Student companies vie for best company award

The finals of the HSBC 15th Young Enterprise Company of the Year Competition, being held over the weekend, are bringing to an end a year of hard work by students aged 16 to 18, who formed 19 teams.

The competition is being held at the Mediterranean Conference Centre, in Valletta culminating in the announcement of the winner.

Representatives of the winning team will go to London for the European Company of the Year Competition, which has been won four times by Maltese teams. It is being held at the Savoy Hotel and the number of participating teams has risen to 21.

Throughout the past eight months, the teams have carried out a number of tasks, including the submission of a business plan, selling shares to raise capital, electing managers and market research. But the most important task was producing the products/service.

The teams are offering a range of products, from soft toys to useful utility and household products.

The continued improvement in the standard of the products offered was reflected in the fact that sales at the HSBC Young Enterprise Fair, held in April at St James Cavalier, in Valletta reached a record level of Lm2,100 over a period of a day-and-a-half.

Young Enterprise Malta, which seeks to involve students in post-secondary schools, aims to bridge the gap between the classroom and workplace. By providing hands-on experience in running their own businesses, the programme offers students the opportunity to enhance their leadership, cooperation, communication, marketing, budgeting and organisational skills.

Young Enterprise Malta chairman Michael Cutugno said taking part in Young Enterprise was a challenge, yet hundreds of students participated every year.

The Maltese teams have consistently shown their ability to produce innovative but practical items, which raises confidence in the development of the Maltese economy in the years ahead, he said.

Apart from the HSBC Young Enterprise Company of The Year award, awards are being given for Best Product, Best Stand at the Trade Fair, Best Implementation of Marketing Strategy, Best Financial Statements, Most Innovative Product, Most Popular Team, Best Quality System, Best Use of Technology and Best Business Plan. Other awards include the Humanitarian Award and the John Harper Award.

HSBC, both in Malta and the UK, strongly supports and believes in the importance of Young Enterprise, through which students are exposed to business concepts.

It has, therefore, concluded another three-year sponsorship agreement with Young Enterprise Malta, HSBC's chief executive officer, Chris Hothersall, said.

"The companies have once again reached a high standard and I am certain that, as in the past, the winners will make Malta proud in the forthcoming European finals," he said.

Young Enterprise is also sponsored by Maltacom plc., Air Malta and the Mediterranean Conference Centre.