Wednesday, January 27, 2016

Venture Cup Finale at NIT

In NIT’s (Northern Institute of Technology Management) Venture Cup students who chose the specialization track Entrepreneurial Management (E-Track) show off what they have learned and act as business consultants for real companies. Over a period of three months, the students work in teams on a given business task and submit comprehensive reports about their findings. The hallmark of the Venture Cup is the finale at which the teams present their analyses and recommendations to a jury. The Thomas J.C. Matzen GmbH is generously supporting the Venture Cup with a prize money for the winning teams. This year’s finale took place last week.

The Venture Cup is a business analysis project class that combines theory and practice. This year, the young company Akanoo defined a specific new business-related challenge and asked NIT students to conduct an analysis on that matter and to develop recommendations. The challenges evaluated opportunities for internationalization by analysing the potential of international markets. Furthermore, one projects involved the identification of new marketing tools by using existing data. The participating three student teams were continuously coached by Michael Engel, research assistant at TUHH Startup Dock, and André Schorn, Doctoral Student at Institute for Technology and Innovation Management at Hamburg University of Technology. All teams submitted a report summarizing the aims and key activities of the project, describing the data gathering process and the analysis results, and deriving implications and recommendations to the partnering firm Akanoo. Last Friday, class concluded with a presentation in front of the jury, including sponsor Thomas J.C. Matzen and the the founders of akanoo, as well as interested students, NIT staff and other guests.

In presenting the results of the jury’s decision, Prof. Thomas Matzen praised the students for their remarkable work and findings. Mohideen Abdul Khader Farouk, Tobias Kraus, Malik Voß and Klaus Wenck impressed with their analysis of the potential and risks of the European market for akanoo. The team took first place and was awarded a € 1.600 cash prize, sponsored by Prof. Matzen. “The venture cup was a real challenge. We had to become acquainted with website marketing tools in a short time and develop recommendations, that would be useful to the company. It was a lot of work but I had a great team and we really had fun working together”, says NIT student Tobias Kraus. In the runner-up team were Antonio Arroyo Cuara, Riquer Francisco Williams, Johannes Grashoff, Alexander Sbitnew. They received a check of € 1.200. Jose Rafael Barragan Rojas, Nico Göhner, Nelly Moreno Parra, Jan-Tristan Rudat were awarded third place, winning a € 800 cash prize.

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