The AOM Entrepreneurship Division Financial Position:
An update in the COVID-19 Era
AOM ENT Division Treasurer
I have been honored to serve as Treasurer to our AOM Entrepreneurship (ENT) Division since August 2018. I assumed this role with the responsibility to continue the great work of previous treasurers. Over these five years, through the 2019 and 2020 NewsBlast, we provided information about the historical financial trends, as well as understood the challenges related to the ENT division goals/projects’ financial sustainability over time. Similarly, through the 2021 and 2022 NewsBlasts, we explained how the ENT Division’s financial response to the COVID-19 pandemic effects, as well as how some operational expenses (i.e., social and networking events) were temporally diminished due to the virtual mode adoption during these two years. During these challenging years, the ENT Division allocated financial resources to achieve strategic goals virtually (i.e., Doctoral Consortium, PDW sessions, Paper sessions, Awards recognitions), implemented new virtual initiatives (i.e., ENT-Encounters mentorships, Symposiums, Workshops, Virtual Social Events), and worked on a sponsor support menu to enhance our value creation for the ENT community.
In the 2022 fiscal year, the AOM Annual Meeting adopted a hybrid mode that allowed us to re-connect our in-person interactions via social meetings, networking events, and the academic agenda as well as continue to connect online with the academic agenda in Seattle. During the January Mid-Winter Meeting (MWM), we planned the associated operational expenses for these activities under an economic scenario characterized by the highest inflation rates seen in decades. From the income side, we are EXTREMELY thankful for the division sponsors’ vibrant financial support every year, as well as the VITAL annual financial allocation from AOM. However, due to the economic conditions, the AOM governance informed all divisions that they will not provide the annual allocation in 2023. Although 2023 will be another challenging year, from the financial point of view, the Entrepreneurship Division Executive Committee remains optimistic about continuing to create value through diversity, equality, inclusivity, and entrepreneurial initiatives grounded on innovative financial strategies “to sustain our goals while remaining financially sound.” In the coming MWM, we will define actions and strategies to achieve these goals.
THANKS in advance to our sponsors and the ENT community for your incredible support.
We hope to see you in Boston!
Best wishes in the new (albeit, challenging) entrepreneurial year!
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