In its first year, the contest would be conducted across the IIMs, the IITs, XLRI and IISc. The contest aims at identifying entrepreneurs and provide them direction and environment to translate their ideas into economically viable entities. The winning team will be eligible for a prize in cash and kind, valued at about Rs 5 lakh while the three runners up teams will get prizes valued at Rs 3 lakh each.

Inaugurating the contest, MR Rao, director, IIMB, said "It is a great crucible where innovative ideas get refined. Anyone with an entrepreneurial spirit, a fine and practical idea and the will to see it through, will be able to give life to the idea through this contest. NSRCEL will also provide the initial hand holding".

The results for the all India contest will be declared by Mid February, 2001 close to the graduation dates in these institutes, so that the winning teams can plan a serious entrepreneurial career, based on their winning business plans.

The participants for the contest, which will have a duration of about six months, will work in teams. The only stipulation in the team formation is that at least one of the team members must be from the final year of any of the programmes of the above institutes. There is no stipulation on any of the other team members. The contest would be held annually.