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Eureka! has been fortunate to be backed by sponsors and the institutions that have made it possible for Eureka! to support teams and provide them with creditability and money that can help the start-ups in a substantial amount.

• A total prize money of INR 21,00,000 (USD 50,000) awaits the winners of Eureka! 2008.


• Cash Prizes:

• The prize money for the top student team (which does not figure amongst the top three teams) will be INR 50,000. The prize money will be given in a single stage.


• The prize money for the Best two teams in the Cleantech Category (other than the Top Three Finalists/Best Student Entry) will be INR 2,00,000 and will be awarded to finalists only.


• Angel Funding: Through an Association with Mumbai Angels, At least 1 out of the top 8 Eureka! teams will receive a chance to pitch their plan in front of a panel of 40 Angel Investors. This pitch to the Mumbai Angels, normally involves a several months process where there are 4 plans selected out of all applications every month. Through Eureka!, teams will get direct entry to this pitch.

• Intel-UC Berkeley Entrepreneurship Challenge: As part of the Association with Intel, as the Resource Partner for Eureka! 2008, the top three technological b-plans, will get an opportunity to represent India at the Intel-UC Berkeley Innovation Challenge, California, USA. The teams will be fully sponsored by Intel.
  The Eureka! winners will be given direct entry into the finals of the Intel-DST Innovation Challenge, which is the India leg for the Intel-UC Berkeley Innovation Challenge. Winners of the Intel-DST Innovation Challenge will get sponsored by Intel for the Intel-UC Berkeley Innovation Challenge


• Carnegie Mellon University’s Sustainable Living Biz Competition: The  top two teams in the Cleantech Category, will represent Asia at CMU’s Sustainable Living Biz Competition. This representation will be fully sponsored by Foundation for a Sustainable Future.
  

• Incubation opportunities:
  Incubation chance to the top three technology based entries.* 
  E-Cell is in the process of setting up a panel of incubators. This will allow our participating teams access to significantly higher incubation opportunities. 
  Click here to know more about our Incubators Panel.
  


• The top 40 teams shall get an opportunity to get consultancy on valuation and other related aspects of a startup, in the form of an intensive workshop to be conducted by the VC firm Seedfund.


• All the finalists will be eligible for continued advanced mentoring after the Eureka! finals.

Terms and conditions

• The total prize money distribution for the first three prize winners will be done in three stages. Proper auditing at intermediate stages will ensure that prizes are put in the right use.

• Initial prize money 
  
  Prize money awarded to the team at the time of declaration of results:
• 25% of the Prize Money will be given to the winning team.
• 25% of the Prize Money will be given to the first runners up.
• 25% of the Prize Money will be given to the second runners up.
• The prize money given to the top two teams in the Cleantech Category will be utilized by the team for travel arrangements to Carnegie Mellon University for Sustainable Living Biz Competition.
• Total Prize Money will be given to the Best Student Team.


• Presentation : Stage I


• 25% of the Prize Money will be given to the winning team.
• 25% of the Prize Money will be given to the first runners up.
• 25% of the Prize Money will be given to the second runners up.
• Within a period of 3 to 6 months after the date of declaration of results, the teams will be required to give a report of their progress and a presentation to a panel of judges from The Entrepreneurship Cell (E-Cell), IIT Bombay.
• By this date, they must register their company.
• If reasonable progress has been made, the cash award will be released.If a team fails to give the report within the stipulated time, it cannot claim the rest of the prize money.

• Presentation : Stage II


• 50% of the Prize Money will be given to the winning team.
• 50% of the Prize Money will be given to the first runners up.
• 50% of the Prize Money will be given to the second runners up.
• The teams will be required to give another report of their progress, and a presentation to the panel of judges for the same.
• The teams must submit an account of their expenditure for the prize money they would've got till date at least 2 weeks before the presentation. The E-Cell team shall get this account audited.
• If according to E-Cell reasonable progress has been made, and the money is being put into right use, the remaining cash awards will be given.
• The team may give the presentation by approaching the E-Cell team (depending upon availability) within a period of 9 to 12 months after the date of declaration of the result.
• If a team fails to give the report within the stipulated time, it cannot claim this prize money.