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Students seek path to biz fortunes
(China Daily)
Updated: 2004-11-08 08:41
Twenty-seven business plans entered in during the Fourth "Challenge Cup"
National Entrepreneurship Competition for College Students have already been
scooped up by venture capitalists who may want to develop the ideas.
The competition kicked off yesterday in Xiamen University in East China's
Fujian Province, which will last three days.
It is sponsored by the Ministry of Education, the Central Committee of
Communist Youth League, China Association of Science and Technology, the
National Union of Students and co-organized by Xiamen University and Xiamen
municipal government.
Winning teams from Hong Kong, Macao and Taiwan joined the competition for the
first time as guest contestants and observers.
Entrants are scored in two parts: Plans on paper and closed-door competitive
interviews.
Forty entrepreneurs, venture capitalists and other professionals are involved
in evaluating the 100 plans from 77 colleges across China.
Plans are compared on their market potential, feasibility and the team's
ability to successfully execute their business ideas.
The plans represent a wide-ranging spectrum from electronic, mechanical and
medical products to the service industry.
Entrants focus on energy sources, environment and rural issues in China,
according to the organizers.
The competition is designed to bring out the innovative and entrepreneurial
spirit of college students.
Students are encouraged to turn technology and ideas into businesses.
In turn, potential job seekers become job creators, which is "of significance
for rapidly expanding higher education," as Professor Wu Shinong, vice-president
of Xiamen University put it.
Since the first national entrepreneurship competition was launched in 1999 at
Tsinghua University, which yielded promising firms like Fanso, Shimeile and
Sotrip, China has witnessed an upsurge in business exploration around Chinese
campuses.
Fanso attracted an investment of 6 million yuan (US$722,000) from Shanghai
Pudong Technology Innovation Investment Company while Shimeile received venture
capital of 52.5 million yuan (US$6.3 million) from Shanghai NO.1 Department
Store Corporation.
During the third competition hosted by Zhejiang University in 2002, 10 out of
the 60 final teams ended with contractual investment of 93.3 million yuan (US$11
million) in total.
However, "the amount of invested capital alone is not to state the value of
this competition," said Professor Wu Shinong, also vice-director of the judging
panel.
According to reports in the United States, only 10 out of 1,000 business
plans receive venture capital and they see a still lower success rate at just 5
per cent to 8 per cent in entering business.
Wu points out that the competition serves more as a drive to quality
education and technology advancement.
One member from Taiwan said the competition provides incentives to pursue
study and to involve faculty and fellow students.
Multidisciplinary combinations of competitive teams greatly enhance the
communication of students.
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