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Online Group Assignment 2

Group 4 (PGDM A)

Proposal for Innovation Hub at IIM Ranchi:


Innovation is the buzzword of the 21st century. It is all about converting ideas into new
or improved products, processes and services. It is about taking inventions to marketplace. It
is a process that translates knowledge into products & services for economic growth and social
well-being. In this view we propose to set up an Innovation Hub at IIM Ranchi which would
give opportunity to the bright minds at the premier institute to try out ideas and be ready for
the innovation economy and not just be a suit-and-tie Wall Street ready graduates.

Objective:

To promote innovation and creativity & contribute in promoting economic activities


To foster a start-up and innovation ecosystem
To provide hands on / practical learning and engagement in the process of science,
technology and innovation.
To help budding entrepreneurs test their ideas by providing all possible support (both
financial and non-financial)

The Innovation Hub:


The Innovation Hub will have the following facilities for students/mentors:

Hall of Fame: Listing the successful ideas and innovators to motivate others
Idea Lab: A place to Brainstorm ideas and discuss the pros & cons
Design Studio: Once an idea has been finalized, this is the place where one can
formulate a complete plan of its implementation or execution
Review and Evaluation Panel: To evaluate the idea or plan based on its feasibility,
creativity and real world fit
Support: The resource required for the idea passed by the evaluation panel will be
provided to the reams and the progress will be tracked regularly

The process of innovation will go through the following stages before it reaches completion
and actual implementation.

1. Idea Generation: In this stage, the individual or team (working on the project) will
come up with an innovative idea/solution/plan to either an existing problem or
something new.
2. Documentation: In this stage the team will register their idea with the Innovation hub
and check if work on any such idea has already started.
3. Planning: In this stage the team will plan the complete idea from start to end and
prepare a detailed document on how their idea is going to be implemented, its
feasibility, resources required, execution etc. This will have to be done within a
specified time from the registration
4. Evaluation: Once the Planning is done they will present the idea to a panel of judges
comprising of faculty and industry experts and convince them of the idea.
5. Execution: After the evaluating panel gives a passing grade to the idea, the required
resources will be provided to perform a test run of the idea for a brief period of time (36 months) and based on the results the idea will be supported to go full scale.

IIM Ranchi, being a premier B-School, is held in high regards and is expected to produce
students who can not only work on assigned projects but also take up new challenges to bring
about change in the society. An innovation hub at the institute will pave way for the numerous
ideas being generated in the students minds day-in and day-out to come to life and bring
change in the society we live in.