Group13_Part2

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Indian Institute of Management Rohtak *

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Nov 24, 2024

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ENTREPRENEURSHIP & NEW VENTURES FINAL PROJECT BizConnect: A freelancing platform for business students Submitted to: - Dr. Rajiv Joshi Submitted by Group 13: PGP13112 Kanupriya Yadav PGP13114 Kashish Jain PGP13117 Kavya Gupta PGP13108 Jaiswar Sahil Madhukar PGP13029 Ankur Ganeriwala PGP13037 Anupam Biswas PGP13036 Anshul garg 1

Business Idea There are many business students across the country who want to apply the academic and theoretical knowledge they learn in class to real-world business problems which would also help them build their portfolio. However, they are forced to commit 2-3 months to internships and live projects which are not flexible and demand fixed hours from students which they can't dedicate due to hectic spread-out schedules. These students can go to freelance platforms too but aren't able to attract clients there due to a lack of past track records and high competition. There are also businesses that want to work with these bright business students who have up-to-date academic knowledge and have a fresh perspective towards problems but even they have to hire students for longer periods of time which is a commitment of time. So we are introducing a platform that connects businesses with technically skilled MBA/Business students, allowing companies to hire them on an hourly basis or project basis. This platform acts as a bridge between businesses seeking short-term technical expertise and MBA students looking for flexible opportunities to apply their skills. It facilitates the hiring process on an hourly/project basis, providing a dynamic and cost-effective solution for companies with specific project needs. Companies will post the job on the platform, just like any other freelance platform and to alleviate concerns about the quality of work, the platform will implement a rigorous vetting process for MBA students, highlighting their academic achievements, technical skills, and any relevant experience. Providing businesses with the ability to review portfolios, academic performance, and ratings from previous projects will build confidence in the capabilities of the student pool. Our idea is to create a platform that connects businesses with technically skilled MBA/Business students, allowing companies to hire them on an hourly basis or project basis. Business students with less industry experience find it difficult to attract clients on freelance websites if they want to apply their learnings to real-world business problems and then are forced to apply to internships and live projects which demand longer commitment time. Even businesses are not able to find good fresh talent on freelance websites who have up-to-date academic business knowledge. In order to address this problem, we are introducing a platform. This platform acts as a bridge between businesses seeking short-term technical expertise and MBA students looking for flexible opportunities to apply their skills. It facilitates the hiring process on an hourly/project basis, providing a dynamic and cost-effective solution for companies with specific project needs. We aim to develop a solution that addresses the challenge faced by these students in finding short- term opportunities to apply their skills and gain practical experience. Many MBA students possess valuable technical skills but often struggle to find opportunities to apply them in real-world scenarios. This platform aims to fill this gap by offering a space where 2

these students can access short-term projects aligned with their skills, allowing them to gain hands-on experience and apply their academic learning to practical situations. The platform will serve as an intermediary, enabling companies to access fresh perspectives and solutions to their business problems while providing students with flexible, project-based opportunities. By acting as an intermediary, the platform facilitates a mutually beneficial relationship. Businesses gain access to a pool of technically sound MBA students who bring fresh perspectives, innovative ideas, and up-to-date academic knowledge to solve their specific problems. Simultaneously, MBA students gain the flexibility to work on diverse projects, enhancing their skill set and making them more attractive to potential employers. 3

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Business Model 4

Customer - Market In a world driven by dynamic business landscapes, there exists a unique convergence of needs for two distinct yet interconnected customer segments: Companies Seeking Strategic Freelancers: ● Need: Access to a diverse pool of skilled freelancers capable of providing strategic roles and consulting services. ● Challenge: The limited pool of experienced freelancers restricts the variety and depth of strategic insights available to companies. ● Opportunity: Our platform connects companies with a fresh stream of business students eager to apply their academic knowledge, offering a broader range of perspectives and strategic solutions. Business Students Seeking Opportunities: ● Need: Opportunities to gain real-world experience and apply theoretical knowledge in practical scenarios. ● Challenge: Limited avenues for practical application, leading to a gap between academic learning and real-world skills. ● Opportunity: Our platform serves as a gateway for business students to access freelance opportunities, enabling them to earn income while gaining invaluable practical exposure. 5

