Author: Beatrice Grillo

Invest in yourself: develop your soft skills

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The longer the time I spend with my Part-Time MBA fellows, the more surprised I am by the mutual enrichment we get from our different working backgrounds and personal lives: we get involved as a whole person, and this goes beyond our differences.

The benefits for students on an MBA program, along with the hard skills developed during the courses, include the opportunity to work in a team and cooperate proactively to achieve the common goal of finding an effective and original solution to challenging assignments. This is anything but easy: emphasising our creativity, we produce a bucketload of different ideas and everyone tries to persuade the others to follow his or her line. In the end, a fine emotional intelligence is key to understanding when it’s time to find a shared thought, agree upon an idea and lead the road towards the target.

In a few words, enrolling in an MBA program offers a great arena for training soft skills.

In general, soft skills indicate all the transversal competences that are not directly connected to a specific task; they mainly refer to the relationships with other people involved in the organization and the personal attitude to dealing with a task.
Hard skills, on the other hand, concern the ability to do a specific task, require specialized knowledge and technical abilities: they’re easily measurable and they are usually very specific to a role in an organization.

Time and effort dedicated to the development of soft skills is thus an investment for the future development of each person’s career; as the need for specific skills can pass by with the development of new technologies, the attitude to rapidly approaching new, upcoming technologies and coping with disrupting changes will remain.
And these two competencies, learning agility and adaptability, are indeed soft skills.

In the complex labour market in the era of disruptive change, while hard skills must be continuously improved as the necessary enablers to access the game and hold one’s position, soft skills give the opportunity to move wisely and nurture a positive environment that is the key to achieving both one’s personal goals and those of the team.

Moreover, in a time of fast transformations that lead to the development of cross-industry teams and abilities, soft skills represent a business card that is valuable in multiple different environments.
In a multi-disciplinary team the ability to communicate effectively, listen carefully and delegate are key elements for success. And guess what? These are soft skills.

In our path as MIP students, we are offered boot camps, seminars and courses to improve our soft skills: the leadership class at EADA was a great opportunity to reflect on personal attitudes and the different ways to be a leader, shaping our way with the four pillars of authentic leadership.
Seminars offer us the opportunity to dig into ourselves and develop self-awareness, maturing a consciousness of our strengths and dealing with our weaknesses: we don’t get to choose our warts, but we must be able to transform them into opportunities for growth.

As Part-Time students, moreover, we have the chance to put into place the soft skills training both at work and with our MBA colleagues, in very different contexts with bosses, subordinates and peers.

But the downside is that we have pressure coming from both sides and we have to struggle with tight time schedules to balance work and study. Guess what? Again, soft skills are required here.

About the author
 Fabrizio Liponi

My name is Fabrizio and I work as a tunnel engineer in the construction of Underground Line 4 of Milan. Born, raised, studied, living and working in Milan: I love my city and I’m proud to take part in building its future. Travel addicted, I love to meet people and different cultures.

KeepONLearning: the pandemic couldn’t stop us!

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KeepONLearning is reaching an end. Four months after it was launched at MIP Politecnico di Milano, the initiative devoted to continuous learning and directed at its stakeholders arrives at its natural conclusion, making way, in September, for the safe reopening of the campus. From March to July, KeepONLearning offered an uninterrupted flow of course content and in-depth study material to a vast community of students, businesses, teachers and partners, engaging top managers and professionals of the highest level on the international scene. This meant that not only were students able to continue on the courses on which they were enrolled, but that even businesses and partners had access to a range of material that, among other things, had the objective of providing tools useful for tackling the Covid-19 emergency.

Before launching KeepONLearning, in the last week in February, MIP began by moving all education online, in order to ensure the delivery of courses without interruption: not an easy feat, but made possible in part by the fact that MIP has already for years been focusing attention on digital learning.

Two weeks later, on 18 March, we launched KeepONLearning, in part thanks to the staff at MIP, who worked with enthusiasm and conviction towards the success of the initiative. Thus, a range of content was added to the MIP website and made available to our stakeholders: articles, webinars, online courses, talks with teachers and managers, operational tools, in-depth study material. A wide variety of information covering important subjects, such as smart working, the impact of Covid-19 on businesses and supply chains, the help that artificial intelligence can provide, the management of digital innovation during the emergency, even in a crucial sector, such as health, and much more besides that, with participation by multinationals, such as Microsoft, Lamborghini and Pirelli, and leading international figures, such as Carlo Cottarelli.

