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June 19, 2010. CEIBS Shanghai campus -- CEIBS took the INNOVATEChina 2010 trophy and a RMB30,000 cash prize during today's Grand Final which explored the theme of "Beyond Boundaries -- the next level of the Chinese economy". They beat out six other teams that had advanced to the final round: LBS, IESE, Schulich, Nanyang, Hult, and UCLA.
Taiyuan Tongze Chairman Yang Ze (left) presented the winning CEIBS team with a mock-up of their RMB30,000 cash prize. Team members from right are Bernard Cheung, Vijay Chowdhary and Ritwik Ghosh.
The Grand Final was part of the four-day student-run INNOVATEChina forum in which industry leaders, CEIBS faculty and students sought solutions to build on global interfaces to create stable, flexible and innovative strategies. The seven teams were only presented with the case three days ahead of today’s competition. It was specially designed for the event by INNOVATEChina, in collaboration with its main sponsor Taiyuan Tongze Heavy Industry Co., Ltd. and its innovation partner frog design.
The day's spirited contest began with an overview of INNOVATEChina 2010 by President Andreas Duerst (CEIBS MBA 2009) who explained that the goal was to focus on how innovation can elevate the Chinese economy to the next level of development. Teams were advised to focus on issues ranging from what kind of talent Tongze should hire as it moves ahead with its plans to conquer the global market, and how to attract these potential employees; the strategies the company needs to develop as it moves forward and the changes that will be required to its organizational structure.
The winning team with CEIBS Executive President Zhu Xiaoming (centre), MBA Programme Director Lydia Price (left) and members of the judges' panel.
The CEIBS team's winning presentation included ideas such as the creation of an Innovation Lab that would generate ideas from the grassroots engineer-level, and a focus on emerging markets such as India where they recommended that Tongze set up a rep office as a stepping stone to establishing a subsidiary location. Each member of the team took turns delivering their points and fielding questions, a factor which the judges said helped them cop the trophy. The CEIBS team also outlined the challenges Tongze now faces (stagnant growth in the domestic market and the lack of a major overseas presence) and then presented options for overseas expansion. In addition to India, they said, the company could explore the Middle East, North Africa, the US and the UK markets. They advised that the company’s current foray into India should next be followed by entry into the Middle East and North Africa.
"We had a really, really tough time; how do we select only one winner?" said the lead judge, Principal and Managing Partner in McKinsey & Company’s Shanghai office, Mr. Michael Wang. "In the end we came to a group decision: we thought, on the whole, even though no one team was perfect, in terms of delivery, practicality, team work, the final winner is CEIBS."
His comments came after he gave the audience a thorough analysis of each team's performance, including their strengths and areas that needed improvement. Other members of the panel were Chairman of Taiyuan Tongze Heavy Industry Co., Ltd. Mr. Yang Ze; Adfaith Consulting Inc. Partner and Vice President Mr. Wang Hai Wen; General Manager of GE China Technology Centre Dr. Xiangli Chen; and Executive Director for Legend Capital Mr Xia Yang.
In addition to CEIBS being named the overall winner, it was also among the three teams selected, by a delegation of Shaanxi business leaders who attended the competition, as offering the best solutions. The other two teams presented with trophies by Secretary General of the Shanxi Association for the Promotion of Industrial Technology Mr. Fan Wen Bin were Nanyang and IESE.
Earlier in the day during his welcome address, CEIBS Dean and Vice President Rolf D Cremer thanked the panel of executives who made up the judges' panel, saying the teams would benefit greatly from their valuable feedback. Drawing on lessons learned from his grandfather and Germany's recovery after World War II, Dean Cremer told the audience that diligence and creativity are vital to success. "Hard work and the ability to innovate and change, will be what drives success," he said, as he addressed the importance of a competition in which some of the globe's best b-school students battle to see who could present the best case on the broad topic of innovation in China. The finalists represented schools from the US, UK, Canada, Singapore and China.
Taiyuan Tongze Chairman Mr. Yang Ze also spoke about the role that innovation had played in Shanghai's growth and development over the past 30 years. He was excited, he said ahead of the beginning of the competition, to hear the diverse solutions offered by the global teams. Sponsoring the competition, he said, was a win-win situation for his company and the team that would eventually emerge the winner.
The participating team members, in the order in which the teams appeared during the contest were: - LBS: Yefei Lu, Sandra Cafazzo and Gabriel Mas; - UCLA: Weiqiang Wang, Vinay Dwivedi and Jessica Li; - IESE: Aditya Tirugokarnam, Pranav Modi and Guillem Sivecas; - Schulich: Jeannie Fong, Alex Chirila and Luanne Zhu; - Nanyang: Han Wei Koh; Jason Ho Fan Lee and Lin Nan; - Hult: Anthony Perrozzi, Gregor Sunderdiek and Gopal Renganathan; - CEIBS: Vijay Chowdhary, Bernard Cheung and Ritwik Ghosh.
Teams were given 10 minutes within which to outline their proposal then grilled by the judges on various aspects of their plan. The competition was followed by a press conference during which the winning team, members of the judges' panel, and the INNOVATEChina 2010 Team fielded questions from the media.
Tomorrow, the INNOVATEChina 2010 awards ceremony will be held inside the EU Pavilion at Shanghai 2010 EXPO.
About INNOVATEChina
INNOVATEChina is China's first Global MBA Competition, hosted by CEIBS. Now in its 3rd year, the event brings together the world's leading business minds to engage in the challenges faced by corporations as they integrate with the global economy. Held from June 16-20, the INNOVATEChina forum hosted the competition's solution showcase and speeches from high-profile business figureheads, culminating in the presentation of the INNOVATEChina 2010 winner at the Grand Final on June 19. |
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