Entrepreneurs' Challenge launched
Thursday, 10 April 2003
In changing its name to the Entrepreneurs' Challenge (formerly E- Challenge), the University of Adelaide and Hewlett-Packard Australia will be entering this year's event with a fresh outlook.
"Besides making a slight name alteration, we will be releasing our new logo when we launch the event on April 10 at the Art Gallery," says Karen Franks, project manager and Business Development Manager for the Adelaide Graduate School of Business.
For the past two years, the challenge has attracted young people with bright ideas in a business-like competition that offers more than $70,000 in prizes.
Hewlett-Packard Australia will again be sponsoring the event to the tune of $65,000 that will see participating teams plan for business ventures that have real commercial value. Teams will consult with industry mentors, academics, management consultants and other key supporters throughout the competition.
"Teams have to conduct market research, carry out feasibility studies and draw up business plans for their concepts, all within a six-month period - and each team must include at least one University of Adelaide student," says Franks.
"The winning team will receive prizes to the value of $50,000, the second team $17,000 plus and the third $5,000. And, just as importantly, the prizes relate to helping the recipients get their venture off the ground," she says.
"The 2002 Entrepreneurs Challenge was a tremendous success, particularly due to the involvement of many generous sponsors and we are very confident this year's will be bigger and better.
"This year we clearly have an impressive list of sponsors. They are Hewlett-Packard; Deloitte Touche Tohmatsu; Corporate Express; Computer Associates; Coopers; Department for Business, Manufacturing and Trade; Adelaide Graduate School of Business; Women Chiefs of Business Enterprises - International; Madderns and Taylor Collison," Franks says.
The challenge requires teams of six people, including at least one student enrolled at the University of Adelaide, to develop a business plan for a new, previously unfunded concept. This will be done over a six-month period and involve market research and feasibility studies.
"This is an excellent means of nurturing this innovative spirit in our students," says the University's Vice-Chancellor Professor James McWha.
"It is also an excellent opportunity to marry the learning from our academic programs and research activities with the practical experience that E-Challenge offers."
Professor McWha added that the skills developed during the E- Challenge would be invaluable to the students as they finish their studies and move on into the wider world.
Mr Jack Gargano, Director of Finance and Administration for Hewlett- Packard Australia, says the challenge is an important opportunity for Adelaide's brightest entrepreneurial minds.
"The challenge encourages entrepreneurship and the building of new Australian businesses. It stands out from other business plan competitions because it focuses on the commercial viability of the idea, not just the business plan."