Young entrepreneurs in business plan battle
A hybrid urban backpack – The Hub, designed to adapt to the evolving requirements of the wearer, has won first place in the 2015 University of Newcastle (UON) Business Plan Challenge held today in Newcastle.
Facing strong opposition from the three other finalist teams and 441 total entrants state-wide, Year 11 Albury High School student Tim Lutton took out the top honour, accepting the winning cheque from Newcastle MP Tim Crakanthorp.
Challenge Convenor and UON Senior Lecturer in Accounting and Finance, Dr Michael Seamer, said the concepts presented this year were some of the most innovative he had observed over the 12 year history of the event.
"Many of the business plans this year were aimed at solving complex, real world issues, demonstrating a sophisticated level of business acumen," said Dr Seamer.
Merewether High School students presented their Syrup House concept – a café style restaurant specialising in sweet and savoury waffles.
McAuley College Grafton presented their Forget me Not Fridgemate concept – an A4 sized thin computer screen fridge magnet aimed at managing the nutritional needs for Dementia and Alzheimer's sufferers.
Macquarie College, Wallsend presented their diabetes management App – Insulog, which provides diabetics with an online diabetes monitoring service that links to the user's medical practitioners.
Dr Seamer said the Business Plan Challenge was aimed at supporting the growth of entrepreneurial thinking and activity.
"The Business Plan Challenge introduces year 11 students to the exciting start-up ecosystem, offering a taste of potential career pathways," said Dr Seamer.