Business Simulation Startup Challenge – Surfing the Gap Between Education and Working Life
One of the highlights of the past academic year was an opportunity for our second year International Business students to play and compete in a TOPSIM business simulation game as part of their management and accounting studies.
In a weeklong challenge the International Business students from HAMK were mixed with visiting students from Hochschule Niederrhein University of Applied Sciences from Germany.
In mixed groups the students had a challenging task ahead: To sell surfing equipment against the other groups’ startups. So it’s not only about running a thriving business, but thriving against competition.
– They all sell the same products on a small island, so they compete against each other. It’s really amazing and exciting to experience, Senior Lecturer Simona Chilba describes the atmosphere of the week as the fluctuating statistics and results after each day’s planned activities are compared in the simulation platform.
The week opened with business idea pitches as seen in Lion’s Den and Shark Tank TV shows. The business ideas were awarded simulation funds unequally in exchange for their company shares.
Check the clips on Instagram how the students created marketing and pitching content using the surfing props.
The pitches lead to a learning experience where the students evaluated the importance of managing finances, made data-driven decisions and faced real-world business challenges under time pressure. Each day demanded new actions and presented new challenges.
The simulation played out the results of the surfing companies’ choices, how the market shares shifted, and how awareness, sales, potential sales, actual sales, revenue and return on sales fluctuated. How much you chose to work your workforce also played a part.
