For the second year, the International University of Monaco has organized a business plan competition – THE MARK, allowing project developers to submit their ideas to a jury of professionals.
For the University of Monaco, the goal of this competition is to promote entrepreneurship, innovation and luxury services and to present its Masters in Luxury Management’s students to professionals. Moreover, in order to implement IUM mission to train responsible leaders, all business plans submitted had to include a societal or environmental aspect.
Initiated by a team of IUM professors, THE MARK is finally a project led and managed by the IUM students who created all the communication tools namely THE MARK Challenge as well as the main rules of the competition.
The competition, this year, was opened to all IUM and INSEEC group Master students. This has resulted in 17 teams, composed of 21 different nationalities. Next year, the business plan competition – THE MARK should be opened to other international schools offering a specialization in Luxury Management.
On Thursday, April 23, the 4 finalist teams presented their projects to a jury of entrepreneurs and investors and to an audience of students and professionals at the Hotel Columbus Monaco.
ToneU, from IUM, MSc in Luxury Management, received the First Prize of the Jury and the Audience Prize as well! ToneU is an application that focuses on the beauty, health, and wellness sectors. Clients can make an online appointment on the app for various services such as hairdressers, personal trainers, spas and many more.
Milap from INSEEC Paris, MBA Luxury Brand Management – Fashion, Jewelry & Cosmetics received the Second Prize of the Jury. Milap aims at creating a service that is based on a privately hosted platform for luxury clients. These customers acquire memberships based on invites and recommendations from existing members. This digital concept store, designed as a social media rather than an online store, will have a network of various artisanal businesses.
This event has been organized thanks to the support of entrepreneurs and Monegasque companies supporting entrepreneurship, innovation services and responsible projects: Oliban (catering), Envestors (Council fundraising) , Itesso (IT solutions for hotels), Ollane (Printer), Maya Bay (Restaurant), SBM Monte Carlo (Resort), Althaus Yachting, Mitton Wines (wines distributor), Vitale (Council, selling diamonds), Red Carpet (Advertising articles).
What makes The Mark – Business Plan Competition unique is the specific focus of on entrepreneurialism in the luxury industry. As a Jury Member evaluating the short-listed pitch ideas, I was impressed by the creative, detailed and unique solutions presented by the participants across businesses sectors as varied as retail, technology and transport. With over 100 students, alumni, business sponsors and luxury experts gathering for the event in Monaco, the opportunity for network development was invaluable. The future of the industry was defined at The Mark – entrepreneurial, innovative, experience-driven and of course, with CSR as a key business factor.
Lindsay Davis, Global Director of Partner Office Relations, Quintessentially Lifestyle
For more information please visit: www.themarkchallenge.com