OBJECTIVES OF THE CHALLENGE
Since MIE is heading the Meghalaya Chief Minister's E-Champion Challenge, please tell our readers what is so unique about this programme and its objectives.
: This unique initiative aims to provide a platform to budding entrepreneurs irrespective of their age or background. We have tried to reduce the language barrier also to encourage more participation from the rural areas of the state and the response has been amazing in terms of participation given the fact that this is the first time that such a programme has been introduced in Meghalaya. Mr. Barnari Mawlong, Director, MIE
The Chief Minister's E-Champion Challenge is actually a very unique Mr. Dikki D. Shira, Director, MIE: programme as it will give platform for the young entrepreneurs both for individuals as well as groups in the State of Meghalaya. The programme will enable the youth to come up with innovative ideas. This programme will help not only in spreading the spirit of entrepreneurship in the state but will also provide employment opportunities for the youth.
What is your take on the viability of this programme?
– From our experience of executing various state and national level Mr. Subhrangshu Sanyal, CEO, IIMCIP programs, we believe this is the right approach to build the ecosystem. Since this involves a change in mindset and culture, we need to be patient and persistent. It typically takes 3-5 years to create a supportive ecosystem. It is important that the Government develops a long term plan and stays committed towards this.
What are the differences you observe in Meghalaya's and Assam's entrepreneurial ecosystem? What kind of approach are you taking as knowledge partners with the Govt. Of Meghalaya for Chief Minister's E-Champion Challenge?
– Currently both the states have identified entrepreneurship Mr. Subhrangshu Sanyal, CEO, IIMCIP development as a priority and trying to develop an ecosystem for entrepreneurs. Though there are some broad level similarities in the entrepreneurship ecosystem in the North East states, the culture, natural resources, strengths and challenges of the states are big influencing factors. Hence as a knowledge partner we cannot adopt a one size fits all kind of approach and need to recognize these diversities while formulating the implementation strategy. The Meghalaya CM's E-Champion challenge is not focused on startups only but also aims to support any enterprise that addresses a big need and has potential to scale up and create jobs.
PLAN OF ACTION
What kind of handholding activity would you be providing to selected entrepreneurs?
– To build a sustainable business, the entrepreneur needs good Mr. Subhrangshu Sanyal, CEO, IIM-CIP understanding of different aspects of business, marketing strategies, financials and fund raising processes. IIM-CIP conducts rigorous boots camps and capacity building workshops to help the entrepreneurs bridge the knowledge gap. This will be supported by continuous mentoring by the experts, funding connect and networking.
Please tell our readers more about the incubation centres that are being set up in Shillong and Tura. How will these be of help to the state entrepreneurs?
The incubation centres in Tura and Shillong will be the first of its Mr. Barnari Mawlong, Director, MIE: kind in Meghalaya where ideas will be incubated. Since we will be selecting 50 ideas out of hundreds of applicants, the capacity of the incubation centres will be on these lines. The reason they are called incubation centres is because they are like nests and the ideas are like eggs and when you take care of it, the ideas hatch and ultimately these ideas materialize. Credit and market linkage will also be provided to the entrepreneurs while also giving them technical expertise. They will also be exposed to industrial experts and mentors while providing them hand holding facilities and opportunities to share ideas with each other.
: Incubation centres are being set up in Shillong and Tura for the selected Mr. Dikki D. Shira, Director, MIE entrepreneurs to groom them in their respective domains. Selected entrepreneurs will undergo training, focused mentorship, market access, access to credit and funding oppurtunities in a systematic one-year incubation programme. Working incubation for the selected youth will be adding more value to the enterprises. Hand-holding the upcoming entrepreneurs in incubation centres to market access, finance links, etc. will help the entrepreneurs in up-scaling their business.
HOW SAFE IS IT TO SHARE ONE'S BUSINESS IDEAS?
There are apprehensions from certain quarters about sharing their business ideas. How will you ensure a non-biased approach as well as maintain privacy of individual ideas?
– As a standard practice, the entrepreneurs need to share their Mr. Subhrangshu Sanyal, CEO, IIMCIP ideas with mentors, experts, investors for getting any support. For any public contest / challenge, there is a general confidentiality clause specified on the portal on application forms and is always on a best effort basis.
The applications will be reviewed by experts from all over India and it will be like a blind evaluation.
Hence the probability of bias is very low. The best way to legally protect one's intellectual property is to file a patent for the solution.