Mysuru: Shri Dharmasthala Manjunatheshwara Institute for Management Development (SDMIMD) conducted the event “Startup Charcha” on Wednesday, February 12. This event was a culmination of various entrepreneurship activities undertaken by Swayam - E cell of SDMIMD students. It was also an event that is in line with the current surge in interest on startups and the conducive policy environment for the same. SDMIMD had initiated entrepreneurship activities to give conceptual insights to PGDM students on Entrepreneurship. Swayam – E cell of SDMIMD students has undertaken many activities in the last five years. An elective on Entrepreneurship has also been part of the PGDM programme at SDMIMD.
The Startup Charcha event held, for the sixth year in succession had Vishwa Alva, Founder and Managing Director, Skanray Technologies delivering the keynote address.
In his Keynote address, Alva highlighted the path taken to build a successful company and emphasized the need for innovation. He commented about the various opportunities today for young professionals. He described his journey as an entrepreneur and various challenges faced in the initial stages. He highlighted the importance of having a good team and a source of finance for youngsters who wish to pursue an entrepreneurial dream.
Alva also emphasized the importance of dealing with regulatory frameworks and establishing a strong foundation of good governance right from the inception of a startup. In his address he underlined the importance of startups being socially responsible and developing such practices in the organisation.
Alva emphasized that MBA graduates who planned to become entrepreneurs ought to have a good understanding of financial management practices and accounting concepts.
“Startups have a lot in common in their path to success but the challenges varied in each case and the solutions might be unique”, he added.
A panel discussion on entrepreneurship under the title, “Issues, Challenges and Way Ahead”, was also part of the event and was moderated by Dr M R Suresh, Professor and Chairperson E-Cell at SDMIMD.
The Distinguished panellists were Vijaysimha, SDMIMD Alumnus and Founder and CEO, Suvashna Training and Development Pvt. Ltd, Vijay Krishnamurthy, Sports Management Consultant and Dr. B. Venkatraja, Faculty Member, SDMIMD.
In the panel discussion, many aspects of entrepreneurship and overcoming initial difficulties of startups were discussed. The government policy reforms for the same and its implications were also discussed by the panel members. The other areas of discussion were Grassroot entrepreneurship for wealth creation, rural entrepreneurship and sports as a booming sector for new venture creation. The objective of setting up a venture should not be just for valuation, it should also make a difference and there is a need to explore entrepreneurship models that provide value to stakeholders, the panellists said. It is very important to be pragmatic while being adventurous was a piece of advice of the panel to the young audience.
Startup Charcha 2020 also had an Insight talk by Dr. M. Sriram, Faculty member, SDMIMD.
He opined that a sound working knowledge of preparing financial statements was required for an entrepreneur and emphasized the need to differentiate between capital and revenue expenditure. He briefed the audience about the projections of financial statements both in terms of impact and sustainability of revenue and cautioned entrepreneurs to emphasize on cash flows as opposed to profits. He further highlighted the importance of weighing the pros and cons of various financing approaches for new ventures such as included bootstrapping, venture capitals, and private equities.
As part of the event, certificates were awarded to the winners of different competitions.
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