Beijing, China & College Park, Md. – October 29, 2008 – The University of Maryland’s Robert H. Smith School of Business today announced the final winners of the fourth annual China Business Plan Competition. The announcement puts a cap on the year-long contest, which began with more than 200 entries that judges narrowed to 20 semi-finalists before selecting five finalist teams. Robert Krapfel, associate dean of MBA programs at the University of Maryland’s Robert H. Smith School of Business, named the winners at a final event and awards ceremony in Beijing at Peking University’s Guanghua School of Management. The program was opened with remarks from Dr. Xia Yingqi, deputy director of Zhongguancun Science Park. The winners included:
$25,000 grand prize winner, CreditEase, and $15,000 second-prize winner, Vendiamax.CreditEase facilitates peer-to-peer loans and Vendiamax combines vending machine services with point-of-purchase advertising. Winners were selected from the five finalist teams. Each team delivered presentations of their businesses and obtained feedback from a panel of judges in front of an audience.
Ten $1,000 Young China Entrepreneur Awards. In a separate category just for current students from Chinese universities, individuals were invited to develop and enter a business idea. Those selected presented a 5-minute pitch to a panel of judges to compete for $1,000 cash prizes.
“People’s Choice Award” The Smith School opened up online voting via its competition partner, Hexun.com. Visitors to the site selected their favorite team – CreditEase -- from among the five competition finalists.
“My congratulations to all of the participants – they are all winners,” said G. “Anand” Anandalingam, dean of the Robert H. Smith School of Business. “Entrepreneurial traits such as creativity and flexibility are vital in a world economy that is driven by technology and new venture creation. Whether these teams go on to own successful businesses or to work for major multinational corporations, they will greatly benefit from the skills they hone today.”
The Smith School’s Dingman Center for Entrepreneurship holds the competition annually to encourage the growth of world-class business ideas and innovation in China. Since its inception in 2005, it has attracted more than 600 entries and awarded more than $195,000 in cash and prizes, making it one of the largest and most influential entrepreneurship competitions in China. While past participants have focused primarily on bringing current business models and ideas to the Chinese market, this year more entries focused on unique solutions crafted to meet a local market opportunity. This is consistent with the maturation of local experience, and research and development capabilities, according to Asher Epstein, managing director of the Dingman Center for Entrepreneurship at the Robert H. Smith School of Business.
“We can expect to see more unique solutions tailored toward meeting unique local challenges as China beings to flex its muscles as an innovator,” said Epstein. “This is also a smart path to growth for local entrepreneurs. They can leverage their home court advantage in China’s growth market while the United States and Europe face recession.”
“Fidelity is proud to participate in this event that has brought so many talented entrepreneurs from around the world to China, a market we are obviously very excited about and know very well,” said Daniel Auerbach, managing director and partner of Fidelity Asia Ventures, and a competition judge. “We are excited to share with the participants our unique understanding of entrepreneurship in China, based on our14 years of on-the-ground experience in nurturing successful Chinese companies such as Alibaba and Wuxi Pharmatech.”
Fidelity Asia Ventures (FAV), the Asian venture capital arm of Fidelity International Ltd., is a key sponsor of the competition. Auerbach is representing FAV on the judging panel for the competition. The company, which combines its long and successful track record with Fidelity’s vast global resources to maximize the success rate of the entrepreneurs it works with, will be sharing its experience and hosting a tour at two of its portfolio companies for competition participants.
A main focus of the competition is sharing best practices from the Dingman Center and Smith School with individual entrepreneurs in China. In keeping with this the Dingman Center offered a series of free workshops in Beijing leading up to the competition’s final event and awards ceremony with the aim of helping entrepreneurs gain experience, confidence and knowledge for launching a new venture. Entrepreneurship, globalization and the integration of business and technology are key areas of focus for the Smith School.
About Fidelity Asia Ventures
Fidelity Asia Ventures (FAV) is the Asian venture and growth capital arm of Fidelity International Ltd. (FIL), a part of the global Fidelity investment organization. FAV is among the earliest and most successful institutional investors in private, growth companies in China and has actively invested predominantly FIL proprietary capital in both the information technology and healthcare sectors throughout Asia for nearly 14 years, with a longstanding focus on China. More recently, Fidelity has established an affiliated fund to invest in promising private companies in India. FAV’s current mission is to invest principally in high-quality, high-growth companies broadly in the information technology, healthcare and consumer sectors in China. FAV’s investment teams in Hong Kong, Beijing and Shanghai are among the most experienced in the Asia-Pacific region. Current investments and recent exits include: Alibaba Holdings, Pharmanex (Acquired by Nu Skin NYSE: NUS), Wuxi PharmaTech (NYSE: WX), Hurray! (NASDAQ: HRAY), Linktone (NASDAQ: LTON), AsiaInfo (NASDAQ: ASIA), Dianji Technology, CDP, Datuu, Xunlei,iSoftstone and Asia Renal Care (acquired by Bumrungrad International).
The Smith School in China
The Smith School is partnered with the University of International Business and Economics to deliver its leading executive degree and non-degree programs in China.
About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 13 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, executive MBA, executive MS, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations on three continents — North America, Europe and Asia.
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About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.