International Entrepreneurship Challenge (IEC), 2006 that was launched on the occasion, is one of the largest B-Plan competitions in South Asia. It spans across the globe. It is open to entries from corporates, post-graduate and graduate students. There is prize money to the tune of $10,000. Not only do the winners receive venture capital funding for their business plans but also stalwarts of industry and academia shall be participating in their capacities as mentors for the teams. An eminent panel will constitute the Board of Directors for IEC.

The Seminar on “How to Start a New Venture” witnessed participation from

„X Mr. Sanjeev Bhikchandani, CEO, Naukri.com.
„X Mr. Dan Sandhu, Chairman, Vertex (India);
„X Mr. Pankaj Sehgal, Director, Sun Group;
„X Mr. Rajkumar Dubey, Dubey and Partners;

Professor C.D. Bhattacharya, Dean, FMS delivered the welcome address. Professor
Bhattacharya said that the union of guts and glory characterized the world. He also emphasized on how entrepreneurs must set them selves apart by their “passion to perform”. Highlighting the entrepreneurial success of FMSites, he said, “Our mission is to be job-creators and not just job-seekers.”

Mr. Dan Sandhu, Chairman, Vertex (India) highlighted the immense entrepreneurial opportunities available within the Indian landscape and discussed several parameters affecting the same. He said, “India currently is the favorite destination in the world for an entrepreneur. The strong fundamentals of the Indian economy are the crucial drivers for innovation and growth momentum considering that India will be the third largest economy by 2050.”

Mr. Rajkumar Dubey, Dubey and Partners enlightened the audience on the legal intricacies involved in setting up a new enterprise as well as important tenets concerning Intellectual property rights, arbitration, litigation et al in the Indian context.

Mr. Pankaj Sehgal, Director, Sun Group elucidated the financial nuances of new ventures such as obtaining funding, debt and equity financing, angel investment, seed funding et al. He stressed on the need for greater synergy between academia and venture capitalists in India. He said that the m ain concern for any investor is to ensure “Clarity of Purpose” in relation to the proposition. This should be backed by sound valuation, assessment of market size, competition, product evaluation, business models, etc.

Mr. Sanjeev Bhikchandani, CEO, Naukri.com, enthralled the audience with stories about how Naukri.com came to be founded. He said, “The best ideas are often in front of us. We only need to recognize them. Be different, be bold, be brave; but at all times be relevant.” H e offered his reflections on how great ideas are scalable and no task is too daunting to be achieved by the ambitious youth of India in today’s day and age.

The Seminar was followed by a Panel Discussion comprising the above speakers in which the panelists pondered upon “Is there a Funding gap or a Leadership gap ailing the start-ups in India?” In addition to the speakers for the Seminar, Professor Vivek Suneja of FMS and Rahul Gupta, an FMS student, and Mr. Abhishek Sharman of Sun Group also joined the discussion. Professor Suneja, an expert in the field of Corporate Strategy and Business Policy brought in an academic’s perspective to the discussion. Rahul Gupta, currently a FMS student is an engineering graduate from IIT Delhi and has already started his own entrepreneurial venture. He offered his reflections on his own startup and the challenges he encountered.Mr. Jayant Sharma, President, Entrepreneurship Cell, FMS proposed the vote of thanks on behalf of the student community of FMS to all those present on the occasion.

The event witnessed enthusiastic participation from several business schools and all in all was a great learning experience. It has set the ideal tone for International Entrepreneurship Challenge, 2006.