From Executive MBA to Healthcare Startup

In 2022, three strangers from diverse industries embarked on a transformative journey. Todd Cutter (MBA 2023), an energy industry veteran; Josh McDonald (MBA 2023), a trade association leader; and Dr. Kunal Joshi (MBA 2023), a physician, challenged themselves by pursuing the Executive MBA (EMBA) at the University of Washington Foster School of Business. They went back to school in a 21-month program designed for people seeking to move into senior leadership roles. While gaining expertise in the classroom they also forged a friendship, leading to the creation and incorporation of their startup, Naturacur Wound Healing.

Their experience exemplifies how Foster’s Executive MBA program nurtures strategic leadership, fosters innovation, and creates lasting connections among its students.

Deciding to Pursue an Executive MBA

The Foster Executive MBA program’s flexible scheduling allows students to continue working in their current roles while gaining the strategic insights needed for higher-level positions.

Todd Cutter, who had a leadership role in the energy industry during his studies, found this aspect particularly valuable. “I was then part of the management team of a start-up in the electrical industry that had separated from our parent company and planned to disrupt an established group of incumbents resistant to change,” he explains. This real-world context provided a rich backdrop for developing his strategic leadership skills. Cutter applied learnings from weekly classes to work the next day.

Josh McDonald leads a wine industry trade association, where he helps small businesses navigate regulatory and policy-related challenges. The program’s structure was essential for his career development. “As a full-time professional and a nonprofit trade association leader, I needed an option that fit into my professional life. The Executive MBA is by far the best option to meet these needs,” he shares.

Dr. Kunal Joshi’s experience highlighted the program’s ability to develop cross-industry leadership skills. As a physician on the front lines of COVID-19, he treated some of the earliest cases in the world during the outset of the pandemic. He saw first-hand the need for greater strategic thinking in healthcare. “Seattle was the first major US city to get affected by the pandemic, and I saw multiple issues ranging from deficient supply chains, lack of beds, staffing shortages, delays in bloodwork, and overwhelmed emergency rooms,” Dr. Joshi recalls.

The Call to Advanced Leadership

For Cutter, pursuing an Executive MBA was driven by a desire to enhance his strategic thinking and leadership capabilities. “This was an investment I have always wanted for myself,” he explains. “I believe in life-long learning, and similarly, I wish to be a life-long student. Pursuing higher learning is not a question of if, but when.”

Cutter sought to challenge himself and fill gaps in his business knowledge, preparing him for senior leadership roles. “I always felt that in the back of my mind: Do I know everything about business? I knew there was so much more to learn, and it was time to challenge myself again,” he reflects.

McDonald saw the Executive MBA as a means to enhance his strategic capabilities and broaden his career horizons at the executive level. “My desire to pursue an Executive MBA originated from a motivation to increase my business acumen and help me in my current executive role while also giving me more options for future professional paths,” he shares.

For Dr. Joshi, the inspiration came from the need to develop strategic leadership skills to address systemic challenges in healthcare. “COVID-19 opened my eyes to the many challenges we have in the healthcare industry, and I wanted to be a part of these solutions in the future,” he reveals. He saw the Executive MBA as a complement to his medical education.

Choosing Foster: Entrepreneurship and Strategic Decision-Making

When selecting an Executive MBA program, all three mention that the Foster School stood out for its curriculum focused on global business, entrepreneurship, and strategic decision-making—key elements for advancing into senior leadership roles.

Cutter was drawn to the program’s emphasis on practical, strategic learning. “I wanted to be part of a diverse, in-person learning cohort consisting of an experienced and talented group where we could learn from each other, lean on each other, and celebrate failures and successes with each other,” he explains, highlighting the program’s collaborative approach.

McDonald’s decision was influenced by the opportunity to gain a global business perspective while networking with other experienced professionals. “I felt the best fit for me was an in-person option that would allow me to learn directly from my professors and peers while also creating a much larger network of leaders in the Puget Sound area,” he says.

Dr. Joshi appreciated how the program’s focus on entrepreneurship and strategic decision-making complemented his medical expertise. “Obtaining skills in understanding financial metrics, applying strategy, developing marketing skills, and incorporating executive networking in addition to my medical background gave me better insight into both worlds (business and healthcare),” he shares.

Executive MBA Surprises and Revelations

As they dove into their studies, they encountered surprises that would shape their Executive MBA experience.

Cutter was taken aback by the depth of strategic knowledge he gained. “I was surprised about how much I thought I knew about business fundamentals, but I was wrong. I was also surprised how much I was doing right based on instinct,” he admits.

McDonald was impressed by the collaborative atmosphere among students, which mirrored the dynamics of executive teams. “I am still surprised by how impressive my fellow classmates are,” he recounts. The friendships that developed were another pleasant surprise. “I was hopeful to graduate with a few new friends and professional contacts; my Executive MBA experience finished with over 40 new lifelong friends and executive-level peers.”

Bridging Theory and Practice

Each highlighted different aspects when asked about the most significant benefit of earning their Executive MBA.

Dr. Joshi emphasized the power of networking. “I have learned so much from my classmates and colleagues,” he explains. “The ability to call one of them up anytime for advice is priceless.”

For Cutter, the most significant benefit lies in the expansive network and ecosystem tied to the University of Washington, which is crucial for senior leaders. “For an entrepreneur, the greatest benefit of earning an MBA from the University of Washington is the professional and startup ecosystem tied to the University, which introduced us to an entire community of entrepreneurs, investors, institutions, organizations, consultants, and alumni,” he explains.

