Ahead of the Make in India Week, the Department of Industrial Policy and Promotion (DIPP) has launched a start-up contest to reward innovative ideas, and the winner is set to bag an equity investment of USD 3,50,000 as prize money from chip maker Qualcomm.
The contest is being organised by the DIPP and Qualcomm in in line with the Make in India Week, which will start from February 13 in Mumbai with an aim to promote India as an investment destination and increase its share in global FDI.
India's largest start-up contest 'QPrize Make in India' will have USD 350,000 (over Rs 2 crore) in equity investment as prize money for the winning company, the DIPP said in a statement.
"The goal of this contest is to catalyse Indian entrepreneurs and start up community to drive the entire value chain from innovation to manufacturing in India," it said.
Start-ups can submit their entries on the DIPP or Make in India website. The last date for submitting entries for the contest, which began today, is February 12.
DIPP will announce the shortlisted start-ups on February 15 and they will be invited for the final pitch presentation during the grand finale on February 18.
Jury will consist of eminent names from the Government, industry and Qualcomm, the statement added.
"We are delighted to announce the QPrize Make in India contest that will be a driving force for Indian entrepreneurs aligning with our Prime Minister Narendra Modi's vision for Start-up India and Make in India," DIPP Secretary Amitabh Kant said.
With over USD 5 billion worth investment in 2015 and 3 to 4 start-ups emerging every day, India has the third largest number of start-ups in the world, the statement said.