Eligibility

The Jio Vichaar Entrepreneurship Challenge invites students in India who are in 9th-12th grade to work together in teams of 2 to 5 members to use innovation and entrepreneurship to develop solutions to the problems faced in India and to create the India they envision. Along the way, international coaches from Wheaton College and top entrepreneurial leaders in India will be there to guide teams’ innovative ideas.

Timeline

The 2019 Jio Vichaar Entrepreneurship Challenge officially opens with registration and initial idea submission starting on August 28, 2019 culminating with the JVEC Summit on June 6-7, 2020 at the Ambani School in Mumbai, India. More details can be found on the Timeline page.

How the Competition Works

Round 1 (initial phase/video submission) and Round 2 (semi-final/business plan) of the competition are conducted completely online. First, student teams will register and submit a 1 minute Youtube video of their idea.

Next, semi-finalists in each category will be announced and invited to the second phase of the competition where they will access instructional videos, receive coaching and mentoring from Wheaton College coaches, and complete an in-depth business plan for their product/service.

In the final round, the top 5 teams in each category will be given the opportunity to present their innovations in-person to a panel of expert judges. JVEC recruits judges from among the best in industry, government, research and academia in India.

Judging

Round 1: Pitch Judging Criteria

Each submission will be reviewed for innovation and viability as evident in their Pitch document and video. Teams should focus on:

  • Clarity and effectiveness of their concept description
  • Clear depiction of the challenge to be solved
  • Description of how the product/service is innovative
  • Teams with promising Pitches will be invited to advance to the Semi-Finals. These Semi-Final teams will be announced on our website on the day of Diwali!

Round 2: Business Plan Judging Criteria

Judging of the submitted and complete Business Plans will be conducted online by a panel of Wheaton College coaches and faculty. The top five scoring teams in each category will be selected as Finalists and invited to the JVEC Summit (June 6-7, 2020) to present in the final phase of the competition. Finalist teams will be chosen at the sole discretion of the judging panel.
Judges will score each Business Plan based on the following up to 100 points:

  1. Innovation (20 Points): How new or unique is the idea? Does the product already exist? We look for innovation in any of 3 forms:
    • The technology itself
    • A combination of existing technologies into a new system
    • Innovative business concepts – The team should show how their product uses one or more of these types of innovation.
  2. Feasibility (20 Points): Will this product work technically?
    • The team should show an understanding of what research or experiments are needed to prove that it will work.
  3. Marketability (25 Points): Understanding of the key markets for their product must be demonstrated.
    • Who is the customer? Who is the end-user?
    • How clearly defined is the target market?
    • How important is the idea to the industry?
  4. Costs (10 Points): How much will it cost?
    • Costs need to include any material estimates, R&D (including grants), market studies, and labor costs.
      Teams need to be as detailed as possible.
  5. Funding Mechanisms (10 Points):
    • Does the team understand the basics of how its product could be funded?
    • If it is relatively simple, can the team raise money for prototypes and begin sales through friends and family?
    • Does the team need to consider grants, loans, or bringing on investors or partners in their efforts?
  6. Team Story (15 Points): Introduce your team to the potential investors.
    • How did the team form?
    • What roles did each member play?
    • What barriers or hurdles did the team overcome to develop its idea and complete its business plan?