IIFT organises 5th Annual Sustainable Technology Venture Competition, Winner gets 1 lakh

 | January 10,2012 06:27 pm IST

The Indian Institute of Foreign Trade (IIFT), New Delhi, India, and The Foundation for a Sustainable Future, San Francisco, organized the fifth annual Al Gore Sustainable Technology Venture Competition for MBA and engineering students in India, at IIFT. The team from Great Lakes Institute of Energy Management & Research, who presented a plan on “Setting up of Green Water Pumping System for Irrigation”, were awarded the 1st prize by the jury panel comprising eminent venture capitalist and business executives.

The runners up team was team Verdurous which comprised members from IIFT Kolkata, IIM Lucknow, IMT Ghaziabad, Jacobs Engineering India Pvt. Ltd and The Royal Bank Of Scotland. The runners up team presented a business plan on “Sequestration of Carbon Dioxide and Production of Green Diesel Using Advanced Green Refining Technology on Algal Oil Feed Stock”. 


The other business plans presented included use of cost-effective alternate energy sources such as bio-ethanol distillery and bio-gas system, use of coir pith for treatment of industrial waste, and a service model to make the electric car more accessible to the general public. 


Dr Vijaya Katti, Chairperson – Graduate Studies Division, IIFT, said, “The idea behind this event was to encourage engineering and MBA students to bring new sustainable technologies to market through entrepreneurship. We hope to bring about sensitivity to environmental issues in students, along with encouraging bright young minds to come up with commercially viable and sustainable solutions through such events.” 


Over the years, the competition has gained in popularity with a large number of Business Schools and Engineering Institutes participating in it. Based on the business plans submitted, a distinguished jury panel shortlisted eight teams for the final round. The selected presentations included a wide variety of business plans meeting traditional profitability and return-on-investment standards, while also demonstrating eco-friendliness and eco-sensitivity by increasing sustainability. Many of these teams hoped to turn their business dreams into reality and looked at this platform as an opportunity to move closer in that direction.


The winner and runner-up were awarded prizes of Rs 100,000 and Rs 70,000 per team respectively. The finalists also received an opportunity to interact directly with top-tier venture capitalists and entrepreneurs who can help turn their plan into reality.