The Hon’ble Chief Minister, Shri Conrad K Sangma is very keen on creating a growing number of sustainable business enterprises to foster socio-economic development and employment generation in Meghalaya. He envisions to developing an “Entrepreneurial Ecosystem” in the State. The entrepreneurs are the future champions to take the state economy on the path of growth and development. Therefore, the CM’s E Champion Challenge is being launched.
The Challenge is the first critical step in order to kick start large scale and long term enterprise incubation strategy by the Government of Meghalaya.
The Government of Meghalaya has initiated several projects/ programs to support talents and entrepreneurs. These include setting up of Enterprise Facilitation Centres (EFCs) at all the blocks and establishing the Meghalaya Institute of Entrepreneurship (MIE). Building up the entrepreneurial ecosystem by training and capacity building programs to nurture ideas, the Entrepreneur of the Month (EOM) program etc.
The Government of Meghalaya, through the Meghalaya Institute of Entrepreneurship (MIE), will now launch a large program of systematic incubation of entrepreneurs. Entrepreneur is anyone with a business idea who takes up the risk of facing the market with his goods and services (products) by creating value and potentially generates employment for the State.
It is to be noted that the primary focus of Chief Minister’s E Champion Challenge is not just to look at Start-ups but to Challenge Enterprises in general. The approach will be a systematic process to identify, promote, support and nurture sustainable and locally relevant business ideas and entrepreneurs.
Top 50 entrepreneurs will receive the following benefits:
PLEASE NOTE: The dates given alongside each activity is tentative and may be subject to revision.
The current program is meant to support business ideas that aim to build itself into a sustainable and profitable entity in the long run. It should be able to create employment opportunities for society at large and also bridge the gaps in the market through implementation of unique and environmental friendly business ideas. The focus of the program is on business ideas for private sector enterprises. It does not/will not currently take into its periphery the domain of social work or charitable work.
A business idea is a concept for commercial purposes and typically centers on a product or service that can be sold for money by adopting an operational and practical model. The characteristics of a unique business idea are:
You may go to the challenge page http://Echamp.miemeghalaya.org and apply. In case of doubts you can email or call the concerned people in the Meghalaya Institute of Entrepreneurship (MIE).
The selected candidates will be notified and the list will be published on the challenge website of the MIE, Meghalaya.
Entrepreneurship involves creating a business or businesses while building and scaling it to generate a profit. An entrepreneur is a person who undertakes the risk of facing the market with his products and services through his/her business and also makes a profit.
Incubation is a process whereby an entrepreneur/organization get help for their new and startup business to develop by providing services such as management training, capital or office space. The incubation provides the eco-system for harnessing new business idea/concept and develop it into a commercial venture.
IIM Calcutta innovation Park (IIMCIP) is a nonprofit company set up under the aegis of IM Calcutta to promote entrepreneurship and innovation and established itself as a premier hub of entrepreneurship development in East and Northeast India.
A Start-up is an enterprise that is based on cutting edge innovation and can scale easily. Start-ups are typically tech based and are seeking investments from Venture Capitalists, Angel Investors, Crowd Sourcing and High-Net worth Individuals. The risk in Start-ups is generally very high, to the north of 90 percent. Enterprises (Nano, Micro and Medium) on the other hand are businesses that are based both on imitation and innovation, scale slowly (if at all) and are more dependent on traditional banking system for credit. Further, Start-ups are more relevant and possible in places at the technological frontier. Meghalaya, with a very nascent private sector and at a basic level of technology is not ideally suited for nurturing of Start-ups.
Funding indicates provision of money, especially by an organization in order to help with a particular purpose. Funding comes from own sources, family, friends, Government Schemes, banks/financial institutions, angel investors and other investors.
Startup capital, also referred to as ‘Seed Money’ refers to the money that is required to start a new business, whether for office space, permits, licenses, inventory, product development and manufacturing, marketing or any other expense.
Mentoring involves advising or training an individual or a group of individuals and guiding them pertaining to their respective activity or domain. This involves counseling, training and guidance by experts. A mentor can be anyone who helps a new individual learn and understand the nuances of a particular activity/work/business/art/trade. Mentor usually have long years of hands on expertise in their area of work and have demonstrated success in their field.
In most simple form ‘Equity’ is the promoter money invested in the business. There are more sophisticated forms of equity capital when more investors invests in the business. It is the risk capital the investors bring to the business. The equity capital helps raising debt capital from banks and financial institutions.
It is the borrowed money as loan from institutions like banks, non-banking finance companies (NBFCs) and financial institutions. The loan amount is for a definite tenure and carries an interest on the amount borrowed.
