Medical Marijuana – Florida’s current gold rush

Medical Marijuana – Florida’s current gold rush

By: Max Crampton-Thomas

2 Min read October 2020 It has been almost four years since the State of Florida passed Amendment 2, also known as the Florida Medical Marijuana Legalization Initiative, and since then business has been booming. Despite only being legal since November 2016, the medical marijuana industry in Florida has quickly become a multibillion-dollar operation that has shown no indication of a slowdown in growth. 

The rapid progression of the industry has attracted the attention of savvy investors, businesses and entrepreneurs, all looking to capitalize on what seems to be Florida’s next “gold rush.” Tower Commercial Real Estate, one of South Florida’s leading full-service commercial real estate brokerage firms, was one of the organization’s to take early notice of the opportunity in medical marijuana. After closing $50 million worth of cannabis-related industrial and retail transactions in Florida, which equated to successful transactions for 35 dispensaries, the firm announced in July 2019 the creation of a cannabis division as part of its Tenant Representation platform. 

“Working with cannabis companies requires a different level of service, attention and an immense amount of time,” noted Tower CRE’s Senior Director Rob Foster in a press release. “Through experiencing the pitfalls early on in our tenure, we have been able to create and implement a process that is efficient and effective. We have a full team that navigates through each requirement from the infancy phase to move-in. The number of transactions we have completed to date has allowed us to hone in on a precise formula to uncover new opportunities, and we have found tremendous success leading rapid expansionary efforts for our clients.”

Even now as most businesses are reeling and recovering from the challenges caused by the COVID-19 pandemic, the medical marijuana industry has thrived. As displayed by the 134 million milligrams of medical marijuana sold statewide between Sept. 11 and Sept. 17, the industry has seen more people than ever turning their attention to the benefits of medical marijuana to help treat their anxiety, pain and ailments during this uncertain time. 

While opportunity abounds in Florida’s medical marijuana space, the state has been noted as having a licensing process that still needs some refining. Florida’s Supreme Court is in the process of deliberating on whether or not the regulatory structure in place favors some businesses receiving medical marijuana treatment licenses over others. This case was brought to the court by Tampa-Based Florigrown, which is arguing that Amendment 2 was written in a way that favored specific medical marijuana companies. 

“This is everything but a free market. It has created a monopoly,” Florigrown attorney Katherine Giddings said about the company’s challenge to the legislation.

To date, 22 companies have medical marijuana treatment licenses in the state of Florida. Despite the challenges presented by the structure of Amendment 2, these organizations are growing and expanding their operations all over Florida, hoping to capitalize on the prime opportunities present in the region. One of the most recent entries to the market is California-based Cookies, which is eyeing South Beach as its first retail location. 

“Our team is excited and extremely humbled to be able to own one of the few licenses in Florida,” rapper Berner, CEO and founder of Cookies, told the South Florida Business Journal.  

Despite the controversies, medical marijuana in Florida appears poised to continue its upward trajectory, solidifying its reputation as Florida’s green gold. 

What Phase 3 of reopening means for Broward County

What Phase 3 of reopening means for Broward County

By: Beatrice Silva

2 min read October 2020 — Gov. Ron DeSantis’ decision to move Florida into Phase 3 has led to a scramble among local government officials to make sense of which public health regulations remained in place. In the aftermath of the announcement, confusion has quickly swept across Broward County to the point where Fort Lauderdale Mayor Dean Trantalis issued a New Declaration of Emergency Regulations that clarifies the rules and regulations for businesses and individuals during this phase of economic reopening. 

 DeSantis announced his plans on Sept. 25, just three weeks after Broward and Miami-Dade County entered Phase 2 of reopening. Phase 3 is outlined within the Safe. Smart. Step-by-Step plan. It has minimum recommended health protocols and lifts the majority of restrictions on restaurants, bars and other businesses. Moving forward, such establishments will be allowed to operate at full capacity with limited social distancing protocols. Local governments were given the permission to limit some bars to 50% of capacity. However, the new bill prevents cities and counties from ordering them to close or penalizing them for not following the rules. “I think we need to get away from trying to penalize people for not social distancing and work with people constructively,” DeSantis said in a statement. 

