It's a Sweep for These Young Entrepreneurs at IIT-B

Bangalore: ‘Envio’ – the team with an idea to convert waste material into energy was adjudged the "best entry from IIT Bombay" at Eureka, the institute's annual international business plan competition.

"There are waste tyres which end up at landfills. We are now planning to start a venture called 'sweep', which will focus on these waste tyres. We plan to convert the tyres to oil that can be used by industries to heat systems. Our concept is based on solid waste to energy to environment protection. We are seeking funds and Eureka gave us a platform to network with venture capitalists. It has given our plans a major fillip," said Rohit Kumar, a second year M Tech student from IIT Bombay.

Eureka! is an international business plan competition which aims at encouraging people from across the globe to flesh out their ideas and form global enterprises that combine technology, vision and business acumen. A 5 month long educational experience, the format of the competition has been designed to emulate the process of raising funds for one’s startup, covering right from writing a business plan to pitching before an investor. Now in its 14th year, Eureka! has become a launch pad for startups in India and beyond where they learn how to formulate an appropriate b-plan and the do’s and don’ts of making the right pitch from expert mentors, industry veterans and investors.

With a prize of Rs 40 lakh, the event had 5,150 registrations from budding entrepreneurs, up from around 3,500 in 2011. The competition has helped churn out at least 40 successful start-ups.

Bihar-based 'Agrevolution' won the best entry in Eureka social. "We have created a network of farmers and buyers, where we gauge market demand and advise farmers on production accordingly. Based on selected crops, quality seeds are procured from manufacturers and provided at a cheaper rate than local retailers. After harvesting, the produce is sold directly in bigger markets," said Shashank Kumar.

"Tilzmatic Tech", which won in the business category, deals with android applications that helps travelers navigate and reach their destinations easily. "Currently, we have launched navigators for Mumbai local, and Delhi, Kolkata and Bangalore metros," said Vikash Kumar.

Besides getting a direct entry to finals of 'E-Bootcamp' – organized by BASES (Business Association of Stanford Entrepreneurial Students), Stanford University, – business category winners will get an all-expenses paid trip to the US, where they will be mentored by the likes of Facebook and Google founders.

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