A team of four MBA students from the Kenan-Flagler Business School at UNC-Chapel Hill is among the 16 finalists in the third annual International Tech Strategy Business Case Competition.

The event is put on by Ericsson and the Boston University School of Management.

Some $47,500 in prizes will be up for grabs, including $25,000 for first place. The competition runs March 27-29.

The event, which drew entries from around the world, requires the teams to solve a real market challenge facing a telecommunications company. The competition will last 24 hours.

The winning team will be invited to meet with Ericsson Chief Executive Officer Carl-Henric Svanberg to discuss its solution.

"These bright business leaders of tomorrow not only represent the most prestigious business schools from around the world, but also the most engaged and influential demographic driving mobile multimedia adoption,” Svanberg said in a statement.

“Ericsson’s consumer research clearly indicates that young adults between the ages of 19-34 are the main force driving mobile data services. We are pleased to join with Boston University School of Management, one of the premier business schools in the world, to challenge these students with real industry issues and deliver a unique, borderless competition that enables students to tackle the transcendent possibilities mobile broadband technologies enable."

Telecom industry executives will judge the 16 teams’ efforts and pick four finalists. Ericsson execs will pick the winners.

The other teams represent: Boston University School of Management; EGADE Tecnologico de Monterrey, Mexico; Eller College of Management at the University of Arizona; Harvard Business School; Hong Kong University of Science and Technology; IESE Business School at the University of Navarra, Spain; Indian Institute of Management, Calcutta; Kellogg School of Management at Northwestern University; London Business School; McCombs School of Business at the University of Texas at Austin; Queens School of Business, Ontario, Canada; Seoul National University, Korea; Sloan School of Management, Massachusetts Institute of Technology (the 2007 winners); Stanford Graduate School of Business; and Stockholm School of Economics.