The winning team, "My Car", was among 18 squads from 11 universities across Asia that submitted applications. Twelve teams made it to the divisional round, during which they presented their business plans to a panel of judges and a live audience last Sunday night.

Professor Toemsakdi Krishnamra, director of Sasin, said the institute aimed to develop a sense of "entrepreneurship" among the contestants.

"Bangkok Business Challenge is an arena for students to practice their skills in business planning and presentation as if they were in a real business environment," he said. "We believe that the competition will eventually encourage participating students to become successful entrepreneurs in the future, which in turn helps stabilise the country's overall economy."

 My Car's proposal focused on a private car rental service with a mission to hire cars to middle- and low-income customers at low rates ranging from US$2 (Bt79.4) to $5 per hour, with no other costs - including fuel, membership or registration fees.

The "Bio-Shield" team from Mahidol University took second, "Gissco" from Sasin took third, Thammasat University's "Pro-found" team fourth and a mini round prize was awarded to "AquaSiam" from Mahidol University. This is the fourth year of the contest.

"The winning team is awarded HM the King's award and Bt200,000 prize money with an opportunity to be financially funded by a venture capitalist," Toemsakdi said.

The competition has received a good response from universities, students, project supporters and the general public. Some of the business plans in past years have attracted investors and received funding to create real businesses.

"Sasin and supporters - Nation Multimedia Group [which publishes The Nation], Kiatnakin Bank, Bank of Ayudhya and the Market for Alternative Investment - will therefore continue the activity that serves as a venue for students to sharpen their skills and upgrade their exposure to the regional level," Toemsakdi said. "Local students and those from the Asia-Pacific region are welcome to participate in the contest."