More than 90 live webinars organized recorded very high attendance, with over 20,000 participants. Thanks to KeepONLearning, the MIP website saw visits increase by over 60% compared to the same period in the previous year. These numbers reflect, on the one hand, MIP’s commitment to its mission of sharing knowledge to the benefit of its stakeholders and, on the other hand, the great need for up-to-date expertise in a very rapidly evolving global horizon.

The university is set to reopen in September, when MIP will once again welcome in its lecture halls and on campus, in complete safety, people from all over the world, ready to exchange innovative ideas and points of view. This time, the motto will be “Nice to MIP You”. This reopening will also carry with it the wealth of knowledge and discoveries gathered in these past months precisely thanks to KeepONLearning.

 

 

Bootcamps at MIP: what they are and what to expect

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First of all, I have to say that I have seen the light…! My Part-time MBA adventure is getting closer to the end and I’m really excited about what this last kilometer will be like. While I am developing one of my last group assignments and at the same time, my final project work, I would like to recollect one of the most meaningful experiences of this tiring, crazy but outstanding voyage.

Almost a year ago I decided to apply to one of the several Bootcamps we could choose from, which were included in our MBA program.

But what exactly is a Bootcamp? It is 30 hours of face-to-face classes focused on a particular topic and designed specifically to create a link between theory and practice.

Besides, the one you choose (I picked “Luxury & Made in Italy Excellence”), represents a chance to focus on topics that are either part of your daily work, or in which you are particularly interested.

The course gives you the opportunity of meeting with various leading realities (Italian and international) and top managers in industry and consultants with whom to network and to gain a better understanding of the key challenges they have to cope with every day. Furthermore, it gives you hints of a potential professional growth path you can follow, by listening to their lives and experiences.

The real case studies are an essential part of the program and foster the discussion on real-life situations that you face in your work. For me, it was of great value to take a deep dive into the concrete issues of my professional life, to look at things in a different way and with a renewed way of thinking. The whole experience is completed with key theoretical principles about which it is always useful to refresh your memory, and I think it is also a nice experience to look at them again with some years of work experience behind you.

It also represents a unique opportunity for networking with the students on other MBA courses (for example, the Full-time MBA, or other international students from exchange programs), because the bootcamps are run across the various international programs. I had the chance of interacting with almost 60 young professionals working or willing to work in my sector, and to discuss and share opinions with them on a variety of topics.

If you can and want to travel, MIP also offers you the chance of taking this course abroad in prime destinations, such as Silicon Valley or Asia.

About the author
 Pietro Cavallo

My name is Pietro and I grew up in Milan, where I am currently living. I work in Switzerland, in the Supply Chain division of a clothing multinational. I am the husband of an incredible wife and father of 2 crazy kids.

 

«Why did you choose Italy?» Tales of students from around the globe

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In the last article, we talked about the importance of Multinational Networking in an MBA. One of the most important benefits you can get is the development of long-lasting relationships with like-minded people. You can find real friends!

And talking about MBA friends, I’d like to share with you the experiences of some of them: Bruno Pivato from Brazil, Jo Eun Cha from S. Korea and Alejandro Tommasi from Venezuela. I guess their words will be much more meaningful than mine in helping you understand the beauty of diversity:

Bruno Pivato

“I was born in Brazil, where I was educated and developed my career. I have a bachelor’s degree in Business Administration.

I started my professional career in 2005, as an intern in a national investment bank, working in the area of foreign exchange, and then moving to BankBoston. After 2 years in the banking sector, I decided to try a new experience in Marketing, in a totally different company belonging to the medical technology sector. I became a Senior Marketing Analyst and, in 2012, I decided to leave and join 3M as a project manager. After that, I accepted a start-up project linked to Covidien, a big multinational company in the pharma sector. This experience led me to join Zambon, at the HQ in Italy, where I became a “Business Operations Manager”, responsible for Marketing and Business Development for 5 countries: Brazil, Colombia, China, Indonesia and Russia.

