The thrust from the Government and pro-view of the market has opened many new arenas for India’s startup community. With the recently announced Startup India Policy, the Government is attempting to address the key concerns of the startup community, in addition to defining a new category of business – ‘innovative Start-ups’. Additionally, with over $7.3 billion invested across 639 deals in Indian startups in first three quarters of 2015, the startup ecosystem in the country is brimming with excitement and possibilities.
The third edition of The Power Of Ideas held in 2015, organised by The Economic Times in association with the Govt. of India’s Department of Science (DST), Jio, and CIIE complements this enthusiastic synergy. The aim of the program was to provide a launchpad for entrepreneurs from across the country to accelerate their growth. This multilayered program offered intensive mentoring, 10 days Workshop at IIMA, pitching to investment committee, and awards in form of grants and seed funding.
Launch & Applications: The program launched in September 2015 and began with ‘Startup Sessions’ across eight Indian cities with the objective to create awareness about the program and its objective. The call for applications that stayed opened for almost a month’s time saw an overwhelming response; over 19000 applications were received from across the length and breadth of India, and spread across 11 sectors. This overwhelming response was the outcome of both the Startup Sessions as well as an extensive outreach campaign led by The Economic Times and CIIE through print advertisements, social media, and by reaching out to our extensive network.
Evaluation & Selection: The program intensified with the evaluation of the received applications on the basis of a set of pre-determined parameters by external mentors (both industry and domain experts) to arrive at a selected pool of 520 teams in the first round.
Mentoring & Elevator Pitch: Thereafter, these 520 teams met with respective mentors in-person during one-on-one “Mentoring Sessions” held across the same eight cities as the Startup Sessions. The mentoring continued for the teams over the next two weeks as approximately 400 mentors helped the teams to emerge with refined pitch decks and resolve their pain points. Post the submission of their pitch decks, all the 520 teams presented their business pitches at “Elevator Pitch” sessions organized in three cities (Delhi, Mumbai and Bengaluru). During this phase, the teams presented to a jury comprised of domain and industry experts and investors.
Workshop: From the shortlist of 520, a final pool of 75 teams was selected to attend the an intensive 10-day Workshop at CIIE, IIM Ahmedabad between 4th and 14th January, 2016. The workshop was aimed at helping the teams to build their capacities further. With multiple classrooms sessions by experts from both industry and academia, inspiring talks from top level entrepreneurs of the country followed by interactive mentoring sessions that continued well past midnight at times, the days were intense. The Workshop saw over 400 scheduled mentoring sessions in addition to numerous unscheduled mentoring sessions as per the availability of the mentors. The Workshop culminated into pitching sessions where all the 75 teams presented their business to an investment committee comprising investors and domain experts.
Pictures from the Workshop can be found on our Facebook page:
- The finalists team: https://www.facebook.com/media/set/?set=a.718182121652637.1073741853.101730293297826&type=1&l=325925c384
- Miscellaneous photos: https://www.facebook.com/media/set/?set=a.718194014984781.1073741854.101730293297826&type=1&l=585368f133