We announced the PowerPlug contest and while this is India’s first ever initiative to recognize entrepreneurs at such a scale, here is a FAQ regarding the contest.
What exactly is the PowerPlug Contest?
At the core, PowerPlug contest is aimed at recognizing Indian technology entrepreneurs on a continuous basis, i.e. every month.
This is first of its kind in India when an attempt is made to conduct a contest at a monthly level and most importantly, go deeper into the technology entrepreneurial world.
What Does it take to Become A PowerPlug?
A lot. You are an early stage entrepreneur with a clear focus on execuiltion and you really dare to dream big.
In the next few days, we will share some of the ‘PowerPlug Entrepreneurial’ qualities, but to keep it simple – just focus on building a great technology business and ‘you are in’ for the contest.
Who is this for?
Typically, product startups and to be precise, startups of age >6 months and less than 3 years.
Why the minimal restrictions of 6 months?
Well, 6 months is what it will ideally take you to pivot/find a sweet spot for your business/product plan [aside, real entrepreneurs do gatecrash].
Selection Parameters?
- Potential of Business Idea
- Articulation of the Business Plan and Understanding of the Competition
- Execution Strategy
- Team and company building
I am not in India, though my startup is solving an India specific problem
Like we said, serious entrepreneurs do gatecrash. We are open for exceptions (and we officially told you this just now!).
DO I need to have an office building to be the Powerplug?
This question came up yesterday while I was talking to an entrepreneur. For the records, the answer is NO. We just don’t care whether you work from a rented office space or a coffee shop.
What is the last date to apply for PowerPlug contest?
20th of every month.
Are you really giving away an iPad?
Of course yes! The 32GB, iPad. Aside, there are key partnerships being worked on where you will get a lot of media coverage, just by virtue of being the PowerPlug.
I am IN! Where is the application form?
Rules?
- An entrepreneur can apply for this contest only once in a quarter.
- The startup should be at least 6 months old and revenue making.
- The contest is open to Indian entrepreneurs across different industries, across verticals.
- In general, preference will be given to product startups as we believe that IP creation is the biggest value and core differentiator.
- Final decision lies with Pluggd.in Team. No queries on reasons / justifications would be entertained.
- The contest format will be revisited every quarter (and will be modified based on response from entrepreneurial community).
- Pluggd.in will publish the entrepreneurial story of winning startup on the site.
- The decision to fund (or not) rests squarely with Sequoia and their team
How can I Help?
Help us reach out to deserving entrepreneurs. Retweet this post, Share with Facebook friends, Email this to relevant communities. We really appreciate support from our readers in making this a truly world class contest.
Got more questions? Ask them here.
