MIT Campus Store Is a Business for MBA Students
Students at MIT's Sloan School of Management have a unique opportunity to gain insight into the business world with the campus store SloanGear, a fully student-owned and operated apparel business, according to an article in Business Wire.
The store, which is believed to be the only student-owned campus store in the nation, is run like any other business. Each year, graduating students put SloanGear up for sale. First-year MBA students interested in buying SloanGear must raise money, put together a management team and submit a business proposal, which the outgoing owners scrutinize before a final bidding process sends SloanGear to its new owners.
Although the outgoing group hopes to profit on the sale, class of 2011 chief marketing officer Lorenzo Farrontato told Business Wire, "It's not just about the money, it's about a smooth succession."
What's 'in store' for next year's SloanGear?
Incoming chief executive officer Anagha Ramanujam and his team of 12 plan to develop a line of custom products that feature the logos of other MIT grad schools and revamp the SloanGear website. With a focus on delivering "small quantities of new, fresh designs," Ramanujam and his team want to "keep things simple, and keep things realistic."
Management teams at SloanGear, which was started in 1992, draw inspiration from real-life case studies and business principles learned in the classroom and then apply those ideas to the company. The result of that hard work? Bestselling items such as school founder Alfred P. Sloan in gangster apparel. And management experience that students can take with them when they graduate.
