The Entrepreneurship Cell of IIT Bombay is set to host its prestigious business model competition, Eureka!, now in its 26th edition. This competition offers young entrepreneurs and student-led startups an invaluable opportunity for months of learning, networking, and one-on-one mentoring, focused on the key principles of building a scalable business. With over 15,000 entries last year, this platform puts early-stage entrepreneurs, particularly those in the ideation phase, in the spotlight, offering tailored guidance on developing effective go-to-market strategies. Eureka! 2023, presented by Axis Bank and co-presented by WestBridge Capital, in association with Amara Raja Batteries, Maruti Suzuki as the Innovation Partner, Healthcare Partner Emil Pharma, and Gold Partner Shiru Startup Cafe, promises to be grander than ever.
This competition spans three extensive rounds spread across five months. The initial round features on-stage mentors who guide founders through the process of crafting a robust business model. Eminent industry leaders, including Kanchi Daiya from the Indian Angel Network, Amit Jain from StartupBay, Piyush Surana from Tomorrow Capital, and Pradeep Rathi from 3i Zone, among others, have participated as mentors in previous editions.
The selected entrepreneurs then embark on an intensive mentorship journey, engaging in workshops aimed at refining their business models and products. At this stage, their ideas are evaluated based on viability and unique value propositions. The finalists are further equipped during a three-day accelerator program, preparing them for the ultimate stage of the competition. The final pitch takes place as part of E-Summit 24, IIT Bombay’s annual business conclave in February 2024, where they have the opportunity to present before a panel of industry experts.
Distinguished individuals, such as Rajesh Mane from 9Unicorns, Reshma Jhaveri from Venture Catalysts, Rahul Baviskar from Swadeshi Handicrafts, and Douglas Peris from Hyper Accelerator, have served as jury members in previous editions.
Winning startups can anticipate prizes exceeding USD 120,000, including incentives such as AWS Credits and complimentary subscriptions to Canva, GitHub, Zendesk, Socio Pilot, and more. The investor jury may also consider offering additional funding to featured startups. Furthermore, the best student startup stands a chance to earn a sponsored trip to Princeton University and direct qualification for the finals of Tiger Launch, a prestigious entrepreneurship competition.
Eureka! has a history of empowering innovative startups, with past winners including BlisCare, Jeevan Lite, SPARC, MyWays, DocEye, Curomates, and AI-Genix. These startups had the opportunity to pitch their business ideas on an international platform at the Indian Pavilion during Dubai EXPO 2020, resulting in spot funding for BlisCare, DocEye, Curomates, and AI-Genix.
