As 10 student groups spent two weeks of their summer seeking to start their own businesses, they had a priceless new resource: China.
The business school’s Dingman Center for Entrepreneurship has offered its “Jumpstart” program annually since 2006 to provide guidance and resources to aspiring entrepreneurs. But this year, this university’s student participants worked alongside 11 students from China’s prestigious Peking University as they piloted their business plans.
Asher Epstein, the center’s managing director, said he expects students from “the Harvard of China” to become key players in China’s flourishing business community.
“China is one of the next great economies of the world,” Epstein said. “If you’re going to be competitive in the business world in the next few years, you need to be familiar with the role that China is playing in that global economy.”
Jumpstart’s participants said they recognized the importance of working alongside Chinese businesspeople.
“China is hands down the most exciting place for business and will remain so for at least the next decade,” said Bill Varettoni, a doctoral student at the university’s public policy school.
One participant, Michael Brunwasser, worked with a Chinese student to create a business called The City Faces, which provides a travel guide for Beijing tourists.
He said the project was designed to be from a local perspective, so having Joe Feng — his Peking University partner — worked to his advantage.
Dingman Center Program Manager Alla Corey said some of the collaborations between the American and Chinese students, like Brunwasser’s project, were “really amazing.”
She described one project in which the students created a media device holder: An American participant designed the product while his Peking University partners worked toward manufacturing its parts in China.
“They formed global teams using the Chinese market, as well. … That was a really cool result of collaboration,” Corey said. “It’s really beneficial for students to have a trusted business partner in China.”
In the Jumpstart program, participants learn how to create and test concepts, do market research, create financial models and master other fundamental business steps. Because of the program’s high expectations and nonstop training, some have nicknamed it “boot camp.”
“It’s pretty demanding,” Epstein said. “It’s all day, every day for two whole weeks.”
As students continue to progress with their businesses, they are invited to enter competitions at various levels, the largest of which will be held this winter in China. Winners are given financial awards to support their businesses.
Stephen Bennett, one of many Jumpstart students planning to participate in this year’s China competition, said he expects to get a lot out of his experience there.
“I am expecting to get a good cultural immersion into Chinese life,” he said. “I look forward to seeing how they work together and their learning environment as a whole. Of course, I also want to make contacts to have abroad as I continue to grow my own career.”
elbasha at umdbk dot com
