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Chennai
Talents: The finals of LIBA-IDG Ventures-TiE Pan-India business plan competition in Chennai on Friday provided a platform to showcase innovative business ideas. CHENNAI: A business model to provide people with disabilities an affordable and robotic prosthetic arm, by three engineering graduates won the LIBA-IDG Ventures-TiE Pan-India business plan award here on Friday. Presenting the awards, MaFoi Management Consultants founder K. Pandia Rajan said: “A successful entrepreneur will transcend dichotomies and bridge borders. The technology driven world demands an insane determination to succeed in a venture and a greater degree of social obligation from the entrepreneurs.” “Role models are crucial in promoting the spirit of entrepreneurship among the youth,” said R.Ramaraj, Senior Advisor, Sequoia Capital. L.Kumar, R.Jyotsna and D.Balaji were the members of the award winning team. Other presentations at the competition included one by Sandeep Senan and V.Prasanna, who were part of a three-member team. The team conceived an innovative business idea of a Bi-Box, the next generation edutainment platform to pave the way for students to discover science, technology, engineering and maths in a fun-filled and engaging way. The ‘Business Plan’ competition was launched by the Centre for Entrepreneurship, Loyola Institute of Business Administration, IDG Ventures India, a venture capital firm and TiE Chennai, an association of entrepreneurs. Winners will be eligible for funding amounting to a minimum of $ 500,000 from IDG Ventures, India. Registrations for the competition commenced on August 25 and closed on September 23. Around 200 teams of highly motivated individuals with ideas that leverage technology participated and 10 teams made it to the final round. Some of the ventures were also in their early stages of planning and execution, like the online tutorials of G.Sujai, the founder of 2tion.com. In the final round, participants made presentations to a panel of judges. “The competition will nurture and promote the conception of business ideas and provide motivation to budding entrepreneurs. It will certainly nurture local initiatives towards developing innovative ideas into a global enterprise,” said Fr.P.Christie, Director of LIBA. Winners received attractive prizes worth Rs.8 lakh, one year associate membership in TiE Chennai and free training at LIBA.
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