At first glance, ‘Education Edge’, a magazine created by five Indian Institute of Technology (IIT) students looks like any other comic book. The magazine won the first prize at Eureka, Asia’s largest business plan writing competition, an annual event organised by the IIT-B as part of its Entrepreneurship Summit. The finals were held on Sunday.
“Our product is a magazine for kids. The magazine, called Education Edge, gives children information about different career opportunities available in a light-hearted way,” said “We have already circulated 500 copies in Bhopal,” said Gouri Nawathe, a team member.
Four similar start-ups won the first prize at the competition. The competition, which received 3623 B-plans, witnessed entries more than double from 1800 in 2010. Of these 450 entries came from abroad.
In addition to cash prizes between Rs75,000 and Rs5 lakh, six winners from of the competition will get a direct entry into the E-Bootcamp started by the Business Association of Stanford Entrepreneurial students.
At E-Bootcamp, students will compete with 35 other international start-ups for funding. IIT-B will take care of the entire six-day trip to California where winners will visit start-ups in Silicon Valley and meet the founders and heads of companies such as Facebook and Google.
This was the first time Eureka opened its doors to socially driven projects. Around 1,491 B-plans were registered from the social sector. “The social sector is booming and we saw a lot of projects that are sustainable, the most important thing for a start-up. Next year, I hope Eureka will be bigger and better,” said C Amarnath, faculty mentor for Entrepreneurship Cell that conducts the event.
A team called ‘Greenway Grameen Infra’ that developed a product based household energy and health solutions for rural consumers won the first prize in the social section category.
Until now nearly 40 start-ups first spotted at Eureka went on to become successful businesses.