Commencement Address to the 2007 Graduating Class of University of Vermont School of Business Delivered on May 20, 2007 by David J. Perez [Class of 1981]

Good Afternoon. It’s an honor for me to share this moment with everyone here today. Thank you, Dean Dewitt, for inviting me to speak. To be honest, I couldn’t quite believe it when I received the Dean’s call. I sent her back a note saying I’m honored to accept but, why me? You are all probably having a similar thought: why him? Who is this guy? Is he a member of congress, celebrity, or captain of industry? What does he have to say? Has he ever given a commencement address before?

The answer to each of those is no. Rocki gave me an assignment to share some wisdom and inspire you. Hopefully, by the end of this speech, you will see why I was chosen.

Congratulations to everyone here whose energy has made this day possible. Faculty and Staff: way to go! You made it through another year. Mom and Dad: you must be so proud, relieved and broke. Graduates: soak it all in. That feeling of accomplishment, savor it, because starting tomorrow it’s back to square one! Congratulations, again. You all accomplished this great milestone together. Enjoy the moment!

Being here today takes me back to another century. The 20th century. 1981 to be exact. I was in the audience, like you, about to graduate groovy UV. Sitting in Patrick Gym I could still smell the sweet aroma of the Grateful Dead show from the night before. As I sat in my cap and gown, I felt excited to be done with school, ready to crack open the champagne under my gown, and completely clueless about my future. Perhaps some of you feel the same way. What do I do now?

I truly had no clue what I was going to do for my career. I had so many different interests and the desire to make something of myself, but no idea how or what. What was I going to be? How was I going to get there? Like there was a place to get to. Little did I know. As I reflect back now to the stress of being a graduate I wish someone had told me what I’m about to share with you. Perhaps somebody did, but I couldn’t hear it at the time. There is no There to get to, only a journey to take, a series of chapters to write and paths to explore.

Here’s a bit of my journey.

Two weeks after commencement, I was on a plane to Cochabamba, Bolivia to live with my Father’s relatives, learn Spanish and travel. I wanted to dig and find my roots. I knew the success my dad had achieved, but didn’t understand what he had to overcome to accomplish it.

As a poor kid growing up in Bolivia, my Father dreamed of a better life by coming to the United States. He made that dream a reality in 1950 when he arrived in Passaic, New Jersey with a medical degree and a suitcase full of ambition, energy and determination, to, as he used to say, “make something of himself”. He sure did make something of himself -- becoming a successful surgeon, marrying a beautiful nurse, raising 3 sons and traveling the world. My father came a long way from being the son of a poor Quechan Indian woman to becoming a doctor in America.

Now what would I do? I was a privileged, some might say spoiled, doctor’s kid from Jersey. What could I do to equal the achievement of my Dad? When I asked him for direction or advice he would only say, “do what you love and be the best”. That was his mantra, his secret of success.

It took me many years to find what I truly loved. I keep looking, often without success. One lesson my journey has taught me was to learn by the process of exploration.

After 6 months in Bolivia and traveling around South America I ended up in Washington DC working for a US government agency. I’ll never forget my first salary, $18,000. Wow, was I living large. After a few months I knew I wasn’t destined to be a government worker, so that job didn’t last very long.

A year later, my minor at UVM had been put to full use skiing chest deep powder in Kitzbuel Austria! I was washing pots and pans at night, and teaching tourists how to snowplow during the day. The glorious life of a ski bum.

After a year of exploring Europe, I was broke and ready to start the next chapter, so I came home with literally 5 deutsch marks in my pocket. Now what? Back to Burlington of course! Without any idea of what to do I eventually found myself interviewing for a job as a stockbroker. I ended up winning 1 of 2 trainee spots at Dean Witter Reynolds in Burlington. I found something I could excel in. I loved the fact that I controlled my own destiny and determined what I got paid. But after awhile I tired of talking about earnings per share and PE ratios.

As my Mom, who is here today and always supported me in my journey, would say “David, you get bored when you’re not challenged.” You know, she’s right. So the search was on for the next challenge. What now? Selling stock and bonds just wasn’t creative or stimulating enough. It was time to pursue my creative passion, photography. January 1989, I’m back on a plane, this time a one-way ticket to Hong Kong to see some good friends from UVM explore Asia and build my photography portfolio.

Koh Samui, Bangkok, Sumatra, Bali, Berlin, and Copenhagen -- all the way around the world. By the time I got home 9 months later I had shot 1000 rolls of film and was desperately in love with a Swedish girl. The Swedish girl quickly proceeded to blow me off and break my heart. But that’s another story. My career as a photographer was very exciting but the opportunity of the internet boom was too compelling to pass up.

