SINGAPORE - Three teams of young entrepreneurs will get to test business ideas, such as selling customised denim jackets and balloons with LED lights, at the annual River Hongbao celebrations next month.
In a first, they will be given stalls to sell their wares at the Chinese New Year event held at The Float@Marina Bay from Feb 3 to 10.
This was after they topped in an entrepreneurship competition - the inaugural River Hongbao Hackathon - held at the Mapletree Business City in Pasir Panjang on Friday (Jan 4).
The winning teams were from Nanyang Technological University, Republic Polytechnic and Singapore Polytechnic.
Each team won $2,000 in prize money and $4,800 in seed money to set up stalls at River Hongbao 2019, which will have 26 food and retail stalls in all.
The hackathon was organised by the River Hongbao organising committee and sponsored by Mapletree, a real estate investment company headquartered in Singapore.
Speaking before the prize presentation ceremony, guest-of-honour and Senior Minister of State for Trade and Industry and Education Chee Hong Tat said he hoped the hackathon will continue to feature in future editions of River Hongbao.
"It is this enterprising spirit, this never-say-die attitude which I think is most valuable for our young people to be able to pick up, and for Singapore to make this a part of our cultural DNA for the next lap of our country's development," he said.
Mr Chee noted that the winners will pledge 70 per cent of their profits to charity.
"This is an important part of our social compact, where those who have succeeded give back and help the less fortunate and uplift others in society," he added.