A contest for young business entrepreneurs and students who are interested in founding their own start-up businesses has kicked off in Ho Chi Minh City.

The competition takes root from the Praxispartnership Project, organized by Leipzig University from Germany in collaboration with Vietnamese – German University (VGU), HCMC Young Businessmen’s Association (YBA) and Vietnam Chamber of Commerce and Industry (VCCI).

Individuals, students and young businesspeople aged under 35, who want to develop their own ideas for a product, service or business model, are encouraged to participate in the contest. They must live in HCMC, Dong Nai, Binh Duong, Long An to be eligible for the contest.

One of the organizers, VGU, said that Best Innovators Award originates from Germany where innovations are seen as the backbone of the business industry. The contest aims to recognize individuals or entrepreneurs who bring new changes and innovations to the local market through their business plans.

In the first round, applicants can submit more than one idea before August 9, 2013.

30 excellent ideas will be selected to the second round in which participants can attend the course Entrepreneurship Business Plan & Successful Innovation Management Tools for free to create their own business plans.

The final round will be held on September 10 which features 5 most outstanding business plans.

The winner of the first prize will be able to fly to Germany to join an intensive training and coaching week in business development and innovation management in Leipzig University. The value of this prize is equivalent to VND40 million ($2,000).

After the contest ends, participants who have feasible ideas or plans will be continuously supported to further develop their projects at home.