In a first for RMIT International University Vietnam, three of its teams have reached the finals of the RMIT University Business Plan Competition.
RMIT Vietnam's Sunshine team won Merchantlink Prize in 2009 RMIT Business Plan Competition
The RMIT Vietnam teams will travel to Melbourne for the finals on 23 September and compete alongside seven Australian-based teams for prizes totalling up to $100,000 cash and in-kind. The first prize is $25,000 cash.
The competition's 10th year saw entries from 116 teams.
A major reason the competition is popular with students is that more than 100 external judges, mentors and supporters volunteer their time and expertise. RMIT Council member Mr Derek Young will chair the finals panel of business experts.
"Among the most valuable things the program offers students is advice and feedback from business professionals," Rosemary O'Connor, Senior Manager of RMIT's Enterprise Group, which runs the competition, said.
"Students have access to a rich source of knowledge and they really appreciate that."
One of the competition mentors is Tony Payling, CEO of Calibre Business Integration, a business transformation and post-merger integration company.
"We are so fortunate to have people like him involved," Ms O'Connor said. "His business experience, expertise, networks and commitment to promoting entrepreneurship make him an ideal mentor."
Mr Paling said he thoroughly enjoyed his involvement.
"We are very proud to support the RMIT Business Plan Competition. It's a brilliant initiative and it's great to see first-hand the entrepreneurial talent that it produces," he said.
Mentors frequently comment that they also benefit from working with Business Plan Competition teams.
"Personally, I have got a lot out of mentoring teams, and have recommended the competition to other business leaders, who have subsequently also enjoyed participating as mentors," Mr Paling said.
The competition takes place over three rounds, each with an entirely new set of judges.
The winners will be announced at the RMIT Business Plan Competition Awards Ceremony on the evening of Wednesday, 13 October.