Tall Order Win by MET Students
MET management students Ishan Kelvalkar, Munish Kumar participated in ‘Navonmesh’ the entrepreneurial convention at Avenues 2012, the annual business festival of Shailesh J. Mehta School of Management (SJMSOM), IIT Bombay on November 3, 2012. The online entries for the event Novenmesh were accepted from various management schools across India. Teams from MET – Mumbai, IIM - Bangalore, IIM - Lucknow, IIT - Bombay, BIM – Trichy were selected for the final round.
The first round of Navonmesh event which was held online for young entrepreneurs across India, business plans were invited for innovations which are in their nascent stage of development. Innovations were selected from TePP (Techonopreneur Promotion Programme). Participants were given an innovation and they had to craft B - Plans to commercialise these innovations.
The innovation MET management student got was Crankshaft Metrology System which is a tool used to measure geometry of crankshaft currently in prototyping stage. MET students submitted a 10 page business plan which covered the value propositions, business models, marketing and sales strategies for next 5 years, detailed financial projections for next 5 years, key partnerships, costing and revenue models with extensive competitor analysis. The business plan was well received and appreciated by the innovator Nicky Joshi.
The final was on 3rd November, 2012. The final structure was 20 minutes presentation and 10 minutes gruelling with VCs, CEOs from companies, entrepreneurs and IIT faculty. The competition was tough, with teams from IIM Bangalore, IIM Lucknow, IIT Bombay; BIM Trichy from second year with diversified experience, contending with each other. During presentation the judges asked certain domain related difficult question to confuse the contestant. But MET’s sharp students had done extensive market research and visited the crankshaft manufacturers to gain domain knowledge. The judges got impressed with the plan, marketing strategies and value propositions. MET students, knowing the ground realities, kept modest real life targets and plan - B if something fails unlike the other contestants whose scenarios were unrealistic. MET team won the 1st prize which also included a cheque for Rs. 50,000/- as winning amount.
It was indeed a great success!