Healthcare product proposal wins this year’s HKUST One Million Dollar Entrepreneurship Competition

The final round of the fourth annual HKUST One Million Dollar Entrepreneurship Competition proved a true test of what it takes not just to come up with a great business idea, but also to develop it into a viable venture which will attract funding, create jobs, and generate profitable sales.

The tasks set for the finalists included an on-campus trade show at which they had to “sell” their concept to the 400 or so visitors who attended, as well as an “elevator pitch” to explain the essentials to the judges as concisely and convincingly as possible. After that came a detailed evaluation of their respective business plans, in effect a grilling, during which the judges quizzed team members about everything from marketing schemes to projected start-up costs and the longer-term outlook.

On-campus trade show

This was crucial because the main purpose of the competition is to identify the best business prospects and then to provide practical support and seed capital to get them up and running as successful companies.

First in line for that assistance is this year’s winning team, m-Care Technology. Their proposal was to commercialise an innovative product which will allow patients with heart arrhythmia to monitor their condition in real time without the need for electrodes. With the help of research colleagues, the team has developed a vest to detect heart rate, a recording of which can be sent by wireless to designated doctors for assessment.

The cash prize of HK$300,000 along with the use of office space, administrative support, and ongoing advice from HKUST faculty members and other experts will now allow them to turn their plan into reality.