IST College - Crazy Business Ideas 2014

Promoting entrepreneurship, encouraging innovation.

Crazy Business Ideas 2014



  • €5.000 as a startup capital to transform their idea into business
  • Tool for the design and development of webpages (offered by CU)
  • Free mobile connection for 8 months (offered by CU)
  • Wi-fi keyboards (offered by CU)
  • Desk and computer equipment (offered by Plaisio)


  • Full scholarship for a Bachelor programme
  • Tool for the design and development of webpages (offered by CU)
  • Free mobile connection for 8 months (offered by CU)
  • Wi-fi keyboards (offered by CU)


  • Full scholarship for a Master programme
  • Tool for the design and development of webpages (offered by CU)
  • Wi-fi keyboards (offered by CU)


1st Prize: m-HealthKit (Team: Dimitra Vergou, Zakinos Tarampoulous)

m-Health offers a new solution, a pioneer and convenient product, called m-HealthKit, which is expected to improve people’s daily life and health. The m-Health Kit, consists of a wrist bracelet and an application for smartphones. It is a tool that can help everyone, and offers direct measurability of key indicators, direct management and access to medical exams, as well as specific innovative functions in cases of emergency.

2st Prize: Pheemade (Team: Stavros Tsompanidis, Harris Ninios, Sophia Papadakis, Ioannis Tzovenis)

Phee proposes the launch of a natural, ecological and biodegradable material produced exclusively by sustainable, natural and renewable sources such as biomass and more specifically, the dead leaves of angiosperm Posidonia Oceanica secured from coastal areas. From the dead leaves of seaweed we can produce in different forms (fibers / pellets / powder) products with extremely high mechanical properties, high yield, while at the same time, they are biodegradable. The introduction of such a material is the driving force of the change in the design world, having as a high priority the fusion of innovative design and science to improve the environment and human health.

3rd Prize: Ownfunding (Team: Christos Gasteratos, Harris Mylonas, Spyros Gasteratos, Maria - Constantina Chardalias)

Ownfunding is a new way of funding startups which incorporates the sale of shares as well as the possibility of live trading and resale of the shares by the buyers. It is aimed mainly at businesses with incrementally scalable business plans, known as startups, while investors can be anyone who has a bank account.


4th Place: Frink! (Team: Stefanos Prokos, Constantinos Geros, Panagiotis Xinos)

“Frink!” is a new promotion idea that is associated with nightlife businesses, such as bars, clubs, pubs and restaurants. Its objective is to assist these businesses in attracting and retaining new customers, by utilizing smartphone technology, gamification, and controlled efficient distribution of free drinks. Its secondary objective is to help young, outgoing smartphone users, discover their city’s nightlife by giving them a strong motive in the form of one free drink every other day.

5th Place: Giving Box (Team: Stergios Tsalis, Vangelis Giagklisis, Nina Vamvoura, Stratos Provatopoulos)

GivingBox is a Charity Network in Greece that aims to become the vehicle for resolving NGO and citizens’ needs. It works as a promotional and fundraising tool for charities, NGOs and our fellow citizens. Moreover, it will simplify the process of supply and will provide innovative services, such as the ability to create campaigns for NGOs or for the purpose they desire.

6th Place: G.EAR.S (Team: Paul Theodossiadis, Elias Poulios)

It is an integrated, automated electronic-mechanical system for citizen protection against earthquakes in urban areas. It is a system that can protect us before, during and after the earthquake. By using an appropriate sensor, G.EAR.S warns us before the start of the strong tremor so as to give us time to seek shelter. During the tremor, it prevents the falling of broken glass both inside and outside buildings. And after the tremor, it opens up doors so that we may safely leave the building once the earthquake is over.


The Entrepreneurship & Innovation Contest “Crazy Business Ideas” was conducted for the first time in 2011 aiming at providing young Greeks with the opportunity to promote their ideas for a new product or service, but also dare to transform them into business.

Following Crazy Business Ideas’ great success in 2011, IST proceeded in conducting the contest again in 2012 and 2013, under the auspices of the General Secretariat for Youth, the Athens Chamber of Commerce and Industry, institutionalizing the contest.

For the year 2014, the contest will run under the auspices of the Ministry of Education, the General Secretariat for Youth, the Athens Chamber of Commerce and Industry and the Piraeus Chamber of Commerce and Industry.

Description of the Contest

Description of the Contest

Anyone who has an innovative idea may participate. Individuals and/or teams may participate (maximum number of members in a team is four). To join the contest the candidate must submit his/her idea via the specially designed for this purpose website,, submitting a short text describing the idea, along with a photograph, or video of the idea. All participants must enroll before submitting their idea. Participants may send 1 or more ideas. Those participants who have submitted ideas in any of the previous years may participate again, but not with the same idea.

The ideas will be evaluated in 2 phases:

  • Stage A’: Public voting via facebook (initial stage)
  • Stage B’: Evaluation by a committee of entrepreneurs and academics (semifinal and final stage)

Stage A’

Stage A’

In order to vote a candidate must have a Facebook account. The 50 candidates who will obtain most public votes "advance" to the next phase of the contest. Each time a user votes an idea he/she will automatically participate in a draw and have the opportunity to win prizes by CU.

Stage B’

At this stage, candidates are called upon to transform their idea into a rigorous business plan. Candidates’ business plans are submitted within, approximately, a forthnight from the end of short educational seminars held at IST’s premises by academic staff specialized in Business and Economics.

The business plans will be evaluated by a committee consisting of entrepreneurs and academics. For more information, please visit

During the final stage, the evaluation committee will evaluate eash idea and select the 10 best onew, according to the criteria described below:

Evaluation Criteria

Evaluation Criteria

Evaluation Criteria
(public vote & business plans)
Α. Public vote (facebook likes) 20%
Β. Business plans (Evaluation Committee) 80%
Β1. Idea feasibility 20%
Realism 10%
Opportunity/gap in the market 10%
Β2. Quality of the business plan 30%
Verbalisation 10%
Structure 10%
Financial figures 10%
Β3.Innovation 30%
Vision 10%
Differentiation of idea 20%
Total (Α&Β) 100%

The 10 best teams will then be called upon to present their ideas to the members of the evaluation committee which will, in turn, evaluate contestants by adding one more criterion, that of the quality of the presentation, i.e. each team’s ability to promote and sell its idea.

The evaluation committee will then select 6 out of the 10 teams. 80% of the final score will derive from public vote and the business plans and 20% will derive from the teams’ presentation to the evaluation committee.

Finally, the 6 teams with the highest score will be called upon to present their ideas in public at an event to be organized at IST premises on November 19th 2014. Winners will be announced and awarded their prizes at the event.

Contest Timetable 2014

  • Start:12 June
  • Final date of idea submission: 27 August
  • Public vote: Till 7 September
  • Announcement of 50 best ideas: 8 September
  • Seminar on writing a business plan: 17 September
  • Submission of business plans: Till 1 October
  • Evaluation of business plans: Till 5 November
  • Presentation of 10 best business plans: 12 November
  • Presentation of 6 best ideas and awards: 19 November

Evaluation Committee 2014

For more information, please visit