Goldman CEO Plays the Nice Shark Tank Judge for Brooklyn Kids

(Bloomberg) -- So what kind of Shark Tank judge does David Solomon make?

Based on feedback the Goldman Sachs CEO gave Tuesday after three teams pitched him Nike products: a softie.

The event was an exercise organized by the nonprofit SuitUp that turned students from the Young Women’s Leadership School of Brooklyn into entrepreneurs. SuitUp expects to run 60 to 80 such competitions this year, involving different schools and companies.

The students had three hours to come up with their business plans with the help of Goldman employees volunteering as part of the firm’s Community TeamWorks program. This was one of hundreds of opportunities the bank provides globally for one day of service.

“I’ve been at the firm 20 years, and I’ve done Community TeamWorks 20 times,” said Solomon, who took over the top job in 2018. For more than 10 years, he helped put together a barbecue at an assisted-living facility in Harlem, grilling burgers and socializing with residents but not playing DJ. “They brought in a guitarist or singer,” he said.

Now that he’s in charge, does volunteering feel different? “Not at all,” he said. “We all need to find ways to give time.”

Dream Jobs

The day kicked off with the students sharing their dream jobs -- actor, surgeon, designer, whatever makes me happy -- and the Goldman volunteers describing their actual jobs. “I’m a doctor for people’s money,” said Helen Bamber, who shared her journey from Zimbabwe to the U.S. to play squash in college.

Then it was time to start brainstorming for their businesses. Bamber’s group went over the relative merits of Vans versus Nike, and paid brief tribute to Reebok before moving away from sneakers all together and deciding to develop a school uniform that the wearer can customize depending on her mood. To illustrate, 12-year-old pizza lover Jha-ni Kemp contributed a sketch of a uniform she would wear, decorated with pepperoni and mushrooms.

Another group had a eureka moment when someone blurted out “Just See It.” That became the slogan for their product: high-tech Nike eyeglasses capable of taking pictures and alerting the wearer to danger ahead. The glasses would also offer games to play, a feature the students determined would automatically shut off inside a school building.

Pitch Time

The third group developed an experiential retail concept, designing a store where customers can try the sports they intend to play in the apparel and gear for sale there. Their vision included a Velcro Nike swoosh that can be customized via an app to change color or pattern.

Finally, it was time to pitch to a panel of judges, all from Goldman, each bringing their own unique style. Brian Fortson, who works in regulatory reporting, wore the Community TeamWorks T-shirt. Tucker York, global head of private wealth, was in a suit and tie. Solomon said he took off his tie for the occasion “because I thought it looks a little more relaxed for the kids. I wish I had had a different day today, so I could have been in jeans and a T-shirt and my Nikes.”

When it came time for the judges to give feedback, Solomon focused on the team that developed the eyeglasses, and was positively glowing. He said they’d come up with a product that “addresses a big market,” at a price that was “reasonable in the context of manufacturing,” even though “some of the capabilities I think might be in the future.”

Given his high opinions of this particular team, and his senior position on the panel of judges, it’s perhaps not a surprise that Solomon declared them the winner. The voting was held in a closed session.

“Judges don’t spill the beans,” he said. “It was a robust debate. The good news is that we didn’t need unanimity -- this wasn’t a jury. We took a vote and we moved forward.”

To contact the reporter on this story: Amanda Gordon in New York at agordon01@bloomberg.net

To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill, Peter Eichenbaum

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