ET’s Power of Ideas Initiative

In Classifieds by Ashish Sinha8 Comments

Economictimes has launched ‘Power of Ideas’ initiative – the idea is to encourage anyone and everyone with an idea, to realize his or her entrepreneurial dream.

Here are few questions that might help you in your decision of whether to share your ideas with ET panel or not:

Who can participate?

Indian residents aged 18 years or more (as on Feb. 20, 2009) can participate. You may have the germ of an idea, a ready business plan, or even a functioning start-up. If the only thing that is stopping you is a lack of direction or funds.

What about the confidentiality of the Business Idea?

The Power of Ideas does not ask for details of your business plan. During the initial stage, participants are required to provide information in a Business Summary format, only to help the jury filter genuine interest. All information shared through this programme will remain the Intellectual Property of the participant. The detailed terms and conditions on confidentiality and intellectual property are available on www.ideas.economictimes.com for your perusal.

More details on ET site

Last date for submission of your idea is Feb 20th.

Comments

  1. Stealth Mode

    Its in collaboration with IAN.
    Ashish, as you had pointed out in some earlier post, there are no real angels in India…especially if you are trying to do something unique…if you are a “me too” your chances are very high

    To my understanding such contest have become a good platform for some people to spend their time (as they have nothing much to do) and listen to ideas and may be copy a few innovations to adapt their plans and strategies or of the companies they have already invested in

    I dont have stats…if someone has please share:
    – How many participating companies ever got funded out of such idea competitions?
    – How many funded companies are really innovative/unique and not “me too”?
    – How many genuinely innovative companies are self funded (as per my knowledge its ~100%), most of the latest nasscom innovation award winners are!

    Dont expect funding…The best use of such contests is that you will get a back link that may help in SEO and some visibility ;)

  2. guru

    I agree with Stealth Mode – thats exactly my thought too.. I dont see any promise from the platform.

  3. Mukesh

    The good thing about these events is that you will get to see the main guy from VC firms (and not analysts).

  4. Quibble

    This programme has no mention of a contest. Why dismiss it when it’s yet done no wrong. Would like to believe that honest and noble initiatives havent died with true purpose arent dead yet.

  5. Dr.Smrutiranjan

    Actually , every business plan competition , or presentation , like power of ideas , the eureka , the intaglio , the IIPC , everywhere you go , one thing is common dont expect to be funded , if you are an innovative company , then there is a very few , or 0% chances of getting funded , because the Indian Investors , the Venture Capitalists , the Angel Investors are not the ones those who exist in Silicon Valley and those who have funded companies like Microsoft , Google etc.
    The good thing about this contest is they are trying to create a similar kind of ecosystem which exists in US , Europe , but until and unless as VC firms come forward to address the real issues of Indian Entrepreneurs , nothing is possible here ….
    I had attended a numerous business plan contests in India , for hellodoctor , one thing I got from that is some certificates , some feel good discussions, some networking but its of no use to me presently , no serious investors , investors talking about millions of dollar investment but buddy we are a start up we dont need this , the real issues what an Indian Entrepreneur is facing is not addressed , the same way you have to fignt , you have to get self funded , take calculated risk , like that
    One thing I will like to say that these Bplan Competition can sharpen your brains , make your business plan papers more effective , but for startup forget anything from these competitions , you have to depend on your own resources , own will , you have to fight the monsters inside your brain , and outside too … If you want to be an entrepreneur take the first calculated risk first , you are not a millionaire , you are there to make millions … If you dont have confidence on your own plan , and you are thinking If you are putting your own hard earned money then forget to get any investors ..

    Dr.Smrutiranjan Patanaik
    COO – hellodoctor24x7

  6. Sunil

    This is another example of how not to build half hearted and release half baked, untested participation gateway.

    1. When ‘accept terms…’ box checked, it says ‘pl enter only 250 words’. Each part of the business summary has a different word limit specified though.
    2. It expects to provide financials in a table but doesn’t support table formatting.
    3. After submission you can view profile (profile for them means the whole of business summary), which disregards all formatting, paragraphs etc. I wonder how anybody would make sense out of such a ‘profile’.
    4. Business summaries are supposed to be confidential. It’s reasonable to expect the participation gateway to be secure with encryption (SSL).
    5. Try to explore the participation trends – one single un scaled bar chart for age. Rest all – Power of Imagination
    6. View Participants – hanging bulbs with entries like ‘dfg dfg’, ‘test’. The ‘Power of Idea’ of having hanging bulbs and expect a user to click one bulb at a time (to know participants, if you dare)would surely qualify for creative innovation award….huh.
    7. The website says post any questions to etideas@indiatimes.com. When posted, all one gets is a standard ‘dear friend’ response…..Grrrrrr

    This makes one wonder, is anybody really serious about such programs or it’s just become fashionable to do something (however crap) in the name of promoting entrepreneurship.

  7. Murali

    I am also looking for the investors for my electric vehicle portal EVHUB.BIZ … but no breakthrough … till now

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