It wasn’t that easy to adapt to the Italian environment, but I found out that the best part of Italy is the people. Both in the office and in the street, I have found Italians to be very open-minded and receptive.”

Jo Eun Cha

“I was born and raised in Seoul, S. Korea. I graduated in economics and worked as a Buyer for watches and accessories for 5 years. My dream was to work in the fashion industry, so I decided to study and go for it. I moved to Milan 10 years ago to study and to work. Then Singapore and Seoul again. Anyway, when I was in Milan, my manager called me one day, asking me to join his team in PVH. I accepted and now I’ve been working here for almost 4 years. I always wanted to apply for an MBA, so I decided to do it this year, so here I am.

Why did I decide to come to Milan? Well, Koreans love Italian products and I wanted to learn something about European culture. As soon as I arrived in Milan, I realized that the size of the city was right for me, even if it was much smaller than Seoul.

As far as the working environment is concerned, the Italian and Korean cultures are quite different. In Seoul, you work more and you’re more stressed out. In Italy, people work hard too ̶ but they place more importance on family, food, chatting and chilling. There’s a better work-life balance, and this helps you to perform better in the office too. This made me change my mindset, I guess for the better. I’m now confident that it is possible to set the path for my future career while enjoying life at the same time.”

Alejandro Tommasi

“I was born in Caracas, where I lived until I was 15. The awful political situation forced me and my family to leave our country, looking for safety, opportunities and a future in my grandparents’ land: Italy. At the beginning, it was hard to adapt to a completely different environment; it took me years to finally find a balance. This experience helped me to grow and improve myself. Italy has given me some amazing opportunities: I studied and graduated in Mechanical Engineering, in the beautiful city of Turin.

Italy is a place drenched in culture, history, style, art and nature. I think it is a place which everyone around the world dreams of visiting at least once in a lifetime. I’m confident that this country has enormous potential to excel in every single field, and this potential should be transformed into action and plans for future development.

In my current position, I develop technological machining solutions to meet customers’ needs for many industries. I’m sure that with the knowledge, experience and benefits of exchanging views gained during this International MBA at MIP, I could apply all my energies to contribute to improving this country and its potential, especially in this difficult moment. I’m sure that diversity is always a provider of opportunities, looking at a future in a more and more interconnected world.”

Well, I don’t have much more to say. I guess my new colleagues and friends have said quite enough to make you understand the many differences (and the possibilities connected with these differences) that you can find in a multicultural environment, such that of the International Part-Time MBA at MIP.

I just want to leave you all with a final quote, by Stephen R. Covey, the famous American educator:

“Strength lies in differences, not in similarities.” 

Let’s hope this strength will help us to get out of this tragic situation, and to increase our confidence in the future with a renewed spirit.

 

About the author
 Marco Di Salvio

Student of the International Part Time MBA at MIP Politecnico di Milano.
Industrial Engineer currently working @ Gucci as WW Supply & Demand Planner, based in Florence.
Tech passionate, Cinema-lover, Sports addicted.
Solving the world’s problems one spreadsheet at a time.

 

 

The power of diversity: the MBA & multinational networking

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“Networking is not just about connecting people. It’s about connecting people with people, people with ideas and people with opportunities.” (Michele Jennae)

When I enrolled for an MBA at MIP, I already knew that this kind of experience would be much more than classes, exams and company visits. One of the main achievements of an MBA is the network you can create during this period.

I get it, often networking isn’t at the top of everyone’s to-do list. It can be time-consuming, awkward on occasion, and, depending on your personality, incredibly draining.

It can appear that hard skills and knowledge are far more important than having a few words with colleagues or joining events. But that’s quite wrong. Sometimes you learn more by taking a coffee or sharing a slice of pizza with a person with a different background, than actually studying a book on finance accounting (which is still a super-important subject. Nothing against it, I swear!)

And that’s what’s happening during my first months of the MBA; I’m getting to know many interesting people, with different stories, backgrounds, ambitions and nationalities.

Yes, nationalities. I decided to join the International Part-Time MBA in order to benefit from an international environment.

