Which new businesses can Radio Mirchi enter into that leverages its Brand and Equity to generate new streams of revenue and profitability?
How can we generate more revenue from SMEs in our existing FM Business? What would benefit SMEs?
As a brand, Radio Mirchi commands valuable goodwill. ENIL, the mother company of Radio Mirchi was keen to leverage it’s brand equity, to explore possibilities and opportunities to generate substantial revenues from business streams other than their conventional business. Radio Mirchi commissioned Innovative Ideators to run a contest to get SMART business ideas from Indian Entrepreneurs.
Innovative Ideators, true to its belief that SMART ideas can come from anywhere to anyone, studied the various crowds that could be relevant to generate ideas for the client. Relevant Crowd for this challenge was chosen as Young Indian Entrepreneurs with 3+ years of experience of running their own businesses to ensure the quality and maturity of ideas and possible business opportunities for Radio Mirchi.
Mirchipreneurs 2013 was launched across India, through online channels. Prizes including Apple Products: Laptops, iPods & iPads were offered along with an opportunity to meet the Jury. 250+ Entrepreneurs registered to participate and shared their ideas in brief. 77 ideas were shortlisted by the Radio Mirchi internal panel to share with the senior management, out of which 20 ideas were shortlisted to be presented to a senior management jury.
Radio Mirchi found these ideas fresh and innovative, in words of Mr. Nandan Srinath “I think it was quite an interesting angle of going outside the current box of Radio Mirchi people to see whether there were ideas out there… These perspectives wouldn’t have come to Radio Mirchi if it is only about people who are working inside. So, there are some fresh things that come in.”