Funding Opportunities for Developing Startups by Engineering Students

On 30.07.2024 a Talk on " Funding Opportunities for Developing Startups by Engineering Students " was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Electrical and Electronics Engineering. The Session was handled by Mr. V Vignesh Arumugam , DPMU Lead / Senior Fellowship, Madhi Foundation /School Education Department from 9.30 AM – 12.30 PM. 66 students and 2 faculties participated. This event was coordinated by Mrs. M. Mary Sumitha AP/EEE. This event was conducted with the guidance of Dr. Lourdes Poobala Rayen, EDC Director.

The program started with the welcome address by Mrs. M. Mary Sumitha, Assistant Professor, Electrical and Electronics Engineering, Francis Xavier Engineering College. she started his welcome address by explaining the motto of IIC and the theme of IIC. She said entrepreneurship, startup, innovation and Intellectual Property rights were the themes of IIC. She also welcomes all the students and encouraged the students to listen and requested all the students to rise more doubts and make the sessions more interactive.

Resource person, by Mr. V Vignesh Arumugam explained the importance of specific qualities required for aspiring entrepreneurs such as problem solving, decision making, risk taking and the relevance of creativity and innovation. He also encouraged students with a comprehensive understanding of the entrepreneurial mindset and the essential qualities and traits needed for success in the business world. He also elaborated on various funding sources available for startups. She discussed bootstrapping, where entrepreneurs use their personal savings and business revenue to fund their ventures, and friends and family funding, which involves securing financial support from personal networks. Angel investors were highlighted as wealthy individuals who invest in early-stage startups in exchange for equity. He also addressed traditional bank loans, which come with interest repayment terms, and incubators and accelerators, which offer funding, mentorship, and resources in exchange for equity or participation fees. Moving on to preparing for funding, he emphasized the importance of developing a solid business plan, creating a compelling pitch deck, and understanding startup valuation. During the session, he gave a very informative insight to all attendees regarding the need to develop a right approach for setting up any startups. She guided that we need to have faith in ourselves and in our goals as the clear goals would help us to achieve our dreams. The session was of great benefit for all the young innovators who are planning for their startup and business. The session boosted their motivation to the next level. The participants asked various questions during the session.