Contest winners find success in the market
According to a recent report, startup projects launched by MBA students are attracting growing attention from venture capital.
At the opening ceremony of the China MBA Entrepreneurship Competition in Shanghai in late June, the organizing committee released a report on the quality of the submitted projects.
The report surveyed 55 participating projects that had reached the finals of the annual event in the past five years and found 81 percent of them have survived.
About 70 percent of the finalists have successfully transferred their products or services to the market. Some 60 percent of the 55 projects have developed into profitable businesses.
Among them is a project launched by a team from Shanghai Jiao Tong University, which focused on the automotive aftermarket and claimed last year's championship.
Half a year after it was officially launched, the project has generated 10 million yuan ($1.5 million) in sales. The annual sales amount is projected to surpass 50 million yuan this year.
Another exemplary profit earner has been an intelligent gas supply network project developed by Renmin University of China, a participant in the event last year. It generated more than 40 million yuan in sales in 2016.
Most of the participating projects target demand from upgraded industries and consumption, so have good market prospects, enjoying high popularity with investors.
The report showed that nearly one-third of the surveyed projects had received financial support.
With its growing influence, the China MBA Entrepreneurship Competition saw participating projects improve their quality year-on-year, said Zhou Lin, dean of Antai College of Economics and Management at Shanghai Jiao Tong University, a co-organizer of the annual event.
Luo Hai, vice-president of Bright Dairy, headquartered in Shanghai, another co-organizer, expressed long-term confidence in the event at the opening ceremony.
He said his company hopes to be a long-term sponsor of the event.
(China Daily 10/16/2017 page15)
