Menlo Park, California – March 31, 2011: The One Million by One Million (1M/1M) initiative is working with Microsoft on its India Startup Challenge, through which Microsoft BizSpark is offering $100,000 in total grants to four startups with winning ideas in the cloud and mobile categories. The 1M/1M initiative, set up by Sramana Mitra with the goal to help a million entrepreneurs each reach $1 million in revenue and beyond, is offering resources to help entrepreneurs make the most of this opportunity.
“The 1M/1M philosophy is to focus our entrepreneurs on customer acquisition and early validation without raising equity at low valuations and giving away large portions of the company early on,” explains Sramana Mitra, founder of 1M/1M. “Toward that end, we coach entrepreneurs to create value, validation and valuation by bootstrapping. Microsoft’s grant is a great opportunity for entrepreneurs to access resources without having to give up any equity at all, nor having to incur debt.”
The challenge seeks entries from entrepreneurs and startups with smart applications and business plans that leverage the power of cloud and mobile. The first-prize winners in both of these categories will each receive a grant for $40,000, and second-prize winners will receive $10,000 each. You can find full details and register here.
To prepare entrepreneurs to take full advantage of this wonderful program, 1M/1M is holding three events for entrepreneurs in India in collaboration with TiE Chennai, TiE Mumbai, the Indian Angel Network, Persistent Systems, and, of course, Microsoft. Entrepreneurs are invited to pitch their businesses to Sramana Mitra to receive immediate strategic feedback, additional validation, and access to educational resources to help entrepreneurs pull together competitive business plans. Girish Joshi, Emerging Business and Mobile Lead, Microsoft, will be on hand observing at all three events:
In Chennai, India, on April 9, from 11 a.m. to 3 p.m., TiE Chennai’s Special Interest Group on Startups is hosting a keynote address by Sramana Mitra followed by an in-person roundtable session with entrepreneurs pitching. The venue is IIT Madras Research Park, Chennai. More details and registration information can be found here.
In Mumbai, India, on April 16, from 11 a.m. to 5 p.m., TiE Mumbai and Indian Angel Network are co-hosting a keynote address by Sramana Mitra followed by two in-person roundtable sessions with five entrepreneurs pitching during each session. The venue is Welingkar Management Institute, Matunga (near Dadar), Mumbai. More details and registration information can be found here.
In Pune, India, on April 17, from 2 p.m. to 5 p.m., Persistent Systems is hosting a keynote address by Sramana Mitra followed by an in-person roundtable session with up to seven entrepreneurs pitching. The venue is the Persistent Systems Auditorium, Bhageerath office, Senapati Bapat Road, Pune. More details and registration information can be found here.
In addition, on June 2, 2011, at the online 1M/1M strategy roundtable co-hosted by Indian Angel Network, the finalists for the grants will be presenting to receive further coaching. Find more details and register here.
“At Microsoft, we are very excited to join hands with 1M/1M in helping entrepreneurs succeed by offering both financial aid as well as educational, mentoring, incubation, and business development resources,” shares Girish Joshi, Emerging Business and Mobile Lead, Microsoft. “We are proactively supporting entrepreneurs in the space of cloud computing and mobility to further accelerate the development of a strong innovation ecosystem in India.”
1M/1M encourages all entrepreneurs working in the cloud and mobile categories to take advantage of this opportunity. Members of the 1M/1M premium program can work with Sramana Mitra as needed to prepare their applications. Learn more about the 1M/1M premium program and register to join here.
About One Million by One Million (1M/1M):
Founded in 2010 by Sramana Mitra, the One Million by One Million (1M/1M) initiative is an educational, incubation and business development program that aims to help a million entrepreneurs globally to reach $1 million in revenue and beyond, build $1 trillion in sustainable global GDP, and create 10 million jobs. For more details, please visit: http://1m1m.sramanamitra.com
About Microsoft BizSpark India Startup Challenge:
Microsoft BizSpark India Startup Challenge is a chance for start-ups to show off their creativity and receive constructive feedback and mentorship from their peers, top investors and Microsoft. Four lucky start-ups will win grants of total of $100,000 that can help them grow their business and develop their software applications and services. But most importantly, the challenge represents an opportunity for the BizSpark Community to build and deepen connections, share ideas and celebrate the individual successes of member start-ups and network partners.
Microsoft is looking for a business plan that is innovative, has scalable market potential and the team behind the plan should be able to articulate a vision and execute their business plan. We don’t need lengthy business plans; keep it short. Your submission may describe the business with a link to actual app or website. The selection would be based on a combination of the business plan and the application. We would assess the application according to challenge criteria*. At ‘the finals’, the start-up would briefly present its business and demo the app. For more details, please visit: http://www.microsoft.com/india/bizsparkstartupchallenge/
For more information contact:
One Million by One Million
Microsoft BizSpark India Startup Challenge
Mobile: – + 91 9811799075