Winners Announced in the '10,000 Women' China Student Challenge
Four students from Zhejiang University won the inaugural Goldman Sachs 10,000 Women China Student Challenge for their presentation on a strategy for expanding the customer base of a local clothing manufacturer.
Second year university students throughout China who participated in the challenge were presented with the task of coming up with an innovative solution in response to a business challenge facing one of two businesses from the Goldman Sachs 10,000 Women program in China. Over 300 teams participated in the challenge, with the finalist teams participating in final round presentations to senior Goldman Sachs executives on June 11 in the firm’s Beijing office.
“The 10,000 Women China Student Challenge offers a unique chance for students to contribute in a concrete way to the success of a local business and experience first-hand the philanthropic impact of the Goldman Sachs’ 10,000 Women program, which provides business and management education, mentoring and networking to over 10,000 women across 43 countries including more than 2,200 women entrepreneurs in 31 Chinese provinces,” said Mark Schwartz, vice chairman of The Goldman Sachs Group, Inc. and chairman of Goldman Sachs Asia Pacific.
The businesses participating in the challenge were Hangzhou Acosound Technology Co. Ltd., manufacturer of the best-selling Acosound invisible hearing aid, and Dayao Miyilu Ethnic Art Crafts Co. Ltd., a manufacturer of handmade clothes and crafts employing local, Yi embroidery techniques. Hangzhou Acosound Technology Co. Ltd. is seeking a stronger brand marketing model to raise sales in the Chinese market where many of the elderly are resistant to using hearing aids despite hearing loss. Dayao Miyilu Ethnic Art Crafts Co. Ltd. is seeking an e-commerce model to expand beyond its current, growth-limiting brick and mortar business in the local region.
The participating teams demonstrated analytical, creative and strategic thinking by proposing business solutions for the two businesses, with six finalist teams (three for each business) selected to make a 15 minute presentation of their strategy.
Each person on the winning team from Zhejiang University won Apple™ MacBook Air™ laptops, and members of each team with the top proposal for each business received an interview opportunity for the Goldman Sachs 2016 Summer Internship Program.
The Goldman Sachs judges on the panel were Mark Schwartz; Stephanie Hui, Merchant Banking Division; Wilfred Yiu, BJGH Securities; and XiaoYin Zhang, Investment Banking Division.
“The winning team inspired the judges with the strength of their overall presentation for Dayao Miyilu Ethnic Art Crafts Co.’s growth, which included sharp video and materials coupled with an impressive verbal presentation,” said Jennifer Moyer, Head of Talent in Asia for Goldman Sachs. “All of the teams deserve congratulations for their high quality presentations and teamwork but the group from Zhejiang University stood out among a very strong lineup.”
We look forward to staying in touch with the students as candidates for next year’s Summer Internship Program. Visit us at goldmansachs.com/careers to learn more about opportunities to join Goldman Sachs.