FAQs

Idea Submission Procedure

1. What would encompass a social idea? Which sector(s) should this idea come from? 

Any idea whose primary objective is to address a social need can be considered a social idea. The idea need not be specific to any sector. However, some indicative sectors include: Healthcare, Education, Agriculture, Manufacturing, Housing, Energy, Technology, Telecommunications, Services etc. 

Ideas presented to ISB iDiya should be able to show direct social impact as one of the key objectives. 

As a general guideline, a social idea should incorporate one or more of the below elements

2. Where do I find the formats for submission?

Click on the resources link or go to Templates. The Team template and idea templates are posted.

3. What is the submission procedure?

4. I am having trouble with the online gateway. What should I do?

Please get in touch with us at the earliest. Write to us at iDiya@isb.edu and give us the date and time that you attempted the payment.

5. Can I change my submitted idea after I pay the fee?

Yes, you can upload a new document even after the fee is paid. We will consider the application documents which is in the system when the portal closes on 23:59, September 19, 2010.

Note: Please do not wait until the last minute to upload your idea. The online payment gateway may slow down on the last day with the volume of applications. Try to get your application in early.

6. Can I submit my ideas through email?

No. iDiya does not accept emailed submissions. You will have to submit your idea through the system by clicking the ‘Submit Idea’ button on the left panel of the website.

7. How do I write an executive summary?

The template for executive summary has various questions and points that will help you in coming up with a good executive summary. In addition, you will find links to some online resources in the resources section of the ISB iDiya website.

8. Is there any page limit for the executive summary?

No, there is no page limit for the executive summary. However, there is a word limit of 2,500 words.

9. Are resumes of all the team members mandatory?

Yes. 1-page resume of all the team members need to be uploaded along with the team information sheet.

10. When should I submit the complete business plan?

The ISB iDiya challenge requires teams to submit only the executive summaries as per the template. We do not require teams to submit their complete business plans. However, the winning teams receive mentoring to build their skills in creating high quality business plans. Towards this, the winning teams will be expected to come to the bootcamp with a rough cut business plan which will serve as the basis for many of the bootcamp activities.

Eligibility:

1. I am an NRI. Am I eligible to participate?

Yes, you are welcome to participate in the ISB iDiya competition. However, if selected, you must be prepared to attend the bootcamp at ISB, Hyderabad from November 27 to December 4, 2010 both days inclusive.

2. I am a student. I have finished my academic course but have not yet received my mark sheets and degree. Am I eligible to participate?

Yes. If you have completed your academic credits, you are welcome to enter the competition

3. I am an individual. Can I participate without a team?

No. You must find at least one other team member.

4. Individuals have ideas. Why aren’t individuals without team members allowed to participate?

Working in a team is an essential skill for an entrepreneur. Team participation brings different perspectives and skills to the enterprise and increases the all round expertise of the team. The bootcamp is designed to foster this team ethic and the concepts taught are best learnt as a team. Investors and Venture Capital organisations also see the team as extremely essential to the success of an enterprise.

5. We are a team of working professionals, but we do not have work experience in the field in which we want to start our venture. Are we eligible to participate?

Yes, but you should note that considerable weight is given to the teams overall expertise and knowledge of the market. If your idea is in a field where none of your team members have experience, you must demonstrate your knowledge of the field and the research done to understand the field.

6. We have already started our enterprise and have been operating for a while. Are we eligible to join?

Yes, if you have been in operation for less than 5 years you are eligible. However, if you have been in operation for more than 3 years, you must indicate how you feel iDiya can help you at this stage.  

Evaluation of Ideas

1. What is the evaluation process?

The evaluation process consists of 3 rounds.
Round 1: All submissions will be read by two evaluators from a select group handpicked from the ISB community. The evaluators will consider the submission based on equal criteria for social impact and financial viability. The evaluators will also log their questions, comments and concerns regarding each plan. In the case of the evaluators differing from each other substantially, a third evaluator (an industry expert) will moderate the plan. The score given by the third moderator will be considered final.
100 plans will be shortlisted for the 2nd round
Round 2: Shortlisted teams will be expected to update their submissions to address the concerns and questions raised by the evaluators and resubmit their document. No further payment is due at this stage. At this stage, the plans will be reconsidered by a panel of experts from ISB community and rescored based on the same criteria.
The top 35 teams will then be shortlisted for the 3rd round.
Round 3:  Shortlisted teams will be interviewed telephonically by a panel consisting of Faculty, Social VCs and industry experts.
Based on the responses, 10 winners will be selected to attend the bootcamp.

2. I am concerned about the safety of my idea. How will you ensure that the idea is not disclosed to anyone?

All ideas come directly into the online portal which is accessed only by the iDiya team. Each idea is read by at the most 5 people for the purposes of evaluation. The ISB iDiya team does not reveal your ideas to anyone outside the evaluation cycle and will not use your submission for any purpose besides evaluation. We do not share plans with our partner organisations except for the purpose of evaluation. If our partners express interest in seeing your plans outside the evaluations, we will request your permission to share your plan and will help you to engage with the partner organisation. If your plan is not shortlisted in the first round, it will not be seen by anyone outside the 2 initial evaluators and if required, the third evaluator.

3. My idea is dependent on donations or grants. Will this affect my evaluation?

IDiya is a competition for Social Enterprises, which means that your business idea must become profitable and self-sustaining. If your idea is initially funded by donations or grants, your submission must outline a model to become profitable and self-sustaining within 3 years of operation.

4. I am not sure if my idea is a ‘social’ idea. How does the competition decide if an idea is social in nature?

The iDiya team defines a social idea which incorporates one or more of the below elements

5. How do I measure the social impact of my idea?

You can choose the measure of the impact - Number of people served, number of job opportunities created, number of tons of CO2 saved, etc. However, you must make clear in your submission why you believe that this metric is important to you, and how you calculated the value.

6. I have just begun thinking of my idea. How important is it to have a financial model?

While you need not submit detailed financial statements, it is extremely important to have a revenue model. The evaluation team will take into account your understanding of the market size, the capital requirements, the projected revenues and profit margins and the overall realism of your projections. We will also be interested in seeing how you would plan for financial risk in your enterprise.

7. Will I receive feedback on my idea?

Yes, all participants will receive comments and questions logged by the evaluators during the first round of evaluations. Shortlisted candidates will be required to resubmit their idea submissions updated to address the concerns raised by the evaluators.  

Have another question? Email us:idiya@isb.edu