Created by The Economic Times of India during the economic downturn of 2009, The Power of Ideas scheme aims to create entrepreneurs and help them to develop successful businesses through investment and mentoring.
The Power of Ideas Helps Entrepreneurs
More than 12,500 business hopefuls submitted ideas to The Power of Ideas scheme in 2015. Of these, 1,000 potential entrepreneurs received mentoring and training from business leaders and venture capitalists. To date, The Power of Ideas scheme has fully funded 20 new business ideas across India.
The Economic Times set up The Power of Ideas program to overturn the traditional business wisdom that says companies should lie low and ride out the economic storm.
The Power of Ideas scheme encourages business hopefuls “to break free of the corporate chains suppressing their entrepreneurial energy and write their own destiny.”
The Power of Ideas 2016 Program
The Power of Ideas program returned in 2016, this time backed by the Government of India’s Department of Science and Technology. The government is helping to fund the scheme as well as offering its own knowledge and expertise to help the country’s next generation of tycoons.
India’s Centre for Innovation, Incubation and Entrepreneurship also supports The Power of Ideas. It has created a support network for mentoring entrepreneurs, developing them to the point of being “investor ready.”
How “The Power of Ideas” Works
The Power of Ideas is a four stage process:
- Submission: The Power of Ideas applicants fill in a business summary format online. The Power of Ideas offers free “startup sessions” to help entrepreneurs with their application. Submissions are welcome from all types of business, from established companies with a good idea to inventors developing product prototypes.
- Mentoring and Elevator Pitches: Hundreds of experiences evaluators check through all submissions to The Power of Ideas scheme. Approved applicants receive one-to-one mentoring from business experts to give them the necessary skills for pitching their ideas to would-be investors.
- Incubation: The most promising applicants from The Power of Ideas elevator pitch stage get their business ideas developed at the Indian Institute of Ahmedabad, a business incubator, for 10 days. This is an all expenses paid residential course.
- Felicitation Dinner: The lucky applicants to The Power of Ideas who make it to this stage attend a networking event and dinner with potential investors. They are guaranteed funds from venture capitalists and angel investors to help them develop their business idea.
The Power of Ideas is a unique partnership between government, academia and business. The collaboration has proved so successful that other nations may follow suit and set up their own version of The Power of Ideas.