Michigan Technological University announced the winners of its second annual business plan competition this week, and the prize is definitely going to a business plan that aims to make a difference in the world.
The winning team of Jodhbir Singh and Aman Bamra took home $1,500 plus $2,700 in local business services to get their business plan, Books With Purpose, up and running. Their proposal was to create India's first nonprofit online bookstore, to jumpstart an online book industry that is in its infancy in India—and to address a societal problem at the same time.
"Books With Purpose would help address India's illiteracy crisis," says Singh, a graduate student in electrical engineering. "Thirty-five percent of India's population is illiterate, and we would donate one book to under-supported schools for every five we sell."
The pair plans to approach the country's middle and upper classes, which are part of the world's third-largest book market, to support their business, and try to target rural areas, where illiteracy is a bigger problem.
"Our vision is to empower underprivileged children through access to books," says Singh. "In the future, we aim to bring the ratio of purchase-to-donation to one-to-one."
The other winners in the competition included a second-place prize of $500 to Two Bows, a hunting apparel company targeting women, founded by junior Jessica Tompkins, who won an elevator pitch competition last fall with her plan. Collin Stoner won third place and $250 with his company Selene, which will manufacture electric motor drivers in medical equipment.
University organizers say the competition plans to increase funding substantially next year, through cooperation with Central Michigan University.
Writer: Sam Eggleston Source: Jodhbir Singh, Michigan Technological University
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