Over 19,000 business ideas received. 520 entrepreneurs mentored. 75 startups given intensive mentoring over eight days at IIM Ahmedabad. 50 entrepreneurs given cash grants and 20 provided seed funding. That was The Power of Ideas in 2015.
India’s largest entrepreneurship development program is back. Seeking to create a culture of innovation in the country by touching more lives, the program aims at encouraging individuals with a business idea to come forward and connects them with relevant mentors and investors. This year, The Economic Times’ Power of Ideas will make an even bigger impact than 2015.
Facebook presents The Economic Times Power of Ideas 2017 in partnership with Department of Science & Technology (DST), Government of India and the Centre for Innovation Incubation and Entrepreneurship (CIIE), IIM Ahmedabad. Facebook has been championing innovation and entrepreneurship worldwide. With this partnership, Facebook hopes to be able to work closely with India's huge pool of talent, and to create growth opportunities by providing access to expertise and mentoring through multiple programs. DST brings to the program its immense expertise and relationships in the entrepreneurial space as well as a corpus of Rs 6.2 crore of guaranteed funds. The funds are open to all deserving ideas with genuine innovation on their mind, regardless of whether they have just an idea or a fully functional start-up.
Working alongside ET and DST to build the entrepreneurial ecosystem is IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE). In the last few years, CIIE has grown from being the incubation centre of IIM Ahmedabad to also a leader in the field of mentoring, guiding and making business ideas investor-ready. The greatest value CIIE will add to The Power of Ideas will be by way of their wide network of mentors and investors who will evaluate every single business idea received as part of the program. The most deserving ideas will be given mentoring. In the last phase, entrepreneurs who make it to the final cut-off will be taken through a seven-day residential IIM Ahmedabad workshop.
As this unique public-private-academia partnership drives the spirit of innovation forward in India, all those with an idea are invited to join the movement.
Whether you are a year-old garage operation, or someone who has just begun working towards a prototype, or even if you have been nursing an idea but haven't yet put it in words, give it a shot here. Visit www.etpowerofideas.com, fill up the Business Summary format at your convenience, and wait to hear from us. Yes, it's that simple.
Take advantage of our free 'Startup Sessions' before you submit your business idea, where you will be tutored by industry leaders and experts from academia on the nuances of starting up.
Last date for submission of Business Summary form is November 13, 2017.
A network of hundreds of qualified pre-selected evaluators will vet all entries to arrive at the first cut-off. All entrepreneurs in this group will be taken through a mentoring schedule to equip them with the necessary skills to make an Elevator Pitch to mentors/investors.
Elevator Pitches will result in the final cut-off, of the most promising ideas. All entrepreneurs in the final cut-off will attend the seven day residential workshop at the Indian Institute of Management, Ahmedabad. All participants of the residential workshop will present their Business Plan to the investment committee. The investment committee will comprise sector experts, angels and investor networks, incubators, the Department of Science and Technology, CIIE and The Economic Times.
Awaiting them on their return from Ahmedabad is a felicitation ceremony where the cash grants and seed funds from The Power of Ideas corpus will be distributed. These guaranteed funds are in addition to the investment from investors who the entrepreneurs will interface with immediately afterwards.