It was a fruitful multicultural summer for 33 HKUST students and their overseas peers who competed in the Technology and Management International Business Plan Competition 2012, held in Hong Kong and Mainland China in August.
The contest, co-organized by the HKUST Dual Degree Program, University of Illinois at Urbana-Champaign and University of Sao Paulo, requires mixed international teams of top students to develop an application and business plan for an emerging technology. Plans are then presented to an eminent panel of judges.
The 2012 competition was the seventh time the contest had been held. Student teams spent one week on research, market analysis, and the development of viable business plans for one of the six industries named as Hong Kong's new economic pillars.
Team spirit was encouraged prior to the start of the competition with a day's rafting in Sai Kung. Other activities included a visit to Hong Kong Applied Science and Technology Research Institute (ASTRI) and a three-day trip to Guangdong. Company visits to Guangdong Bear Electric Ltd and Tencent provided opportunities for students to learn about two fast-growing companies in Mainland China.
After keen debate among the judges, Team "WeCycle" was selected as the winner for their business idea centered on waste reduction and collection of recyclable materials.