Fort Lauderdale’s Trantailis responded to the Phase 3 reopening plan in a letter to the public. His message highlighted the importance of opening business but under regulated guidelines. “As I have long said, we have needed to begin reopening our businesses and amenities but that we also must do so in a way that continues to protect public health. Given the broad nature of the governor’s order, I am attempting to maintain a measure of protection that an urban area like ours needs since the virus can easily spread. For the month of September, the daily infection rate in our area has remained consistently under 5 percent. We want to continue to keep it there and avoid another spike in COVID-19 infections…My new order conforms with the governor’s expansion, but still maintains our old local rules of six feet of separation between tables and between people who are standing or waiting in line. Employees must wear masks as must customers except when they are eating,” said Tranalis. 

Gyms, fitness centers, state parks, public beaches and other large venues were also permitted to open at full capacity with limited social disconnecting protocols. The Safe. Smart. Step-by-Step plan is promoted to help get small businesses up and working again. During the height of the pandemic, Broward County’s unemployment rate leaped to 14.5% in March. 

“The re-opening of our economy has not been easy, but it is being done right in most states. Of course, things change, but as we gather more knowledge on this virus, I believe we can combat it and not have to close our economy. Florida Gov. Ron DeSantis’ approach of Safe. Smart. Step by Step is proving to be the right way to re-open the economy,” Alex Sanchez, president and CEO of Florida Bankers Association wrote in an opinion piece

Just two days after Florida entered Phase 3 of reopening, Florida’s COVID-19 Data and Surveillance Dashboard reported 1,868 new cases. Some public officials are questioning if Gov. DeSantis overstepped his power while others are adamant about reopening to full capacity.

 

Tampa Bay is once again home to the Stanley Cup

Tampa Bay is once again home to the Stanley Cup

By: Max Crampton-Thomas

2 min read October 2020 It’s been 16 long years but the Stanley Cup has made its way back to Tampa Bay. After a six-game battle with the Dallas Stars, the Tampa Bay Lightning were able to close out the NHL finals series with a dominant 2-0 performance. And while they may have been playing to an empty arena, nothing can take away from the fact that the Lightning are now two-time Stanley Cup winners and their victory has brought some much-welcomed excitement back to the Bay. 

This was a NHL season like no other, as the COVID-19 pandemic resulted in a stoppage of the regular season. The decision was ultimately made to finish out the 2020 season in a “bubble” environment, not dissimilar to the one created by the NBA. All games were played in two hub cities: Edmonton and Toronto. The Lightning entered the bubble as the No. 2 team in the Eastern Conference with a solid record of 43 wins to 21 losses.

Expectations for the team weren’t just high because of their 2020 standing. The Lightning had finished the 2019 season with a historic 62 wins. Yet, despite that phenomenal regular season, a quick first-round sweep by the Columbus Blue Jackets that same year ultimately resulted in Tampa Bay’s home team playing this season with a serious chip on their shoulder. Lightning coach Jon Cooper spoke to Sportsnet about using last season’s failures as the team’s primary motivation to win it all this year. 

“Sometimes in failure, you find success,” Cooper told Sportsnet. “It doesn’t come easy. People say you never know when you’re going to go back. I truly believe it was the heartbreak we suffered that brought us here today.”

This championship for the Tampa Bay Lightning was also a win for a Tampa Bay community that, like the rest of the world, has seen the year lambasted by the ongoing pandemic. In celebration of their hockey team’s Stanley Cup victory and the region’s first major sports championship in 16 years, Tampa Bay held two large celebratory events, one on water and one on land. On Wednesday Sept.30, a variety of boats floated up the Hillsborough River to Downtown Tampa carrying with them the Lightning’s roster, staff and some fans to celebrate the triumph.

This boat parade, which saw thousands of fans gather along the river’s edge to get a glimpse of their champions, was followed by a victory rally at Raymond James Stadium that was attended by an estimated 11,000 socially distanced fans. 

Tampa’s Mayor Jane Castor spoke at the celebration and highlighted what the momentous achievement meant for the region as well as drawing the comparison between Tampa Bay’s resilience and the team’s as it made its way along its playoff run. 

