What is the Chancellor’s Challenge?

The Chancellor of NMIMS and the President of SVKM Shri Amrish Patel has challenged his students to come up with innovative ideas and transform them into viable businesses. This is a chance for you to create impact by launching your own start up. We as an initiative seek to support entrepreneurial development and innovation by hosting a variety of facilitation programs which include but are not limited to interactive sessions, mentorship, team building and dummy pitching sessions, research support, boot-camp and a wide range of other things! Get in touch with us at ideas@nmims.edu and we shall try our best to accommodate your needs for scaling your idea to action! Also subscribe to us to get regular updates about the fun filled facilitation sessions!

Are there any support facilities available to help us?

Yes, of course, we have various facilities available for you on campus. You can attend the interactive sessions, mentoring programs, mixers (for mingling with fellow entrepreneurs, team building, dummy pitching and a lot more); avail research support, boot-camp and a wide range of other things! Get in touch with us at ideas@nmims.edu and we shall try our best to accommodate your needs for scaling your idea to action! Also subscribe to us to get regular updates about the fun filled facilitation sessions!

What if I only have an idea?

That’s great, we want to hear more about it and help you transform it into reality! We want you to build your team as you move along, attending the facilitation events before submitting the business proposal.

Who can apply?

The Challenge will be open to any team who has an idea. The only condition for applying is that the Team must be led by at least one current SVKM. The SVKM student(s) must be a substantive member(s) of the founding team, and a committed leader of the venture. The Team would be registered in the name of this SVKM student. The rest of the team can comprise of anyone including but not limited to non-SVKM students, professionals, faculty, alumni etc. There are no restrictions, which are imposed on the other members of the team. This is to build an entrepreneurial community on campus.

Who is an SVKM student?

An SVKM student is any student who is currently affiliated with SVKM schools and/or colleges (including NMIMS Colleges) studying on any of the campuses (Mumbai, Shirpur, Hyderabad, Bangalore, etc.). The Team must register the team in the name of an SVKM Student.

What are the prizes? How is the prize money split?

The winning team for Chancellor Challenge will receive INR 5,00,000. First runner up will receive INR 3,00,000. Second runner up will receive INR 2,00,000. The prize money cheques can only be written to a student affiliated to SVKM.

Note: These awards might be taxable. Each team winning a prize will have sole responsibility for deciding how to allocate or otherwise use its prize proceeds. The organizers of the Competition will not become involved, either voluntarily or by request, in a team’s decision concerning the allocation or use of prize proceeds, subject to the condition that the prize proceeds are used strictly for business purposes only. The prize money shall be distributed in 3 disbursements of 20% initially and later 30% and 50% upon presentation of progress report to a panel, subject to their discretion.

When is the last date to submit the responses for Round 1 of the Chancellor Challenge?

The last date for submission of executive summary of the Business Plan for Round 1 of the Chancellor Challenge is December 7th, 2017. Please note no extension will be granted and any submission made after deadline will not be accepted.

What should be the composition of my team?

Teams may be formed with minimum 1 and maximum of 8 members. The Team must be led by at least one current SVKM student. The rest of the team can comprise of non-SVKM students as well.

If I don’t find any team members that really seem like “the right fit” during the Networking sessions, is it OK to have a “team” of just one person?

It is OK to have just one person on a team. However, we would strongly advise you to form a good team to make your dream a reality.

Can a student submit plans for more than one team?

No, a student can be part of only one team. The participation of a student in more than one team, may lead to the disqualification of all the teams in which the common student(s) participates.

Is there an age restriction on the members of the team?

No. There is no restriction on age. Any person with a good idea is welcome to participate.

Would Part-time students be considered as SVKM students?

Yes, Part time students would also be considered as SVKM Student. Thus part time students can lead a team and register the team in their name.

Can professors or other personnel associated with colleges be a part of the Challenge?

Yes professors or other personnel associated with SVKM can participate in this competition along with an SVKM student. Unfortunately, they would not be able to register the Team in their name. Their team must be registered and led by at least one current SVKM student.

I’ve already entered this idea in another contest or challenge can I still enter The Chancellors Challenge?

You are welcome to enter your ideas even if they have been submitted at another contest or challenge.

Does my idea have to be non-profit?

No. We welcome both for-profit and non-profit proposals.

I am an Alumnus of SVKM, can I apply?

Yes SVKM Alumni can participate in this competition along with an active SVKM student. Unfortunately, they would not be able to register the Team in their name. Their team must be led and registered by at least one current SVKM student.

How can I keep up-to- date on the competition and what’s happening?

Chancellors Challenge website would be the source of information. Please check the same on regular basis. You can also subscribe to the website for regular updates.

Does SVKM own the intellectual property associated with my proposal?

No, SVKM will not own any IP by the virtue of your participation in Chancellor’s Challenge.

Do I need to travel to Mumbai for submission of the business proposal?

No, proposal should be uploaded online. You are expected to visit Mumbai only if you are qualified for the grand Finale. Once you qualify, we will get in touch with you directly.

Is the list of judges for the Business Plan Competition available to the participants?

No. We don’t release our judge lists for any of the rounds. However they will be drawn from a variety of backgrounds, including funders, founders, industry experts and executives, lawyers and other specialists deemed appropriate to understand the commercial viability of a business idea.

Do judges or coaches usually sign NDAs (non-disclosure agreements)?

No. Judges and coaches do not sign NDAs. This is common practice in the entrepreneurial world, especially when you are pitching your idea to investors. You should figure out a way to talk about your business, but not give away the confidential information that could be patented, trademarked, or that is simply your secret sauce.

Can I compete in the competition 2 years in a row?

Yes, but not with the same business idea if you were a winner (grand prize, first or second). You may compete with the same idea if you did not win one of these prizes. You may also compete in your second year with a different idea.

If I have more queries whom should I approach?

For specific queries, you may reach out to ideas@nmims.edu