Recently, the second edition of the Erasmus University Challenge started. This is the startup competition of Erasmus University Rotterdam, open to all students in the Rotterdam region. Participants are challenged to further develop their own idea, research or prototype into real products or business plans.
This year, over 200 students are participating in the competition in teams of 1 to 7 people, and 74 business ideas have been submitted. Coming months, participants will learn how to set up an impactful business and further develop their entrepreneurial skills and competences. Liesje Goldschmidt, one of the organisers from our university, says: “The students participating in this programme want to achieve something in life. They are very moved and passionate about making a sustainable impact rather than just getting rich.”
Networking, sharing experiences and learning from each other
Two of the candidates, Lois Mobach and Teodor Genchev, are enthusiastic about the programme. Although they both already have some entrepreneurial experience, the programme is very valuable to them. Lois: “The Erasmus University Challenge gives a kind of direction and guidance. We run through the whole process, from conceptualising and developing to marketing a product. In addition, it’s a good opportunity to expand our network.”
Teodor also hopes to get to know many other people. “I look forward to exchanging ideas with others about how they deal with everything that comes with building a business. It’s really hard sometimes and you have to be resilient. I want to know what keeps other entrepreneurs going when things are not going in the right direction,” he admits. Lois recognises the struggles that come with entrepreneurship. “I’m working full time on my business now because I’ve already graduated. That creates so much financial uncertainty. Anyone who has their own business must learn to deal with that.”
Workshops, networking events and a grand finale
Throughout the programme, students participate in various workshops and networking events. The workshops cover how to fail well, how to test a business idea, how to develop a prototype, how to pitch an idea, and how to get funded. The speed date event is all about exchanging ideas and receiving feedback from partners or fellow students. Liesje Goldschmidt: “We collaborate with all kinds of business, social and educational partners on this. For example, Innova Energie, Port of Rotterdam and Erasmus Centre for Entrepreneurship. It is precisely this mix, from established family businesses and regional organisations to emerging entrepreneurs, that makes our programme so unique and valuable.”
Students are also assigned a coach who supports them from their own expertise or experience. “These can be EUR staff as well as from organisations we work with. We match the strengths of coaches with what a team needs. Sometimes it has more to do with personal skills and other times with specific knowledge. For example, we paired the founder of Nedcargo with students who want to develop a logistics platform but have not yet included all the necessary aspects of it in their business idea,” explains Liesje Goldschmidt.
During the grand finale at the Excelsior Stadium in September, the finalists will give a one-minute pitch about their entrepreneurial idea or prototype to an expert jury and audience. The jury will then ask in-depth questions. The winners of the different categories will eventually go home with substantial sums of money (up to 5 thousand euros) to further develop their company or product. Other prizes will also be awarded, such as an audience prize of 1000 euros, co-working spaces, coaching programmes, and a year of free beer, tea or soda.
“Even though not every team will launch a product, we will learn many lessons”
Teodor and Lois are both hoping that by the end of the competition they have made considerable progress with their business idea. Still, some students will decide to not proceed with their business idea in the coming months. Other participants will find each other, join forces, and move forward together. Liesje Goldschmidt: “In that respect, the programme is very similar to the real startup and scaleup landscape. But even though some ideas don’t make it to the finals, participants learn a lot. Above all, it is a great deal of fun to participate. We always begin the afternoon with an inspirational lecture and end the day with drinks, pizza, and music.” Teodor and Lois share this view and look forward to everything that lies ahead for them. “To be offered this programme at university level is great. You don’t get opportunities like this every day. Even though not every team will launch a product, we will learn many lessons,” says Teodor.
- More information
- Lois Mobach obtained her master’s degree in Media & Business from Erasmus School of History, Culture and Communication and is joining with her companion to further develop their own company LOF branding.
- Teodor Genchev is a second-year Bachelor International Business Administration student at Rotterdam School of Management and, together with his team Yugly, aims to reduce food waste by turning ‘ugly’ fruits and vegetables that farmers and producers do not usually sell into a product.
- Liesje Goldschmidt, Head of Business Development at Eramus Enterprise (EUR).
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