ESG and Sustainability MBA Pathway

CESR and the Deming Center for Entrepreneurship bring Breakthrough Energy’s University Climate Ventures network to CU

Sarah Arney — Tue, 06 May 2025 22:07:12 +0000

CESR and the Deming Center for Entrepreneurship bring Breakthrough Energy’s University Climate Ventures network to CU Sarah Arney Tue, 05/06/2025 - 16:07

In a major step toward accelerating Colorado’s climate innovation economy, �� has launched Boulder Climate Ventures, a new interdisciplinary program that equips students to develop and launch high-impact startups focused on climate solutions. The program is supported by Breakthrough Energy, a global initiative focused on advancing climate and energy solutions through innovation and investment.

Led by the Center for Ethics and Social Responsibility (CESR) and the Deming Center for Entrepreneurship at the Leeds School of Business, Boulder Climate Ventures is a graduate-level program that connects students—primarily from business, engineering and science backgrounds—to a growing network of experts, researchers and entrepreneurs tackling sustainability challenges.

Boulder Climate Ventures is the newest addition to Breakthrough Energy’s University Climate Ventures network, joining Stanford University, MIT, Technical University of Munich and Nanyang Technological University in Singapore. �� is the first U.S. public university to be included in the network—a milestone that reflects the university’s growing leadership in climate innovation, said Andrew Mayock, vice chancellor for sustainability.

Jake Davis (MBA’16)

Jane Majkiewicz — Wed, 26 Feb 2025 20:40:51 +0000

Jake Davis (MBA’16) Jane Majkiewicz Wed, 02/26/2025 - 13:40

Anna Bedell (Mktg’25)

Jake Davis’ journey to sustainability has been anything but traditional. While his original life goal was to write for a ski magazine, he ultimately landed in impact investing for The Nature Conservancy, where he has now worked for almost a decade.

Davis followed his aspirations to become a writer by majoring in writing as an undergraduate at Northern Michigan University. Besides his passion for writing, that choice also stemmed from his knowledge that he would be going into active duty in the military after graduation.

“Being in the military had always been a tradition in my family, and it also helped pay for school,” he said. “I was able to choose to study something that I enjoyed—and I had always loved writing growing up.”

A change of perspective

Davis served in the military for the next nine years, working in intelligence operations and spending a few years deployed in Afghanistan. While the experience was invaluable in sharpening his leadership and strategic thinking skills, he was excited for a change. After leaving active duty, he pursued his dream of working for a ski magazine and became an editor in Boulder. But to his surprise, he found it was no longer his passion.

“If I had started sports writing right out of college, I would probably still be doing something like that,” he said. “But having spent a couple of years in Afghanistan and doing other things in the military, writing about ski helmets seemed much less exciting after having been in a war.”

In 2012, Davis joined �� as a program manager for the Presidents Leadership Class. He came to Leeds because he had been looking for his next move professionally and believed that graduate school could set him up for a successful transition. He completed his MBA in 2016 and John Helmers, Leeds director of Graduate Career Management, helped Davis get his position at The Nature Conservancy.

A new career path

At The Nature Conservancy, Davis runs the NatureVest department, which is responsible for using private capital to help advance conservation efforts. The department sources, structures, funds and closes innovative investment deals that aim to generate environmental, social and financial returns. His previous experiences have helped him excel in this position, he said, equipping him with the ability to set clear objectives, develop strategic plans and lead teams effectively.

“I think the experiences I’ve had—both in leading teams and knowing how to put together a coherent strategy for getting things done—have been pretty impactful for being able to succeed in life and business,” he said.

For Davis, being in a leadership position means empowering others and supporting them to be the best versions of themselves. He initially faced some challenges transitioning from a military communication style to a corporate setting. He had to learn how to balance different communication styles within the workplace while continuing to prevent conflict and streamline collaboration.

“I’m still working on the skills to be an effective coach for my team,” he said. “I like to have a fun time with people. Sometimes leading means engaging a team, or it requires tough conversations and feedback.”

The evolving role of sustainability

Davis understands that the sustainability industry is highly competitive and not easy to get into. As a fellow MBA student when Davis was at Leeds, Julie Waggoner, who is now the director of operations at the Center for Ethics and Social Responsibility, remembers Davis as a club leader who helped to organize events related to sustainability, and they did an entrepreneurial class project related to sustainability and social impact.

