The ISB has invited students from B-schools and IITs to come up with viable business plans to take these innovations to the market so that it can be made available to Indians across the counter. Metamorphosis is a unique competition where students will vie with one another to help an Indian innovator make it big. The team of students will not only design a business plan but also become the ‘startup management team’ for the business. The WCED at the ISB will then mentor and support the entire team in their future venture.
Speaking about the competition, Dr V Chandrasekar, Executive Director, Wadhwani Centre for Entrepreneurship Development (WCED) at the ISB, said, “Indians are intelligent people , we are bright and creative. We have fallen short in transforming ideas into action. Metamorphosis is a step in bridging this huge gap. I hope this will spark creativity in making the ideas work for the common good in a viable and sustainable way.”
The competition has attracted 135 teams of students from various B Schools and IIT’s from across the country. Out of these, 15 teams have been selected for the final round of the competition which will be held on December 17, 2007 at the ISB campus. Senior officials from NABARD, IIT Mumbai, among others will be the judges for the event.
The Government of India has identified several inventors and has supported them with initial funding to develop their idea into a well functioning prototype. Of these, 15 innovators have been chosen on the basis of the potential of their innovation to become marketable products. The inventors come from small towns such as Junagadh, Mohali, Madurai, Nellore, Sangli, and Pune, as well as from Chennai and Hyderabad. The ISB is taking them to the next step by providing them with business opportunities and to reach out to the public.
Sharing his experience of developing a business plan, Mr Kranthi Kiran, who invented the active heating/ cooling apparel said, “I am excited to be a part of Metamorphosis, which is supporting me to become an entrepreneur. As a student myself, it has been a great experience working with some of the brightest minds in our country. Their business acumen is complementing my creativity to make my dream project into a reality.”
Some of the interesting innovations that feature in the final round of the competition are:
· Sanjha Chulha – large stove for large-scale cooking that uses crop waste as fuel. This saves fuel cost and limits pollution emissions.
· Auto Distractor – equipment used for correcting congenital defects like short or deformed limbs, polio disabilities and defects due to accidents.
· Active Heating/ Cooling Apparel – user controlled cooling and heating apparel which can maintain a comfortable body temperature and protect it from extreme weather conditions.
· Mini Tractor – a small size tractor ideal for farmers with small land holdings and offering multiple benefits in cost and maintenance
There are so many different routes to market and selecting the optimum route requires diligent business research, planning and a smart strategy. It is this thought process that Metamorphosis will focus on to bring out the best from these teams of B School students and innovators working together.