Mini MBA program wraps up first stage, announces winning project

A friendly conversation, a new order and an idea that later became a winning startup. This is how the story of ReSell began, and today it has been named the winning project of the YSU Business Incubator's five-week Mini MBA program.

According to Hayk Kocharyan, a second-year student at the YSU Institute of Physics and co-author of the idea, the concept emerged from the team's own work experience. Before creating the startup, the team was engaged in website development when it received its next order not through advertising but through a friendly acquaintance.

"One day, I was showing one of my friends the website we had created for a clinic, and he said: 'My uncle also has a clinic; I can put you in touch with him.' That introduction turned into a new order. Then we realized that almost everyone has valuable connections that often remain unused. That is where the idea for ReSell came from," Hayk said, emphasizing that the team's goal is to turn people's personal and professional connections into mutually beneficial cooperation. 

Through the ReSell platform, people can recommend useful services and products to their acquaintances and receive commissions for successful sales. According to the authors, the model benefits all sides: businesses gain new customers, people earn additional income, and customers receive valuable offers.

Hayk believes that the "everyone wins" principle is what has made ReSell a simple, memorable and competitive project.

"Before presenting the idea to the jury, the team's biggest concern was whether we would be able to convey the full value of ReSell within a limited time. Although the idea seems simple, it is based on a clear business model, trust mechanisms, a system for motivating intermediaries and a market entry strategy. We felt we had a real chance of winning after presenting the project, when the jury's questions were no longer 'What is this?' but 'How are you going to do this?' At that moment, we realized that the idea had not only been understood but had also sparked interest as a real business," he said.

Team member Alina Khojayan, a third-year student at the YSU Institute of Physics, noted that the biggest challenge of the program was not developing the idea but presenting it as clearly as possible.

"When you work on a project for a long time, you start to think that everything is obvious. But then you realize that the real challenge is not to say more, but to present the idea as simply and clearly as possible," she said, noting that with the support of mentors, they were able to present the complex idea in simple language.

According to Alina, working as a team of three became an advantage for them. Their professional experience and way of thinking helped them make well-founded decisions and improve the project.

She said the Mini MBA program gave the team not only new knowledge but also useful feedback, mentor support and confidence that ReSell can turn into a real, viable business.

"The program also helped us assess the idea from a new perspective, formulate the business model more clearly and understand the real value of the project," she stressed.

Another team member, Alisa Khojayan, a third-year student at the YSU Institute of Physics, said that after the victory, the team plans to actively test the project in the market by involving new businesses and intermediaries. Their goal is to prove that the model can create real value for both businesses and people.

"In one year, we see ReSell as an active and renowned platform, and in five years, as a system operating beyond Armenia as well, helping businesses grow faster and people turn their connections into real opportunities," Alisa said. 

The YSU Business Incubator's five-week Mini MBA program aims to commercialize ideas and develop entrepreneurial skills. During the program, participants worked with mentors, improved their business models and presented them to a jury comprising Mikayel Hovhannisyan, YSU Vice-Rector for International Relations, Development and Innovation; Elina Asriyan, YSU Vice-Rector for Academic Affairs; and Karlen Khachatryan, Dean of the YSU Faculty of Economics and Management. 

Mikayel Hovhannisyan noted that the initiative plays an important role in developing the university's innovation ecosystem by promoting the more effective use of scientific and intellectual potential. According to him, the development of this potential can lead to tangible results in the practical application and monetization of intellectual products, as well as in economic development.  

Elina Asriyan, YSU Vice-Rector for Academic Affairs, said the Mini MBA program was shaped step by step based on the work of the first group, the projects presented and the experience gained, after which a decision was made to develop and endorse the program.

"The Mini MBA program is now also endorsed by the Ministry of Education, Science, Culture and Sports of the Republic of Armenia, and the certificates you receive will be for a highly recognizable program," the vice-rector said.

At this stage of the Mini MBA program, implemented under the leadership of Ruben Gevorgyan, Head of the YSU Business Incubator and Professor at the Chair of Mathematical Modeling in Economics of the Faculty of Economics and Management, the ReSell project was selected as the winner among 10 business ideas submitted by the competition participants and received a cash prize to develop the business idea. The other participants received certificates of participation.