The Entrepreneurship Cell, IIT Bombay is a student-run non-profit organisation with a vision to promote entrepreneurship & create entrepreneurs as a career option through its various initiatives which cater to a wide range of people such as students, young entrepreneurs, and professionals. One such initiative is Eureka! – Asia’s Largest Business Model Competition. Eureka! A road to enterprise, fast-tracks the journey from an innovative idea to a commercial success. The objective is to bring about a change in our society and the world in general by promoting the entrepreneurial culture. What is the use of a test that does not help you identify the fields that need working upon and give you means to better yourselves for chasing that elusive thing called “perfection?” This is the primary philosophy behind our format that endeavours to help the participants in all possible ways to perfect themselves during the process of competition itself.
Now into its 20th edition , Eureka! has grown from a competition with 50 teams competing for prizes worth INR 50,000 to a competition clocking 10,000+ entries with prizes worth INR 5 Million at stake. The very first edition of Eureka! was held in 1998. Eureka! is accredited as the Asia’s largest Business-Model Competition by CNN in 2001 & Thomson Reuters in 2010 .
Eureka! is a 5-month long educational experience , designed to emulate the process of raising funds for one’s startup, covering from writing a business plan to pitching it before an investor. Every participating team is provided with both online as well as offline mentoring to help them transform their idea into a Minimal Viable Product. The competition has 4 phases, namely:
● Illuminate (Pre-Eureka workshops) : A 6 hour intensive workshop aimed at imparting knowledge about entrepreneurship among students and young professionals via brainstorming, Business Model Canvas, and hands-on experience.
● Registrations: The registration portal has opened on 25th August & will take entries till
30th of September. Eureka! 2017 received 10320 entries which includes 200 IIT Bombay
● Online & Offline Mentors meet: A mentor specific to their field is allotted to all the 80 semi-finalists to help them formalise the final B-model. A lean startup workshop is conducted during the offline mentors meet which helps the participants to prepare their B-Model and an MVP. This is a platform where the participants get to interact top venture capitalists and angel investors.
● Pitching: Pitching workshops are conducted to help the participants during their pitching process. Finally, comes ‘the day of reckoning’ during the E-Summit where the teams are required to pitch their B-plans in front of the judges and judges then decide the winners. With the vision of promoting business and social innovations, we follow two basic tracks:
Eureka! Business: Trademark 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 at 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.
WINNERS OF EUREKA! 2017
Winner – MinionLabs
Runner Up – Advott
Winner – EcoAct (from Tanzania)
Runner Up – Piltover Tevhnologies
IIT Bombay B-plan of the Year Award
Eureka! over the years have helped a lot of startups. Some of the Eureka Success stories are mention below:
Einfinitus Technologies (Winner, 2001)- A research oriented routing tech venture founded by an IIT Bombay alumnus. It received an initial funding of INR 1.5 crores & was later sold off to CISCO systems for INR 250 crores.
SocialCops (Social runner-up, 2013)- 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.
Greenway Grameen Infra (Social winner, 2012): Develops innovative solutions for rural consumers based on unique heat transfer technology. Greenways’s products enable the customers to utilize the sustainable resources effectively. Their customers are predominantly women of rural areas.
Leaf Wearables(Social Track Winner -2014) – A tech startups that designs devices for women’s safety. The company’s products can be used to trigger an alarm and send signals to pre-identified phone numbers in case of emergency. This Delhi based startup claimed $1 million in Anu and Naveen Jain Women’s Safety Xprize in June’18 NY.
To register, log in to: http://www.ecell.in/eureka
About E-Cell, IIT Bombay:
Born in 1998 , The Entrepreneurship Cell IIT Bombay is a non-profit organization run by the students of IIT Bombay that aims at manifesting the latent entrepreneurial spirit of the young students. It serves as a link between the various subsystems of the startup ecosystem. We are pursuing this vision from past 19 years and have grown to become India’s largest entrepreneurship promoting organization under the patronage of UNESCO, Make in India, Startup India and Digital India. Through our initiatives like Eureka!, E-Summit, NEC, etc. we reach out to over 1 million students, corporates, entrepreneurs, professionals and HNIs’ PAN India.
For queries contact:
The Entrepreneurship Cell, IIT Bombay
M: +91 7039375874