Bursting with creativity: KPMG Business Administration Paper 2016/17 finalists showed off their digital dynamism
By challenging student participants to think like “The Digital Entrepreneur” and come up with business models that take advantage of the latest technology, the KPMG Business Administration Paper 2016/17 elicited a wide variety of imaginative, yet practical, digital ideas with the potential to become real businesses.
Now in its 31st year, the KPMG Business Administration Paper is an international case competition held annually by the Hong Kong Federation of Business Students (HKFBS). Open to undergraduate students from both Hong Kong and around the world, the competition aims to stimulate business creativity – but unlike traditional case competitions, it does not require deep business acumen.
Over 1,300 students, competing in more than 200 teams, took part this year, with five – four from Hong Kong and one from Ningbo in China – selected to compete in the grand final, held on February 5 at KPMG’s Hong Kong office at Hysan Place. Teams were competing for cash prizes of up to HK$15,000, as well as internship opportunities at top companies.
“Every year we have entries from around the globe with spectacular ideas for change and improvement,” said Tina Cheung, HKFBS’s joint project director of the Business Administration Paper 2016 with teammate Hilary Lau. “Nonetheless, every year we try to look for something different, something more peculiar and something more out of this world.”
The finalist teams were each given 15 minutes to present their business ideas to the Evaluation Committee comprising 20 business executives and professors. Each presentation was followed by a 10-minute Q&A session in which the judging panel drilled down into the proposed business strategies and solutions.
The judges were given a tough decision to make but eventually gave first prize to a two-person team from the Chinese University of Hong Kong (CUHK) and their project “Hungry Now”, a one-stop mobile platform for food ordering and delivery.
“Joining this competition has ignited our passion towards starting up a business in Hong Kong,” said team members Lam Wai-yee and Ching Ho-him, who are majoring in global business studies and Asian business studies, respectively. “In the coming years, we will try our best to actualise our proposed start-up so that all Hongkongers can enjoy a more affordable food-takeaway service offering a greater variety of dishes.”
A one-stop crowd-funding investment platform for millennials called “Stockin” grabbed the first runner-up spot for Chan Yin-tung, Ho Chi-yin, Lau Ka-yu and Leung Sik-yin, also from CUHK. The team, all from the university’s interdisciplinary major programme in global economics and finance, paid tribute to others who had guided them along the way.
“Special thanks must be given to our mentors and advisors who helped resolve a lot of compliance issues to make this investment platform feasible in nature,” the team said. “This competition has undoubtedly solidified our determination to put this idea into the real world, helping more and more millennials to reach their financial goal.”
A combined CUHK and University of Hong Kong (HKU) team picked up the second runners-up prize. Chan Lok-hei and Tang Kin-yip, both studying international business and Chinese enterprise at CUHK, and Ng Keng-sang and Tiffany Sien Wing-yin, BBA (Law) and LLB students from HKU, said the competition made them realise how much potential new technologies possessed and the impact they could have on society.
“With the workshops organised [by HKFBS and KPMG], we also got a more holistic view of the digital industry and heard valuable opinions which helped us improve our project,” they said.
New to this year’s competition was a Business Elites Forum and Cocktail Night session, held after the awards to facilitate the exchange of ideas among participants and members of the Evaluation Committee.
During the Business Elites Forum, Irene Chu, partner, audit and head of the high growth technology and innovation group at KPMG; Loretta Wan, director of publications and e-Commerce at the Hong Kong Trade Development Council (HKTDC); and Dennis Cheung, director of ShowMuse and chairman of the Hong Kong Innovative and Creative Media Association, exchanged their views on “Creativity in the Digital Age” and gave useful insights on future industry development.
“It’s great to see our younger generation sharing many creative ideas,” Chu said. “This competition is designed to be a platform for young people to showcase their talents and potential. We hope the competition has broadened their understanding of the business opportunities and helped them develop some of the important skills and competencies that will help them better prepare for their future career.”
This article appeared in the Classified Post print edition as Bursting with creativity.