IIT Bombay’s Annual B-Model Competition Eureka! 2018
E-Cell IIT B… E-Cell IIT Bombay
Today an entrepreneur is seen as an agent of historical change. The essence of entrepreneurial activity lies in the creation of “new combinations” that disrupt the competitive equilibrium of existing markets, products and organizations. The creation of such new combinations is a constant source of change within markets and economies. Such combinations are just a different version of an idea. A great idea can pop up anywhere, anytime but the real challenge is monetizing that. The transformation of an idea into a “value” is the crucible that forges brilliant entrepreneurs out of people.
The Entrepreneurship Cell of IIT Bombay works for fast-tracking such latent, untapped ideas into a venture. Introducing “Eureka!” – Asia’s largest Business Model Competition which nurtures an idea, provides guidance and helps to transform it into a successful startup. Started 20 years ago, “Eureka!” has grown from 50 entries competing for INR 50,000 to a competition of 10,000 entries fighting for INR 5 million.
“Eureka!” is an 5 month long heuristic experience. Tutelage is provided in and out, right from writing a ‘Business Model Canvas’(BMC) to drafting a ‘minimal viable product’. 40 workshops were held across India catering to over 3,500 students in the last year alone.
It is conducted via following phases:
Illuminate (pre- Eureka!) Workshops: It is an 6 hour long intensive workshop which bedrocks idea generation, validation and filling up a BMC.
Registration: The registration portal (ecell.in/eureka) has launched on 25 August. The participants have to fill a questionnaire (fully) before 28 September. Any discrepancy in registration process is tantamount to being disqualified
Mentors’ Meet: Once the semi-finalists are declared, they are invited to attend a 3 day session at IIT Bombay. This session consists of various events such as Pitching, Lean Startup Methodology and the semi finalists get to meet their mentors.
Pitching: All the finalists pitch their startup in front of the esteemed “Eureka!” jury, who are a panel of investors, businessmen and professionals. The final pitch is held at E-Summit during January.
With the vision of promoting business and social innovations, we follow two tracks:
“Eureka!” Business: The Flagship event of “Eureka!”, the business track aims to help ideas develop into businesses that have the potential to revolutionize the world. The winner gets a cash prize of INR 5,00,000 while the runner up gets a cash prize of INR 3,00,000.
“Eureka!” Social: “Eureka!” Social encourages ideas and B-Models which cater to people closer to the bottom of the pyramid and/or for a greener tomorrow. The winner gets a cash prize of INR 2,00,000 while the runner up gets a cash prize of INR 1,00,000.
Past winners of “Eureka!” have withstood the test of time and are successful in their endeavors, Some success stories are :
Social Cops: “Eureka!” ‘13 Social Winners – Aims to bridge the gap between the policy makers & the observations of the people who are affected by their decisions everyday. SocialCops went on to secure a funding of $320,000.
“As students, when we started SocialCops, business plan competitions played an important role in bringing us in front of mentors who could help with networks and connections. Winning such competitions as Eureka! also gave us the much-needed credibility to be taken seriously right out of college.” -SocialCops Co-founders Varun Banka & Prukalpa Sankar.
Leaf Wearables: “Eureka!” ‘14 Social Winners – A tech startup that design smart products for women’s safety. This Delhi based startup claimed $1 million in Anu and Naveen Jain Women’s Safety prize in June ’18.
All you need is an idea that solves a problem and a team to make it work. Register today here.