“Do you aspire to become an ambitious entrepreneur? Do you have groundbreaking ideas but feel confused about how to put them into practice?” “The New Venture Journey: Mindset Preparation and Skills Readiness” Summer Program, held from August 25th to 30th at NYU Shanghai's Qiantan Campus, was designed precisely to address these questions. The program aimed to introduce participants to the core skills, key concepts, and practical steps needed to build a successful startup. This five-day summer program, co-hosted by NYU Shanghai and The Chinese University of Hong Kong, attracted the enthusiastic participation of over 20 students from both institutions, embarking on an “immersive” entrepreneurial learning journey together with their mentors.
On the first morning, Dr. Anson Au Yeung, Senior Lecturer in Finance and Assistant Dean of the Business School at CUHK, led the participants in exploring the “7 Dimensions of a Promising Startup.” The students gained deep insights into the key elements of building a successful startup and discovered that entrepreneurship is not just a process of personal achievement but also a means of realizing self-worth through helping others. The afternoon session focused on a crucial aspect of entrepreneurship: Market Demand Analysis. Dr. Frank Ng, Senior Lecturer in Management and Associate Director of the Entrepreneurship Center at CUHK, introduced various methods for conducting market research for startups. By the end of the session, the students applied what they had learned to quickly understand a product, gather real data, and step outside the campus to conduct simulated promotions within a limited time.
The courses on the second and third days included a special “Company Visit” segment, which filled the participants with anticipation and excitement. In the morning sessions of these two days, the students explored two topics: Developing Profitable Business Models and Entrepreneurial Financing. Through a combination of theory and case studies, the sessions helped students gain a deeper understanding of how to effectively guide the growth and transformation of a business. For example, they learned about the process of developing and innovating business models with effectual entrepreneurship approaches. They also learned to accurately assess the financial resources needed, calculate startup capital requirements, and develop strategic financial plans to effectively guide growth and change. In the afternoon, the students visited the headquarters of the well-known tech retail company Meituan and the health tech company ClouDr Technology Group. Mateo Rengifo, a student majoring in Business and Finance with a minor in Economics at NYU Shanghai, expressed his excitement: “Experiencing Meituan's cutting-edge facilities firsthand and gaining an in-depth understanding of its operational philosophy, along with the face-to-face discussions with Mr. Peng Qian, Meituan's Vice President, was a valuable experience for me. Meituan exemplifies how a company can successfully scale by diversifying its revenue streams and understanding consumer needs through demographic analysis. I hope to apply these insights in my future career.” Under the professional introduction of Ms. Li Zhiran, Director of Investor Relations at ClouDr Technology Group, the students gained insights into digital chronic disease management solutions based on “AI + Medical SaaS,” witnessing how digital health is gradually becoming part of everyday life in countless households.
In the entrepreneurial process, successful fundraising is inseparable from an excellent business pitch. The morning session on the fourth day focused on this essential entrepreneurial skill: Giving a Compelling Pitch. Dr. Frank Ng guided the students in exploring how to start a pitch, the key factors for a successful presentation, and practical techniques to capture the audience's attention. To ensure a successful pitch, creating an engaging presentation is equally important, so the students also learned how to make effective pitch decks. In the afternoon's “Guest Sharing” segment, Mr. Terry Woo, co-founder of mYSTEPS, shared valuable experiences and practical insights he accumulated throughout his entrepreneurial journey. Mr. Wang Yi, Partner and Head of the Capital Markets Department at JunHe LLP, provided an in-depth analysis of the challenges and strategies entrepreneurs might face from a legal and financial perspective. Through the guests’ inspiring talks and interactive sessions, the students not only gained more actionable entrepreneurial advice but also built up the momentum for the “Pitching Contest” on the final day.
In the blink of an eye, the summer program reached its final day. First, under the guidance of Dr. Anson Au Yeung, the students learned about “How to Build Effective Team Relationships,” where they mastered strategies to foster collaboration, leverage individual strengths, and create a cohesive and innovative team environment. Following this, the highly anticipated and thrilling “Pitch Contest” officially kicked off. Each team presented their business ideas within a limited time and faced questions and challenges from the judges, including Professor Rodrigo Zeidan, Professor of Practice of Business and Finance at NYU Shanghai, and Professor Chen Jing, Professor of Practice in Management and Strategy at NYU Shanghai. After the contest, the judges offered praise and encouragement for the teams' performances. Each team was wholeheartedly invested, thoughtfully incorporating the knowledge and skills acquired throughout the summer program into their business ideas. Although some aspects still require refinement due to the limited preparation time, the seeds of entrepreneurship have been deeply planted in the hearts of every participant.
Finally, Professor Raymond Ro, Associate Dean of Business at NYU Shanghai, and Dr. Fred Ku, Associate Dean of Undergraduate Studies of CUHK Business School, delivered closing remarks for the summer program. They awarded completion certificates to students from both universities and took commemorative photos with them. Dr. Diane Geng, Assistant Provost for Academic Affairs at NYU Shanghai, also attended the pitching contest and the closing ceremony of the joint summer program.
At NYU Shanghai’s multicultural Qiantan campus, students from 6 countries came together for this summer program, transcending inter-school boundaries to form diverse teams. Through lectures, case studies, company visits, and the pitching contest, they not only acquired essential knowledge and skills for entrepreneurship but also broadened their innovative perspectives. The clash and fusion of diverse ideas sparked the flames of numerous business ideas in their minds. This enriching learning experience is sure to become one of the most memorable chapters of their summer in 2024.