“Build Your Business” Contest Is Over

The results of “Build Your Business” Contest, so much expected by both participants and observers, were announced on February 27 in the business hall of “Dostyk” hotel.

The grand prize in the amount of 100, 000 US dollars has been divided between the projects: «Processing of tires into roof material» and ''KASSENGALY HANDMADE'' . Being experienced businessmen, the sponsors of the competition Kenes Rakishev and Vyacheslav Kim explained this decision by the fact that “any business at every stage of its existence shall receive adequate financing, otherwise the crisis of overproduction will lead to its failure”. Financial influence in 50, 000 US dollars is the sum which these enterprises need for the development. One more decision has been taken by the sponsors the day before the declaration of results: to increase the quantity of grants by 20, 000 US dollars. Therefore, 7 participants, but not 5 ones as expected, received this sum.
The projects are:
1. «Experimentarium - the project of industrial design development»;
2. «Manufacturing of Cross Fit and Street Work Out sports equipment in Kazakhstan, fitness equipment for home and rehabilitation centers»;
3. «http://entrepreneur.saby.kz/projects/31»;
4. «Class of educational robotics – Nur Academy Training Center»;
5. «Zero to One Labs»;
6. «Donorblood»;
7. «Kids lab».

This year, in comparison with the past one, the number of competitors increased more than twice. During three months, the selection committee received 463 video-applications, including 323 applications that were considered as meeting the requirements and eligible for the selection. The short list included 20 projects.

During the consideration of applications, the particular attention was given to the socially and economically significant ideas, the authors of which intended not only to make a profit from their business, but also to solve a certain social problem. Projects aimed at environment improving, education and culture development, the Kazakhstan production development, innovative ideas in technologies and medicine were of particular interest. This was the mean provision of applications selection into the short list. In addition, in case with equal components, the priority was given to the already existing enterprises, rather than start-ups.

The final decision was made on the basis of analysis of business plans. It is worth saying that there was an unexpected casus at this stage. It occurred that a few ideas greatly presented by video did not have any economic viability, solvency and consequently have been dropped out of the race for medal places.

Generally, it should be noted that not only quantitative, but also qualitative level of business ideas grew significantly. This gives confidence that “Build Your Business” Contest has great development prospects, and the next year we will receive lots of applications with new interesting and worthy of support ideas.

Photos here