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Thursday, 1 April 2004

University of Adelaide students can share in more than $80,000 in cash and prizes in an innovative business competition that begins today (Thursday, April 1).

The Entrepreneurs' Challenge is a joint initiative between the University of Adelaide and Hewlett-Packard Australia Limited.

Now in its fourth year in Adelaide, it aims to foster the successful development of new ideas into investment-ready early-stage companies. It is based on the Massachusetts Institute of Technology's "MIT $50K" competition, which has been responsible for the start up of companies collectively valued at around US$15 billion.

Under the competition, teams - which must consist of at least one University of Adelaide student - must come up with business ventures that have real commercial value. Teams will consult with industry mentors, academics, management consultants and other key supporters throughout the competition.

Entrepreneurs' Challenge project manager Ms Marissa Haltis says the competition aims to stimulate innovation and entrepreneurship and create genuine commercial prospects for the benefit of South Australia.

"It also educates entrants about the process of getting a viable business off the ground," she says. "And with more than $80,000 in prizes, it is certainly more than an exercise in writing a good business plan."

The 2004 EChallenge will be officially launched on Thursday, April 1 at the South Australian Art Gallery (adjacent to the courtyard). It will be hosted by Professor Fred McDougall, Executive Dean of the Faculty of the Professions at the University of Adelaide along with Mr Jack Gargano, Finance Director, South Pacific, Hewlett-Packard Australia.

For more information, visit: www.adelaide.edu.au/echallenge

• WHAT: Launch of 2004 Entrepreneurs' Challenge
• WHERE: South Australian Art Gallery, University of Adelaide, North Terrace Campus
• WHEN: 10.30am TODAY - Thursday, April 1