The Indian Institute of Foreign Trade (IIFT), New Delhi, recently organized ‘Spark Plug 2010’, a unique event designed to act as a platform whereby the students could learn from the entrepreneurs who were already making a success out of their ventures.

One of the most interesting interactions held during the event was of: Eko Financial Services, who have a revolutionary idea to take banking to the bottom of the pyramid.

Mr. Anupam Varghese, VP Technology at Eko Financial Services explained, “The Eko system is tuned to the needs of the target segment of providing secure, simple and convenient financial services in a cost-effective and scalable manner. The organisation has recently launched the SBI Mini Savings Bank Account Scheme at Uttam Nagar, New Delhi. The USP of the accounts is that it allows the account-holder to undertake a whole host of financial transactions including deposit and withdrawal from their accounts through their mobile phones at various SBI Eko Customer Service Points. Such distribution led by the bank is secure, low cost and has enormous potential for scalability.”

Another highlight of the event was the address by Manuraj Jain, an IIT and INSEAD alumni who rejected several lucrative job offers he had and instead decided to start Vinculum Capital Partners (VCP), a boutique i-bank. He gave a reality check to the students about entrepreneurship.
 
He explained during his interaction that while a startup may sound adventurous, in reality entrepreneurship is not based so much on rationality but rather it’s an attitude. Infact advisory based startups are the most difficult to sustain.

Manuraj expects to deliver low cost but world class solutions to the SMEs and hence his company uses minimal physical infrastructure to keep the costs down. Infact he suggested that time is now opportune for Indian SMEs to look into external advisory to boost their competitiveness.