“This is an incredible day for Tampa Bay, I tell you I could not be more excited,” Mayor Castor remarked. “Now, these are difficult times for us, there’s absolutely no doubt about that, but we are used to difficult times and difficult undertakings like bringing home the Stanley Cup. And these guys define what it is to be from Tampa Bay. They showed the resilience, the determination and the grit that we have all shown as a community here and we could not be more excited to bring home the Stanley Cup for the second time.”  

Her sentiment and this victory both serve as a positive moment and breath of fresh air for the Tampa Bay region in what has otherwise been a tumultuous year. 

Florida is in the midst of an aviation renaissance

Florida is in the midst of an aviation renaissance

By: Beatrice Silva 

2 min read September 2020 — Despite a dismal year for the aviation industry, Orlando Melbourne International Airport is experiencing a period of exponential growth. Companies such as Made in Space and Aerion Supersonic have announced plans to relocate their headquarters to central Florida, which will help bring hundreds of jobs to the region. 

Aerion Supersonic plans to relocate its headquarters from Reno, Nevada, to Melbourne, Florida. The American aircraft manufacturer received a substantial investment from Space Florida that will help bring an estimated 675 jobs to the region over the next six years. Aerion Supersonic and Space Florida also have plans to build a $300-million state-of-the-art campus at Melbourne International Airport. Located on 60 acres of undeveloped property at the northwest corner of the airport, Aerion Park will boast a center for research along with facilities for manufacturing, design and production. 

The AS2, a supersonic business jet, will be the first aircraft manufactured at Aerion Park. Production of this ultrafast fleet is scheduled to begin in 2023. “Our engineers call it science, but we call it time travel,” Aerion said in a tweet. “Why? At the speed of 1,000 MPH, we’re taking you from JFK to Sydney in 13 hours and 43 minutes instead of 18 hours and 6 minutes. Use those hours with your family instead.” 

Florida is in the midst of an aviation renaissance. Despite an unsettling year, the industry has remained resilient. Space Florida has high hopes that the creation of Aerion Park will help captivate other aviation and aerospace corporations to the area, which will only bring more exploration and innovation to the region. 

“This is a truly transformational project for Florida that changes the game for high-speed air transportation as well as for advanced aerospace manufacturing in the state,” Frank DiBello, president and CEO of Space Florida, told AINonline. “The decision to locate design, engineering, and manufacturing of this technologically advanced supersonic flight vehicle here in Florida is a testament to the growing strength and global recognition of the importance of Florida as a world-leading aerospace state.”

Aerion Supersonic isn’t the only corporation that has received investments from Space Florida to help relocate its operations to the Sunshine State. Earlier this year, Made In Space, announced its decision to move its headquarters from Mountain View California to Jacksonville. The engineering company specializes in the manufacturing of three-dimensional printers for use in microgravity.

“Relocating our headquarters to Jacksonville is a strategic step to position the company for long-term growth,” Andrew Rush, Made In Space president and CEO, said in a statement. “By expanding our presence in Florida, we can leverage a skilled aerospace workforce, large-scale infrastructure to support our growth, and key strategic partners like Space Florida that will accelerate our momentum as we continue to develop world-class space technology.”

Bucs primed for success this year in the Bay

Bucs primed for success this year in the Bay

By: Max Crampton-Thomas

2 min read September 2020 There were points this summer where it seemed impossible to fathom how the National Football League would be able to reorganize itself to work in a pandemic landscape. Fast forward to present day and the league has been able to return in a resounding fashion, with telecasts like Week 1’s New Orleans Saints versus the Tampa Bay Buccaneers attracting an average audience of 25.85 million viewers, which FOX credited as its most watched telecast since Super Bowl LIV in February 2020. And while this game may have ended in a loss for the Buccaneers, there is a lot to be excited about in Tampa Bay for this upcoming season on and off the field. 

