Lucknow University has brought a golden opportunity for all its students with new and innovative ideas for starting entrepreneurial ventures. As per reports, the Department of Business Administration at the university shall launch the ‘Ideate Business Plan’ competition on March 24, with an objective to provide financial support to enterprising students. Reportedly, all students of the university and affiliated colleges are permitted to take part in this battle of the finest ideas.
A team of 4 eminent individuals to evaluate the ideas
The projects selected under this scheme shall receive funding from Bhaurao Devras Research Bench. Reportedly, the HOD of the business administration department of the university informed that the application forms for this competition shall be kept open till March 23. As per reports, the ideas presented under this scheme shall be judged by a group of 4 people including a banker, a chartered accountant, a university official and a successful entrepreneur.
While the entrepreneur will assess the bankability of the idea in the market, the university professor shall evaluate it from an academic point of view. In addition to this, the chartered accountant shall analyse the financial feasibility and the banker shall judge if the project can qualify for a bank loan or not. Based on these parameters, the best idea shall be chosen for providing economic support.
Project to be judged on a long list of parameters
Under this program, a team having a maximum of 4 individuals is allowed to take part. The participants will be required to pitch their ideas through a speech, slideshow and other ways to attract investors. Each group shall be permitted a total of 10 minutes for presenting their plan. Based on all these points, the judges shall pick out the best proposal rewarding it with support from the research bench.
