Businesses from Singapore and north America will also be looped in for the initiative.
The Indian Institute of Management, Calcutta Innovation Park (IIMCIP) has aligned with the government's Startup India initiative to launch 'Smart Fifty -50 Solutions To Transform India.' Businesses from Singapore and north America will also be looped in for the initiative.
The project, being carried out in association with the Department of Science and Technology, will identify, recognise and reward aspiring and early-stage entrepreneur participants to present solutions that are SMART (Sustainable, Motivating, Affordable, Responsible and Transformative). The entrepreneurs have to come up with innovative solutions to transform India from a socio-economic perspective.
Organisers say that in the beginning, around 3,000 selected participants will receive startup kits and get to attend knowledge sessions. Of these 3,000 participants, 400 of them will be selected and they will get access to mentoring, funding and incubation opportunities. Through this platform, entrepreneurs and innovators will be able to network strategically and access seed funding.
Of the 400, organisers say that 40 SMART solutions will be selected from the regional or quarter final rounds (quarter-finals) while 10 such innovations will be chosen in the international rounds (Singapore, North America). These will make up the SMART 50.
The SMART 50 will get to attend structured multi-day Boot camp at IIM Calcutta Campus. Following this, a jury in the semi-finals will identify 10 innovators for the grand finale. The ten will then compete in Delhi before the jury selects the top three winning ideas.
Funding for top 50
Top 50 entrepreneurs will receive a seed grant of Rs 4 lakhs each, the Top 10 entrepreneurs will pitch for a total funding of Rs 10 crore.
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