Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Russian Youths Win Prizes for Business Skills

Junior Achievement, a program to teach students about free-market reforms, was introduced in Russia only six years ago, but already two Russian teams have won prizes at an international competition.

Alexander Korotkov and Alexei Ulianov, representing the team STAR97, received a second-place award and a $2,000 prize at the 1997 Hewlett-Packard Global Business Challenge finals in Tokyo last month.

Dmitry Mitrokhin and Vyacheslav Romanov, whose team was called DEMAND, came in fourth among the eight teams competing in Tokyo, winning $500 in prizes, said Saundra Vann, spokeswoman for Dialog Bank. Dialog Bank is a founding member of Junior Achievement Russia's board and has a representative who sits on it.

During the competition, which started in January with 634 teams from 36 countries, the students made managerial decisions affecting computer-simulated businesses.

In the first three rounds, the students sent their decisions via e-mail to Harvard Associates, which administered the initial stages of the contest from Cambridge, Massachusetts.

While Vann didn't know specifically what criteria were used to judge how well the students performed, she said the judges were looking at more factors than just the company's bottom line.

About 400,000 students across Russia have participated in Junior Achievement Russia since it began in December 1991. Students learn about capital flow, cost benefits and profit margins and the role of government in business, Vann said.

Junior Achievement was founded in the United States 78 years ago and now has programs in 90 countries worldwide.