First-year students at Harvard Business School Jaron Wright and Shivani Singh began networking before the fall semester began. They held a 7-day party on a yacht floating in the Adriatic Sea.
This summer, hundreds of students from Harvard and other elite business schools took the time to attend an emerging MBA candidate coming-of-age ceremony: Yacht Week.
The event was created, branded and organized by a Swedish company, and throughout the summer, the white fleet landed in different parts of the Mediterranean for a period of 7 days. Partygoers willing to pay thousands of dollars frolick in the azure waters, explore the coastal villages of southern Croatia, and dance to a DJ after sunset. They also board neighboring vessels to connect with other MBA candidates.
That's what Mr. Wright and Ms. Singer discovered on an August night that they shared after graduation to venture capital. The next day, Ms. Singer greeted Mr. Wright as she straddled seven inflatable unicorns.
"One day, someone from Yacht Week will be a very important part of my life," Mr. Wright said. "I have a feeling that this is going to happen."
MBA students have long viewed off-campus relationship building as a key part of their degree, and at some schools, they can spend up to $200,000. These networking opportunities can occur on ski trips, dinner parties, or informal summer group gatherings. Over the past decade, Yacht Week has emerged as a new way to monetize this pursuit.
The event began in 2006, when two Swedish captains decided to plan their own sea party with friends in Croatia. With Facebook and friends inviting friends to join, the event quickly expanded into a money-making adventure. The number of yachts they requisitioned increased from 95 in 2007 to 431 in 2010 and to less than 1,000 this year. Now known as Day 8, the company expanded from Croatia to new locations including Greece, the British Virgin Islands and Tahiti. Now, depending on the yacht's size, age, and air conditioning, the cost of a place on board ranges from $800 to $2,500. Airfare, food, drinks and gratuities are not included. The company said its Yacht Week celebrations brought in nearly $13 million in revenue this year.
