But how exactly do entrepreneurs come up to the funding stage? A walk through the BYST process involves four stages. When potential entrepreneurs approach BYST and they meet basic criteria, they are guided by mentor counsellors on Business Plan Development and invited to a financial planning workshop in stage 1. After successfully completing the workshop, they reach the 2nd stage. A site verification and technical evaluation is done by the mentor selector who is a technical counsellor. Once they get a green signal from the technical counsellor, the prospective entrepreneur meets the Entrepreneur Selection panel (ESP) in stage 3. The ESP closely evaluates the entrepreneur’s vision, growth potential and also jointly gauges required investment, repayment schedule and the market demand. If these are viable and the ESP is satisfied, the candidate clears stage 4 making him/her eligible for a funding.
However, at every stage of the process, if a candidate fails, he is counselled and signposted towards his/her areas of improvement. Today, not only has BYST trained and signposted as many as 65,000 youth on entrepreneurship but 170 amongst them have succeeded in their business ventures to become millionaires!
|Oath taking by accredited mentors of BYST|
The composition of BYST entrepreneurs is diverse - women, people from ethnic minorities, and, the physically challenged. Manisha Kirad, who has risen above great adversity, runs a successful business in plastic injection, has this emotional tribute to pay to BYST, “Being a woman, I had to face lot of hurdles in this male dominated society, to carve out a place for myself. But with my conviction, determination and the support of my family, my mentor and my own BYST, I stood against all odds and answered boldly to the comments of my male counterparts. At the time when no bank or financial institution was willing to support me, it was God’s grace that I happened to meet one of the BYST entrepreneurs and came to know about BYST. I really thank BYST for believing in people and their aspirations”.
|(LtoR) Lakshmi V. Venkatesan, Founding Trustee & Executive Vice President of BYST, Ramu Uyyala, BYST Entrepreneur and Global Award Winner of the Year 2008, Willie Haughey|
BYST was recently in the news last year for bagging the ‘International entrepreneur of the year’ award 2008. BYST entrepreneur Ramu Uyyala won this prestigious award. The three finalists were chosen from a shortlist of 10 entrepreneurs chosen from among nominations received from 36 countries, which were picked by a judging panel from the International Business Leaders Forum. Educated only up to the age of 13, Ramu Uyyala’s plastic bag recycling business has grown in leaps and bounds. He has a staff of 40 now. Ramu Uyyala’s M.R. Plastics recycles old plastic bags to make new bags. His raw material comes from rag-pickers via dealers. Besides acknowledging the “outstanding support” he received from BYST and his mentor, Uyyala’s shares his plans for the future, “I plan to have at least sixty employees more in the near future and l would like to see some of them spinning off and starting their own companies.” A gratifying moment for Ramu’s mentor, E. Satyanarayana Rao, Managing Partner of Transpack Industries, who admits that, “I am greatly satisfied as my efforts in grooming my mentee are recognized by such a prestigious award”.
|Citi Group award winner of BYST - year 2007-2008|
written by Shree Bhagwat, January 06, 2010
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