Initiated in 2020 by the German Business Association (GBA), the GBA Business Challenge has become a good chance for Vietnamese students and young entrepreneurs. With the desire to continue to empower the young Vietnamese startup community, the GBA in Vietnam has officially launched the 3rd Edition of the GBA Business Challenge 2022.
The first two editions of the GBA Business Challenge have been great successes when receiving over 100 ideas of diverse business ideas. In addition to the award of financial support of VND240 million, the highlights of the GBA Business Challenge lie in the training and coaching program for the teams with the most convincing ideas.
This program is offered to the Top 20 Teams along with the competition. The finalists will enjoy a follow-up coaching program for 12 months after the competition ends. The coaching program is carried out by experienced professors of the Vietnamese-Germany University (VGU), The German Academy Exchange Agency (DAAD), and the GBA. A jury consisting of 15 members, who are leaders and experts from within the GBA business community will evaluate the submitted business idea. This companionship reflects the enthusiasm and commitment of the GBA and its members to make sure that all business ideas are conducted, and the capacities and skills of the Top 20 are enhanced so that they are ready to build and manage a successful start-up.
Lukas Schoeneck, CEO at ThyssenKrupp Industrial Solutions (Vietnam) - GBA Board Member – GBA Business Challenge Committee: “We believe that the GBA Business Challenge is a fantastic opportunity for young Vietnamese talents to develop their start-up ideas and turn those ideas into reality. Our approach is to support the teams throughout the competition with specific training and professional feedback, making all the difference. Looking back on the last two Business Challenge years, I am very happy to see the remarkable development of the winning teams. We are all excited to kick off season 3, and I would like to motivate all interested young people to step forward and apply their creative idea.”
By participating in the GBA Business Challenge, all teams have been provided not only the opportunity to receive financial support and capacity building program, but also a chance to challenge themselves to overcome their limits, grow their confidence, and enhance soft skills such as presentation and pitching, public speaking in English, logical and critical thinking, or project management. In addition, young people also experience the difficulties and real pressures of the business environment. After six months of the competition, they have gained a lot of knowledge and useful lessons, which have helped boost their self- and entrepreneurial confidence in starting a business.
Vĩnh An, Leader of the SCHRIMMP, Champion of the GBA Business Challenge – Season 2: “This is a big competition that allowed us to challenge ourselves and realize our dreams. Those are the motivations that brought us to this competition. We were there not only because we wanted to become the new champion but also to meet entrepreneurs and potential investors for our project. Through their professional feedback and consultation, we learned a lot from their experience and vision and realized the most feasible directions that we should follow to develop and successfully realize our project. The competition makes us understand that every success requires a lot of effort. The greater the challenges, the greater the payoffs. On that journey, we just need to believe in ourselves, definitely, success will come, sooner or later.”
The 3rd edition of the GBA Business Challenge officially opens for registration on 25 April 2022. The contest welcomes sustainable business ideas which have the potential to make a positive impact on the environment and society. Business plans should be new, feasible, and highly practical ideas that can be realized within 12 months after the competition. All ideas need to come from Vietnam, and members of the participating teams must be from 18 to 35 years old.