IIT-Bombay’s Eureka! Is Back: Offers Prizes Worth $120K To Aspiring Entrepreneurs

In a bid to empower and nurture the entrepreneurial spirit among the youth, IIT Bombay has launched the 26th edition of its flagship programme for early-stage founders, Eureka! 2023. 

This five-month initiative is tailored for student-led startups, particularly those in the ideation phase, providing them with comprehensive training, mentorship, and networking opportunities to develop scalable business models and go-to-market strategies.

Moreover, the selected startups will receive a chance to win prizes worth $120K including AWS Credits and free subscriptions to platforms such as Canva, GitHub, Zendesk, Social Pilot among others.

Launched about 25 years ago, IIT-B’s Eureka! initiative has remained steadfast in its mission to nurture groundbreaking ideas. It offers aspiring entrepreneurs a platform to showcase their innovative concepts and fast-track their journey to success.

Notably, the previous edition of the programme garnered an impressive 15K entries, setting high expectations for an even grander scale this year. Eureka! 2023 is presented by Axis Bank, co-presented by WestBridge Capital and supported by Amara Raja Batteries, Maruti Suzuki, Emil Pharma and Shiru Startup Cafe.

The competition is set to begin on October 15, 2023. 

What To Expect At Eureka! 2023

Selected entrepreneurs will go through three rounds of intensive training and mentorship over the course of five months. The first round will bring together seasoned mentors to help founders develop sound business models.

In the subsequent rounds, entrepreneurs will participate in workshops focussed on improving and building winning business models and products. They will also be judged by an esteemed panel of jury on their idea’s viability and unique value proposition.

Key Features:

• Networking: An opportunity to network with the who’s who of the industry and forge valuable connections that drive success.
• Prizes: Entrepreneurs will compete for prizes worth over $120K to fuel their entrepreneurial journey.
• Mentorship: One-on-one mentorship by industry experts and seasoned founders to provide practical insights into business building.
• Fundraising Opportunity: Selected entrepreneurs will receive an opportunity to secure funding from top VCs and angels. 

Spotlight On Aspiring Entrepreneurs

As part of the programme, finalists will participate in a rigorous three-day accelerator programme leading up to the pitch day, which will be conducted during IIT-B’s annual E-Summit in February 2024. 

During the pitch day, participants will get a chance to pitch their business ideas to a panel of industry experts. Last year, the jury members included the likes of 9Unicorns’ Rajesh Mane; Venture Catalyst’s Reshma Jhaveri, Swadeshi Handicraft’s Rahul Baviskar; Hyper Accelerator’s Douglas Pier among others. 

Besides this, the best student entrepreneurs will be granted a sponsored trip to the prestigious Princeton University and a direct entry to compete in Tiger Launch, a global student-run entrepreneurship competition. 

Since inception, Eureka! has supported many startups and boasts names such as BlisCare, Jeevan Lite, SPARC, MyWays, Curomates and AI-Genix.

Higher Education Institutes Drive India’s Startup Success

Over the years, IIT Bombay has served as a catalyst for India’s rising startup ecosystem, cultivating a crop of successful founders and nurturing a vibrant entrepreneurial culture. 

The institute’s high-quality education, supportive environment and network of mentors and investors have made it a breeding ground for startups of all sizes. Its alumni list includes unicorn founders such as Ola’s Bhavish Aggarwal; NoBroker’s Akhil Gupta and Groww’s Lalit Keshre. 

Further, its flagship startup incubator, the Society for Innovation and Entrepreneurship (SINE), has been instrumental in empowering student-led ventures. SINE claims to have incubated more than 200 startups that have collectively raised INR 6224 Cr+ in funding to date.  

Its impact shows how India’s higher academic institutions can combine academic acumen with practical know-how to drive innovation and support young students in realising their entrepreneurial aspirations.

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