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Gen Z – Coming Of Age In A Time Of Crisis

In the following interview, students from Singapore’s leading tertiary institutions share more about their innovative product and solutions and how they have come to win the entrepreneurship titles, at the recent Nexia TS Business Case Challenge 2020.

Innovation in a time of crisis is critical in any stages of a business life cycle. Whether it is a new product development or substantially improved version of a redesigned product or service, companies must repurpose their capabilities to meet new needs and adapt to today’s emerging digital trends.

In the following interview, students from Singapore’s leading tertiary institutions share more about their innovative product and solutions and how they have come to win the entrepreneurship titles, at the recent Nexia TS Business Case Challenge 2020, with these innovative and creative business ideas.

The Gen-Z Digital Natives – Innovative Business Ideas

Team Meraki
Team Meraki conceptualised a crowdsourcing platform, Ex-Vantage, which allows SMEs to discuss their challenges while tertiary students share their solutions. SMEs have an increasing demand for key non-regulated services like process improvement while facing budget constraints. On the other hand, tertiary students need to upskill and gain real world experience thus by marrying both together, the platform helps SMEs to achieve affordable yet innovative solutions.

Team Bikbox 
Team Bikbox proposed a social media advertising platform that enables companies to reach users at a significantly lower cost. Companies post campaign listings on the application while users promote the campaign posting through their social media and get incremental rewards based on completion of campaign requirements.

Team Excellent Strategy
Team Excellent Strategy conceived a a platform, Paieon that encourages users to reach their health goals holistically by focusing on mental well-being. The platform works by bringing awareness to mental well-being issues in Singapore, motivating users to be persistent in attaining their health goals and recognising their effort in improving their holistic health.

Who/what sparked this business idea? How did the team get this far to finalising the product prototype?

Team BikBox
As budding entrepreneurs, we enjoy looking at things around us, finding possible challenges, and brainstorming ways to overcome these. Such was the case with BikBox, where we identified problems in the social media advertising scene which led us to conceptualizing our product, and eventually developing a prototype for it.

Meraki Consulting
Amidst the pandemic, Meraki Consulting saw threats as opportunities. This was the advent of Ex-Vantage: A platform to bridge SME’s challenges with tertiary student’s innovative solutions. Ex-Vantage aimed to provide an easy user-interface for SMEs and tertiary students. We deep dived into our competitor analysis to recognise the pain points of users and this created Ex-vantage’s competitive advantage.

Team Excellent Strategy
During the Circuit Breaker period, we noticed a rise in mental health issues, and an increased desire to keep fit. These trends sparked our interest in venturing into the health industry. Hence, we decided to come up with Paieon, an integrated API platform focused on promoting sustainable and holistic well-being – ‘A platform for health, a lifestyle for eon’. To develop our product, we tested the feasibility of our idea by assessing it against various criteria.

What were the key challenges faced during the conceptualising process? Who or what was important to the process?

Team BikBox
In this process, we faced difficulties in analyzing competitors due to the market being somewhat of a black box but we overcame this with primary research and investigation. This perhaps is related to what we think is one of our strengths – persistence. Despite facing numerous obstacles, such as information asymmetry and the ever-worrying concern of online meetings, we pushed through with courage and eventually attained a great outcome.

Meraki Consulting
In conceptualising a new business idea, feasibility was the salient consideration and challenge. We tackled the issue via an in-depth analysis of both financial and operational feasibility. Apart from committed teammates, our club’s (Business Solutions) seniors and batchmates were integral in the process, giving us support and advice throughout the competition.

Team Excellent Strategy
One challenge we faced was that we had to perform detailed analysis of the industry to obtain insights on the competitive landscape and industry trends. However, this was overcome by putting in the time and effort to conduct in-depth market research. We are especially thankful to our seniors and peers for their invaluable support and encouragement throughout this competition.

Give one advice to students participating next year

Team BikBox
Our advice to future teams is this: focus on the idea, not the results. We focused on understanding key pain points, which allowed us to develop the most suitable product for the market.

Meraki Consulting
The Nexia TS Business Case Challenge is unlike any other case competition where the context and direction is implicitly defined. Enjoy the creative process of developing the business idea with your team and justify its feasibility through the financials.

Team Excellent Strategy
To aspiring student entrepreneurs, our advice is to “Be unique, be driven, be bold”!

 

CONTACTS
For more information, please contact:

Lee Tze Shiong
Director, Transformation and Quality & Principal Assurance
leetzeshiong@nexiats.com.sg