Students participating in the 2022 Mayor's Telstra Innovation Awards are getting an insight into how to navigate the business world with help from local mentors.
The award's purpose is to encourage innovation and entrepreneurship by assisting students in the Bundaberg Region to unlock their problem-solving potential and take their big technology ideas to the next level.
This year's nine teams have spent the past four weeks attending workshops hosted by mentors from the Bundaberg Region's business sector, including Ulton's Connor Silcox.
The senior accountant in the Business Services department said he was honoured to present to the high school students on Tuesday as part of the 2022 Mayor's Telstra Innovation Awards.
“Ulton is committed to investing in and giving back to the communities in which we serve,” he said.
“We’ve previously participated as a judge at the MTIA events and when asked to mentor for the Financial and Legal Considerations workshop, I was honoured to assist.”
Connor said he chose to focus his workshop on topics that would be experienced in real-world situations.
“On Tuesday night I covered some of the financial, legal, and ethical fundamentals when starting a business or entrepreneurial venture,” he said.
“Unfortunately, many great ideas don’t get off the ground because these fundamentals aren’t explored adequately.
“Some of the financial considerations that we explored during the session included revenue models, identifying costs, calculating break-even point, pricing, and funding.
“We also explored the legal and ethical considerations such as legal structures, ethical practice, protecting intellectual property and highlighting insurance and warranties.
“These concepts are part of our conversations with our clients to ensure their business success.”
Connor said the MTIA program was a a great way for young people to begin brainstorming big-picture ideas for the future and for current businesses to help foster those innovations.
“It is important for students to get involved in MTIA as this an excellent opportunity to get hands-on and work practically rather than theoretically,” he said.
“Throughout my studies I worked fulltime and understand the value of putting theory to practice.
“It’s also important for the business community to support these initiatives as it builds the talent pool of our community and ensures the continued growth of our region.”
2022 Mayor's Telstra Innovation Awards ideas come to life
In the next few weeks MTIA teams will undertake more mentorship workshops before they begin to further develop their innovative ideas which cover a range of topics including agriculture, natural disasters, youth employment and more.
They will then present their ideas to a panel of judges.
The winning team will be awarded with an all-expenses paid Telstra experience plus a first-place prize pack.
Connor said now was the time for participants to be finetuning their ideas.
“I’d like the MTIA participants to seize this opportunity and work hard on their pitches,” he said.
“A business career can be fruitful and knowing the basics will help guide you on whatever path you take.”