Press Release BiD Challenge India, October 2007

Mumbai, Maharashtra, India, Wednesday, October 17, 2007 -- (Business Wire India)

Being the only business plan competition in the country with a primary focus on the problem of limited financial access to the small and medium enterprises (SME) segment, it comes as no surprise that the Business in Development (BiD) Challenge 2007, received such an astounding response. The competition challenges entrepreneurs to develop and execute business plans that generate profit and support poverty reduction.

The India operation is part of the worldwide BiD initiative and was launched for the first time in India by Intellecap. Jointly organized by the Business in Development (BiD) Network Foundation and Intellecap, the business plan competition recognized the most innovative, sustainable, investment-worthy enterprises in start up and established categories. In an Awards Gala on October 12, 2007 at The Leela Kempinski, Mumbai, the competition recognized and awarded six amazing entrepreneurs who are making a difference and rewriting the rules for running profitable enterprises for development.

Winners of BiD Challenge India 2007

Mobile Medics Health Care (www.mobilemedics.net), a start up venture started by two young and dynamic management graduates won the GTZ-sponsored 1st Prize of INR 3 Lacs. Their idea aims to provide high-quality affordable, primary healthcare in rural India through mobile vans. Wonder Grass, won Rabo India Finance sponsored 2nd Prize of INR 2 Lacs for its innovative business idea of a one-stop shop for all bamboo applications. The plan has already generated interest among various quarters of the world especially for rehabilitation and disaster relief purposes. Samruddhi - A Rural Retail Chain, with an aim to improve accessibility and engagement of innovative products for rural consumers, won the third prize of INR 1 Lac.

In the established category, Vaatsalya, which intends to eliminate the gap in health inequity by creating India’s first network of hospitals, won the 1st prize of INR 3 Lacs. Through BiD Challenge India 2007, the winners aims to attract investments that will help them scale up operations and diversify into new areas. The second prize of INR 2 Lacs went to Suminter Organics, a company that works for the upliftment of farmers via organic farming practices. Desicrew Solutions, a young team from IIT Chennai, won the third prize of INR 1 Lac for their socially-motivated business outfit that connects global clients with low-cost BPOs in rural India.

Appreciating the BiD Challenge India platform, the 1st prize winner in established category, Ashwin Naik of Vaatsalya remarked that this competition gave him and his enterprise “the benefit of connecting with people working in the same area.” According to Kavikrut, the prime promoter of Mobile Medics, the online competition platform “opened doors to serious information exchange, sharing of learning and experiences.”

Making the Difference

• The first prize winner in each category will now compete in the BiD Global Challenge 2007 for a cash award of 20, 000 Euros.

• The BiD Challenge shall continue to help each of the prize winners and promising participants seek investments from the mainstream.

• The prize winning entries will be tracked for the next three years and their performances recorded by the BiD Network Foundation.

Sponsors and Partners

BiD Challenge India 2007 was supported by CORDAID, one of Europe’s best known agencies for funding developmental initiatives globally. Rabo India Finance Limited and GTZ were the Prize Partners. ITC E-Chaupal, Nicholas Piramal, BASIX and L-Ramp provided entrepreneur support through mentoring, advisory, screening of plans and plan consolidation. Investment Partners included Aavishkaar Micro Venture Capital Fund, Aavishkaar Goodwell and the Network Enterprises Fund.

About Intellecap

Intellecap organized the BiD Challenge India 2007. Intellecap (www.intellecap.net) is an advisory firm that incubates innovative businesses, enables capacity building, and facilitates investment initiatives in the development sector. Working in direct design, execution as well as indirect strategic advisory roles, Intellecap seeks to leverage mainstream tools and techniques to create unique solutions in order to efficiently and effectively address development problems. From ideation to several years of execution, Intellecap offers budding entrepreneurs and enterprises Incubation, Investment Banking, and Enterprise Development services. Intellecap also carries out its share of innovations through initiatives such as IntelleCash (helping entrepreneurs start microfinance franchisees), Microfinance Insights (www.microfinanceinsights.com), a quarterly magazine and the India Development Gateway (www.indiadevelopmentgateway.org). Intellecap has also recently attracted an equity investment of US$8.4 Million from Legatum.

About BiD Challenge India

BiD Challenge India 2007 (www.bidnetwork.org/india) received 156 entries from sectors like Health Care, Agriculture, Energy, Education, and Microfinance. An extended Jury Panel of top venture capitalists, bankers and industry experts chose the 11 most promising business ideas as finalists. An eminent and diverse Grand Jury that included J. Steinmann, Principal Advisor - Health Care, GTZ, Arindom Datta, Director Rabo India Finance, Wim van der Beek of Aavishkaar Goodwell, Pravin Gandhi, Seed Fund and Arun Diaz, Aavishkaar India picked the three best and most viable plans in the two categories and honored them at the Awards Ceremony.

About Business in Development Network (www.bidnetwork.org)
Business in Development (BiD) Network is a Netherlands-based foundation that promotes the growth of small and medium enterprise as future vehicle for economic growth. BiD Challenge aims to promote entrepreneurship towards sustainable economic development and hosts competitions in several countries, including India. The finalists in all competitions are then invited to compete in an international challenge in the Netherlands.

Media contact details:

Rashmi Pillai,
Intellectual Capital Advisory Services Pvt. Ltd. (Intellecap),
+91-22-3253 5292