Apply to Eureka! 2011 – International Business Plan Competition by IIT Bombay

The Eureka! competition has returned to give early start-ups and business ideas the perfect testing ground for themselves, and the space in which to evolve, adapt and sink their roots into the business environment: the battle ground known as competition.

Eureka! 2011 is being hosted by entrepreneurship cell IIT Bombay, and it’s an International Business Plan competition that calls on eager young business people from around the world to enter with their business plans. The idea behind this competition is for the budding entrepreneurs to bring their ideas, strategies and business minds together to form organisations and business enterprises that combine all the aspects of a growing business in the global marketplace.

There is no doubting the prestige of winning this competition: Eureka! started off 13 years ago with 50 localised teams battling for a prize of INR 50 000 to where it is today, with 2 000 teams from around the world locking business horns to take home not only some INR 5 million in cash, but also the honour of winning what has been recognised as Asia’s largest Business Plan Competition. The winning team will also be awarded intensive feedback and business mentoring, legal and financial assistance, as well as having incredible networking doors opened for them.

There are three stages to the competition, where teams register and fill out a questionnaire; the top 50 teams are selected to receive intensive mentoring to develop and refine their B-Plan; and then after consultancy services and further mentoring, their ultimate B-Plans are submitted before moving onto the grand final.

The incentives for teams to enter include cash prizes of up to INR 5 million, INR 3 million for the best technological and sustainable development entry, Angel Funding where Eureka! finalists will pitch their plans to a panel of Angel Investors and venture capitalists, mentoring opportunities that will allow the businesses to grow through feedback from bigger businesses, consultancy opportunities where legal and financial institutions will provide their expert knowledge on these important aspects of business practices, being introduced to leaders in various industries, start-up programs that will assist the teams in turning their plans into real businesses, and many more.

Competition is the best testing grounds for any business. Now let’s get this type of program into the South African marketplace to help our young and growing business minds turn their dreams into reality.

Good Luck!