PARTICIPANT USER MANUAL

Contents
1. What is Eureka! 2. What is a Business plan? 3. How do I participate? 4. Eligibility Criteria 5. Competition Rules 6. The Competition Process 7. What should I include in my Questionnaire? 8. Judging Criteria 9. What investors look for in a Business Plan? 10. Incentives 11. What if I dont win? 12. Confidentiality & Intellectual Property 13. Prize distribution 14. Terms and Conditions 15. Contact Us
3 4 4 5

6
7 7 8 9 9 11 12 12 13 13

What is Eureka! ?
Welcome to Eureka! 2011-IIT Bombays Business Plan Competition. We appreciate your interest in participating in this years event, organized by the Entrepreneurship Cell at IIT Bombay. About Eureka! The Entrepreneurship Cell, IIT Bombay believes that the only way in which India can become a strong, stable and sustainable economy is through the path of entrepreneurship. In order to promote this vision of promoting entrepreneurship in India and the world, E-Cell organizes Eureka!, an international business plan competition. Eureka!, provides a platform for potential ideas and early stage start-ups to evaluate their plan in the risk-free environment of a competition. It also aims to bridge the gap between ideas and the realization of an enterprise. Eureka! has been independently recognized as Asias largest Business Plan Competition by CNN and Thomson Reuters. Being a platform of this magnitude, participation in Eureka! also provides considerable networking opportunities with other entrepreneurs, mentors and investors. Establishing ones own start-up is a time-consuming process and the fundamental business idea needs to be carefully moulded and nurtured before it evolves into a successful start-up. The Entrepreneurship Cell, IIT Bombay takes this into consideration and hence rather than restricting Eureka! to a format where people enter the competition with their B-plans, trying to clinch the top spot and exit with their prize money as winners of the competition. Eureka! has a different format where the competition goes on for a duration of 5 months from September till end of January and during this period they receive intensive as well as extensive mentoring, which enables them to refine their b-plan during the course of the competition. Some of our past mentors and judges(link) include Satish Kataria(M.D., SpringBoard Ventures), V.S.S. Mani (Founder of Justdial), Paul Basil (Founder & CEO, Villgro), Sasha Mirchandani (CoFounder, Mumbai Angels) among others. Eureka! Social With a vision to promote social entrepreneurship among the community and to encourage development of innovative technologies & ideas that add value to people at the bottom of the pyramid (BoPs) and/or the environment, this year a new dimension has been added to Eureka!Eureka! Social. It will run as a parallel competition, with the entries being submitted, mentored and evaluated separately.

The incentives Eureka! 2011 offers are: Prizes worth over INR 2.4 million. A chance to pitch your plan in front of leading angel investors, venture capitalists and industrialists from reputed firms like Mumbai Angels, TiE, India Nivesh, GrowVC among others. An opportunity to be mentored by successful seasoned entrepreneurs, experienced industry professionals and faculty. Networking opportunities with potential partners, freelancers, investors and world class entrepreneurs. Financial and Legal Consultancy on the prospects of the business plan. Incubation opportunities for social ventures in various Incubation centres like UnLtd India, Villgro and others. Content rich feedback on the business model from world class entrepreneurs, investors, and professional service providers on our Judging Panel.

What is a Business Plan?

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. It is a document mapping the companys future course of action and projections. A well-structured business plan should encompass the following aspects: Executive summary Innovation and Value proposition Business environment Analysis Industry Background Market potential and Market strategies Competitor Analysis Business Model Financials and Cash Flow Sustainability and Expansion Plans Operations Plan Team/Board-of-Advisors

How Do I participate?
To participate in Eureka!, visit our website www.ecell.in/eureka and register with the name of your Team Leader. You would be provided with your personalized portal for Eureka! and you would be required to fill up our initial Questionnaire to submit your entry.
4

Eligibility Criteria
Basic Eligibility Criteria: Students (Graduates and Undergraduates) and Working Professionals across the world are eligible to participate. Individual participation is allowed in the Competition though participation in teams (maximum to 7) is encouraged. Teams which have their company/startup registered for more than a year (i.e. registered on or before 31st august 2010), are not eligible to participate in Eureka! 2011. Entries must be the original work of the participants i.e. team members competing must be the principle owners of the venture.

