Eureka! Is Here, Are Start-ups Ready for Their Flight to Name and Fame? It is one of the most popular International Business Model competition held by the entrepreneurship cell of IIT Bombay
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Eureka is one of the most commonly used words in our lives. Now let's think of what first comes to our mind when we hear the word Eureka. It's an expression of pleasure at having found the solution to a problem.
But, Eureka! is also one of the most popular International Business Model competition held by the entrepreneurship cell of IIT Bombay. It was conceptualized 17 years ago.
Post inception, in all these years it grew exponentially and its popularity knows no bounds now. What started as a competition involving 50 teams for a prize worth INR 50,000, now witnesses over 8,800 entries competing for a prize worth INR 5 million. The event provides excellent networking opportunities in India and Silicon Valley.
Eureka! as a competition has changed the outlook of start-ups significantly. It now provides them facilities to be incubated, so that they can come up with flying colours. Needless to mention, the winners of Eureka have become successful start-ups.
Following are the names of a few:
Einfinitus Technologies (Winner of 2001of Eureka) -A research-based routing tech venture founded by an IIT Bombay alumnus. It received an initial funding of INR 1.5 crore and was later sold off to CISCO systems for INR 250 crore.
SocialCops (Runners up in 2013) -Aims to bridge the gap between the policy makers and the people, who are affected by their decisions everyday. SocialCops went on to secure a funding of $320,000.
Greenway Grameen Infra (Winner of 2012 edition) – Comes up with innovative solutions for rural consumers, based on unique heat transfer technology. Greenway's products enable consumers to utilize sustainable resources effectively. Their customers are predominantly women of rural areas.
Eureka has thus established itself as a phenomenon, which every start-up looks up to. Ventures try and make a mark in the industry, using Eureka as a platform to express their ideas.
Over the past few years, Eureka has been a huge success, attracting industrialists and people from the start-up world.
Winners of Eureka 2017 will get prizes worth INR 5 million. They will also get a direct entry into Wharton India Start-up Challenge hosted by the Wharton India Economic Forum.
Top 80 semi-finalists of Eureka! 2017 Business Model Competition will get complete free access to Start-up Bootcamp, a course (the fee is Euro 390 per course at INSEAD Business School). This programme comprises modules, which guides start-ups from ideation to funding through online videos.
The programme has helped founders from over 60 countries raise money. Professors of entrepreneurship at INSEAD Business School will train them
Graduates of "Start-up Bootcamp" have gone on to collectively raise $1 billion dollars in funding. Eureka takes the pride of providing a 360 degree, holistic experience in five months.
If you feel that your idea is the best and funding is all that is needed to turn your idea into reality, let the idea win the money for you. Register with E-Cell IIT Bombay as soon as possible to get going.
Register your idea at www.ecell.in/eureka.
