Eureka! is an international Business plan competition organized by the Entrepreneurship Cell of IIT Bombay. This year, Eureka! has launched 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).
Last year, Eureka! 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
Apart from the business plan competition, Eureka! has new additions this year including the Eureka Youth Award, Wild Card Entry into Eureka!, People’s Choice Award (award for the most popular finalist team) and Technology and Sustainable Prize (worth 3 lakhs). The registrations for Eureka! is now open. For more information, log on to www.ecell.in/eureka