Design Thinking is a human-centred problem-solving tool which emphasizes on Empathy, Collaboration, Cocreation and Stakeholder feedback to unlock Creativity and Innovation, which devises feasible and viable big ideas/solutions. Over the last decade, Design thinking is addressing this very need of management and has become the buzz word in management circles & the corporate world. It acts as a potent process/tool for successful outcomes. Design thinking works at the intersection of human needs, technological feasibility & business viability thus providing meaningful solutions to day-to-day as well as strategic needs of different levels of management in an organization.
The Design Thinking program at IFIM Business School provides understanding & hands-on exposure to:
The student groups work on solutions to "real-life business problems" based on their interactions with customers of associated business organisations. The students are equipped with the necessary tools and methodologies that are imbibed from the Design Thinking course to arrive at innovative and effective solutions which are exhibited during the DTI Exhibition event held every year. Most of the solutions offered by our students in the past have received appreciation and some of the prototypes have been implemented by the concerned firms giving due credit to our students.
During the exhibition, the students’ present their prototypes/solutions to experts from both academia and industry who evaluate the proposals on aspects of creativity, innovation and feasibility. The top groups are felicitated and awarded every year.
The most recent DTI exhibition was hosted on 29th February 2020, during the Silver Jubilee Celebrations at IFIM Business School. Winners of the Exhibition were Mohini Vishnoi, Varnika Garg, Arju Jain, Sanchit Gupta, Afsiya Khanam, Tarun Shah, Ambareeshan PS and Jinal Gupta. The Team received a scholarship prize of Rs. 25,000/- sponsored by HDFC Credila for their project on innovative design methods to increase the operational efficiency at the Village Hyper Market in Electronic city.
The main objective of the innovation incubation program is to create entrepreneurs out of IFIM Business School. The program is a rigorous, hands on mentorship course designed exclusively for students who wish to realize their entrepreneurial ambitions.
Curriculum: From Concept to Company
The students identify real life business problems by applying the tools of Design Thinking and are mentored to design and test unique Business Models as solutions to those identified problems over a period of 4 to 5 months. In the course of the program, they pick up key skills such as structured ideation and creation of innovative solutions, creating effective Business Plans and pitching the idea to external audiences. Students interact with various mentors to refine their ideas at various points in the mentorship program. The course culminates with the teams making their pitch presentations in front of a panel of experts comprising of angel investors, accelerators, faculty experts for evaluation and further association with the intention to launch the startup.
The Centre of Excellence in Entrepreneurship Development at IFIM Business School organized the Final Jury Round for the students of Innovation Incubation Mentorship Program of the institute. A total of 17 student groups pitched their business ideas to an esteemed panel of experts on the 3rd and 4th July. The panel members were:
The Panel shared several suggestions and insights during the presentations and also found strong merit in some of them for further development.
“It was a fantastic experience to evaluate innovative student business ideas. I was amazed to witness the maturity, depth of thought and ability of the students to dream big. While each one of them are terrific business ideas, with further curation, these could go on to become India’s next big start-ups. The process of thinking clearly about a problem, depth of research around that idea and complimenting that with building a business plan was quite evident in the start-up ideas. It only reaffirms my belief about India’s ability to innovate,” said Mr. Kotnis, SpringUp Capital.