Best ideas of BizVenture student entrepreneurship competition announced

February 3, 2023

The best ideas of the second BizVenture online championship in entrepreneurship for students were announced in Sarajevo.

The competition was organized by the United Nations Development Programme (UNDP) in Bosnia and Herzegovina, as part of the second phase of "Economic Governance for Growth" (EGG 2) project with the financial support of the Government of the Kingdom of Norway and in cooperation with the University of Banja Luka and the University of Sarajevo.

After gaining new knowledge in the basics of entrepreneurship and creating a business canvas model through the BizVenture simulation game from November 11 to December 11, seven students from two universities presented their business ideas to mentors and an expert jury composed of professors in the previous two days, professors from two universities and representatives of UNDP in Bosnia and Herzegovina.

BizVenture is a simulation entrepreneurship game developed through the IT Girls initiative implemented by UNDP, UNICEF and UN Women, whose development was financed by the Kingdom of Sweden. The University of Sarajevo joined the University of Banja Luka in this year's edition of the BizVenture Championship.

At the ceremony attended by Rifat Škrijelj, rector of the University of Sarajevo, Milica Balaban, vice-rector for international and inter-university cooperation of the University of Banja Luka, and Stephen Kinloch Pichat, deputy resident representative of UNDP in BiH, the jury judged all the entrepreneurial ideas of students, such as the production of food and cosmetic products and the application of information technologies for various services, as extremely thoughtful and innovative.

"The ideas were more advanced in relation to their age and their position at the university, and they were especially significantly different in relation to how average young people in Bosnia and Herzegovina think. They have the potential to lead BiH in a slightly different direction than what is the case now."
Branko Vučijak, jury member and associate professor at the Faculty of Mechanical Engineering of the University of Sarajevo


"Many of these ideas will probably be implemented," added Jadranka Petrović, senior assistant at the Faculty of Economics of the University of Banja Luka.

The best business idea award, for which she won a laptop, was given to Marija Stojaković, a student of the Faculty of Science at the University of Banja Luka, who stated that as a chemistry student, the championship was extremely useful for her to learn to think in an entrepreneurial way.

"In addition, I heard excellent ideas from other students and gained excellent friends and maybe one day partners for the realization of my idea," said Stojaković.

Second place and a tablet went to Nirvana Mahovac, a student at the Faculty of Economics, University of Sarajevo, while third place and wireless headphones went to Selma Fočo from the Faculty of Mechanical Engineering, University of Sarajevo.

Stephen Kinloch Pichat, Deputy Resident Representative of UNDP in Bosnia and Herzegovina, pointed out that supporting young entrepreneurs is key to creating high-quality jobs and employment, especially for young women.

"Young entrepreneurs have the opportunity to create innovative and creative jobs; entrepreneurial skills are the skills of the future. Youth entrepreneurship can have a positive impact on the social, cultural and economic progress of society. Young people in Bosnia and Herzegovina have the power over the future," said Kinloch Pichat.

Rifat Škrijelj, the Rector of the University of Sarajevo, said that the BizVenture championship is an excellent initiative that will help encourage digital transformation and entrepreneurship at universities in order to improve both the digital and business skills of students.

"I am sure that the best ideas that came out of this championship will have a successful market valorization", said Škrijelj.

Milica Balaban, the Vice-Rector for International and Inter-University Cooperation of the University of Banja Luka, said that the BizVenture competition was a great opportunity for students to acquire entrepreneurial skills and a kind of professional self-confidence through the presentation of their own business ideas.

"The University of Banja Luka will enable the best-rated student ideas to receive additional support through mentoring and professional counselling with the aim of creating capacity so that, in a certain form, this kind of practice is available to all our students."
Milica Balaban, Vice-Rector for International and Inter-University Cooperation of the University of Banja Luka

Congratulations to the winners and at the end, to put it in the gamer's vocabulary, next year we expect BizVenture 3.0 and it would be our pleasure to host the championship again, of course with an even larger number of participants,” said Balaban.