That was all part of the learning experience, leading to what Davis believes is simple advice for students looking to follow a career path similar to his: "The core skill sets required to do a job that focuses on evolving environmental, social and governance (ESG) requirements are the same as what’s involved in any other business function. Working in a different field right out of college will not hinder one’s chances of working in the sustainability industry later—as long as you’re continuing to hone your business skills."

“Understanding financial analysis and how value is created through channels are core components that those interested in sustainability still need to know,” he said. “Building up those skills while using your dream job for a road map can help set you up for a future career.”

"Understanding financial analysis and how value is created through channels are core components that those interested in sustainability still need to know. Building up those skills while using your dream job for a road map can help set you up for a future career."

Jake Davis (MBA’16)

The path isn’t always linear

Davis’ career is a testament to the value of being a lifelong learner. By having a spirit of curiosity and being open to opportunities, he embraces new experiences that allow him to follow his passions. While landing in his role involved a winding path and some redirection, that was part of the adventure and journey.

From the military to journalism to sustainability, Davis looks ahead with optimism for continuing to create positive change within his community and in the environment. He knows how to find the confidence to innovate and constantly takes steps toward the future he believes in.

Davis has been a guest speaker at events hosted by Leeds' Center for Ethics and Social Responsibility (CESR) and is an engaged alumnus who helps students with mock interviews and networking initiatives. Learn more about how CESR is empowering current and future business leaders to solve social and environmental challenges.

Jake Davis took an unconventional career path to sustainability—starting in the military, transitioning into journalism and ultimately finding his passion in impact investing with The Nature Conservancy.

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The Leeds Sustainability Case Competition: Business Students Tackle AI’s Energy Challenge

Jane Majkiewicz — Tue, 11 Feb 2025 15:35:34 +0000

The Leeds Sustainability Case Competition: Business Students Tackle AI’s Energy Challenge Jane Majkiewicz Tue, 02/11/2025 - 08:35

Jane Majkiewicz • Video by Cody Johnston

The annual Leeds Sustainability Case Competition brought together 39 teams from top business schools to develop solutions for sustainability challenges in the age of artificial intelligence.

As AI technology expands, its energy consumption is growing exponentially, raising urgent sustainability concerns. How can companies embrace AI without compromising environmental responsibility?

That was the central challenge that MBA students from institutions like the University of California, Berkeley (Haas), The University of Chicago (Booth), Duke University (Fuqua) and Columbia tackled at this year’s Leeds Sustainability Case Competition.

��’s "For the Bees" team from the Masters of the Environment (MENV) program took first place, while Leeds’ "The Green Beans" team secured second place.

“Addressing environmental sustainability will be crucial for businesses over the next decade,” said Vijay Khatri, Tandean Rustandy Endowed Dean of the Leeds School of Business. “Leeds is at the forefront of highlighting how sustainability is not only a competitive advantage for business, but also an opportunity to drive innovative solutions to global challenges.”

A legacy of sustainability at Leeds

“For 25 years, the Leeds School of Business has prioritized sustainability, ethics and social responsibility, and our students come here because of that focus,” said Mike Leeds (Fin’74).

Since 2001, the Leeds Sustainability Case Competition—formerly known as the Net Impact Case Competition—has provided students with real-world business challenges focused on sustainability. The competition brings together graduate students, executives and businesses that share a common commitment to business practices that yield positive social, environmental and financial returns.

A unique opportunity for future business leaders

“This competition is a unique opportunity because students work in cross-functional teams, collaborating with peers from different disciplines to develop innovative solutions to sustainability-related challenges,” said Kathryn Wendell, executive director of the Leeds Center for Ethics and Social Responsibility.

With AI rapidly transforming industries, this year's competition demonstrated how business leaders can balance technological progress with environmental priorities. In addition to fostering an environment of creative problem-solving, the annual event also strengthens students’ professional networks, giving them essential connections as they become next-generation business leaders.

The annual Leeds Sustainability Case Competition brought together 39 teams from top business schools to develop sustainable solutions to power the AI surge.

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Investing in Social Impact

Julie Waggoner — Fri, 15 Nov 2024 01:28:16 +0000

Investing in Social Impact Julie Waggoner Thu, 11/14/2024 - 18:28

Julie Waggoner

For Carlos Peña (MBA ’19), the education he received at Leeds and the ecosystem of entrepreneurship, venture capital, and social impact he found in Boulder and Denver transformed the trajectory of his career.

