Report: GER Business Award
D.C.-Area Entrepreneurs Honor German School Students
in Business Plan Competition
Time spent looking for someplace to park your car on crowded city streets is a serious matter. Sophomores from the German School Washington want to simplify your parking experience with their app “Parkmate” – a parking reservation service that allows drivers to find and book privately owned parking spots directly through their smartphones. It also lets those with empty driveways earn extra cash by renting theirs out. This unique business idea helped William B. and Jonathan H. of Washington, Rashid H. of Rockville, and Bruno Sch.of Bethesda win $1000 in the 8th annual Business Plan Competition on Mai 13th 2015.
Of the eight competing teams, three teams were awarded prize money for showcasing their entrepreneurial ideas and business planning acumen before a panel of real-world industry professionals. “We think of it as our own mini version of Shark Tank, where students are in front of a panel of judges and a live audience pitching their ideas,” said teacher Markus Lammes.
To enter the competition, each student team must develop a unique and innovative business concept and prepare a twenty-minute presentation geared toward motivating potential investors to fund a company based on the students’ business concept. Teams receive feedback from a judging panel consisting of members of the German Executive Roundtable – a group of German-speaking trade and industry representatives from the D.C.-area. The judges base their decision on the professionalism of the presentation, as well as the feasibility, potential profitability, and merit of the business idea.
"I think it’s a really great program that will inspire a lot of entrepreneurial attitude in the youth of the community,” said Uli Werner, Director of the GER and CEO of EDC Consulting.
The competition is made possible through funding from the German Executive Roundtable.