Thought it’s some tech device? Like a tablet or a convertible? If not for “CIMA” in front. Well, that’s why we thought of explaining the heading a bit more. CIMA Launch Pad 2015 is an initiative by the CIMA Students Society to nurture the entrepreneurial thinking among students from Local and Private Universities, CIMA Institutes, Corporate firms, Individuals and Volunteer Organizations.
What’s new this time is that the competition has taken two forms; ‘Business Idea’ and ‘Social Idea’. We were talking about social entrepreneurship during the past few weeks and yes, Launch Pad too has got the category for that set of people, simply the ‘Social Idea’ category. To give you a bird’s eye view of the competition, it’s a series of 4 phases, namely; the pace pitch, preparation of a detailed proposal, mentorship program and the grand finale.
The pace pitch happened a few days back and we were there to check out the innovative pitches which might even have the potential to turn into a million dollar business someday soon.
A 3 minute pitch in front of a panel of judges where the teams would present their idea and the business model behind it. Their presentation skills had to be extremely good, for them to deliver details about the vital elements of the overall business within the 3 minute time slot. Then the judges were given the time to do a Question and Answer session from the participants where they would clarify anything more about the concept. As we told you, there are two categories; Social and Business. It was first the social ideas that were judged. Out of the ideas that were presented, 10 ideas from each category were selected to go for the next phase.
The panel included Eranda Ginige, Co-Founder at Social Enterprise Lanka and Varuna Ponnamperuma, Assistant Director at Office for National Unity and Reconciliation. Social Entrepreneurship a bit new thing, to CIMA Launch Pad and Sri Lanka in general. We felt that some participants didn’t understand this concept. Nonetheless, some ideas stood out for the amount of research that they have done and well-structured and prepared presentations. This is something that anyone taking part in any competition must keep in mind; your idea can be the next game changer, but if you can’t explain it in simple terms within a very short time, don’t expect others to be convinced.
Moving on with CIMA Launch Pad 2015, below are the 10 ideas that were nominated for the next phase.
“Making money is not bad, we want social entrepreneurs who make both a social and financial impact. NGOs are dying, the landscape has changed.” – Eranda Ginige
Unlike the first category, the judges looked into the business aspects much more strictly here. “How can it sustain?”, “What are the income generation models?”, “Do consumers want this product or will they like it?”, “How does your idea stand out from them?” were some of the questions that were thrown at the contestants. The panel of judges was once again a fine mix of experts and professionals.
The members of this panel were: Ms. Amrah Akbar, Chief Financial Officer, MAS Innovations, Mr. Chandika Jayasundara, Co-Founder & CEO at Cinergix/Creately and Mr. Madhura de Silva, Associate Director, Finance Consulting and Risk, PwC. They took their seats and handpicked 10 business ideas below out of the 22 that were pitched.
Now this is just the beginning. The CIMA Launch Pad 2015 will be a memorable journey for every participant. It’ll be a journey where they’ll go through a lot of training and learning, a chance to network with the icons of the industry, get their advice and feedback and get the necessary funding with the publicity that your brain child deserves.
03rd October 2015: Deadline for Detailed Proposal Submission
17th October 2015: Announcement of top 4 teams and commencement of the Mentorship Program
24th October 2015: Final Presentation for top 4 teams under the Social Category
1st November 2015: Grand Finale
It is advisable for you to follow the Facebook fan page of CIMA Students Society for more details and latest updates. Also, you can send a mail to firstname.lastname@example.org or simply bug these two lovely people: Abdul Baasit (+94 756 541 901) or Darshika Jayewardene (+94 775 108 010).
Subscribe to our mailing list and get interesting stuff and updates to your email inbox.