National Youth Entrepreneurship Challenge Winners to Compete on International Stage

April 8, 2024

The top teams from the National Youth Entrepreneurship Challenge 2024, held on April 7th, will have the opportunity to compete in the prestigious Global Youth Entrepreneurship Challenge (GYEC) on May 25th, 2024.

This year’s National Challenge was a collaborative effort between Save the Children Mongolia, Development Solutions NGO, and the Municipal Business and Innovation Development Agency. The competition, held at the Bayankhoshuu Business Incubator Center, attracted 19 teams from 12 local and Ulaanbaatar schools.

             

The competition’s theme, “An innovative business idea that utilizes AI and cutting-edge technology to tackle overconsumption while minimizing negative impacts on society and the environment,” pushed students to develop creative solutions. Seven finalist teams, comprised of over 60 students, competed in English, showcasing their business ideas, prototypes, and pitches within a compressed 10-hour timeframe.

The finalists impressed the judges, L.Bayan-Altai (Country Manager and Representative, Save the Children in Mongolia), B.Khishigsuren (Executive Director, Development Solutions NGO), and E.Khaliun (Specialist, Business Innovation Agency of Ulaanbaatar Municipality), with their creativity and well-developed solutions.

Mr.Bayar-Altai commented on the judging criteria: “Teams were evaluated based on five key areas: creativity and innovation, implementation of new technology, accuracy of financial estimation, production planning, marketing research and planning, and communication.”

“Team Achievers” from New Beginning School, emerged victorious with their innovative proposal for recycling plastic materials. Their idea involved converting plastic waste into both 3D printing material and fuel sources. Second place was awarded to “One Yurt” (New Beginning School) for their concept of using artificial intelligence to redesign used clothing. The “Jimmy Neutron” team (Tomujin Alternative School) secured third place with their project on improving and commercializing 3D printed house technology.

              

The winning teams received exciting prizes:

  • 1st Place: Trophy, ₮400,000 Cash Prize, Certificate of Achievement
  • 2nd Place: ₮300,000 Cash Prize, Certificate of Achievement
  • 3rd Place: ₮200,000 Cash Prize, Certificate of Achievement

Ts.Jamiyandorj, leader of “Team Achievers”, said, “Our team developed the idea to classify the plastic waste into two parts. In the first part, we turned plastic into 3D material. In the other, we aimed to convert plastic into gasoline and gas. Each team member participated equally. We will take our idea to the global competition.”

B.Temuulen, leader of “One Yurt,” commented, “’We presented to use AI to redesign old clothes into new. This was our first time participating in this competition.”

B.Margad, leader of “Jimmy Neutron”, highlighted the competition’s positive impact, “Our team of eight are students of grades 10-12. Our business idea was to develop 3D printed house technology and distribute it in the market. This competition, which addresses current issues, is beneficial to the community.”

The GYEC-2024, organized by the Center for Entrepreneurship Development in Japan, promises to be a thrilling showcase of young global talent.