The Business Incubation and Innovation Ecosystem Services (BIIES) Unit, Faculty of Management, University of Peradeniya organized the event “Innovation Day – 2022”. In line with “Innovation Day – 2022”, the New Business Idea Competition and the Business Plan Competition were also conducted on the 06 th of September 2022 to sharpen the undergraduates’ innovative skills. The -undergraduates of the Faculty were present at the New Business Idea competition and Mr. A. Mithursan was able to secure first place by presenting his business idea to academics in the field of entrepreneurship, local authorities, and government agents related to Small and Medium Enterprise Development. In the Business Plan competition, twenty students competed in two categories and Ms. R.G.S. Ariyasena was the winner under the category-I and Ms. M.Z.F. Reema was the winner under category II. The judging panel consisted of expert members in the field of entrepreneurship, and it was a mix of academic members from the Faculty of Management, external members from the Small Enterprises Development Division (SED) and National Enterprise Development Authority (NEDA) and entrepreneurs. Both competitions provided a greater experience and opportunity for the undergraduates to widen their creativity and innovative skills.