Two Myanmar teams to join Mekong Business Contest 2020

11 September 2019

Two winning teams from "Myanmar Business Model Competition" are reported to join the Mekong Business Challenge 2020.

These are two of the winning teams at "Myanmar Business Model Competition 2019".

The winning teams were announced at the prize awarding ceremony of the “Myanmar Business Model Competition” on Sunday.

Myanmar's UMFCCI and Japan's CIESF brought the contest to Myanmar's young entrepreneurs.

Dr. Myo Thet, Vice Chair of UMFCCI said, "This model business contest has been around since 2011 and this event was the one held jointly. The main objective of holding this contest is to inspire and breed systematically a new generation of young energetic Entrepreneurs and new businesses.”

76 teams participated for this year contest, we chose 14 teams as the first selection, then in second selection, we chose 8 teams. Now we chose top teams, winner gets gold medal. 5 million kyats for the first prize, 2.5 million for the second prize, and 12 lakhs for the third prize and consolation prizes.

The 8 teams that reached the final selection stage include Myanmar Games, Myanmar Signature, Green Environ, Akayar, Bagan, My Lawyer Application, Yangon Wheels, and Capsule 360.

Among 8 teams, Myanmar Games and Bagan are going for the Mekong Business Contest.

Dr.Myo Thet, Vice Chair of UMFCCI continued to explain, "Under the arrangement of UMFCC, Digi Matrix, the winner for champion trophy and Gold medalist and MM Tutors, the First Runner and Silver medalist of last year’s (2018) contest competed in the Mekong Business Challenge 2019 in Cambodia, representing Myanmar.

MM Tutors outperformed and outshine all other Competitors from Mekong countries plus Bhutan at the Mekong Challenges 2019 to win gold Medal and Champions advanced to compete in the International Business Model Competition 2019 in USA. They managed to advance to the semifinals, winning the 3rd place in this International competition."

It is noted that Myanmar will host the Mekong Business Contest in early 2020.

Also, as a host country, Myanmar will be able to include one additional team to join the contest apart from the two announced.

Among the two teams going for the Mekong Business Contest 2020, Ko Aung Kyaw Nyein,one of the entrepreneurs of  Bagan, Global B2B e-Commerce Platform said, " Our business model is Bagan Our technology is designed to help solve the traditional trade issue happening at border areas. The motive behind developing the platform is that there are many challenges that traders in border areas face and some face fraud. So the intention to help with this leads to developing this platform".

Myanmar currently is in its triple transition of Peace, Politics and Economics. The transition and reforms in the Economics sector and its successful implementation is extremely important for the country. Myanmar today is considered as the country with the fastest growing economy in the region. But it's facing an acute shortage of competent skilled entrepreneurs and workforce to meet the demands of the new economic scenario. It is noted that business contests such as the one being held today will greatly contribute to the creation, development and capacity building of a new economy.

Arker Kyaw