On 20 August 2023, the final of the Fudan MBA iLab Business Challenge was held in AIA Hall, School of Management, Fudan University. This year's challenge was centered around two major themes: technology innovation and ESG (environmental, social and governance). On the social front of ESG, Fosun Foundation proposed the research topic of "empowering industries and products to penetrate the rural grassroots market through public welfare", and connected participating teams with rich research and learning resources. The three teams of "Fufudezhen", "Lupishu" and "Wanwu" competed fiercely around the social aspect. In the end, team "Lupishu" stood out by virtue of its "innovative one-stop shop" proposal and was selected as the "winning team".

Team "Lupishu" (left), team "Fufudezhen" (top right), and team "Wanwu" (bottom right)

At the final, the judging panel formed by Professor Zheng Ming, Deputy Dean of Fudan University School of Management (FDSM), other professors, Li Haifeng, Fosun Global Partner and Chairman of Fosun Foundation, Angel Sze, Fosun Global Partner and Company Secretary of Fosun International, Wu Minwen, Executive Secretary-General of Fosun Foundation, Pan Yang, Co-CEO of Fosun Trade and others participated in the whole process of assessment and witnessed the collaboration between Fudan MBA program and Fosun.

As part of the curriculum of Fudan MBA program, the challenge is created based on the rich operating foundation of Fudan iLab Business Consulting Laboratory to offer participating students a learning platform to challenge themselves, improve their capabilities, and empower enterprises. During the six weeks of the challenge, Fosun Foundation had provided participating teams with a number of themed seminars and research visits to empower their growth.

During the six-week challenge, three teams conducted thorough research through corporate interviews, field trips to rural areas, and surveys, including 30+ interviews on consumer demand, 10+ telephone interviews with volunteers participating in the “Go West” program, collected 120+ questionnaires, studied 100+ policies and reports, and investigated eight external companies.

On the topic of "empowering industries and products to penetrate the rural grassroots market through public welfare", Fosun Foundation introduced the evolution of policies and practices to students based upon its Rural Doctor Program that has been running for six years. Compared to previous approaches to poverty alleviation, the current approach to rural revitalization is not just a one-way input of resources to the assisted areas, but also leverages business thinking and market mechanisms to explore the resources and demands of counties, towns and villages, so as to build a public welfare platform to empower businesses.

Fosun Foundation shares grassroots work experience in rural revitalization with participating teams

Based on the feasibility analysis of the participating teams in the insurance sector and the maternal and child sector, Fosun Foundation invited Yu Shengxi, General Manager of Fostar Insurance, and Xue Zhe, Senior Director of Private Domain Operations of Babytree, to provide professional guidance and ecosystem support for the Fudan teams.

Yu Shengxi, General Manager of Fostar Insurance

Xue Zhe, Senior Director of Private Domain Operations of Babytree

In addition, Fosun Foundation collaborated with Essilor, M&G Stationery and other enterprises to provide participating teams with opportunities to visit companies and share the practical experience of combining corporate business and public welfare. Fosun Foundation also invited Liang Fandong, Deputy Secretary-General of China Foundation For Youth Entrepreneurship and Employment, to provide inspirations and suggestions for participating teams in the "Public Welfare + Business" model from the perspectives of commercialization of public welfare projects and small-store economy.

Participating team visits M&G Stationery

Liang Fandong, Deputy Secretary-General of China Foundation For Youth Entrepreneurship and Employment

On the day of the final, the three teams presented their proposed solutions for the maternal and child industry and juvenile industry respectively, including the business model and team building. At last, team “Lupishu” was selected as the "winning team" by virtue of its "innovative one-stop shop" practical business model, differentiated products and services, clear vision for team talents, and detailed guarantee mechanism and profit and loss model. The judges believe that the project can effectively promote the sustainable development of the "Public Welfare + Business" model and foster the high-quality growth of children in rural areas.

Li Haifeng, Chairman of Fosun Foundation, congratulated the winning team and expressed his gratitude to all parties involved in this school-enterprise cooperation and youth empowerment business challenge. He shared the long-standing relationship between Fosun and FDSM, "I am pleased to see that everyone has proposed green solutions for energy conservation and carbon reduction, sustainable development, digital management, public welfare empowerment, and rural market penetration, providing useful inspiration for Fosun's continuous transformation and upgrading in the ESG field.” He also looks forward to more communication and cooperation opportunities with FDSM and students in the future, so as to contribute to the early realization of the dual carbon goal.

Li Haifeng, Chairman of Fosun Foundation

Professor Zheng Ming, Deputy Dean of FDSM expressed her appreciation to Fosun for its support and resources provided during the challenge. She hopes that the participating teams will carry on with the project results to meet the actual needs of enterprises. "I hope that all the young people here and future entrepreneurs will bring the spirit of technology innovation and incorporate the concept of ESG into their future careers, making greater contributions to technology innovation and sustainable development of the whole society."

Zheng Ming, Deputy Dean of Fudan University School of Management (FDSM)