The Show that finds the Vietnamese Entrepreneur with the Next Big Success!
Organised by Chao Vietnam, a cultural Vietnamese club in SMU.
Some information about the competition:
Objective: To promote entrepreneurship spirit among Vietnamese students in Singapore and learn more about Vietnam economy. To provide a platform for young entrepreneurs to meet VCs or potential investors to support their projects.
Eligible participants: Vietnamese students in Singapore
Project scope: Entrepreneurship in Vietnam
Time frame: October 2009 - March 2010
Competition mechanism: 3 rounds
- Round 1: Idea proposal (October - November)
- Round 2: Selected proposals with more research (December - January: with December in Vietnam for more research)
- Round 3: Presentation for selected proposals (February - March)
Panel of judges: 3
VCs: 10 and above who are interested in invest in Vietnam
The competition format
A prizes of up to S$1.5M available to Entrepreneurs with either an existing successful business or viable new idea
Round 1 - Entrepreneurs create a 3-5 minute video delivering a summary pitch of their business concept which viewers can vote on
Round 2 - The 30 videos with the most votes are reviewed by a panel of judges who select the best 6 ideas
Elimination Rounds - The 6 finalists come before the panel of judges and pitch their business plans in front of the judges over 6 episodes
After each episode, the viewers vote for their favorite entrepreneur and the judges add their votes to determine the ultimate winner
How it all starts
Online video channel with very strong viral component to appeal & reach the mass market
Entrepreneurs have 4 weeks to upload a video to the VC Challenge website, of a 5 minute investment pitch for their business concept
The entrepreneur canvasses his friends, family & contacts to vote for his or her video or other viewers will also be able to vote for the video they like best
At the end of the 4 weeks, the 30 videos with the most votes go through to the second round
Selection criteria for finalists
The panel of 4 judges review the top 30 videos and create a final selection of 6 – those with the best business ideas and presentation skills
The judges will be comprised of people in the Venture Capital industry
The final
In each of the 6 episodes, one element of a business plan is presented by the entrepreneur…eg The product or service, Marketing, Management Team, External Analysis (competition, opportunity, etc), Financials, etc
The judges ask questions to understand the plan better and give feedback to the entrepreneur
After each episode, the viewers vote for the entrepreneurs (giving them marks out of 10)
The average score is then taken and added to the judges score to determine the total score
These scores grow cumulatively over the course of the final until the last show when an overall winner is announced
