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Creating the missing link of Entrepreneurship

• Infrastructure
• Kotler Srinivasan
• Union Bank of India
• i Lab
• Yale Great Lakes

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i-Lab 2010

i-Lab Creating the missing link of Entrepreneurship An initiative of the Great Lakes Entrepreneurship Development Forum (EDF)

You have a great innovation or idea which may revolutionize the world but don’t know how to implement it. You are trying hard to make your entrepreneurship dream come true but unable to integrate the whole eco-system. The Great Lakes Entrepreneurship Development Forum has come with the foundation of i-Lab, to take you with ideas of your dreams to the real world entrepreneurship. The vision of i-Lab is to create the missing link of Entrepreneurship. Today the capable youth faces a lot of trouble in making their Entrepreneurial dream come true. This is due to the lack of knowledge, lack of transparency of the systems and processes in place, inability to integrate the complete eco-system. The i-Lab will become one stop for: Knowledge platform Application Eco-system integration The i-Lab knowledge function will organize workshops, training sessions on various aspects of Entrepreneurship and to convert idea into opportunity. It will also help in networking and collaborative exchanges. The i-Lab application function will help entrepreneurs in proper prototyping, testing and validation of the idea. This will help in showcasing the value out of the business and ultimately taking it to the incubation. The i-Lab eco-system function will be focusing upon the integrating various external bodies which will help in incubation of the opportunity. This includes technology partnership with institution like IIT-Madras and other technology firms, public partnership with ICGAR foundation, venture funding partners as NEN, TiE and other renowned venture funds. All of them and many more will join hands with Great Lakes Institute of Management to form i-Lab, to create the missing link of Entrepreneurship. i-Lab will provide a unique platform for the idea & dressing it up into a Start firm through Business modeling. A business model describes the rationale of how organization creates, delivers, and captures value. The term business model is thus used for a broad range of informal and formal descriptions to represent core aspects of a business, including purpose, offerings, strategies, infrastructure, organizational structures, trading practices, and operational processes and policies. It is the building block for any startup firm and getting the model right for the startup is crucial. Surprisingly 99 percent of the firms have no clear framework for describing their model. i-Lab will create this missing link.

i-Lab B-Modeling Process i-Lab vision is to create the missing link of Entrepreneurship which meant for providing a platform for capable youth to make their Entrepreneurship dream come true. Here is how the business modeling process of i-Lab will work: I2O: The process will start with I2O, in which the idea of the person will be validated to become an opportunity. An opportunity is marketable and sustainable idea. B-modeling: After that phase, i-Lab will help in prototyping the idea in which a small prototype will be made for testing and validation of the idea and to showcase the opportunity to the real world and VCs. Ecosystem Integration: After that integration process will happen in which the budding entrepreneur will be exposed to various external partners of i-Lab which will help in investments, management and technology solution of the venture. Incubation: Finally, i-Lab will take care of overall incubation of the venture.

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