A Session on “Converting Innovation to Start-up” was organised by the Institution Innovation Council of PiMSR on Friday, 16th August, 2024 from 3.15 p.m. to 4.15 p.m. for the PDDM students. The session was conducted by Mr. Ajit Patil, CEO and Managing Director of Alpa Chemicals Pvt. Ltd. The session was a part of the Leadership and Entrepreneurship Series by the Business Leadership League titled Fuelling Ambitions, Shaping Futures.
The objective of the session was to demonstrate steps to convert a business idea to a startup business. Mr. Patil spoke about his struggles in his professional and personal life. He then shared his journey into entrepreneurship and the various hurdles that came his way. He went on to address the students about Converting innovation into a startup which involves transforming a novel idea or solution into a viable business. This process begins with identifying a unique product or service that meets a market need. Entrepreneurs then develop a business model to commercialize the innovation, considering factors like target audience, revenue streams, and scalability. Key steps include validating the idea through market research, securing funding, and building a capable team. A successful conversion also requires navigating challenges like competition, regulatory hurdles, and customer acquisition. Ultimately, turning innovation into a startup involves a blend of creativity, strategic planning, and execution to bring the idea to market. 53 students, four faculty members and 4 external guest faculty were present for the event. The benefit of the session was that students understood how to convert their innovation idea into a startup. The session was followed with a panel discussion.
