The IIT Roorkee Heritage Foundation (IITRHF) has been organizing Business Plan Competition under the Entrepreneur Mentoring Program since year 2009. This year IITRHF has collaborated with TIDES Business Incubator to hold BUSINESS PLAN COMPETITION 2017. The IITRHF-TIDES Business Plan Competition (BPC) aims to foster entrepreneurship among IIT Roorkee students and recent alumni, and provides an integrative learning experience. It provides them a platform for refining their business ideas and strategies to bring them to fruition.
Awards-Best Overall Plan, Most Innovative Idea, Judges' Choice Award & Honourable Mention
The winners of Best Plan and Most Innovative Idea (one person from each team, preferably a founder) will be sponsored for 5-day Acceleration program to either USA, Canada or Europe and a 3-day Acceleration Program to Bangalore. Entrepreneurs will get opportunity to visit accelerator meet and interact with startups and mentors.
The winners of Judges' Choice Award and Honorable Mention will get prize of INR 30,000 and INR 15,000 respectably. Further, winning startups will be mentored by TIDES and will be evaluated for Incubation at TIDES & funding support.
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TIDES Incubator, IIT Roorkee in collaboration with Z Nation Lab, a Mumbai and Silicon Valley-based accelerator organized KHOJ 2017 Uttarakhand on 11th October 2017 at IIT Roorkee campus. KHOJ 2017 is a nation-wide start up competition in search of the next big idea from entrepreneurs, educational institutes, government investors, corporate and business professionals.
The event was kicked off by Prof. Ajit Chaturvedi, Director, IIT Roorkee with a motivational keynote on the need for developing the startup ecosystem in UK region and the significant role of in order to support the startups within Uttarakhand and nearby region followed by a panel discussion, fireside chat and extensive interactive discussions between participants and experts from the industry and academia including Prof. M Parida, Dean(R&D) and Prof. Manish Shrikhande, IIT Roorkee.
A total of 45 teams participated from the region including IIT Roorkee, UPES, DIT, Graphic Era, Thapar University, IIT Mandi and Delhi NCR. From these, 11 selected teams pitched their startup ideas in front of the experts from Z Nation Lab and TIDES Incubator, along with industrialist and Angel investors from the local ecosystem like Jumpstart. Dr. Sanjeev Manhas - Faculty Incharge at TIDES, Mr. Nilesh Jain - Venture partner at Z Nation Lab, , and Mr. Harshit Malik - Founder Jumpstart Co-working space, Angel Investor graced the event.
Mr. Devanshu Mishra, founder of AEVA secured first place with his startup on an IoT based home automation system. The winners will attend an acceleration program in Mumbai covering mentoring, expert interaction, networking and pitching for angel investment on demo-day.
The ‘HDFC Industry Academia’ program was launched by Prof. Manish Shrikhande, Dean – Incubation and Innovation – IIT Roorkee; Prof. Anand Kusre – Head, Desai Sethi Centre for Entrepreneurship, IIT Bombay along with Mr. Nitin Chugh, Country Head – Digital Banking, HDFC Bank at an event in Mumbai. The initiative, first-of-its-kind in the country, aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools.
The objective is to identify potential fintech ideas at TIDES Incubation Centre in IIT Roorkee at a nascent stage, and help them evolve into a consumer-ready product. The Bank will use its domain expertise to mentor start-ups on customer experience, reduce time to market and costs, among other things. In turn, the start-ups will get the Bank’s platform to test their ideas in the real world, in addition to expert insights, and knowledge.
TIDES organized a short talk on ‘Internet of Things evolution’ on 14th September’2017 which covered details on IoT. Specifically, Chandrashekhar Raman talked on-
Chandrashekhar currently runs Cisco’s global internal Incubator ‘thingQbator’ where he helps aspiring intrapreneurs turn their ideas into working prototypes and from there on to marketable products/solutions.
TIDES Business Incubator, IIT Roorkee organized a talk on “Introduction to Product Management” on 9th September’2017. This Entrepreneurship-Talk focused on providing the students a see through to the vast and vivacious reach of the Product Management and Marketing and their scope in the biz world. It also aimed at broadening the vision of the listeners in the planning, forecasting and production of products at all stages of the product lifecycle. Adam Walker is a Product Manager at KredX, a Sequoia backed FinTech startup in Bangalore. Before joining KredX he built a B2B invoicing software called Hummingbill, which was sold to KredX in 2016. Adam graduated from Carnegie Mellon University in 2010 and has since been working on startups around the world, specifically India.
TIDES Incubator organized an info session on National Entrepreneurship Awards. Dr Udayan Chandra 2017 encouraged entreprenuers to apply for the awards and answered questions regarding eligibility and benefits.
The National Entrepreneurship Awards have been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE), Govt of India.
TIDES Incubator organized a guest talk on ‘Introduction to Entrepreneurship’. The serial entrepreneur, Mr. Bharat Sethi enlightened the audience with his experience in the entrepreneurial world. He gave a glimpse on the struggles that come along with entrepreneurship. Mr Bharat Sethi sold his startup PosterGully.com in 2016 and is now working on his next venture iDecorama.
The event was organized inviting b-plan proposals for incubation at TIDES Incubator. TIDES received around 50 b-plan proposals, out of which 15 teams were shortlisted to present their business plan to the selection committee. Around 8 teams were selected for TIDES support including mentoring, physical, technical, financial, legal, Intellectual Property and networking support.
The panel also reviewed the progress of TIDES incubated and pre-incubated startups.
TIDES organized an interactive session at IIT Roorkee on "Biotechnology Ignition Grant (BIG)" Scheme sponsored by BIRAC, Govt of India. Dr Udayan Chandra from BIG Incubation Facility, BIRAC at IIT Delhi encouraged researchers and entrepreneurs to apply for the BIG Scheme and answered questions regarding eligibility, application process and the incubator’s role.
TIDES Incubatee Mr Sidharth Arora got an approval from BIRAC for funding his startup proposal under the BIG Scheme. Mr KK Roy, Chief Operating Officer, FITT, IIT Delhi inspected the facilities at TIDES Incubation Centre, IIT Roorkee. For this purpose, he conducted due-diligence of the proposal with site visit at TIDES. As a part of incubation, Sidharth has been provided lab space in Biotechnology department, IITR.
TIDES Incubator organized an interactive workshop on the theme "Validating Startup Idea and Fund Raising".
Mr. Akshay Singhal, Founder, Log9 Materials, in a very insightful session gave a broad perspective about the Indian startup scenario, the changes happening in it and their coping mechanisms. He conducted a practical exercise on Business Model Canvas.
He spoke about how vision of a company holds foremost importance, how the pain points have to be addressed and how to decide upon the target segment for one’s product. He emphasised on how to design the product strategy using the value proposition canvas and the business model canvas. He concluded by encouraging the students to be proactive in fixing up goals and smartly working to achieve them.
CA Rajeev Singh and CS K.K. SIngh gave a presentation at TIDES Incubation Centre, IIT Roorkee on the subject of formation of a company, Compliance Management and legal issues related to Start Ups. They elaborated on deciding the form and formation of organization, equity and management structure. On legal matters, matters related to agreements, Contract management with different vendors and stakeholders including Investment Agreements were discussed. CA Rajeev Singh covered topics on tax implication, accounting standards from Start up’s perspectives, valuation process and techniques.