Capstone, or keystone, projects have become increasingly popular in colleges offering MBA programs, and Mount St. Mary in Newburgh is no exception, introducing its own three years ago.
Associate professor Moira Tolan and eight of her colleagues developed the school”™s capstone curriculum and incorporated it into the MBA graduate program. Graduating seniors have the option of either writing a thesis or participating in the course, which is designed to give them a hands-on opportunity to work with a company.
Meghan Taylor, director of business attraction for the Orange County Partnership (OCP) since April, took part in a capstone project while attending the college for her own MBA. Her class project was working with Center of Academic Research, based on campus.
“I preferred working hands on with a company, interviewing the principals to determine what the organization”™s strengths and weaknesses were and how to build on its strengths and minimize its weak links,” Taylor said. “There”™s no financial contribution from the partner organization. As students, we worked as a team and designed a business plan; for the partner organization ”“ it”™s a fresh set of eyes looking at the company and brainstorming how best to move it forward, make it more effective and come up with solutions to financial challenges if they exist.”
When Taylor completed her own MBA, she spoke to OCP”™s President and CEO Maureen Halahan to see if the economic development arm of the county would be willing to become one of the college”™s partner organizations for the 2010-11 semester. Both Halahan and the college agreed, and students are just wrapping up their analysis of how OCP is doing as the county”™s economic development arm.
“The MBA capstone team looked at our strengths, weaknesses, opportunities and threats,” Taylor said. “For the most part, we had little or no interaction with the students other than introducing our organization to them and explaining what we do when they first took on the partnership as their project. They were talking to companies that relocated here or expanded existing businesses, as well as looking at other states”™ programs to see what they financial incentives they offer to companies to come there.”
Taylor said the MBA group found one of the partnership”™s greatest strengths lay in its relationship with its strategic partners that work to bring a new business in or retain an existing one.
“From the county executive, Ed Diana, and his staff, to our industrial development agency, Mount St. Mary said it found our economic development partners to be a cohesive group that we”™ve worked as a team to create a business friendly environment. We do feel that our relationship with our county executive, IDA and investors has been very positive and productive. That has been very gratifying to have that validated.”
Either a thesis or a capstone project is a requirement when completing the college”™s MBA program, Tolan said. “We put this capstone program together for the college three years ago and worked on the state”™s quadricentennial celebration. Students wrote up a business plan to help them with their marketing, which was very helpful to them and was used to help attract donations and to get funding.”
More and more students, Tolan said, choose the capstone course rather than sitting down to write a thesis.
“It is the real world, you work with real companies and people and you do see the benefit ”“ it gives students a real sense of satisfaction because it truly helps to prepare our MBA students to go out in a very challenging and competitive business environment and gives them a sense they have accomplished something positive.”
The college is preparing its second capstone course for the spring semester and expects to have 20 students participating. OCP will again be the group”™s focus, “which is a wonderful plus for us,” Taylor said. “We are just getting ready to review their recommendations and observations from the fall semester class and look forward to what 2011”™s students bring to the table. It”™s a wonderful program for students and for the businesses that partner with them.”
