Following The Hult Proze @ IIMA event held at the IIM, Ahmedabad campus, the winners advanced to the 7th annual regional finals of the competition. The winning team from IIMA included Ninad Bhave, Kaustubh Agashe and Sanchit Srivastava, all students of IIMA’s executive MBA programme.
Read: Aspiring entrepreneurs look to make urban spaces less crowded
The winning team built a solution to this year’s theme for the competition: the problem of crowded urban spaces across the globe. The solution was a two sided business that engages independent service providers like carpenters, plumbers and painters as “associates” and connected them with ad-hoc demand in homes. Additionally, NGOs and workers unions active in a community would be paid to source talent and marketing representatives and incentive-based employee referrals would be their way of getting clients to sign up. The business model is to maximize earning potential of associates by increasing the amount of time spent employed in a year and benefits like bank account creation, quarterly skill-improvement workshops and cash rewards for referrals are some of the differentiators.
“52 teams registered for the Hult Prize @ IIMA event, and the top 8 teams presented their start-up solutions to an esteemed jury with more than 80 years of experience in social entrepreneurship. We are now gearing up for the PAN India Hult Prize event, scheduled on January 9, 2016 at the IIMA campus in which the top 150 colleges from India will participate” said Bipul Saha and Ashar Khan, PAN India Student Directors of the Hult Prize India Initiative and members of Hult Prize @ IIMA organising committee.
Summer Business Accelerator Programme
Following the regional finals, one winning team from each host city will move into a summer business accelerator programme, where participants will receive mentorship, advisory and strategic planning as they create prototypes and set-up to launch their new social business. The final round of competition will be hosted at the Clinton Global Initiative Annual Meeting in September 2016, where one team will be selected as the Hult Prize recipient. The winning team will receive an award of $1,000,000 from former US President Bill Clinton. To learn more, visit www.hultprize.org and www.hultprizeat.com/ahmedabad.