IIM Shillong hosts successful 5-Day Entrepreneurial Bootcamp

Syllad | The Rising MeghalayaJune 1, 2024

The IIM Shillong Foundation for Incubation and Entrepreneurship (IIMSFIE) concluded the second edition of its “Bootcamp for Aspiring Young Entrepreneurs of NER.” Funded by SIDBI, the event attracted 100 budding entrepreneurs from the North East, aiming to explore, innovate, and shape the region’s startup ecosystem.

The inaugural ceremony was graced by Prof. D.P Goyal, Director of IIM Shillong, and S Paunminthang Gante, AGM of SIDBI, who both emphasized the importance of entrepreneurship. Prof. Goyal encouraged participants to make the most of the platform, while Gante highlighted the limitless opportunities available, stressing Dedication, Determination, Discipline, Diversity, and Direction.

The bootcamp concluded with a Valedictory program, where Bhanu Prakash Verma, GM of SIDBI, addressed the participants and underscored the mission to foster entrepreneurial spirit in the North East.

Throughout the five-day bootcamp, participants engaged in various activities to equip themselves with essential entrepreneurial tools and knowledge. On the first day, they learned about market dynamics, emerging trends, and opportunities in the startup ecosystem. Faculty members then provided insights on developing business plans, design thinking, innovation, financial planning, market research, and business modeling.

Participants were divided into seven specialized groups focusing on Agritech, Fintech, Handloom/Handicraft, Tourism, Renewable Energy, IT/ITES, and a mixed group. These groups interacted with industry leaders from organizations such as NESAC, NECTAR, AMTRON, RBI Incubation Hub, AIC-SELCO Foundation Guwahati, NIFT Shillong, and NIT Shillong.

Representatives from NEDFi and SIDBI discussed funding opportunities within the startup ecosystem. Practical exercises, facilitated by experts from Google Startup and IIT Delhi, included business modeling, pitch deck preparation, and ideation workshops.

Enthusiastic participants pitched their innovative ideas, with 15 standout ideas selected for further refinement and presentation. From the start, participants demonstrated a deep understanding of the North East’s unique needs, addressing real-world challenges with their innovative concepts. Industry experts provided invaluable wisdom on resilience, adaptability, and continuous learning.

Interactive workshops on business planning, marketing strategies, financial management, and technology integration offered practical knowledge to turn theoretical concepts into actionable plans. Networking sessions fostered collaborations, building a supportive community of like-minded individuals.

The bootcamp’s success highlighted the region’s rich cultural heritage, abundant resources, and untapped potential. Participants showcased how these strengths could be leveraged to create impactful businesses through sustainable practices and technological advancements.

IIM Shillong continues to support pioneering entrepreneurs and plans to launch a startup cohort soon, welcoming participants as incubatees and continuing to nurture their entrepreneurial endeavors.