NEN launches TATA NEN Hottest Startups – India’s first community chosen awards for startups
Introducing the young startups of today’s India: Youthful, energetic, gutsy, high on innovation and promising change.
And celebrating this spirit of dynamic entrepreneurship is TATA-NEN Hottest Startups, India’s first community-chosen awards dedicated to showcase and reward young businesses that are passionate, world-centric, high value, high growth, and out to make a difference.
Launched at the end of August, TATA NEN Hottest Startups aims to showcase the largest number of high potential startups in India, from across all geographies and industries – spanning sunrise industries like Information Technology or Biotech, to more well-established sectors like manufacturing or agriculture.
Says Laura Parkin, Executive Director, National Entrepreneurship Network: “Every startup is a story – so we believe that the Awards will amass some of the greatest stories of today.”
What is a “Startup”?
‘Gazelles’ was a name coined by David Birch, an MIT researcher in the 1980’s for high-potential, high-growth companies - companies that deserve special attention. Why? Because, research across several developed economies has shown, these companies, representing only 5 per cent of all startups, end up creating over 66 per cent of net new jobs.
In India today, there is more scope for starting these companies than ever before. Yet despite the opportunities, this type of startup remains under-represented according to research performed by Amar Bhidé of Columbia Business School and K. Kumar of IIM Bangalore. “The goal of TATA NEN Hottest Startups is to provide visibility and support to such high potential companies. We also hope that these Awards, with the special open structure, will enable people to see and appreciate the number, diversity and value in the many startups blossoming in India today,” says Parkin.
Structure of the competition: engaging the public
Inspired by the hugely popular TV reality shows like Indian Idol and Big Boss which put the viewer in the driver’s seat; and the open source knowledge-sharing platform of Wikipedia – the format of TATA NEN Hottest Startups is contemporary and community driven. No more behind-closed-doors nomination and selection of winners; anyone can nominate deserving startups. A combination of people’s votes and expert rating would decide the winners. While expert ratings lend credibility, the voting process engages the community and gathers public support for innovative companies. (More details in Box)
Support to winners
Winners receive both publicity and significant business support. HT Mint, DARE and others will profile the short-listed companies and the winners.
| Criteria for participating startups |
The company must be 5 years old or younger; headquartered in India; and is a stand-alone. It would add to the ‘hot’ factor if the company is:
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IIM Ahmedabad, IIM Bangalore, Microsoft, and NEN will provide business support to the Shortlisted Startups and Winners of TATA NEN Hottest Startups. Support includes specially designed courses for the winning teams, possible admission to incubations, and access to funds of over Rs 50 lakh for each Winner.
“In the end, every startup should benefit – it’s hard to gain visibility if you’re a startup. TATA NEN Hottest Startups will hopefully give each and every nominee a serious boost,” adds Parkin.
| TATA NEN Hottest Startups Awards: Selection process |
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Partners and Supporting Organizations
The program is launched by NEN in association with the TATA Group. “The TATAs have been innovative in the Indian landscape since the last hundred years, be it the country’s first luxury hotel, world’s thinnest watch or the path-breaking Tata Nano. Innovation being the germ point for entrepreneurship, we believe that TATA NEN Hottest Startups’ focus on innovation matches with our own philosophy of entrepreneurship in India. We believe that it will create a larger impact on the current entrepreneurial community that dares to try,” says Romit Chatterji, Senior Vice-President, Corporate Affairs, TATA Services Ltd.
Helion Venture Partners and Seedfund are the Major Partners. Says Kanwaljit Singh, Co-founder, Helion Venture Partners: “Hottest Startups is a unique, one of its kind program with the ability to create excitement and awareness around entrepreneurship among today’s youth like never been done before. We are very excited to be a part of this program as we passionately believe in promoting entrepreneurship.”
According to Parkin, TATA NEN Hottest Startups started as an interesting idea for a smaller scale endeavor, but quickly grew in scale and scope, thanks to the enthusiastic and warm response from the entrepreneurial community. TATA NEN Hottest Startups has over 25 organizations as partners, including 376 NEN academic institutes, Microsoft, TiE, Proto.in, Open Coffee Club, Startups.in, Kickstart.in, Webyantra, Smart Techie, Pagalguy, Cool Avenues, MBA University and many more.
“We’ve been delighted at the overwhelming response from the community. Certainly, it seems that the time is right to engage people in a celebration of the courage demonstrated by entrepreneurs who step into the unknown world of startups. We are expecting that TATA NEN Hottest Startups will improve the ecosystem for entrepreneurship by changing public’s perception of startups, and redefine them as hot,” believes Parkin.
More information on www.hotteststartups.in
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