Creating and Developing New Opportunities
Tales of India
14 participants of the University's innovative new Global Executive MBA have completed the third module of the program called Creating and Developing New Opportunities in Bangalore, India on October 16.
This module was one of three units offered as part of the Global Executive MBA focusing on different stages of the business opportunity lifecycle. It focused on the early stage business opportunity with particular emphasis on the context of developing and rapidly growing economies such as India.
As the unit name suggests, participants were introduced first-hand to the challenges and issues facing entrepreneurs or managers who have created new ventures and are seeking to enter the Indian market.
The major piece of assessment for the group involved development of a business plan (or investor memorandum) for emerging Australian businesses that have identified India as being a massive opportunity. These businesses were identified from consultation with Austrade and the Australian Technology Park in Redfern. The cohort was divided into four groups and advised the following companies on how to enter the Indian market profitably and sustainably:
- All in the Media - a media technology company with specialist broadcast management software and systems;
- Global Carbon Systems - a company producing carbon accounting software;
- Quantum Energy - an enterprise with one of the most efficient solar heat pump systems in the world; and
- BrainGuage - a new software application to assist recruiters identify candidates with superior cognitive skills and better performance under pressure. The software does this by testing, measuring and analysing changes in potential recruits' tone and voice patterns.
The module was lead by Professor Richard Dunford and Dr Richard Seymour. Seymour says the participants embarked on a once in a lifetime educational experience.
"It is a huge challenge to launch a new enterprise whether that business be developing a new product, entering a new market or leveraging a new business process," said Dr Seymour. "This challenge is further complicated by the current global environment and the issues particular to emerging economies such as India. The group experienced all this first-hand and it will be a real eye-opener. They'll also develop valuable insights for the Australian businesses."
The cohort spent two weeks in Bangalore, India. The first week was at the prestigious Indian Institute of Management Bangalore, and the second at Infosys, one of the largest and most respected IT companies on the subcontinent. As well as participating in a series of seminars about the Indian economy and culture, the Indian consumer and strategies for new ventures in India, participants enjoyed networking events and talks from local business leaders. In addition, each of the groups had a mobile phone and a car with a driver. They had to organise their research and analysis, ensuring they acquired local intelligence and insights.
One of the program participants, Terence Yong said: "This was an exciting opportunity for us to apply the skills and knowledge we've obtained in the first two modules. The projects we delivered will also add real value to the organisations we worked with."