LSTF collaborates with MIT to promote charity
By Camaron Kao, The China Post
November 20, 2012, 12:07 am TWN
The China Post--“For many years, we spent most of our time carrying out charity projects,” said Albert Ting (丁廣欽), the director of Lawrence S. Ting Memorial Fund (LSTF, 丁善理紀念基金). “Now we realize that sharing that experience is equally as important.”
Ting is the son of Lawrence S. Ting (丁善理), who founded the investment giant Central Trading & Development Group (CT&D). During his lifetime, Lawrence S. Ting completed several projects in Vietnam, including the Tan Thuan Export Processing Zone, the Saigon South New City Center, the Hiep Phuoc power plant and an afforestation project in Kiên Giang, transforming the lives of the Vietnamese.
LSTF was set up in 2006 to honor the achievements of Lawrence S. Ting and to further improve the standard of living in Vietnam. Dedicated to providing education and medical care, LSTF has established the Lawrence S. Ting Memorial School, offered 48,763 scholarships to Vietnamese students, given out 8,681 wheelchairs to the public and helped students learn more about information technology by donating 2,707 computers to 89 schools.
In 2011, LSTF sought to improve itself by cooperating with MIT, which offers a Global Entrepreneurship Lab (G-Lab) class for its students. The G-Lab class pairs second-year MBA students with startups and growing companies in emerging markets. Students participating in the program have to come up with solutions for problems faced by the companies they work with.
“If I hire external consultants, it may cost us several hundred thousand dollars, and I would only end up finding the same level of talent as one would find in MIT's G-Lab,” Ting said. By cooperating with G-Lab, Ting has received advice from people who have worked with companies such as McKinsey and Bain; furthermore, expenses only include plane tickets and accommodation for the participating students. The G-Lab project is a cost-effective way for a company to get high quality input, according to Ting.
G-Lab and the Most Sought After Project
As the earliest proponent of “action learning,” MIT has set up several courses, including G-Lab, to offer its MBA students an opportunity to learn by being actively involved in real businesses. Students at MIT are thus given the chance to put knowledge learned in the classroom into practice.