Avenues is the Annual Business Fest organized by SJMSOM – the School of Management at IIT Bombay. They have a Business Plan Competition called Navonmesh which works on a unique model of bridging real innovations to a well honed business plan.
The competition lists innovations that have a potential for success but lack a good business plan around them. The innovations were primarily selected from:
Department of Scientific and Industrial Research > Technopreneur Promotion Programme
The first step for the participants was to select an innovation to work from the list given by organizers and make an executive summary around it. We choose to work on “Retractable Auto-Disable Syringes” innovated by a Doctor.
They are basically Single Use Safe Syringes and have a huge potential market in India. The competition is significant but there is scope for big success!
Our Executive Summary (3-pages) made thru the initial screening phase, second only to ISB, Hyderabad. We were then required to come up with a comprehensive Business Plan (24 pages) addressing the specific pain points of the innovator.
Our Team: Chandrama Naha, Viral Thaker and Me
It was amazing to see how each of us adapted and relatively became experts on-the-fly in the domain we started to work on:
- Viral lead the Market & Competition Analysis and Risk Analysis & Mitigation.
- Chandrama did all the Financial Analysis, Operations and Logistics.
- I handled the Business Strategy, Marketing and Strategic Alliances.
It was a lot more fun that I’d ever imagined! With all the discussions, fights, disputes and still sticking together! 😉 😛 And to have moved a step closer towards real-world entrepreneurship.
It wouldn’t have been possible without Viral and Chandrama. Kudos to them! And special thanks to Disha and Aaron for all their support! 🙂