March 2020 marked a momentous moment for longtime fans of the Bucs when the announcement was made that six-time Super Bowl-winning quarterback Tom Brady would be taking his talents to Tampa Bay. Brady’s Buccaneers jersey quickly became the league’s highest selling football jersey prior to the start of the 2020 season. With Brady at the helm, it wasn’t long before multiple big name free agents fixed their sights on the Bucs franchise and were quickly added to the roster, including tight end Rob Gronkowski, linebacker Jason Pierre Paul, running back LeSean McCoy and defensive tackle Ndamukong Suh. The addition of Tom Brady and increased talent level on the overall team has ultimately resulted in financial benefits as well. The Tampa Bay franchise, which in 2018 was valued at an estimated $2 billion, is now worth an estimated $2.3 billion.  

This reinvigorated roster has also reignited the fanbase for Tampa Bay’s football team who have not seen a postseason victory or success since their sole Super Bowl win in 2002. The team, which ranked 30th in fan attendance in 2019 with an average of 51,898, now faces a new challenge, but this time, it’s not due to lack of ticket sales. Although the return of football may have returned some sense of normalcy to people’s daily lives, there are still the constant reminders of the current pandemic that the world finds itself in. For football, one of those reminders is the limited capacity of fans allowed at stadiums across the league. The Bucs, who saw a surge in season tickets sales for this season, have now also had to come to terms with what these crowd restrictions will mean for the near-term future. This has resulted in the team making the decision to hold their first two home games with no fans in attendance, much to the dismay of Gov. Ron DeSantis who hoped these games would serve as an example of how Tampa Bay is prepared to host this season’s Super Bowl. 

“I really want to be able to show that Tampa is going to be a great place to host the Super Bowl,” DeSantis told the Tampa Bay Times. “Showing this community is ready to host a great Super Bowl, having some fans there would’ve been a good first step. It’s not where we need to be.” The Bucs are currently looking toward a tentative reintroduction of some fans to Raymond James Stadium in their game against the Green Bay Packers on Oct. 18.

Nonetheless, residents of Tampa Bay can take comfort in knowing that the region they call home will also be home to this year’s Super Bowl. Tampa Bay has, seemingly overnight, become one of the football meccas in the nation. 

Face Off: Adaptability is par for the course for these development leaders

Face Off: Adaptability is par for the course for these development leaders

By: Max Crampton Thomas

Patrick Lee

Andrew Burnett

3 min read August 2020 Although there have been major roadblocks stemming from the pandemic that have created some slowdown, development in South Florida has continued to show a steadfast resilience and adaptability as projects around the region have remained on a path toward completion. For companies within the construction and development sectors, there is an understanding that being adaptable to the communities’ changing needs is just par for the course. While the future may be uncertain, it’s important to keep a cautiously optimistic attitude. Invest: spoke with both Shorecrest Construction President Patrick Lee and Senior Principal for Stantec Andrew Burnett about their companies’ major developmental successes over the last year, the constantly shifting industry landscape and their best estimations of what the future may hold. 

What are some recent landmarks for your business in the Miami-Dade region? 

Patrick Lee: The main markets Shorecrest Construction focuses on are hospitality, boutique commercial and luxury residential. In the last few years, all of these markets have been extremely strong. We just completed the renovation of the Soho Beach House in Miami Beach, which included the refreshment of guestrooms and suites, bar areas and gym to keep guests engaged and coming back. In luxury residential, a mainstay market for us, we build high-end homes on the water and complete condo interiors in some of the most prominent South Florida neighborhoods. Shorecrest works closely with well-known architects and designers to bring their concepts to life. We just finished the penthouse at the Four Seasons Surf Club designed by Holly Hunt. In the last few years, we have gotten a stronger foothold in those markets.

Andrew Burnett: Recent landmark projects in full swing include Wynwood Square, a 12-story mixed-use facility that includes apartments and retail space; the 30-story YotelPAD Miami condo and hotel project under construction; and a 43-story Luma tower in Miami’s Worldcenter. And there are a lot of new projects to be announced soon and currently coming on board. Each asset within our portfolio contributes to our growth in the creative services space, beyond architecture and interior design, but also engineering and resilience. We think beyond traditional physical traits and focus on how our vast team builds our communities and what we create so there is continuity in our lives and the spaces we inhabit and to ensure that we protect diversity and creative thinking. We call it cultural resilience. 

Have you seen more cognizant efforts toward building for the future with sustainability in mind? 