Eureka! Social Eligibility Criteria The plan should solve a critical social problem in an innovative, transformational manner. The mission and practices of the venture must focus on quantifiable social return. The venture must be for-profit and financially viable and sustainable; non-profit entries will not be accepted. Winners advancing into the semi-finals of Dell Social Innovation Competition must be a student entry and it should abide by the eligibility criteria laid down by Dell Social Innovation Competition on http://www.dellsocialinnovationcompetition.com/Eligibility Entries eligible for funding opportunities by Grameen Creative Lab should fall under the criteria of Social Business as defined by the respective organization on http://www.grameencreativelab.com/a-concept-to-eradicate-poverty/7-principles.html Enteries eligible for incubation opportunities at UnLtd India should abide by the eligibility criteria as defined by UnLtd India. For more information visit http://www.unltdindia.org/ Enteries eligible for incubation opportunities at Villgro should abide by the eligibility criteria as defined by Villgro. Visit: http://www.villgro.org/ for more details.

Qualification for Special Awards Technology and Sustainability Development Award (An initiative by IIT Bombay Class of 1985)

The Team should provide an innovative solution to a critical problem in an underdeveloped emerging market. The technological product should benefit the underprivileged communities and at an affordable price. It should be a superior approach compared to a present solution (if it exists), in solving the same business problem The product should be sustainable in long term financially and have direct benefits to the lower sections of the society.
5

Best IIT Bombay Entry Award (An initiative by IIT Bombay Class of 1985) Only the teams from IIT Bombay campus which may include employees, faculty and students currently enrolled in its academic programme are eligible to participate. The prize is sponsored by the IIT Bombay class of 1985, and thus the participating team should also satisfy any other criteria as and when put forward by them.

Competition Rules
Participants will have to register online only at the Eureka interface. There is no offline submission of the B-Plan. Once registered, you can proceed to the Submission of your Questionnaire, which is to be done online. An individual or the team of individuals can participate but the number of members in a team should not exceed 7. One can change the team information and other registration details by logging into the edit registration page. One can even add a team member or drop someone. This facility will be available till the last date of submission. Participants must answer each question in the Questionnaire during the first round. The Questionnaire can be submitted/edited up to the last day of Submission i.e. 1st October 2011. It must be noted that the last submission would be considered as the final submission for the team. Teams which have registered their company/startup for more than a span of one year (i.e. registered on or before 31st August 2010), are not eligible to participate in Eureka! 2011. Teams for Social Sector who have registered their company/startup before a span of the last one year, are not eligible to participate in Eureka! 2011. Participating teams can take part in other business plan competitions as well. A participating team can submit more than one Business Plan. But, the team will have to register separately for each B-Plan it submits. Entries need to have an innovative value (an innovative concept provides a solution for a new need, or offers a new way of fulfilling an existing need or the concept makes a clear advancement compared to existing products, services or technologies) Participating teams if not in consent with a university or institute must be the intellectual owners of the concept. The knowledge and/or the essential quality of the company that will be started up must have the consent of the owner(s) for the exploitation of the concept. Participating teams should register online for the first round and should always use their registration code for any future correspondence. Entries submitted after the deadlines will not be considered. The name given to the Idea/Entry shall not be changed for the second round. However any change in name for the third and final round can be done by bringing it to the notice of the organizers, stating the reference number for the entry.

The judges, mentors and the organizers will take the utmost care in handling the entries, and will guarantee the utmost confidence. Every contestant must agree with the rules of the contest and must agree to accept the declaration of confidentiality. Contestants must agree to accept that their registration form and other entries will not be returned to them, and accept that their personal data will be available for statistical purposes. Entries remain the property of the legal owner. All conflicts subject to jurisdiction of Mumbai Courts only.

Competition Process

What should I include in my questionnaire?

The questionnaire of Eureka! is so designed that compiling the answers to the questions would create an executive summary of Idea/Business Plan. A participant is expected to answer all questions in the questionnaire in detail. For more details read sample questionnaire in our Resources section.

Judging Criteria CATEGORY Business Concept/Opportunity DESCRIPTION DESIRED

Identify loopholes, problems in Generates interest, fascinating, high the system. Find out the narrow growth and realistic line you would walk on Describe the product or service Complete description (eg. Prototype explanation followed by list of approving agencies)

Product or Service

Competitive Advantage

Analysis of existing competitors strengths and Patented product or service, first to weaknesses, description of why enter the market, lower cost structure your product is better How big is the size of the market? What are the growth Large or rapidly expanding market prospects? Entry and Exit suited for high expected profits barriers Is the product a necessity or a High customer value, possibly luxury? What are the benefits supported by market survey, list of to the customer? first customers with feedback if any Who is the target customer? Requirements of the customer and how your product addresses those demands. Clearly defined target groupgeographic expanse, income group etc., clear understanding of the customer needs and expected response

Market Size

Customer Value

Customer Segment

Revenue Model

How will profit be generated? Justified projections and short term Marketing and Sales Channels. goals. Vivid plans for marketing and Short term goals sales. What is the initial investment Justified investment required? Expenditure planning of expenses. projections for 1-3 years. value. Clear

Finance Analysis

Team

Team covers all major areas, Detailed account of the team experienced team members with members complementing skill sets On the whole, highly attractive and persuasive in all aspects. A business concept with great potential, clear prospects for success, and an inspiring presentation
8

Business Plan on the whole

What investors look for in a Business Plan?

