Company success with €7 cash start-up capital

For the fourth time, teams from four schools in the Kufstein district were tasked with finding and implementing their own business idea in seven weeks with just seven euros in start-up capital. A total of 17 teams consisting of around 80 students presented their innovative business models at the final on February 2, 2023 in the “Festsaal” (Festivities Hall) of the University of Applied Sciences Kufstein Tirol. The final was held as a Green Event Basic for the first time. Together, they were able to generate a profit of €6,041.41. The aim of the project is to motivate young people in a playful way to engage with economic topics such as starting a business and entrepreneurship, while also giving them the opportunity to gain their first practical experience.

FROM IDEA TO IMPLEMENTATION

From beeswax candles to personalized wooden coasters, beeswax wraps, cookie cutters with local motifs, and a handy self-defense tool, the students developed exciting business ideas for a wide range of products with a great deal of creativity and skill. All teams also faced the challenge of turning these ideas into reality, finding customers and generating revenue. They were supported in this by their respective teachers, who took on a new role as business consultants, and by students from the Business Management degree program at the University of Applied Sciences Kufstein Tirol, who were able to share experiences from their own €7 cash projects. This year, some of the students again made considerable profits – the most successful project team, Zirben-Air, was able to show a profit of €1,490 for its Swiss stone pine scented sachets. The young people donated the proceeds from their projects to charitable causes of their choice. For example, initiatives such as Step by Step in Schwoich, the Brillos aid organization, the Lebenshilfe in Wörgl, or even SOS Children's Villages and Doctors Without Borders were pleased to receive the donations.

A jury of experts, consisting of representatives of the long-standing project partners, was faced with the difficult task of assessing the teams in the categories of business idea, market development, implementation and project success. Each group prepared a five-minute elevator pitch and then fielded critical questions from the jury. The team Air Been'Bee from the HLW Kufstein took third place (prize money 150 euros) with the idea of building kits for insect hotels, which are designed to encourage elementary school children to actively engage in nature conservation. The 7€-Cash entrepreneurs from La Bougie (TFBS Kufstein) were pleased to receive over 350 euros in prize money and second place – they produced homemade candles in various shapes and colors. With their idea for a regional and healthy soft drink and a professional presentation, the LazyBee team from the ISK was able to convince the jury and took first place in the competition, worth 600 euros. The Bee Friendly group from HAK Wörgl also received a prize of €100 for the best project video. All participants who took on the challenge of the €7 Cash@School project will receive individual certificates and a small gift for their efforts.

52.558 EURO GESAMTGEWINN BEI INSGESAMT 125 PROJEKTEN SEIT 2014

Karin Steiner, a graduate in business administration, initiated the €7 Cash for the degree program in Business Management (now Leadership & Business Management) at the University of Applied Sciences Kufstein Tirol back in 2014 – 59 student teams have taken part in the competition over the past eight years.

Since 2018, this competition has also been available in a €7 Cash@School version in cooperation with i.ku – Innovationsplattform Kufstein. “We have already welcomed 66 teams from seven partner schools to the University of Applied Sciences, where they presented their projects to the expert jury,” says Karin Steiner. “Every time, I am amazed at the level of commitment and entrepreneurial skill with which the students approach At this point, I would like to give a special thanks to the teachers who make this collaboration possible. A big thank you also goes to the supporting partners: Sparkasse Kufstein, Startup.Tirol, the Tyrolean Chamber of Commerce, Kufstein district office and the innovation platform Kufstein, i.ku.” In total, there have now been twelve rounds of the €7 cash project since 2014 Together, this resulted in a total profit of €52,558.26, which was distributed in full to charitable projects in the region.

Links:

• Go to the project page at i.ku – Innovationsplattform