IIM Calcutta Innovation Park in association with Department of science and Technology, Government of India has launched Smart 50 contest where top 50 business ideas and start-ups will be recognized and rewarded. The contest is open for registration till 25 November 2017. Rewards are for lot more people, thereby numerous people’s professional lives would be improved. Rewards are:
- Top 10 entrepreneurs to pitch for Rs. 10 Cr. funding.
- Top 50 entrepreneurs to get seed grant of Rs. 4 lakhs each.
- Top 400 to get startup kit, seamless access to professional Mentorship, Funding, and Incubation opportunities.
- Top 3,000 get mass mentoring and knowledge session.
What is a SMART idea?
A solution addressing a big socio-economic need and having a sustainable revenue model. The typical characteristics of a smart idea are:
Sustainable, Motivational, Affordable, Responsible and Transformational.
Focus areas defined for contest are:
Who is eligible to apply:
- Entrepreneurs who have an early stage venture (set up not earlier than 1st September 2012) or have a promising idea with a plan and prototype / working model.
- The applicant must have the principal business unit (for existing businesses) or proposes to set up principal business unit (for those who have not yet started operations) in India.
- The business plan or the early stage venture should not be an extension of the applicant’s family business or backward / forward integration with any existing business.
- The venture or the plan should have a determinable revenue model.
- There is no restriction on the age or background of applicants.
- The applicant should be able to verbally communicate in Hindi/ English.
- The Application in the prescribed format should be submitted in English.
- The plan / venture should not belong to following industries- alcohol, tobacco, gambling, firearms and explosives.
Application and Timeline Details
- Applicant needs to first visit the website www.smartfifty.com for registering in the Program. The registration and application submission period will remain open till Nov 25, 2017.
- 21 January, 2018: First Round shortlisting will be done and information will be sent to all selected start-ups.
- Regional rounds will be held between 27 January, 2018 to 4 March, 2018 during which 3000 selected business ideas will be mentored.
- Bootcamp with top 50 ideas in IIM Calcutta: 21 March, 2018 to 25 March, 2018
- Grand Finale on 31st March, 2018
The shortlisted applicants will be communicated both via Email and SMS confirming their selection to the subsequent stages. All such communication will be sent to Applicants’ registered Email Id and Mobile number.
This is great initiative where people who have their business and want to scale, want to meet right people and want guidance. Mentor-ship is most valuable for people who do not have business knowledge but have plunged in. Similarly, networking, Funding and incubation is important for people who want to achieve big!!
Keep looking this page for all latest updates on the competition. Please leave comment below if you want any help in applying for the competition. Mention your business name, domain and stage. We will definitely try to help you.