Is thebusinessopportunityaspresentedbothhighlyattractiveandclearlyrealistic? Isthebusinessdefensiblefromcompetitors? Whatisthebusinessmodel? Whatcomparisonsaretheretopastsuccessstoriesthatindicatethisventurewill succeed? Whatistheamountofupfrontcapitalinvestmentrequired? Do themarket andfinancialprojections demonstratethat the team understands its business? How long will it takefrom thecurrent stage of development to bring the product to its market? Canthisventureachieve aleadershippositioninitsmarket? Hastheteamgoneouttothemarketalreadytotestitsideas? Whowillbethefirstcustomer(s)? Istheteamofsufficientbreadth, balanceandqualitytomakeitsideashappen? Willtheegoofthefounder(s) getinthewayofsuccess? Istheteamfocusedonitstargetmarket? Whatistheexpectedtimeandamountofpayofftoinvestors? Isthereaderfamiliarwithandinterestedinthegivenmarketspace? Istheplanclearandwellwritten? Doestheteamhavethenecessarycommunicationsskillstopresentacompelling story? Aretheteammembersdedicatedtotheventureandtheirrolesinthegroup? Doestheteamhaveaclearplanforspendingtheinvestmentmoneyitreceives? Whywillthisbusinessstillbearoundandarealworldwinnerin5years? HaveyouconsideredprotectingyourbusinessIntellectualPropertyassets?

Incentives
Cash Prizes: Business Winner Runner-up

INR 5,00,000 INR 3,00,000

Social Winner Runner-up INR 1,00,000 INR 50,000

Special Awards Technological and Sustainable Development - All entries will be evaluated on the criteria put forth by IIT Bombay Class of 1985 and the best entry will be awarded INR 3,00,000. Check out the eligibility criteria for more details. Best IIT Bombay Entry - A special prize money of INR 75000 to best entry from IIT Bombay residents (includes students currently enrolled in its academic program, faculties and employees)

NOTE: These awards are in addition to other prize money. A team does not have to make a separate entry to avail for these awards. All entries will be judged and the best among them satisfying the criteria will be given the award. An entry can also get both first prize money and one of the above awards. General Incentives Angel Funding: Eureka! finalists will receive a chance to pitch their plan in front of a panel of Angel Investors and Venture Capitalists from organisations like: Indian Angel Investors Inventus Capitals Sidbi Ventures Gaja Capital Cannan Partners Navam Capital Seedfund

This pitch to the venture capitalists, normally involves a several months process where there are 4 plans selected out of all applications every month. Through Eureka!, teams will get direct entry to this pitch. Mentoring opportunities: Intensive mentoring will be provided to top 50 teams (Eureka!) and top 25 teams (Eureka! Social) by seasoned mentors (of a sector as requested) and business experts. This will be starting from 4 November till the executive summary submission. The top 10 entries will continue the mentorship program for the final business plan presentation formation. All the finalists will be eligible for continued advanced mentoring after the Eureka! finals. Mentors Meet: The top 50 teams (Eureka!) and top 25 teams (Eureka! Social) will meet industry experts, business advisors and consultants in the month of December wherein they can get feedback on their business plans before final executive summary submission. Query Solution Platform: Participants get a chance to get their queries answered even during the formation of the B-Plan from the panel of experts for the better execution.
10

Business Specific Incentives Consultancy opportunities: Top 50 teams from Eureka! will receive seminars on Legal and Financial issues for their B-Plans from the field experts like Nishith Desai and Associates. The top 50 teams will have an opportunity to interact with eminent lawyers and CA's and the top 3 winners to get exclusive hours of consultancy one on one by these firms. Free 3 months/25 hrs of custom training and intensive mentorship program will be provided to the Eureka! 2011 winner, by Nurture Talent Academy. Startup Paathshaala: A 12-hour extensive startup training program inclusive of a startup kit and certification (worth INR 4000), powered by Nurture Talent Academy, will be offered free of cost for 1 person from each team at the time of Mentor's Meet. More people from the teams can be accommodated on the basis of availability of seats. Social Specific Incentives Incubation opportunities: Eureka! Social provides a platform to its top teams to get incubated in the reputed social entrepreneurship promoting organizations. Dell Social Innovation Competition: The top 3 winners of Eureka! Social will automatically advance into the DSIC semi-final Round. This will allow these prequalified students to compete for a position in the DSIC Final Round. All semi-finalists in the DSIC are matched with mentors from around the world, who will advise students on their venture plan and video pitch. The overall winner of Eureka! Social will be sponsored to attend and featured at the 2012 DSIC final event in Austin. The teams should satisfy DSIC criteria. For more details on eligibility criteria visit http://www.dellsocialinnovationcompetition.com/Eligibility UnLtd India: Top 3 teams will receive a chance for incubation, subject to the qualifying criteria specified by UnLtd India. For more information visit http://www.unltdindia.org/ Villgro: The best entry that supports rural development will receive incubation subject to the criteria specified by Villgro. Visit http://www.villgro.org/ for details. Grameen Creative Lab: The top Eureka! Social winners will receive funding opportunity by Grameen Creative Lab subject to the satisfaction of their eligibilty criteria. For more information visit http://www.grameencreativelab.com/a-concept-toeradicate-poverty/7-principles.html

