Zipper wins Monash New Enterprise Challenge

by Boating Industry Association of Victoria on 4 Dec 2006 Four Monash MBA students have taken out the $10,000 prize at this year's Monash New Enterprise Challenge with a board used for water-sports, which they named the Zipper.

Hosted by Monash's Graduate School of Business and sponsored by Monash Commercial, the Monash New Enterprise Challenge is a business planning competition for new venture start-ups seeking outside equity capital.

The challenge brings together graduate students from across the university who have innovative ideas and the business skills to transform those ideas into a commercial success.

The winners, Zipper Enterprises, pitched their enterprise to venture capitalists, entrepreneurs and CEOs last Friday, competing against two other teams, Octopussy and Sejour Pty Ltd, for start-up funds.

Zipper Enterprises members -- Mr Denis Jigau, Mr Ben Haan, Mr Cherian Jacob and Ms Koshala Canagasooryam -- developed the Zipper, a new form of water board that is cheaper, safer to use, and cleaner than any other jet ski on the market. People of all ages will be able to use it to explore and enjoy waterways. Weighing only 12 kilograms, the board can be strapped to the roof of a car in a similar way to surfboards.

Team member Ms Canagasooryam said the challenge provided a 'real world' experience, enabling students to seek feedback, guidance and advice from leaders outside academia.

'This is why we undertook the MBA - to gain this opportunity of exposure and to develop networks across the global business community' Ms Canagasooryam said.

MBA director and competition organiser Associate Professor Peter Reed said the challenge matched brilliant ideas with outstanding business skills.

'It extends the networks of new entrepreneurs, enabling them to establish contacts with leaders in the business and educational community' he said.

'Participants access feedback from a diverse range of experts, including lecturers, experienced investors, suppliers and distributors. The knowledge obtained through these interactions is not only valuable for the challenge but also for other future endeavours.'

Mr Haan, the team's Chief Financial Officer, said the challenge had provided a solid base for Zipper Enterprises to commercialise its business.

'Access to external advisers in key business areas including legal and financial expertise has enabled us to move a product from a prototype to a real business model,' he said.

All team members said the challenge had provided them with great preparation for the next round of the competition in Brisbane, where they will represent Monash at the John Heine Entrepreneurial Challenge, Australia's national venture capital competition for postgraduate students.

The team that wins the John Heine Entrepreneurial Challenge will represent Australia in the global MOOT CORP International competition hosted by McCombs School of Business, University of Texas .