The University of Adelaide’s Entrepreneurship Commercialisation and Innovation centre (ECIC) and Family Business Education and Research Group (FBERG) have successfully launched the Australian eChallenge NextGen with a number of South Australia family businesses signing up for the program. This has been made possible through the support of the South Australian Government’s Department of State Development and Family Business Australia.
The Australian eChallenge NextGen is a structured educational and mentoring program that assists family firms in working with the next generation of leaders in translating entrepreneurial and innovative ideas into commercial reality. Conducted as a competition, the winning team (to be announced in November) receives $10,000 cash to help fund the roll-out of its idea.
Family businesses are the engine room for entrepreneurial activity and growth of economies around the world. They are increasingly challenged on how to remain competitive and viable in the changing economic landscape. In such times, there is an imperative for family businesses to create new and innovative systems and processes, enhance their capabilities, and develop opportunities for new markets and/or launch new business ventures. The Australian eChallenge NextGen is a great example of how the University of Adelaide can partner with government and industry in assisting the family business sector to not only survive, but to thrive in today’s economic climate.
The Australian eChallenge NextGen will be extended nationally in 2016.