Need For Companies: Companies in search of strategic freelancers have a pressing need for: ● A diverse pool of talent beyond the confines of traditional freelancers. ● Access to fresh perspectives and innovative solutions for strategic roles and consulting services. ● An efficient platform that streamlines the process of connecting with skilled business students. For Business Students: Business students seeking opportunities for real-world experience have a compelling need for: ● A platform that bridges the gap between academic knowledge and practical application. ● Access to a variety of freelance opportunities to develop and showcase their skills. ● Fair compensation and recognition for their contributions, validating their strategic acumen. In essence, our platform addresses the critical needs of both companies and business students, creating a symbiotic ecosystem that revolutionizes how strategic freelancers are sourced and how students gain practical exposure. 6

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Go-to-Market Strategy for Business Student Freelancer Platform: 1. Customer Acquisition Plan: a. Target Customer Profile: - Business students seeking practical exposure. - Companies dissatisfied with the limited pool of experienced freelancers. b. Segmentation: - Segment the student freelancers based on their expertise (e.g., marketing, finance, operations). - Identify companies from various industries seeking strategic roles and consulting services. c. Marketing Channels: - Leverage social media platforms popular among business students. - Collaborate with university career centers to reach students. - Attend business and career fairs to connect with both students and potential business clients. - Utilize targeted online advertising on platforms like LinkedIn. d. Partnerships: - Form partnerships with business associations, student organizations, and career development centers to increase visibility. 2. Strategies: a. Freelancer Onboarding: - Simplify the onboarding process for business students, highlighting the platform's benefits for gaining practical experience. b. Company Engagement: - Offer free webinars or workshops to showcase the value of student freelancers. - Provide case studies illustrating successful collaborations with companies. c. Feedback Loop: - Implement a feedback system for both students and companies to enhance the quality of services and maintain a positive reputation. 3. Customer Acquisition Cost (CAC): 7

a. Initial Investment: - Allocate a budget for marketing campaigns, events, and partnerships. b. Efficiency Measures: - Regularly analyze marketing channels' performance and adjust the budget allocation based on the most effective ones. - Leverage referral programs to encourage users to refer both students and companies to the platform. 4. Mapping Sales Cycle: a. Awareness Phase: - Use online and offline channels to create awareness among both student freelancers and companies. b. Consideration Phase: - Provide informative content on the platform's website, showcasing success stories and benefits for both students and companies. c. Conversion Phase: - Offer limited-time promotions or discounts to encourage companies to try the platform and students to join. d. Retention and Advocacy: - Implement loyalty programs for consistent users. - Encourage positive reviews and testimonials to attract new users. 5. Sales Process: a. User-Friendly Platform: - Ensure the platform is easy to navigate for both students and companies, with a seamless registration and project posting process. b. Consultative Sales Approach: - Have a dedicated team available to assist companies in finding the right student freelancers for their projects. c. Continuous Support: - Provide ongoing support and resources for both students and companies throughout the freelancing process. d. Data-Driven Insights: 8

- Use analytics to understand user behavior, improving the platform's functionality and user experience. 9

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Competitor Analysis Competitor About USP Strengths Weakness Upwork ● Upwork was formed through the merger of Elance and oDesk in 2014. It is one of the largest global freelancing platforms. ● Headquarters in Santa Clara, California, USA. ● Upwork's revenue for 2022 was approximately $487 million. Extensive freelancer database, diverse skill sets, and global reach. Established brand, large user base, and diverse talent pool. High competition for freelancers, potential quality variations. Toptal ● Founded in 2010, Toptal aims to connect companies with top freelancers. ● Headquarters in San Francisco, California, USA. Rigorous screening process, top-tier talent, and flexibility. High-quality freelancers, exclusive talent network. Premium pricing may limit accessibility. Freelancer.in ● Part of the international Freelancer platform, Freelancer.in caters specifically to the Indian market. ● Local operations in India. Access to a global talent pool, with a focus on Indian market needs. Connection to a vast international network, and local market understanding. Faces competition from established Indian freelancing platforms. Truelancer ● Founded in 2014, Truelancer is an Indian freelancing platform. ● Headquarters in New Delhi, India. Cost-effective freelancers, with a strong presence in the Indian market. Local expertise, cost advantages. Limited international reach compared to global competitors. Team 10

