Undegrads Win Tesla Test Drive
October 18, 2010
Four Berkeley undergraduates, including three Haas students, won the prestigious 13th annual Investment Banking Competition Oct. 7 hosted by the Haas Undergraduate Program and Goldman Sachs.
And aside from coming in first, the winners get to test drive a Tesla Roadster, which sells for more than $100,000 and goes 0 to 60 mph in 3.9 seconds.
“It’s pretty exciting,’’ said Louis Kao, BS/BA 12 (Bus./Econ.). “But sure, we would have liked to win a car," he joked.
In addition to Kao, the winning team consisted of Amy Young, BA 12 (Econ.); Sam Mai, BS/BA 12 (Bus./Econ.), and Michael Miao, BS 12.
The contest attracted 27 teams from across campus who had to evaluate whether electric vehicle maker Tesla Motors should go public. The final round of the competition was held Oct. 7, when a review committee of Haas faculty, Goldman Sachs professionals, and Tesla’s vice president of finance, Mike Taylor, chose the winners. Judges heard 15-minute presentations and then asked students questions.
While all of the teams recommended an IPO to raise capital, the judges highlighted two strengths of the winning team, according to Kao.
"First, they said they were impressed by our preparedness and poise during the presentation and Q&A session, particularly our knowledge of Tesla beyond the facts given in the case," Kao said. "Second, in terms of actual content, we offered post-IPO capital structure considerations as well as specific IPO execution analysis, which served to set us apart."
Topics: Student News