Mumbai (Maharashtra) [India], October 13: The Entrepreneurship Cell of IIT Bombay is a non-profit organization that conducts several initiatives throughout the year to promote entrepreneurship. Its initiatives have received patronages and recognition from entities like UNESCO, Startup India, Make in India, etc.
E-Cell IIT Bombay’s business model competition Eureka!, is aimed at accelerating the growth of the most innovative ideas into commercial successes. The startups that participate in the competition receive mentoring, funding, incubation, networking, and many other opportunities. There are prizes worth INR 80 Lakhs for the winners, along with the opportunity to present their idea at Expo 2020 Dubai.
Started in 1998 with prize money of INR 50,000, Eureka! has grown rapidly to become Asia’s largest business model competition with more than 10,000 entries coming in every year. Many startups from Eureka! have gone on to become multi-million dollar enterprises.
Registrations for startups are open at: eureka.ecell.in
With a year of lockdown and restricted business activity, several problems have become prevalent in society. Eureka! Envisions to bring out the best solutions to these problems in different sectors and provide the support that is needed by them to solve the woes of society. This year, the competition is divided into 7 different tracks:
- Salesken Business Track: The Flagship track of Eureka!, the business track aims to help ideas develop into businesses that have the potential to revolutionize the world.
- Swavalamban SIDBI Social Track: The Social track encourages ideas and B-models which cater to people closer to the bottom of the pyramid and envision the greater good of the society.
- SBI General Fintech Track: The fintech track encompasses advances in technology and changes in business models that have the potential to transform the provision of financial services through the development of innovative instruments, channels, and systems.
- Shell Sustainable and Affordable Energy Track: The Sustainable and Affordable energy track encourages startups that are working towards clean energy goals and providing alternatives to traditional fuels.
- Godrej Agrovet Food and Agro Track: The Food and Agro track aims at supporting innovation in the field of Food & Agriculture industry. There is a lot of potential in this sector as the millennial generation is moving towards healthy eating habits while trying to retain the enjoyment of eating junk food.
- Westbridge Capital Pan-IIT Track: The Pan-IIT track invites entries from startups founded by students or alumni of any of the 23 Indian Institute of Technology (IITs).
- Gulf Islamic Investments Edutech Track: With the pandemic shaking up the entire world, including the education system, transition to a digital mode has now become an absolute necessity rather than a mere technology-driven trait. This track has got education and innovation excellence at its core.
Eureka! is being organized in association with Balmer Lawrie Co. Ltd. as the Platinum Sponsor, Picus Capital, Vertex Ventures as the Venture Partner, Kotak Securities Limited, Numaligarh Refinery Limited (NRL), Oil India Limited (OIL), Adobe as Gold Sponsor, Mr. Yash Kishore, Program Manager Tesla as the exclusive angel partner. Eureka! Aims at providing a once in a lifetime experience to all its participants while at the same time giving away a lot of perks to the participants and winners, including a direct entry into the TiE Pune Venture Program, funding of up to USD 1.5 Million to each of the top 50 startups of Eureka! by Indian Angel Network, and much more.
From a startup’s perspective, Eureka! is much more than a competition. It provides opportunities that enable startups to reach the best places and create an impact in the country. E-Cell IIT Bombay believes that for making India a superpower and taking it to the pinnacle of success, it is essential for us to support our entrepreneurs. Eureka! is an initiative that empowers the best ideas and helps the progress of the country. So, if you think your idea has the potential to change the world, go to the link in the poster and register now!