Monday, March 14, 2011

Designing a Business Venture with System Thinking: ReceiptsOnDemand enters MIT $100k semi-finals

(Left to right) SDM students Ke Ning, Hassan Mousaid and Alex
Thomas joined Sloan MBA ’12 student Michael Goulet and Neheet
Trivedi (not shown) for the 2011 MIT 100K Business Plan Competition.
Their team, ReceiptsOnDemand, is one of 25 semi-finalists.
This year, a record number of 260 teams entered their business plans to the 2011 MIT 100K Business Plan Contest. Just 25 of these teams were selected to advance into the semi-final round.  One consists of three first year System Design Management (SDM) ’11 students --  Hassan Mousaid , Ke Ning, and Alex Thomas, who teamed up with Sloan MBA ’12 students Neheet Trivedi and Michael Goulet who will enter next round of competition as one of the five best teams in the Web/IT track.

The vision of team, named ReceiptsOnDemand, is to become a major provider of real-time electronic retail solutions. Although they have identified several key business opportunities in the retail industry their solution does not focus on any one area of the business or niche product. Rather they view the problem faced by retail storeowners and their customers as parts of an overall system. By understanding how things influenced one another within the system, they sought to solve the problems with a holistic approach.

ReciptsonDemand’s cloud-based software platform would allow retail stores to replace reams of costly paper receipts with electronic versions. Shoppers would be able to access their receipts anytime, anywhere through a variety of channels such as email, rich mobile applications and the web. As a result, they would find it considerably easier to run expense reports, return products and claim warranties.

In addition, ReceiptsOnDemand will equip storeowners with real-time customer and market insight to help them make effective business decisions. This is achieved through “SocialRetail” - a novel social analytics feature that combines structured transactional data (collected via electronic receipts) and unstructured information from social media (such as Twitter and Facebook) to provide real-time insights into customer sentiment and buying trends. The results of the sentiment analysis could be used, for example, to augment the impulse buying decisions of customers and business decisions of retail stores.

Join us in congratulating the ReceiptsOnDemand team and wishing them the very best in their future endeavors.

Team biographies
Hassan Mousaid is pursuing his Master of Science in Engineering and Management at MIT’s System Design and Management Program and his PhD in Computer Science at the University of Waterloo.  Mousaid has 10 years of experience in software engineering, software architecture, design and development.  During his professional experience, Hassan served in various technical and managerial roles such as enterprise architect, technical lead and IT project manager.   Hassan led the architecture of applications that won industry awards, such as the Aite Group’s Best-in-Class Awards.  He is currently working at Philips as a senior architect and holds an Master of Business Administration and a Master of Science from Texas A&M.

Ke Ning is a first year student in MIT’s System Design and Management (SDM) Program. Ning spent 10 years in the software industry as a technology lead, developing large scale software products. He has worked at  Qualcomm, NVIDIA, Analog Devices. He was also a founding member of Axis Semiconductor, a micro-processor start-up. Ning holds 7 technical patents and has authored numerous publications. He holds a Ph.D. in Computer Engineering from Northeastern University, an M.S. degree in Electrical Engineering from the University of Minnesota and a B.S. in Physics from the University of Science and Technology of China.

Alex Thomas is pursuing his Master of Science in Engineering and Management at MIT’s SDM program. Prior to coming to MIT, Alex spent 10 years at SAP Labs, the R&D division in India. During this time he served in various technical and managerial roles such a technical lead, development architect and development manager. As development manager he started and led a team of 15 engineers to develop middleware for SAP Business ByDesign—SAP’s cloud-based solution for small- and medium-scale businesses. Thomas also holds a Master’s degree in Information Technology from the International Institute of Information Technology, Bangalore and a Bachelor’s degree in Architecture from Mumbai University in India.

Neheet Trivedi has seven years of experience in politics, investment banking, and energy finance. He has worked with entrepreneurs throughout Latin America to build and finance clean energy projects. He is a first year MBA student at the MIT Sloan School of Management.

Michael Goulet is a first year MBA student at the MIT Sloan School of Management.  Prior to Sloan he was a management consultant in strategy, operations, M&A due diligence, partnerships, and supply chain strategy. He holds a B.S. in mechanical and aerospace engineering and an MEng. in Engineering Management from Cornell University.

No comments:

Post a Comment