Experts take sessions on business solutions for Hult Prize at BUTEX

The Hult Prize at BUTEX 2022, the fourth consecutive term of the competition at Bangladesh University of Textiles, commenced on February 10 this year.

Owing to the pandemic, the arrangements had been kept online. After the announcement of the case for this year’s Hult Prize, the participants got to work to build their solutions.

HPBUTEX offered full support to help the participants approach their solutions by providing them with expert advice.

As planned earlier, several sessions were arranged for the participants to aid them with expert advice on building their solutions. On 25^th February, a live session was organised on ‘How to Produce an Effective Business Idea,’ hosted by Ahnaf Abid, executive member of Info Session and Workshop, HULT Prize BUTEX.

Mr Estanul Kabir, Program Manager of Wadhani Foundation, was the guest speaker for this session where he spoke about transforming an idea into an effective business plan. “As an entrepreneur, we first have to identify the customer community and their preferences,” he said.

In the session, Mr Kabir elaborated on how any business plan must have 3 utmost priorities - People, Planet, Profit. He believes that business is for making a profit but without causing any issues to nature or people. He also talked about the importance of investment plans, matching financial goals, marketing etc.

As the session took place before the summary submission deadline was approaching, it gave the participants a comprehensive idea about a complete business plan covering the necessary aspects. 

The next session, which took place on 26th February, was regarding Summary Writing and Idea Generation where the guest speaker was Mr Ikrar Imtiaz, former community builder of HULT Prize Foundation.

Siam Pibor, executive of Info Session and Workshop conducted the whole session. Mr Imtiaz started by outlining the motto of this year’s HULT prize and by providing guidelines for generating a perfect idea for the participants. He also narrated the process of developing a comprehensible and good quality summary.

It was followed by a Q&A session. The session ended with the hopes of many enthusiastic participants this year bringing up many feasible solutions.

On 27 February, Taufiq Uz Zaman, who is the founder and CEO of Casper Academy took a session on ‘Design Thinking.’

Design thinking, as he mentioned, is a powerful process of problem-solving that begins with understanding unmet customer needs. Mr Zaman asserted the importance of applying every idea in real life before assuming it because that’s how it is possible to measure the accuracy of those assumptions.

All the sessions were meticulously planned and executed by HPBUTEX 2022. Through this competition, the most potential pool of the population, the students, grows a sense of responsibility as well as competition.

Hult Prize at BUTEX has partnered with The Financial Express, Textile Today, Bunon and Somoy TV for the event.

The writer is a 3rd year BBA student at IBA (DU).

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