Social enterprise encouraged in young entrepreneur contest
£2000 prize in seed capital for the best business plan
Budding young entrepreneurs are being given the opportunity to raise capital for their social enterprise ideas, as the second annual Youth Business Development competition is launched.
The scheme was created by the Oxford MBA and MFE classes of 2005-6, and is a global competition for entrepreneurial people aged 16-21.
The competition itself is run by students of the Saïd Business School, and offers a prize fund of £2000 in seed capital to support the leading ventures.
Dan Marmar, one of the scheme’s founders said the project was created to give young people the ‘chance to develop an original business idea with social impact, and to raise funding for that project’.
“We believe the benefits to young people entering this competition are significant,” said Marmar. “Besides being helped by Saïd’s students to build knowledge and experience in social enterprises and social entrepreneurship, the applicants will be encouraged to develop their team-working and communications skills and will build valuable confidence for the future.
“They will also have the opportunity to network with other young social entrepreneurs from around the globe with all the advantages that can bring.”
Last year, teams from eight different countries reached the final phase of the competition, and the winner was a team of engineering students from the University of Chandigarh in India.
Their business plan was to use the university resources to revitalise a major slum close to the campus to provide employment and training to its residents.
© Crimson Business Ltd. 2007