Sundar Pichai, former CEO of Google, once said:

“A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.”

And I totally agree with this sentence. A multicultural environment (and networking in general) can bring many benefits:

1.     Strengthen business connections:

Networking is about sharing, not only taking. It is about forming trust and helping one another toward goals. Regularly engaging with your contacts and finding opportunities to assist them helps to strengthen the relationships. By doing this, you sow the seeds for reciprocal assistance when you need help to achieve your own goals.

Tell me, would you rather help: A) a colleague with whom you have shared a drink, or B), a colleague who don’t even say “hi” when you run into him? The logical answer would be A (otherwise maybe you should be reading articles on how to deal with problems in socialising?)

2.     Get fresh ideas:

Your network can be an excellent source of new ideas to help you in your role (both present and future). And what about a multicultural network? It can be an even better source of inspiration. Different cultures have different ways of approaching problems. Everyone is looking at situations through a different lens, a unique perspective. This can lead to a wide range of ideas that would benefit any team.

Is it easy? Absolutely not. At least, not at the beginning. During my first group assignment on the Erasmus programme, I was in a group with a Chinese, a Japanese, a German and an American (it sounds like the beginning of a joke, but it actually happened). It was a real mess… One person focused more on the content, someone else more on the form, others on the speech, etc. But mixing up all these different approaches brought us to a final result which was much better than the one we had in mind at the beginning.

3.        Develop long-lasting personal relationships:

Last but not least! The point of networking is not only to develop professional relationships, but also (and above all) to create strong and long-lasting friendships. I’ve always thought that the more you grow up, the more you’re able to find people you share your vision of life with. Your MBA networking contacts will usually be like-minded people with similar goals to your own, so it’s not unlikely that they’ll become great friends of yours.

These are only a few of the benefits you can get from an international environment. But they should be enough to push you try out an experience like an International MBA. You’ll need to discover all the other benefits for yourselves! ?

About the author
 Marco Di Salvio

Student of the International Part Time MBA at MIP Politecnico di Milano.
Industrial Engineer currently working @ Gucci as WW Supply & Demand Planner, based in Florence.
Tech passionate, Cinema-lover, Sports addicted.
Solving the world’s problems one spreadsheet at a time.

 

 

Favourite bootcamp: Design Thinking

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After the first few months of intensive classes, the bootcamp season has paved the way for a very different style of learning: week-long specializations dealing with the main and most relevant themes in the business world. Every candidate can choose from amongst courses such as Big Data, Entrepreneurship, Sustainability and Circular Economy, and Global Management, to plunge into a fully-immersive environment of seminars from scholars and professionals, hands-on labs and company presentations by managers in which to both learn and put the acquired knowledge into practice.

Unfortunately, due to Covid-19, this year the experience for my class was for the most part conducted remotely online, but normally the Biomarketing bootcamp, for instance, offers the opportunity to visit the Politecnico Pheel lab, where students have the chance to learn how to conduct and execute some real research based on techniques such as eye tracking and ECG (electrocardiogram recording).

Fortunately, my favourite bootcamp was held at the end of January and I am very glad it was done in person because, given its very practical nature, it was a great opportunity to have a hands-on approach. I am speaking of Design Thinking, a topic that I didn’t know anything about before the MBA but that I immediately fell in love with for its immense versatility and because of a set of skills and insight it provides that can work in any kind of environment, both in and outside of the business world.

Design Thinking is a methodology that provides a hands-on approach to solving problems stemming from the understanding of human-based needs. Hybridized with creative brainstorming, design, ethnographic research, prototyping and usability testing, this approach has gained so much momentum in recent years that consulting companies as BCG, PWC, Deloitte and Capgemini have acquired Design Thinking divisions -for the most part working in the digital area – to produce oblique solutions to business problems.

