2017

Stories related to "International Business". http://www.chicagobooth.edu/magazine/spring-2017/rss

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On the Ball

David Han, ’02, CEO and cofounder of Yao Capital, long dreamed of starting his own private equity shop. It’s unlikely, however, that he initially envisioned that that venture would pair him with NBA Hall of Fame basketball player Yao Ming, one of the tallest men ever to play in the National Basketball Association. Yet in January 2016—along with close Booth friend and Yao Ming’s longtime business partner, Erik Zhang—Han cofounded Yao Capital with the renowned Chinese sports icon. Their firm focuses on investments in the sports industry in China and around the globe. Considering that Yao is seven feet six and Han more the height of a point guard, the two men would be quite a mismatch in a game of one-on-one hoops. When it comes to investing, they just might be the ideal teammates.<br/><br/>Promising early Yao Capital deals involving the world’s leading kickboxing league, a booming North American sports nutrition company, and a fast-growing auto-racing championship featuring 140-miles-per-hour electric cars have put a smile on Han’s face. “We’ve made very good investments in the early stages, in and out of China,” he said, sitting in a sunny conference room of Yao Capital’s 10th-floor offices in central Shanghai. “We’re in the right time and the right place. And so far, it’s on the right track.

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Entrepreneurs without Borders

In June 2014, after five years in the marketing department at Coca-Cola, Jonas De Cooman, ’16 (EXP-21), felt stalled intellectually. He was ready to push his boundaries. He planned to pursue his MBA while continuing at Coca-Cola. Then unexpected policy changes at work eliminated continuing education support for De Cooman, and it looked like his plans were crumbling. So he sold his apartment. With two small children, De Cooman and his wife carefully weighed their options and the risks involved. Selling their apartment in Belgium provided the only way to afford his MBA. “I decided to pursue an MBA to kickstart my personal learning curve,” he said. De Cooman realized that he wanted to gain more control over his career and make his own mark in the global marketplace as an entrepreneur. With an extensive consumer marketing background, a global perspective, and a promising business idea, he also saw knowledge gaps he needed to fill in order to launch and operate a scalable new business. “I am driven by personal growth and I felt that I was not learning at the same pace that I used to be learning at the start of my career,” he said. “I chose to study again because I didn’t feel equipped enough to be an entrepreneur.”<br/>

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Six Days to Pitch

The History: The Global New Venture Challenge (GNVC) is the Executive MBA track in the New Venture Challenge process, which began 21 years ago. We kick off the GNVC in August when all of the Executive MBA students are in Chicago for their electives. The entrepreneurs put together a feasibility study about their businesses, encourage others to join their teams, and submit an application in October. We choose about six teams from each cohort—Chicago, Hong Kong, and London—to participate in the class. The Preparation: Because the course is so short, it actually starts as soon as we choose the teams. I have a kick-off WebEx call in the fall with the teams, who are located all over the world, to start working on their business models. I then host webinars for all of the teams on business plans and presentations. Finally, I have a second, one-on-one call with each team in the winter. Business plans are due a week before class starts, because I want the teams to have written their story and really gotten it down. The Curriculum: The weeklong class is stressful. It’s intensive, and it doesn’t look like a normal class. On the first day, students present to a group of coaches, judges, and outside mentors, and they get a lot of feedback. We handpick mentors for each team based on industry, business model, and startup experience to get them started working with outside people on their model and story. <br/>

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It’s All Relative to this Booth Student Group

A recent addition among Booth student groups, the Private and Family Business Group started back in 2010, under the name Family Enterprise Group. Providing a forum for private and family business issues, the group today has about 25 members, who host discussions on the particular challenges of such entities, particularly in emerging markets. The group hosts small dinners, lunch ’n’ learns, off-campus cocktails, workshops, speakers, and discussions. Not all members are part of a family business; some want to know what it would be like to work for a family-run firm. Chicago Booth Magazine checked in with two of the group’s current leaders, both of whom are international students at turning points in their careers facing a big question: Should they stay in the United States and better their skills in corporate America, or return home to put their Booth education to use growing the family business?<br/>

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Chicago-style Economics in China

Qi Bin, ’97, has spent nearly two decades at the heart of China’s market liberalization. When he came to Booth, he decided to pursue an MBA over a PhD. “I believed that China someday would have to build a more advanced economic system,” said Qi, now Executive Vice President of the 10-year-old China Investment Corporation (CIC), the country’s sovereign wealth fund with more than $200 billion in registered capital and $810 billion in domestic assets. “Modern China would need people who understand free-market economics, and I could be one of them.”

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At Home, Abroad

Kendra Mirasol, ’93, had one major goal while growing up in Janesville, Wisconsin. “I remember always wanting to get out,” she said. She studied German in high school and moved across country for college at the University of California, Irvine. During college, Mirasol worked in a hotel in Lindenberg, a small Bavarian mountain town. “They spoke zero English,” she says. “It was so fantastic for exposure learning. You had to sink or swim.” After graduation, in 1989, just before the Berlin Wall fell, Mirasol lived in Kranichfeld, East Germany. She stayed with a pen pal whose family struggled to get by under Communist rule. “They were basket weavers—they got paid $1 per basket.” While attempting to leave the country, she was interrogated at the border for three hours because she forgot to file the correct paperwork at the police station. <br/>“Those are exciting experiences,” said Mirasol, now president of IOR Global Services, a global mobility and talent development solutions company. Without work- and study-abroad programs, she said, “My life would be so boring.” Mirasol came to Chicago Booth to supplement her German literature and language background with business acumen. She was able to maintain a global perspective during her interactions with international students. Mirasol could tell that a good friend of hers from Japan struggled to adapt to the direct, unfiltered mode of classroom discussion favored by some American classmates. “It was so difficult for him to even contribute one idea,” she recalled. “He was probably the smartest man in the school, and when I saw that happening, I felt I had a responsibility to facilitate.” These types of cross-cultural support are needed every day, around the world, on a personal level, and in boardrooms. In April 2016, Mirasol’s passion for international exchange—and for the broader benefits of a global economy—motivated her to accept a volunteer role on the board of directors at the nonprofit Cultural Vistas. <br/>

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The Greater China Forum Returns to Beijing

This fall, the University of Chicago and Chicago Booth present the Greater China Forum, hosted by the Chicago Booth Alumni Club of China, taking place September 2–3, 2017, in Beijing. The two-day event features keynote speakers Robert Zimmer, president of the University of Chicago, and Lou Jiwei, chairman of China’s National Social Security Fund, former finance minister of China, and former chairman and CEO of China Investment Corporation. Incoming Booth dean of students Madhav Rajan and Katherine Dusak Miller Distinguished Service Professor of Finance Raghuram G. Rajan are also speaking at the Forum.