The hunt for the best business idea is on

CHENNAI, INDIA: A first of its kind large format 'Business Plan' competition was launched in India by Centre for Entrepreneurship, Loyola Institute of Business Administration (LIBA) a premier b-school in India, IDG Ventures India, a leading Venture Capital firm and TiE Chennai, a leading association of Entrepreneurs. Winners of the competition will be considered eligible for funding amounting to a minimum of $500,000 from IDG Ventures, India.

Registrations for the competition have commenced from August 25, 2008 and will close on September 23, 2008. The grand finale where the finalists will make presentations to a Jury comprising of eminent entrepreneurs, investors, successful business executives and academicians is scheduled to take place on November 21, 2008, in Chennai. Competition entries, updates and results will be entirely managed through the website accessible at www.liba.edu/bpc

The Business Plan Competition is open to any team who has a business idea and the entrepreneurial motivation to nurture the idea in the commercial venture space into a global class business. 

Ideas that involve or leverage technology in any sphere of human activity - be IT services, agriculture, manufacturing, construction or education stand a good possibility of qualifying.  The competition is also open to ventures that are in early stages of planning and execution. 

P. Christie, Director, LIBA said, “The objective of the competition is to foster entrepreneurship in India. The competition will also identify and recognize ideas & talent that can create tomorrow's businesses. It will bridge the border between business ideas and commercialization.”

T.C. Meenakshisundaram, Founder & Managing Director, IDG Ventures said, “We at IDG Ventures are pleased to be associated with the “LIBA – IDG Ventures – TiE Business Plan Competition. Through this competition we look to identify the next generation of technology and technology enabled consumer companies in seed/early stage for investment.”

Ramaraj, President TiE Chennai and Director the LIBA Centre for Entrepreneurship said, “The objective of TiE is to foster entrepreneurship and since this event furthers the entrepreneurship ecosystem, TiE, Chennai, is very happy to promote it.”

Contesting teams will include students, experienced professionals, members of start up companies, entrepreneurs etc. The entries for the competition will be evaluated by a team of expert Jurors that will include successful entrepreneurs, industry captains and members of the academia.

Winners will receive attractive prizes worth Rs 8 lakhs, a one year associate membership in TiE Chennai which will give them access to networking with business partners, entrepreneurs & investors apart from access to excellent mentorship under the TiE umbrella. They will also be exposed to diverse and rich discussions and feedbacks on their business plan.