Team Composition: Marketing Manager (Jaiswar Sahil Madhukar): Background: Jaiswar is a marketing enthusiast with a background in digital marketing and advertising. Role: Marketing head. Importance: Jaiswar's experience in marketing is crucial for promoting and establishing the platform. As the Marketing Manager, he will play a key role in crafting and executing marketing strategies to attract both businesses and MBA students to the platform. Customer Relationship Manager (Kanupriya Yadav): Background: Kanupriya has experience in customer handling processes. Role: Leads customer relationship management. Importance: Given the importance of customer satisfaction, Kanupriya's role is valuable. She will be responsible for managing relationships with both businesses and MBA students, ensuring their needs are met, and addressing any concerns they may have. Manager Operations (Ankur Ganeriwala and Kavya Gupta): Background: Ankur Ganeriwala and Kavya Gupta are experienced professionals in the ed-tech sector. Role: Handle backend operations and customer support. Importance: Their expertise in ed-tech sector operations is essential for the efficient management of the platform. They will oversee the technical and operational aspects, ensuring a smooth experience for businesses and students. Finance Manager (Anshul Garg): Background: Anshul has a major and a keen interest in Finance. Role: Manages financial aspects. Importance: Financial management is critical for the sustainability and growth of the platform. Anshul will be responsible for overseeing the financial health of the venture, budgeting, and ensuring financial stability. Tech Heads (Kashish Jain and Anupam Biswas): Background: Kashish Jain and Anupam Biswas have experience in programming languages. Role: Lead the platform development team. 11

Importance: Technical expertise is crucial for developing and maintaining the platform. As Tech Heads, Kashish and Anupam will guide the platform's technological aspects, ensuring its functionality, security, and scalability. 12

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Uniqueness ● Cost-Effective Hiring Model: Unique Aspect: The platform stands out by providing a hiring model that is both cost- effective and flexible. Businesses can engage with technically skilled MBA students on a short-term basis without the burden of long-term contracts or the high costs associated with experienced freelancers. Relevance: This uniqueness is relevant to businesses seeking efficient solutions for their short-term technical needs. It addresses the pain point of businesses that require specific expertise for projects without committing to extended contracts or incurring high freelancer expenses. ● Fresh Perspectives from MBA Students: Unique Aspect: The platform differentiates itself by connecting businesses with MBA students, offering fresh perspectives and up-to-date academic knowledge. This means businesses can tap into the latest theories, practices, and innovative ideas that students bring from their academic experiences. Relevance: This uniqueness is relevant because it addresses the need for businesses to access new and innovative solutions. MBA students, being at the forefront of business education, provide a unique viewpoint that can be valuable in solving contemporary business challenges. ● Rigorous Vetting Process: Unique Aspect: The platform sets itself apart by implementing a rigorous vetting process for MBA students. This ensures that businesses can trust the quality of work delivered by the students, addressing concerns about their capabilities, especially considering their limited work experience. Relevance: This uniqueness is relevant because it builds confidence in businesses that may initially be hesitant about hiring students. The vetting process assures businesses that the students on the platform have the necessary skills and capabilities to deliver high- quality work. ● Flexibility for Students: Unique Aspect: The platform distinguishes itself by offering flexible, project-based opportunities for MBA students that align with their academic schedules. This allows students to gain practical experience without committing to long-term internships. Relevance: This uniqueness is relevant because it attracts MBA students who are looking for hands-on experience but may be constrained by the demands of their academic schedules. The platform's flexibility aligns with the preferences of students seeking short- term, project-based opportunities. 13

