Indian startup vies for $250,000 prize money

Indian startup vies for $250,000 prize money

Monday, 29 June 2009, 02:20 Hrs   |    8 Comments
Printer Print Email Email
Thiruvananthapuram: Innoz, a company floated by students of LBS College of Engineering at Kasargode in the state, is the only Indian start-up among 16 such firms vying for a $250,000 prize money Tuesday in a global competition for the best business plan.

The prestigious Global Business Plan Competition, co-sponsored by US-based venture capitalist Draper Fisher Jurvetson (DFJ) and networking and communications technology major Cisco, is for university and business school students.

In addition to the financial investment awarded to the winner, DFJ and Cisco will assist all the 16 finalists to take their projects forward.

The only other finalist with an India link is Husk Power, floated by students of Darden School of Business, University of Virginia. Their project relates to miniature power plants that cost-effectively convert rice husks into electricity, serving off-grid Indian villages.

"Clearly, global innovation doesn't stop for recessions," said DFJ managing director Tim Draper in a statement.

"These promising candidates are reminding us that there are pioneering companies out there, even in difficult times, and we hope that one of these teams creates the next Skype, Google, Facebook, Baidu or Cisco."

Since its founding in 1985, DFJ has backed over 500 companies including Hotmail (later acquired by Microsoft), Skype (acquired by eBay), Overture (acquired by Yahoo) and Feedburner (acquired by Google).

The Innoz project is an SMS text messaging interface for trivia and other information for 300 million Indian cell phone subscribers.

"People without an Internet connection or a dictionary can send an SMS, GYANYOUR SEARCH WORD OR TERM to 09894974926. The answer will appear on the sender's mobile," said Innoz co-founder and chief executive Deepak Ravindran.

"We will make a live presentation in a teleconference for 20 minutes from DFJ's Bangalore office," he added. The judges will be in the US.

Innoz Technologies was registered last August, and in November, Ravindran and three other students launched the text messaging interface. Innoz is the first virtual incubated company in Technopark, the information technology park here.

The capital for the company came from contributions of 1 lakh each from the four partners.
Source: IANS
Write your comment now
Submit Reset
Reader's comments(8)
1: LBS rockz.... best wishes to all of these .. Make the world see the face of india. Indian students talent.. India is a source and outcome of talent & innovation.. No such recessions could make us down ..
Posted by:Shridhar Agarwal - 29 Jun, 2009
congrats for reaching this stage,good luck for the next stage which will give you more laurels and lots of responsibilities...
gs khajuria Replied to: Shridhar Agarwal - 01 Jul, 2009
congrats deepak
sss Replied to: gs khajuria - 14 Jul, 2009
4: The service offered by Innoz is already being provided by Google. I don\'t know what\'s the innovation in that idea if it has already been working.
Posted by:Yatendra Goel - 29 Jun, 2009
5: Best wishes to Deepak and team
Posted by:viji - 29 Jun, 2009
6: I agree with DJB - the header and text does not match. Anway is a real good sign and proud feel to see the Indian talent in top spots at global competitions. My sincere wishes to all of these guys - Keep it up. Would love to see it growing in a matured venture from here on.
Posted by:Anil - 29 Jun, 2009
7: Congratulations to these students if they already won the prize as mentioned in your title.

If they are on the race as mentioned in your text All the Best to those students.
Posted by:T.S.Ramakrishnan - 29 Jun, 2009
8: It is a very positive sign and it is good to see students coming up with innovative ideas. Awards like this will surely motivate more students.
Posted by:Jim - 28 Jun, 2009