Chitkara University has inaugurated the ‘India Innovation Challenge- 2021’ – one of the largest funding fest and university-driven platforms for new start-ups. Since the beginning, Chitkara University has always supported an entrepreneurial mindset in teaching, research work, and training.
The Chitkara University application portal to participate in the IIC 2021 will be available from December 25, 2020, to February 21, 2021, with the Grand Finale to take place on April 15, 2021.
Supported by Orbit Future Academy, and backed by seasoned angel investors, VC partners SucSeed Innovation Fund (Hyderabad) & Modular Capital, accelerator partner 100 Watts (Pune), the Government of Himachal Pradesh, industry bodies, including FICCI & MeitY start-up hub, Chitkara University’s Research and Innovation Network (CURIN) and Chitkara University NEW Gen-IEDC, the challenge will identify problem statements and give rise to innovations and creative solutions. The infusion of investors at an early stage will benefit the new start-up.
IIC-2021 has been designed to provide a platform to the innovators and thinkers to compete in a grand event and to find expert mentorship for their new & novel ventures by fast-tracking smart innovations.
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It is open to innovators, entrepreneurs, students, engineers, designers, thinkers, scientists, coders, trainers, academicians belonging to any background across the country.
Over INR 1 crore as a total prize and grant money, the participants will be competing for an angel investors fund worth INR 40 lakhs offered by the Orbit Future Academy and Angel Investors network.
Further, INR 10 lakh cash prize from Chitkara University would be distributed among the top three innovations shortlisted by the judges, while Government Grants (MeitY Start-up, Newgen IEDC & Start-up Himachal) for Prototyping and Venture commercialization would offer up to INR 50 lakhs.
With United Nation’s Sustainability Development Goals (SDG) at the fore, the IIC-2021 aims to identify innovators who can build commercial ventures for a better India and help create promising Startups and a better world to live in.
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IIC-2021: Themes to be Accomplished
The event has been incepted to fulfill the 8 broad goals around the themes mentioned below;
|
Themes |
Description |
|---|---|
|
Healthcare |
Creating a state of art for managing health care services |
|
Education |
Identifying modern calculated solutions for a better education system |
|
Clean Tech |
Developing an innovative way to manage(package) and purify water |
|
Tech Start-ups |
Creating intelligent devices by incorporating the latest technologies to address some pressing issues |
|
Rural infrastructure |
Creating facilities to enable improvement in the livelihood of the rural population |
|
Agriculture |
Providing product or service that can improve the productivity |
|
Clean Energy Solutions |
Innovate ideas to produce and manage renewable resources |
|
Environment |
Creating improved management solutions to protect the environment |
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Apart from the financial support, the shortlisted ‘Top 25 innovative’ ideas will also get exclusive optional access and scholarship for a 3-week signature Accelerator program lead by Chandigarh Angels Network (CAN).
Moreover, the Top 5 ideas from the CAN accelerator program will also get a chance to pitch for angel investment in a special session hosted for IIC 2021 in the presence of 40 Chandigarh Angels Network angel investors.
They will also get a great opportunity offered by Chitkara University’s Centre for Entrepreneurship Education and Development (CEED) of 12 months structured incubation and mentoring program.
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CEED Mentorship Program: Fields Supported
The 12-month CEED incubation and mentorship program is among the most active, well connected and comprehensive programs in the area that will cover full incubation support in the following fields;
- Ground report & deeper validation of the idea
- Customer & market surveys
- Reassessment of the problem statement
- Appointment of the dedicated mentor to the team
- Forming POC & prototype
- Explaining the sales pitch & curating the team
- Formalizing the founders’ agreement
- Branding and communication for the market
- Support informal company formation and compliance prototype testing
- Validation and market response
- Making the first sale and accumulating customers
- Financial management & bookkeeping
- Formal launch event & commercialization
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Dr. Madhu Chitkara, Pro-Chancellor, Chitkara University, on the unveiling ceremony of IIC-2021 stated, “I congratulate the IIC -2021 support partners and the organizing team for leading the mission to enable start-ups to help create a better India through innovation and bringing funds in the tune of INR 1 Crore as grant money to promote entrepreneurship.”
“From the very start, Chitkara University has always strived to promote the spirit of responsible and innovative enterprise, through our centers like CEED, CURIN, and NEW Gen IEDC. This event is one giant leap towards making this region a hub -ups across the nation. We thank all our support partners for joining hands to unleash the spirit of innovation through IIC-2021,” she added.
