Financial Daily from THE HINDU group of publications
Friday, Nov 05, 2004
Industry & Economy
Innovation Exchange: A marketplace for students' biz ideas
Bangalore , Nov. 4
The N.S. Raghavan Centre for Entrepreneurial Learning at the Indian Institute of Management, Bangalore, and CII Young Indians will soon kick off a marketplace for great business ideas. The Innovation Exchange will be launched over the weekend at the annual IIMB management fest, Vista 2004.
The exchange will be a legal entity and will function as a company, according to sources at IIMB.
Mr Gerard Rego, CTO, Liqwid Krystal, who is also a member of CII Young Indians, told Business Line that very often there is a big disconnect between creative ideas and a solid business model.
The exchange aims to fill this gap.
"On one side, you have about six million students in India with great business ideas and on the other, you have the industry. The idea is to connect them together."
After the exchange develops the business plan, it will be placed on the marketplace for assessment by VCs.
According to Dr Mathew J. Manimala, Professor of Organisation Behaviour, IIM Bangalore, the exchange will have both a physical and online presence.
At Vista 2004, IIMB is also experimenting with the concept of distributed consulting.
The exercise aims to use the minds of a wide range of people including students to come up with innovative strategies. This year, three organisations - The National Kidney Foundation, Singapore, Cavin Care and Kanbay - are using the forum to experiment with the idea.
The fest, to be held between November 5 and 7, will have other events including an Innovation Summit, a CII panel discussion on market globalisation and a business quiz.
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