Entrepreneurship Cell, IIT Kharagpur is a student organisation established with the aim of fostering the spirit of entrepreneurship among college students in India. They are one of the most successful entrepreneurial organisations in the country with over 50 start-ups incubated within 8 years of our inception. They are playing a vital role in developing the upcoming startups into successful companies by taking a great initiation of conducting flagship competition namely Empresario, the Annual Global Business Model Competition, open for students all across the globe.
Founders go wrong when they start to believe that their business plan will materialize as written. As any seasoned entrepreneur and investor will tell you, the reality of the market will always be different. The direst of consequences follow when the startup fails. Hence, we need to have a more dynamic methodology for entrepreneurship than static business plans. This is why the Entrepreneurship Cell, IIT Kharagpur has sought to undertake a business model competition entitled ‘Empresario'(Visit www.ecell-iitkgp.org/empresario for more details).
Empresario is IIT Kharagpur Entrepreneurship Cell’s Annual Business Model competition where business ideas in all fields ranging from Product and Service, Product Design to Social get equal opportunity to win the prize and incubation money to the tune of INR 2.5 crore. The prizes and services for the winners as per the last year are worth 15 lacs INR. Previously, Empresario has been launched in association with TiE Kolkata, Mahindra Spark the Rise and Dell Social Innovation Challenge.
This year, Entrepreneurship Cell IIT Kharagpur & IBM are proud to present the new prestigious Empresario 2015 in association with International Business Model Competition (IBMC). The best entries in all categories will get an opportunity to participate directly in the semi-final rounds of IBMC 2015, which will be conducted abroad.
For the first round of Empresario, participants are required to fill up a questionnaire asking in brief about their Business idea and submit it. This questionnaire can be found on our website www.ecell-iitkgp.org/empresario . Deadline for the submission is October 20th 2014. Empresario is about recognizing that any new venture is just a guess at a problem / solution and the only valid way to test whether those guesses are right is to “get outside the building” and start working with customers.
A business model is designed to change rapidly to reflect what you find outside the building in talking to customers. It’s more visual, dynamic and it reflects the iterative reality that startups face. The activity of ‘validating’ the static guesses is more about actions and experiences than just thinking. Lean Startup principles are applied to radically compress the development cycle and take a prototype to jump start the learning process. Business plans often talk about what will happen in the future. Empresario is about what you learned by applying a Customer Development / Lean Startup / Nail It then Scale It process.
They will provide the shortlisted entries immense help in terms of mentorship and our winners also get a much sought after chance to pitch their ideas in front of some of India’s biggest. Empresario participants are mentored and supported by organisations like TiE ,NEN(National Entrepreneurship Network) etc
VCs and investors. Startup Services like legal advice, taxation, financial, technical aspects of running a startup, co-working space, HR needs, incubation opportunities, etc. are provided. One of the winners of Empresario’14, Betaglide also secured the largest funding among all the startups present at Rice Business Plan Competition.
Some of the past student startups who were winners of Empresario are:-
BetaGlide – A startup by students of IIT Kharagpur, is a mobile app testing platform that allows developers to gather information in real-time about the system usage and the behavior of their app to improve its stability and performance. It has recently won the Tech Transfer Prize (Mercury Fund Prize) at Rice Business Plan Competition and became popular internationally.
Roof For Two – A startup by a team from Massachusetts Institute of Technology, is a unique concept that can help solve the age-old problem of two-wheeler riders who ride daily through rain, sun and the cold. Roof for Two eliminates travel irritation with an affordable and stylish riding canopy.
The final rounds of Empresario 2015 will be held during GES’15.