Let’s Prarambh – The Start up challenge

Saksham – The Entrepreneurship Cell of IIM Udaipur in association with TIE Udaipur, Quikr andMediguest organised the third edition of ‘Prarambh – The 32 Hour Startup Challenge’ from 19th to 21st of February 2016 in IIM Udaipur campus. The event saw participation from 67 students and working professionals, who were shortlisted from a pool of close to 180 applicants hailing from different parts of the country. This event is in line with Saksham’s vision of igniting a spark within the student and startup community to take up innovative ideas and bring them to fruition.

Prarambh follows a format in which a few participants pitch their ideas, from which a select few are chosen through a voting process; the winning idea pitchers ask other participants to join their teams and then start the 32 hour long marathon which spans over a period of two days at the end of which the teams are required to have brainstormed and developed a Minimum Viable Product which could be an app, a working device or just a model having enough data to explain the functioning of the pitched product.

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Prarambh at IIM Udaipur

The participants were mentored by some eminent personalities from the start up world like Mr. Anup Jalan – Entrepreneur, Strategic Advisor, Start-up Mentor,Mr. Sumit Mehrra – CEO at the Green Umbrella Investment Advisory Pvt. Ltd., Mr. Rajan Tawate – Startup Tech/Agile Mentor, Mr. Rajiv Mukherjee – CEO at Incubate-Hub, Mr. Ravi Devulapally – CEO of Edvanta Solutions, Mr. Annkur P Agarwal – Co-founder, Clerk-2-CEO Pricebaba and Mr. Gaurav Mantri – Founder & Head of Technology at Cynapta. The mentors guided the competing teams with their expertise in technology and business. They also used their vast experience in the industry to help the teams to foresee any future challenges and hurdles that would arise when the prototypes would be launched in the markets.

The event was judged by another set of distinguished personalities who have had a diverse experience in the corporate world like Mr. Rajesh Sharma – Director BCCL & National Head of Spring Board Ventures, Mr. Tarun Agrawal – Manager-Portfolio Operations & Investments in Startup Oasis (Initiative of CIIE & RIICO) and Mr. Arun Singhal – Owner of Enrichmentors.

The event turned out to be a fruitful opportunity for both the participants and the judges & mentors to learn from and network with people with similar interests and visions.

 

Prarambh – The 32 hour Start-Up Challenge concludes on a highly successful note at IIM Udaipur!

Entrepreneurship is one of the key pillars of IIM Udaipur’s foundation. And fostering its spirit within the student community and the society at large has been a prime endeavour of Prof. Janat Shah, Director IIM Udaipur. Taking the baton of the league forward, SakshamThe Entrepreneurship Club of IIM Udaipur, presented the first edition of Prarambh The 32 hour Start-Up Challenge from 7th – 9th March, 2014 at IIMU. Prarambh, co-sponsored by Rajasthan Angel Investors Network (RAIN) and The Indus Entrepreneurs (TiE) was organized with a vision to provide a launch to prospective entrepreneurs to build on their ideas.

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The idea of the start-up platform is to bring together budding entrepreneurs from different backgrounds including software developers, MBA students, marketers, designers and enthusiasts under one roof to develop synergies and facilitate the translation of ideas to reality. The exhilaration of pitching their idea as well as the thrill of working in diverse teams and being mentored by distinguished entrepreneurs was what led the participants to the doors of IIM Udaipur. The event received an overwhelming number of 160 registrations from individuals coming from 18 cities across India, 15 companies and 40 colleges including reputed institutes like Boston University USA, IIMs, XLRI, SP JAIN, NITIE, JBIMS, IITs, BITS and NITs. Out of these entries, 45 enthusiasts were chosen to participate in the ultimate challenge round.

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The event kicked-off on 7th March, Friday with an idea pitching session where all the participants gave a lightning pitch of 1.5 minutes to express their innovative business ideas. This round was followed by a selection of top 6 ideas through a collective voting process. All the participants were absorbed in the 6 teams formed around the most popular ideas. The event witnessed some amazing creativity and enthusiasm shown by the participants.

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The next day began early with the participants gathering all charged up to showcase their talents. This round was the real executional challenge of the competition. In 32 hours, the teams had to develop a minimum viable product i.e. a working model of their ideas along with a customer value proposition, marketing strategy and a future road-map. The difficult part of this was building a product from scratch under severe time-pressure with a new team and thus testing optimal resource utilization, team working capabilities and managerial skills and decision making in a competitive environment under constraints.

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The teams got 7 mentors each a successful serial entrepreneur, to guide them during the journey of this competition. Mr. Mukund Mohan, DirectorMicrosoft Ventures, Mr. Pranay Gupta, Partner91 Spring Board, Mr. Anuj PulstyaAngel Investor, Mr. Gaurav Mantri, FounderCynapta, Mr. Gaurav Sharma – Serial Entrepreneur, Mr. Nilesh Trivedi – Serial Entrepreneur and Mr. Chintan, FounderStart-Up Oasis graced the event to mentor the 6 teams.

This day had the teams brainstorming the idea scope and experiencing the rigour of execution. The teams had to re-work on their business models multiple times in order to come up with a winning product.

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The teams had to conclude their final work on 9th March, Sunday. The grit demonstrated by the teams to complete their product development and presentations in time was spectacular. Eminent personalities from the world of entrepreneurship were present to judge the work of the 6 teams. Mr. Rajneesh BhandariTiE and Mr. Shailesh Vikram SinghExecutive Director, Seedfund Advisors were part of the panel of judges.

All the teams gave captivating presentations and received massive applause from the crowd. The final teams which were adjourned winners were Wedway and Buzzcaptor. The closing ceremony witnessed some amazing surprises. Mr. Mukund Mohan encouraged the teams to carry forward the work in their collaboration and invited them to join the Microsoft Accelerator Program. Mr. Pranay Gupta of 91 Spring Board also offered free hosting on their platforms of the projects by the winning teams.

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The closure of the event ceremony and the spirit of the organizing team were exuberated when it was announced that Saksham has been awarded the Best Debutant EntrepreneurshipCell in the North Zone by National Entrepreneurship Network (NEN).

The success of the event also saw an acknowledgement from the corporate participants when Mr. Rajneesh Bhandari announced that TiE would partner with Saksham for its events lined in the future.

The event culminated with a dinner and a fun-filled evening to celebrate the tireless efforts of the teams. The mentors and the judges shared their experiences of being entrepreneurs and gave inspirational wisdom to the students to pursue their passion. The participating teams bid farewell testifying that the electrifying weekend of Prarambh at IIM Udaipur proved to be a memorable experience. Prarambh’s success marked a new beginning for IIM Udaipur which is set on a unique path of building a different academic and corporate culture promoting entrepreneurship.

Team Saksham

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