The Grand Finale of the 6th JIBS Entrepreneurship Challenge (JIBSEC 2017):
The challenge of 2017 was about what is the next step within the Internet of Things-technology and how can ISN sensors be used in new ways?
The host company, CombiQ, is a consultancy company that develops Internet of Things-technology, were behind the challenge in cooperation with Science Park. CombiQ plans to develop their own product and saw the participation of JIBSEC as a great opportunity to develop the business locally and internationally.
“It was exciting to be a part of this, and many of the teams came up with interesting solutions we haven’t thought of” says Daniel Power, CEO of CombiQ.
Students competed by discovering new entrepreneurial possibilities for ISN (a wireless sensor that can be used to monitor and diagnose production material). CombiQ presented their company and the challenge to the 15 chosen teams during Monday 3 April. After that, the teams got 24 hours to come up with an idea and prepare a presentation to pitch it. Based on the ideas a jury selected five of the teams that got to continue in the competition, and present their ideas in front of audience.
Wednesday 5 April, it was time for the Grand Finale. The jury, comprising representatives from CombiQ, Science Park, dean of Jönköping International Business School (JIBS) and JIBS Student Association (JSA), ultimately selecting the winning teams.
The first winning team consisted of two students from School of Engineering and two students from Jönköping International Business School: Brandon Fong, Patricio Garabay, Kafui Quashie and Amaresh Ashok. The jury praised them particularly for their inspiring presentation and creative ways of solving the problem with 60 000 SEK and a trip to a ”start-up hot spot” in one of European capitals in addition to obtaining the public voting prize of 10 000 SEK. Also, the team who came in second and third place got 30 000 and 20 000 SEK. The first winning team’s suggestion was a new way to use ISN sensors for the aquaculture industry. Their solution meant to minimize the risk of bad fish and burst pipes, which benefits both the fish farmer and the environment.
“It was inspiring, frustrating, exciting and challenging to participate in the competition. It’s been little sleep combined with a lot of adrenaline. We think we won because our solution was something CombiQ didn’t expect, but it is still a possible step for them to take in the near future” says the winners after the Grand Finale.
Within such a competition the jury finds it difficult to pick up three winning teams as many unique ideas targeting different markets or solutions are presented for the same exact challenge. Other teams this year focusing on reducing stress for nurses and creating easier ways for farmers to know how their animals feel.
“Everyone participating in the competition are winners. They took risks and identified new possibilities. The effort they put in hopefully planted a seed in their entrepreneurial minds that they carry with them in the future” says Jerker Moodysson, Dean of JIBS.
About Internet of Things:
It is a collective term for the development of physical devices, buildings, vehicles and other items that are implanted with small built-in sensors and computers.
About JIBS Entrepreneurship Challenge:
JIBSEC is a yearly student competition that started in 2011 in order to stimulate entrepreneurship, innovation and creativity. Focusing in different kinds of challenges from solving a case within a real company to solve a problem or to create a development strategy of growth locally and internationally by using technology and entrepreneurship. Jönköping University students are eligible to apply with at least a student from business school and another student from engineering school.
2017 has a milestone when the challenge come from a creative start-up with a unique business and tough challenge. Students had a mingle in the beginning of March at Rio to get to know more about the competition in general and form their teams. 27 teams applied to the challenge this year although only 15 teams that had 59 students were accepted to the challenge of 24-hour competition to identify and develop a sustainable original business opportunity for a potential entrepreneur with a great idea in the first stage and prepare an 8-minute presentation (pitch) to win prizes in total amount to an equivalent of 175 000 SEK, which is a considerable and impressive amount for a student competition. The 5 best pitches are repeated in the Grand Finale, open for public, all students, and faculty that are invited to select the best pitch to obtain a prize of 10 000 SEK.
New in 2017:
- Showing the first Showcase that reflects the best 20 Entrepreneurs’ Stories of JIBS Alumni, taking place at JIBS lobby to be open to all. It was unveiled 4 April by the dean at Jönköping International Business School, Jerker Moodysson. Public voted for Anders Kyhlstedt to be (2017 JIBS Entrepreneur Alumni). The showcase aimed to inspire more entrepreneurs at JIBS as more than 500 companies started by JIBS alumni more than any other business school in Sweden.
- Students leading the project in cooperation with the student association JSA that selected a team leader and followed the project in different stages.
- Having a public voting prize of 10 000 SEK for the best pitch. Also, voting for the JIBS Entrepreneur Alumni of the year.
- How to succeed in the JIBS Entrepreneurship Challenge seminar brought by Science Park.
- Teambuilding workshop brought by JSA.
- Seminar on intellectual property strategies brought by Alena Lashkova, Chalmers School of Entrepreneurship
- Intensive media campaign, marketing in lectures at JTH and JIBS, meeting students at schools’ lobbies which resulted in more audience comparing to the previous 5 years.
JIBSEC was established by a donation from Lennart “Aktiestinsen” Israelsson (www.aktiestinsen.se). At early stage of his life, Lennart left school and then at the age of 30, he invested 600 SEK in shares that turn over to be a fortune of 140 Million SEK. Lennart worked earlier as a stationmaster at the railway station in Konga when he read about stock-exchange which encouraged him to invest in shares although his mother was against this idea.
Lennart was not only a sponsor for the JIBSEC but a great entrepreneur with ideology of looking forward to the future with humble and generous attitude.
Lennart is used to attend the JIBSEC Grand Finale but this year sadly Lennart passed away two weeks before the event, it was a huge loss for all those entrepreneurs, creative people and challengers. During the Grand Finale, a homage presented about the life of Israelsson focusing in his life, business, being an honorary doctor at JU in 2012 and donating 5 million SEK to Jönköping University and finally showing lessons students should learn from his actions and ideas.
Ebrahim Al-Sharif, Team leader of JIBSEC
For more information:
Facebook: JIBS Entrepreneurship Challenge
Twitter: JIBS E Challenge