American Savings Bank is seeking keiki entrepreneurs for its annual KeikiCo Contest, a business plan competition for Hawaii’s youngest businesspeople. The bank announced this week that it has opened applications for the program, which is now in its seventh year.
According to a release from the bank, the competition is designed to “inspire entrepreneurial spirit and enhance financial literacy among Hawaii’s young leaders.”
The contest is open to students in grades 3 through 12 in teams of between two and five individuals. Teams’ business plans will be evaluated by a panel of judges, and students have the opportunity to win up to $25,000 for their school.
The contest launched in 2015, initially taking place every other year. The bank began hosting the event every year due to demand from educators, according to ASB. Last year alone, $145,000 was awarded to 11 participating schools for business plans that included sustainable waste management solutions and a mental health app.
“At American Savings Bank, we are committed to providing financial education to empower young entrepreneurs in building a stronger, more diverse Hawaii,” said Ann Teranishi, president and CEO at ASB, in a statement. “The KeikiCo Contest never ceases to amaze us with the dedication, innovation and creativity of Hawaii’s keiki. Last year, over 100 students participated, demonstrating incredible talent and commitment to positively impact their communities.”
In addition to the cash prizes, winning students also will have the opportunity to join ASB’s Bank for Education Ohana, which includes “access to invaluable perks, including opportunities to apply for grants, receive volunteer service support from ASB teammates, priority consideration for scholarships and internships and participation in special events with distinguished guests like NASA astronauts and elite athletes,” according to the financial institution.
The competition is open to the first 60 schools that register. The registration deadline is Aug. 16, and the deadline to submit business plans and pitches will be Nov. 4. Winners will be notified in December.
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