Final day in Buenos Aires (6/26)

Quote for the day:

The real voyage of discovery consists not in seeking new landscapes but in having new eyes.
Marcel Proust, French novelist and author, 1871-1922.


Our very last day together… one last company visit, and saying “goodbye” to our friends and this lovely city…

A new tour group started today, and we made new friends from Xavier University as we went together to visit Globant, a software development firm. Really, this was a fun visit, a great way to end our journey. Guilbert Englebienne, the Chief Technology Officer, introduced us to this world-class player in the highly dynamic software development space. This entrepreneurial, agile firm is an innovator – its business case and development have even become an MIT business case. And I can’t even begin to describe the physical set-up and layout of the place. I do think that many of us will be waiting for its IPO…

And before we left for the airport and our long journey home, we came together one last time to celebrate, to thank our hosts and guides, and to appreciate this wonderful experience and opportunity. Thanks to Sean and his fantastic Austral Group, thanks to Paola and Felicitas, our great guides in Argentina, thanks to DJ, Hsu, and Pete and his wonderful Executive MBA team. And very special thanks to our Silberman College of Business and to Fairleigh Dickinson University -- a most wonderful place that truly understands the value of global learning in creating world citizens.

Wednesday in Buenos Aires (6/25)

On Wednesday, we returned to our agenda of business meetings for two appointments – first we went to the headquarters of the telecommunications giant, Telefonica de Argentina, and then to Ernst and Young, the international accounting and consulting firm.

Our host at Telefonica was Mariana Laurence, of their Strategy and Regulations organization. Her presentation told the story of strategic business and technology growth in a newly deregulated market. Based in Spain, Telefonica entered Argentina in 1990 at the time of deregulation, and it has continued to expand its presence in both fixed and mobile markets. As someone whose industry experience has been in telecommunications, I was especially impressed with the breadth and depth of her knowledge and presentation. The story that she shared certainly is an excellent example of a company that strategically and successfully entered a new market at a critical and unique historical moment in such a way that both the company and the country together built and developed a critical business and technology infrastructure.

Our next visit was to Ernst and Young, the global professional services firm (and one of the “big Four” auditing firms)that is headquartered at (our home in) New York. After a company and recruiting overview, Fernando Pachi and Rodolfo Papa gave us a comprehensive and impressive country briefing on Argentina’s business trends and opportunities and its capital markets and Mergers and Acquisitions possibilities. Again, this was quite useful to our teams, as they continue to prepare for their project and assignment.


And the evening was a time for:

Tuesday in Buenos Aires (6/24)

After our exhausting and full day yesterday, we were ready for a change of pace. This morning we travelled for an hour by bus to the campus of the IAE Business School at the Universidad Austral.

WOW, what an impressive campus the Austral Business School has…it is gorgeous!! It would certainly be great for SCB to have a facility like this one. The classrooms are large, there is plenty of meeting space and break-out rooms, a wonderful library and a beautiful cafeteria where we were treated to an excellent lunch.

Our speaker was Professor Patricio Fay, the director of their EMBA and International Exchange Program (and also an Organizational Behavior (OB) professor). In a highly interactive presentation he spoke with us of the cultural considerations of doing business in Argentina. He started from a fascinating case, An Amercan Gaucho in Argentina (prepared by Charles A. Rarick at Barry University) in which an American businessman from Iowa experiences significant cross-cultural difficulties in his negotiations with an Argentine beef-processor.

Here’s a site where you can download and read the case:

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1112277

Our discussion included issues of language, relationship, basic cultural assumptions and a summary of some excellent research that compared various cultures along multiple dimensions. All in all, I think that this added a lot to our understanding of Argentina and the Argentine people.

When we arrived back at the hotel, many of us went on a two-hour tour of Buenos Aires. We had a fine tour guide, Andrea Grossetti, who shared the highlights of her city – we heard history and culture, and we saw lots of this beautiful and energetic, European-like city.

Hopefully others will add pictures, as we saw the Plaza de Mayo, the Presidential Palace, the Obalisk, and many of the fascinating neighborhoods of the city.

