Institution Innovation Council (IIC) organized an Inter/Intra Institutional Business Plan Competition and Reward Best Innovations” on 22/3/2023 at seminar hall. For this purpose, the students competing in this competition were asked to upload their innovative ideas in the Yukti Portal. 63 ideas from various disciplines participated in this Competition.
The program started with the introduction of selected student innovators. The student innovators introduced their innovation and explained the process of development. While addressing their idea generation and innovation students interacted with the innovators and the discussion led to lot of queries from the participants. The student innovators felt happy while sharing their personal experiences. This discussion was between students to students because all the guest speakers are student innovators. All their innovative ideas were already uploaded in the Yukti Portal. The discussion evoked good response among the participants and presented their ideas spontaneously and those ideas were discussed and refined their ideas. In fact, it was a good exercise for all the participants and almost all the participants discussed their ideas and the solutions emerged through the discussion. All the participants expressed their intention to apply for the competition next time. They explained the tools used, software used, and the challenges faced during the different stages of innovation. At the end of session students gave feedback and expressed satisfaction about the program. The participants asked the organisers to organise this type of discussions at the regular intervals. The competition attracted a diverse pool of participants, ranging from students to seasoned professionals. Through rigorous rounds of evaluation, innovative business ideas were identified, and winners were rewarded with cash prizes, mentorship opportunities, and incubation support. This initiative not only promoted entrepreneurship but also fostered a culture of innovation within the participating institutions.
Business Plan Competitions play a pivotal role in nurturing innovation, entrepreneurship, and business acumen. By organizing such events and rewarding the best innovations, institutions contribute to the development of a vibrant entrepreneurial ecosystem that drives economic growth and societal progress. The impact of these competitions extends beyond the event itself, as winners go on to transform their ideas into tangible businesses that shape the future. Among the 63 ideas Home Spot ID was selected as the best business plan. The team was awarded with cash prize.