The competition is for new ventures in the seed or early stage and should be seeking funds from external sources either venture investment or early stage angel investment. Except the social ventures track, all participating entities must be ‘for profit’. The teams must own collectively at least 20 per cent of equity and should not have sales revenue prior to August 1, 2014.
TIBPC is a 2 track competition in which teams can choose either the Rice University Track or the Investor Track. Those who choose the Rice University Track must meet additional requirements including having at least two student team members including one graduate level student and cannot have more than five students. The shortlisted teams from TiE regional chapters will be provided mentors by TiE. These mentors will advise, help in making appropriate changes in business plans, guide in practice presentations and role-play elevator pitch sessions.
Under Rice University Track, the teams will be judged by top venture capitalists, investors and entrepreneurs from over 30 countries. The winners of this Track will be eligible for prizes of over $ 1.5 million. ?The? team/s under Investor track will also be winning prizes totaling $ 5000 and opportunity to compete in front of a panel during regional finals garnering investment opportunities.
Hyderabad ?Chapter Finale will take place during the last week of December 2014 and the winner of the Chapter will receive Rs 1 lakh from TiE Hyderabad along with a chance to compete in the regional finals for Asia to be held on February 5, 2015 in Delhi.
"We are excited to bring one of world's most prestigious and the richest business plan competition to Hyderabad, a city which has been the birthplace of many innovation led startups and successful entrepreneurs. We are expecting encouraging participation from our local budding entrepreneurs in this competition. The exposure which such competition provides to early stage startups leads them to way ahead in a short duration", Announcing the competition TiE Hyderabad president, Murali Bukkapatnam, stated in a press release.
