There are 2 tracks and a special award in Eureka!

Business Track:

The trademark of Eureka!, the business track of Eureka! is aimed at helping ideas develop into businesses that have the potential to revolutionize the world.

Social Track:

Eureka! Social encourages ideas which cater to people at the bottom of the pyramid and or for a greener tomorrow. Does your innovative idea try to solve a problem of the society, while also making money? Then do register for the Social track.

IIT Bombay Business model of the year award:

Initiated by the 85th batch of IITB alumnus, this award encourages the young minds of the institute to start up.

Eureka! business Track

1) Start-ups which have been incorporated more than a year ago (i.e. registered on or before 25th August, 2017) are not eligible to participate in the Business track of Eureka! 2018.
2) There is no restriction on any individual to participate. Anyone, from students to working professionals across the world, can participate.
3) Ventures that have acquired funding from external investor-networks (angels, VC's, etc) cannot participate. We believe in promoting startups that require assistance in the form of seed capital, mentoring and various types of consultancies.
Note: Teams may be asked to provide proof of the above at any time during the competition cycle and in the eventuality of wrong details/information your entry shall be disqualified.

Eureka! Social Track

1) Start-ups which have been incorporated more than two years ago (i.e. registered on or before 25th August, 2016) are not eligible to participate in the Social track of Eureka! 2018.
2) There is no restriction on any individual to participate. Anyone, from students to working professionals across the world, can participate.
3) Ventures that have acquired funding from external investor-networks (angels, VC's, etc.) cannot participate. We believe in promoting startups that require assistance in the form of seed capital, mentoring and various types of consultancies.
4) The plan should solve a critical social and/or environmental problem in an innovative and transformational way.
5) The mission and practices of the venture must focus on quantifiable social return.
6) The venture must be for profit and financially viable; non profit entries will not be accepted.
Note: Teams may be asked to provide proof of the above at any time during the competition cycle and in the eventuality of wrong details/ information your entry shall be disqualified. A social venture can technically participate in the Business Track as well. But such a move is highly discouraged.

Eureka! IITB Track

1) Each team must comprise a majority (50% or more) of IIT -B residents (students, faculty and anybody residing in the campus).
2)IIT-B residents must be actively involved in the venture.
3) Prize money will be given as cheque made in the name of team leader, who should be an IIT Bombay student/resident.
4) The final decision rests upon the judges ('85 batch alumni) and thus the participating team should also satisfy any other criteria as and when put forward by them.
5) Ventures of IIT Bombay residents should satisfy the norms mentioned in the above policy.
Note: To know more about the institute policy of IIT-B on intellectual property, visit: https://www.ircc.iitb.ac.in/webnew/ippolicy.html
Teams can be asked to provide proof of the above at any time during the competition cycle and in the eventuality of any wrong detail/information, your entry can be disqualified.

Choose Business or Social Track

1) There is a common registration portal for both Eureka! Business and Social tracks.
2)Teams must select their track while submitting their ideas in Eureka!.
3)Teams must select their track after viewing the Eligibility Criteria for both the tracks.
4) Once a team selects its track, it cannot be changed.

Round 1 Rules

1) Teams must answer each question in the questionnaire in order to be considered for evaluation. Please note that in the case of applying for Eureka! Business track, participants are not required to fill in the questions corresponding to "Social Impact" while it is mandatory for entries applying to Eureka! Social.
2) The questionnaire of Eureka! is so designed that compiling the answers to the questions would create a basic but complete image of the idea. A participant is expected to answer all questions in the questionnaire in detail.
3) The answers to the questionnaire can be saved and edited repeatedly till the last day of submission i.e. 28th September, 2018. The last saved answers would be frozen at 11:59 pm IST on 28th September, 2018.
4) Entries submitted after the deadline will not be considered. The name given to the idea/entry cannot be changed for the second round. However any change in name for the third and final round can be done by bringing it to our notice, stating the reference code for the entry.

Round 2 Rules

1) Only teams that qualify for the second round are eligible for submitting their final business model.
2) Participants will be allotted sector-specific mentors according to their require and mentoring will take place via email, video conferencing and telephone calls.
3) Please submit the draft of the B-Model (need not be final, complete B-Model) along with executive summary by logging into Eureka! portal using your credentials by 24th November, 2018 (11:59 pm). For your convenience, guidelines are provided which can be referred.
4) Participants are requested to submit traction report along with the draft B-Model and executive summary.
5) The B-Model submission is the second stage of this round. Only .pdf file formats will be accepted.Please name your file : TeamName_Eureka!_RegCode.pdf
6)The evaluation for the 3rd and final round will be based on final B-Model along with MVP/POC.

Prize Distribution

Teams do not have to make separate entries for competing for special awards. One team cannot win more than one prize package out of the top 8 prize packages mentioned in the table above i.e. all prize packages that have cash awards.
Before the Pitching Round, finalist teams will have to submit a priority list of the prize packages in case they are eligible for more than one prize package. To view the eligibility of prizes, check prize distribution.
Prize allocation will be done considering both the priority lists and merit lists of each prize package.