Carlos grew up in Ecuador and came to the U.S. for college where he studied economics at Notre Dame, drawn by the school’s focus on social responsibility. He used the Leeds MBA program to move into impact investing from a background in management consulting, as well as involvement in the Chicago entrepreneurial ecosystem and work in microfinance serving mostly Latino and African American entrepreneurs. The MBA program helped him learn about the intersection of venture capital and impacting investing, and enabled him to get a role at a mission-driven family office after graduation.

Currently Carlos serves as Director of Investments at ImpactAssets Capital Partners where he makes impact investments across asset classes and creates portfolios that move the needle on racial equity – all while generating a market rate of return for his clients. His work involves the same due diligence and financial analysis that any “traditional” investor would do, plus the additional layer of measuring social impact outcomes.

We recently sat down with Carlos to talk about why he sees finance as the way to solve social challenges, his journey into impact investing, and his advice for students looking to follow in his footsteps. This conversation has been edited for length and clarity.

CESR: What big challenges are you motivated to solve using finance and business?

Carlos Peña: The world is broken. The world is unfair. Unless we actively try to fix it, it’s not going to get better. We live and operate in a capitalist society. Every business requires capital, whether it is a nonprofit with grant capital or a for-profit with investment capital. That’s why for me it was impact investing. In terms of how, I built a skillset that allows me to identify the drivers of risk and value for a company, and if you can overlay impact inherently in that business model, then you can really drive change at scale in terms of social justice. When impact is truly integrated into the business model, it’s not a “nice-to-have,” it’s not an additional benefit. In true impactful companies the product or the service is the impact, so as you scale the company, the impact grows.

Folks like us won the lottery of life. Not being born in a war-torn country. Not growing up in a violent environment. Having a roof over our heads and three meals a day. I owe it to the world to pay it back, to make it better and give other people chances to improve themselves and live better lives.

CESR: What keeps you motivated working in the impact space where you spend a lot of time thinking about big challenges?

Carlos Peña: I continuously see the inequalities and the disparities that certain populations and communities experience. These issues are multidimensional – health, education, housing, access to capital, or even basic needs – and pervasive both within the U.S. and across the world. What keeps me motivated is knowing that I can make a change through my work. Also, the fact that my role is very intellectually engaging keeps me motivated. I’m constantly seeing different businesses, different models, different capitalization strategies, different risk-return profiles. It’s always changing, so I don’t get bored!

I also have more of a philosophical answer: we only have one life, so we should use it to make the world better, to reduce suffering for others. This is in line with the Jesuit concept of “ser más para servir mejor” – which is the idea of constantly improving oneself in order to be of (better) service to others.

CESR: You landed an incredible role as Investment Principal at The Beacon Fund in Denver right out of the MBA program. How did you do it?

Carlos Peña: Going into the MBA, I did not expect in my wildest dreams that I would get a role like that. �� was critical in me being able to do that. I think it’s immensely important while you’re doing the MBA to visualize where you want to go, so that when you’re applying for a job it’s not about wanting to do what you’re applying for, it’s about how you want to continue in that space.

The classes at CU were great. I crafted my New Venture Finance emphasis, which is what I called it. I focused on early-stage entrepreneurship, anything related to tech and took the Venture Capital Law class. That class was awesome! It really opened my eyes and gave me a skillset that very few people in the industry have. Taking that class was transformational.

Also, I got super involved locally. I mentored at Watson Institute, I interned at BIGR Ventures. I did a lot of internships, some paid and some unpaid, just to get the experience and the exposure. I was super active with networking by going to conferences like SOCAP and Opportunity Finance Network. Pro tip: if you volunteer at a conference, especially at the front desk, you get to meet a lot of folks working in the industry! Then you can follow up, have conversations and learn.

Through networking and at those conferences, I met people from the social enterprise and impact ecosystems, including individuals from The Beacon Fund. Also, I applied to a ton of jobs, not just the one that I got. A big piece of my success was my summer internship at Avivar Capital in LA. When you are seeking an internship, focus on the skillset and the experience, not the geography.

CESR: How did your education at Leeds prepare you for your career now?

Carlos Peña: First of all, the academics for my path were excellent from the get-go. Leeds is in one of the most important tech hubs in the country, if not the world, and that brought in great professors. Having access to classes like Early-Stage Entrepreneurship, VC Law and Entrepreneurial Finance was huge. Those topics are the building blocks of any early-stage investor’s skillset.

