Inaugural Vishwa start-up competition launched
View(s):The inaugural Vishwa Innovator Project start-up competition was launched in Colombo recently, offering local start-ups a new avenue for commercialising unique ideas. For the winning project, this includes not only funding, but also access to a developer eam as well as market promotion and business support in the US, Europe, Australia, etc. In return, the winning start-up must agree to hand over a 50 per cent ownership stake to competition organiser IT Connect.
Potentially a ‘boot camp’ for start-ups, thanks in part to the military family upbringing of the project’s mastermind Arjuna Samarakoon, Managing Director of Australian company IT Connect. The project has been described by Mr. Samarakoon as a “serious” endeavour, only open to committed IT students and professionals willing to go through a rigorous development process which will result in a viable product.
Meanwhile, the project encompasses three stages, a pitch stage, wherein the winning idea is selected, a development stage and a commercialisation stage. As part of the initial, pitch stage, the top 20 shortlisted ideas will be notified, after which the top three will take part in an awards ceremony. Pitches documents must entail: an executive summary; solution design specifications; related research and showcasing the uniqueness of the idea; case for commercial application; further research and development needed for idea; project plan and development plan; and a suggested marketing and sales plan.
Additionally, the project’s website, vishvaproject.lk, also identified a timeline for pitching and development of ideas, which included the following: closing date for entries (April 30, 2014), announcement of 20 shortlisted projects for the second round (May 31, 2014), related presentations (June 10, 2014), awards ceremony and winning entry announcement (June 30, 2014), and completion of the development phase for the winning idea (June 30, 2015).