INNOVATION, INCUBATION AND START UP CELL ORGANIZES ‘B PLAN WORKSHOP’ on 26th February, 2024 . The Workshop is organized to understanding the purpose & importance of a business plan in launching and growing a business. Learning the essential components of a comprehensive business plan such as executive summary, market analysis, business model, marketing strategy, etc. Practicing techniques for creating a unique value proposition and competitive advantage for the business. Learning to adapt and refine a business plan. Mr. Suren Kulkarni, Founding Partner at Inovez Corporation and SeedFire Venture Advisors, Techno savvy Investor and passionate Revenue Growth Strategist conducted the workshop for MBA first year students.
On 26th Feb’24, HNIMR organized a ‘B-Plan Workshop’, and the guest for the same was Mr. Suren Kulkarni. Firstly, he introduced us to “Start-up Life Cycles” which included about Ideas, Starting Up, Early growth and Expansion with last as exit. Emphasis was placed on the importance of adapting strategies and plans at each stage to navigate challenges and capitalize on opportunities effectively. Furthermore, he explained to us about the ‘Key Success Factors’ such as team and execution, market size, Funding, customer acquisition, offering and value and product market fitment. Discussions focused on practical approaches to strengthen areas of weakness and leverage strengths to gain a competitive advantage in the market.
The workshop provided real-world examples of startups at various stages of growth to illustrate the funding requirements at each phase. The need of funding includes Prototype creation/MVP, Working Capital, product development, certifications and lab tests, team hiring and much more. Detailed discussions were held on the advantages and disadvantages of each funding option, for example, debt funding, equity funding, public funding. Participants gained insights into the importance of building relationships with potential investors, the pros and cons of each funding source and how to choose the most suitable option based on their startup’s needs and goals. Additionally, gained a deeper understanding of the ‘Venture Capital’ ecosystem, understanding how VC firms invest in startups in exchange for equity, role of VCs in providing not just capital but also strategic guidance, industry connections and operational expertise.
The workshop also provided an insider’s perspective on how VC funds operate, including discussions on fund structure, investment criteria also decision-making dynamics within VC firms. And why is it important for doing self DD before going to VC. The workshop concluded with a detailed overview of the business plan framework, covering essential components such as elevator pitch, problem being addressed, solution, team, business model, market definition, competition & unique value, financial projections, funding needs and exit strategy as well. Suren Sir also showed us an example of a business model of ‘Healthy food/snacks’, through which students gained knowledge and practical insights into creating a compelling business plan.
Overall, the B Plan workshop equipped participants with the knowledge, tools and frameworks necessary to navigate the startup journey successfully, from ideation to execution, funding, and growth.
