. Would there be any doubt this would be an exceptional opportunity for our city, our state, and the Northwest? In fact, the Babson College Olin School of Business, ranked number one in U.S. News and World Report in the category of innovation and entrepreneurship for 13 years in a row, is ready to come to Portland, similar to the move made by the Wharton School (UPenn) into the Bay Area.

Leaders of over 50 Northwest companies have been consulted about such a Babson plan, and nearly all of them enthusiastically agree this is very exciting. Doesn’t competition bring out the best in all participants? But not everyone in our community is quite so sure, seeing the Babson MBA program as competition for their alma maters. Instead, it should be viewed as complementary – adding a new dimension to our higher education portfolio.

Babson has pledged efforts to cooperate with some local business schools on Executive Education, joint faculty appointments, and other initiatives to help our region and our local schools. Boston, Mass. – home of Babson College – epitomizes a city with an abundance of top-quality schools, and no one would question that this strategic advantage enriches their region.

Babson is currently partnering with world-class universities in Asia, Europe and Latin America, and with companies like Intel, Lucent, Boston Scientific, and Fidelity. Babson has a proud history of graduates starting companies and starting new business initiatives within existing companies. Many believe they are second to none in the ability to educate people who become key creators of new business opportunities.

One of the distinguishing features of their MBA Program is the way it infuses innovation and entrepreneurship throughout its MBA learning experience. For established firms, employees with a Babson degree have the knowledge, skills and attitudes that enable them to identify and pursue new markets, products, services, processes, and business models. Their firms accelerate growth through innovation. When asked by Business Week, corporate recruiters rated Babson #16 in the nation for the best schools at which to recruit.

Thomas L. Friedman points out in “The World is Flat: A Brief History of the Twenty-First Century” that if Americans are to compete against cheaper costs for engineers, scientists, and workers from India, China and Eastern Europe, we will do it through U.S. innovation and entrepreneurship. This is how we’ll create high-wage jobs for our children.

Intel has already sponsored 58 of their very busy professionals to achieve a Babson MBA, with 40 more Intel emerging leaders in the degree program at the present time. The program offers an effective “hybrid” (online, off-line, face-to-face) schedule, especially tailored for the busy professional.

A Babson presence in Portland could be a reality in the fall of 2006. But, much like attracting Lufthansa or NW Airlines to PDX, our business community needs to make commitments – “reservations” for 35 spots for fall 2006 and 35 spots for fall 2007. These 35 new reservations would add to Intel’s contribution. These commitments will jump-start the program, and thereafter it is anticipated that the program will be self-sustaining.

We cannot wait decades to become the best in business education, and good is not good enough when it comes to our job creation educational engines. Let’s seize the day and seize this opportunity.

Scott Gibson is Chairman of the Board of Radisys Corporation. Email sgibson@easystreet.com for information, dates, and times to meet with Babson faculty or program graduates.