Students participating in the Mayor’s Telstra Innovation Awards took part in a mentoring session recently to learn about the intricacies of starting a business.
The session was hosted by Dr Tage Andersson, Head of Course College of Business, School of Business and Law at CQUniversity.
Dr Andersson discussed a guide in starting a business with the students, including how to prepare finances, knowing the law and preparing for tax.
“It was great to see and interact with so many bright young people keen to make a difference,” he said.
The information showcased to the students was imperative in their MTIA journey, according to Dr Andersson, who said it helped improve their novel business proposals and better pitch it to potential investors and competition judges.
“The 2021 MTIA presentational and workshop was about how to include financial and legal considerations as part of a novel business proposal for a start-up,” he said.
It was discussed how participating teams could investigate the financial viability of their proposal, reduce financial uncertainty over time, identify their need for funding, and different opportunities for attracting funding.
“Legal considerations when establishing a business or not-for-profit organisation was also discussed.”
Dr Andersson was joined by Vicki Leeson, Entrepreneur Facilitator with Business Leap/Regional Business HQ, to provide guidance to the teams.
The Mayor's Telstra Innovation Awards features six local high school groups who have gone above and beyond to create new, technological ideas for real-world situations.
Phase one of the competition began in February and winners will be announced on 16 June after a final pitch and presentation night.
Dr Andersson said MTIA was a fantastic initiative focused on a modern approach to innovation and business.
“Participation in this initiative is a great way for students to learn about digital technologies, facilitating change, innovation and entrepreneurship,” he said.
“These competencies and skills are in great demand.
“It was a pleasure to engage with this group of very engaged young entrepreneurs with awesome ideas.”
Bundaberg Regional Council is proud to partner with Telstra to deliver the Mayor’s Telstra Innovation Awards in 2021 exclusively to high schools within the Bundaberg Regional Council Local Government Area.