The Indian Institute of Technology Bombay launched the 20th edition of its famed Eureka event, which aims at the promotion of the spirit of entrepreneurship. Twice accorded the mantle of being Asia’s largest Business-Model competition (by CNN in ‘01, and Thomson Reuters in ‘10), it presents in itself probably the biggest stage to exhibit out-of-the-box entrepreneurial ideas. Its first part consists of workshops organised to acquaint up and coming professionals to the knowledge of entrepreneurship. The next step is the registration process which for this year has been started from 25 August and will go on till 30 September. Coming to the figures of the previous year, it saw as many as 10,320 entries from all over the world.
After the second stage, the top 80 best ideas out of the lot will proceed to the semi-finals. These teams will then be assigned a mentor each to help them get ready for an extensive and elaborate business plan. The mentors will help turn the idea into a Minimal Viable Product. Also, to assist the participants completely, they would be available for both online and offline help. The last step of the process is the Pitching Round wherein the teams would be required to put forth a full-fledged business plan in front of the judges. The most enticing, revolutionary idea will then win the first prize. There are two types of awards up for grabs for this one.
One’s the Eureka! Business prize for ideas holding the capability to bring upon a revolution in the world. Under this category, the winner stands to get Rs 5,00,000/-, while the first runner-up will get richer by Rs 3,00,000/-. The other prize is the Eureka! Social, meant for ideas that ‘promote a greener tomorrow’. The winner and the first runner-up for this prize will get Rs 2,00,000/- and Rs 1,00,000/- respectively. Apart from that, the deserving idea would be getting funds and support (from angel investors and venture capitalists).
Eureka has evolved as the single biggest entrepreneur event of its kind since 1998, courtesy of collaborations with the likes of UNESCO, Make in India, Startup India, and Digital India. In 2014, Lear Wearables, a tech startup providing devices for women safety, emerged as the winner of the Eureka! Social award.