The Maharashtra government will conduct a Business Plan Competition (BPC) to give a boost to industrial and economic growth and promote budding entrepreneurs and startups.
Organised by the Maharashtra State Innovation Society (MSInS), the State government on Monday issued guidelines for conducting the BPC. Each district will have one such competition in every financial year. “Any individual, organisation, group or establishment can participate in the competition with an innovative business idea aimed at addressing a problem faced by the district, which can be converted in to a business model,” said the guidelines.
In the districts, the BPC will be organised annually by the respective District Innovation Councils. Applications will be invited through the MSInS web portal in various sectors. The competition will be divided into three categories wherein applicants will suggest an innovative solution to an existing problem, or come up with an innovative product/process or service for the growth and betterment of the district.
It also aims to provide a platform to schools, colleges and other institutions or individuals to propose innovative business ideas to address issues faced by local communities and society. The Maharashtra State Innovative Start-up Policy, 2018 provides for organising various events and competitions throughout the year to provide global exposure to the startup ecosystem and to further deepen the engagement between the Government of Maharashtra and the startup ecosystem.
Participants will have to submit proof of concept and the business plan to participate in the competition. A total of 100 applications will be chosen from the entries in each district, and applicants will be asked to present their ideas on stage. “The winner will get a work order of up to ₹5 lakh from the department that the business model is related to. The district-level innovation society will mentor the winners for six months and they will be invited to participate in the Maharashtra Startup Week,” the guidelines said.
