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The Entrepreneurship Cell of the Faculty of Management Studies (FMS), University of Delhi, presents International Entrepreneurship Challenge (IEC) 2009, a competition of independent business venture ideas. According to E-Cell, FMS Delhi, the event, launched on September 25, is divided into three stages. Round I of the event, which is currently underway, will involve submission of Executive Summaries by the participating teams. The deadline for the first stage is 23.59.59 hours, October 9, 2009.

“Based on the evaluation of the initial entries, 20-30 teams will be shortlisted for Round II, beginning from October 25, 2009. This would be a mentorship phase wherein each team would be working on their B-Plans under the guidance of an expert from the industry relevant to their business idea. The mentors consist of experienced and high level corporate officials, entrepreneurs and academicians,” E-Cell, FMS Delhi said. At the end of Round II, the shortlisted teams would have to submit their final B-Plans which would then be evaluated to select the finalists for the event, they added.

Round III, which is the Grand Finale, would be held in the first week of December at FMS Delhi. The finalists would have to present their B-Plans to a panel of eminent Board of Directors who would provide critical analysis to the teams about their business plans and select the winning teams.

Seed Funding of more than Rs. 6 crore will be provided to the finalists, E-Cell, FMS Delhi informed, and announced that the winners will be awarded with a cash prize of Rs 75,000, while the first prize will be of Rs. 50,000 and the second that of Rs. 25,000. “What’s more, participation is allowed across four categories – Undergraduates, Postgraduates, Corporate and Start-ups – and the participants will be mentored by industry experts from India and abroad. The participants would get an opportunity to compete with teams from across the globe. The event will surely be a great learning experience for the participants,” E-Cell, FMS Delhi said.