7€ CASH-PROJECTS 2016
Students’ project summaries:
7€ CASH PROJECTS 2016
7€ seed capital for the development and testing of one's own business idea: Corporate Management students preparing for their final project presentation – this year with international participation
For the third time, the Corporate Management program challenges its 2nd semester students with the task of developing a viable business idea with seed capital of only 7 euros. Within seven weeks of real entrepreneurship, they are trying to achieve the best possible result for their business. In the concluding competition, the most successful projects will receive interesting prizes.
The project is part of the Start-Up Management & Business Plan Development lecture held by Karin Steiner. It allows students to explore the depths of how to found and lead a company. Following a brief introduction to the development and assessment of business ideas, students have to develop an idea and subsequently assess its prospects and feasibility. As part of the project, students are required to make an appointment with the Austrian Economic Chambers where Mr. Peter Wachter (head of the Kufstein branch of the Austrian Economic Chambers) and Ms. Verena Weiler offer advice and support.
Once an idea has been found, the next steps on the way to realizing the idea are the development of prototypes, the finding of business partners, and convincing customers from the private as well as the business sector. Project challenges lie in the very small budget, the limited available time and the fact that all program courses continue to be held at the same time. For the first time in 2016, the Corporate Management students' teams (8 teams with 4-5 students each) not only compete against each other but also against a team of five incoming students from the university's international program. Thanks to the generous support of the Sparkasse Kufstein, each team is supported by a project coach, i.e. an experienced student from the previous project year group.
This year’s project deadline and therefore also the date on which all business activities must end is June 8th 2016. After that, the participants have time to draw up a convincing business report allowing them to hold a professional business presentation in front of an external jury. The jury then decides about the allocation of the prize money totaling 1.200€. The final jury session will take place at the Kufstein University of Applied Sciences at 1pm on June 21st 2016.
All the project participants want to thank all project partners, sponsors, jury members, the CAST center for academic spin-offs tyrol in Innsbruck, the Kufstein branch of the Austrian Economic Chambers and the Kufstein bank branch Sparkasse.
Lecturer for Corporate Management, Entrepreneurship & Financial Controlling at the Kufstein University of Applied Sciences.