MBA students from Europe's leading business schools will go to Cranfield this week to compete in Europe's most prestigious business plan competition, the European Business Plan of the Year Competition
Hosted by Cranfield School of Management, the Competitionis designed to encourage entrepreneurship and new business creation among MBA students and to help them develop and apply venturing, commercial and business skills.
Participants, who come from Europe’s leading business schools, will reveal their ideas for businesses of the future.
At its nineteenth edition, the competition will take place from 3 to 4 June at Cranfield, with fifteen top business schools from across Europe taking part, including London Business School, SDA Bocconi and EM Lyon, whose mission is to "educate entrepreneurs for the world".
The teams from each school will submit their business plan prior to the event and then pitch in front of the judging panel.
A number of the business ideas that were presented at last year’s competition have been launched over the past few months. From Cranfield, Executive MBA student Tim Winchcomb launched ‘PingaPint', a service that enables people to buy their friends a drink in the pub when they can’t be there themselves, using a mobile phone.
Tim said: “Since the competition the business has really moved forward, we now have all the technology in place and will be trialling the system in Cambridge over the next few months. Competing in the competition encouraged us to take our strategy to the next level, and the business plan we presented formed a solid foundation for the company’s progress in the months since the competition.”
RedPack BeachLockers turned their business into reality immediately after winning the competition in 2009. Helene de Saint Front, CEO of RedPack BeachLockers, said “winning the competition for us was the real "kick" we needed to go ahead with our plans...And the fact that people believed in us was such a boost!'
Dr Stephanie Hussels, lead organiser of the event, commented: “The competition provides the perfect opportunity for MBA students to test their business ideas and get feedback from experts. There have been many success stories since the competition began.”
Dr Ioannis Arabatzis from ALBA Graduate Business School won the competition in 2005, with his business idea to develop new concepts in the field of nanotechnology. His company Nanophos SA, which uses nanotechnology to solve everyday problems with products such as self cleaning surfaces, has since gone onto win many business awards.
“The competition gives participants the boost and inspiration they often need to take the leap and start their own ventures,” she said.
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