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India Govt. Doles Out Rs.5 Crores to Support Best Entrepreneurial Idea
Source: siliconindia.com
Source Date: Monday, June 21, 2010
Country: India
Created: Jun 28, 2010

The Indian government will launch an initiative to support innovative business ideas from people by helping them to connect with mentors and investors. 'Power of Ideas' initiative, a public-private partnership, was first launched in 2009, in the middle of an economic slowdown, to boost sentiment and encourage India Inc to approach the slowdown differently.

The Department of Science and Technology (DST) will offer guaranteed funds of Rs.5 crore for the 'Power of Ideas' initiative, a public-private partnership, said an official statement.

The Centre for Innovation, Incubation and Entrepreneurship (CIIE) and the Indian Institute of Management (IIM), Ahmedabad, will evaluate every business summary that comes to The Power of Ideas 2010.

To ensure that more dreamers get to meet investors, CIIE has worked out a unique 10-day incubation programme at its campus for all candidates who make it to the final cut-off list of The Power of Ideas.

The Power of Ideas was first launched in 2009, in the middle of an economic slowdown, to boost sentiment and encourage India Inc to approach the slowdown differently. Over 12,500 business ideas were received and of these, 1,000 shortlisted participants were taken through Group Mentoring sessions and Elevator Pitches. A final list of 254 thus arrived at were put through a phase of one-on-one Mentoring prior to presenting their ideas to investors.

Till now, nearly 20 ideas have received funding and several more are in advanced stages of talks with investors. Not only was the programme rigourous in terms of the learning it offered, it also became - by virtue of the sheer number of business ideas received - the largest aggregation of outstanding business ideas. This year, the objective is to formalize the initiative, transforming it into an entrepreneurial ecosystem that will drive the economy forward.
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