Lee:  From a climate change perspective, we have been building at a higher elevation, which has been mostly code-driven. Having said that, we have worked on projects where our client has voluntarily built higher than the codes require. Miami Beach has been extremely aggressive in its efforts to raise sea walls to deal with issues stemming from sea level rise. As far as our clients, everybody is technologically savvy, so a lot of the smart home amenities that were reserved for the elite level of homes are becoming a more common feature in homes. We find a lot of our younger clients, in particular, prefer that kind of addition.

Burnett: There is a significant level of agreement across the industry related to what we are facing and where we need to go. It is only a matter of how and there are varying perspectives to harness. Our government agencies, utilities, partners, clients, insurance agencies and lenders all commonly understand the need to mitigate prevalent risks and maintain our quality of life. There is power in the collective movement and I am optimistic about our future and path. 

What does the rest of the year look like for your company?

Lee: Shorecrest has a couple of projects that will still happen as well as some ongoing projects that are still running, including a condominium at the Continuum South Beach and several single-family residences in South Florida. We have two luxury clubs and restaurants right on Miami Beach and the owners of those projects are still very bullish on the construction. I think there will be more of an influx of people who have been coming into Miami from the Northeast because they no longer want to live in such dense cities and prefer to live in a place like Florida. I predict that there will be a recovery in Miami relatively quickly. 

Burnett: We have been quite busy, which is a reflection of the busy private development market. Projects are moving forward and the entire development community is gearing up for when the play button is pressed. In 2009, during the H1N1 outbreak, we established a pandemic committee, granting us an effective way to respond quickly to the pandemic and set up a remote work setting. Fast forward to today: Our productivity levels have allowed us to meet established deadlines and keep projects moving forward, continuing business as usual. Our current outlook for 2021 does not project significant levels of interruption. We want to continue to support that in any way we can. 

To learn more about our interviewees, visit:

https://www.stantec.com/en

https://shorecrestgc.com/

 

 

Adaptation, innovation are the new normal for legal professionals

Adaptation, innovation are the new normal for legal professionals

By: Max Crampton-Thomas

2 min read August 2020 In the span of just a couple of months, the COVID-19 pandemic has impacted, in some form or fashion, every sector of the economy in the United States. In fact, Dori Foster-Morales, current president for the Florida Bar, was recently quoted as saying, “Everyone’s lives have changed, and anyone who says it hasn’t just doesn’t get it. I look at it like we’re in a tunnel, and we have to figure out a way to get out of it.” 

The idea of adaptation is nothing new for the legal sector as over the last decade it has seen an uptick in its professionals embracing the benefits newer technologies and innovations can bring to their operations. With the onslaught of challenges caused by the pandemic, it has become a necessity for legal professionals to quickly embrace innovation and truly adapt to an uncertain landscape. 

One of the most significant changes for legal professionals, and most business sectors for that matter, was the swift adaptation that had to happen to a work from home environment. While some in the legal world may have viewed this as just a temporary measure during this time of pandemic, the reality is beginning to set in that this may not be just a temporary solution for some. In an article posted by Law.com, it discusses how the idea of remote work as it pertains to the legal profession may have seemed like a foreign concept even a year ago but now has become a viable and workable option for the future thanks to technology platforms like Zoom. Video conferencing platforms have quickly become the norm for legal teams to collaborate, communicate and in some cases even conduct depositions using this technology. Technologies like Docusign, which had already been in use by the legal world, have expanded their solutions to include options like online notarization. While this technology had been available prior to COVID-19, the forced adaptation caused by work from home measures has seen the legal sector begin a transformation that, prior to the pandemic, may have taken years and is now coming to fruition in mere months. 

Technological embrace has not been the only adaptation from the legal community, as this time has given firms the opportunity to evaluate their teams, understand their clients’ changing needs and ultimately refocus some of their practice groups to engage and prepare to handle issues stemming from the pandemic. In an interview with Abovethelaw.com, Mark W. Brennan, lead innovation partner at Hogan Lovells, spoke on this type of adaptation as well as the opportunity to continue to strengthen communication efforts between a firm and its clients. “Communication throughout this pandemic is absolutely critical — and so is the strength of your culture,” Brennan said. “We are keeping a steady flow of information to our clients and our people to explain how our response is evolving. These efforts include keeping our clients informed on the latest developments affecting their business, as well as keeping our people informed about our firm and ways to stay safe.”

