Guest Lecture – Mr. Venu G. Somineni

March 12, 2014

Mr. Venu G. Somineni, Founder and CEO, MyDeals247, started by sharing his experience of working with the Microsoft team and developing the control panel on the Windows OS. He said that it is a matter of pride to see so many Indians working in the US and working on the technology field. His only concern was that Indians are the ones to develop the product and are very good at creating them, but all get developed in the US-based companies. Even if ideas are getting generated, people do not know how to invest in it financially. There are fast-growing industries in areas like the Internet and Renewable energy, and he especially feels the future of Marketing lies with the Online industry, With the technological advancements, very soon almost everyone will have access to the Internet which they will increasingly use for fulfilling their requirements.

So, as there are many problems as stated above by Mr. Venu, he came up with the following business model for MyDeals247.

• Real-Time market place: Where a buyer would post on MyDeals website what he wants, and within 15 min, there will be various numbers of sellers who will be bidding for the same.
• Personalized advertisements: Advertisements are the main source of revenue for a business that operates online. It’s a platform where people will post their videos about their products and after seeing the video the viewer has to answer few questions for which they will receive some benefits like they will get to purchase products from Mydeals platform, recharge cell phones, and if it’s more than Rs.500, it will get transferred to Bank A/C.