Have An Idea, Attend Manfest
IIM-Lucknow has come up with a unique opportunity for entrepreneurs to secure funding for their venture, reports Chetna Mehra
Entrepreneurs in India will now have one more opportunity to make it big. In an endeavour to encourage entrepreneurs in India, IIM Lucknow has come up with a platform 'Start-up Showcase' that allows entrepreneurs to showcase their business plans before IIM-L partners and angel investors. These panelists, in turn, will judge whether the ideas are credible enough. The winners will secure funding of up to $200,000 or about Rs 80 lakh. The contest will be organised in IIM Lucknow during Manfest 2008, IIM-L's annual fest, to be held from 11 to 13 January.
Startup-Showcase is an initiative started by Abhiyan, the entrepreneurship club of IIM Lucknow. The club, in its seventh year of inception, aims to promote an entrepreneurship culture in India. In course of time, Abhiyan has developed a network of valuable mentors across the globe, including successful entrepreneurs and venture capitalists.
"The Start-Up Showcase is open to all and this is the first time we are taking such an initiative," says Vaibhav Agarwal a team member of Abhiyaan. Till now, Abhiyan's 'Business Plan' contest was open only to students. "In fact, we have received three business plans so far," says Aggarwal. Interested participants are expected to send in an executive summary outlining their business idea. Broadly, the feasibility and innovativeness of the idea and opportunities for growth through market expansion would be tested. The last date for submitting the executive summary is 20 December 2007.
Abhiyan is organising the event in association with Seedfund, NEA-IndoUS Ventures, GEN, The Indus Entrepreneurs and Baring Private Equity Partners, which is also a part of Nirvaan 2008, IIM-L's entrepreneurship summit. The judging plan will include personalities such as Sanjeev Bikhchandani, CEO, Naukri.com; Anand Lunia, CFO, Seedfund and Rohit Agarwal, CEO, Techtribe, Nirvaan is an excellent opportunity for students and budding entrepreneurs to also secure mentoring on their business plans from India's best entrepreneurs. Seedfund, the leading associate of Nirvaan 2008 is a venture capitalist fund that has evolved according to the Indian business climate.
Winner of Nirvaan 2005, Prakash Mundhra founded a successful company 'Sacred Moments'. The company that produces a puja kit ' Blessingz', with the funding provided by IIML saw sales to the tune of 34 lakhs in less than six months.
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