(I attended start up program of ‘The Power of Ideas’ held in St. Andrews College, Mumbai. I typed here some details which I came to know. )
The program conducted by Economic Times and Innovation and incubation center of IIMA. It is designed to motivate and foster entrepreneurship in India.
Entrepreneurship is less emphasized in India. Very few MBAs come ahead to start their own business.
India is one of the largest populated countries in the world, but if we look into list of top 100 MNCs across the world, most of them are started out side India. Toyota, Nokia, Microsoft are established outside our country.
Indians are found reluctant to step into entrepreneurship. Major reason behind this is a lack of capital. Considerably big risk is involved in getting capital for business. Huge number of trials to establish companies is done, but very few could succeed to find the firm place in market. Indians won’t get capital because, success is not ensured.
IIMA incubation center help to achieve the goals of students in starting their own business. This program was organized to head start ‘The Power of Ideas’
St Andrew’ Hall was full of youth crowd comprising students, capitalists, MBAs. Most of the crowd from back side was stood to listen carefully and get most out of this program. Discussion panel first introduced steps of Program ‘Power of Ideas’. As I reached one hour late, I missed few part of session. I could listen and understand from question-answer. I jotted down few notes on the note pad given by them.
*Tips of generate Innovative Ideas:
‘Best way to have innovative ideas is to have multiple ideas.’
Q: ‘We are people who like to do what we do continuously. Devote ourselves completely. Then are we entrepreneurs? If we didn’t get funding through this program, then we are not ? How do you identify them exactly?’
A: We look towards the background of group of people who come up to start their own business. Thousands of people blabber calling themselves businessmen. Then they consol themselves so. One person come ahead with strong will power, dig out his dream. Another come ahead dig out for himself. Few more come up and dig it for all around.
Q: ‘If we look around all industries established by few countable capitalists. Automation industries, factories are run with unskilled labors. These unskilled labors toil days and nights and earn very little. Life of these people seems piteous. Don’t you think, entrepreneurs give rise to group of labors controlled by few businessmen ?’
A:It is a sociological phenomenon. Russian revolution triggered because of this issue only. If you go to the root of problem, why labor is unskilled ? It is because of lack of education. Lack of education give rise to labor and economical un equality.
Q:Last year, more than two thousands ideas were registered and out of them only four of them got funded. Do you have explanation for why all remaining are rejected ?
A: I look at your frustration. This program is not like college that all boys passed school will get admission into college.
Q:What are the criteria that decides selection of Idea through this programs ?
A: There are few factors which you can consider for the selection of idea.
- Well defined Goal: Idea may be innovative or copy of any other idea, but goal and outcome of idea should be precise and clear. Target should appear with the end in mind.
- Scalability: We look towards the field and area of business. How much population is affected and helped out with business is also considering factors. E.g. Business would generate employment to community. It helps them to start their life.
- Capital efficiency: It is about quantity of investment against amount of outcome and time taken to achieve it.
- Team: It is the group of people who are responsible to hold the dream and turn it into reality. It is required to have the team of efficient people with strong background, which would ensure us to offer the investment.