Segway Inventor Talks Innovation and Passion

You might know Dean Kamen, founder of DEKA Research & Development, as “the Segway guy.” But he would much rather you know him as the guy who invented the first insulin pump, a robotic arm for humans, the iBOT stair climbing wheelchair, or a revolutionary machine which can provide safe drinking water to developing countries.

Dean of Business Steve Reinemund welcomed Kamen, a man he called “the real Dean,” to the Wake Forest University Schools of Business on Nov. 17. “Personal Passion Changes the World” was part of the Leading Out Loud Broyhill Executive Lecture Series. The audience included students, faculty, guests and even children who have participated in Kamen’s FIRST (For Inspiration and Recognition of Science and Technology) competitions.

It is quite clear that Dean Kamen is a passionate man, full of energy and strong opinions. He is brilliant, yet approachable. Dressed in his signature blue jeans and denim shirt, Kamen is authentic --describing himself as “genetically incapable of not being sarcastic.” He will proudly point out that he didn’t wear a coat and tie to meet the President of the United States and “the Secret Service doesn’t have a sense of humor when it comes to chasing the President around with a robot.”

The stories behind Kamen’s inventions are inspiring. He challenged Wake Forest business students to commit to ventures that will change lives, versus immediate financial returns. “If you have a big idea, go with it, be flexible, seize opportunities and make it happen,” Kamen said.

(Story continues below.)

The Insulin Pump
The insulin pump, now widely used by diabetics, was Kamen’s first big medical invention. He developed it in his parents’ basement. His brother was a medical student looking for a portable drug infusion system to electronically control medication doses for infants. Kamen came up with a solution in 1973. “We lost two decades,” he said. “It only took 20 years to become an instant, overnight success.” Developing technology isn’t the struggle, he said. “Getting people to accept change is the hard part.”

The Crown Stent
Countless cardiovascular patients have Kamen to thank for reducing the risks and recovery time from surgery. When Johnson & Johnson asked him to improve the design of the Palmaz-Schatz stent, Kamen looked to his team of aerospace engineers to create a stent that could get into smaller arteries and navigate around tight corners. “When I went to the FDA for approval, I wasn’t going to tell them a bunch of motor heads at my helicopter plant in Michigan came up with the design. Since my helicopters can deliver drugs, I said ‘this stent was developed by the alternative drug delivery group’. Seize the opportunity to put the right things together,” Kamen emphasized.

HomeChoice PD
Kamen said he rejected the chance to make a peritoneal dialysis machine a little better, simpler and cheaper. Instead, he set out to make a device that would eliminate trips to a dialysis center. He was warned it would be a high risk, but came up with a machine that a patient can use at home while sleeping. “This is something that went from ‘another one of Dean’s crazy ideas’ to a standard of care,” Kamen said.

iBOT
“Making an improvement on a wheelchair seemed like a stupid idea,” Kamen said. That’s why he developed the iBOT, an all-terrain mobility device that could allow disabled people to “stand up” and even climb stairs. At first, the FDA told Kamen it was too dangerous. It took years to get approved. To this day, the CMS (Centers for Medicare and Medicaid Services) will not reimburse patients for the purchase of an iBot, he said. “Business people have unbelievable control and authority in this country. Be careful, use it wisely.”

DARPA Prosthetic Arm
Medical advances have improved the survival rates for men and women injured in combat, but some survivors are coming back with missing arms and legs. The Defense Advanced Research Projects Agency wanted to develop a robotic arm that would allow someone to have enough agility to pick up a raisin or grape. Kamen showed the audience a video of a man learning to use the arm. “He picks up the spoon, holds it completely level and starts eating cereal,” Kamen explained. “His wife is standing behind him watching and she says ‘Chuck hasn’t fed himself in 19 years. You’ve got a choice, Dean-- we keep the arms, or you keep Chuck!’” The latest generation of the prosthetic arm due out next year has twice as much power and speed and looks more human than robot-like.

Power and Water
Kamen gets very animated when discussing the potential of his self-powered machine that can purify any liquid into safe drinking water. “The box doesn’t care what’s wrong with the water,” he said. Millions of people, mostly children, die from waterborne illnesses each year. “We could have more impact on global health than the entire pharmaceutical industry combined,” he added. “Why isn’t that happening?” Kamen asked business students to support his vision. “The people with no water and no electricity have no money. You can’t build a 90-day success model. You have to believe that these are productivity tools.”

FIRST
Wherever Kamen goes, he doesn’t miss an opportunity to share his passion for FIRST. He started the non-profit program to create a sport out of engineering. FIRST organizes robotics and LEGO competitions around the world, getting kids inspired and excited about careers in science and technology. The program has also provided more than $12 million in scholarships. Kamen quotes his friend, Walt Havenstein of Science Applications International, who told FIRST contestants, “This is the only sport where every kid on the team can turn pro.” He asked for support saying that whatever you put into it, you’ll get even more out of it and “it’s fun, it’s rewarding, and everyone wins.”

