News at the University of New Brunswick

Fourth instalment of UNB’s Business Simulation Competition goes virtual

Author: UNB Newsroom

Posted on Mar 16, 2021

Category: myUNB , UNB Saint John

UNB’s faculty of business on the Saint John campus is hosting its fourth annual Business Simulation Competition in a virtual environment, allowing students to test their business strategies and ideas and experience the results.

The event will see third- and fourth-year students in the bachelor of business administration and bachelor of applied management programs leading teams as they run global companies competing against one another in a quickly evolving market. The competition includes four rounds designed to challenge students’ critical thinking and teamwork.

This year’s competition theme is “Entrepreneurial Leadership,” chosen to develop leadership skills and in recognition of the need for economic growth during and after the COVID-19 pandemic.

“This past year has been challenging for everyone and we recognize that there is much work to be done to recover economically from the pandemic,” says Dr. Michel Rod, dean of business at UNB Saint John. “Through the Business Simulation Competition, our students will have another opportunity to put their leadership into action and be creative with their ideas, which is crucial for recovery in our community.”

The Business Simulation Competition has several goals in mind: To provide an experiential learning opportunity; to create an increased feeling of community for students; and to support economic development in the community. Students will have the opportunity to network with local business leaders and faculty members, receiving mentorship and feedback throughout the day and forging relationships with local companies.

“We are excited to be providing this opportunity to our students, allowing them to showcase their entrepreneurial leadership and business skills,” says Dr. Matthew Wegener, associate professor in the faculty of business and organizer of the competition.

“This competition is a win-win-win. Our business partners get an opportunity to get to know our students better. The UNB Saint John faculty of business gets to showcase its students. Our students get a great experiential learning opportunity, time to network with possible future employers, and the chance to walk away with some extra cash to help overcome any COVID-19 blues they might be facing.”

In the first round of the competition, each team will be provided with seed capital to start their business. They will be required to determine their strategy, develop products, establish operations and distribution channels, set human resource policies, and run marketing campaigns.

After the second round, students will meet with a venture capital panel consisting of faculty members and corporate partners. They will present the work they have completed and their plans for their company with the intention of raising more capital. Prizes will be awarded to students based on their balanced performance relative to their peers.

The day will be capped off by a keynote address from J.D. Irving, Limited.

“Ultimately, this will be a fun experience where all parties involved will walk away with a recognition that the faculty of business at UNB Saint John is creating future industry leaders,” says Dr. Rod.

The event will run all day on Friday, March 19.

Media contact: Kelsey Pye