Aspiring entrepreneurs who signed up for this year’s “Get Inspired, Get Skilled, Get Started” Youth Entrepreneurship Symposium 2015 (“YES 2015”) were coached on skills to establish a business start-up, so it was apt that their challenge was to come up with an out-of-this-world business pitch.
After much homework and consideration, the team ‘Lean and Mean’ finally settled on their idea of making healthier food options available in the heartland areas of Singapore.
Apart from their team, some 450 participants from various educational institutions found themselves selling innovative business ideas at the YES 2015. The event was held from 17th to 19th June at the National University of Singapore.
The business pitch proposed could be anything. It could be a simple mobile application enabling you to “queue” online and reduce waiting time at restaurants. It could even be a social media channel enabling you to perform multiple Facebook functions – liking, sharing and commenting anonymously. These were some of the unique ideas youth pitched to YES’s panel of judges.
“The idea needs to be differentiated, big enough to be profitable,” said Mr Leslie Loh, CEO of Red Dot Ventures who was one of the judges of the competition.
Not only did the teams need to come up with lucrative and striking ideas, they were also required to persuade the judges to buy their business proposals in a short period of time. The members from Lean and Mean shared their insights on the competition.
“We had so many ideas in mind but one day was really too short to settle on one idea and come up with our business pitch,” said Kim Junhyzong, 22, a student from Singapore Institute of Management.
Although the team experienced a fair number of challenges, they were confident that their idea was something the judges might buy into – the perfect pitch.
“We think our idea works as healthier food is normally available in the CBD areas and not the neighbourhoods. People nowadays are switching to healthier options,” said Mavis Lim, 19, a student from Serangoon Junior College. “That’s something that we don’t have.”
Posted by Brenda Ashwini Krishnan on 7 Dec 2015, 4:06 pm
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