Posts Tagged ‘The Bizz Awards’

Interesting business model

October 22, 2008

The World Confederation of Business (WORLDCOB) presents The Bizz Award to leading businesses worldwide for various categories of global business excellence. The award looks sexy and accepting entails “walking down the red carpet” to receive a statue that is uncannily similar to an Oscar.  How curious though that…

  1. A comprehensive list of recipients of the award is guarded on WORLDCOB’s website for “members only”
  2. WORLDCOB discloses no information regarding their sources of revenue
  3. WORLDCOB also offers “Corporate Image Advising”

A friend who runs a medium-sized business in Costa Rica was contacted and offered “nomination” for the Bizz Award. He turned it down because he didn’t know who they were, why they were contacting him, or by what criteria he was nominated. He also guessed that accepting would eventually require paying a big chunk of change and was probably in essence an (ineffectual) publicity stunt more than a legitimate award.

A couple of lessons:

  1. If you’re offered an award, be careful about who is giving it and what it means
  2. If you’re in a position to offer an award, consider the benefits of offering it and how to make it most meaningful for recipients

p.s. CFO Magazine named Andy Fastow “CFO of the year” just before the Enron debacle. Fastow is now in prison for stealing from shareholders. This just proves that even legitimate magazines can misttep with awards