For someone like myself, coming from the humanities and with a background in qualitative methods, crossing paths with a subject like Design Thinking proved extremely relevant and immediately familiar as a way to reengineer my research experience in academia to business-focused issues. The bootcamp was conducted with the supervision of the team of scholars working in the Design Thinking for Business observatory at the Politecnico, who organized a real experiential gym for our class, to put the methods learned into practice. Activities such as “diverging” and “converging” during brainstorming phases, prototyping objects like a new wallet that would suit our desk-mate’s desires prior to an in-depth interview with our user, and ethnographic research through a “retail safari” aimed at scrutinizing, discussing and improving the user experience of some of the city’s famous retail spaces, were just a few of the awesome experiences that punctuated a very unusual but memorable week.

One of the takeaways that I evaluate as standing out from this bootcamp is how transversal Design Thinking is. In the past few weeks, as the other bootcamps have been taking place, I have found myself using some of the tools of this methodology more than once, for instance to brainstorm an idea or to get out of a blind spot when working on a project in teams with my classmates. The wide array of applicability makes it without any doubt my favourite class in the MBA and a valuable resource that will for sure help me in both my professional and personal life down the line.

 

About the author
 Marianna Trimarchi
I am a candidate of the International Full Time MBA at MIP. I have a background in academia as a PhD in Communication and Strategic Analysis and a career as content producer in the Media Industry.I have worked for the Italian Television as author and assistant producer for cultural programs as well as for other media outlets as journalist. I am passionate about understanding complex phenomena particularly related to internationalization and global development from a multidisciplinary perspective.

 

 

 

Multicultural Spirit

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According to a study from the HBR (Harvard Business Review), living abroad is one of the most impactful choices on a student’s career development, enhancing creativity, reducing multicultural and intergroup bias, and promoting success in their future search for a job. When I chose to enrol at MIP to study for an MBA, the promise of being in an international class of students was indeed my highest motivator. In the past six months, I have learned a great deal from my classmates. That’s why I want to leave the floor to them to talk about the multicultural spirit we have created together.

Ganapati, or GG, as we all call him, is a Financial Analyst from Pune, in India. GG, the choice of leaving your family must have been exciting but also challenging. Why did you choose Italy, and Milan specifically, for your MBA?

It’s true, moving to Milan for the MBA was a really exciting decision but also complex in terms of convincing my family, because of the financial commitment and, of course, also emotionally, since my wife is doing her master’s in India and we have a 2½-year-old baby to take care of.
I had previously been in Milan for a business trip and I fell in love with its architecture. I chose this city both for its strategic location and for the opportunities I wish to find here, with it being the fashion and financial capital of Italy. I had planned to live an international experience for a long time and an MBA in particular would be an upgrade to get ready for more challenging roles in my professional life. 

There are students like Lili, a Project manager from China, who had business and personal trips to Italy before the start of the program. Lili, during this year you have shared a lot about your country and culture. Tell us about the Chinese new year party we had!

The Chinese New Year party was amazing! Not only because of the traditional Chinese food we made from scratch and the things we did, but because we were all together for such a traditional and important event in my culture. The greatest and most meaningful thing for me, being away from home during that time, was to share it with people coming from different countries, cultures and backgrounds, and still wanting to celebrate together. I strongly believe that the multicultural environment we have built will have a big impact in shaping our future as people and professionals.

And talking about parties, Alejandro, a financial and operations strategist from Colombia has fully embraced the multicultural spirit of our Master, from the Milanese aperitivo to playing calcetto. Ale, how has this experience changed your life and what are the takeaways for you?

It has been key for me to understand that not everybody has the same energy and willingness to do some things. I’ve learned to be more respectful about people’s decisions and to be an active listener with regard to their needs. I have an easygoing and chilled personality, but not everyone feels comfortable in all environments, also because of the dimensions that model their culture. In order to interact with others it is important to understand that the other person also needs to be comfortable. This has been the basis for building more solid relationships and a healthy environment in particular when we were working in teams for some courses. It will be my takeaway whatever project I work on in the future. 

In my class there are also Italian students, like Federico, a lawyer who is passionate about social and economic issues. As an Italian candidate, how was it to dive deep into a multicultural experience for you and what made this journey special?

Being immersed in a multicultural environment was, for me ̶ and I can say for all the Italian students   ̶ a journey to explore the different cultural roots of every colleague. Sitting side by side with people coming from the other side of the world, it enabled me every day to gain a different perspective on the way we look at the world of business, on society and on approaches and attitudes to situations arising in our daily lives. Having the opportunity to wear glasses other than mine to observe our complex world was the true richness of this adventure! We are all children of the same tree: traditions and diversity are the essence of our journey together and allow us to discover humanity in its manifold nuances.

