BSE listed pvt equity player IndiaCo Ventures Ltd. hosted a business plan competition in the energy efficiency space by the name of InEnCy. It was launched in January 2011. The grand finale was held on 24th June at Pune. The competition aimed at identifying potential, relevant innovations that could lead to viable businesses with technological and / or scientific breakthroughs to improve or revolutionize Electric Energy Efficiency. With this focus, InEnCy has been able to create a support network of industry experts, VCs & investors operating in Energy Efficiency space.InEnCy is unique because it is not just a business plan evaluation competition but also involves mentoring viable business ideas through various industry specific experts. It also gives easy access to technology incubators, investors and potential partners. Other deliverables include a complimentary listing on Grow VC website; India’s first and only crowd-funding platform. The winner project also gets the opportunity to pitch to IndiaCo Energy Efficiency Fund for Venture Capital.
The competition has been sponsored by some very big names such as Asian Development Bank, European Investment Fund, European Union, HSBC, United Nations Environment Program and Global Environment Facility.
The association of these distinguished organizations with InEnCy ensures that every participant will get an exposure to an enriched mentorship process to help them enhance their business plan to the extent that they become ready to be funded.
Out of the 100+ entries received, 10 short listed business plans were presented to the judges at the grand finale. The winner, P2 Power Pvt Ltd, would be given access to business incubation, an opportunity to get funded by IndiaCo Energy Efficiency Fund along with a cash prize of Rs 3 lacs. The 1st and 2nd runners up were "LOpex" (Toro green Pvt Ltd) and second runners up were "hameshaON". They would be given Rs 1 lac each.