Now, startups can take part in IIMB contest

New startups and budding entrepreneurs can now get a chance to not only be mentored by faculty at the Indian Institute of Management, Bangalore (IIMB) and industry experts but also receive a funding of Rs 10 lakh if they ace a national-level startup contest organised by students of the institute.

The Bzz Wings contest, organised for the past seven years by the Entrepreneurship and Innovation (EnI) cell at IIMB, was only limited to student contestants, who were given cash prizes. “ The contest will now be aimed at identifying ideas that are likely to be executed and enterprises that would be started on the ground, said Professor G Sabarinathan, chairperson, N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) at IIMB.

Entrepreneurs running start-ups for not more than three years and those who have not yet received Series A funding (first round of venture capital financing) are eligible to apply.

NSRCEL has incubated a number of start-ups in the City. This year, NSRCEL is involved in the A to Z of the contest, from its design to various other new aspects. Sabarinathan hopes that the “different approach” to the contest would attract participation from a pool of good quality and serious contestants.    

Soumya Patel, secretary, EnI, IIMB, said that a number of enthusiasts have already registered for the contest. “We are expecting over 170 registrations with a 50-50 ratio between students and those who have been running start-ups,” she said.

Top 60 entries, will be narrowed down to the top 30, 12, six and finally final two. The final two will receive Rs 10 lakh each as equity funding and an incubation offer.
DH News Service