IP: COMMENCEMENT REMARKS, LAWRENCE T. BABBIO, JR. STEVENS INSTITUTE OF TECHNOLOGY

[David Farber <dave () farber net>]

Larry is Vice- Chairman aNnd President of Verizon Communicationsand a Board 
memb
er of Verizon Wireless. He is the Cahirman of the Board of Trustees of 
Stevens (which I also serve on). There are very interesting perspectives in 
Larry's talk. Worth reading.

Dave


Introduction by Hal Raveche, President, Stevens Institute of
Technology:

THANK YOU PRESIDENT RAVECHE, VICE CHAIRMAN DE BAUN,
TRUSTEES, FACULTY, PARENTS, FRIENDS AND MEMBERS OF
THE GRADUATING CLASS.

THESE MOMENTS ARE AS ANXIOUS FOR THE SPEAKERS AS
THEY ARE FOR THE STUDENTS AND THEIR FAMILIES …WE
SPEAKERS FEEL SOME CONSIDERABLE PRESSURE TO
IMPART WORDS OF WISDOM THAT ARE TRULY MEMORABLE.

THIS AT A TIME WHEN YOU ALL HAVE LITTLE PATIENCE FOR
LISTENING…WE KNOW YOU CAN'T WAIT FOR US TO DEPART
SO YOU CAN GET ON WITH WHAT YOU CAME FOR…GETTING
YOUR DEGREE AND CELEBRATING.

DESPITE THAT, I WOULD STILL ASK THAT YOU SPARE ME
JUST A FEW MINUTES TO EXPRESS MY DEEPEST
APPRECIATION TO PRESIDENT RAVACHE AND THE TRUSTEES
FOR THIS HONOR… AND THEN TO SHARE A FEW THOUGHTS
WITH YOU ON THIS SPECIAL DAY.

FROM AN OPPORTUNITY STANDPOINT…..WE ARE TRULY IN
THE BEST OF TIMES.  IF THE INTERNET MANIA HAS PASSED,
THE INTERNET ERA HAS ONLY JUST BEGUN - AND IT'S
YOURS.

YOU MIGHT NOT BELIEVE THAT AS YOU LOOK AT THE STOCK
PAGES OR LISTEN TO THE MORNING NEWS REPORTS…BUT I
ASSURE YOU - AS GRADUATES YOU ARE STILL AT THE DAWN
OF AN INFORMATION AGE THAT WILL SWEEP US THROUGH
THE NEXT DECADE.

AND WHETHER YOU'RE BUILDING THE SYSTEMS TO CARRY
THIS INFORMATION, DEVELOPING AND DISTRIBUTING
CONTENT, OR WORKING DIRECTLY WITH CUSTOMERS,
YOU'LL BE CHALLENGED TO KEEP UP WITH THE VORACIOUS
EXPECTATIONS OF END-USERS WHO ARE ONLY IN THEIR
TEENS TODAY.

SO THE CHALLENGES AHEAD ALSO PRESENT SOME
FASCINATING OPPORTUNITIES.

I MAKE THAT OBSERVATION BASED ON HOW I SEE THE BASIC
INFRASTRUCTURE OF THE NATION'S BUSINESS
ENVIRONMENT….



DESPITE WHAT YOU HEAR, IT IS SOLID… WHAT YOU SEE AT
THIS MOMENT IS A SHAKEOUT OF ALL THE OVERPRICED AND
OVERVALUED COMPANIES THAT WERE BUILT ON A HOPE
AND A PRAYER…

AND ONCE THAT SHAKEOUT IS OVER, THE BUSINESS
ENVIRONMENT - AND YOUR CAREER PROSPECTS - WILL
BECOME MORE STABLE AS WE GO FORWARD.

THOSE COMPANIES THAT COME THROUGH THE TURBULENCE
WILL INTRODUCE PRODUCTS AND TECHNOLOGIES AT A
RATE NEVER BEFORE SEEN.

AND THE SURVIVORS  WILL  NEED SMART,
ENTREPRENEURIAL GRADUATES TO HELP WITH NEXT
GENERATION OPTICAL NETWORKS OR VOICE OVER IP
PROTOCOL, OR WIRELESS HANDHELD DEVICES…THE
OPPORTUNITY IS THERE FOR THOSE WHO GO AFTER IT.

YOUR CHALLENGE IS TO TRANSFORM THE  OPPORTUNITY TO
YOUR ADVANTAGE.



