Students of IIT Kharagpur have done it again. A team of 4 students from the Institute studying at 4th year undergraduate programmes have secured 1st place in the finals of PAN India HULT Prize competition. The team competed with 30 teams from all over India at the competition held at IIM Ahmedabad on January 9, 2016 and adjudged winner by a panel of 13 eminent judges.
The teams were asked to suggest ideas to double the income of people living in crowded urban areas within 5 years. The winner of the competition, Team Aces comprising of Anubhav Goyal, Anush Gupta, Lakshya Kalra and Shreshtha Mundra had come up with a mobile application along the lines of Mechanical Turk to provide these people with a means of stable income by utilizing their non-productive broken time. The app has simple questions based on image categorization and text verification. The team would provide this data to research groups and companies that require this preliminary data processing and transfer the monetary benefits to the people in crowded slums. Firstly the team would conduct a pilot in the month of February and this pilot will be the integral part of their pitch at Finals at Boston. The development of the mobile app is in the beta stage.
Team Aces will now be competing against 50 other teams from across the globe at the Regional Finals of HULT Prize Competition 2016 being held at Boston, for a prize money of $1 million. The other finalists include teams from other prestigious colleges and universities like Harvard, MIT, and Yale.
The entrepreneurial spirit of Kharagpur can be estimated from the fact that 5 of the 30 teams at IIM Ahmedabad and 2 of the top 3 teams were from IIT Kharagpur. Team Sanyojan comprising of Ayush Garg, Kartik Pal, Pradeep Kumar Mittapally and Pradyumna Mishra bagged the 3rd prize and will be competing at the Shanghai Regional Finals. The idea of Team ‘Sanyojan’ was to provide B2B Services and promote local entrepreneurship along a Co-operative Society Model Supported by an Extensive Tech Platform and Micro-financing Schemes. Sanyojan’ works on a cooperative society model to provide a holistic solution. Our enterprise focuses on providing B2B services by connecting people, both skilled and unskilled, with businesses like Contractors, Security Agencies etc. Workers, employed through our enterprise, give back to the community by training other people for similar jobs.
The HULT Prize is organized by HULT International Business School in partnership with the Clinton Global Initiative and is largest student competition globally to solve the world's toughest social challenges. The Hult Prize Foundation is a start-up accelerator for budding young social entrepreneurs emerging from the world’s universities. Named as one of the top five ideas changing the world by Former US President Bill Clinton and TIME Magazine, the annual competition for the Hult Prize aims to create and launch the most compelling social business ideas—start-up enterprises that tackle grave issues faced by billions of people. Winners receive USD1 Million in seed capital, as well as mentorship and advice from the international business community.
Read the Success story on Times of India