Business Idea Competition (BIC)

Business Idea Competition (BIC) is an annual event organized by the Innovation and Entrepreneurship Development Unit (IEDU) of the Department. It was initiated in 2016 for the generation and commercialization of business ideas of the first and second-year undergraduates of the Faculty. The participants are supposed to apply and present their creative and innovative business idea proposals individually and as teams in terms of new products, new services, new technologies and new solutions applicable to any area of business. The business idea proposals submitted by them individually and in teams are evaluated by panels consisting of academics and industry experts and finalists have the opportunity to pitch their ideas to a larger audience, which is the final round of evaluating such proposals.

Objectives of BIC

The main objectives of the competition are to foster idea generation and to facilitate the commercialization of business ideas of students in the faculty. In addition, it is expected to enhance the linkage between the industry and the structure.

Evaluation Criteria

  • Commercial viability
  • Potential to raise finance
  • Size of the potential market
  • Creativity and innovativeness
  • Impact on sustainability
  • Potential to sustain business

Awards

Cash Prices for the First, Second, and Third places and certificates for the best ten business ideas

Business Idea Competition (BIC) 2024

BIC is a flagship event organized by the Department of MOS annually since 2016 which is an open call for all undergraduate students of the Faculty of Management and Finance to present their novel business ideas to a panel of industry experts and professionals. Going beyond a mere competition, BIC enables undergraduates to take part in several rounds of upskilling sessions facilitated by the industry experts to groom and refine their business idea presentations. MOS Day 2024 held on October 29, 2024, celebrated the grand finale of the BIC 2024. This year, the first prize was awarded to “a virtual Handy Craft Marketplace” followed by “An App – Job Portal” and “A Bus and Train Location Mobile App” securing the second and third places respectively

Business Idea Competition (BIC) 2023

The Business Idea Competition (BIC) was held successfully on August 18, 2023, at the Faculty of Management Finance, University of Colombo for the sixth consecutive time. The journey of BIC was initiated by the Department of Management and Organization Studies in 2016 aiming to improve the creativity, innovativeness, and entrepreneurial skills of the undergraduates.

For this year’s event, we have received 24 ideas and 10 were selected for the knockout round. The top 10 business ideas were selected by the panel of judges representing both academics and professionals from the industry. As the second step, a workshop was organized aiming to improve the top 10 ideas of the students. And then the final six ideas were selected to compete in the grand finale after evaluating the presentations made by the students. After a very competitive and tough selection process, the final six ideas were rated.

Business Idea Competition (BIC) 2022

Grand Finale of the Business Idea Competition (BIC) 2022 was held successfully on March 31, 2022 through zoom with the panel of internal and external evaluators representing both academics and professionals from the industry