Testing Plan The goal of the testing plan is to validate the viability and effectiveness of the platform in matching businesses with MBA students. This will be achieved through a combination of surveys, interviews, and a pilot program. Surveys and Interviews: ● Conduct surveys with businesses to understand their willingness to adopt such a platform. This will help to assess the market potential for the platform and identify any potential barriers to adoption. ● Interview MBA students to gauge their interest and potential concerns. This will provide insights into the needs and expectations of the student user base and help to ensure that the platform is designed to meet their needs. ● Use feedback from surveys and interviews to refine the platform features and value proposition. This will ensure that the platform is well-suited to the needs of both businesses and students. Pilot Program: ● Select a small group of businesses and MBA students to participate in a pilot program. This will allow for a more controlled test of the platform and provide valuable feedback on its effectiveness. ● Monitor the effectiveness of the platform in matching projects with students. This will involve tracking the number of projects posted, the number of students who apply for projects, and the number of successful matches. ● Gather feedback on user experience and identify areas for improvement. This will involve conducting surveys and interviews with both businesses and students to gather feedback on their experience using the platform. User Engagement Monitoring ● Implement analytics to track user engagement on the platform. This will include tracking metrics such as the number of users, the number of page views, and the average time spent on the platform. ● Evaluate the frequency of successful matches between businesses and students. This will provide insights into the effectiveness of the matching algorithm and identify any areas where it can be improved. ● Assess the satisfaction levels of both businesses and students during the initial phase. This will help to identify any areas where the platform can be improved to better meet the needs of its users. Industry 15

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The business education landscape in India is thriving, with over 5,000 B-schools catering to over half a million students annually. This burgeoning segment of the Indian education sector plays a pivotal role in shaping the nation's business acumen and preparing skilled professionals for diverse industries. However, despite the abundance of B-school graduates, there exists a gap between their theoretical knowledge and practical exposure. This gap is often attributed to the limited availability of live projects and assignments that provide students with hands-on experience and allow them to apply their classroom learning to real-world scenarios. In India, the landscape for business school students seeking live projects and assignments is dynamic and integral to their education. Business schools emphasize the need for practical experience alongside theoretical knowledge, and companies are increasingly recognizing the value of candidates with real-world exposure. Corporate engagement is a common practice, with various companies collaborating with business schools to offer live projects across sectors such as finance, marketing, human resources, operations, and consulting. The start-up ecosystem in India is vibrant, providing students with opportunities to work with innovative companies. Skill development is a key focus, covering areas such as data analysis, market research, strategic planning, and project management. Your exclusive platform for business school students could play a crucial role in streamlining the process of connecting students with relevant live projects, enhancing efficiency, and facilitating effective communication between students and companies. The challenges in this space include ensuring diversity in project offerings and maintaining project quality. The networking opportunities provided by these live projects are invaluable, allowing students to connect with industry professionals. Government initiatives supporting skill development and entrepreneurship, coupled with the adaptation to virtual platforms, further contribute to the evolving landscape of business school projects in India. 16

Roll Out Plan Phase 1: Early Access and Feedback Limited launch: Initially, launch the platform to a small group of select B-schools and companies to gather initial feedback and refine the platform's features and functionalities. Targeted outreach: Engage with B-school faculty and placement officers to gain access to potential student users and promote the platform's benefits. Feedback channels: Establish clear feedback channels for both B-school students and companies to gather insights into their experiences and identify areas for improvement. Phase 2: Pilot Program and Expansion Pilot program: Conduct a pilot program with a larger group of B-schools and companies to test the platform's effectiveness on a broader scale. Partner with industry associations: Collaborate with industry associations and business chambers to expand the platform's reach to a wider network of companies. Refine matching algorithms: Analyze feedback and usage data to refine the platform's matching algorithms, ensuring better alignment between student skills and project requirements. Phase 3: Full-Scale Launch and Marketing Full-scale launch: Once the platform has been thoroughly tested and refined, launch it to all B- schools and companies across India. Comprehensive marketing campaign: Implement a comprehensive marketing campaign to raise awareness about the platform among B-school students and companies. Establish industry partnerships: Proactively establish partnerships with leading companies and organizations across various industries to secure a steady stream of project opportunities. Phase 4: Continuous Improvement and Expansion Continuous monitoring: Continuously monitor the platform's performance, gathering feedback from users and analyzing usage data to identify areas for further improvement. Expand to new markets: Explore opportunities to expand the platform's reach to new markets, such as international B-schools and companies with operations in India. 17

