X-Biz 2011 had a grand finale on 5th November at IMDC Auditorium in IIM Ahmedabad’s New Campus. X-Biz is an annual business plan competition that has been initiated by PGPX (Post Graduate Program in Management for Executives) students to promote the spirit of Innovation and Entrepreneurship among the new generation Business “ideators”. It has received enthusiastic support with 60+ participants from top tier institutes across India and the world (with entries from USA and China). The top three teams who were selected through 3 rounds of rigorous and exhaustive reviews presented their ideas to the audience and a jury panel.
The jury panel included –
Mr. Sandeep Nair, president and Managing Director of Emerson Network Power (India) Pvt Limited – The sponsors of X-Biz 2011,
Prof Arvind Sahay, Professor of Marketing at IIM-Ahmedabad, and
Mr. Pranay Gupta, Joint CEO, CIIE-IIM, Ahmedabad
During his opening note, Mr. Sandeep Nair highlighted that what really works in business is a combination of “The 4+2 Factors” –
The four core management practices (Strategy, Execution, Winning Culture and Structure) that HAVE to be supported by any 2 of the following 4 underpinning elements – Talent, Innovation, Leadership, Mergers and Partnership.
He also egged budding entrepreneurs to focus on Investing in innovation, Exploiting Megatrends, Customer Engagement and Cost Driver Focus. He concluded by wishing the participants best of luck in their endeavours and hope that they always strive for “Tolerance of failure” and “Bridging risk with mitigation plans”.
The event was won by Team Innopreneurs from IIM Shillong who detailed an exciting Business Plan including Production and Marketing of Mechanized Agri-equipments designed by Gurnail Singh Dhonsi at low price points and high value. The judges appreciated their well “thought through” analysis, deep knowledge of the technology and market-base and painstaking research (primary and secondary). They were advised to make their market focus “razor sharp” and go for growth through external funding.
In second place was Team Waste Junction from IIM Bangalore with their plan for an Online Exchange for Waste management. There socially relevant theme and detailed risk management. Planning for a “win-win” ecosystem and financial plans won applauds from the jury. The team was encouraged to focus further on “inimitable differentiation” in marketplace that would ensure a long term market leadership.
Team Habermas from IIT Chennai stood 3rd with their plan to create a unique Web-magazine called Gloss focussed on the niche segment of teenage Indian girls. The jury appreciated the sharp segmentation and positioning of the idea and encouraged the team to look further into the financial and risk management plans.
The participants were judged on multiple factors including uniqueness of the plan, “thoroughness” of analysis in capital planning and working capital management, marketing and operating plans, risk identification and mitigation plans, impacts on environment and society and robustness of strategy and growth potential.
The winners received a cash prize and an opportunity to incubate their businesses with CIIE at IIM-Ahmedabad. Also, X-Biz team would be looking for PE opportunities for selected business plans. X-Biz team wishes all the participants great success and growth.