Bhubaneswar, Sept. 16: TiE Bhubaneswar, a group formed by city-based entrepreneurs, has launched a six-month contest — “TiEQuest” — in which aspiring talents from different walks of life will get an opportunity to demonstrate their business plan and receive guidance from eminent business personalities. The winner of the contest can then bag prize money of up to Rs5 lakh.
Registration for the contest began from Wednesday. Students from science, commerce and humanities and even budding entrepreneurs can enrol by submitting an entry fee of Rs 2,000.
“The contest is relatively new in Bhubaneswar and TiE, a forum of businessmen, has come up with the idea,” said Ashok Panda, member of the TiE Bhubaneswar chapter.
The contest is divided into four phases. The selected contestants will be required to submit their work proposal after which a mentoring workshop will be held in December. Through this interactive session, the contestants will be provided with useful tips that will help them improve their business. The mentors will also educate the participants in the nitty-gritty of a successful business plan.
In the second phase, participants will prepare an “Elevator Pitch” in which they have to demonstrate their business plans — in person or electronically — within a span of four minutes. After a round of screening, in the third phase, the contestants have to provide a detailed document on their business plan.
The finale of the contest will be held in the second week of March 2012 in which selected participants have to give a presentation of 25 minutes on their final business proposals. The presentation will be followed by a question-answer session between the judges and the participants.
“The prize money will vary between Rs 1 lakh and 5 lakh. The cash awards will largely depend upon the quality and ingenuity of the proposal,” said treasurer of TiE, Rajeev Sahu.
Being a first-of-its-kind event, TiE Bhubaneswar is expecting a large turnout for the event.
“The event will create a platform for all aspiring businessmen who are seeking an opportunity to showcase their acumen, ” said president of TiE Bhubaneswar, J.B. Pany.
