It
is hartening to know that 659 different ideas and innovations
actively participated in the Kaun Banega Udyogpati (KBU) contest
launched by the Centre for Incubation and Business Acceleration
(CIBA). Out of these, 50 reached the stage where they pitched their
presentation before a panel of judges to get selected for the grand
finale and finally
ten
qualified for the May 14th grand finale to be held in
Goa. A business plan competition looked at the business
model
along with the technical, financial and market feasibility. Kaun
Banega Udyogpati differed from a business
plan
competition as it focused only on the idea. The mantra was to work on
the innovative ideas with the available
tools,
pivot along the way and develop a hugely successful company. The
critical elements of business including building team, pain points,
value proposition,product development,go to market,customer
traction,competition,
business
modelling and funding strategies will be dealt with the support of
mentors along the way. Since March 2012,
the
Centre for Incubation and Business Acceleration (CIBA), has been
nursing young and budding entrepreneurs in
the
state of Goa. This is the second time that CIBA has launched such
talent hunt and in 2013 it was meant only
for
students, while this year it waas open for all. Prizes worth 25 lakh
will be awarded to the winners. This includes cash prize and seed
funding. Besides the cash award the winners will also be incubated
and mentored at CIBA for a
period
of six month to commercialise the product or their services. Yes, its
all happening in Goa, the state, which is normally equated by people
in India as a fun and frolic destination. The Department of
Industries and Commerce,
Government
of India has recognised CIBA, Goa as an incubator which is eligible
to recommend start-ups to help them avail the benefits under the
start-up India policy. In the past, more than 400 business ideas have
been reviewed by about 48 incubatees of which 23 have graduated and
five of them have bagged international awards. Mentioned below are
the profiles of the start-ups which have qualified for the grand
finale.