The total cash prize distribution for the prize winners will be done in different stages, depending on the award. Proper auditing at intermediate stages will be done to ensure that the prize money is appropriately used to take the venture forward.
All prize money will be given as cheques. No cash under whatsoever condition will be given.
The first cash prize will be issued 3 months after the declaration of results.

Prize Distribution

1) 25% of the prize money will be awarded to the Eureka! Business Winner and Runner-Up after a period of 3 months.
2) The cheque will be in the name of the team leader.
All subsequent cheques will be made in the name of the incorporated company.
3) Within a period of 6 months after the date of declaration of results, the teams will be required to submit a detailed report of their progress to the Entrepreneurship Cell, IIT Bombay. The report would be evaluated by our panel of judges.
4)If the judges declare that adequate progress has been made, a further 25% of the prize will be released after 6 months from the declaration of results.
5) By this time, the team must also have incorporated the company.
6) If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.
7)The teams will be required to submit a second detailed report of their progress within 6 months of receiving the second installment, which will again be verified by our panel of judges.
8) The teams must also submit an account of their expenditure for the prize money they would have received till date, at least 2 weeks before the presentation. The Entrepreneurship Cell shall have this account audited.
9) If the judges declare that adequate progress has been made in the venture, the remaining 50% of the cash awards will be given after 6 months of the second installment.
10) If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.

Social Track winner Prize Distribution

1) 25% of the prize money will be awarded to the Eureka! Social Winner after a period of 3 months.
2) The cheque will be in the name of the team leader. All subsequent cheques will be made in the name of the incorporated company.
Within a period of 6 months after the date of declaration of results, the teams will be required to submit a detailed report of their progress to the Entrepreneurship Cell, IIT Bombay. The report would be evaluated by our panel of judges.
3) If the judges declare that adequate progress has been made, a further 25% of the prize will be released after 6 months from the declaration of results.
By this time, the team must also have incorporated the company.
4) If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.
5) The teams will be required to submit a second detailed report of their progress within 6 months of receiving the second installment, which will again be verified by our panel of judges.
6) The teams must also submit an account of their expenditure for the prize money they would have received till date, at least 2 weeks before the presentation. The Entrepreneurship Cell shall have this account audited.
7) If the judges declare that adequate progress has been made in the venture, the remaining 50% of the cash awards will be given after 6 months of the second installment.
If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.

Social Track winner Prize Distribution

1) 50% of the prize money will be awarded to the Eureka! Social Runner-Up after a period of 3 months from the declaration of results.
2) Within a period of 6 months after the date of declaration of results, the teams will be required to submit a detailed report of their progress to the Entrepreneurship Cell, IIT Bombay. The report would be evaluated by our panel of judges.
3) If the judges declare that adequate progress has been made, the remaining 50% of the prize will be released after 6 months from the declaration of results. 4) By this time, the team must also have incorporated the company.
5) If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.
6) The teams must also submit an account of their expenditure for the prize money they would have received till date, at least 2 weeks before the presentation. The Entrepreneurship Cell shall have this account audited.

IITB Track winner Prize Distribution

1) The entire prize money of Eureka! IIT Bombay Start-Up of the Year award shall be disbursed 3 months after the declaration of results.
2) 50% of the prize money will be awarded to the Eureka! IIT Bombay B-Model of the Year Award after a period of 3 months.
3) Within a period of 6 months after the date of declaration of results, the teams will be required to submit a detailed report of their progress to the Entrepreneurship Cell, IIT Bombay. The report would be evaluated by our panel of judges.
4) If the judges declare that adequate progress has been made, the remaining 50% of the prize will be released after 6 months from the declaration of results.
5) By this time, the team must also have registered the company.
6) If a team fails to give the report within the stipulated time, it shall be deemed that the team has forfeited the remaining prize.
7) The teams must also submit an account of their expenditure for the prize money they would've received till date, at least 2 weeks before the presentation. The Entrepreneurship Cell shall have this account audited.

IITB Track winner Prize Distribution

By registering for this competition, it shall be deemed that each individual of the participating team has agreed to be bound by the following terms and conditions:

Confidentiality

By electing to participate in Eureka!, each participating team and all of its team members agree to allow The Entrepreneurship Cell, IIT Bombay to use their names, images and information regarding the team's business, and prize information in publicity and marketing efforts throughout the world, unless specifically prohibited by law. Each participating team must agree to accept that their registration form and other entries will not be returned to them, and accept that their personal data will be available for information and statistical purposes.

Intellectual Property

The participating team represents that intellectual property in the business model does not infringe upon the intellectual property or any other legal or moral right of any person or entity.

Legal Issues

The participating team represents that they shall not violate any applicable law. The Terms & Conditions and the Competition Rules shall be governed by the laws of India. Any dispute or conflict arising out of, from or relating to anything contained in the Terms & Conditions and/ or the Competition Rules is subject to the jurisdiction of Mumbai courts only.

