Business Students Join Innovation Project
Assignment: take $5. and, through marketing and entrepreneurial activities, see how much cash they could grow that initial $5 into in 10 days.
The Innovation Project™ was developed at the University of Victoria (UVic) in British Columbia, Canada, and is one of a growing number of experiential elements that help prospective entrepreneurs at UVic and elsewhere learn to become expert entrepreneurs. Find out more about the project here: (www.business.uvic.ca/undergraduate/current/ specializations/entrepreneurship/project/how/ )
Last month, some UAS marketing and entrepreneurship students participated in the project. In essence, the student groups’ assignment was to take $5. and, through marketing and entrepreneurial activities, see how much cash they could grow that initial $5 into in 10 days.
Congratulations to Lisa Flores, Jenny Lofton, and Ashley Magill from BA 427 Marketing & Entrepreneurial Financial Management. Their Doggie Day Care Innovation Project has been voted by their peers to have the greatest long term potential. Congratulations also to the Lip Balm team (Jamar Hill, James Humphries, and Amy Campbell) and to the Animal Charity team (Tim Miller and Richard Howes) from BA 343 Principles of Marketing who finished in second and third place respectively.
Congratulations also to McKenna Lesman. (age 12) from Juneau who won the UAS’ Students in Free Enterprise (SIFE) Junior Innovator Award for her Sweetness Greeting Cards promotion. McKenna’s cash count at the end of the 10 day Innovation Project was $409.90.
The team from BA 427 made $625, the highest economic profit, and the Animal Charity team earned $130, winning the sustainability award.
In addition to a plaque for winners, UAS (SIFE) will award cash prizes to the winning project teams as follows:
- $900 Long Term Potential & Highest Economic Profit
- $600 Sustainability Award
- $300 Junior Innovator
Overall, the eight participating projects invested $36.42 and in ten days reported $1,305.08 in cash collected, an impressive return of over 3500%.