It’s exciting to see new faces, as well as returning schools! We look forward to working with everyone and sharing valuable information about investing. Wherever life takes you after graduation, this knowledge will bid you well. 
As young people, you have the most valuable asset on your side—time! Why is investing early so important? The answer is compound interest. $1,000 invested at 8 percent will grow to be $1,080 after one year. After two years, it will grow to $1,164.40 due to earning compound interest (you earn 8 percent on last year’s $80 in interest = $4.40 plus 8 percent on your $1,000 = $80).
That may not seem like a big deal, but consider a longer time period. What will your $1,000 grow to be in 55 years when you retire? The answer: $68,913.86. That’s right, your $1,000 will generate $67,913.86 in interest.
Want to be a millionaire? If you invest $1,117 each year for 55 years and earn 8 percent, you will have more than $1,000,000!
So, as you can see, investing when you are young is the first key to a secure retirement.
The second key is the rate of return you earn. If you invest $1,117 each year for 55 years and earn one percent, you would only have $85,820.19. Which retirement would like to have—one with more than $1 million or one with less than $100,000?
Where can you earn an 8 percent return? In a savings account at a bank? In a Certificate of Deposit? Or in the stock market?
The College of Business at Michigan Technological University wants you to understand the basics of stock investing while you are young. People naturally avoid things they don’t understand. We want you to understand that investing isn’t as complex as it may appear. Only one team will finish in first place in this competition, but all of you can win in the retirement tournament.
This week’s video is from Dean Johnson, dean of the MTU College of Business. He provides an introduction into stocks and investing to help get you started, as well as an explanation of rules and trading restrictions. Good luck, and have fun!
The 2020 Bob Mark Business Model Competition was held January 29. Eighteen students making up 13 teams pitched business models to advance their innovation. Community members and judges from across campus and the community selected the winners and provided the teams with feedback.
The winners of the 2020 Bob Mark Business Model Competition:
- First Prize, $2,000—Kyra Pratley, POWERPENDANTS
- Second Prize, $1,000—Jake Soter, SwimSmart Technologies
- Third Prize, $500—J. Harrison Shields, Shields Technologies
- Honorable Mention, $250—Samerender Hanumantharao & Stephanie Bule, Bio-Synt
- Honorable Mention, $250—Allysa Meinburg, Haley Papineau, Sadat Yang, AAA Prosthetic Ankle
- Audience Favorite, $250—Allysa Meinburg, Haley Papineau, Sadat Yang, AAA Prosthetic Ankle
- MTEC SmartZone Breakout Innovation Award, ($1,000 Reimbursable expenses toward business development)—Ranit Karmakar
This event is a tribute to the late Bob Mark, professor of practice in the College of Business who started the Elevator Pitch Competition at Michigan Tech. The competition recognizes his entrepreneurial spirit and its continuation at Michigan Tech.
The 2020 Bob Mark Business Model Competition was hosted by Husky Innovate, a collaboration between Pavlis Honors College, the Michigan Tech College of Business, and the Office of Innovation and Commercialization. Husky Innovate is Michigan Tech’s resource hub for innovation and entrepreneurship, and offers workshops, competitions, NSF I-Corps training, a speaker series, and co-hosts the Silicon Valley Experience.
Aspiring student entrepreneurs and innovators are invited to apply for the Michigan Technological University Silicon Valley Experience, an immersive tour during spring break 2020 of California Bay Area companies that includes meetings with entrepreneurs and Michigan Tech alumni who are leaders in their field. The deadline to apply for the experience co-hosted by Husky Innovate, a collaboration between the Pavlis Honors College, the College of Business, and the Office of Innovation and Commercialization, is February 10, 2020.
Silicon Valley is known for its technology breakthroughs, high-tech startups, innovative companies, and Fortune 1000 companies. Its innovation and entrepreneurship ecosystem including culture, policies, talent, resources, and networks serve as inspiration for students.
The Silicon Valley Experience will showcase multiple perspectives of a day-in-the-life of successful entrepreneurs, innovators, engineers, and business leaders. This tour will provide an interactive opportunity for students to discover more about a variety of industry settings, to sample various innovative corporate cultures through tours and presentations, and to meet and talk with successful alumni entrepreneurs.
Up to 15 students will be guaranteed a slot on the trip. Lodging, ground transportation to and from toured companies, and some food will be covered. Students will be responsible for arranging and paying for their own air travel. Students who have a demonstrated financial need can apply for a limited travel scholarship.
Students who apply and are accepted will have the opportunity to:
- Tour companies like Google, Netflix, Hewlett Packard, Facebook, Ford, Clari, BYTON, Twilio, Autodesk, Waymo, the Porter Vineyard, as well as recent Michigan Tech-alumnus startup company Handshake
- Meet with entrepreneurs and innovators
- Talk with Michigan Tech alumni who are leaders in their field
- Get answers to your real-world business, innovation, and leadership questions
- Gain firsthand knowledge of the enterprises that are revolutionizing global business
As part of the application, students will create a two-minute video describing how they will share their experience with the Michigan Tech community upon completion of their travel in order to positively contribute to our entrepreneurial ecosystem. Apple here: SVE Experience 2020 Application.
Major funding for the trip is provided by the 14 Floors alumni group.
Prospective students looking for a top accounting program can look no further than Michigan Tech, whose program ranks number three in the state among four-year public colleges and universities according to newly released rankings by College Factual. Only Michigan State and Hope College rank higher on its list.
Michigan Tech accounting has achieved this ranking two years in a row.
Dean Johnson, dean of the College of Business, says it’s our focus on technology in addition to attentive faculty that offer superior outcomes for Husky accounting graduates.
“The accounting field is being driven by technology and a demand for data management. Our grads are uniquely prepared for high-level, high-tech careers in accounting because of our nimble curriculum led by professors who care.”
See College Factual’s 2020 Best Accounting Schools in Michigan list here.
By Mark Wilcox, University Marketing and Communications
Roger Woods (engineering management faculty) and Teresa Woods (Math) often travel during the holidays. For a while now the Woods have been looking for a way to make a donation related to residential life, when the idea of helping students traveling home for the holidays came to mind.
“In our various Thanksgiving and Christmas travels we have always gone through gallons of washer fluid heading downstate or to Wisconsin,” Roger Woods says. “We recognize that most Tech students do the same but may not have factored washer fluid into their plans. We came up with the idea of donating cases of washer fluid to the residence halls for whomever needs it.”
The Woods reached out to Auto Value of Houghton which sold them 100 gallons of washer fluid at cost. The washer fluid will be available beginning today at the desks of each residence hall.
Joseph Cooper, director of Student Financial Services, is also interim director of Residence Education and Housing Services. He applauds the Woods for their creative donation. “Many of us have been in the predicament where we’re struggling to get to the next gas station to fill up on washer fluid. This is an incredibly generous idea and we appreciate Roger and Teresa supporting our students in this unique way.”
Gallon bottles of washer fluid are available for students on a first-come, first-served basis along with a wish for safe travels from the folks who donated them. “From your fellow road trippers, R & T Woods — Be safe.”