The Economic Times has launched the 2017 edition of The Power Of Ideas. Presented by Facebook, the initiative has been launched in partnership with Department of Science & Technology (DST) and the Centre for Incubation and entrepreneurship (CIIE).
A Brief Overview: The Economic Times Power Of Ideas
The Economic Times Power of Ideas 2017 inspires and helps both dreamers and doers to translate their business idea into a business summary, before they are mentored and funded on their way to launching their enterprises.
As mentioned on their website, “The Power of Ideas invites all those with a business idea to participate. 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.”
In 2015 edition, the startup platform received over 19,000 business ideas where 520 entrepreneurs got mentored, 75 startups were given intensive mentoring over eight days at IIM Ahmedabad, 50 entrepreneurs were given cash grants and 20 were provided seed funding.
Winston Churchill once said, “No idea is so outlandish that it should not be considered.”
What’s In Store For The Participants?
The Power of Ideas is open to all Indian citizens above 18 years of age. It will run over four phases from submission of initial business summaries, to award of funds.
Before the closure of applications for the first phase, The Economic Times will also conduct startup sessions which will be hosted in eight cities to guide aspiring entrepreneurs through the basics of starting up and startups through the nuances of scaling up etc. Each session will have a panel of experts comprising of renowned and young entrepreneurs, investors, mentors and experts sharing their experiences and best practices. The ideas shortlisted in the first phase will undergo group mentoring sessions, followed by Elevator Pitches. A second shortlist will be prepared post Elevator Pitches, and these candidates will undergo a seven day residential workshop at IIM 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. The committee will prepare a final shortlist of candidates who will take home cash grants and/or seed funds, worth a total of $955.8K (INR 6.2 Cr). These guaranteed funds are in addition to the investment from investors who the entrepreneurs will interface with immediately afterwards.
The first phase – involving registration and submission of business summaries – closes on November 13, 2017. Interested candidates can apply here.
This post is powered by ‘The Economic Times Power Of Ideas 2017.’