In terms of extra-curriculars, DCVF (the Deming Center Venture Fund) was pivotal for me. It’s what allowed me to get that first experience in venture capital in a real way. Doing it in a multi-disciplinary team with law students, engineers, business students, that was awesome and unique. Having faculty and investors involved on the board, and eventually co-leading it was an amazing experience. On the impact side, I also ran the Social Impact Prize in the New Venture Challenge, which allowed me to overlay the social piece over the top of the tech-enabled start-up models, so that I could say I had done early-stage impact investing during the program.

Finally, having access to Techstars, Start-Up Weekend, Watson, all the accelerators and venture capital funds in the area – that’s a rich ecosystem that very few other universities have in the U.S. We compete with the biggest brand names in terms of that. We are unique. No one looks down on us at ��. We’re awesome. I’m proud to be a Buff, always. It transformed my career and my life.

You must be humble and be kind. Be willing to wear all hats. Be open to doing things outside of your role as needed. You must be passionate about the work. If you’re smart and you’re passionate and I can see that you care about the space, we’ll give you a shot.

CESR: What are some of the skills and knowledge that you look for in hiring new associates?

Carlos Peña: Impact investing requires all skillsets and all roles, not just investors. You can be a marketing specialist, an accounting or operations specialist. For my team in research and due diligence, I want to see finance experience. Ideally investing, but not necessarily. Banking, valuation, advisory, consulting. I also want to see experience with being involved in different projects simultaneously where you manage your time and juggle different timelines and requirements.

Then, are you a team player? You must be humble and be kind. Be willing to wear all hats. Be open to doing things outside of your role as needed. You must be passionate about the work. If you’re smart and you’re passionate and I can see that you care about the space, we’ll give you a shot. I want to see that you know who’s who in the space, that you know the trends, you know about things like full continuum of capital investing, pay-for-success models, family offices, foundations. Show your interest in the space.

CESR: What advice do you have for students interested in the intersection of finance, sustainability and social impact?

Carlos Peña: Be very proactive all throughout the program, from the first semester. Your time is precious throughout the MBA. It’s limited. Be very thoughtful about your extracurriculars. Volunteer, but volunteer for things that are going to give you the skills or connections that are going to help you get where you want to go.

Aggressively pursue your internship. That will be the defining tool you will have to talk about yourself. Be able to craft a cohesive narrative to talk about your prior work, why the MBA, what you’re doing in the MBA, and where you want to go. Always connect your experiences with the academics. That’s key. Read a lot. Network. Keep an Excel sheet of all the folks you’ve connected with. Reach out to people and learn what they do. Message them on LinkedIn, share some of your interests, acknowledge how busy they are and ask if they might have 30 minutes to talk to you in the next few months. Don’t expect them to squeeze you in next week.

Be able to be specific about the kind of role you want. Be willing to relocate. You can get to the geography where you want to go later, now focus on the skillset. Be open to more junior or entry-level roles. Once you get a foot into the space it’s easier to rise, rather than trying to aim at the senior level right off the bat. There’s a lot to learn about impact investing, even if you’re experienced in finance, so be willing to put your ego aside and then grow in the field.

Always submit a cover letter with your applications. Always reach out to the hiring manager before you submit an application, or at least look at everyone’s profile on LinkedIn so they see that you are looking at them.

Learn more about Leeds MBAs working at the intersection of business and impact, and explore CESR’s sustainability opportunities for graduate students.

Carlos shared a list of media outlets and books he’s used over the years to keep up on trends in impact investing and learn. Check out the list below to learn more about this space.

Follow media outlets like Impact Alpha, Conscious Capitalism, Stanford Social Innovation Review and Nonprofit Quarterly.

Big foundations like Ford, Kellogg, Blue Haven Initiative, etc. all regularly publish reports on their work and emerging models.

What’s Possible: Investing Now for Prosperous, Sustainable Neighborhoods by the Federal Reserve Bank of New York

Real Impact: The New Economics of Social Change by Morgan Simon

Investing With Impact: Why Finance is a Force for Good by Jeremy Balkin

Out Innovate: How Global Entrepreneurs--From Delhi to Detroit--Are Rewriting the Rules of Silicon Valley by Alexandre Alex Lazarow

Winners Take All: The Elite Charade of Changing the World by Anand Giridharadas

The Solution Revolution: How Business, Government, and Social Enterprises Are Teaming Up to Solve Society's Toughest Problems by William D. Eggers and Paul MacMillan

The Innovation Blindspot: Why We Back the Wrong Ideas and What to Do About It by Ross Baird

The Purpose of Capital: Elements of Impact, Financial Flows, and Natural Being by Jed Emerson

From Poverty to Power by James Allen

Lean Startup : How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries