Innovation is about making changes to an existing process / system with something new. In the development context, innovation should be viewed as changes in thinking, products, processes, organizations, or new ideas which are successfully applied.
While most management institutes give the necessary inputs for various management areas, it is very important that students, who have a whole lot of ideas, be allowed a forum to innovate, experiment and test the viability of their ideas.
Under an initiative to encourage management students for innovative business / Entrepreneurial ventures a Centre for Innovation & Business Incubation (CIBI) at Birla Institute of Management Technology (BIMTECH), Bhubaneswar to undertake suitable projects.
As the first move the following have been setup:
This project was taken on by team Panchsakha consisting of five PGDM students, wherein they took over the operations of the existing cafeteria under a new name and style and their sole intent is to make it profitable. But in the process, it allows the students involved in the team to experiment and discover their strengths and weakness, which is a learning process.
Four plots of land of 1200 sq.ft. each were developed by the institute for the purpose of organic farming. Each plot has been allotted to a project team that has the option of growing seasonal vegetables or cash crops.
Plot 1 – Potatoes
Plot 2 – Brinjal, chillies and palak
Plot 3 – Tomatoes
Plot 4 – A combination of corn, cauliflower, peas, radish and carrots
To date, palak and radishes have been auctioned once. The second batch of radish is also successful, and tomatoes and potatoes are ready for harvest.