The Liechtenstein University of Applied Sciences launches regional Business Plan Competition 2008 for young entrepreneurs
Liechtenstein, the St. Gallen Rhine Valley in Switzerland, and the Austrian province of Vorarlberg are among the most innovative regions in Europe. The SME Center at the Liechtenstein University of Applied Sciences promotes entrepreneurship in this region. In the first half of 2008, the 4th Business Plan Competition will take place. The competition was initiated by the Liechtenstein University of Applied Sciences a few years ago and now also includes the Interstate University of Applied Sciences of Technology (NTB) in Buchs (canton of St. Gallen) and the University of Applied Sciences Vorarlberg as partners.
The Business Plan Competition responds to a need in Liechtenstein and the region. The promotion of young entrepreneurs is also in the interest of the SME Center, which has set the goal of linking entrepreneurship in the Rhine Valley region to past tradition, when entrepreneurs exuding initiative and innovation laid the cornerstone for internationally successful businesses of today, such as Hilti in Liechtenstein, Doppelmayr in Vorarlberg, and Stadler in the St. Gallen Rhine Valley. In the three previous Business Plan Competitions, the SME Center was able to reach out to the entire region, since one third of the submitted business plans originated from each of the three countries.
Building on the experience of the first three Business Plan Competitions and feedback received by past participants, the competition has been restructured and now consists of three phases: The planning phase – "plan it" – concludes with the evaluation of the business plans by an expert jury. The successful business plans are then financed under the motto "invest it". The SME Center now also attaches great importance to the implementation phase – "do it". Successful participants whose business plan won a prize are supported by the SME Center in their further planning – from the start-up phase of the company, during the formation phase, and through the growth phase. Where necessary, SMEs can also request assistance from the SME Center during crisis situations.
The Business Plan Competition has so far succeeded in promoting and revitalizing the tradition of entrepreneurship in the Liechtenstein-Rhine Valley-Vorarlberg region. 140 business plans were submitted in the past three competitions. From this multitude of different business areas, 55 companies have been founded so far, which means an implementation rate of about 40%. According to the SME Center, the new companies – all of which can be considered small and medium enterprises – have created approximately 250 jobs. At the same time as the business plan competition, the SME Center has created a study program in "SME Management" in collaboration with the Liechtenstein Chamber of Trade and Commerce. The educational focus of this new program is entrepreneurial thinking and action. According to Christian Hausmann, Director of the SME Center at the Liechtenstein University of Applied Sciences, "The success of a small or medium enterprise is not decided solely by the expertise of trained professionals. Business success in the form of growth, innovation, and investments also crucially depend on further competences in entrepreneurial thinking and action."
The Liechtenstein University of Applied Sciences is one of the most popular schools for entrepreneurship among students. According to an international study conducted in 14 countries and published at the end of 2006, Liechtenstein is at the top of "entrepreneurial institutions of higher education". In response to the question of what students had already undertaken to come closer to forming a company, Liechtenstein achieved a ranking of 30.2%. This means that 70% of students have already expressed the intent to form a company. Also with respect to concrete preparatory activities indicating goal-oriented company formation, Liechtenstein shares the top spot with Singapore and Ireland. Preparatory activities include the development of prototypes, talks with potential sources of financing, and the preparation of a business plan. The top rankings are due to the fact that the climate for company formation is very good at the Liechtenstein University of Applied Sciences. With a view to the Business Plan Competition, Christian Hausmann says: "Not only is the climate for company formation at the University of Applied Sciences unique, but also the entrepreneurial climate in the Rhine Valley region – encompassing Liechtenstein, St. Gallen, and Vorarlberg – is one of a kind."
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