If you are a budding entrepreneur and have an excellent business idea, which you think is phenomenal, it’s time for you to do something about the idea. Entrepreneurship Cell, IIT Kharagpur recently launched its annual global business model competition – Empresario. The competition which has #NationNext as the online media partner (for Nagpur) is being organised in association with the prestigious International Business Model Competition (IBMC) which is co-hosted by Stanford, Harvard and Brigham University. Empresario is the official qualifier to IBMC from India.
Entrepreneurship Cell, IIT Kharagpur is a student organisation established with an aim to foster the spirit of entrepreneurship among college students in India. It is one of the most successful entrepreneurial organisations in the country with over 60 start-ups incubated within 10 years of its inception.
About the competition
→ Know your track
Products & Services Track: A Business Model that is function oriented and is aimed at providing sustainability of both consumption and production. Ideas/Prototypes based on meeting diverse consumer requirements or providing an innovative service.
Social Track: A Business Model that focuses on adding value to the people at the bottom of the pyramid and/or help building a greener tomorrow. Empresario’s very own track for enterprises that have a positive social or environmental impact.
- Online Form Submission: The team needs to register on the Empresario website and authenticate their account using Code sent to the email-id specified. After that a team can log into their account and fill the form online.
- Early Bird: Additional incentives include extended online mentorship and a face-to-face mentoring session for shortlisted entries.
- Preliminary Evaluation: After the early bird registrations are over, we will transfer the entries to our mentor pool, which includes professionals from various fields, including Fintech and Agriculture. The mentors will give their opinion and comments on the entries, which will help the participants to brush up their business models and improve the startups itself.
- Mentorship: Mentoring will be provided to the shortlisted teams. The participants are required to make optimum utilization of the mentoring process so as to create an appropriately refined Business Model.
- Final Submission: After Mentoring, the teams have to submit their final Business Model in a prescribed format.
- Grand Finale:The final shortlisted teams will present their final Business Model in front of the judging panel at IIT Kharagpur during the Global Entrepreneurship Summit 2018.
- Winners & Runner-up of Products & Services Track
- Winners & Runner-up of Social Track
- Best Innovative Product (Product Design)
- Best IIT Kharagpur Entry
How to participate?
To participate in the first round of the Empresario, participants can fill up a questionnaire asking in brief about their business idea and submit it. This questionnaire can be found on – www.ecell-iitkgp.org/empresario. If participants register now, they can avail the early bird privileges, which include extended mentoring and offline mentoring session during Entrepreneurship Awareness Drive (EAD), which will take place in October 2017 in Nagpur and again has #NationNext as the online media partner.
Who can participate?
Empresario accepts business ideas in all fields, which include product and service, product design and social categories. Each of the entries will get an equal opportunity to win the prize of Rs 25 lacs and incubation money to the tune of Rs 2.5 crore.
What to expect?
The shortlisted entries will be provided with immense help in terms of mentorship and the winners will get a chance to pitch their ideas to some of India’s biggest venture capitalists and investors. Empresario participants will be mentored and supported by organisations like TiE, NEN (National Entrepreneurship Network), etc. Startup services like legal advice, taxation, financial, technical aspects of running a startup, co-working space, HR needs, incubation opportunities, etc., will also be provided. Furthermore, the best entries in all categories stand a chance to get a sponsored trip and direct entry in the quarter-finals of IBMC 2018, which will be conducted abroad. The final rounds of Empresario 17-18 will be conducted during IIT Kharagpur’s Entreprenuership Cell’s flagship event Global Entrepreneurship Summit (GES), in January 18.
Some of the past student startups who won at Empresario previously are:
- Swagene – Swagene is transforming healthcare by pioneering personalized medicine. If you’re a doctor or patient, you stand to benefit enormously in terms of time, money and precious health!
- JANCH Healthcare – Janch is a mission to provide personalized, high-quality diagnosis solution on an as-needed or preventative basis.
- Gamezop – It let’s you play more than 100 games by installing just one app. It also uses HTML5 to allow users play offline. It recently raised a seed funding of $350,000.