We met Snap Comp at the last Melbourne BizSpark camp and I am very excited to hear their amazing success with the RMIT business award! Congratulations guys!!

A web-based venture that solves the legal, technical and marketing problems of running competitions for small businesses and not-for-profits has won RMIT University’s 2011 Business Plan Competition.

Snap Comp – an internet-based platform that aims to offer a simple, low-cost, self-service solution for businesses and organisations who struggle with the legal and technical challenges of running competitions, raffles and redemptions – was last night awarded the $25,000 RMIT University First Prize at a gala awards ceremony.

Team Leader and RMIT Master of Commerce student Paul Monks, of Croydon, said it was an honour to be recognised by the industry and business leaders who had judged the competition, which this year awarded more than $100,000 in prizes.

“We are really elated. This is fantastic validation and affirmation for us. It gives us much greater credibility in establishing the business,” Mr Monks said.

“The Business Plan Competition has been an excellent, practical, business-focused extension to my academic studies at RMIT.

“Winning the competition and the $25,000 first prize, together with the Servcorp Virtual Office and the GrantReady awards, enables us to enter the market much sooner than would be possible otherwise.”

Snap Comp was last night also awarded the Servcorp Virtual Office Prize for Business Excellence (virtual office services to the value of $5,000) and the GrantReady Award for Excellence (professional services to the value of $5,000).

The business venture is expected to launch in Australia in January 2012, with a rapid global expansion planned to meet the demand for the service worldwide.

Now in its 11th year, the annual RMIT Business Plan Competition is open to all RMIT students worldwide and encourages young entrepreneurs to develop competitive business plans for their original business ideas.

More than 3,000 students have taken part since 2001, with many past competitors now running successful businesses in Australia and around the world.

RMIT Vice-Chancellor and President, Professor Margaret Gardner AO, praised the dedicated efforts of the 10 finalists and congratulated all 131 teams who took part in the 2011 competition, one of the biggest programs of its type in Australia.

“This competition helps our young entrepreneurs harness their talent and energy to create innovative new ventures that are grounded in sound business practice,” Professor Gardner said.

“With the support and structure of the RMIT Business Plan Competition, our students are given the opportunity to learn from action and experience.

“By working closely with the industry mentors who so generously support each team, the students gain invaluable skills and networks to enable them to turn their fresh business ideas into reality.”