Thursday January 14, 2016

Entrepreneurship in China

Two undergraduates from a university in China will travel to campus and compete for $65,000 in cash prizes in the final round of the University of Dayton’s 10th annual Business Plan Competition on March 5.

The students won first place among 58 entries in the University’s inaugural Entrepreneurship in China contest held at the University of Dayton China Institute for their pitch for a wedding cartoon customization service.

Student teams had 90 seconds on Jan. 10 to present their idea for a new product or service to a panel of judges, similar to the popular television show “Shark Tank.” The contest attracted media attention from the local station CSZTV.

“The ideas ranged from tech start-ups to health care to travel and tourism,” said Vincent Lewis, director of the L. William Crotty Center for Entrepreneurial Leadership. “Many ideas were geared toward selling products or services to China’s rapidly growing middle class. It was very apparent that many students in China are focused on building a business and being their own boss.”

The first-place team from from Nanjing Xiaozhaung University won $1,500, or 9856 yuan. Team leader Fei Xu was selected by University of Dayton students who attended the event at the Suzhou Industrial Park for the student choice prize of an iPad Air. University of Dayton students are visiting Suzhou, Beijing and Shanghai this month as part of the School of Business Administration's new Doing Business in China course.

“This year’s winner, Fei Xu, has started a business that combines technology with graphic design and life’s big events to create a personal portfolio of art to commemorate those events. Fei’s idea is well positioned to take advantage of fast growth in Chinese markets,” Lewis said.

Two members of Xu’s team will travel for free to Dayton to compete against five teams from the University of Dayton in the final round of the competition.

The first place winner will receive $25,000; second place $15,000; third $10,000; and fourth, fifth and sixth $5,000. All finalist teams will also receive 10 hours of free legal advice from the University of Dayton Law School’s Entrepreneurship and IP Clinic, and the top three team will get additional support.

Read more about the finalists in the related link.

For more information, contact Meagan Pant, assistant director of media relations, at 937-229-3256 or mpant1@udayton.edu.

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