The Segway
Even the Segway was a medical invention. Kamen calls it a “fun byproduct” or a “trivial side effect” of the iBOT. The Segway is an electric, human transporter which uses much of same stabilization technology as the iBOT; it just doesn’t have a seat. He shared the notorious photo of President George W. Bush on vacation, falling off of a Segway. “It’s a self-balancing machine,” said Kamen. “They work a lot better if you turn them on before jumping on to them.”

Many people have won as a result of Kamen’s relentless passion for solving problems and improving lives. Perhaps his passion has inspired someone in his audience at the Wake Forest University Schools of Business to create the next big thing that will change the world.

Guest Blog: Keeping the Family Out of Court

We noticed this blog from Kathy Baker, posted at www.familybusinesswiki.org, and thought it important enough to share. Hope you find this informative.

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Over dinner recently, several members of the Wake Forest University Family Business Center and I were introduced to the concept of ADR by Judge Ben Tennille, Chief Judge of the North Carolina Business Court.

A little background here: In January of 1996 Judge Tennille was sworn in as the first Special Superior Court Judge for Complex Business Cases in North Carolina and charged with creating the first state-wide Business Court in the nation. Today, all cases involving complex and significant issues of corporate and commercial law in our state are assigned to the Business Court, where a special superior court judge oversees resolution of all matters in the case through trial.

Back at dinner, Judge Tennille expressed dismay at the number family-owned business owners that appear in his court, and concern that the legal process does not serve these companies well.

Family members come to court hoping the judge will be able to solve their disputes (and, of course, rule in their  favor). But, according to Judge Tennille, the judge actually has very little discretion in these cases. Often the only choice available under the statute is to rule for dissolution of the business. This is typically not the preferred result for the business owners. After consulting their tax advisors, they realize it is a very unappealing and prohibitively expensive option.

After months of preparing for litigation, and thousands – if not hundreds of thousands – of dollars spent, the principals find that it is still up to them to resolve their dispute. Oftentimes, the underlying reasons behind the lawsuits are things that have little to do with the business operation.

Unfortunately, the legal system has no mechanism to slow the rush to litigation once it has started. Once one party has decided to sue, direct communication between the family members often ends. The lawyers are doing their jobs, advocating for the individual interests of their clients. Unfortunately, the collective interests of the family and the company -- its customers, employees, and suppliers -- are overlooked in the process.

Family businesses are at their best when the interests of the family members and their business are aligned. A divisive lawsuit is heartbreaking for the family and a real drain on the productivity and profitability of the business.

Family business owners usually want to keep information about their business operations private. A lawsuit opens up the family relationships and business dealings for public scrutiny, which is a very painful development for most family business owners. As I was preparing to write this article, I looked at the current issue of Family Business magazine and read about the Rollins family of Atlanta, Georgia. The family and family business had always kept a low profile, until the death of the family matriarch precipitated changes that led to unrest and discord among family members. The current lawsuit, filed by children against their father, seems to be an unlikely outcome for this family – but unfortunately is an all too common result.

In our litigious society, the road less traveled seems to be one involving Alternative Dispute Resolution (ADR). ADR provides an avenue for the parties to talk about their dispute with a facilitator or mediator, and to resolve their differences before pursuing legal action. At the very least, the parties can be made aware of the expected costs of litigation and get a realistic view of the ability of a court to resolve their dispute.

An opportunity to talk things through could also be an important step in diffusing and de-escalating a disagreement that is otherwise on the road to the courthouse. This is an area where the member companies of a local Family Business Center program may be of service. A business owner may be more receptive to peer advice from a fellow family business owner than an officially-designated “mediator” in the early stages.

A more proactive step would be to include language in the shareholder or partnership agreement to mandate that in the event of a dispute ADR will be pursued as a first option. This part of the shareholder agreement can act as a kind of “pre-nup” for owners – creating an opportunity for a conversation on how future disputes will be resolved while times are good and relationships are trusting and friendly.

The inclusion of an ADR mechanism in the shareholder agreement also provides a great educational opportunity for future shareholders. A presentation and discussion of the purpose of the ADR provision could be a natural addition to any family council meeting. Again, the resources of the local Family Business Center could be brought to bear in crafting appropriate language, as well as in providing a slate of potential mediators from the member companies, and from business and law school faculty members.

The Wake Forest University Family Business Center is currently working with Judge Tennille and faculty members involved with our Community Business and Law Clinic to develop recommended language for inclusion in the shareholder agreement. I will keep you posted on our progress and welcome comments and suggestions on this idea.

Schools of Business Holiday Party

Join your fellow students, faculty, and staff at the annual Schools of Business Holiday Party at BB&T Ballpark.  We will put celebrate the close of another semester and wish the 2010 MSA students good luck as they embark on their careers. There will be music, drinks and light hors d’oeuvres.  Cocktail dress required.

