HCM City (VNA) - A plan to develop a luxury fashion retail chain has defeated over 90 entries to win the Mekong Capital 20 Million USD Challenge, a business plan contest organised by Mekong Capital in cooperation with the Saigon Times group.
The winning plan was created by Trieu Thu Huong and Phan Hoang Mai from Ha Noi. Both recently worked as senior managers with the Sheraton Ha Noi Hotel.
The winning plan will receive an investment amount of 400,000 USD, of which 10,000 USD will be the prize to the plan developers, and 390,000 USD will be invested in the equity of the business.
Of that amount, 200,000 USD will be invested in the business when the legal documentation is completed, and the remaining 190,000 USD will be invested as the company meets certain milestones, according to Chris Freund, founder and CEO of Mekong Capital.
Among the five final candidates the plan was selected due to their passion and commitment, Freund said.
Because all five teams in the final round had potentially viable business plans, the most important criteria that the selection committee considered was the ability of the team to execute the plan.
Freund said “the luxury fashion retail plan was selected because apart from the feasibility, the two owners, Mai and Huong, have the qualities of successful entrepreneurs and are quite open to new ideas. It impressed us that they were determined to move forward with the plan regardless of whether they win the Mekong Capital 20 million USD Challenge.”
Among the business plans submitted, most of the participating individuals held senior positions at their companies and were under 40 years old.
Many industries were represented, including agriculture, telecommunications, retail, tourism services, consumer products, healthcare, and environmental management.
The top five finalists submitted business plans in fashion retail, food retail, consumer products, IT services and waste recycling.
One came from Ha Noi, another from a Vietnamese living in the US, and three from Ho Chi Minh City.
The Mekong Capital 20 million USD Challenge was initiated by the Saigon Times Group and Mekong Capital in January.
The contest set a challenge to the winning team to develop a business plan that would start with 400,000 USD in capital and transform that into a company worth at least 20 million USD within five years.
Fifty percent of the company’s shares will belong to the management team by the time the 20 million USD target is achieved.-Enditem |
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