On June 27th and 28th, 2024, PRIME Meghalaya held the second bootcamp for its 4th cohort, focusing on the “Business Model Canvas”—a strategic tool that breaks down the building blocks of a successful business. The event took place at the PRIME Startup Hub in Shillong, drawing a diverse group of entrepreneurs ready to deepen their understanding of business strategy. Mentors Sanjoy Sen and Pankaj Baruah from IIMCIP led the sessions, guiding participants through essential aspects of the Business Model Canvas and offering insights based on years of experience.
Day 1: Grasping the Essentials of Customer Needs
The bootcamp opened with a session on Understanding Customer Needs. Sanjoy Sen emphasized that a deep understanding of the target audience is the foundation of any effective business model. Through interactive discussions and real-life examples, participants explored how to identify what their customers truly value. They were encouraged to go beyond surface-level demographics and think deeply about customer motivations, frustrations, and desires. By the end of the day, each entrepreneur had a clearer picture of their customer base, setting the stage for more targeted and effective product development.
Day 2: Building the Right Product and Mapping Key Activities
Day two started with Developing the Right Product—a session led by Pankaj Baruah. Drawing on case studies, he highlighted how successful businesses adapt their products to meet evolving customer needs. Participants were challenged to think critically about their own products and consider adjustments to better serve their markets. It was an eye-opening session for many, as they gained insights into refining their offerings and responding dynamically to feedback.
The afternoon focused on Identifying Key Activities and Resources. Sanjoy Sen explained that while every business has unique activities crucial to its operation, recognizing and prioritizing these tasks can streamline efforts and improve efficiency. Entrepreneurs worked together to map out their key activities, brainstorming ways to allocate resources effectively to support their business goals. By the end of the session, each participant had a clearer understanding of their “must-have” activities and resources and could envision how these elements fit into their larger business model.
Reflections and Takeaways
Throughout the bootcamp, the entrepreneurs enjoyed both hands-on exercises and the opportunity to learn directly from experienced mentors. The sessions went beyond theory, allowing participants to put ideas into practice and gain valuable feedback on their evolving business models. This bootcamp on the Business Model Canvas didn’t just teach participants about strategy; it helped them visualize the unique structure of their own businesses, refining their approach to meet customer needs, develop the right products, and manage resources effectively.
As PRIME Meghalaya’s 4th Cohort moves forward, they are equipped with a roadmap that highlights what their businesses need to grow and thrive. This bootcamp was a meaningful step in their entrepreneurial journey, empowering them to navigate challenges with a strong, practical foundation in business modeling.