 

About the author
 Marianna Trimarchi
I am a candidate of the International Full Time MBA at MIP. I have a background in academia as a PhD in Communication and Strategic Analysis and a career as content producer in the Media Industry.I have worked for the Italian Television as author and assistant producer for cultural programs as well as for other media outlets as journalist. I am passionate about understanding complex phenomena particularly related to internationalization and global development from a multidisciplinary perspective.

 

 

 

Politecnico di Milano School of Management ranks in the top 100 for its Global MBA in America Economia rankings

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Politecnico di Milano School of Management’s Global MBA ranks 51st in the world in the latest rankings by America Economia.

Educational acknowledgement, multiculturalism, networking and an advantageous geographic location are the key attributes that positioned the business school’s MBA in this ranking of the Best Global MBA Programmes for Latin American students.

Vittorio Chiesa and Federico Frattini, Chairman and Dean of MIP Politecnico di Milano say: “This ranking recognizes our MBA’s strong global position, but also the technical and professional dimensions that help establish its strong reputation within Latin America.”

The programme ranks at the top for its multicultural experience, as well as an impressive 79% for ‘innovation’.

This ranking is unique as it focuses on alumni, taking into account variables such as previous and subsequent income, the time it takes to recover the cost of the programme, job offers derived from having obtained the MBA, and changes in position or responsibilities in a company.

America Economia recognizes Politecnico di Milano School of Management as the leading Italian Business School for Latin American Students and indeed across the globe.

«MIP’s HR vision is modern and contemporary»

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Human resources management merges with marketing instruments and requires skills that are always new and up to date. The aim is to enhance the value of individuals, starting from their diversity. Chiara Lombardi, human resource manager of Emilio Pucci and MIP alumna, explains this to us

A renewed centrality of the value of people, combined with competent and qualified management. This is the future, and in some respects already the present, of human resources management within an organization. So says Chiara Lombardi, human resource manager at Emilio Pucci, an Italian fashion house that is part of the LVMH Group, and alumna of the executive Human Resource Business Leader programme at MIP Politecnico di Milano. «HR doesn’t allow improvisation. Even less so today, considering the increasingly close link with marketing tools, necessary for companies to implement talent attraction and retention strategies».

Learning based on discussion

Chiara’s vision matured after long years of experience in the sector, preceded by a degree in languages and perfected also thanks to the executive programme, in which she enrolled with the goal of consolidating her skills: «I have always had a great interest in human resources, and over time I understood that I wanted to transform myself into a more strategically-oriented HR manager. At the same time, I was lacking some of the hard skills needed to do this. For this reason, I enrolled in the programme offered by MIP». In the beginning, she expected frontal lessons with a decidedly academic approach, but she soon realized that, in reality, a fundamental element of the course was the active involvement of the students: «Alongside high-level teachers, there was the collaboration of companies, thanks to which we had a current and privileged point of view on the HR reality. But a lot of room was also given to the interaction between us students, which gave rise to open discussions, bearers of a great wealth of contents.  For this reason, I advise approaching this course opening your eyes and mind as much as possible. The range of contents, possibilities, solutions is so broad that it represents a unique learning opportunity».

The fruits of this period of learning are clear for Chiara: «I wouldn’t have been so effective in the job market without the awareness I gained in this programme. For me it was a real breath of fresh air, that gave me many learning opportunities and additional skills to use both in my company and in my work transition phase».

Between change and diversity

There’s another area, however, in which Lombardi’s needs were met in the MIP executive programme.  While it is true that hard skills are fundamental, human resources can’t be separated from people. «My goal is to make the issue of change central in the companies I work, and to do this with small and big actions. At MIP I was able to strengthen a modern and contemporary vision and deepen beliefs that are good for both resources and the company. I’m thinking, for example, of the issue of diversity, which by now is fundamental and unavoidable. The enhancement of human resources can’t be ignored. If a person is treated correctly, they will contribute more willingly, generating value and wealth both for the company and the people who work alongside them».

