Things which differentiate IIM Udaipur – Entrepreneurship!

The economies in nations across the world are facing saturation of opportunities and cut throat competitions in complex business environments. The need of the hour is to not just build and run successful businesses but to carry an entrepreneurial mindset in any career role chosen by the future managers. IIM Udaipur follows a pedagogy which strives to inculcate the spirit of entrepreneurship in its students.

Under the leadership of IIMU’s visionary DirectorProf. Janat Shah, the institute has taken several initiatives to foster the spirit of entrepreneurship in the institute’s foundation. Students are given ample opportunities to develop into effective self-starters and self-motivated leaders who can generate employment options for others as well and hence add value in the economy and society. The Director himself conducts Open House Idea Sessions with the students where the students put forward their plans which are discussed and brainstormed among the peers to enhance their implementation potential and directives. Faculty provides mentoring to the students to help them in shaping their ideas into ventures.

A number of eminent speakers who left the cushions of job security and created reputed ventures are invited to the campus to conduct sessions for the students. The PGP office also aids the strengthening of the entrepreneurial space of students by introduction of subjects like Entrepreneurship, Social Entrepreneurship, Courses of Independent Study etc. which promote students to learn the trade while integrating the lessons into their academic grading and evaluation. Placement Holidays are also provided to students along with seed capital help for incubation of ventures and deferred back up placements offers so that students can independently and dedicatedly work on their business models without losing on their other career options.

Several students driven activities have been running out of campus and in the areas in & around the vicinity of local community. SakshamThe Entrepreneurship Club of IIMU promotes the culture of entrepreneurship through the strata of its events and activities like Ideate Start-up Workshop, B-Plan Competitions, Live Projects et al. The success of its flagship event, PrarambhThe 32 Hour Start Up Challenge, a one of its kind event in India and the award of Best Debutant Entrepreneurship Cell in the North Zone given by National Entrepreneurship Network (NEN) showcase the testimony of the excellent efforts put by the club in sustaining the culture of entrepreneurship in the campus. Prominent tie ups with bodies like NEN, The Indus Entrepreneurs (TiE), Rajasthan Angel Investors Network (RAIN), Microsoft Ventures, 91 Spring Board, Cynapta and Start-Up Oasis among others are increasingly establishing entrepreneurship as a firm pillar of the institute.

Advertisements

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.

1

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.

2

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.

3

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.

4

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.

5

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.

6

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

7