The Institution Innovation Council of PiMSR organised the demo day for the Business Idea Competition for Semester 1 management students on 24th August, 2024. The business idea competition was launched on 30th July, 2024. The demo day for the participants of the Business Idea competition for 1st-year students showcased an impressive array of innovative ideas and entrepreneurial spirit. The objective of the demo day was to mentor students to convert their idea into a business. Prof. Anil Jadhwani and Prof. Vinod Madhavan was the resource person for this session. The event was designed to foster creativity, critical thinking, and practical application of business concepts. It provided students with the opportunity to present their business ideas and receive valuable feedback from professors and Industry professionals.
Presentation Quality
The presentations were a highlight of the competition. Students demonstrated a solid understanding of business fundamentals, effectively communicated their ideas, and utilized various presentation tools to enhance their pitches. The clarity, structure, and visual appeal of the presentations were commendable, reflecting the students’ dedication and preparation.
Key Problem Areas Identified
Several teams identified real-world problems that were particularly noteworthy due to their relevance and potential for impact. These problems included:
- Pet Care: One team focused on the challenges faced by pet owners, particularly in urban areas. They identified issues such as the lack of reliable pet care services, difficulty in finding quality pet products, and the need for convenient, on-demand pet care solutions. Their proposed startup aimed to address these concerns by offering a comprehensive platform that connects pet owners with trusted service providers and products.
- PG Accommodations for Students: Another team highlighted the difficulties students face in finding suitable and affordable PG (paying guest) accommodations. Drawing from their experiences as students, they proposed a solution that would streamline the process of finding and securing PG accommodations, offering features like verified listings, transparent pricing, and community-driven reviews to ensure a safe and comfortable living environment.
- Need for Home-Cooked Food: The need for home-cooked food emerged as a significant issue, particularly for students and professionals living away from home. A team identified the challenge of maintaining a healthy diet while managing a busy schedule and proposed a startup that connects users with home chefs who prepare and deliver nutritious, home-cooked meals. This solution aims to provide the comfort and quality of home-cooked food to those who lack the time or resources to cook for themselves.
- Healthy Food for Kids: Another problem area identified was the need for healthy, convenient food options for children. The team behind this idea focused on the growing concern among parents regarding the nutritional quality of readily available snacks and meals. They proposed a solution that offers a range of healthy, kid-friendly food products made from natural ingredients, catering to busy parents who want to ensure their children receive balanced and nutritious meals.
- Need for Organic Vegetables: The demand for organic vegetables was another critical problem identified. One team observed the challenges consumers face in accessing fresh, organic produce, particularly in urban areas. They proposed a farm-to-table startup that connects local farmers with consumers, ensuring the availability of organic vegetables through a convenient delivery system. This solution addresses the increasing consumer preference for organic and sustainably sourced food.
Conclusion
The startup competition was a resounding success, showcasing the talents and innovative thinking of PGDM students. The quality of the presentations and the relevance of the problems identified indicate a bright future for students who aspire to be entrepreneurs. The competition not only highlighted the students’ abilities but also emphasized the importance of addressing real-world challenges through innovative business solutions. The problems identified in areas such as pet care, student accommodations, home-cooked food, healthy food for kids, and organic vegetables reflect a deep understanding of consumer needs and the potential for impactful business venture
76 students and 4 faculty members attended the event. The benefit of the session was that students were motivated to further pursue their ideas into sustainable businesses.
