Nov 16th 2009
Thousands of students around the world have been given the challenge of adding fun to a task that many find difficult, if not impossible – saving money.
Students spent eight days coming up with solutions and were asked to post a YouTube video describing their results. The competition is organized by Stanford University’s Technology Ventures Program for Global Entrepreneurship Week, which runs today through Sunday. It is sponsored by Intuit, maker of Quicken.
Intuit says the competition gives students “a taste of what it's like to be entrepreneurial: students must deliver results while working with tight constraints, such as limited time and resources. Great ideas are not enough - they actually need to implement their ideas.”
Students from China, Peru, Latvia, Romania, Denmark, Mexico, Malaysia, and many other countries submitted more than 400 videos to the competition.
Students from Lawrence Technological University describe competing with family and friends online to see who can save the most money in a week. Craig and Andrew Przytulski talk about saving money with coupons and accumulating points, somewhat like a fantasy football league. In the video, Craig Przytulski says, “Did you see how bad I’m beating you on saving money this week? I’m ahead of you by so many points.” Andrew laughs. “That’s what you think. I picked up some coupons yesterday – 50 cents at Kroger I just saved!” Craig looks at the camera. “It can get really intense.”
Students from Junior Achievement in Kenya reused old clothes by cutting them up and sewing them together into a duvet, to be sold for 2500 Kenyan shillings. They also dried corn cobs to be sold and used as carpet brushes and shoe scrubbers.
Miami Dade College students promoted carpooling. Marcus says he’s down because he’s spending too much money on gas. Filling up cost him $41.93. “But don’t worry I came up with a new plan. I’m going to start carpooling.” He picks up a couple of friends who chip in for gas, talk and listen to music on the way to school.
Judges will determine which teams made the biggest impact. The local winners in most locations will be announced this week. Global winners will be announced online on December 3.