SIFE, Students in Free Enterprise, is an international network of students, academia and business leaders committed to the cause of bringing betterment to the society.
SIFE SOMAIYA, the SIFE team of K.J.Somaiya Institute of Management Studies & Research, came into being in 2004. The whole idea of SIFE is to serve the underprivileged not by helping them financially but by instilling the spirit of entrepreneurship in them. In light of this thought, the SIFE SOMAIYA team has initiated projects that have helped the communities leverage on their potential to have a sustained source of income in life. SIFE SOMAIYA has taken up various projects in the last 4 years, each being unique in itself and catering to a different social issue. These projects have been planned, executed and financed solely by the students.
The SIFE competition is a way to bring all the members at one place where they can discuss their projects with eminent industry personalities. It consists of two rounds- regional and nationals. Projects undertaken by different SIFE teams across various colleges are showcased in this competition. It is a platform to evaluate various social initiatives on the basis of SIFE criteria which are: Market Economics, Success Skills, Entrepreneurship, Financial Literacy, Business Ethics and Sustainability.
The SIFE SOMAIYA team has participated in SIFE competition every year. The highlights of the team’s achievements are as follows:
YEAR 2005 : Aparna, SIFE 2005 member, got recognized as talent and was invited to witness the SIFE International finals
- YEAR 2006 : Regional Winner – National Runners up
- YEAR 2007 : Regional Runners up
In 2008, the India SIFE competition was held on 19th and 20th of June. The SIFE Somaiya team had showcased 4 of its projects in the competition- Unnati, Warli, Sahas and Financial Literacy catering to different communities like women, HIV Affected families, tribal and handicapped people. In the regional round the team competed against 14 colleges from western region. The SIFE SOMAIYA team was the only management institute team to make it among the 9 teams chosen for the nationals.
Other achievements under the SIFE umbrella have been the HSBC Financial Literacy Grant of 2006 and 2007 and the KPMG grant in 2008 for ethical business practices.
It is often said that when a want becomes a need, a revolution takes place. The revolution is taking place and SIFE is a medium to show to the world that a change is happening and it will continue to be in future because we as SIFE members have pledged to change the world to be a better place to live in.