MCCI hopes more schools will join in Business Idol

CEBU, Philippines - The Mandaue Chamber of Commerce and Industry (MCCI) hopes to attract more schools and universities to participate in the 3rd Business Idol campaign, which aims to inculcate entrepreneurship to the young generation.

The search for business concepts, as pioneered by MCCI’s Mandaue Business Movement (MBM) campaign, is not limited to students but is also open to creative people who have good business ideas. The program is not only about awarding the winners but also to develop a connection between the business concept owner and the capitalists.          

Program chairperson Wilson Ng gave the assurance that the intellectual property right (IPR) of the concept owner will be protected especially the sensitive information of the business plan to prevent it from being copied.  

Ng further said that the participants are advised not to publish their “proprietary information” in the required 30-page business plan that will be scrutinized by the judges.

Patterned after the “Idea Farm” for businesses to consider and stimulate entrepreneurship among students, the “Business Idol” program of the MBM is now attracting nine universities to participate.

Initially, the universities that have registered include the University of the Philippines Cebu, University of Cebu, University of the Visayas, University of San Jose Recoletos, University of Southern Philippines Foundation, South Western University, Saint Theresa’s College, Benedicto College, and Cebu Institute of Technology.

Ng hopes that more schools will participate in this search, in order to hit the goal of encouraging young minds to compete and consider entrepreneurship after college.

This year, organizers of the search emphasized that proposed business should not be limited to “buy and sell” venture or just engaging in a franchise arrangement of an existing business, but should manufacture and or create a product or deliver/render a service.

Business concepts should fit one of the three categories identified; Creative (event management, creating a theater group, starting a music group, manufacturing a new design, innovating a new food menu or restaurant concept, new products out of indigenous or local materials); Environment-friendly (something that will preserve or save the environment} and Tourism-oriented (that will promote local or international tourism).

Last year, the Business Idol winner was a group of students who presented its unique recipe to make a health-friendly ice cream, through developing a “Malunggay Ice Cream”.

Today, there are already Ice Cream brands that introduced “Malunggay” flavored Ice Cream. It was not certain however, if the original concept developer was able to get his own proprietary rights after the contest.

The winning team will get P50,000, and benefits of meeting capitalists who may want to act as “venture capitalist” for the winning business concept, or an opportunity to be hired as consultants to the interested companies.