Breaking all previous records, the entrepreneur cell (E-Cell) of IIT-B will kickstart its business plan competition Eureka on September 2, with an overall prize money of `40 lakh, the largest amount doled out by any institute in the country for a competition.
A new feature of the competition is that the winners will be given an all-expense paid trip to Silicon Valley in the US, where they would be able to pitch their winning ideas to IT companies out there.
Speaking about the additions to the competition, Vivek Saraswat, manager, Eureka, said, “While there is little change in the format of the competition, its popularity has seen many corporates coming forward to sponsor some of the events. As a result, we have been able to increase the prize money and introduce new prizes in some other segments,” Mr Saraswat said.
While the competition is being organised by the technological institute, entries are open to outsiders too. “There are different segments wherein outsiders can also take part in the competition and pitch their ideas to the panelists. If the panelists approve of the idea, the team will be provided training and mentoring by experts from the institute and industry, before reaching the final stage of the competition,” Mr Saraswat said, adding, “The idea is to get participants to come up with fresh ideas that will help simplify the process, which is otherwise cumbersome.”
The finals will be judged by well-known industrialists and heads of corporates. According to the organisers, the winning team will take home a package of `5 lakh and tickets to Silicon Valley. At Silicon Valley, they will participate in international entrepreneurship workshops and also get an opportunity to pitch their winning ideas to the IT industry there. “The competition commences on September 2,” added Mr Saraswat.