The competition matched 34 teams of 2-3 students with 34 entrepreneurs selected at random from the BiD Network. Each student group was also teamed up with a professional from ABN AMRO or KPMG, who served as a coach for the students during the competition. The prize for the best business plan review was an internship package at KPMG or ABN-AMRO.

Two-way exchange of ideas between students and entrepreneurs
During the course of the competition, which lasted seven weeks, students gave detailed feedback on the entrepreneurs’ business plans, and helped them with questions they had about their businesses. Entrepreneurs in turn were asked to judge the feedback they received from their student team based on the feasibility, clarity and innovative character of the recommendations. The final decision on the best review was made by a panel consisting of Dutch and international business professionals, who took into consideration the value of the student’s review for the entrepreneurs, the overall quality of the student’s recommendations and 2 minute pitches given during the final award ceremony. The winners of the competition, Michael Bowen and Michael Zhang, are Canadian nationals studying in the Netherlands.

Helping to see their business as others see it
All parties involved in the BiD Student Challenge found it a rewarding and educational experience. Students indicated that the competition had made them more aware of the real issues facing entrepreneurs in developing countries, and that it helped them to develop their professional skills. Participating entrepreneurs said that the suggestions they received from students were relevant, accurate, timely, practical, realistic, well-founded and contained a good level of detail. Entrepreneurs reported that the students helped them see their businesses in a new light, urged them to question some of their business assumptions, as well as gave them insight on how others see their plan. Especially feedback regarding marketing strategies, market structure and financial aspects was considered very helpful. Entrepreneurs commented that the student’s value added was not so much in their knowledge of the market and or business at hand, but in helping structure the business plan and making it more concrete.

High impact advice
All participating entrepreneurs reported that they intend to change aspects of their business plan based on the students recommendations, indicating that the competition will have a real impact on their businesses. Several entrepreneurs have already implemented the students’ feedback into their businesses plans and resubmitted them on the BiD Network, increasing their chances of producing a viable business and finding an investor.

Interviews with participants

Click here for an interview with Victor Augustine, a Tanzanian entrepreneur participating in the Challenge…

Click here for a testimonial from Steven Duijvestijn, a Dutch student participating in the Challenge...

Click here for an interview with Maarten de Vries, a Dutch coach participating in the Challenge...