IITB Track winner Prize Distribution

The Entrepreneurship Cell, IIT Bombay reserves the right to disqualify or prohibit from participating in Eureka! any team that makes a submission, that in the sole discretion of The Entrepreneurship Cell, IIT Bombay, does not confirm with the Eligibility Criteria or does not comply with the Terms & Conditions and/ or the Competition Rules and/ or violates the spirit of Eureka! as a competition. In addition, the Entrepreneurship Cell, IIT Bombay may notify the appropriate legal/ administrative authorities as it deems fit and/or initiate any other action as may be advised. By entering the Competition, each team and its individual members agree to accept the decisions of The Entrepreneurship Cell, IIT Bombay as final including determination of the winners of Eureka!.
The Entrepreneurship Cell, IIT Bombay shall have the discretion to initiate appropriate action against participating teams including individuals of such participating teams in case of any losses or damages arising from violation of the Eligibility Criteria, Competition Rules and the Terms & Conditions.
If Entrepreneurship Cell, IIT Bombay or its sponsors or associates are faced with any claim or loss (including any third party claims) arising from or relating to any breach by any member of a participating team of the Terms and Conditions hereof, such participating team shall severally and jointly indemnify and keep harmless Entrepreneurship Cell, IIT Bombay or its sponsors or associates.

Success stories

Presently in its 20th edition, Eureka! has acted as a launchpad for more than 40 successful start-ups, some of which have gone on to become multi-million dollar enterprises.

1. Leaf (Eureka! Social winners, 2014)

   website: https://www.leafwearables.com/
   Leaf is a wearable technology company founded in Feb 2016.Their SAFER Smart Pendant is a beautiful piece of jewellery with technology inside keeps women safe and connected. After winning Eureka! Social Track, they listed in Top 50 startups at Global Entrepreneurship Week and in Top 50 Innovative companies in India through IIGP. They also won The Ten Minutes Million at The Entrepreneurship Summit 2016 at IIT Bombay.They were chosen amongst the top 10 innovative startups in India by Department of Science and Technology who accompanied Prime Minister Narendra Modi on his visit to Silicon Valley to participate in first India-U.S. Startup Konnect (September 2016).

2. Zostel (Eureka! business winners, 2013)

   website: http://zostel.com/
   Zostel which is India's first backpacking youth hostel chain, started in August 2013 with an initial capital of Rs 20 lakh as a chain of backpacker hostels for young travellers providing airconditioned dormitories with laundry service, TV, internet and other facilities for under Rs 500 a night.In April 2016, it entered the budget hotel market and launched ZO rooms which raised an estimated $47 million across two round from Orios Venture Partners and Tiger Global. OYO acquired ZO rooms and zostel in 2016.

3. Greenway Grameen Infra (Eureka! Socials winner 2011)

   website: http://grameeninfra.blogspot.in/p/home.html
   Greenway Grameen Infra develops innovative solutions for rural consumers based on a unique heat transfer technology.Greenway's flagship product is Smart Stove. It burns traditional biomass fuels like wood and cow dung, but reduces them by 65 per cent to produce the same heat as mud stoves, with 70 per cent less smoke and 1.5 tons less Greenhouse Gas (GHG) emissions every year. Within the first six months of the product launch, Greenway Grameen was averaging 5,000 unit sales per month, and today, after five years, Greenway Grameen has managed to sell over three lakh units in India.It's product is India's largest selling cook stove and has also entered into international markets such as Nepal, Bangladesh and Mexico.

4. TheraNova

   website: http://www.theranova.com/
   Winners of Eureka! 2002, TheraNova is a biomedical device company. In addition to receiving seed funding for several internal projects, it has spun out several venture-backed companies. Baranova, NovaShunt, Velomedix and EM Kinetics have managed to raise Series B funding of $7.5 million, $25 million, $10.2 million and $2.8 million, respectively. A few other products have been filed for patents. For more information about funding visit the links below.

5. Elnfinitus

   website: http://www.einfinitus.com/overview.html
   Winners of Eureka! 2001, eInfinitus Technologies is a research oriented routing technology venture, founded by the alumnus of the Department of Computer Science and Engineering of IIT Bombay, India. It received INR 15 million in their first round of funding from Sicom Ventures and was later bought by Cisco Systems in a deal reported to be in the range of a whopping INR 2,50,00,00,000 or $50 million. For more information go to http://www.einfinitus.com/News/news8.html

6. Whizlabs

   website: http://www.whizlabs.com/ Winners of Eureka! 2003, today Whizlabs is a global leader in Java Certification Exam preparation. It has served over 50,000 customers and 20,00,000 users in over 120 countries with a 99.7% success rate and has also served corporate customers like Accenture, JP Morgan, IBM, Cisco, Infosys, Bunge, Induslogic, Nucleus software, Coface.

7. Greensole

   website: : http://www.greensole.in/
   Greensole is a social venture, refurbishing discarded shoes to comfortable footwear, which are provided to the people in need and also sold in the market. Globally more than 350 million pairs of shoes end up in landfills each year while as per the UNESCO & WHO report 1.5 Billion people currently do not have footwear.Greensole tends to bridge this gap making social, economic and environmental impact.