1. Online Form Submission: The team needs to register on the Empresario website and authenticate their account using code sent to the email-id specified. After that team can log into their account and fill the form online
2. Early Bird: Additional incentives include extended online mentorship and a face-to-face mentoring session for shortlisted entries
3. Preliminary Evaluation: After the early bird registrations are over, we will transfer the entries to our mentor pool, which includes professionals from various fields, including Fintech and Agriculture. The mentors will give their opinion and comments on the entries, which will help the participants to brush up their business models and improve the startup itself
4. Mentorship: Mentoring will be provided to the shortlisted teams. The participants are required to make optimum utilization of the mentoring process so as to create an appropriately refined Business Model
5. Final Submission: After mentoring, the teams have to submit their final Business Model in a prescribed format. Visit this link to know: How to Prepare a Submission
6. Grand Finale: The final shortlisted teams will present their final Business Model in front of the judging panel at an event to be held in Kolkata
An oft-quoted term from venture capitalists is that, "As soon as the business plan is written, it is obsolete"
Very often, teams focus on writing a business plan and never actually interact with their target customers. We believe that early on, the start-up must move quickly to prototype and test their product or service and that customer interaction is critical. Successful new ventures do not go to market with their first idea; instead, their product/ service has usually gone through several iterations before arriving at the final version
Since Empresario is one of the few Business Model Competitions in India, we understand that our participants require assistance to generate their business model. Having the support and guidance of a mentor can be of great value to any start-up. Be it mobile technologies, social startups or even the Internet of Things, we have a pool of experienced mentors ready to assist early stage startups. We have mentors from TiE, NEN, Villgro and Totalstart, just to name a few.
1. A team may consist of a minimum of 1 or a maximum of 5 members.
2. Ventures must not involve a buyout, an expansion of an existing company, a real estate syndication, a tax shelter, a franchise, a licensing agreement for distribution in a different geographical area, or a spin-out from an existing corporation.
3. There is no restriction on any individual's participation. Anyone, from students to working professionals across the world with an idea, a product or service, or even an operating startup, can participate.
By registering for this competition, it shall be deemed that each individual of the participating team has agreed to be bound by the following terms and conditions:
1. By registering to participate in Empresario, each participating team agrees to allow Entrepreneurship Cell, IIT Kharagpur, to use their names, images, and information regarding the team's business and prize information for publicity and marketing efforts throughout the world. Each participating team must agree to accept that their registration form and other entries will not be returned to them and that their personal data will be available for information and statistical purposes.
2. The participating team represents that the Intellectual Property in the Business Plan does not infringe upon the intellectual property or any other legal or moral rights of any person or entity.
3. Entrepreneurship Cell, IIT Kharagpur, reserves the right to disqualify or prohibit any team from participating in Empresario if their submission, in the sole discretion of Entrepreneurship Cell, IIT Kharagpur, does not conform to the Eligibility Criteria or fails to comply with these Terms & Conditions and/or the Competition Rules.
4. By entering the competition, each team and its individual members agree to accept as final any decisions made by The Entrepreneurship Cell, IIT Kharagpur, including the determination of the winners of Empresario.
5. The Entrepreneurship Cell, IIT Kharagpur, shall have the discretion to initiate appropriate action against participating teams, including individuals of such participating teams, in case of any losses or damages arising from the violation of the Eligibility Criteria, Competition Rules, and Terms and Conditions.
6.The prize money for Empresario is allocated into two equal parts, with the first half being distributed after winning Empresario, the other part of the prize money is distributed after one year and is subjected to a condition. In order to receive the remaining half of the prize money, winners need to provide us with documentation that demonstrates the proper utilization of the initial prize money for the growth and benefit of your company utilizing that fund. This documentation will help us ensure that the funds have been invested wisely and in accordance with the spirit of Empresario 23.
Answer: No, there is no registration fee to participate in Empresario.
Answer: There is no restriction on any individual to participate. Anyone, from students to working professionals across the world with an idea, a product or service or even an operating startup, can participate.
Answer: No, you can't enter both categories with the same B-model. But, you can always apply for the other track with a different B-Model.
Answer: In that case, you need to register with two different mail-ids.
Answer: The entries are judged by reputed faculty, established entrepreneurs and industrialists who believe in promoting entrepreneurship and looking at B-Models is a routine affair for them. Your entry is viewed only by the judges. The final pitching happens in a closed room and only the team members and the judges will be present during the presentation. Not even the organizing committee is permitted to view the b-model.
Answer: No, it is entirely upto you to submit the documents. It won't affect the judging in any way.
Answer: Business model canvas, innovation, model validation, competitive advantage and the volume of the problem being solved are the major criteria under which a B-model is judged.
Answer: The early bird semifinalists would get the benefit of online mentoring (upto 3 months) and one to one mentor meet that will be held during Entrepreneurship Awareness Drive at nearby city.
Answer: Mentors would play an important role in improving their B-model and help them refine it. They would be providing proper suggestions,content rich feedback and assistance for the final pitching.
Answer: No, Empresario is an online competition consisting of 3 rounds and only the final round will be held at Kolkata.
Answer: If you are selected for finale of Empresario, you will be informed through email.
Answer: Yes, one person is allowed to be a part of more than one team.