BlackStorm Consulting Judged NTU Sociopreneur Challenge Finale
- Sociopreneur Challenge 2021 organised by Nanyang Technology University in partnership with BlackStorm Consulting and Xprenia has come to an end
- Experts from BlackStorm Consulting, Xprenia, Armfort, and Student Affairs Office (SAO) of Nanyang Technological University served as the panel of judges
- Team Bloompact emerged as the Champion of Sociopreneur Challenge 2021
- Participating teams who wish to further their initiative can approach Student Affairs Office (SAO) that provides an opportunity for interested individuals to apply for a grant of up to SGD 1,500 under the CoLab4Good Fund for Community Projects that may be impactful to the society
March 15, 2021: The two-month-long Nanyang Technological University (NTU) Sociopreneur Challenge has finally concluded. Organised by the National Technological University’s Career & Attachment Office (CAO) and Student Affairs Office (SAO), the Sociopreneur Campaign was launched with the aim to help students to develop solutions addressing social, cultural, environmental issues while teaching them to structure a viable business proposal to make it happen.
BlackStorm Consulting, Xprenia and Armfort were cordially invited to co-host the final workshop of the campaign. As part of the university’s “Entrepreneurship for Good” initiative to promote enterprises that advance meaningful causes, participants received professional help to create business solutions to address social, cultural, or environmental issues with an entrepreneurial approach.
Industry experts serving as the panelists to judge the business pitches by the finalists are Co-Founder of Xprenia, Ms Rebecca Wan, Co-Founder of Armfort, Mr Jesal Goh, Managing Partner of BlackStorm Consulting, Ms Shelby Tee and Director of NTU’s Student Affairs Office (SAO), Ms Tan Siok San. The four teams that made it through to the finals were Team Bloompact, Business Explorer, FEEDHOOD, and Zero Hunger.
After seven gruelling weeks of campaigning, the four selected teams presented their business concepts and achievements to the panel of judges.
This finale follows the month-long preparation by the four teams after two previous workshops, where experts from various industries were invited to share with entrepreneurial-minded students on what it means to run a social enterprise, and equip them with the necessary skills, tools, and mindset to launch their own businesses.
The first workshop held on January 26, 2021 saw students hearing from the invited speakers before forming teams to formulate a business idea, which they then had a week to work on before pitching it to industry experts during the follow-up workshop. The second workshop that was held on February 2, 2021 had experts from both business and technical backgrounds guiding students to craft their Go-To-Market (GTM) plan and giving them a better idea on how having the right group of people is crucial to run a business in the real world.
Jesal shared his insights on the viability of the business proposals, commending Team Bloompact in particular for their comprehensive Go-to-Market (GTM) strategy.
Rebecca gave her thoughts on the strengths and weaknesses of each on the teams, commending Team Bloompact for the notable impact of their business proposal. Then, she gave her feedback on Team Zero Hunger, highlighting their long-term potential but noting their business model could be explored in more detail before noting enterprises whose business model the team would find relevant and applicable.
Shelby provided 1-on-1 consultation to each of the teams following their first business proposal, expressed contentment on the teams’ uptake of useful information that were shared in the past workshops. Commending Team FEEDHOOD’s comprehensive business proposal, with whom she had been working closely with, she noted the scale of their business model and advised the team to lay down plans for different scenarios, exploring the options available in the event that start-up capital is unavailable or comes in batches as opposed to a lump sum. Most importantly, she advises teams to be mindful of the need to revise their GTM strategy depending on the nature of different stakeholders, such as providing exit strategies for investors.
As prizes, 70 per cent of the proceeds earned during the campaign will be reward money for the team. The remaining 30 per cent will be donated back to NTU Funds as a helping hand for NTU students facing hardship due to the pandemic. Business proposals which have positive social impact may also be considered for a grant of up to SGD 1,500 under the CoLab4Good Fund for Community Projects (administered by SAO) to further their cause.
As part of NTU’s “Entrepreneurship For Good” campaign, NTU has also led various other initiatives, such as the CoLab4Good Fund for Social Enterprises and Enactus NTU, to educate and finance entrepreneurial students who seek to come up with viable businesses while championing social causes.
It was a fruitful and awarding session to be able to share our experience as an entrepreneur. Thank you NTU once again for the invitation.
Armfort (http://armfort.com/) is a security management solution company whose mission is to support security agencies and facility managers with cutting-edge technology. With user-friendly interfaces and good customer support, Armfort’s cloud-based patrolling system enables both agencies and building owners to efficiently manage their facilities, easily monitor their security officers, and save both security cost and time.
Xprenia (https://www.xprenia.com) is a one-stop e-learning platform that presents practical experience and materials from various industrial experts with the aim to provide real-life case studies, insights, and know-how for easy application to all entrepreneurs. Our vision is to create an entrepreneurial ecosystem that promotes professional learning and be your one-stop business solution partner in Asia-Pacific.
About BlackStorm Consulting
BlackStorm Consulting (http://blackstormco.asia/) is a Singapore-based boutique growth consultancy firm that specialises in corporate strategy, profit management and investment management. We scale businesses in Southeast Asia.
Our clients and connections are internationally present and range from small and medium sized businesses, MNCs, to government agencies