International Residency in Latvia

Riga, Latvia sits at the eastern edge of the Baltic Sea, a day’s drive from Berlin and St. Petersburg. Named the 2014 European Capital of Culture, Riga boasts a rich artistic and cultural tradition that continues to flourish. Since declaring independence in 1991 Latvia has not only grown into the cultural epicenter of Europe but also a burgeoning business environment that fosters progress each day. At the end of May, 18 Richmond MBA students traveled to the Riga International School of Economics and Business Administration (RISEBA) for a week of living and learning in a country quickly growing into the heart of Northeastern Europe.

Dr. Thomas Cossé, associate dean for international business programs, chose Latvia for the International Residency in order to “expose our students to a country they might never have visited otherwise. Countries that are in transition, especially former members of the Soviet Bloc, are fascinating. We’ve been to the Czech Republic and Hungary as well, and to see how these countries have adjusted to their independence has been an extraordinary learning opportunity and experience.”

After their return a few students shared what they learned in Riga.

Sam Chin, GB '15, senior business process analyst at Argo Group, “I learned quite a bit about Latvian culture, politics and business views. The most interesting lesson for me was how the economic mechanics are completely different in countries that are small, both in population and capital flow. I had never before contemplated the unique problems small countries face in strengthening their economic position, typically looking only to larger countries as economic models of study.”

He described his team’s international consultancy project (ICP). “We’re working with Exigen Services, a local IT consulting firm, in researching the most innovative companies and their use of disruptive IT solutions for omni-channel commerce. The project focuses on companies within the insurance and finance industries.” 

Katie Garrison, GB '15, senior assistant brand manager at Altria and Chin’s teammate, said, "RISEBA was fantastic. We heard great lectures from a number of the professors, and we were able to meet with our Latvian clients in person which was a crucial and invaluable part of the ICP."

John Reed, GB '14, sourcing manager of raw materials at MWV, explained the goal of his team’s project. "We are working with the Riga Tourism Development Bureau to develop a marketing plan for increasing tourism to Riga and Latvia as a whole from the U.S. After determining how Riga compares to its neighbors in attracting U.S. tourism, we can provide a profile of a typical American traveler in Europe. We’ll then be able to develop a strategy for Riga to market to Americans leveraging its strengths and attractions. RISEBA provided us with great activities to learn more about Latvia and its economy, and they were excellent hosts. It was a memorable trip."

Reed’s teammate John Randolph, GB '14, learned the importance of an international economic perspective. "We learned Latvia was one of the highest growth economies in the Eurozone before the financial crisis, and they’re just now getting back to pre-recession levels. The country hosts abundant natural resources such as timber and arable land. As a result, foreign trade and tourism are important lynchpins to the Latvian economy."

Haynes King, GB '15, sales representative for Century Furniture, shared a unique perspective working with a relatively young company. "We’re working with Giraffe Visual, a four-year-old startup that produces stunning high-resolution 360-degree images that are used in property management and hotel marketing efforts. We see a great opportunity for this firm both in Latvia and abroad and look forward to aiding in their expansion efforts."

King added, "We went to a part of the world I knew very little about prior to the class, but we were given an incredible crash course in Latvian history and culture that prepared us well for the trip. Our experience couldn't have been better.”

Polina Naidenko, head of external relations at RISEBA, shared, “This was our first time hosting American students doing consultancy projects with Latvian clients; in many ways it was our first truly global business project experience. Although it was extremely intensive, it’s been one of the best international projects with which I’ve been involved and has become a best practice benchmark for future projects. I hope The Richmond MBA team enjoyed it as much as we did, and I hope they’ve come to a deeper understanding of Latvian culture and character; reserved at first, but very open and sincere with familiarity.”