10th edition of Mark Challenge 2023

Deadline: March 14, 2023

Program Starts: May 20, 2023

Program Ends: May 20, 2023

Competitions

Business Plan Creative Ideas

Location(s)

  • Monaco
  • Online
Monaco Yacht Club

Overview

Mark Challenge is a business plan competition powered by the International University of Monaco (IUM) that connects students, alumni, academic professionals, and business leaders from all over the world.

Registration for the 10th edition will open in mid-January 2023!

Details

#LeaveYourMark The Mark aims to engage highly skilled, responsible students and business leaders from all over the world by fostering entrepreneurial spirit, collaborative work, and mutual understanding. We are rooted in a multi-cultural territory that encourages high value service activities, innovation and corporate social responsibility.

The competition aspires to:

  1. Support and showcase the next generation of entrepreneurs, who start their business ventures from all over the world,

  2. Foster innovative ideas and business concepts in the luxury fields, through creative channels to better target the HNWI and UHNWI worldwide,

  3. Develop and promote essential skills of international students and Alumni: collaborative working, critical and creative thinking, project management,

  4. Enhance the Principality of Monaco’s image as a place supportive of entrepreneurial initiatives with a social or environmental impact.

The Mark Challenge has been created as an IUM internal competition for IUM Master Students in 2014. Since then, the competition has been opened to international business schools and universities developing programs in luxury management and entrepreneurship. In the last edition, 69 business schools participated in the competition, which represented 346 international students. The Grand Final was for the first time held online. 

Guidelines

  1. Provide a company name and logo.
  2. Summarize the key technology, concept, product, service or strategy on which the business idea is based on.
  3. Summarize the market in the past (if applicable), present and anticipated future. Review the trends in terms of market share evolution, market leadership, players, pricing, competition or substitutes in the current environment.
  4. Highlight the barriers to entry from your business perspective. Also show us how would you protect your innovation / unique selling proposition to keep your business sustainable?
  5. List 5 year SMART goals and strategies to achieve them.
  6. Create a brief outline of the management of the proposed business along with financial and marketing initiatives.
  7. Showcase the potential of your business plan creating a positive social or environmental impact.

Why Monaco

The Monaco business environment develops successful and thoughtful leaders and entrepreneurs. Students and professionals from all over the world are given the opportunity to network and share ideas in a multicultural environment. Among the many aspects which make Monaco a strategic location for doing business in Europe are its unique political and economic environment, its strong infrastructure, the high density of financial activities, and security for residents.

International trade with a turnover of 2.5 billion euros. Monaco is the home of 4,500 companies. Prominent sectors include services, real estate and construction, engineering, banking and finance. Governmental policies encourage entrepreneurship and business development, and there is a strong culture of entrepreneurialism.

Contrary to what one may think, revenues from the Monaco Casino only represent around 5% of the Principality's GDP!

Opportunity is About


Eligibility

Candidates should be from:


Description of Ideal Candidate

Requirements

CATEGORIES

  • Category 1: Final year Bachelor students, Master students 
  • Category 2: MBA, Executive MBA, Alumni, professionals with or without university degree (also mono entrepreneurs)

IDEA

Have an innovative business idea in the premium or luxury product or service field

LANGUAGES

Fluency in English language, have a passionate entrepreneurial spirit

CAPABILITIES

Have the capabilities to demonstrate a sustainable business model with a social or environmental impact


Dates

Deadline: March 14, 2023

Program starts:

May 20, 2023

Program ends:

May 20, 2023

Program Starts: May 20, 2023

Program Ends: May 20, 2023


Cost/funding for participants

Two Special Awards

Since 2019, in addition to the traditional best Business Plan Award, the Jury of the grand Final presents two additional special awards:

  •  One for the best Business plan in Fashion

  •  One for the best Business plan in Yachting

The Fashion Award

All projects submitted for the 9th edition of The Mark Challenge that are related to the fashion industry will be additionally evaluated by a special jury composed by professionals working in the fashion business in April 2023.

The winning team will be invited to Monaco to present its project and receive a special award. The event will be held online if the crisis situation worsens.

The Yachting Award in partnership with the Monaco Yachting Cluster

All projects submitted for the 10th edition of The Mark Challenge that are related to the Yachting industry will be additionally evaluated by a special jury composed by professionals working in the Yachting business in April 2023.

For the Yachting Award the contents of the business concept and the selection criteria are slightly different.

What is the price to apply for Mark Challenge?

Participation in the competition is free of charge.

Do the organizers cover any travel or accommodation costs for the finalists?

Due to the pandemic the Mark Challenge’s team envisages 2 possible scenarios:

  • if travel restrictions permit teams will be more than welcome to come to Monaco. In this case, every finalist will receive an envelope of 300 EUR for travel expenses and a one-night stay in a hotel in Monaco.
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