Bao Lei, an MBA student at the University of Bridgeport”™s Ernest C. Trefz School of Business, has won $830,000 in funding at the Chinese Oversea Students Innovation and Entrepreneurship Competition, sponsored by the Chinese government, to make a tea company a reality.
Lei, 22, was awarded $330,000 in initial capital and a $500,000 interest-free loan from the Chinese government, along with office space in China and other assistance. Her company is One Leaf, a startup that will package and sell specialty tea.
“In China, there”™s a lot of tea, but there aren”™t brands and it”™s hard for people to choose because nothing stands out,” Lei said. “I”™m developing very high-quality tea, with different flavors, that will help people choose.”
Lei”™s initial market surveys showed that consumers wanted three broad kinds of tea: black and green tea, fruity tea and weight-loss tea.
“My hometown is in Anhui province, which is the country”™s largest tea market,” she said. “It”™s where Maofeng, Guapian and black tea are grown, which are three of the top 10 most famous kinds of tea in China. My family and I have studied various teas for several years.”
The Chunhui Cup is sponsored by the Chinese Ministry of Education and Ministries of Science and Technology to promote entrepreneurial ideas from Chinese students who are overseas with the aim of bringing them back to China to start businesses and careers there.
Contestants were invited to submit business plans that were evaluated by a panel of experts. Lei received her award at the Chinese Consulate in New York City recently.