In the Tampa Bay region, a variety of firms have taken heed of this opportunity for adaptation, with some already refocusing parts of their practice to prepare for what they are imagining could be an influx of demand for legal services as it pertains to bankruptcy, business restructurings, M&A activity and other challenges associated with the pandemic. 

To learn more about how the legal sector is adapting to this changing environment, register now for the Invest: Tampa Bay 2020 Virtual Launch Conference. The conference, which takes place on Aug. 20 at 11:30 a.m., will feature three robust panels, including a legal panel moderated by Kevin Johnson, managing partner of Johnson Jackson, with panelists Marie Tomassi, managing shareholder and president of Trenam Law; Michael Lundy, managing shareholder of Older, Lundy and Alvarez; Bill Schifino, managing partner of Gunster; and Alan Higbee, managing partner of Shutts & Bowen. 

 

To learn more, visit:
 
Face Off: Business schools tackle the challenges in a changed education landscape

Face Off: Business schools tackle the challenges in a changed education landscape

By: Max Crampton Thomas

4 min read July 2020 Higher education in Miami is using the COVID-19 crisis to come out stronger on the other end. John Quelch, dean of the University of Miami Patti and Allan Herbert Business School, discusses what that means and also talks about the post-pandemic landscape for higher education in an interview with Invest:. Florida International University (FIU) College of Business dean Joanne Li also spoke with Invest:, touching on the growing importance of online education, and what makes its new DBA program a game-changer.

How has your school continued to sustain growth in enrollment and influence?

John Quelch: The increasing strength of the University of Miami brand is one factor. We are witnessing a sizable surge in 2020 undergraduate enrollments at the university level and at the school. A second factor is the vote of confidence provided by the $100-million naming gift we received from Patti and Allan Herbert last year. Third is the global recognition and attractiveness of Miami as a place to study plus our beautiful, spacious and self-contained Coral Gables campus. Fourth, from a health and safety perspective, many parents see our campus as preferable to the congested, urban campuses of many universities in the Northeast.

 Most important though is the quality and dedication of our research and teaching faculty, and the fact that we offer more degree programs that are in the sweet spot of what people are looking for. Our sustainable business MS degree is seeing a 25% enrollment increase for 2020. No matter the industry, everyone agrees that technology and analytics are increasingly important for success. Our MS in business analytics degree, recently ranked No. 8 in the world alongside Duke, is able to place almost all its students in capstone projects, internships or full-time employment, even in this challenging environment. In addition to our redesigned full-time MBA, another important degree program is our MS in finance, which supplies a flow of talent to the wealth management, private equity and venture capital firms coming into the Miami area.

How have you approached online education?

Joanne Li:  Eight or nine months prior to COVID-19, FIU Business expanded its offering strategically and methodically. By spring 2021, FIU Business will offer 10 online programs that have a substantial market space. FIU was one of the first adopters of online education, which began more than two decades ago. Now, we see growing demand for this kind of degree, especially as FIU has been diversifying its student population more and more. As a state university, we are expected to offer degrees aligned with market needs.

On an undergraduate level, we are the leader among all colleges within FIU in providing online education; of all the courses we offer, 40% are considered online education. The goal is to allow a more agile learning model for the student and to meet the student’s needs. Most of our student body is a 21st century workforce, who work or take internships while studying. 

We launched our Doctor of Business Administration (DBA) in 2018. We are one of only three state universities in Florida offering this degree. This program targets candidates who already made it to a C-Suite level and yearn for higher levels of business education. Since we accepted our first cohort, the program has been extremely successful, and it is a new trend for business education. Many universities across the globe have been talking about this need but are unsure about implementation. Before COVID-19, FIU Business had already become even more attuned to the business environment and needs of the candidate.

This model is often perceived as a direct competitor for many often expensive and time-consuming full-time MBA programs, especially for candidates who already have been integrated into the working world. The DBA also feeds into this new trend of a stackable, specialized master’s degree. It is a hybrid model that allows students to continue with their careers while studying. Our responses have been timely and position the college to pivot and prepare for the next wave of demand in the market.

