Following the success of the same competition last year, the American Chamber of Commerce decided to make it an annual event to encourage the development of practical business skills among Latvia's future entrepreneurs and employees, said Latvian American Chamber of Commerce President J.C.Cole.
It was also an opportunity for members of the American Chamber of Commerce to promote themselves. Deloitte and Touche, Microsoft, ABB and other companies from the British Chamber of Commerce and the Swedish Chamber of Commerce helped sponsor the event.
Altogether there were 27 entries written by 65 students from nine schools throughout Latvia.
The plans were reviewed by 21 judges in different categories.
They were judged by the successful description of the product or service, market analysis, competition, pricing, distribution, management and financial data. Plans that would create jobs in Latvia and plans that judges would recommend as an investment received bonus points. The finalists were required to make presentations to a judging committee.
The first prize was awarded to Justas Brazauskas of the Stockholm School of Economics for "Delfi School," which would provide high school seniors the possibility to prepare for final exams and university entrance exams online. It would also offer the opportunity to prepare for the TOEFL and other tests online.
The prize included $1,000, provided by the American Chamber of Commerce and the program sponsors, and one free semester in Riga Business School's evening MBA program.
Brazauskas said that part of the money will be given to his brother to continue his studies, partly because the idea came from him.
The second prize was awarded to Marija Bochkarjova, Nadezhda Buraka and Vadim Chipan of the University of Latvia for "Ecotyre Ltd.," which would use disposed car tires for different technical solutions. They received $600 and one free course in Riga Business School's evening MBA program.
Two of the first three places went to Lithuanians. Third place was awarded to Kestutis Gailius and Marius Januskevicius of the Stockholm School of Economics. They got $400 and one free course in the Riga Business School's evening MBA program.
Fourth place went to Darja Medvedeva, Ernests Martinuk and Dana Zaharane of the Stockholm School of Economics for "Jauna Autoskola SIA" (New Driving School), which would calm down the amateur rally drivers through education.
Fifth place went to "Wonderful Tours" by Vita Brakovska and Eduards Rubins of Ventspils College and Egils Liepins of Riga Teacher Training and Educational Management School. They would develop Ventspils as a tourism center based on sea links to different European countries.
"Guest House in Ergli," written by Inga Lonska of the University of Latvia, received sixth place. The plan was focused on developing country tourism.
"mind.lv," written by Raimonds Plavenieks of the University of Latvia. received seventh place. It's a Web site dedicated to education.
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