IITB Central Library 2.0 Service

A social twist to IIT Bombay’s B-plan competition

Posted on: September 9, 2011

Source: Indian Express
If you have an inovative business plan that looks at tackling a pressing social issue, help is at hand. Eureka, the international business plan competition organised by the entrepreneurship cell of the Indian Institute of Technology (IIT), Bombay, has launched the social leg of the event this year.

“We have added a social dimension to Eureka, which will run as a parallel competition under the banner of ‘Eureka Social’. Generally, social ventures are not perceived as lucrative options since their revenue models are not considered attractive compared to a regular business revenue model. Social entrepreneurs face the challenge of not having a financial model to fit within existing commercial funding schemes. So, we have started this initiative to encourage innovative technologies and business models aimed at addressing social issues,” said Radhika Goel, media manager at IIT-Bombay’s entrepreneurship cell.

While students and working professionals from across the world can participate, the venture must be for-profit and financially viable. The plan must have the ability to solve a critical social problem. The winner will get a cash prize of Rs 1 lakh, while Rs 50,000 will be awarded to the runner-up.

Further, the top teams will get an opportunity to get incubated and take their plan to the execution level. The top winners of Eureka Social will automatically advance into the semi-final round of the Dell Social Innovation Competition (DSIC), organised jointly by the University of Texas and Dell.

“This will enable these pre-qualified students/working professionals to compete for a position in the final round. All semi-finalists are matched with mentors from around the world, who advise them on their venture plan and video pitch. The overall winner of Eureka Social will be sponsored to attend and participate in the DSIC final event at Austin next year,” she said.

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