Selected innovators will get following opportunities:
- Top 10 innovators will get the opportunity to present their innovations in front of a Jury.
- Top 10 innovators selected will get Design Thinking and pre-incubation entrepreneurship training.
- Get access to incubation and connect to investor network
- Opportunity to receive mentorship support from serial entrepreneurs, investors and senior corporate professionals
- Networking with start-up ecosystem experts – incubator and accelerators, investors, mentors, senior corporates, academia etc.
- The winners of the challenge will be recognized in Global Nagpur Summit 2018.
Besides above opportunities, there may be monetary benefits to selected innovators as per below mentioned Business Model:
Step-1 (Public Domain): All the ideas received from the participants will be placed in public domain by Srijan Sanchar.
Step-2 (Identification): Once placed in public domain, any individual, startup, industry or institution interested to adopt any idea/ideas in whole or alter, modify, further develop the idea to produce innovative products/ solutions, may approach Srijan Sanchar.
Step-3 (Startup Formation): For the selected ideas, Idea Business Unit (IBU), under an MOU. The MOU will define the responsibilities and rights of different stakeholders
Step-4 (VC Funding): An invitation notice will be put on the website for 01 months wherein all interested parties (Venture Capitalist, individual, startup, industry or institution) will be invited to fund the innovative ideas of different startups. At the end of the notice period, all the stakeholders will deposit the capital as per existing market practices.
Step-5 (Stakeholding): Share of the stakeholders will in proportion their commitment. (10% of equity will be with the innovator/s). If there is more than one innovator (owners of the idea), Equity will be distributed equally amongst all the innovators.
Broad considerations in the idea/ suggestion
Entry submission Fields:
- The participants shall be required to submit their entries in the fields provided in the Entry Submission forms limited to the number of words prescribed for the fields as under
- Abstract of the proposed idea/ suggestion, in about 250 words.
- Explanation on how the claimed benefits are likely to come through including perceived roadblocks, limited to 1000 words. Concept maps, SWOT analysis and other management tools used, can be attached as part of the PDF, but the total size of attachment should not exceed 5 MB and mailed at email@example.com
- Feasibility/Viability of seamless Implementation of the proposed idea/ suggestion in existing setup explained in about 150 words.
- Elaboration of stage-wise migration plan of the proposed idea/ suggestion with uninterrupted operation in about 150 words.
- The originality of the proposed idea/ suggestion explaining how the proposed idea/suggestion is an original idea/suggestion in about 150 words.
- Possible constraints anticipated in deployment to be explained in about 150 words.
Mode of Entry:
- For posting the entries using the online application system, participants are advised to go to http://www.srijansanchar.com and click on the link for innovation challenge. The participant will be taken to a landing page featuring the registration form with various fields.
- The participant will have to fill out the Participant Registration Form and Entry Submission Form. The submission must comply with the requirements as set out in the Guidelines mentioned on the online Entry Submission form.
- On successful submission, participant will receive a confirmation email.
- Should organizers require additional information, they will contact the registered participant via email. Participants are advised to duly provide any additional information as instructed.
- Correspondence: Any correspondence from the organizers to participants shall be through email or SMS on the mobile number provided by the participant at the time of registration. Organizers will not liable in case of email delivery failures.
- Entries duly completed and fully filled must be submitted using the online application system before 6 pm IST on 31 March 2018
The Challenge is open to individuals, students, researchers, industry and startups.
- In case of Companies, the majority of Team Members/ Shareholders are required to be Indian Resident Nationals.
- Participants (Individual/ or in case of teams, the team leader) are required to be at least 18 years of age as on 31 March 2018.
- The following persons and their immediate relatives cannot participate in the Challenge:
- An employee/member of Organizing Team directly involved in execution and evaluation of the Challenge
- A member of the Evaluation panel, Experts and Jury for the Challenge
- The write up can be submitted in Marathi/English/Hindi.
- In case of submission is in any other language, it must be accompanied with translations in English.
- It could be an individual project or a team project. However, in case of a team, total team members, including the team leader, should not exceed six.
- No reference to the identity of the person(s) submitting should be made in the proposal. If done so, it shall debar the entry from consideration.
- It is strongly advised not to wait until the closure time for submission of entries. The organizer will not be responsible for late/ non receipt of entries on account of server errors/ traffic.
- The contestants may be asked to present/ elaborate their proposed solution to an appropriate jury.
- The organizer may decide to associate with the proposer for further development of the proposed Concept/ design.
- The decision of the Evaluation Panel and Jury will be final. No communication will be entered into with any person in relation to any decision of the panel or process.