Entrepreneurs Society Launches The Hit Innovation Competition at AUC
In an effort to increase the interest of University students toward entrepreneurship and innovation, Entrepreneurs Society (ES), under the supervision of AUC’s School of Business and in cooperation with Souq.com, has introduced a new product innovation competition titled The Hit.
As the first product innovation competition held for the AUC community, The Hit is a new initiative that caters to students who express interest in developing a product and/or business. By providing a platform for a practical learning experience for all students, the competition encouraged participants to create and implement their proposed projects, with the potential of being sold via souq.com.
Prior to the competition, students attended a series of sessions in order to enrich their learning experience with regards to producing a product and utilizing the appropriate practices of business and entrepreneurship. Delivered by ES moderators, along with prominent figures in business-related careers and distinguished academics, the event featured renowned guest speakers including Sherif Nagui, consultant at Booze and Company; Omar Sodoudi, chief executive officer and general manager of Souq.com; Con O’Donnell, entrepreneur and media mentor and founder of http://books.com.eg; and Abdel Hamid Sharar, trainer and founder of Adams training company; amongst others.
The competition was divided into three main stages: idea generation, the planning round and the branding round. Students were allowed to participate in teams, and in the first stage of the competition, participants were expected to produce an executive summary by attending a session on “Idea Generation and Product Innovation.” The objective was to encourage students and promote the incubation of their initial ideas, whilst instilling the dynamics of e-commerce in Egypt.
The second part of the competition involved a business case-writing session, whereby teams were expected to write their business cases and present their elevator pitch to a judging panel. The top 16 performing teams were determined simultaneously by the panel of judges, in addition to the solicitation of online voters.
Consequently, these teams were to set up a fully developed marketing campaign plan to ensure the effectiveness of the branding of their products. Through a selection process, six teams were eliminated, leaving 10 to create product prototypes with LE 1,000 funded by the competition. During the production phase, videos were uploaded to ES’s Web site, where voters picked their preferred product. The winning team was awarded LE 50,000 to establish its product.
Founded in 2003, ES promotes the notion of entrepreneurship and encourages students who are hesitant toward the concept to take part in a risk-free and safe environment. ES holds a range of competitions, simulations and sessions to foster and further develop young entrepreneurs.
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