The GENIUS Business Olympiad provides an exciting platform for students to combine business acumen with a passion for environmental sustainability. Through this competition, participants are encouraged to develop innovative business plans that focus on reducing environmental impact and promoting social responsibility within the business world. Whether through new products, technologies, or strategies for existing businesses, the GENIUS Business competition aims to inspire the next generation of entrepreneurs to lead the charge toward a greener, more sustainable future.
Each project can be prepared and presented by up to two students who will create a comprehensive business plan as though they are pitching for funding. The business plan should present solutions to environmental issues while considering both the science and business aspects of their proposal. With a formal presentation in business attire, students will pitch their ideas to a panel of judges using PowerPoint, Prezi, or a similar tool, with a 10-minute presentation followed by a Q&A session.
Two Key Categories in GENIUS Business
The GENIUS Business Olympiad is divided into two main categories: Entrepreneurship and Social Responsibility. Each category offers a unique way for students to address environmental concerns and create business models that contribute to a more sustainable world.
Entrepreneurship
The Entrepreneurship category focuses on launching new products or technologies designed to decrease human impact on the environment or improve existing products to make them greener. Students will need to create a business plan that includes:
- Market Analysis: Understand the current market, identifying potential buyers, suppliers, competitors, and substitute technologies. Analyze the market's culture and identify the gap your product or technology fills.
- Product Description: Define the product or technology, its target market, expected price, and promotional strategies.
- Business Strategy: Detail how the product will be delivered to customers, including staffing, facilities, and logistics.
- Profit Goals: Set realistic financial goals for the business, considering the potential for growth, scalability, and profitability.
Students are encouraged to think outside the box and offer solutions that not only reduce environmental impact but also make business sense. The best projects will demonstrate an in-depth understanding of both science and business principles, with a clear path to commercialization.
Social Responsibility
The Social Responsibility category challenges participants to create a business plan aimed at reducing the environmental impact of an existing business or industry. In this category, students will develop a social responsibility plan to help a company become more sustainable, outlining the following:
- Current Environmental Impact: Begin by analyzing the current environmental footprint of the business or industry in question, identifying key areas for improvement.
- Proposed Changes: Offer a detailed description of the proposed changes that will reduce environmental impact. This could include reducing waste, optimizing energy use, or transitioning to greener technologies.
- Impact Analysis: Evaluate how these changes will affect the environment, including a cost-benefit analysis of implementing these solutions. Consider potential obstacles, such as price increases, customer reactions, and logistical challenges.
- Market Position: Assess how the changes will impact the company’s position in the market, including any potential competition from other sustainability models. Make a strong case for why your plan is the best solution for the company and its stakeholders.
The social responsibility category emphasizes the importance of integrating sustainability into existing business practices and demonstrating how businesses can thrive while being environmentally conscious.
Application Rules and Requirements
To participate in GENIUS Business, students must submit a detailed business plan that includes the following elements:
- Business Plan: The plan must be no more than 20 pages in length, with a 2-page executive summary at the beginning.
- Language: The business plan and all application materials should be in English, though presentations can include examples of the target language if the market is non-English-speaking.
- File Format: All submissions must be in PDF format, with file names in English and no longer than 25 characters.
- Financing: Any financials or projections should be converted into US dollars.
- Presentation: Students will present their business plans using PowerPoint or Prezi (or similar tools). Presentations should be no longer than 10 minutes, followed by a Q&A session with the judges.
- Original Work: All projects must be the student’s original work. By submitting their application, participants grant GENIUS Olympiad the rights to use their work.
A strong business plan will follow a typical structure, including an analysis of the market, description of the product or strategy, financial projections, and an assessment of environmental impact. While there is no single template, a business plan structure is available for reference to guide participants in creating their submission.
What to Expect at the GENIUS Business Fair
At the GENIUS Business Olympiad, students will have the opportunity to present their business ideas and social responsibility plans to a panel of judges who are experienced in both business and environmental fields. Judges will evaluate the creativity, practicality, and environmental impact of each proposal, as well as the overall business strategy and market feasibility.
The event will offer a platform for students to network, exchange ideas, and receive valuable feedback on their business concepts. Students will also have the chance to witness other projects, which may inspire them to further develop their ideas.
Business attire is required, as the presentations are designed to mimic formal business pitches. This provides students with an opportunity to practice professional presentation skills in a real-world setting.
Important Dates:
- Application Deadline: March 1st, 2024 (11:59 PM US EST)
- $50 application fee per project.
- Deadline for US/EU participants: April 16th, 2024
- The Short Film presentation will take place at the GENIUS Olympiad Fair.
This blog aims to provide uptodate information on various competitions for Indian students 
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