Milpark Business School Students Win 2014 IDC Tertiary Institution Business Plan Competition
Two groups of students from Milpark Business School were rewarded three prizes in the 2014 round of the IDC Tertiary Institution Business Plan Competition at an award ceremony held in Sandton on 29 April 2015.
Overall first, second and third place prizes are awarded, with R100 000, R75 000 and R50 000 seed capital respectively. A further four special category prizes of R10 000 cash each are awarded for the:
- Most comprehensive / well written business plan;
- Spirit of entrepreneurship;
- Most innovative business plan; and
- Most impactful socio-economic development.
Eco-Energy, which was produced by C Terblanche, C Harmse, G McDonald, N Basson, J Joubert and A Jordaan, received the Spirit of Entrepreneurship award and the R10 000 cash prize.
Alter Chicken Feed, which was produced by M Gugushe, E da Cruz and L Mogokonyane were rewarded with an overall 2nd place prize and the award for the Most Innovative Business Plan and a R10 000 cash prize.
The IDC Tertiary Institution Business Plan Competition is an initiative that started in 2012 when it was piloted with the University of the Free State Business School.
The competition is aimed at registered students at participating tertiary institutions who need to write a business plan as part of their curriculum. The main objective of the competition is to support entrepreneurial development.
By submitting a business plan into the competition, prospective entrepreneurs are exposed to real life scrutiny of their business plans by industry experts who provide extensive input into the improvement of the business plans prior to the entrepreneurs approaching a funding body.
During the 2014 round of the competition, the IDC received 39 business plans as entries into the competition. Sixteen of these where from MBA students representing Milpark Business School, NMMU Business School, University of Stellenbosch Business School and the University of the Free State Business School.
Twelve business plans were from undergraduate students from the University of Johannesburg and Stellenbosch, while the remaining 11 business plans were received from gap-year students at the University of Stellenbosch Business School.
Winners were selected through a rigorous adjudication process by 15 senior staff members representing various strategic business units within the IDC and sefa. Each business plan was scored against the following six criteria:
- The extent to which the entry meets the IDC’s and/or sefa’s developmental mandate;
- How well the business plan illustrates financial viability;
- How well the business plan illustrates market viability;
- How well the business plan illustrates technical viability;
- How differentiated the proposed business opportunity is; and
- How well the major areas of risk have been identified and mitigated.
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