What impact will the pandemic have on the education sector or on your institution in the near term? 

Quelch: Overall, I expect many colleges and smaller universities to be financially challenged and forced to merge or go out of business. The University of Miami is scheduled to open on Aug. 17, 2020. We are fortunate and reassured to have a global public health expert as president of the University of Miami. To navigate the current challenges, any university needs to see a high level of community commitment from students, faculty and staff. All of us are going to have to wear masks, follow physical distancing guidelines, be disciplined and set a good example.  We are confident that the strength of the University of Miami community is such that people will endure personal inconvenience for the common good.

Li: By Aug. 24, FIU is scheduled to start repopulating the campus with the four adapted teaching modalities: face to face, online, hybrid and synchronized remote learning, which was introduced in March. FIU Business set out four guiding principles in May. The first is that we will transition our constituency back to normalcy to the best of our ability. The second is that we will honor the teaching modality as we marketed and advertised it, as far as we can. Students can choose to rotate from face-to-face to remote or they can be designated as a remote student through a hybrid model or they can select a fully online format. The third principle is maintaining the use of the classroom and we will take responsibility for making sure that students always have the right tools. The last principle is that we will always consider alternative testing as a result of this pandemic. Certainly, we are still in a very fluid situation but having a plan allows us to prepare for scenarios.

It is important that we retain students and they stay in school. This is a very difficult time for students as many of them or members of their families lost their jobs. To survive this lockdown, everybody has to chip in, and we allocated some of our CARES Act funds to provide financial support.

How do you balance face-to-face education with technology and virtual learning and what does this mean for higher education?

Quelch: The need to switch to virtual teaching to deliver our spring semester courses was not as disruptive as I expected. We all pulled together and did pretty well, though we must improve our online teaching skills further as student expectations will be higher when we reconvene in the fall. We completed our tenure-track hiring early in the year so we will have five new tenure-track professors joining us in the fall.

The area where we are having to do the most reinvention is non-degree executive education. We had approximately $1 million worth in contracts that had to be postponed. We are exploring how to move from a 100% face-to-face delivery proposition to a value-added proposition that includes a more blended solution, often with modular engagement. We are breaking programs into bite-sized learning modules that can be delivered virtually over a week, a month or a couple of months.

Regarding our graduate and undergraduate programs, the challenge as we move into the next semester is to figure out how to best leverage our physical space on campus to maximize the percentage of course delivery that can be face-to-face. We hope to deliver a hybrid solution, balancing face-to-face and online modalities, dividing classes into subgroups to insure physical distancing. We have not seen reductions in applications; in fact, at the graduate level, we have seen a strong uptick, particularly in applications to our online and full-time MBA programs.

Li: We conducted a student survey during the COVID-19 changes, asking about home and education arrangements. Many said they would like to come back and interact with their professors and fellow classmates. This means we have to be better in being learner centric. We need to ensure student learning takes place and student success is achievable regardless of the delivery method. We can do this by making the environment a lot more conducive for the learner. We need to make discussions meaningful on an online platform. At FIU Business, we intend to accommodate students who prefer to show up in person as well as those who want to remain remote. We will vastly implement technology, both hardware and software, to encourage the interactions. The technology is not new, but the teaching pedagogy and implementation are. Now, there is no excuse. We cannot unlearn the lockdown, so we may as well make ourselves very good at adapting. This is a defining moment for higher education.

To learn more about our interviewees, visit:

https://business.fiu.edu/

 

https://www.bus.miami.edu/

 

 

Making the right financial choices in economic uncertainty

Making the right financial choices in economic uncertainty

By: Max Crampton Thomas

2 min read July 2020 To say the least, the COVID-19 pandemic has been nothing short of an unexpected wildfire to peoples’ health and financial stability. While the onus can’t be placed on the general public for not being prepared for something they didn’t expect, the past four months have proven that personal prosperity in the future will rely on preparing for the worst and expecting the unexpected. Coming on the heels of President Trump’s most recent address on the COVID-19 pandemic where he appeared to change tack and was quoted as saying, “It will get worse before it gets better,” it has never been more vital for individuals to make sound financial decisions as they are now faced with an economically uncertain future. Invest: explores some of the best practices for safe-guarding personal finances in the current economic climate.

