The Director of the Griffith MBA has urged university students across Australia to embrace a global competition which challenges them to build responsible business models with a focus on purpose as much as profit.

Associate Professor Nick Barter says the Sustainable Games initiative, spearheaded by Principles for Responsible Management Education, is an important opportunity to foster social entrepreneurship among the business leaders of tomorrow.

“We are faced with an uncompromising economic landscape today, particularly in areas like infrastructure, income inequality, business ethics, finance, education and climate science,” he said.

“This competition asks students to come up with innovative business models that have the potential to drive global environmental, social, and governance progress well into the future.

“It is an opportunity for students to identify key issues confronting society and then to design a business model that addresses the issue with an effective, sustainable solution. They are encouraged to think creatively and collaborate globally.”

SustainableGames: The Business Model Challengeis organised by PRME in association with Cornerstone Capital Group, RobecoSAM and the Clinton Global Initiative.

New York announcement

Student teams, made up of 3-5 members, have the chance to win a first prize of US $25,000 if their submission comes out on top when the winner is announced in New York in November.

The first step, however, is to register a team before March 27.

“I’m confident that Australian-based students can show the way with innovative, thoughtful, far-reaching entries,” Associate Professor Barter, PRME chapter leader for the Australian and New Zealand region, said.

Business models will be based on a designated domain including banking/finance, collaboration, diversity/human capital, energy/power, planet/biodiversity/nature, security, urban innovation/infrastructure and data/tech/gaming.

A two-page submission detailing the business model must be entered by May 18. Eight finalists will be announced and will have access to exclusive networking and mentoring opportunities from July.

The winning team will be granted ownership of the domain that matches their business model, and will receive exposure in Cornerstone’s global thought-leading Journal of Sustainable Finance & Banking.