A theme that Lombardi particularly has at heart, seeing that since 2018 she has been a mentor and coach for Young Women Network, a non-profit whose aim is the empowerment of young women. «The issue of female leadership is extremely important, and I really appreciated how the issue of diversity was addressed at MIP (which also, through the Mip4Women initiative, makes a contribution of 1000 euros available to female candidates). Unfortunately, in many companies there is a lack of examples of female managers, given that boards of directors are still largely male. The situation can evolve, but we must all commit to being promoters of change».

BlackRock Hackathon: a green experience!

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Milano Digital Week (MDW) is a social initiative hosted every year by the City Council of Milan to inform the public about challenges and issues in the digital environment. Among keynotes, roundtables and workshops, the organizational committee launches initiatives aimed at engaging companies and citizens in shaping the future of digital. The BlackRock Hackathon is an example of such public involvement.

At the beginning of 2020, Larry Fink, BlackRock’s CEO, announced that environmental sustainability would be at the core of the company’s investment strategy. This was a bold decision made by a global leader in the industry. Following the news, the company decided to launch a challenge aligned with UN SDG (United Nations Sustainable Development Goal) #13: Climate action. The goal of BlackRock’s Hackathon was to create a tool, leveraging big data and analytics, to support investment professionals in taking environmentally informed decisions for their clients.

Hackathons are generally demanding, as participants are asked to develop a thorough, innovative solution in an incredibly short amount of time. Personally, I found this one even more challenging for two reasons.
I signed up to the event as an individual. I was reluctant, at first. Building something with people you have never met before in just 36 hours is not an easy task: you need to create a common ground of communication style and understand how to push your ideas, among other things. Then I remembered something I had learnt some years ago: if you wish to grow and achieve great things, you need to exit your comfort zone ̶ so that is what I did. Luckily, I got along quite well from the start with Mattia and Stefano, my teammates, and, since the team is the key, everything was downhill from then on. And, despite the struggles and the little sleep, we managed to have fun and achieve our goal: winning the hackathon.

Furthermore, the contest addressed a quite complex issue. Despite improved willingness from companies to disclose their environmental impact, the greatest obstacle remains data availability. Whichever solution you want to design, you need to take this into account. Another crucial element was the type of product to present. How are users going to benefit? Which channels to use?

Throughout the competition, teams were supported by BlackRock professionals: in our case, the mentoring was extremely useful. Mentors helped us reason better with regard to the choices we were making by questioning them constantly. In the end, when we prepared the pitch for the jury, Mattia, Stefano and I had motivated our choices so many times that we were confident about the idea, and it only took us a few minutes to find the right words to describe it.

After an initial, long brainstorming session, where ideas seemed to pop up from everywhere, we decided to focus our attention on something that could easily be implemented by an incumbent and whose usage could possibly be sold: an algorithm optimizing the environmental performance of investment portfolios. The name? (re)Balance!

Our starting point was the Paris agreement and its stated goal to contain any increase in global temperatures within 2°C by 2030. Upon that, we built a mechanism that allocates money by picking the most environmentally virtuous emitters and securities from among a predefined set of categories (best-in-class approach). Moreover, as a team, we wanted something visual that could communicate to investors how much they are contributing to the goal: something socially valuable; a thermometer, showing how much investors’ portfolios are helping limit global warming.

I am a student of the International Master in Fintech. One could say the competition was basically my bread and butter, as it addressed innovation in the financial industry. Looking at the specificity of the challenge, especially, one could equally add that mastering financial and technological concepts was pivotal to performing well. This is not completely true. First, because the environmental component was relevant. Second, because innovation does not result just from knowing things. You need to analyse, understand and take decisions in an unexplored environment. In other words, you need to exercise critical thinking ̶ and I believe that’s where the Master was a game-changer for me: it taught me to think about what I know and use it in unconventional ways.

 

About the author
 Lorenzo D’Auria 
I am 24 and grew up in Cagliari, Italy. I am a student of the International Master in Fintech at MIP and I hold a BSc in Economics and Management from the University of Trento. My professional interests revolve around the investment management industry and the impact new technologies have on it.