The Best Summer Internship Ever in Lima, Peru

It was around the middle of March 2009, many of my friends had internships, I did not. I had a wave of interviews in January, nothing came of it. I had some more interviews in March, I got some offers but none of them were too attractive. Then, out of nowhere and after a flurry of phone interviews, I received only what could be described as the best summer internship, ever.

Altiplano Venture Funds (AVF) is a non-profit venture capital firm founded in October 2008 by an American finance professional who spotted an opportunity in Peru whilst he was working in Santiago, Chile. The main goal of AVF is to alleviate the side effects of mining activities on local communities in Peru. The team consisted of the founder mentioned above, a French/American private equity lawyer from New York, the South American director of a global engineering and project management firm, a team of American and Peruvian lawyers working for AVF on a pro-bono basis, and I (there was supposed to be another intern but he had visa issues).

Although it had been several months since AVF had been founded, it was not until the time I arrived that it was fully incorporated as a non-profit entity. Therefore, there was still a lot of ambiguity in the direction of the organization. My first task there was to identify potential sources of funding and investment targets. This involved gathering information from public databases, government archives , conferences and meetings such as ones at the Rotary Club and interviewing relevant people/organizations i.e. directors of other non-profits, government officials such as those at the US embassy and business leaders in the mining industry. Other tasks that I performed include projecting cash flows in order to determine the amount of funding required which in turn helped to demonstrate when the organization would become self-sustainable. From the research and modelling, it became clear that the original business model is not optimal. Over the weeks, ideas flowed and many changes took place in terms of the direction of the organization and its structure. Therefore, my main task was to re-draft the business plan for AVF over the coming years. This was not an easy task as no one on the team (including myself) had much experience in writing business plans. Nonetheless, I spearheaded the re-drafting of the business plan with much help from a variety of people (including a few UCLA Anderson professors). Eventually, towards the end of my internship, we ended up with a solid business plan and were ready to implement the pilot project (an investment into and management of a low-tech water filter manufacturer/distributor in rural Peru).

I had originally planned to be there to learn all there is to know about venture capital but, whilst I did get some experience in the investment selection process and financial modelling, I ended up learning much more about business development. I think this experience will prove to be much more valuable in the future than the finance skills that I had hoped to learn as a) I improved my ability to cope with ambiguity, b) I learned how difficult it is to start a business and c) knowing how difficult it is to start a business has not put me off in starting my own business in the future.
Overall, it was a fantastic experience not just because of the internship but also living in a culture that I’ve never experienced. At first, Peru seemed very foreign to me but after a week or so, when I had met a lot more people (especially Peruvians), figured out where things are and how things are done, I realized that Peru was an amazing place to be (my defining moment of feeling more “local” was when I shopped at a dingy produce market where I obtained 3 oranges, 3 pears, 2 Granadillas, a mango, a cherimoya and a huge avocado for $3.40). After my internship, I had a little time to travel and see other parts of South America. This short but packed journey made me realize that it is not just Peru that is fascinating but the whole continent has things to offer beyond my imagination. I will definitely be looking for opportunities there after graduation. To finish, I would like to thank CIBER for their generous financial assistance which enabled me to travel to Peru and help start an organization, AVF, which has the potential to improve the lives of many people who are less fortunate both now and in the future. My personal experience there was definitely enriched by this generosity, thank you.

MBAs conduct field research in India and adapt to project changes

Hello all. We arrived in Bangalore last night, and had our first day with our client today. We have been very generously welcomed here. It was a very productive day, as we were able to meet with the heads of Finance, Marketing, Fundraising, and Strategy. They were all very impressive, and they run an extremely sophisticated operation. We were able to get a strong sense of their goals, and how they hope to achieve them. We also got a sense of the many challenges they face.

There is no lack of potential projects. However, our stated project (helping choose the optimal domestic expansion targets) will probably have to change. Currently, they expand into new regions based on invitations from the local governments. They only decline invitations if they lack the resources (i.e. private donations, municipal commitment, and availability of real estate) to operate viably in that region. They already have well developed methodologies for evaluating expansion targets. Our efforts are better served elsewhere, in helping with the many other challenges they face in reaching their aggressive expansion goals.

Potential areas of focus:

- resource procurement optimization
- marketing strategies to improve domestic and international awareness
- labor force efficiency: training, knowledge transfer
- formalized strategic plans: 2-3 year plans, and a rolling 10 year plan

These are just a few of the many issues that were raised in our interviews with the staff, which we recorded and look forward to sharing with you.

Tomorrow we will be touring the main kitchen in Bangalore, as well as some of the local schools. We will keep everyone abreast of our progress. As always, any and all feedback is appreciated.

-Saman & Reggie

UCLA CIBER inaugurates high school program around sustainability

UCLA CIBER finished its first Global Green Business Week For Young Leaders, a one-week summer program for talented high school juniors and seniors. Forty students came from California, New Mexico, Minnesota, Maryland, Italy, Malaysia, France, and the United Arab Emirates to participate in the program. The students lived in dorms on campus and were taught by faculty from UCLA Anderson and the UCLA Institute of the Environment, as well as from graduate students from management, economics, and urban planning. For more info, contact our center at ciber@anderson.ucla.edu.

Note: Photo courtesy Erin Orias Photography.

Executive MBA students sponsored by UCLA CIBER conduct research for Medical and Surgical Skills Institute (MSSI) in Ghana

With the financial assistance of UCLA CIBER, a UCLA Executive MBA (EMBA) SMR (Strategic Management Research) team was able to coordinate two visits to Accra, Ghana. The purpose of these visits was to conduct primary research for the business plan. Travel to Ghana was essential to obtaining information on the Johnson & Johnson/International Aid (J&J/IA) sponsored Medical & Surgical Skills Institute (MSSI) at Korle Bu Teaching Hospital.

During their visits, they conducted interviews and surveys of medical students, surgical residents, University of Ghana Medical School professors and administrators, medical society leaders, corporate contributors and equipment manufacturers, and representatives of our client organizations.

Prior to their visit, the team conducted a study of 300 surgeons at the West African College of Surgeons Conference in Conakry, Guinea. Their initial visit to Ghana afforded the opportunity to gather interview data to supplement our survey responses. They were fortunate to also travel to the Michigan-based headquarters of International Aid. The interviews conducted there and at the University of Michigan allowed the team to gain insight into the intricacies of medical equipment donation, NGO operations, and the nuances of international relationships between academic institutions.

The team's second visit to Ghana provided the opportunity to interview members from their client organizations, gain insight into their other corporate contributions, and observe the MSSI in action. Additionally, the EMBA students used this as an opportunity to present our preliminary findings to their clients as part of a mid-point presentation.

The scope of the SMR project required primary research in excess of what would have been possible with the limited standard budget. The additional funding provided by CIBER allowed for additional research that will undoubtedly yield meaningful and actionable recommendations for the team's clients.