Set well apart from the regular events of TechTatva, Lucrum was an immersive one-of-a-kind event that unfurled across the second and third days of the fest. A trading based event, Lucrum gave its participants a taste of investing and trade dealings in an ever-fluctuating economy. Being an exclusive limited event, only selected participants were taken in on a first-come-first-served basis.
Participants were able to get in the driving seat of some of their favourite technical giants spread across various sectors and industries. Some participants also faced the rewarding yet daunting task of becoming a venture capitalist. The opportunity to be one of the most influential businessmen and industrialists included multiple technical phenomena such as purchase and sale of stake for liquidity, negotiating trade deals, taking part in bidding wars, and formulating a pedagogy to tackle a crisis.
The first item on the agenda was the auctioning of various companies. Each participant started the event with a net total of 100 billion USD in funding, following which they were to participate in the auction, winning the ownership of 16 titans from various industry segments. This included tech giants Apple, Google, and Microsoft; oil dominants Shell, Exxon Mobil, Tata Power, Reliance among others. The four remaining participants were given titles of various angel investors, incubator firms, or venture capitalists.
Following the auction, participants got the opportunity to interact with each other and discuss plans via rooms in the online meet. Investors formed various blocks and groups to support each other, and plan shrewd investments and strategies for the future.
At the end of the day, each company was given a simulated crisis that would test their resolution and mitigation skills. given the time to prepare overnight, the participants were to show their critical thinking and business acumen in the presentation that would follow.
Participants were compelled to wear their thinking caps immediately as all the companies were required to present a plan of action to their would-be investors and internal judges, highlighting their responses to the crisis. Given two minutes each, some owners faltered in their speech, missing key points, while some had an answer to the crisis and each question that followed. The event gradually broke into an informal session wherein the owners, as well as venture capitalists, interacted amongst themselves in order to lobby and trade. The investments were instrumental in changing the company’s valuation, inching them closer to victory.
A news update followed, based on the response to the crisis, simulating the market scenario further with modifications to the financial performance of the companies to incidents of corruption and fraud, to a global crisis. A brief discussion was allowed, with investors and investees frantically discussing plans to manage this new crisis, before submitting their final plan of action.
With that final act, Lucrum reached a dramatic climax. Based on a formula and the plans of action submitted, the internal judges scored the final valuations of the companies. The winner was decided on the asset value or the portfolio value of each participant.
“We received over fifty registrations in two days after which we closed the application because this was a limited event. We had to iterate a few times to get it down to twenty participants. It was extremely fun and challenging to conduct an event of such magnitude,” said Mohit Roy, event head. Lucrum proved to be widely popular and enjoyable, with participants still reeling with excitement over the event’s affairs.
Featured Image Credits: Social Media and Graphics, TechTatva’20