FMS to hold business venture contest IEC 2009 from August to December, 2009

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MBAUniverse.com News Desk |
June 30, 1048
This year IEC received entries from Indian and international MBA schools, engineering colleges and corporates

After the success of International Entrepreneurship Challenge 2008, Faculty of Management Studies (FMS), University of Delhi presents International Entrepreneurship Challenge (IEC), 2009, a competition of independent business venture ideas. MBAUniverse.com is the 'Official Management Portal' of this event. The IEC is an initiative of the Entrepreneurship Cell of the Faculty of Management Studies, University of Delhi. The event will be launched on August 15, 2009.

According to FMS, the event is divided into four stages. The first stage will see the summary submission. The last date and results for the same are on September 20 and October 10, 2009 respectively. From October 10 to November 15, 2009, mentorship to selected teams will take place. The third stage will see the submission and presentation of the business plans. The presentation will take place on the first week of December, 2009 for which six to eight teams will be finalised. The final stage will belong to the venture capitalist funding.  

The mentors consist of experienced and high level corporate officials and entrepreneurs. The final rounds will be judged by a panel of eminent Board of Directors who would provide critical analysis to the teams of their business plans. None the less, the event will be a great learning experience for the participants, claimed official sources from Entrepreneurship Cell, FMS.

IEC 2008 was successful with participation of more than 350 business plans throughout the world. The winners received prize money of Rs. 1.5 lakhs along with funding offers for the business venture up to Rs. 1.42 crores.  The sponsors of the funds were Seedfund and Department of Scientific and Industrial Research, Govt of India. 

MBAUniverse.com was also the Official Management Portal of IEC 2008.

The event has a total budget of 15,000 USD. The finalists get a seed funding offer by venture capitalists, one month of business consulting by mentors and platform to network with venture capitalists and knowledge partners.

The Entrepreneurship Cell of FMS was started in 2005 in order to provide support people who have the passion to start their own ventures. IEC is the flagship event which went international in 2006 after the success of the National Entrepreneurship Challenge 2005 and got the merit of becoming the biggest B plan competition in India.