WHEN I GRADUATED HIGH SCHOOL, MY PARENTS DIDN'T
HAVE ENOUGH MONEY FOR TUITION AND BOARD.  THEY
TOLD ME TO FIND THE BEST SCHOOL I COULD AND
COMMUTE…SPEND IT ON TUITION, THEY SAID, AND NOT ON
FOOD…

I GUESS MY MOTHER HAD BEEN TO THE CAFETERIA HERE…

SINCE I LIVED IN JERSEY CITY, THE DECISION WAS
EASY…THE BEST ENGINEERING SCHOOL IN THE AREA WAS
RIGHT NEXT DOOR AT STEVENS.

MY ACADEMIC CAREER  HERE WAS DIFFICULT ….AS I'M SURE
YOURS WAS…BUT EVENTUALLY IT BECAME
REWARDING…..AS I HOPE YOURS WILL BE….SO I URGE YOU
LOOK AT WHAT YOU HAVE.

LET'S ASK A BASIC QUESTION….WHAT DID YOU LEARN
HERE….IF YOU'RE LOOKING AROUND, THAT'S NOT A GOOD
SIGN…

SERIOUSLY….  WAS IT PHYSICS, CHEMISTRY, CALCULUS,
THERMODYNAMICS….IF YOU LEARNED EACH OF THOSE
SUBJECTS AND A FEW DOZEN MORE, THEN YOU DID OK….
BUT YOU HAVEN'T REALIZED WHAT YOU REALLY LEARNED.

WHAT IS SO POWERFUL ABOUT YOUR EDUCATION HERE IS,
STEVENS' VISION IS FULLY IN SYNCH WITH THE REAL-LIFE
DEMANDS OF THE BUSINESS WORLD.  STEVENS HAS
CHALLENGED YOU TO FOCUS ON A RICH COMBINATION OF
SUBJECTS AND DISCIPLINES.

BUT EVEN MORE IMPORTANT, THE COLLABORATIVE
PROCESS THAT BROUGHT YOU TO THIS DAY IS EQUALLY
POWERFUL.

EVERY FACULTY MEMBER HERE TODAY KNOWS THAT HIS OR
HER INDIVIDUAL CONTRIBUTION IS ABSOLUTELY ESSENTIAL
TO THE UNIQUENESS OF THE STEVENS CURRICULUM -- BUT
NO ONE BELIEVES THEIR CONTRIBUTION STANDS ALONE.

YOUR PROFESSORS KNOW THAT EVERY RESEARCH
PROJECT - EVERY PUBLICATION - EVERY LAB - EVERY CLASS
AND TEACHING STRATEGY…WORKS TOGETHER TO GIVE YOU
THE TOOLS, CAPABILITIES AND CONFIDENCE YOU NEED TO
DISTINGUISH YOURSELF.

IN BUSINESS, JUST AS IN ACADEMIC LIFE, YOU'LL FIND AS
WELL THAT NO INDIVIDUAL SUCCEEDS ALONE….



EVERYONE NEEDS AND GETS HELP -- IT MAY OCCUR INSIDE A
PROJECT TEAM OR IN THE HIGHEST ECHELONS OF THE
CORPORATION.  AND THAT SUPPORT WILL PROVIDE YOU
WITH THE INTELLECTUAL AND FINANCIAL FIREPOWER YOU
MIGHT NEVER OBTAIN ON YOUR OWN.

WITH THIS IN MIND, LET ME SHARE WITH YOU SOME OF THE
RULES OF THE GAME I'VE LEARNED IN THE 35 YEARS SINCE I
WORE THE STEVENS CAP AND GOWN:

#1… THE RULES KEEP CHANGING.

?       ALL MARKETS ARE OPEN;

?       CUSTOMER NEEDS CHANGE DAILY;

?       COMPETITORS ARE HERE TODAY AND GONE
TOMORROW;

?       INNOVATION CAN BRING RADICAL CHANGE TO AN
INDUSTRY ALMOST OVERNIGHT;

?       NEW BUSINESSES CAN ENTER THE MARKETPLACE
ON A SHOESTRING ;

?       MANY OF THEM DON'T MAKE IT, BUT A SMALL
PERCENTAGE DO;

?       THOSE THAT DON'T AT LEAST DISTURB THE
BALANCE IN THE MARKET AND PROBABLY
INFLUENCE ALL THE COMPANIES THAT REMAIN;

#2… CREATIVITY COUNTS…OFFER A PRODUCT OR A
SERVICE THAT IS HARD TO DUPLICATE AND HAS REAL
VALUE TO THE CUSTOMER

THE CUSTOMER IS ALWAYS RIGHT IS WRONG.  BEING RIGHT
IS INTERESTING ­ DELIGHTING THE CUSTOMER IS THE KEY
TO CUSTOMER RETENTION.

