Converting Innovation into Startup and Achieving Value Proposition Fit and Business Fit”

On 28.08.2023 and 29.08.2023 a workshop on “Converting Innovation into Startup and Achieving Value Proposition Fit and Business Fit” was organized by the Entrepreneurship Development Cell of Management Studies department and IIC through offline mode. The session was handled by Dr.V.M.Sangeetha, and Mr.P.Selvakumar, Assistant Professors, Department of Management Studies, Francis Xavier Engineering College, Vannarpettai from 09.30 AM- 04.30 PM on 28 and 29th Aug. 2023. 42 students and two faculties participated in the program.

On 28.8.2023, the session started with the welcome address by Dr.V.M.Sangeetha, EDC coordinator of Management Studies, Francis Xavier Engineering College. In her speech, she highlighted the prominent role of EDC in association with IIC in enriching entrepreneurial skills to students’ community. The resource person started the session with a questions what is Idea? what is Innovation? He motivated students to answer of these questions. Then he started his session with basic word idea. After giving clear insights about idea, he moved his talk with explaining how a simple idea can be converted into great idea. He gave few ideas to solve the societal problem by fulfilling need, improving the quality of life and to improve the society. After the tea break, he asked the students to write one business idea and randomly choose students to present the business idea.

The resource person gave the example of coffee chain business and Airbnb.com business. He presented how these companies transform idea into great idea and successfully converted into business startup. After the lunch break, he conducted interesting rapid fire quiz round to make the students involve in the session. Students were highly motivated and interested in answering. In the afternoon session, he explained how great idea was converted into new products, services, new promotions. Team was formed with students and each team was consisting of 2 students. Team was asked to discuss about their idea and prioritize their ideas, how to make their ideas into great idea. Each team presented their ideas and the resource person gave valuable inputs and suggestions for each team to convert their idea into great idea and to convert into startup. The first programme was ended with students’ feedback and Vote of thanks.

On 29.8.2023, the session started with the welcome address by Mrs.M.Thanalakshmi, Assistant Professor, Department of Management Studies, Francis Xavier Engineering College, Vannarpettai. The resource person started the session by thanking EDC cell for the opportunity given to address the students. She asked to answer for the question, “what is value?” and “what is the key success factor for any business to survive and sustain for longer run?” Students came up with very interesting answers. After collecting all answers she started explaining about value proposition canvas and how this is mandate for business fit. She explained various elements of value proposition canvas such as customer jobs, customer pain, and customer gains with various business examples.

In the afternoon session she organized an activity. Students were asked to write down their own pains in doing their functional and emotional jobs. Students were then asked to rank their pains. Students were given opportunity to present their top 5 pains. After the presentation, the brainstorming session was conducted to convert pains into gains. Very interestingly students with the help of resource person gave lot of ideas. After the activity, the resource person presented real time value proposition canvas and their business fit. She explained how companies for functioning in achieving value proposition into business fit. She appreciated students involvement an active participation throughout the session. The second programme was ended with students’ feedback and Vote of thanks.