The record of expenses and income that is recorded in the business on a day to day basis is captured as cashflow. The net of income and expense records the positive cashflow and/or negative cashflow. For business growth, the positive cashflow is required.
It is a process to identify the various sources of revenue generation of the business. It helps capture the value proposition and revenue sources for the goods and services of any business. A clear revenue model is important for sustainability of the business.
The requirement of any goods and services by the users and customers is defined as market demand. In traditional economics the supply and demand generates the businesses and defines the price of the goods and services. In a globalized world in current times, the market definitions can extend from local to global and the demand can be accordingly assessed. At times the ease of use of an existing service and breaking traditional service methods creates market demand. These are services of “mobile”, platforms like “ola/uber” which has created new demand.
Testing the idea, product and services within a defined and limited target groups/customers for their feedback and comments on the product/services before a full fledged commercial launch is a test marketing. The results and findings of the test marketing is then taken back for product/service improvement and a refined product/services is launched.
The product/services which are traditionally in the market may be improved upon in a multiple manner so as to differentiate them. The product/service differentiator usually comes with improvement of quality, service and overall standardization. For example, the intervention of technology helped in railway ticket/bus ticket and hotel booking. Similarly, packaging of milk helped it improve ease of handling and sale anytime during the day.
Any new idea or concept when translates into a product/services is first tested within closed group of experts is a testimony of the proof of concept. The incubation centers are usually the places that provide the support and services for proof of concept of new idea/concept. The PoC is a stage before the test marketing (or beta stage) of any product/services.
The process of improvement in the existing product/services in its manufacturing/delivery/use and applicability by way of technology and enhances efficiency adding to its value proposition/benefits is termed as innovation. For example the mobile app services are innovation for delivering product and services which were earlier possible to be delivered only through a computer.
When the value proposition of any product/ services is not fully appreciated and recognized by the market results in its failure in the market. The market failure is addressable by economic analysis and rightly targeting the product/services to the audience where it finds its benefits/value.
It simply suggests that there is a gap between the supply and demand for any product/services. A quick market survey for a product/service will suggest the gap that exists. Assessment of market helps in product/service marketing strategy.
Social work simply means addressing the health and welfare needs of the civil society purely as a service without any profit and return from such service. Social work is delivered by public agencies and non-profitable and charitable agencies.
Enterprises working without the intention of making profit in delivering its goods/services are defined as social enterprises. The private sector enterprises who are socially responsive and contributes for social welfare through their CSR work are also grouped a Social Enterprises. In India, the Social Enterprises are classified as not profitable section 25 companies, NGOs and development agencies.
An Enterprise is a legal entity usually small that helps conduct business in a private and profitable manner to any individual or group of individuals. The definition for micro and small enterprises is defined depending on the investment that is made in the core plant and machinery/turnover recorded at the end of fiscal year.
Incubator is a brick and mortar structure which houses the desired support services in terms of management, technology, experts, common services and associated services that is required for helping new business.
The vision and mission statement that defines the purpose and focus of the enterprise are considered as business statement. A business statement is different from brand statement which is confined to a product/brand. Business statement tells about the values of the business.
Defining the challenges in a business and in production of products or delivery of services in a clear terms is a problem statement. Writing a problem statement helps in analysis and arriving at solutions to the challenges.
The business that focuses and registers enough profits so as to serve its own cost of existence and grow on a year on year basis is a sustainable business. The products and services of the business remains relevant in its value proposition and benefits to its customers to be in demand sustains itself.
The Chief Minister’s E Champion Challenge is an initiative of the Government of Meghalaya which is being implemented through the Meghalaya Institute of Entrepreneurship (MIE) in the state. The initiative is being supported by IIM Calcutta innovation Park (IIMCIP) who have come on board as the knowledge partner for the event and will support the Government of Meghalaya and MIE in planning, implementing and monitoring the Chief Minister’s E Champion Challenge to deliver its desired results.
The Meghalaya Basin Development Authority (MBDA) is assisting the MIE and IIMCIP in the implementation of the overall program while ensuring that the proceedings of the event is disseminated to the masses thereby ensuring transparency and credibility.
Meghalaya Basin Development Authority (MBDA) is a society registered under the Societies Registration Act and aims to create a statewide institutional ecosystem for ecologically sustainable and economically inclusive development in Meghalaya.
The Meghalaya Institute of Entrepreneurship (MIE) has been set up to facilitate rapid economic transformation, by imparting entrepreneurship education and promoting micro and small enterprises involving the youth, women and other critical target groups in the State.
IIM Calcutta innovation Park (IIMCIP) is a nonprofit company set up under the aegis of IIM Calcutta to promote entrepreneurship and innovation and established itself as a premier hub of entrepreneurship development in East and Northeast India.