#3… BUILD YOUR OWN ASSET…CREATE YOUR OWN
RESOURCE FROM WHICH YOU CAN SELL YOUR PRODUCT
AND OFFER YOUR SERVICE….CREATE INTELLECTUAL
PROPERTY THROUGH AN INVENTION, OR CREATE REAL
PROPERTY THAT PRODUCES REAL VALUE.

#4… SPEND MONEY LIKE IT'S YOUR OWN…TOO OFTEN IN THE
PAST, COMPANIES HAVE BEEN RUN WITHOUT REGARD TO
HOW THEY SPENT MONEY, USUALLY BECAUSE THEY WERE
SPENDING SOMEONE ELSE'S.

UNFORTUNATELY, FOR THEIR FOUNDERS AND THE PEOPLE
WHO INVESTED, THESE COMPANIES ARE NO LONGER IN
EXISTENCE.  THEY SPENT MONEY LIKE THERE WAS NO
TOMORROW….AND THEY WERE RIGHT. …FOR THEM THERE
WAS NO TOMORROW.

#5… DISCIPLINE PREVAILS …..HAVING A GREAT STRATEGY IS
INTERESTING, BUT FOCUSING ON RESULTS IS IMPORTANT….

THE DIFFERENCE BETWEEN AVERAGE COMPANIES AND
GREAT COMPANIES IS NOT THEIR STRATEGIES, BUT THEIR
ABILITY TO EXECUTE .  THAT IS EXTREMELY TOUGH, AND
REQUIRES DISCIPLINE AND FOCUS.

#6… CARE ABOUT YOUR PEOPLE….YOU CAN ONLY GO SO
FAR WITH AN IDEA AND SOME ASSETS. EVENTUALLY YOU
HAVE TO MULTIPLY YOUR EFFORT…. YOU CAN ONLY DO
THAT WITH HELP…FROM REAL PEOPLE… THEY WILL ONLY
RESPOND TO YOU IF YOU TRULY CARE ABOUT THEM.

DIVERSIFY YOUR WORK FORCE…USE EVERY OPPORTUNITY
TO DRAW FROM EVERY CULTURE AND CROSS SECTION OF
SOCIETY TO GET HELP..YOU WON'T UNDERSTAND YOUR
CUSTOMER BASE IF YOU DON'T.



OF COURSE YOU CAN'T DO THIS ON YOUR FIRST DAY ON
YOUR NEW JOB, BUT AS YOU LOOK AROUND THE
COMPANIES YOU HAVE CHOSEN TO WORK FOR, I WOULD
CHALLENGE YOU TO SEE IF THEY DO THESE THINGS…IF THE
ANSWER IS YES, THEN YOU COULD BE ON THE RIGHT
TRACK….OF COURSE, THERE ARE MANY OTHER THINGS
THAT NEED TO GO RIGHT, BUT WITHOUT THESE
FUNDAMENTALS, IT WILL BE HARD.

DON'T FORGET ABOUT YOUR FAMILY …THEY GOT YOU
STARTED, AND GOT YOU HERE TODAY.  THEY PUT LIFE IN
PERSPECTIVE, THEY KEEP YOU HONEST, AND MOST
IMPORTANT, THEY LOVE YOU UNCONDITIONALLY.

DON'T FORGET YOUR FRIENDS….THEY WILL BE WITH YOU
EVERY DAY…THEY WILL TELL YOU WHEN YOU'RE SCREWING
UP…. AND THEY WILL CELEBRATE YOUR SUCCESS.

DON'T FORGET YOUR SCHOOL….IT HAS INVESTED AN
ABUDANCE OF TIME AND ENERGY PREPARING YOU FOR THE
NEXT STEP OF YOUR PROFESSIONAL JOURNEY….

REMEMBER ALL YOU LEARNED…KEEP IN TOUCH WITH THE
PEOPLE YOU MET HERE.



WHEN YOU'RE A HUGE SUCCESS, MAKE SURE YOU COME
BACK AND PASS ON YOUR IDEAS, SO THAT THE NEXT
GENERATION OF STUDENTS WILL GET THE BENEFIT OF YOUR
EXPERIENCE AND YOUR FINANCIAL SUPPORT.

DON'T FORGET YOUR FAITH….BECAUSE THROUGH IT ALL,
HAVING SOME INSPIRATION….SOME SPIRIT…SOME SENSE OF
CALM AND WELL-BEING… WILL HELP YOU BALANCE YOUR
LIFE …

WITHOUT FAITH, YOU COULD BE A FINANCIAL SUCCESS….
BUT YOU WILL NEVER BE A WHOLE PERSON…AND THAT
SHOULD BE YOUR GOAL…TO BE A TOTAL SUCCESS

GOOD LUCK TO YOU ALL…AND GOD SPEED.  THANK YOU.




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