McDonald found immense value in gaining solid strategic business skills applicable to executive roles. “My undergraduate degree is not in business nor any related field such as finance or accounting,” he shares. “I’ve spent 17 years helping small businesses, which has given me a lot of real-world experience on how businesses operate. The most significant benefit of earning my Executive MBA is having these concrete skills now opening my eyes and brain to how a business can use many tools to set themselves up for success.”

From Classroom to Entrepreneurial Journey

The Executive MBA program not only enhanced their careers but also laid the foundation for their venture, Naturacur, Inc. The company, which they launched as part of a capstone project, is now Cutter’s full-time focus. McDonald serves as CFO, and Dr. Joshi as Physician Advisor.

Cutter highlights how the program’s focus on case studies and embracing constraints has been instrumental in their entrepreneurial journey. “The program teaches students about the power of constraints and how they drive innovation,” he explains. “Our team has found that Foster’s case studies learning model taught us to embrace constraints.”

McDonald credits the program for setting expectations about the entrepreneurial journey. “Professor Benjamin Hallen from our Entrepreneurship class helped set realistic expectations and timelines for how long and arduous the experience is to create and try to make a success of a startup company,” he shares.

Dr. Joshi found that the program equipped him with practical skills for the startup journey, particularly in communicating with potential clients who are not healthcare practitioners. “One such skill that comes to mind is providing the right amount of information,” he explains.

Applying MBA Skills

The impact of the Executive MBA extends far beyond their startup venture, with each alum applying their newly acquired skills in their professional lives and leadership roles.

Cutter emphasizes the importance of teamwork and trust in strategic leadership. “As an entrepreneur and CEO, it is essential to lean on your team (which includes your suppliers and business partners), take a leap of faith, and trust that your team can win, even when the odds are against you,” he shares. “Similarly, when my team trusts in their leader to pave the way for their success, even when rewards are delayed, our trust in one another allows us to grow closer, and we tend to achieve milestones well beyond our team’s goals.”

McDonald, who continues to serve in his pre-MBA role while supporting Naturacur, applies various MBA skills to both roles. “These skills range from accounting to marketing strategy, creating an impactful business pitch, standing strong in any negotiation, the importance of respecting the many legal hurdles of operating and making decisions for a business, how to price our products in a marketplace smartly, and so much more,” he elaborates.

Advice for Prospective Executive MBA Students

Drawing from their experiences balancing senior roles with their studies, Cutter, McDonald, and Dr. Joshi offer valuable advice for people considering an Executive MBA.

Cutter encourages potential students to take the leap despite the challenges of balancing work and study. “My advice to those considering an MBA or Executive MBA: Just do it. Find a way,” he urges. “What you learn in the program gives you the confidence to take on any challenge. These skills translate far beyond where you expected them to apply. It is life-changing, and the ROI is multifold.”

McDonald emphasizes the importance of being prepared for the commitment, especially while working full-time. “Realize that your commitment is not just to the University of Washington. You are committing to your future fellow MBA cohort. You must be prepared to give your all to your fellow student teams,” he advises. “You are committing to pull equal weight in all team assignments.”

Dr. Joshi stresses the need for an open mind and readiness to learn, even for those with established careers. “If you have both time and financial resources, and are willing to go in open-minded, learn new things, accept the challenges and stress that comes with it, I say go for it,” he encourages. “Be prepared to be overwhelmed, be prepared to be scared at times, be prepared for late nights. Just know that it is okay to ask for help and not know. Be a sponge.”

Fostering Strategic Leaders

From diverse backgrounds—energy, wine, and medicine—these three experienced professionals honed their ability to lead across industries at Foster. The program challenged their assumptions, expanded their business acumen, and ultimately inspired them to launch a startup.

As Cutter, McDonald, and Dr. Joshi’s experiences demonstrate, the Foster Executive MBA is more than just a degree; it’s a transformative journey that prepares individuals to lead at the highest levels across industries, including their entrepreneurial ventures.

Read our full story about Naturacur Wound Healing here.

The Foster School Difference: Faculty Shout-Outs

The impact of the Foster School’s Executive MBA program is perhaps best exemplified by the lasting impressions left by its faculty members. Cutter, McDonald, and Dr. Joshi each highlighted professors who significantly impacted their learning journey.

Cutter gave special mention to:

• Louise Kapustka (Executive Director of the Executive MBA Program) for stressing the importance of teams and how humility translates to strength in leadership
• Professor Jonathan M. Karpoff, for laying the foundation for business valuation, which is crucial for strategic decision-making
• Professor Russell Walker for his focus on risk management in executive roles
• Professor Suresh Kotha for providing honest and critical feedback during the Dempsey Competition, mimicking real-world strategic challenges

McDonald highlighted:

• Professor Todd Bergstrom for his Legal course, essential for navigating the complexities of executive decision-making
• Professor Ben Hallen for the Entrepreneurship class, which functioned as their activator for entrepreneurial thinking

Dr. Joshi gave shoutouts to:

• Professor Charles Hill for strategic management, a cornerstone of executive education
• Professor Elizabeth Umphress for dynamics of negotiations, a critical skill for senior leaders
• Professor Rob Palmatier for marketing strategy, which is essential for understanding market dynamics at an executive level
• Donna Sellers for executive coaching, providing personalized guidance for leadership development