[1 July 2004]
Six out of more than 500 teams short-listed for Finals of the second Lee Kuan Yew Global Business Plan Competition organised by SMU

Six teams have been selected to compete in the Finals of the Lee Kuan Yew Global Business Plan Competition 2003/2004 to compete for a combined prize money of close to US$70,000. The competition, organized by the Singapore Management University (SMU), attracted submissions from over 500 teams from 117 universities spanning 30 countries this year.

The six final teams, consisting of 3 teams from Singapore, 2 teams from the United Kingdom and 1 team from the United States, have been selected from fifteen semi-finalist teams from Singapore, United Kingdom, United States, Hong Kong, India and Australia . The competition was judged by a panel of international judges including venture capitalists, academia, businesses and representative from the Singapore Economic Development Board (EDB).

Launched in 2001, the inaugural Lee Kuan Yew Global Business Plan Competition saw the participation of 203 teams from 74 universities spanning 19 countries. The number of submissions has since more than doubled in this second year of the competition to over 500 teams, reflecting the intensity of the competition and its international reach.

“The importance of entrepreneurship has become undeniably clear in this current economy. As an education institution with a focus on business, SMU aims to help reap the great potential of such a versatile economy by creating a platform to grow the entrepreneurial spirit at the undergraduate level internationally. We are highly encouraged by the keen response and the superb quality of the submissions received. This is an accomplishment that signals a growing interest in entrepreneurship at the undergraduate level worldwide”, said Prof Ronald Frank, President, SMU.

The Lee Kuan Yew Global Business Plan Competition marks the first ever international business plan competition to be organised at the undergraduate level, targeting students from universities, colleges and polytechnics internationally.

The six finalists will gather in Singapore on 22 July 2004 for the Finals to make their case. Following the Finals will be an Award Presentation Ceremony announcing the winner of the competition.

Cerebos Pacific is the presenting sponsor and HSBC is the supporting sponsor of the Lee Kuan Yew Global Business Plan Competition 2004. The competition is also supported by EDB, Shangri-La Hotel Singapore as the official hotel; and ChannelNewsAsia as the official media station.