I went to work for a series of small, privately owned companies where I was exposed to business ownership. I wasn’t cut out to be an employee, I wanted to be the boss, but it took me getting fired 3 times to figure that out. It was then that I knew I needed to be the owner of the company and control my own destiny. After recognizing this I began searching for a new direction. Now it’s early 1999. I’m 40. I feel adrift professionally, unfulfilled, insecure about my future, and frustrated working for the man. I was married and about to start a family. No wonder I had an ulcer and was in therapy.

So, I went to work on a plan to start my own business. By September my wife Nicole is 6 months pregnant with our daughter Martine, I quit my job and start my first company, Lumina Americas, an incubator for Hispanic focused internet startups in the US and Latin America. I raised US$25 million of venture money and was off to the races. My timing was perfect -- riding a surfboard on the Internet wave! Six months later looking over my shoulder the wave crashes on my head. The stock market collapses, dot-coms go bust and then 9/11 happens. Back to square one again.

Determined to keep the dream of my own business alive, I rebuild. Out of the ashes of Lumina, I emerge and start a new company, Latin Force, still focused on the US Hispanic market, but doing business and marketing strategy. Today, I’m having the time of my life, and never been happier. I have a wonderful, healthy family and a thriving business in the exciting and fast growing Hispanic market.

So that’s my story. The advice I have to share with you, graduates, is to explore the world and in turn explore yourself. Leave this country and hear, feel, smell how the rest of the world lives.

Continue your education in the streets and villages of Latin America, Asia, Africa and Europe. We live in a global economy where understanding different cultures and languages is a personal competitive advantage. Create your own definitions of success. It’s not what my parents or your parents knew.

We need to be flexible. Embrace change. The world today is so dynamic that you have to morph your self many times over the course of your lives. Don’t be afraid to reinvent yourself to seek out opportunity. Don’t do what you think you should do. Follow your heart. The key is to know your abilities and inner qualities. This will make you a success at what ever you choose.

Make time for your self, for your family and community.

Feed your soul.

Don’t be afraid to try and fail. Find your inspiration, whatever that inspiration may be: starting your own business, saving the world, government service, or a corporate career. Nurture your inspiration and fuel it with determination, humor, passion and commitment. The determination to be the best you can be. The humor to laugh and enjoy the journey. The passion to make a difference and the commitment to be true to yourself.

I’m 48 years old and I’ve been a government bureaucrat, ski bum, stock broker, photographer, dot comer and now I’m a multicultural marketing entrepreneur/ private equity guy. My wife probably has an ulcer from all of my career changes. I, however, am excited to find out what’s next.

In today’s economy we all have to be entrepreneurs. And when I say entrepreneur you don’t have to be the person to start the next Google. Doctors, educators, and corporate executives all need to be entrepreneurs. We live in a world where it’s important to be a creative leader no matter what your field.

Every era has its waves of opportunity. The 90s was the Internet. Today the environment, sustainable resource development, philanthropy are a few that come to mind. Another that I feel qualified to discuss is the exciting and fast growing field of multicultural marketing. The US Census announced this week the latest population growth figures. So-called minorities now constitute one third of the US population -- 100 million people. The demographic changes occurring today are and will continue to have profound impact on popular culture, business, politics, public policy, education, and every aspect of our society.

Latinos are the engines of economic growth in America today accounting for the fastest growing segment of population and purchasing power. So, if one is selling cars, clothes, mortgages, flat screen TVs or anything else growth will come from Latino consumers. I’ve built my business on being at the forefront of understanding the changes a multicultural America will bring and finding the opportunities that lie therein. Goldman Sachs is investing with me in this fast growing future. I invite you to consider a career in this burgeoning field. There are many opportunities, and we need all of the help we can

get.

In closing…

The University of Vermont has prepared you well to go out in the world. A world where there are so many exciting for fresh, creative, responsible leadership. You, graduates, are our new leaders. It will be you who will find the solutions to the challenges we face today. Perhaps in 26 years it will be one of you standing here giving the commencement address in 2033. Think about that!

There is an expression in Spanish that roughly translated says, “Once you start down the path you will find your way.”

Remember, focus on the journey, savor the paths you take, the stops you make, and the chapters you write. Find what you love, be the best you can be, and enjoy the ride. It goes fast. Thank you for yet another opportunity to have this time with you.