The Power of Ideas is an initiative by The Economic Times to encourage anyone and everyone with a business idea to realize his entrepreneurial dream. Ideas will be polished and nurtured with guidance from mentors before being submitted to investors. Deserving ideas will receive cash grants and seed funds.
All participants are required to fill in a Business Summary of their idea in accordance with the templates and guidelines provided at www.etpowerofideas.com. Business Summaries thus received will be evaluated by an expert panel, leading to a first cut-off of promising ideas. These candidates will then be mentored with a section of these entrepreneurs presenting Elevator Pitches. This will result in a final cut-off of the most promising ideas that will attend seven day residential workshop at IIM A and present their Business plan to investors with the deserving ideas receiving cash grants and seed funds.
The Power of Ideas is the intellectual property of The Economic Times, India’s leading business daily. In a unique three-way public-private-academic partnership, ET has joined hands with the Department of Science and Technology (Govt of India) and the Indian Institute of Ahmedabad’s CIIE (Center for Innovation, Incubation and Entrepreneurship) to create a formidable force that champions the cause of entrepreneurial culture in India Inc by leveraging on the Government’s remit to encourage innovation and CIIE’s demonstrated experience in mentoring and incubating startups.
The Indian Institute of Management’s Centre for Innovation Incubation and Entrepreneurship (CIIE) has been assigned with the task of assessing the Business Summaries, Elevator Pitches, Business Plans, conducting the startup session, Mentoring, Elevator Pitch, and readying the deserving ideas by way of a seven days residential program at the Indian Institute of Management, Ahmedabad, for the presentation to the Jury of investors and investor interactions thereafter. Further details on CIIE are available at the location www.ciie.co
The Department of Science and Technology (DST) of the National Science and Technology Entrepreneurship Development Board (NSTEDB) – Government of India has partnered with The Economic Times for The Power of Ideas to create an entrepreneurial ecosystem. DST will reward and support the most innovative ideas through a cash corpus of Rs.6.2 crore as follows:
Further details on DST are available at the location www.techno-preneur.net
Resident Indian citizens aged 18 years or more as of Oct 24, 2017. You may have just an idea, or a ready business plan, or be a functioning startup. But if you are stuck for direction and funds, The Power of Ideas will help. The detailed eligibility criteria is available on the web site at the following location: Click Here
To participate, share your idea as a Business Summary with The Power of Ideas program by 11:59pm on Monday, November 13, 2017. Business Summaries can be submitted online only, outlining the idea. The Business Summary template is available on the website at the following location: (Click Here). The submission must comply with the requirements as set out in the Guidelines of Business Summary.
No. The business summary has to be submitted online at the following location Click Here
In phase 1 of The Power of Ideas, sessions will be organized to guide future entrepreneurs through the basics of starting up. These sessions will have a speakers comprising of India Inc's most renowned entrepreneurs, domain specialists, mentors, investors, young entrepreneurs and experts sharing their experiences and best practices. Further details of the sessions, along with their schedule, can be seen at the following location Click Here
In the initial stage, participants are required to provide information in a Business Summary format only to help the jury filter genuine interest. All information shared through this program will remain the Intellectual Property of the participant. The detailed terms and conditions on confidentiality and intellectual property are available at the following location Click Here
The complete and updated schedule is available on the website at the location Click Here
Participants can refer the sample Business Summary template and guidelines for filling in the Business Summary available on the website
Business Summaries will be short listed by an Evaluation Panel which comprises of entrepreneurs, mentors and investors selected by the Centre for Innovation Incubation and Entrepreneurship (CIIE) alongwith the Department of Science and Technology and The Economic Times
The Power of Ideas will publish the short list on the website and inform short listed at the email address mentioned in the Business Summary.
Mentoring is conducted at three stages in ETPI.
At the Elevator Pitch, each entrepreneur in the first cut off will be required to present their Business as per the templates provided, to mentors/investors. Participants will be short listed, basis the Elevator Pitch to continue in the ETPI program. The template for the Elevator Pitch as also the schedule for the presentation will be communicated to the short listed.
All entrepreneurs in the final cut off will be invited to attend a seven day residential workshop at the Indian Institute of Management, Ahmedabad conducted by CIIE, before presentation of the Business Plan to the Jury of investors. This presentation will decide the disbursement of funds from DST amongst deserving ideas. Getting funding from DST is not a pre-requisite for meeting investors as part of The Power of Ideas program. Investment in ideas is at the discretion of investors. Those entrepreneurs who participate in any investor meets held after the program will receive access to funds, only if investors are desirous of making investments in the same.
Mere presence as part of the final cut off of the program is not to be considered eligibility for funds from DST. The Jury of investors to whom the final Business Plan will be presented post the residential workshop at IIM Ahmedabad has the sole right to decide allotment of cash grants and seed funding.
CIIE shall be responsible for disbursement of cash grants and making equity investments in select deserving ideas/startups with the corpus received from Department of Science and Technology (DST). The candidates that receive seed investment can be located anywhere in India and would be attached to a one particular incubator for mentoring and support. While the details of terms and conditions with each incubator for the services rendered would be negotiated by CIIE. This could mainly be equity sharing pattern or a fixed charge depending on a case to case basis. They could even be in a virtual incubation mode and supported by CIIE while incubating.
There is a host of information available on the website such as that provided at the location (Click Here). These include expert advice to make business plans work, questions that every entrepreneur must ask, video and audio clips of experts and entrepreneurs, discussions.