What impressed many of us the most, however, was the visit to Recoleta Cemetery, where Eva Peron and others from the wealthy families of the city were buried. The cemetery was a small city of streets that were full of stone buildings that were each decorated with spectacular sculpture and monuments, and contained tombs, prayer chapels and other memorials to loved ones and family members. While I was looking to go to a museum, this cemetery truly was one – it was an extraordinary home for fine art.

Monday in Buenos Aires (6/23)

Brrr – it’s a bit chilly here. Yes, it’s winter in this part of the world. Today is a “Business Formal” day. And we’re off to three high-powered appointments.

First stop was the Central Bank of Argentina (BCRA) where Martin Castellano provided an excellent presentation on “The Monetary and Financial Policy Response to the Current Turbulence.” As you may know, since 2000/2001 Argentina has been responding to and recovering from a series of severe economic shocks. As a representative of the Central Bank, the institution that is responsible for creating and implementing fiscal policy to establish and maintain economic stability, Mr. Castellano made and supported the argument that Argentina is “well-prepared to face turbulence vis a vis other emerging markets.” He reported an inflation rate of 8%, with an unemployment rate to match. The historical and current economic data that he presented gave us all a good picture of the current state of the Argentine economy, and his explanations of the policy choices the Bank has been making were quite helpful to our understanding.

After a fine lunch in a convent across the street from the bank, we walked back to the hotel meeting room for our next appointment with a representative from the US Commercial Service. As you will remember from our trip to Rio, the US Department of commerce has established offices in foreign countries to provide information and support to Americans who are considering establishing business in these countries.

http://www.comerciousa.org/argentina/en/setEnglish.asp

Our hosts and speakers in Argentina were Brian Brisson, the Senior Commercial Officer and his Associate Charles Renado. After providing an overview of the services his office provides to American businesses, Mr. Brisson provided an overview of the current economic and political climate in Argentina, as well as an assessment of the challenges, opportunities, and best prospects US business people and investors face in planning and executing successful business plans in Argentina. This was indeed quite helpful for all of us, especially as the student teams prepare to do their country and market assessment assignments for class.

Out final appointment for the day was a presentation by Juan Ferreira, President of Monsanto Argentina (soon to become president of Monsanto EMEA – Europe, Middle East, and Africa). Monsanto is a world leader in agricultural biotechnology, a leader in producing herbicides such as “Roundup” that prevent crops from being infected and destroyed. Additionally, Monsanto is a primary developer and marketer of genetically engineered (GM) seed and bovine growth hormone, and it aggressively litigates and lobbies for its interests around the world. Mr. Ferreira carefully presented his company as being a primary contributor to solving global issues of world hunger and food production, and as a strong contributor to creating a healthier and more sustainable world. As Ferreira himself noted, this approach is indeed controversial:

http://www.responsibletechnology.org/GMFree/Home/index.cfm

After a long day of stimulating and challenging presentations, we returned to our “home away from home” and settled into quiet dinners in small groups on our own.

Sunday in Buenos Aires (6/22)

It’s Sunday morning in this wonderful city. Welcome…

We arrived yesterday (Saturday) afternoon and went to our new hotel, the NH Lancaster. It is a bit more European than the others which reflects the more European feel of this, our third city.

Last night, after we had checked in, rested a bit and got our bearings, we had a magnificent dinner together at the Cabana Las Lilas. For those of you have never tasted Argentine beef, it is extraordinary. And for those of us who are not beef-eaters, the food and company were excellent as well.

Today’s activities include a day-trip to an Argentine estancia (ranch) in the Pampas – some of us will go horseback riding, others will play tennis and other sports, and other will just relax and read. Definitely a good, restorative day. And yes, they’ll enjoy a traditional Argentine barbeque (a “sacred” event here) for a noontime meal.

Later on, some of us will be going to a soccer match. Unfortunately, I’m not quite feeling well, so I’m not going out today. Others will report on their adventures.


See you in the morning…