The EDI-NEN “Innovative Ideas” Competition

E-week India 2013

Announcing The EDI-NEN “Innovative Ideas” Competition

Encouraging innovation is the first step to win the future of a country. India's future growth will have to come from new industries that create new products and processes. The only durable strength we have that can withstand the downturns of economic crisis is — innovation.
E Week 2013 theme of “Innovating for India” will focus on fortifying India’s innovation to enhance productivity and will play the role of a catalyst in bringing creative and effective innovations to the general public. This platform will recognize and promote creativity where innovative ideas can be proposed, shared and disseminated.
Now is the time to unleash more brilliant innovations like these!
For the first time, The Entrepreneurship Development Institute of India (EDI) and National Entrepreneurship Network (NEN) come together to launch the “INNOVATIVE IDEAS” competition. Students will share ideas of new products, services and technologies that can become the foundation to new businesses!


About the competition:
The Innovative ideas competition encourages student teams to develop and implement projects that will make a positive change to the economy. Entries will be judged based on the innovation, feasibility, and impact on community.

Who is eligible
? Student innovators from all colleges (engineering, B-Schools, others) with great ideas of new products, services and technologies are strongly encouraged to participate.
Ideas can be submitted by a team of minimum 2 students (maximum 3 and not more) 

31st January , 2013 Submission of ideas for competition Entries to be submitted in the specified format (Download Form) and sent to
4th February, 2013 Top 10 teams selected to participate in the 2-day Final event at EDI, Ahmedabad Institute or selected participants will have to bear the travel cost for the final event at EDI
EDI will sponsor the accommodation and food for the top 10 team members 
7th- 11th February, 2013 Top 10 teams are connected to mentors to improve and work on their ideas and presentation EDI and NEN will provide the required mentors based on domain area
15th-16th February, 2013 Final 2-day event:
15th Feb: Workshop on “Opportunity evaluation” , “Business Model, Business Planning”
16th Feb: Final presentation of ideas before  expert panel
Presentations have to be made based on suggested framework

The expert panel will comprise of entrepreneurs, experts and investors


Criteria for evaluation and judging:
Teams for final presentation will be selected based on the following:
  • Need of Product, Service or Technology: Perceived vs Real need of the product/service/technology in the current market scenario
  • Uniqueness/Innovativeness of Idea: Creativity and originality of approach taken for converting the idea into a business opportunity
  • Market Analysis:  Clarity of  who is the target audience and customer, potential market size  and competition
  • Feasibility of the Idea: Viability, practicality of innovation and financial feasibility, risks involved
  • Clarity of Value Proposition: How does it create value for the customer and why would the customer want to buy this over any other competitor

 

What do winners get:

  • Certificate: Top 3 teams get Winners certificate
  • Networking: Interact with entrepreneurs, experts and investors. It’s a great place to meet new people and share the excitement of creating new solutions.
  • Mentoring Support: Mentoring will be provided to the Top 3 winning teams by experts, faculty and entrepreneurs from NEN Mentoring Platform or through EDI.  This can be through one-on-one sessions, conference calls or chats, based on geographical presence of mentor-mentee.
  • Opportunities for Funding: Based on EDI’s and NEN’s discretion as to strength and scope of the innovative idea, team’s with strong path-breaking  and impactful ideas will be connected to relevant investors to take the idea forward
***Apart from the winners, all other participants of top 10 teams get Certificate of Participation

Guidelines to participate:

1. Team of minimum 2 or maximum 3 can participate- please provide team details as required in the Idea submission format
2. Ideas need to be submitted  in the specified format only
3. Idea submission  must cover the following:
  • The idea and the need: Describe the idea in terms of an unfulfilled need or existing gap in the current market scenario and how the product/service/technology will overcome that
  • What is unique about the innovation? How does it demonstrate a substantial  difference from other initiatives in the field
  • Market Analysis: Analyse the market potential of the product/service in terms of size and competition/technology, customers, who is competition
  • Feasibility of the Idea: Financial feasibility and viability. Identify risks involved in realizing the idea and implementing as a business
  • Value proposition: Elaborate the value for the customers and how the idea differentiates itself from rest of the competition
4. Entries must be submitted on or before 31st January 2013. Please mail the same to
5. Top 10 teams selected to participate in the final event will be announced on 4th February 2013
6. Final event is on 15th-16th February 2013 at EDI, Ahmedabad
7. NEN does this by building institutional capacity and a robust entrepreneurial eco-system
About E Week India:

For one week, lakhs of people across the country will come together to celebrate Entrepreneurship Week India. Designed to build public awareness and support for entrepreneurship, E Week India
focuses public attention on today's biggest opportunities and encourages participants to reflect on their role as leaders and innovators. The campaign is led by the National Entrepreneurship Network and supported by the Wadhwani Foundation.

By far the largest entrepreneurship activity in the country, E Week's dramatic results in the past - building support for entrepreneurs - is encouraging ever more participation. This year's E Week is set to engage over 7,00,000 participants. The campaign will see active involvement of more than 30 organizations that support entrepreneurship; corporate entities; industry captains, experts, non-profits, and faculty leaders to inspire, encourage, and guide students.

About Entrepreneurship Development Institute of India (EDI):
  • An autonomous body and not-for-profit institution, set up in 1983
  • Sponsored by apex financial institutions, namely the IDBI Bank Ltd, IFCI Ltd. ICICI Ltd and State Bank of India (SBI)
  • EDI’s vision is to become a catalyst in facilitating emergence of competent first generation entrepreneurs and transition of existing SMEs into growth-oriented enterprises through entrepreneurship education, training, research and institution building

 

About National Entrepreneurship Network (NEN):

  • NEN represents India’s largest and most vibrant entrepreneurial community
  • The backbone of the NEN Community comprises of more than 500 member academic institutes with 1200 entrepreneurship faculty and 400 student E Cells
  • The National Entrepreneurship Network  inspires, educates and supports high-potential entrepreneurs to create high-value jobs