What do ITMG, Sankalp and Suschama have in common? They are all new business venture ideas focused at bringing the best if consulting and supply chain optimisation to small and medium enterprises that have been created by students while still in college.
The enterprising students of the National Institute of Industrial Engineering (NITIE) in Mumbai, supported by a visionary Professor, Dr T Prasad at the institute, have come up with this unique concept of “Student Companies (SCs)”, which can spawn a new generation of young entrepreneurs in the country. Each of the SCs is being evaluated on predetermined parameters at specific time intervals spreading over two years of MBA course. Students’ achievement on these parameters is incorporated into their academic achievement.
For smooth running of the business, students will be mentored by the institute faculty and also past alumni including some of the industry captains who are interested and willing to spare time and assume the role of mentors. Student-mentors may also invest equity money in the SCs. Further, Student - Mentors may also bargain with SCs for equity share for their 'handholding' service. Finally, a token equity share will be held by the academic institutes in the SCs for the support and the facilitation that is being extended for the success of the SCs.
In this column, we have discussed at length the need for an innovation eco-system in the country and it is truly heartening that one of our leading business schools has launched a program that may incubate successful new ventures aimed at the “bottom of the pyramid”.
In the IT space, the prospect of a new legion of young entrepreneurs joining the developer community could not be timelier with most of the larger firms turning their attention to the domestic market opportunity as well as lower cost methods of collaboration to reach and service hitherto untapped customers.
Zensar's own successes with the Global Delivery model that enables demand side entrepreneurs to seek new customers and architect the business model in collaboration with our global hubs in India and China and supply side partners entrepreneurs and even students from worthy academic institutions have shown us that a new model of co-sourcing and collaboration is beginning to happen.
A new vision for the continuing growth and success of the Indian knowledge industry could see the “network effect” delivering profitable business opportunities at multiple points in the value chain. The core firms will continue to sustain and enhance their profits by building technology solutions for application creation while the upstream and downstream partnerships with nimble and lower cost entrepreneurial ventures will enable both sides to increase profits and value to customers.
New business ventures and successful entrepreneurship hold the key the long term success of any economy and it is very conceivable that the NITIE program represents the dawn of a new opportunity - with the right support from the industry and the funding community, the possibilities are truly infinite!