Eureka! is an international Business plan competition organized by the Entrepreneurship Cell of IIT Bombay. With a total prize money of over INR 40 Lakhs, Eureka! has been recognized as Asia’s largest Business Plan Competition by CNN and Thomson Reuters. Over the years, Eureka! ‘s unique format which includes one-to-one mentoring and a transparent judging process has become a model for similar competitions held in India and elsewhere.
Eureka!, seeks to provide a platform for potential ideas and early stage start-ups to evaluate their plan in the risk- free environment of a competition. It also aims to bridge the gap between ideas and the realization of an enterprise. Besides, all the participants were provided with a reputed mentor in their respective industries. The best part of Eureka! is that participants are free to modify their B-Plans as the competition proceeds, so that they can incorporate the advice and guidance of mentors in their B-Plan. Further participants are also eligible for free legal and IP consultancy among many other numerous benefits.
Eureka! 2011: A look back
Eureka 2011! received over 3500 registrations, with 40 foreign entries. The entries were shortlisted on the basis of their ideas and vision. The selected entries were assigned mentors and were given option to modify their B-Plans during the course of competition. The finals of the competition were held in February 2012 during E-Summit, held at IIT Bombay. The winners of Eureka! 2011 got a paid trip to California, US to participate at E-Boot camp organized by BASES (Business Association of Stanford Entrepreneurial Students), Stanford University. The top 3 winners of Eureka! Social directly advanced into the DSIC semi-final round, organized jointly by the University of Texas at Austin and Dell.
“The mentor provided to us by Eureka! took genuine interest in our start-up and we are happy to now have him as a mentor for life. Eureka! opened many gates for us, we have received an offer for VC funding from a renowned investor and participating in BASES, Stanford gave us exposure to a lot of opportunities that exist in the bay area for growing start-ups – something that we might explore at a later stage. Winning Eureka has given us the credibility that every start-up takes 2-3 years to establish. We are glad to have participated and truly cherish the experience.”
–Shreya Mishra, Winner of Eureka! 2011
Eureka! 2012 : A brief look
This year Eureka!, which would launch on 2nd September is all set to break all records and offer total prizes worth over INR 4 million.
The winners of Eureka! 2012 would be provided office spaces for incubation worth INR 4.5 Lakh by Regus. Eureka! Business finalists would be given consultancy services worth INR 5 Lakhs. Financial, Legal, IP, PR, HR and Business Scaling Up consultacy would be provided by esteemed consultants like activitas management advisors Pvt. Ltd. (Financial), Euphoria consulting Pvt. Ltd (HR) and Brain League (IP Services).
The winning entry of Eureka (Business) would get cash prizes of INR 5 Lakhs and 3 Lakhs for first runners up. For Eureka! Social, the winning entry gets a cash prize of INR 1 Lakh and INR 50,000 for first runners up. Further all winning entries would get an opportunity to secure angel funding (Mumbai Angels, Indian Angel Network, venture nursery) besides mentoring by seasoned entrepreneurs and leading corporates. They would also get an opportunity to get incubation at Morpheus.
The winning entry of Eureka! (Business category) would also get a fully paid trip to Silicon Valley and Stanford University, California, US to attend E-boot Camp, BASES (Business Association of Stanford Entrepreneurial Students).
New Initiatives in Eureka! 2012
Eureka Youth Award: With a vision to promote entrepreneurship among youth participants, E-Cell has gone a step ahead, introduced a separate track called “Eureka Youth Award” for the college students and recent graduates. All participants in this track have to be below 26 years. The participants would be eligible to participate in both Business and Social Categories
Wild Card Entry to Eureka! finals:Rejected semifinalists would be given yet another opportunity to make it to the finals. Format will be disclosed later
People’s Choice Award: Eureka! gives all finalists a chance to be voted as the best team by popular choice. More details to be uploaded later.
The entry with best Technology would be awarded with Technology and Sustainable Prize worth INR 3 Lakhs [IIT Bombay Class of 1985 prize for best entry in Technology and Suistanable Development].
The registrations for Eureka! has already started. For more information please log on towww.ecell.in/eureka.