For immediate release 19 May 2006
CUHK Students Create Social Ventures that Promise Business Value and Do Good for the Community
Corporate Social Responsibility (CSR) is increasingly on the mission statements of many companies in Hong Kong and world wide. Since 2004, Booz Allen Hamilton has joined forces with The Chinese University of Hong Kong (CUHK) to run the first social venture business plan competition in Hong Kong. The purpose is to instill in the students the spirit of social responsibility as well as the capacity for entrepreneurial action. The students apply the entrepreneurial approach and the business education to solve real world social problems. The Booz Allen Hamilton (BAH) Social Venture Challenge now in its third year has become even better with more diversity in the student teams and more corporate participation. This year, the five teams of twenty-three full-time MBA and Social Sciences students presented their business ideas and plans to help those who are in need in society. The winning business plan, “Kids Tour”, builds on the good works of the Salvation Army in the Tai Po area of Hong Kong, coordinating and expanding community-based tourism, and adding a framework of Multiple Intelligence Training for participants. Team members Benny Zhong, Peter Liu, Caly Xiao, Phoebus Ng and Map Tang received the certificate and $8000 first prize from Dr. Edward Tse, Managing Director, Greater China, for Booz Allen Hamilton. Kids Tour also took the award for Outstanding Presentation. The team said, “We have broadened our horizon through participating the Booz Allen Hamilton Social Venture Challenge, and we also applied our business knowledge acquired from our MBA Programmes to real business ventures which can benefit the needy in the society.” “Dr Radio”, a plan to deliver highly targeted therapeutic edutainment to hospital patients, won the second prize of $3000. Overcoming communication and cultural challenges, the team was comprised of students exclusively from Mainland China, two MBA candidates Rain Wang and Andrew Zhang and a student from CUHK’s Social Work Department, Wendy Wu. The Outstanding Written Plan award went to “Bridge Garden”. Bridge Garden, a venture designed to recapture society’s investment in retired teachers and add value to existing children’s programmes, was presented by Victor Leung, Billy Ma, Allen Shen, Grace Wu and Isabella Zhang. The other teams that put up a good fight were the CUHK Borderless MBA and the I Love Food (ILF) Call Center. The CUHK Borderless MBA aims to offer a business development and consulting service that matches student specializations with the needs of social entrepreneurs in the community. The ILF Call Center matches lower-skilled, underemployed people with the promotional needs of lesser-known restaurants. The Booz Allen Hamilton (BAH) Social Venture Challenge is an innovative way for students to learn about CSR, according to Professor Bee Leng Chua, Director of the Center for Entrepreneurship at CUHK, “you cannot teach about CSR in the classroom. Students have to engage with the community in order to know its needs and problems. By writing a business plan that will implement a solution for
a social problem is the way for the students to learn about, and value CSR. With the backing of BAH’s sponsorship for three years now, the BAH Social Venture Challenge is fulfilling its mission to develop socially responsible graduates for Hong Kong and China. This would only be possible with business organizations and the community getting involved.” Unlike other events where corporate sponsorship is about advertising and promotion, the BAH Social Venture Challenge invites businesses and community organizations to be involved in a unique and meaningful programme with constructive and worthwhile outcomes for the community. A number of progressive-minded companies of Hong Kong are taking action to encourage CSR thinking among the job-seeking students who value the experience of an Internship with companies that can give them the challenge of working on real world business projects. PricewaterhouseCoopers, HSBC, Glu Mobile, Softbank and ASEAN Development Investments have each invited all eligible participants of the BAH Social Venture Challenge to apply for internships. The judges were representatives from industry, finance and government sectors. Ms. Grace Ng, Project Manager, Community Investment & Inclusion Fund of the Health, Welfare and Food Bureau, HK Government , Mr. Edmond Wong, Vice President Consulting and Regional Head of North Asia for Gartner, Mr. K.O. Chia, President, Hong Kong Venture Capital and Private Equity Association and Dato S.J. Wong, Vice Chairman and CEO of Softbank Investment International (Strategic) Ltd. Booz Allen Hamilton is a leading international management consulting company headquartered in the U.S. With a history of 90 years, 17,000 employees on six continents and an average annual revenue over US$3.6 billion, BAH provides services in strategy, organization, operations, systems and technology to the world’s leading corporations, government, emerging growth companies and NGOs. It has a long history of operating in the Greater China area from its offices in Hong Kong and Shanghai. Its clients include leading government, local and multinational institutions in industries ranging from financial services, telecommunications, consumer goods to transportation. BAH has a strong corporate social responsibility focus and it has a long-standing employee volunteer programme under which the executives take part in worthy community work around the world. The CUHK’s Center for Entrepreneurship’s mission is to inspire a passion for, and an understanding of, entrepreneurship among the staff and students of the CUHK and the wider community. The Center is a multi-disciplinary organization dedicated to promoting entrepreneurship through: Research - The Center seeks to understand this force through scholarly and applied research. Since 2002, the Center has been a member of the Global Entrepreneurship Monitor (GEM). It works with business and research organizations in Hong Kong and Greater China to identify and investigate the issues affecting entrepreneurship. Education - The Center’s education programme enhances and expands the University’s current offering of courses in entrepreneurship. The activities include seminars, workshops, and visits to entrepreneurial ventures. Practice - The Center helps students plan new companies that create value by satisfying market needs. It’s business plan competitions enable students to develop blueprints for starting new ventures. ~ End ~
For media enquiries, please contact Ms Jenny Lam, Office of External Affairs, Faculty of Business Administration at The Chinese University of Hong Kong at 2609-8559.