Canaan Partners and TiE launch ''Indian entrepreneurial challenge''

02 November 2006

Mumbai: Early stage global venture investor in innovative technology and healthcare companies, Canaan Partners and TiE (The Indus Entrepreneurs) will jointly host the 'TiE-Canaan entrepreneurial challenge', a national business plan competition in India. The deadline for online registrations is 24 November, 2006, at www.canaan.com and at www.tienewdelhi.org.

The entrepreneurial challenge involves two rounds of evaluation and selection, with feedback for the participants on their proposals at the end of each round.

Business research firm Evalueserve will provide the first level screening of the business plans and the short listed candidates will then present their plans to a jury comprising entrepreneurial successes such as Raman Roy, chairman, Quattro BPO Solutions; Pramod Bhasin, CEO and president, Genpact; Saurabh Srivastava, president, TiE Delhi; Mahesh Murthy, partner, Seedfund; and Alok Mittal, executive director, Canaan India.

"There is a huge entrepreneurial potential in the Indian market and Canaan Partners believe that initiatives such as the TiE-Canaan entrepreneurial challenge, act as catalysts for aspiring and practicing entrepreneurs," says Mittal. "Through this contest, entrepreneurs can look to receiving mentoring and guidance on their business plans, as well as receive feedback on strategic and operational issues," he adds.

The award ceremony for the winners will be held in Mumbai at the TiE Entrepreneurial Summit in December 2006. Renowned European business school INSEAD will host the winners of the Tie-Canaan Entrepreneurial challenge at its Singapore campus to run case study workshop to assess the global potential of the winner's plans.

In a media statement Saurabh Srivastava, said, "TiE is pleased to partner with Canaan Partners in this unique business plan contest connecting current and potential entrepreneurs to mentors and capital. Everyone has to get their start somewhere. If we can contribute to new startups and the entrepreneurial climate in some small way, everybody wins."