News & Events
IFIM Celebrates E-Week with Entrepreneurship Bootcamp by LEDMAC & E-Cell Events
15th - 19th Feb, 2016
IFIM E-Cell organized and coordinated the Ledmac (London Education Management Consultants) Entrepreneurship Boot Camp between 15th and 19th of February 2016. The 5-day program was kicked off with Inaugural Session hosted by Mr. Sarfraz Hasan from Ledmac.
In the inaugural session, the agenda and culmination of the boot-camp was presented to the participants to prepare them for the upcoming activities. Student participants were assigned to heterogeneous groups and were briefed on the ‘India Launch Challenge’ for Madbid, an online penny auction and retail company, based out of UK. The business challenge was presented through a videoconference presentation by Mr. Madhur Srivastava, co-founder of Madbid.
Students went through several sessions on Fundamentals of Entrepreneurship. All five days were packed with speakers and as quoted by a participant, “Throughout the day we had face to face interaction with various young and successful entrepreneurs. What we learnt is entrepreneurship is not just about the success stories, It’s also about failures and hardships.”
The list of speakers comprised -
- Mr. Alfonsa Fiore, from London, who addressed the participants on Skype about the India Launch Challenge activity.
- Ms. Aamna Sultan from LEDMAC on “How to write a Business Plan”.
- Dr. Ajai Prakash from Lucknow University on “Why Entrepreneurship?”
- Mr. Rahul Ratan on “Why Product launches fail” and “How to search for a Business Idea” with a discussion on Jamii Bora Bank and its success strategy
- Guest speeches given by Mr. Ashutosh Dabral and Mr. Umesh Joshi (Co-Founders) on their entrepreneurial journey about their product "VoyageUp".
- Mr. Rahul Bharadwaj from KPMG on steps to writing a good Business Plan
- Mr. Satish Venkatachaliah (Founder of SomethingsCooking.in) & Ms. Lakshmi Ananthamurthy (Founder – Siyawoman), both alumnus of Chicago Booth School of Business, gave the participants an idea on ‘analyzing business models’ adopted by different organizations.
- Mr. Shiraz Farooqui from Dubai spoke on critical elements of entrepreneurship.
- Mr. Arunabh Singh from Stockholm spoke to us about the importance of data in making various business decisions.
- Mr. Dhruvdev Vyas from FnB Factory spoke about his failures as an entrepreneur.
- “What makes one a true entrepreneur, is never giving up the hope of make it” was a statement made very eloquently by Mr. Sanjay Padode, Secretary, CDE.
- Mr. Bishan Singh, Co-Founder of ePoise, spoke about Entrepreneurial journey & insights.
- Mr. Madhur Srivastava, Co- Founder of MadBid.com, spoke to the participants on ‘what do investors look for’ and various methods of funding. He also spoke on the MadBid business model, and what sets it apart from its competitors.
Besides interactions with speakers and coaches, hands on assignments kept the bootcamp abuzz with action –
- The students in groups had to discuss a business case-let among themselves, as an overnight assignment. Each group prepared a business plan for a new product and strategized on how to bring it to market. The teams had put in a lot of effort, working on all the aspects of business - Marketing, Finance, Operations Management and last but not the least the idea of how to execute the plan into action. Each team brought out new dimensions through their presentations. As one participant pointed out – “We not only recognized our strengths but also got a clear picture of our flaws.”
- The participants were given a task that involved thinking of a business idea that they thought was necessary to be implemented, within 3 km of IFIM vicinity. The best idea out of each team was selected for idea validation. Each team was given one and a half hour time to go out, conduct a survey to test the validation of their business idea, and present before the audience. As stated by a participant – “Initially, it felt like a competitive activity between the teams, but what it turned out to be was an educational experience. When a team put forward their idea, the other teams were not to criticize the idea but to give their views on improvising the same. This not only encouraged us as future entrepreneurs, but also gave us a positive feel.”
- Participants were divided into 7 teams and asked to design an India launch plan for Madbid UK. Participants conducted market research and gave a projection of revenue for next two years along with the marketing plan to launch in India. The event was judged by Mr Madhur srivastava Co-founder at Madbid and Ms Aamna Sultan Director LEDMAC and Abhilash Misra – Director India and South Asia Outreach at University of Chicago Booth School of Business. Two teams came out winners at the end of the event. These teams will be coached for the T-Hub-MIT Business Plan contest to be held in March, 2016. The prize ceremony was the culmination of the 5 Day Bootcamp.
During the E-Week, besides the LEDMAC Bootcamp, the E-Cell also organized events, one on each day between 15th and 18th of February
Day 1 – 15th Feb: IFIM Ecell organized B-plan event using Enloop software. The participants were designing their business plan using Enloop tool and exploring about themselves with their own idea.
Day 2 – 16th Feb: IFIM Ecell organized a Debate. Debate topic was "Entrepreneurship makes a difference to the world as we know it and help to develop the economy vs. entrepreneurship is a waste of resources for the economy as a whole (they are unprofitable and make a lot of losses)". There were two judges, Lakshman Kakapul, Co-founder of Buildhouzz.com and Mr.Sagar B.S Director of Zip & Trip, sharing their experiences and insights about the debate.
Day 3 – 17th Feb: After a hectic day at the boot camp, IFIM Ecell organized panel discussion was based on the following topic “How to build and sustain a culture and climate for innovation and entrepreneurship”. The eminent panelist were Mr Lakshman Kakapul, Co-founder of Buildhouzz.com, Ms Aamna Sultan, Director-Learning Strategy LEDMAC., Mr Rahul Bhardwaj, External Strategy Consultant at KPMG, Mr Ajai Prakash, Prof of SM and IB KCA University, Mr Ramakrishnan, Co-Founder of MarkEffy Technologies.
Day 4 - 18th Feb: Day 4 came to an end by a live Case Study by Mr. Naresh Sadasivan organized by the E-Cell members of IFIM B-School and a discussion surrounding a complex business growth dilemma.
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