Aug 13, 2009

Ideaz - The Business Idea Challenge

Ideaz - 09 is a pan IIT Business idea challenge in serach of the most
innovative IITian. Students at IIT are expected to start their
entrepreneural journey from the college itself and in pursuit of this
excellence they are trained for this.

Yesterday, E-cell of IIT Kanpur organized a workshop for mentoring of the
students who want to transform their dreams into reality. The objective of
the workshop was to guide students towards idea generation and improve it
with proper guidance and mentorship. Workshop was taken by Ankur Agarwal,
a consultant at Boston Consulting Group.

Ankur, an IIT Delhi alumnus, is intersted in Business startegy, Technology
and social entrepreneurship. His area of expertise involves broad
spectrums of management consulting.

Ankur discussed the process of generating a feasible and economically
viable idea. Ideas may not sound realistic at first go but, if groomed
properly these can turn out to be successful business ventures. Looking out
for a problem is the first step towards it. Once the problem is found,
then, try to find out the possible solutions through brainstorming.
Brainstorming is an activity, that respects all the ideas irrespective of
its feasibility. Collect all the ideas and then try to come to a solution
of the problem. Discuss the various aspects of it so that the practicality
of the idea comes alive. One is inspired to find the answers of below
questions:

- What is the idea, motive and business venture? Can it be explained in
simple terms?

- Who are the customers? Are they going to prefer this product or service
over existing ones?

- How is the idea going to be implemented? Is it economically profitable?
Will you be able to sell it?

- Why is your idea better than other existing solutions to the problem?

Ankur presented this process in a very concise manner. It was his efforts
that an abstract topic like this became interesting. The session ended
with a group activity. The activity focused on imparting necessary
practical skills to the students so that they can start thinking on their
own.

Ideaz - 09 is going to see huge participation from IIT community. Some
more IndiaBulls, Lakshyas etc are probably in the minds of students at IIT Kanpur.

Ultimately, what an Idea SirJee !!

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Gyan

Class of 2011
MBA,IIT Kanpur

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