To successfully address the cycle rental system challenge, consider incorporating the following key points:

• Data Collection : Conduct thorough research to compile data on bicycle demand, maintenance expenses, and any prevalent issues, ensuring a well-informed foundation for the project.

• System Planning: Develop a comprehensive plan for the cycle rental system, exploring various implementation options, such as centralized, hostel-wise, or innovative checkpoint-based systems, to optimize accessibility and convenience.

• Audience Estimation : Assess the potential user base by determining the number of individuals who require such a system, which is crucial for tailoring the service to meet actual demand.

• Business Modeling : Create a detailed business model to identify key stakeholders, estimate costs, and strategize on cost-cutting measures, providing a roadmap for sustainable operation.

• Profitability Analysis : Evaluate the project's financial viability by conducting a thorough profitability analysis, addressing whether the venture is feasible and has the potential to generate profits in the long run.

• Scalable Proposal [Bonus] : Evaluate the model's growth potential while presenting it as a compelling proposal to firms, emphasizing its adaptability to increased demand and contribution to their success.

Please note that additional points or in-depth analysis will be rewarded with bonus points.

Note:

You must conduct independent research to compile essential data, encompassing maintenance costs, expenses associated with bulk cycle purchases, counts of idle cycles among pass-outs on campus, and other pertinent information. Employ collaboration with teams, engage stakeholders, or make informed guesstimates when necessary to ensure a comprehensive and well-informed dataset.

• Innovation : Uniqueness and creativity of the proposed solution.

• Feasibility : Practicality and viability of implementing the solution within the existing campus infrastructure and budget constraints.

• Effectiveness : The ability of the solution to address the key challenges and improve the overall delivery experience for students.

• Scalibility : Potential for the solution to handle increasing bicycle demands as the campus grows.

• Collaboration : Quality of proposed collaboration with relevant stakeholders.

Participants are expected to submit a detailed proposal outlining their innovative solution, including implementation plans, cost estimates, and potential collaboration strategies. Additionally, a prototype or proof of concept demonstrating the proposed solution is encouraged to supplement the proposal.

Note:-

Participants are encouraged to think creatively and leverage their skills, knowledge, and resources to devise a solution that not only addresses the immediate problem but also serves as a model for optimizing in similar educational institutions. The winning solution will not only enhance the experience for IIT Bombay students but also inspire future innovations in the field of campus logistics.

The primary objective of the bicycle system challenge is to devise a comprehensive, viable, and cost-effective Implementation plan for a bicycle rental system at IIT Bombay. The proposed solution should address the existing issues and provide a convenient means of transportation for the students.