SAAKAR

This is a unique contest where you get to work on an innovation and get the opportunity to reap commercial benefits by launching your own enterprise. The underlying theme of the contest is to transform innovations into successful businesses.

You start off by registering with us for the contest, after which you choose a product / concept / technology made available to you by NIF for commercialization. You will short-list those products that interest you and would like to commercialize. You may define the scope/functions of your proposal: e.g.: you can choose to open a company that sells products / licenses grassroots technology to big players, or have a company marketing 'Award Winning' seeds to farmers, company. The proposal will typically comprise of the following:

1. Business proposal
   Product (with/without possible value addition in product)
   Market analysis
   Financial analysis/ requirements
   Business concept
   
2. Company structure
   
3. Infrastructure requirement
   
4. Plan of action

You then send us a business proposal to commercialize the product. After a preliminary selection the best proposals will be called to Uddyam at SPJIMR, Mumbai to make a detailed presentation to a jury of eminent individuals. You will be judged on the commercial viability of the plan, quality of business proposal, value addition and sincerity of the intent.

The winners will be awarded and at most five enterprises will be further incubated.
The top 3 teams will be awarded cash prize of Rs.20, 000/- each.

Subsequently you will be briefed on deliverables, terms of finance and assistance that you will receive for your company.

Why this contest?

The purpose of the competition is to uncover the hidden creative and entrepreneurial talent of our society so that livelihood prospects for masses improve through greater efficiency in existing enterprises and also through establishment of new innovation based enterprises. NIF believes that innovations developed by individuals in our society without any outside help from markets or formal institutions can help generate a new model of poverty alleviation and providing employment. These innovations will also hopefully help in conserving resources and energy in every sector.

A National Micro Venture and Innovation Fund of 4 Crores has been set up with the support of SIDBI. The idea is to provide risk capital to such individuals who can commercialize innovations or traditional knowledge. SPJIMR and NIF will provide incubation support to the selected and prioritized innovations through the contest.

The contest will follow the principles of "Prior Informed Consent (PIC)"

Each knowledge provider whose contribution is accepted for entry into the National Register is typically requested to sign a Prior Informed Consent form. It specifies the conditions under which the knowledge provided to NIF can be shared with third parties with or without restriction on a commercial or noncommercial basis. The PIC form also provides an option for suggesting benefit-sharing formulae, should that technology or traditional knowledge be commercialized.

Participants will be provided III AC train travel to Mumbai.

Schedule