7€ cash project 2023: Students become founders
- 30.08.2023
The coaches of the €7 cash project together with initiator Karin Steiner (left) and jury member Julia Gabriel, BA (right).
The competition presents students with the challenge of becoming entrepreneurial in seven weeks with a starting capital of just seven euros - and has been doing so since 2014. 3,229.52 euros were generated this year, which will benefit a charitable project.
A highlight of the curriculum of the full-time bachelor's degree program in Business Management (now: Leadership & Business Management) is the €7 cash project, which is anchored in the foundation management course. The 2023 edition was fittingly concluded with the final on June 15. Four teams, each with seven euros in seed capital, presented their start-up projects to the expert jury.
WHAT IS THE €7 CASH PROJECT?
The concept of the competition is as simple as it is good: with just seven euros, an idea should become reality, generate a profit if possible and present the results in the form of a business report. The student teams received expert help from the project's partners: Sparkasse Kufstein, Startup.Tirol and the Kufstein Chamber of Commerce.
Dipl.-Kfm. Karin Steiner, the initiator of the €7 Cash project, was once again proud of the students this year: “Once again, the students succeeded in finding and inspiring customers with creative products and service providers. The teams learned a lot about the different requirements of a start-up project and how to work together as a team.” As an additional requirement, the participating groups each had to shoot a video briefly portraying their own business idea.
This raises the question: Can you make Cannes-worthy short films for seven euros? With regard to the product presentation videos of the four groups, one is inclined to answer the question with “yes”. Nevertheless, only one group was able to win the prize for the best video. The Custom Cut team, which produced individually decorated cutting boards using a laser cutter, was delighted to receive the award. Their contribution put the Makers Lab at Kufstein University in the best light. At the beginning of the project, lab manager Markus Ehrlenbach, MSc, took the time to train the students: With great success, as the individualized wooden boards from Custom Cut prove.
ON THE PODIUM
With a successful reel on Instagram, a group of students invited students to the Vintage BAZAAR at the Kufstein University. A flea market for clothing and accessories was held on a total of three dates in the auditorium of the University of Applied Sciences. Customers not only browsed through second-hand clothes with expert advice, but also enjoyed homemade cakes. The effort was rewarded with third place. With this ranking, the jury recognized the themes of sustainability and community.
For those who are not in a good mood every day, the SIMPLY HAPPY team created positive affirmations to take home. The bracelets, which were sold with a smiley face and a happy message, took second place this year. Customers were impressed by the 20 bright colors and skillful production.
The coasters from BlackSlate are all in black and gray - which did not detract from their success: even the Kufstein Fortress was conquered by this year's winning team. The decorated slate plates, on which logos were engraved, for example, are convincing as long-lasting drink coasters. So much so that Kufstein Fortress offered a variation of the product in its souvenir store.
The four teams together generated the proud sum of 3,229.52 euros in profit, all of which was donated to charitable projects selected by the students.