Young Minds, Big Prizes

Introducing the AIHM Business Plan Competition 2023 

With our campuses in Bangkok and Pattaya, AIHM has seen how much talent the up-and-coming generation of students in Thailand has to offer. We know there are future business leaders and successful entrepreneurs waiting to emerge from every high school in the country. In order to foster this creative spirit, we’re launching a new opportunity designed just for high schoolers. The AIHM Business Plan Competition 2023 is a partnership between AIHM, the Asian Institute of Hospitality Management in Academic Association with Les Roches, and GHA, the Global Hotel Alliance. The top teams will win prizes of up to 40,000 baht sponsored by GHA. 

A big part of entrepreneurship is the spirit of competition. But it also takes teamwork! AIHM invites groups of 3-4 friends to join hands (and minds) as a team to imagine a new hospitality business. Teams will develop a business plan to demonstrate their idea’s potential for success. The competition will roll out in multiple stages. Round 1 is the elevator pitch. Each team will create a short video to creatively introduce their business concept. Teams with the top pitches move on to the next round. It’s like The Voice – but without singing! 

Bring in the New, the Future of the Hospitality Business 

What’s the competition all about? Each team must come up with an exciting new idea in the world of hospitality. We’re looking for creativity. The business could be largescale or small. It could be a lodging business – anything from a youth hostel to a glamorous camping concept to a luxury hotel. Alternatively, teams might dream up an F&B concept – a fine-dining restaurant, a snack bar chain, a pop-up restaurant, a new kind of food stall. The business might be related to the events industry – a festival, a fundraiser, a wedding business. It could even be an app. We’re looking for fantastic new ideas for any kind of business, as long as it’s related to hospitality. 

Be bold. Be entrepreneurial. Be fun. Be fresh. Be innovative. Be creative. Be yourself. Just remember: the idea should be exciting, but it also needs to make money. You’re creating a business bound for success. 

Brainstorm Business Concepts 

First, think about your idea. What do you want to create? Who are the customers? What is the need or desire you will be catering to? What are you doing that’s never been done before? How much potential does it have – will you be able to find customers? 

After you have the beginning of concept, start to ask some of the other important questions you should think about as an entrepreneur. Where will the business be located? What exactly will the product or service be? What will the customer’s experience be like?  

Create a Video Pitch 

The business world is fast paced, and potential business partners and investors have limited time. Entrepreneurs must learn how to sell their idea quickly, to present their idea and hook their audience in a very short timeframe. Often, this is called the ‘elevator pitch’ – a quick presentation that could be given during the time it takes to ride an elevator with someone. We’re giving you up to five minutes for your pitch. (Pretend you’re in the elevator of a VERY tall building.) 

Create a video to deliver your pitch. Creativity is king. You could film on location. You might decide to use animation. You can include slides and visuals. It’s up to your team and your imaginations. A good elevator pitch will capture attention, clearly explain the core concept, and make the viewers understand that this is a business with true potential. The deadline for video submissions is 1 March 2023. 

After submitting your videos, our support team will post them to YouTube, and the public will be able to vote for their favorite pitch. The four videos with the highest number of votes will go on to the finals. A committee of hospitality industry specialists from AIHM and GHA will also select four additional videos it believes deserve a place in the final round. 

Final Round: The Business Plan Competition Heats Up 

All eight final teams will be invited to present their business idea, together with their business plan, face to face with the AIHM-GHA committee at our Bangkok campus on 1 April 2023.  

On this date, teams will present their business plan in more detail. These presentations should include: 

• An Overview of the Business Concept
  A quick intro to the concept, similar to your elevator pitch. 
•  Your Value Proposition
  How do you provide value to your customers? Why would they want to purchase your product or service? 
•  The Target Market
  Who are you trying to attract? How would you describe your ideal customers? What do they like? What do they want? 
•  Competitive Analysis
  A brief look at your potential competitors. Are there other businesses who already serve your target market with a similar product or service? How will your business be different or carve out its own success? 
•  Marketing Plan
  Tell us in brief: how will you promote your business? How will people know you exist? How will you convince them to try your product or service? 
•  Break-even Analysis
  You’re not expected to show a full financial plan, but we want to know you’ve thought through the basics of a budget and how much product you need to sell to break even on an initial investment. One short break-even chart can be enough for the purposes of the competition. 
•  Conclusion
  Finish your face-to-face presentation on a high. Recap the key reasons your business idea is so great and why it will be successful. 

Be careful with timing! You’ll only get 20 minutes to present your idea. Winning entrepreneurs know how to communicate concisely and make a big impact in a small amount of time. 

Prizes and Judging Criteria 

The AIHM-GHA judging committee will award the top three teams with cash prizes: 

•  1st Place – THB 40,000 
• 2nd Place – THB 20,000 
• 3rd Place – THB 10,000 

Judges will choose winners based on four criteria: 

• Originality
  How original is your idea? Is it truly a new idea no one else has invented before? Or is it just a copy of something that already exists? 
• Creativity
  How much creativity have you shown in your business concept, your video, and your face-to-face presentation? Did you wow the YouTube audience and the judges with your imagination? 
• Viability
  Is the business idea a realistic one that could actually be implemented? Has the team demonstrated they have a viable business plan by addressing all the elements they’ve been asked to, including: the value proposition, target market, competitive analysis, marketing plan and break-even analysis?   
• Presentation Skills
  How creative and professional was the presentation? Did you capture the audience’s attention? Did you impress the judges with your professionalism?  

Do You Have What It Takes to Be a Winner? 

We can’t wait to see all the amazing videos and presentations you’ll make. We look forward to enjoying ideas from high schoolers all over Thailand. Share this competition with your friends and teachers. The competition is open to students in their last three years of high school, and each team must be officially registered in the competition by their school.  

Ready to win? Join the AIHM Business Plan Competition 2023.