[14 October 2003]
Singapore Management University Launches Lee Kuan Yew Global Business Plan Competition 2003/04 For Tertiary Students Globally

Singapore Management University (SMU) today announced the launch of the second Lee Kuan Yew (LKY) Global Business Plan Competition with a combined prize money of close to US$70,000. The competition is open to all tertiary students around the world.

Organised with advisory assistance from the Wharton School of the University of Pennsylvania, the LKY Global Business Plan Competition aims to provide an opportunity for budding entrepreneurs to test their ideas and pit their business acumen against other students. The competition also provides undergraduates a platform to interact with venture capitalists in the hope of securing funding.

Prof Ronald Frank, President, SMU, “We are highly encouraged by the response from the inaugural competition. SMU is delighted once again to be organising this competition as it provides a unique platform for tertiary students to showcase their ideas.”

The LKY Global Business Plan Competition was launched by SMU in October 2001 garnering more than 200 business plans from more than 70 universities, colleges and polytechnics from around the world.

“As an organisation that strives to be a successful and sustainable business, we realise how challenging it can be to develop a business plan that can be turned into reality. We are very pleased to support SMU in encouraging youths all over the world to follow their entrepreneurial ambitions and to spur the aspiring entrepreneurs to exercise their creative and competitive energies”, said Mr Eiji Koike, President & CEO of Cerebos Pacific, the presenting sponsor.

The judging criteria will be based on six main points including the product’s competitive advantage and the viability of the business plan. Teams that made it to the final will receive up to two return tickets and accommodation in Singapore at the Shangri-La Hotel Singapore to compete in the Final. Last year’s winners, Imago Scientific Instruments from the University of Wisconsin-Madison walked away with US$20,000 in prize money. They were selected for their award winning idea on providing three-dimensional atomic scale imaging and analysis for the nanotechnology industry.

Sharing the objective to promote entrepreneurship amongst tertiary students are Cerebos Pacific as the presenting sponsor and HSBC as the supporting sponsor. HSBC seeks to nurture youth excellence through this prestigious international competition.

The LKY Global Business Plan Competition is also supported by the Economic Development Board, Shangri-La Hotel Singapore as the official hotel; and Channel NewsAsia as the official media station.