Introduce new features: Continuously introduce new features and enhancements based on user feedback and industry trends to maintain the platform's competitive edge. 18

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Risk Analysis & Mitigation 1. Market Acceptance Risks: ● Risk: Convincing businesses to embrace a novel hiring model and persuading MBA students to adopt short-term projects. ○ Business Acceptance: Startups often face skepticism from traditional businesses resistant to new paradigms. ○ Student Acceptance: MBA students might prefer the security of traditional internships over short-term projects. ● Mitigation: ○ Market Research: In-depth market needs and preferences analysis to tailor the platform's offerings. ○ Pilot Programs: Testing the platform with a select group to demonstrate its effectiveness and value. 2. Operational Risks: ● Risk: Ensuring the matchmaking algorithm works seamlessly and maintaining operational efficiency. ○ Algorithm Accuracy: Inaccurate matches could lead to dissatisfaction among businesses and students. ○ Operational Efficiency: Technical glitches or inefficiencies could hinder user experience. ● Mitigation: ○ Continuous Testing: Regularly testing and refining the algorithm based on user feedback and data analysis. ○ Robust Infrastructure: Investing in a reliable and scalable technology infrastructure to prevent operational disruptions. 3. Financial Risks: ● Risk: Determining the appropriate pricing model and sustaining financial stability. ○ Pricing Structure: Incorrect pricing could deter businesses or undermine the platform's sustainability. ○ Financial Stability: Insufficient revenue may jeopardize ongoing operations and growth. ● Mitigation: ○ Experimentation: Trying different pricing models during the initial stages and adapting based on user behavior. ○ Financial Management: Transparent and judicious management of finances to ensure sustainability. 19

4. Consumption Barrier Risks: ● Risk: Overcoming hesitancy from potential users due to the novelty of the platform. ○ Business Hesitation: Companies may be cautious about deviating from traditional hiring practices. ○ Student Hesitation: MBA students might be uncertain about the credibility and benefits of short-term projects. ● Mitigation: ○ Education Campaign: Communicating the benefits through targeted marketing and education campaigns. ○ Trial Periods: Offering trial periods or incentives for early adopters to mitigate initial hesitations. 5. Quality Assurance Risks: ● Risk: Addressing concerns about the quality of work from students without extensive professional experience. ○ Perceived Capability: Businesses may doubt the capability of MBA students to deliver high-quality work. ○ Risk of Dissatisfaction: Concerns about potential dissatisfaction with the results delivered by students. ● Mitigation: ○ Rigorous Vetting Process: Implementing a stringent process to vet MBA students, emphasizing their skills and capabilities. ○ Transparent Feedback: Providing businesses with the ability to review student portfolios and ratings for quality assurance. ○ Guarantee Mechanisms: Offering satisfaction guarantees or refund policies to address quality concerns. 6. Competitive Risks: ● Risk: Navigating a competitive landscape with established players like Upwork, Toptal, Freelancer.in, and Truelancer. ○ Upwork: Dominates the freelancing space globally with a diverse talent pool. ○ Toptal: Known for high-quality freelancers but comes with a premium pricing tag. ○ Freelancer.in: Focuses on the Indian market with both advantages and limitations. ○ Truelancer: Strong in the Indian market but limited international reach. ● Mitigation: ○ Differentiation Strategy: Highlighting unique features like cost-effective hiring, fresh perspectives from MBA students, and a rigorous vetting process. ○ Strategic Partnerships: Exploring collaborations with educational institutions and industry associations for a competitive edge. 20

○ Adaptive Strategies: Remaining agile, observing market trends, and adapting the business model to stay competitive. 21

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Ask We ask for the following for the kickstart of the venture: Debt - INR 1.25 crores Equity - INR75 Lakhs @ 25% equity, thus giving a valuation of INR 3 crores 22

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Group13_Part2

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