This year, the Entrepreneurship Cell of Indian Institute of Technology (IIT) Kharagpur has announced its annual and India’s only global business model competition-Empresario 2016 in association with International Business Model Competition (IBMC) which is co-hosted by Stanford, Harvard and Brigham Universities. The best entries in all categories will get an opportunity to participate directly in the semi-final rounds of IBMC 2016, which will be conducted abroad.
According to the Entrepreneurship Cell, Empresario accepts business ideas in all fields which include product and service, product design and social categories. Each of the entries get equal opportunity to win the prize and incubation money to the tune of `2.5 crore. The prizes and services for the winners as per last year are worth `15 lakh.
A release issued by the cell states, “Empresario is about recognizing that any new venture is just a guess at a problem / solution and the only way to test whether those guesses are correct is to ‘get outside the building’ and validate their idea with customer feedback. A business model is designed to change rapidly to reflect what you find outside the building in talking to customers. It’s more visual, dynamic and it reflects the iterative reality that startups face. For the first round of Empresario, we will require participants to fill up a questionnaire asking in brief about their Business idea and submit it. This questionnaire can be found on our website www.ecell-iitkgp.org/empresario.