What if I dont win?

EvenifyoudontwinaprizeorgettotheSemifinals, being a part of Eureka! would enable you tofurtherrefineyourideaorworkonanotherideatotakepartinnextyears competition or even tostart up your company if you areready. Also, Eureka! provides the participants with excellent mentoring and networking opportunities with the business community,andqualityreviewsandsuggestionsfromexperts.

11

The stages in the competition should be considered as a stepping stone for realistic achievements in the business community. Through the competition and our catered activities it will be possible for the entrepreneurs to further refine their business bringing it one step closer to success. Do check out our website for updates on entrepreneurship and the webcasts of our other events. Also, check out the resource section on our website for articles, videos and training material which you may find useful in your journey as an entrepreneur.

Confidentiality & Intellectual Property

Each team is solely responsible for securing and protecting its intellectual property rights. Please consult with counsel before entering the Competition regarding protection of any intellectual property rights your team may have. By entering Eureka!, each team grants to The Entrepreneurship Cell, IIT Bombay a license to review their submitted materials during judging. By electing to participate in Eureka!, each participating team and all of its team members agree to allow The Entrepreneurship Cell, IIT Bombay to use their names and information regarding the teams business, and prize information in publicity and marketing efforts throughout the world, without any compensation or prior review unless specifically prohibited by law. All submissions must be a Teams original work product that does not infringe upon the intellectual property, any other legal or moral right of any person or entity and does not otherwise violate any laws, rules, regulations, or agreements entered into by the team or individual team members.

Prize Distribution
The total cash prize distribution for the prize winners will be done in three stages. Proper auditing at intermediate stages will be done to ensure that the prize money is appropriately used to take the venture forward. The entire prize money for Eureka! Social and Best IIT Bombay entry shall be disbursed on the day of finals itself. Eureka! Finals 25% of the prize money will be awarded to the top 2 teams of Eureka!as well as the best entry in the Technology and Sustainable Development category, at the time of declaration of results on the day of the finals.

12

Presentation: Stage I Within a period of 3 to 6 months after the date of declaration of results, the teams will be required to submit a detailed report of their progress to the Entrepreneurship Cell, IIT Bombay. The report would be evaluated by our panel of judges. If the judges declare that adequate progress has been made, a further 25% of the award will be released. By this time, the team must also have registered their company. If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize. Presentation: Stage II The teams will be required to submit a second detailed report of their progress, which will again be verified by our panel of judges. The teams must also submit an account of their expenditure for the prize money they would've received till date, at least 2 weeks before the presentation. The Entrepreneurship Cell would have this account audited. If the judges declare that adequate progress has been made in the venture, the remaining 50% of the cash awards will be disbursed. If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize. The Entrepreneurship Cell, IIT Bombay holds the right to withhold or disallow the prize money, if the team is found to be faking its progress or if the prize money is being used for a purpose other than funding the venture and its growth.

Terms & Conditions

The Entrepreneurship Cell, IIT Bombay is not responsible or liable for submissions that are not successfully submitted by the end of the applicable submission period. The Entrepreneurship Cell, IIT Bombay reserves the right to disqualify or prohibit from participating in Eureka! any team that makes a submission that, in the sole discretion of The Entrepreneurship Cell, IIT Bombay does not comply with these Competition Terms or violates the spirit of Eureka! as a competition. By entering the Competition, each Team and its individual members agree to be bound by the Competition Terms and accept as final any decisions of The Entrepreneurship Cell, IIT Bombay including determination of the winners of Eureka!, and further agrees that the interpretation of any ambiguity or error in these Competition Terms, or the Competition itself, shall be resolved by The Entrepreneurship Cell, IIT Bombay in its sole discretion.

Contact Us
For any other queries or information pertaining to the competition kindly e-mail us at admin@ecell.in

13