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Jan
24

Practice Ventures – A Spotlight Story On Testing Entrepreneurial Ideas at FIIB

To inculcate the learning’s of entrepreneurship by doing, Udaan Club at FIIB launched a Practice Venture contest in late Oct 2018 inviting students to submit ideas which can be tried at the campus giving them valuable inputs about matching their theory with real life experience of running a venture. The shortlisted team would invest a nominal amount in the venture which would be matched by the Institute. The contest received six entries out of which two were shortlisted for presentation to the panel. Given below is the narration of Neelam Das, Kartik, Akshyesh Arya, Sahil Anand, and Rohit Kumar about their venture – Jump-to-Thrive which was finally shortlisted for launching a practice venture .

Q: Can you tell us a little bit about your venture?

A: “While balancing the workload of assignments and coursework, it is normal to feel stressed. I’ve spoken to my friends and classmates, the major concern I heard was their inability to deal with the stress they get through the schedule, hence we got the idea of Jump-to-Thrive, in which we planned to provide short duration fitness de-stress sessions (i.e., for half an hour) to the students, which will include Zumba, aerobics, Bollywood dance, Bhangra etc. This idea was welcomed by our mentor Prof. Arpan Anand. He boosted our confidence by giving us valuable suggestions to make the idea functional in the college.

 Q: What process did you follow to understand the market need for your product?

A: At FIIB, most of the students aren’t from Delhi and as the students get limited financial support from their families, we thought of providing this service in a very nominal price to the students. Despite limited time, some of the fitness conscious students are already the member of the existing nearby gyms which we realise as biggest challenge. So, we conducted an online survey in the college to see the student’s reaction about it, the result was favourable enough to push us to take it forward.

Q: How did your idea take shape?

A: We got the chance to present our B-plan to the panel of Jury consisted of Ms. Radhika Shrivastava (Executive Director, FIIB), Prof. Prashant Verma (Faculty of Business Analytics), Mr. Dheeraj Kumar (Sports faculty) and Dr. Deepak Pandit (Faculty of Entrepreneurship and Venture Creation). Our presentation was critically evaluated and we received valuable feedback from them. We were suggested to incorporate many points in the business plan to make it more feasible and functional. As the panel consisted of highly qualified and experienced professionals, we were evaluated in the similar fashion in which a venture capitalist would’ve evaluated any idea.

 Q: What are your next steps?

We discussed  the feedback received within the team and incorporated the amendments to our plan. We are currently in the process of  arranging  demo sessions for all the students to see the traction towards the idea. Hopefully we’ll soon put things to motion!

 Giving wings to the entrepreneurial dreams of the student, Udaan club at FIIB stands true to its name, another way FIIB creates opportunities to its students.