Innovation Mission Punjab, a unique public-private partnership to promote the spirit of entrepreneurship in the state, is inviting actionable business ideas for “Roar- Punjab’s Biggest Idea Hunt”. The applications for Roar will remain open till November 15. The Idea Hunt will serve as an opportunity for the participants to interact with successful startups and industry leaders and gain mentorship from global experts.The winners of this open-ended startup contest will be entitled to cash awards, including a cash prize of Rs 1 lakh each for the top three winners in the idea stage, cash prizes of Rs 1 lakh each for the best women-led and social impact ideas and a cash award of Rs 2 lakh for each of the top three winners in the early-stage startup category. While all the winners will be provided free co-working space for three months at the new office and accelerator coming up at Kalkat Bhawan as a major incentive, the best early-stage startups will get a jumpstart to the final screening round for the Accelerator program and the best startup ideas can also directly compete for the Pre-Accelerator stage. The Accelerator and Pre-Accelerator programs will serve as platforms to support early-stage and idea-stage entrepreneurs, respectively.
Pramod Bhasin, Chairperson, Innovation Mission Punjab, said, “Roar is a first step to encourage aspiring entrepreneurs to come forward with their ideas and innovative approaches that will shape the economy of Punjab. We are looking to turn Punjab into India’s startup powerhouse and a role model in the startup landscape of the country by empowering would-be entrepreneurs and helping them realise their ambitions.”The Mission is inviting both idea-stage and early-stage startups led by students, homepreneurs, women, young professionals and all those with a passion for entrepreneurship, irrespective of age and qualification, to come forward and apply for this startup contest. The event will serve as a platform to help validate ideas and pre-launch products or services. Interested applicants who have conceptualised their startup ideas or are in the process of giving them a practical shape can register their entries at https://www.impunjab.org/event/roar/ and reach out to [email protected] for further details.Commenting on how Roar will spur entrepreneurship in Punjab, Saurabh Srivastava, co-founder, Indian Angel Network and a member of the Mission’s Board of Directors, said, “High-impact curated mentorship will make all the difference.
Expert guidance by mentors, venture capitalists and established entrepreneurs will help a lot in powering innovation in Punjab. We will extend all possible assistance to startups in accessing markets, refining business models, developing brands, raising capital and turning their ideas into reality.”After the initial screening of applications, the shortlisted ideas will go through virtual idea validation and pitch workshops in batches with different juries, where the top 25 ideas will be selected to undergo a week of rigorous training and mentoring to fine-tune their ideas. Of these, the top 10 teams will get to pitch their ideas to a stellar jury comprising eminent investors, entrepreneurs, business leaders and senior government officials. Early stage startups will also go through initial screening and the most promising ones will pitch to a grand jury to compete for the top three positions.Working in close collaboration with Startup Punjab towards transforming Punjab’s economy by establishing the state among India’s top three innovation hubs, the Mission has also partnered with many renowned institutions across the state as part of this initiative, including the Thapar Institute of Engineering and Technology (TIET), Indian School of Business (ISB), Indian Institute of Science Education and Research (IISER), Punjab Agricultural University and Centre for Innovation and Business Design.