China's youth showed their capacity for innovation even during the ongoing economic downturn in a just-concluded competition by Manchester Business School (MBS) in the UK that evaluated business ideas by would-be entrepreneurs.
The 2009 Manchester Innovation Award was given for the first time in the Asia-Pacific region to discover the next generation of entrepreneurs from the Chinese mainland, Hong Kong and Singapore.
Martin Henery (second from right) poses with Sherry Fu (right), China country manager for MBS, and three contestants in the 2009 Manchester Innovation Award.
All top 10 finalists came from the mainland, the top two of which MBS said it would support in developing their business plans into commercial reality.
"I'm glad to see the great success of the debut of this event in China," said Martin Henery, from the Enterprise Academic at the Manchester Enterprise Center of the MBS.
"I would say all the plans have specific innovative elements showing entrepreneurial spirit, which is vital to the modern business development."
After it was announced in February, the competition attracted 120 business plans from more than 200 applicants across the region.
Winners receive a 1,500 pound prize and an all-expenses paid trip to the Manchester campus where they will have the opportunity to discuss their business plans with a team of professors.
Top-10 business plans ranged from hi-tech manufacturing designs to a tour agency to advertising and even a cleaning service.
"The sort of ideas that a business would be looking for (during a downturn) are something that would actually reduce costs without having to spend too much money," said Henery.
He added that opportunities to start businesses actually "increases in terms of ideas" in times of economic hardship, although starting a business in such an environment presents obvious challenges.
"A good opportunity is based on finding a problem to solve and now there are just more problems," he said. "So if you can keep your eyes open and even anticipate what's coming next, customers will be happy."
Source: China Daily
