The Hindu : Tamil Nadu / Chennai News : A contest to create social entrepreneurs

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Saturday, Feb 23, 2008
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Tamil Nadu

Tamil Nadu - Chennai

A contest to create social entrepreneurs

Special Correspondent

CHENNAI: While entrepreneurship is a buzzword in Indian corporate circles, ‘social entrepreneurs’ are harder to find. Indian Institute of Technology-Madras (IIT-M) aims to create such social entrepreneurs through Genesis, a business plan contest, which is being launched with a series of lectures and workshops on the theme this weekend. Over 140 teams from across India and the world have already registered to participate in this third edition of the contest that requires them to come up with a viable business plan for a socially relevant idea. Apart from the Rs.3-lakh prize money kitty, the contest, sponsored by Tata Consultancy Services, will give the top three teams the chance to turn their ideas into reality.

‘Genesis’ was born in 2005, in the post-tsunami period that saw large sums of money on offer for social and humanitarian causes. The second edition last year brought out a number of innovative ideas — from a skills training programme for the infrastructure sector to a mobile pulp-making machine for fruit farmers and a plan to use jatropha for rural development. A plan to create inexpensive prosthesis, by replacing titanium with bamboo fibre, has won praise from the medical fraternity and is in an advanced stage of research for implementation. An innovative microfinance scheme went on to win laurels on the international scene and received first stage funding from venture capitalists (VCs) at TiE Chennai.

“It is encouraging that apart from social VCs, even mainstream VCs are showing interest in such projects…We have invited some VCs to be on the final panel of judges this year and explore possibilities of funding,” said Ashwin Mahalingam, faculty advisor to the IIT entrepreneurship cell. Implementation is key to the contest. While the first prize carries a cash award of Rs.1.5 lakh, only 10 per cent will be handed over to the team immediately. The remaining 90 per cent will be awarded only after the team shows some proof of taking steps to start a venture based on the winning business plan.

During the contest, the eight to ten teams selected for the final round will be given mentoring and funding to improve their plans and develop working models. After the contest, winners can avail of one-year fellowships from the Lemelson-Recognition and Mentoring Programme for Innovators and Rural Innovations Network to support them while they start their ventures. “Sometimes students feel financial pressure to get a job after graduation, rather than turn entrepreneur. This will help in these cases,” said Dr. Mahalingam.

The contest, which is open to teams made of student and working professionals, kicks off on Saturday with lectures from entrepreneurship experts at Nasscom, TCS, Amul and even the Mumbai Dabbawala Association. Teams must submit initial executive summaries of their proposals by February 28. Selected teams will undergo a mentoring programme in March and present their final plans on March 30.

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