Koh Hui Kieng, Yeong Hoe Kin and their supervisor Mr. Kong Chee Leong (second from right) together with winners from last year’s HSBC Young Entrepreneur Award, (from left) Chai Kian Yew and Janice Neoh Chia Wee.

Jubilant: Winners for the various categories of the HSBC Young Entrepreneur Award.

Kuala Lumpur, 11 June, 2011 - UCSI University’s Biotechnology students, Koh Hui Kieng and Yeong Hoe Kin won the Silver medal at the HSBC Young Entrepreneur Award 2010/2011 for their business plan called “Money making wastes” which utilises coffee wastes to cultivate mushrooms commercially. The students also won the Eco-Business Innovation Award for their environmentally friendly idea to ultimately take home RM10,000 for their business plan, and an additional RM3,000 for the Eco-Business Innovation Award. 

The students had initially developed the idea to cultivate mushrooms using coffee wastes for their final year project. They were then encouraged by their lecturer and supervisor, Mr Kong Chee Leong to submit their research for the prestigious award. According to Hui Kieng, their main intention when joining the competition was to gain knowledge and experience in the business field. 

Although originally “unequipped” with the business skills to sell their idea, the students worked hard to submit their business idea submission. The Competition also involved a visual and video presentation, culminating in the submission of the full business plan which included a financial analysis, market research, building plans and more. The team then qualified for the last round which involved an oral presentation of the best 5 groups in Malaysia. 

Hui Kieng says that the team was confident with their product, as it was a pioneer in the country, replacing conventional used rice bran with coffee wastes as a mushroom cultivation substrate. “This was far more environmentally friendly, plus our research showed that the Oyster mushrooms grown from coffee wastes matured within a shorter period.” He added that the coffee wastes used for their mushroom cultivation were obtained for free at many coffee houses in the urban area, which reduced costs as well. 

Both Hui Kieng and Hoe Kin agree on the importance for science students to have business and management skills. “With marketing and management skills, only then can products and services be well presented to the public, and be put to good use. From this competition and activities by our Faculty, we have also learnt that investors need crucial information involving industry analysis and marketing plans presented to them to make important decisions.” 

Hui Kieng and Hoe Kin hope to use the cash prize they had won to start a small-scale business. “With support from our families, we hope this can be done.” 

UCSI University’s Faculty of Applied Sciences constantly exposes its students to business skills as a way to promote their research and projects. This resonates in the annual events the Faculty organizes such as the “Nutri Food Fair” which makes it compulsory for students to create their own advertising and marketing plans for their products. According to its Dean, Assoc. Prof. Dr Hon Wei Min, “All students need to assemble a sound financial plan for their products so that they don’t incur a loss.”