Hyderabad: 23 Finals Kick starts in GITAM campus Under Watchful Mentorship of National and International Corporate Leaders
Inauguration witnessed motivational talks and addresses by academicians and corporate leaders from different sectors
Hyderabad, 24 August 2023: The third edition of the GITAM SmartIDEAthon was inaugurated today in the presence of academicians and corporate leaders such Rajesh Manthena, Chairman – Hyderabad Angels; Mr. Chandrasekhar Sarma from Cloud4C & Ctrls; and Prof. D Sambasiva Rao, Pro Vice-Chancellor, GITAM (Deemed to be) University, Hyderabad.
Prof. Sambasiva Rao, Pro Vice-Chancellor, GITAM (Deemed to be) University said about how to make an idea fructify, “The quality of the ideas of aspiring innovators depends on their upbringing and education, but more importantly it is the belief that the idea can take the nation forward to a higher platform. Despite having an idea vetted by experts and getting an initial funding, it is the market that decides at the end of the day whether the idea will work. Ensure that the idea is the need of the market and fills the gap with the right skillset and that it should be sustainable.”
Mr Rajesh Manthena – Chairman, Hyderabad Angels, who graced the event as the Chief Guest said, “The four most important qualities are – Curiosity, Courage, Character, and Communication. Make learning continuous and relevant in this ever-evolving world. Having the courage to move ahead is a superpower as it gives you the freedom and the muscle for decision-making. Define your company’s character or culture, else others will define it for you, which is not an ideal situation. Respect your colleagues, be kind, considerate and polite and tabulate gratification.”
Emphasizing the event’s core focus on fostering collaborations and providing a nurturing platform to aspiring students, Krish Nangegadda, Chief Innovation Officer at GITAM (Deemed to be University), stated, “SmartIDEAthon aims to be more than just an innovation showcase; it endeavors to promote collaboration and networking among young minds. We are grateful for the invaluable support from esteemed partners like Startup India and Northeastern University, Boston, besides sponsorships from reputable businesses, which has been instrumental in making this event possible.”
“After the pandemic tech has taken over; we have witnessed a surge of emerging technologies. Now, we have a lot of startups who are on the path to becoming unicorns. It’s an era of transformation,” said Chandrasekhar Sarma from Cloud 4C (CtrlS Data Centre).
The annual nationwide student pitchfest has received ideas across four themes: Food & Health, Toys for STEM, Sustainable Fashion and Frugal Innovation. The submissions showcase a wide spectrum of innovations, favouring the theme ‘Frugal Innovation’ with 489 applications exploring cost-effective solutions. Under the Food & Health category there are 310 applications. 134 applications under Sustainable Fashion, and 76 applications under Toys for S.T.E.M.
The demographics of participants represent a wide geographical spread, with states like Tamil Nadu (206), Telangana (130), Andhra Pradesh (108), and Karnataka (101) being prominently represented among the 1009 total applications.
The SmartIDEAthon 2023 competition features an impressive array of innovative ideas, including a groundbreaking energy conversion innovation, transforming thermal heat into electrical energy, and a sustainable fashion prototype, comprising comfortable clothes made from a blend of banana, bamboo, and other eco-friendly fabrics.
In Round 1, a panel of top venture leaders reviewed the submitted minute-long video pitches and presentations for relevance and innovation. Up to 100 shortlisted applicants made it to Round 2 and were invited for online Bootcamp sessions and coaching by entrepreneurship practitioners. After the panel re-assessed submitted ideas for innovation, scalability, and impact, 32 shortlisted teams from Round 2 have now walked into the semi-finals.
Only eight teams will move ahead to pitch their ideas to an eminent jury and live audience in an auditorium setting in the grand finale on August 25. The winners and runners-up will receive mentoring and coaching from us for the next six months with up to INR 200,000 cash prize.
The Prizes for various categories are as follows:
Winner: INR 2,00,000 cash prize + fully sponsored two weeks Boston trip for both Founder & Co- Founder where they will receive personalized coaching, mentoring and exposure to the Boston startup ecosystem
Runner-up: INR 100,000 cash prize + partially sponsored two weeks Boston trip for both Founder & Co-Founder
Best Social Impact Business Idea: INR 50,000 cash prize + fully sponsored two weeks Boston trip for one member (Founder or Co-Founder)*
Best Woman-led Entrepreneurship Idea: INR 50,000 cash prize + fully sponsored two weeks Boston trip for one woman (Founder or Co-Founder)*
Leben Johnson People’s Choice Award: INR 50,000 cash prize
*The Boston travel for these two prizes has been made possible by a generous gift to CEM by Vivek and Vandana Sharma
