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UMaine Business Graduate Students Win Second in Canadian Competition

Contact: Richard Grant, 581-1971; George Manlove, 581-3756

ORONO — A team of graduate students from the UMaine Business School recently placed second in an international business plan competition held in Fredericton, New Brunswick.

All international students pursuing masters of business administration degrees, the UMaine students competed against 19 other student teams composed of both graduate and undergraduate students.

Artem Popov from Russia, Gohar Harutyunyan from Armenia and Monica Angelova of Bulgaria presented a business plan for a proposed company that would import sun-dried fruits from Armenia into Canada and distribute them to natural food stores and grocery chains from Ottawa to Quebec City. If the group is successful in launching its venture, the company, Amber Dried Fruits, would be based in Montreal.

The teams each had 12 minutes to present their plans to a panel of three judges at the University of New Brunswick’s annual business plan competition sponsored by CIBC, a Canadian bank. The UMaine team won the second place award for a separate, shortened version of the business plan presentation, a one-minute “elevator pitch,” delivered by Popov.

“Their written business plan was clear and it was easy to understand what they intend to do,” judge Kathy Malley of Malley Industries in Dieppe, N.B., said afterward. “They did a beautiful job on developing a logo and promotional flyer. It was evident that a great deal of work went into this project and we certainly believed their venture to be viable.”

Richard Grant, director of business graduate programs and executive education at the UMaine Business School, accompanied the students as coach and advisor.

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