 

Establish a relationship with your banking institution

There was a time when having an established relationship with your bank and a banker was a common practice, whether it was personal or business-related. Fast forward to 2020 and what was once commonplace has become more of a rarity, especially as it pertains to people’s personal finances. This in large part due to the ease of fintech and mobile banking technologies that have eliminated the need to visit a brick and mortar banking branch. Now with certain aspects of the CARES Act reaching their deadlines with no extension currently in place, like the Federal Pandemic Unemployment Compensation payments that are scheduled to run out this week, it would be advisable to visit your banking institution and continue to foster that relationship. If you don’t have a bank for your personal finances, now is as good a time as any to explore the variety of banking options available in the Tampa Bay region and find one that will best suit your personal financial needs. 

Create a budget and stick to it 

According to Forbes, “about half of Americans reported they had three months of expenses in savings for emergencies” while almost “40% said they would struggle to cover a $400 expense in cash.” In times of economic growth and prosperity, it is always advisable to establish a budget that allows you to tuck away some money in the case of unforeseen circumstances. The COVID-19 pandemic is the most significant unexpected circumstance in recent years. For those who did not already have an established budget prior to the pandemic, the last four months may have been quite difficult to push through. With no end date on the horizon for this crisis, it is now crucial to establish a livable budget with an emphasis on intentional spending and a more frugal lifestyle. 

Find ways to cut back unneeded expenses

Before COVID-19, Tampa Bay was in line for another record-breaking year in terms of economic growth, which set a positive tone that permeated throughout the local community and people’s spending habits. Now faced with a year of economic pullback, it is time to reassess how you are spending your money and find the areas where you can cut back. An article by Forbes discusses understanding your “spending triggers” and addressing them head on. This can be in the form of recognizing that you don’t need to spend money on the daily coffee from your local coffee shop and instead brew your own at home, or stopping a habit of needless spending on e-commerce hubs stemming from boredom. One of the easiest expenses to cut back on is dining out and takeout. The U.S. Bureau of Labor reported that in 2018, consumers spent an annual average of $3,459 on these options. With a large majority of businesses still offering work from home to their employees, it is the perfect time to sharpen those culinary skills. 

Continue to reinvest in yourself

The U.S. Bureau of Labor Statistics reported an unemployment rate of 10.4% for the state of Florida in June 2020. This number can be directly attributed to the fallout from the economic challenges that the pandemic has presented to all business sectors. While there is no way to 100% recession-proof yourself as it pertains to job security, and ultimately financial security, you can continue to make yourself as valuable an asset as possible by strengthening your skill sets and acquiring new ones. This may be in the form of continuing education, picking up a new skill set in your free time or even just pushing yourself the extra mile at your job. There is no way to be immune from layoffs and furloughs, but reinvesting in yourself and your work can make that decision a lot harder for a company if it ever comes time. 

These practices toward making sound financial decisions don’t just apply to individuals, as most companies have also applied these ideas to their operations in order to acclimate to the current economic conditions. For example, a variety of businesses in the region have leveraged their relationships with their banking institutions to help them with PPP loan applications and acquiring any additional funding that is available to them. Businesses have reorganized their budgets and found ways to cut back unneeded expenses, which unfortunately has sometimes come in the form of laying off portions of their workforce. Finally, almost every business has had to reinvest in their operations and in some ways reinvent themselves to continue on through these unprecedented times. 

To learn more about making the right financial choices in this economic uncertainty as it pertains to your business or personal well-being, register now for the Invest: Tampa Bay 2020 Virtual Launch Conference! The conference, which takes place on Aug. 20 at 11:30 a.m., will feature three robust panels including a banking and finance panel moderated by Rita Lowman, president of Pilot Bank, with panelists Gregory Kadet, managing director of UBS Wealth Management; Terry Igo, CEO of Tampa Bay Trust Company; Scott Perry, chairman and CEO of AmeriLife Group; and Travis Jennings, CEO of Finance Cape. 

If ever there was a time to seriously look at your finances and improve your financial standing, it’s now. Get started by registering to access these valuable insights.