Lecture Notes: Venture Initiation Program at Masters Union

Introduction

• Discussion on how a founder created a cohort of students in six-seven months, leading to a revenue of 17-18 lakhs.
• Focus on making students protagonists by applying learned skills to the real world.

Masters Union's Venture Initiation Program (VIP)

• Purpose: To fuel future job creators and entrepreneurs.
• Goal: Teach business by doing business.

Vision

• Founded by Pratham Mittal with a vision: learning business through practical application.
• Divided into "in-class" (academic) and "out-class" (practical) experiences.
• In-Class: Product management, sales, operations, etc.

Out-Class Ecosystem

• Components:
  • Venture Initiation Program (VIP)
  • Drop shipping
  • Create a Challenge
  • Live projects

Venture Initiation Program (VIP) Details

• Objective: Assist individuals with entrepreneurial drive to create jobs and startups.
• Institution's Role: Help students de-risk the entrepreneurial journey.

VIP Program Structure

• Challenging to implement in an academic setting due to pressure and expectations.
• Founders Fellowship:
  • Provides 50,000 INR per month for students who opt to continue their startup journey.
  • Allows opting out of placements with the ability to reintegrate later.

Stages in VIP

1. Pre-seed Stage
   • Mandatory for all students to develop an entrepreneurial mindset.
   • Focus on idea generation and identifying co-founders.
2. Minimum Viable Product (MVP)
   • Develop a basic product solution and test with potential customers.
3. Go-to-Market (GTM)
   • Optional stage focusing on market strategy and customer feedback.
4. Product Market Fit (PMF)
   • Iterative process for refining the product offering.

Outcomes and Impact

• Demo Day:
  • Involves pitching to 100 VCs, simulating real-world conditions.
  • Features numerous startups, showcasing the program's success.
  • Offers a platform for capital and mentorship support.
• Success Stories:
  • Multiple startups secured funding and saw significant business growth.
  • Instances of startups achieving notable funding and product-market fit.

Challenges

• Balancing between academic expectations and entrepreneurial pursuits.
• Addressing peer pressure regarding placement offers and salaries.

Continuous Improvement and Feedback

• Iterative development of the VIP program.
• Adjusting the structure to offer extended support throughout the academic tenure.

Conclusion

• Masters Union is positioned as a catalyst for creating an entrepreneurial ecosystem.
• The program underscores the potential for structured educational programs to nurture and support startup ventures.
• Emphasis on building a job creator mindset over job seeking.