IIM Calcutta launched business plan competition i2i 2008, INR 1 Cr as seed funding
December 10, 2007 | In: Uncategorized
The Entrepreneurship Cell of IIM Calcutta has announced its business plan competition- i2I 2008 – “ideas to Implementation 2008″ which is being held in association with The Indus Entrepreneurs (TiE), National Entrepreneurship network (NEN), and Seedfund. This business plan contest is open to not only students but also to working professionals, thus giving seed / early stage startups to reach out to VCs/ Investors directly and secure that first round of cash which makes all the difference between to be or not to be.
In India where private equity markets has taken off like anything, angel / seed or early stage investing is still at a very nascent stage despite all the talk, and these business plan competitions help to fill this space and provide much needed platform to stratups to approach investors as otherwise the only way a entrepreneur can reach a VC is by mailing his 10 MB business plan with 60 slides and 10 pages of excel sheet to firstname.lastname@example.org which is never opened as some bored secretary religiously delete these 100 mails per hour.
i2i business plan competition which stated way back in 2001 (incidentally I was involved with i2i in 2001 as a mentor to one of participating team from SPJIMR) has come a long way since in terms of scale, scope and of course prize money or say seedmoney. For more details check out http://www.iimcal.ac.in/i2i/home.htm
Some of important points related to i2i are as follows
How is i2I different from any other b plan competition in the country?
a.i2I’08 is open to students as well as working professionals, a somewhat greater chance of concepts and plans idea to transform into a start up venture.
b. i2i does not just assess the business plan but the team profile and the seriousness and sincerety to actually startup, taking away the academic nature from the contest, to usher in enthusiasm, and serious business
c. i2i does not offer cash prizes to the best business plan but seed investment to the deserving entrepreneurs. The real money comes to you only if you really start up. Entrepreneurship is serious business and i2I means business. As a partner, Seedfund may offer startup investments up to INR 1 Crore and above, to plans which have not gone even into execution mode. With their stellar track record of investments and returns hitherto, we can already see some deals all set to take place at i2I ’08.
d. Typically, in a real startup process, a complete business plan takes time to evolve and requires expert assistance. With i2I, the first and second stage don’t demand a comprehensive business plan and the finalists are coached and mentored extensively by a panel of relevant experts from different walks of life. The resources made available in terms of inputs from our jury panel about their expectations and key parameters shall help students learn to match the level of their working counterparts and stand a real chance to win in the investor marketplace.
The team actually interacts with a judging panel during its second stage, which will be a round of 10 minute presentations. This will be held across 4 cities, and will help in enabling a thorough and systematic filtering process.
Stages of i2I ’08:
Launch of the event: November 24th, 2007
Stage 1: Submission of Executive summary with team profile and statement of purpose
Deadline: December 14th, 2007
Announcement of selected plans: December 31st, 2007
Stage 2: A pitch to a panel of investors in your zone – Delhi, Mumbai, Calcutta, Bangalore
Pitch: January 14th, 15th (in Bangalore, Bombay, Calcutta, Delhi)
Announcement of teams for the Grand Finale: January 16th, 2007
Mentoring: Mentoring of the final 10 teams: January 16th – January 31st.
Stage 3: Grand Finale – A detailed presentation to a panel of investors
Grand Finale: February 1st, 2008