Five finalists awarded seed capital in Youth in Business Challenge 2011 [1]
Thursday, July 7, 2011 - 22:29. Updated on Wednesday, September 11, 2013 - 09:54.
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THE Youth in Business Challenge 2011 has begun in Nuku'alofa and five finalists out of eight secondary schools who competed were awarded seed capital to start their businesses, at the Fa'onelua Convention Centre on July 6.
Initiated by the Tonga Chamber of Commerce, the program is aimed at giving students the opportunity to learn how to run a business and to develop a spirit of entrepreneurship and business practical knowledge.
The Minister of Education Hon Dr 'Ana Taufe'ulungaki awarded the seed capital to the five finalists.
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St Andrews High School won the top seed capital of $3,000 pa'anga with their business proposal for "Go Nuts," a company that will produce roasted nuts. Tonga High School was awarded $2,900 pa'anga for "Tika Purse". Beulah College received $2,800 for "Taste of Beulah" peanut butter.
Liahona High School received $2,700 for its pastries called "Tasty Pastry" and Tupou High School received $2,500 for "Sia Recycle" a company that will use recyclable materials to produce items such as photo frames.
The Tonga Chamber of Commerce said next phase of the competition was that the five finalists would obtain a business license and relevant permits and will start and run their businesses for three months, before the final in October.
Teams are required to send monthly financial reports and present an oral presentation to a judging panel in mid October, before the final award ceremony in which the winning team would be announced and receive a grand prize of five days paid trip to New Zealand.
Viable
At the start of the competition, the eight teams each had a mentor from the business community made oral presentations of their business plans to a judging panel, who then decided which business plan was viable resulting in he five finalists announced yesterday.
Judges included Paul Strafford CEO Digicel Tonga, Ross Chapman CEO of Pacific Finance and Investment, David Knapp of Mana Money Transfer and 'Ofa Simiki the owner of OSB shop.
This is the second year of the three-year program that was launched in Nuku'alofa in 2010 in which Liahona High School was the winner.
It is funded by TCCI, Pacific Leadership Program and New Zealand High Commission with corporate sponsorship from local businesses.
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