In the end, there nothing that legitimizes an idea more than its contribution to the life of a society or, in other words, the common good. Does the invention increase mobility and allow for a higher quality of life? Does the app make everyday life easier? Does the business model contribute to the common good? The award is to make these ideas visible and to inspire others to review their own business models for public value.
In demand: public value of start-ups
"We tend to take a rather one-sided view of start-ups in Germany. This is something we would like to change with the award. It is about what society can gain," says Prof. Dr. Timo Meynhardt, who holds the Dr. Arend Oetker Chair of Business Psychology and Leadership and initiated the award. "No matter if a start-up is initially motivated by financial aspects or social concerns – at some stage, all businesses will have to face the question of their meaning and purpose for the greater good, i.e. society. If a start-up fails to answer the question 'Why', it has already lost. The award is to honor those who have found good answers."
Attractive prizes for international networks with investors and partners
Start-ups may apply for the award at www.eypva.com until August 15, 2016. The finalists will present their business ideas in a short pitch to a panel of judges and the audience on the day of the award ceremony. The winners can look forward to a trip to the Strategic Growth Forum Palm Springs (1st place), a trip to the Strategic Growth Forum in Rome (2nd place) and a ticket to the 2017 German Valley Week (3rd place). The winners will also automatically be registered for the next IF Public Value Award, currently the most important international award of its kind. All these prizes will give young entrepreneurs the opportunities to connect with investors and potential partners, increase their brand awareness and expand their business models. www.eypva.com
HHL Leipzig Graduate School of Management as a hotbed for entrepreneurs
With over 165 start-ups established by HHL alumni over the past 18 years, HHL Leipzig Graduate School of Management has developed into an incubator for company creation. The founders' entrepreneurial commitment has created more than 2,800 jobs already. In 2013 and 2014, HHL reached one out of the three first places for the best entrepreneurial universities in Germany cited in the Start-Up Radar ranking published by Stifterverband für die Deutsche Wissenschaft (Founders' Association of German Science) and the German Federal Ministry for Economic Affairs and Energy (BWMi). According to the Financial Times, HHL ranks first in Germany and fifth globally for its entrepreneurship focus within the M.Sc. and EMBA programs. www.hhl.de/EntrepreneurialGraduateSchool
About Ernst & Young GmbH (EY)
Ernst & Young GmbH is one the major auditing and consulting firms in Germany. EY is the German market leader in tax consulting. EY currently has about 8,900 employees in 21 locations and generated EUR 1.5 billion in revenue in the 2014/2015 business year. Together with 212,000 employees from the international EY organizations, EY serves clients all over the world.
EY offers an extensive service portfolio to major as well as medium-sized enterprises which includes auditing, tax counseling, legal advice, transaction advice, advisory services and real estate counseling. With its EY Start-Up Initiative, EY also actively supports young entrepreneurs and provides them with numerous networking and improvement opportunities. www.de.ey.com and http://start-up-initiative.ey.com