The event goes through 3 rigorous rounds, starting off on November 24th, 2008. With seed investments to the tune of Rs. 1 Crore being made available, the event is seeing students and professionals from across India pitching forth their business plans.
The focus for i2I 2008, is not only on assessing the business concept, but the team's sincerity and seriousness as well, says IIM C. The best ideas and teams are selected by a detailed procedure starting with the submission of a business summary with a team profile and statement of purpose, followed by a 'Pitch' to a panel of investors/judges in each zone – Delhi, Mumbai, Calcutta, Bangalore. The top 10 teams from all over the nation shall be mentored by experts and the process will culminate into a grand finale in Kolkata on February 1, 2008, with a panel of seed investors looking to make deals.
i21 2008 is being held in partnership with the Indus Entrepreneurs (TiE), National Entrepreneurship network (NEN), and Seedfund. Says IIM C, "In its new avatar, i2I moves away from the traditional business-plan competitions which end up reducing to essay competitions with the rush for the cash prizes and no inclination to really start up."
Seedfund, the investing partner, has funded redbus, printo and carwale among others. According to Anand Lunia of Seedfund, even start up plans that are right now only on paper stand a chance to get funded, so people in jobs thinking of leaving to start-up as well as students seriously looking at starting up right after education can take this as a serious opportunity.
The National Entrepreneurship Network, with its prominent presence across 282 member institutes across the nation and relationships with corporate leaders, is going to be extensively involved in increasing outreach as well as providing access to jury and mentors and other experts for the contest. According to Laura Parkin, the Executive Director at NEN/Wadhwani foundation, "NEN is delighted to partner with IIM Calcutta for i2I, one of the leading business plan competitions in India. This year, there is a new level of excitement to i2I. By offering winners the chance to receive investment funds, IIM Calcutta has taken business plan competitions out of the classroom and into the real world, thereby creating a valuable platform for new entrepreneurs. NEN is delighted to be supporting this unique initiative alongside TiE and Seedfund."
