Today at Proto.in, I’m hosting a special Innovation Jam where entrepreneurs and aspiring entrepreneurs will get an opportunity to build a start-up and raise funds all in under one hour.
For those of you who don’t know, Proto.in is one of India’s leading entrepreneurship events that brings together key stakeholders in the startups space : the entrepreneurs, mentors, investors and media. Proto.in, over the years has showcased and inspired the Indian Startup community with some interesting startups that have come out of this ecosystem.
Theme : The theme is disaster management using Technology & Media. So the objective is to create a CSR product sponsored by Times Of India Group ,which helps both citizens and the government during calamities like floods, fires, terrorist attacks.
Flow of the Innovation Jam
1. After the brief is given ideas are first brainstormed upon by the crowd. All ideas – good or bad go up on a chart paper. The ideas to tackle this issue could be from across multiple sectors – including internet, software, a mobile application, a combination, GPS, a Geo coded app etc
2. All ideas are then voted upon. Each of the participants get 3 small stickers which act as votes. Each participant votes for the 3 ideas by sticking the stickers next to the ideas which he feels are the best. The top 3 ideas are chosen. Then, the entire audience is split into three team and each team is given one idea each. Their task is to build upon this idea with greater details. Each of the 3 groups then comes back and pitches their business plans to the investors + TLabs
3. .All 3 products are pitches with clear articulation on product, business plan and go to market strategy. Product, which will contain the complete feature set of the chosen idea to detail out how it will interact with various affected citizens, government agencies and NGOs to provide an effective solution to the problems faced during the disaster will come through as the winner. This will be chosen by the T-Labs team with Gaurav Saraf of Epiphany Ventures and Pradeep Tagare of Intel Capital. They will evaluate the idea, provides feedback for the same.
There are interesting prizes given to folks who come out with these ideas. The best part is that the best idea actually gets funded by real investors. The entrepreneurs then takes two weeks to spend quality time on the idea and come up with a realistic business plan that can be extention of ideas received in teh innovation Jam.
I’m really excited about this Innovation Jam. We did have it in earlier Proto.in events but this is the first time that ideas are seriously backed up. This coudl well turn out to the best of the Innovation Jams ever conducted at Proto.in. Can’t wait! The event takes place today (9th July) at Great Lakes Institute of Management between 3:15 and 4:15 pm. The event is supported by T-Labs, an early stage investor from the Times Internet Limited.