When: Friday Dec. 3, 8:00 PM - 12:00 AM
Where: BB&T Ballpark

Sustainability Event in the Works

The Charlotte campus, the Career Management Center and the MBA Working Professional students would like to invite you to attend a very special event, “Understanding the Business of Sustainability,” on Tuesday, Dec. 14, from 6-8 pm at the Wake Forest University Schools of Business Charlotte campus.

Dan Fogel will moderate a distinguished panel of corporate executives as they discuss the emerging market of sustainability and renewable energy. There will also be information on how to leverage your MBA, skills, and experience to pursue career opportunities within this fascinating industry.

More information to come later this week!

NASCAR Exec to Appear at Wake Forest

Wake Forest University will host Geoff Smith, the president of Roush Fenway Racing, on Tuesday, Nov. 30, at 5:30 pm. Food will be provided as part of the event, to be held in Worrell 1117.

Smith has presided over 120 different NASCAR teams including five championship teams. He will speak about sports marketing, sports management and the application of the skills learned in graduate school.

Wake Student Wins State Farm Competition

Jackie Swoyer, a junior and a Business and Enterprise Management (BEM) major at Wake Forest University, was announced winner of the first National State Farm Marketing and Sales Competition held in Warrensburg, MO, on Friday, Nov. 12.

The multi-round competition required students to develop a detailed written marketing and sales plan targeted at the 18-25 year-old demographic, one of State Farm’s most challenging demographic groups to maintain. This plan was judged before the competition by a panel of State Farm executives. Then students competed in multiple rounds of simulated sales encounters in front of a panel of three to five judges each.

Parker Schweer, also a junior and BEM major, made it successfully through the 2nd round. The competition involved students from seven other universities, including Louisiana State University and University of Texas at Austin.

Pat Dickson and Michelle Steward, both BEM faculty at the Schools of Business, offered the Wake Forest students feedback on their written sales plans, and coordinated with local State Farm employees who offered sales training sessions to both students.

“Dr. Dickson and Dr. Steward were instrumental in guiding us through this process. They both were very accommodating and were extremely interested in seeing us excel in the competition.” Swoyer said. “With Dr. Steward’s encouragement I created a brand around my marketing plan, which really helped me uniquely position my portfolio.”

“This was an opportunity to have their talents showcased in front of a Fortune-50 company,” said Steward. “During Jackie’s session, you could feel the excitement in the room from the State Farm employees watching her hit each of the marks central to their brand.”

Swoyer also recalled the moment she completed her final presentation and was led to a central viewing room where she was allowed to watch the remainder of the competition.

“For some reason, I expected that maybe four or five extra people might be watching me do my mock sales call,” she said. “To my complete shock and amazement, when I walked into the room, I was met with an audience of probably fifty or sixty, many applauding and standing from their seats. I was so excited. Almost every person in the room made an effort to tell me what a great job I had done. I couldn't believe it.”

Swoyer received a check from State Farm for $5,000 for winning first prize. She said her next challenges will be finding a summer internship and exploring her career options.

“This experience has given me a huge boost of confidence. I was so intimidated walking into the competition, but what I learned more than anything is that I have a lot to bring to the table. I had such an amazing experience, from competing, to meeting students from other schools, to socializing with some of the highest State Farm executives in the country,” Swoyer said.

Alumni Update: Beatty Wins Banking Award

Three associates of First Hope Bank were chosen as 2010 “New Leaders in Banking” by NJ Bankers and NJ Banker magazine. Recipients were selected by an independent panel of judges, none of whom is an active banker. Awardees were determined to be rising stars of the banking industry who are under 40 years of age and making significant contributions to their institutions and communities.

First Hope’s award recipients were Chief Operations Officer Daniel Beatty, Chief Financial Officer Lewis Beatty and Michelle Miragliotta, assistant vice president and loan administration/consumer credit officer. A total of 17 “New Leaders in Banking” awards were presented at a ceremony held at the Tropicana Resort in Atlantic City on Nov. 8.

Daniel Beatty began his First Hope Bank career in 2007 after graduating from the Military Academy at West Point and serving six years with the U.S. Army. He began as a teller and then worked in other areas of the bank to become familiar with all aspects of community banking. In 2008, the bank’s board appointed him as chief operations officer.

Lewis Beatty joined the Bank in 1999 as assistant vice president for retail operations, eventually spearheading the bank’s formation of a contact center and the establishment of a web page and internet banking. In 2002, he was appointed chief financial officer. Earning his MBA with a concentration in Finance from Wake Forest University in North Carolina, Lewis performed his undergraduate work in Business and Economics at St. Andrews Presbyterian College, also in North Carolina.

Miragliotta joined the bank in 2003 as a teller and advanced to loan clerk and then to retail analyst in 2004. In September, she was promoted to her current position. A graduate of Drew University in Madison, Miragliotta holds a Bachelor of Arts degree in economics with a minor in business administration.

Reposted from www.NJ.com

Lewis Beatty is third from the left. Photo from the Warren Reporter.