New Straits Times

17 June 2010

Undergraduates with a profitable business plan that could benefit the nation stand to take home up to RM25,000 in a competition aimed at unleashing creative potential.

The Bank Simpanan Nasional (BSN) InterVarsity Social Venture Challenge offers six prizes worth a total of RM100,000 for those with financially viable proposals that also benefit the community.

The first and second prize (RM15,000) winners in the competition open from July 1 to Sept 30 will also receive a netbook besides a plaque and a certificate of participation.

The third prize winner will receive RM10,000 while three consolation prize winners will take home RM5,000 each.

Global Institute For Tomorrow (GIFT) chief executive officer, Chandran Nair, said the competition was open to undergraduates from both public and private institutions of higher learning.

He said entry was open to groups of four members each from which six groups will be shortlisted.

Six participants will then be shortlisted and sent for a two-day workshop with BSN where they would be advised on how to go about realising their business plans.

Chandran, who is also the chief judge, said the challenge was an ideal channel for the young to project their entrepreneurial skills by suggesting ideas that would contribute to social development.

He said business plans submitted should not focus on profit-making alone, but go beyond with emphasis on positive social impact.

"The challenge encourages undergraduates with great ideas to start creating enterprises with high social impact."

Chandran said social enterprise was about business ventures that had the potential to be commercially viable and not just driven by profitability.

He said such projects should have a social impact to benefit the people.

Chandran added that the idea of taking a traditional business and expanding it to employ hundreds in nearby kampung would constitute a successful social venture.

GIFT is playing an advisory role in the competition by sharing ideas besides designing the competition and establishing judging criteria.

The challenge is part of BSN's corporate social responsibility programme in line with the organisation's role of looking after the needs of the community, irrespective of race, age or beliefs.

Previously, executives from BSN have participated in GIFT's Global Young Leaders Programmes in China which inspired the organization to create the competition to enable youth to think innovatively in addressing today's challenges.