Pitch your startup ideas at IIT Bombay’s business model competition Eureka! — Here’s how you can apply

The Entrepreneurship Cell of Indian Institute of Technology (IIT), Bombay is a non-profit organisation that conducts several initiatives throughout the year to promote entrepreneurship. Having received patronage from the likes of UNESCO, Startup India and Make in India, E-Cell envisions to portray entrepreneurship as a viable career option for the younger generation and push them towards becoming job creators rather than job seekers.

Eureka! - the annual business model competition of E-Cell IIT Bombay is one of their initiatives that identifies the most innovative ideas and provides support to make them a commercial success. The startups that participate in the competition receive mentoring, funding, incubation, networking, and many other opportunities. There are prizes worth ₹80 lakhs for the winners along with the opportunity to present their idea at Expo 2020 Dubai.

Started in 1998 with a prize money of ₹50,000, Eureka! has grown rapidly to become Asia’s largest business model competition with more than 10,000 entries coming in every year. Many startups from Eureka! have gone on to become multi-million dollar enterprises.

Registrations for startups are open at: eureka.ecell.in

With a year of lockdown and restricted business activity, several problems have become prevalent in society. Eureka! envisions to bring out the best solutions to these problems in different sectors and provide the support that is needed by them to solve the woes of society. This year, the competition is divided into 7 different tracks:

1. Salesken Business Track: The Flagship track of Eureka!, the business track aims to help ideas develop into businesses that have the potential to revolutionize the world.

2. Swavalamban SIDBI Social Track: The Social track encourages ideas and B-models which cater to people closer to the bottom of the pyramid and envision the greater good of the society.

3. SBI General Fintech Track: The fintech track encompasses advances in technology and changes in business models that have the potential to transform the provision of financial services through the development of innovative instruments, channels, and systems.

4. Shell Sustainable and Affordable Energy Track: The Sustainable and Affordable energy track encourages startups that are working towards clean energy goals and providing alternatives to traditional fuels.

5. Godrej Agrovet Food and Agro Track: The Food and Agro track aims at supporting innovation in the field of Food & Agriculture industry. There is a lot of potential in this sector as the millennial generation is moving towards healthy eating habits while trying to retain the enjoyment of eating junk food.

6. Westbridge Capital Pan-IIT Track: The Pan-IIT track invites entries from startups founded by students or alumni of any of the 23 Indian Institute of Technology (IITs).

7. Gulf Islamic Investments Edutech Track: With the pandemic shaking up the entire world including the education system, transition to a digital mode has now become an absolute necessity rather than a mere technology-driven trait. This track has got education and innovation excellence at its core.

From a startup’s perspective, Eureka! is much more than a competition. It provides opportunities that enable startups to reach the best places and create an impact in the country. E-Cell IIT Bombay believes that for making India a superpower and taking it to the pinnacle of success, it is essential for us to support

our entrepreneurs. Eureka! is an initiative that empowers the best ideas and helps the progress of the country. So, if you think your idea has the potential to change the world, register now! Deadline for registration is 26th October.

Disclaimer: Business Insider is an insights partner for the event.

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