In pursuit of innovation, we are back with #GotanIdea challenge 2017 (season 2), in association with Society for Innovation & Entrepreneurship in Dairying (SINED), TBI, NDRI, Karnal, to find, nurture and grow original thinkers and innovators. We are always seeking to innovate, learn & interact with our startups. Since its inception in October 2015, Aarambh has helped 3 of its startups close seed round successfully and three more are undergoing acceleration at its Gurgaon office.
There is a new breed of early-stage startup SMEs (Small & Medium Enterprises) struggling between debt & equity. This year #GotanIdea challenge is trying to address this equity gap among Startup SMEs in INDIA. We are trying to fill the gap created by seed stage VCs and Banks / FIs attributed to the risks associated with early stage Startup SMEs & NPAs respectively.
#GotanIdea challenge is designed by keeping the concerns of all stakeholders viz startups, investors, and an accelerator. Prospective investors and Aarambh work together right from the first round. The six months acceleration program is executed in association with prospective investors. This also helps investor defining the road map of their potential investee company.
For a startup, it generally takes 4-5 months to close an investment. #GotanIdea challenge gives startups this opportunity to utilize this time to make their ventures investment ready and that too under the mentorship of their potential investors.
- Startup SMEs (Small & Medium Enterprises): Start up SMEs involving innovations & new technologies and require upfront investment in CAPEX. Fast growing SMEs which are commonly dependent on traditional debt and are unable to access alternative sources of capital like angel fund/venture capital fund.
- Startup SMEs meeting the following criteria:
- For profit businesses and/or social enterprises o Within 6-12 months of starting up.
Within 6-12 months of starting up.
Startup SMEs having any of these three:
- Business Innovation: Business innovation ranges from the radical innovations (in product, services, processes) that shake up entire industries to the many small innovations that perfect the execution of already successful organizations.
- Technology: Application of new, radical & affordable technologies.
- Design: Application of innovative design into products / services / processes.
- Startup SMEs working in fast growing & dynamic sectors viz media & entertainment, emerging technologies, life sciences, health care, biotechnology, food & agriculture and manufacturing.
- FIRST PRIZE: The winner of #GotanIdea Challenge shall receive INR 15 lakhs as seed funding (at a valuation mutually agreed between the startup & Aarambh ventures)
- SECOND PRIZE: INR 5 Lakhs as seed funding (at a valuation mutually agreed between the startup & Aarambh ventures) for the startup working in the domain of Dairy / Food Processing / Bakery / Food Technology.
The funding shall be linked to a unique milestone & mentoring based investment strategy spread over a period of 6 months. Post 6 months, the winner will also have the opportunity to pitch to Aarambh’s partners for an investment up to INR 50 Lakhs.
|Friday, May 05, 2017||Applications open|
|Monday, May 29, 2017 – Tuesday, May 30, 2017||–||Etrepreneurship Camp at NDRI, Karnal|
|Sunday, June 11, 2017||Last Date for Registration and Application Submission|
|Monday, June 26, 2017||Results of Screening Round Announced|
|Wednesday, June 28, 2017 – Tuesday, July 04, 2017||One – on – one mentoring|
|Monday, July 10, 2017||Last date for Final Plan & Pitch Submissions|
|Saturday, July 15, 2017||Final Presentations & Evaluations ( In Person)|
|Saturday, July 15, 2017||Announcement of Winners|
|Monday, July 24, 2017||Acceleration Program Starts at Aarambh Ventures|
The final pitches will be evaluated in each of the following areas (also see Judging Rubric)
- Business Innovation / Technology / Design
- Market Opportunity
The event is being organized and managed by Aarambh Ventures. Aarambh is providing the infrastructure that enables applicants to submit their ideas and plans online and lets mentors and judges to screen, evaluate, and provide feedback in a coherent manner. More information on AV platform and how to use it effectively can be found at www.gotanidea.aarambh.ventures
To register and submit the application for #Gotanidea 2017 click on www.gotanidea.aarambh.ventures/apply. For general information and questions please visit www.gotanidea.aarambh.ventures. Email your questions to [email protected]
- Register and create an account at www.gotanidea.aarambh.ventures. This will let you revisit and update your application as many times as you like till the final submission and also receive the feedback. You will also receive a FAQ to help you in using the system.
- Submit your application from your registered account.
- All entries will be screened for completeness and eligibility requirements. The qualified entries will be reviewed in the order received and feedback.
- About 10 entries will be selected to advance to the next round based on reviewer feedback.
- All teams are required to undergo one-on-one mentoring sessions to receive focused coaching and mentoring to help them further refine and develop their plans and pitches.
- Each team will make a presentation in person at a location at Aarambh’s office in Gurgaon to the Judging panel. The panel will consist successful entrepreneurs, domain experts, academicians, investors and industry veterans.
- The Judging Panel will evaluate the pitches and the financials and determine the winner.