Idea Competition

Idea Competition

Deep down all of us want to be the next Steve Jobs or Bill Gates. Sitting in your cubicle, you may wonder how the billionaire in your dreams is still stuck in a mediocre 9-5 life, reports Economic Times. Maybe it is time to move up the line of bosses and be your own boss. Instead to foster the spirit of entrepreneurship and business acumen among people all around the world, IIT Bombay's Eureka! is a contest that fast tracks the journey from an innovative idea to a commercial success.

Most of us are too afraid to try, but what if Elon Musk had been too scared to seek something new? If you have an idea or a startup in its adolescence, the E-Cell at IIT Bombay is providing the one in a million opportunity to take your idea/startup to the next level. Eureka! is a business model competition designed to emulate the process of the growth of an idea towards a full-fledged startup.

Right from acknowledging that your idea has potential, to drafting a B-Model, and pitching in front of a panel of investors - this platform has it all. The competition, which was launched on August 27, is divided into three rounds. The first stage involves the questionnaire round. This includes a series of workshops across major cities in India, which include cities like Bangalore, Mumbai, Delhi, Noida and even Tier II and III cities like Sonipat and Siliguri. 

Participants at these workshops will be encouraged to write and submit their business plans to Eureka! It will be conducted by leading entrepreneurs, IIT/IIM alumnus and investors. Students irrespective of their background - engineering, management or others can be a part of this workshop. The stage also includes the questionnaire submission, after which the semi-finalist for Eureka! will be declared. This would include top 50 entries from the business track, top 25 entries from the social track and top 10 entries each from the special categories. 

The next round is the business model round where online mentoring will be provided to the semi-finalist, followed by a one-on-one mentoring session at IIT Bombay and the final B-Model submission. By the beginning of 2017, the finalist will be declared, which would include top eight in the business track, top five in social track and top five in each of the special awards category. 

The event will finally culminate with the Pitching Round where each participant will present their idea to the judging panel and winners will be declared and awarded during the E-Summit to be held in IIT Bombay on January 28-29, 2017. Over the 17 years of its existence, Eureka! has grown from a competition in which 50 teams competed for Rs 50,000, to a competition which sees over 8000 entries competing for prizes worth Rs 50 lakh at stake with excellent networking opportunities in India and the Silicon Valley.

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