Welcome to the third edition of the Businessworld Hottest Young Entrepreneurs 2012 Awards.
If you have any clarifications outside of these FAQs, please fill the query form or visit Contact Us page.
FAQs
Q. Who can apply for the Businessworld Hottest Young Entrepreneurs 2012 awards?
A. There are three basic criteria.
One, all founders should be no more than 35 years old as of December 31, 2011 .
Two, companies which are between 0-2 years old as on March 31, 2012, can apply. This is a category we introduced for the first time last year.
Three, companies which are between two and five years old as on March 31, 2012. All companies must be registered entities.
Q. If one of the founders does not meet the age criteria, will the company disqualify?
A. Yes.
Q. Why do companies have to be at least 2 years old and less than 5 years old?
A. Most startups in India die before they reach their second birthday. In fact, less than 1 per cent survive beyond a year. If a company has survived two years, the idea has gone beyond the proof-of-concept stage and tested to some extent in the market. We have kept the upper limit at five years because after that start-ups generally move into the growth phase of their lives. This contest is about showcasing ideas that are still in the formative stages.
Q. What is the last date for entries?
A. The last date for entries is May 15, 2012.
Q. What are the other grounds for immediate disqualification?
A. Applicants who fail to send in any government certified age proof, eg: birth certificate, school leaving certificate, etc. will be disqualified immediately. Applicants who fail to share their accounting statements and other relevant information with the independent auditors will become ineligible for evaluation. Incomplete forms will also be deemed ineligible.
Q. What is the selection procedure?
A. After applications close on April 16, 2012, winners will be picked via a three-step process. In Step 1, independent auditors will shortlist eligible candidates based on a due diligence of accounts. In Step 2, a screening committee comprising venture capitalists will interact with applicants and shortlist finalists for the jury round. Shortlisted candidates will then be put through a mentoring process before being presented in front of an independent jury. The jury will pick five winners, ranked 1 to 5, with 1 being the highest rank. The winners will be awarded at an awards function hosted by Businessworld in March. We will update applicants on the outcome of each step on this website.
Q. Apart from the winners, are there any other awards?
A. We pick five companies as winners in the Editors’ Choice category. These companies are featured in Businessworld as part of the special issue on the awards. We don’t not award them at the awards function.
Q. Is there a cash prize for the winners?
A. No, at this moment we do not give cash prizes.
Q. Why should startups apply for the awards?
A. The Businessworld Hottest Young Entrepreneurs Awards offer a credible show-case platform for young entrepreneurs who are still below the radar of mainstream media. Applicants also get an opportunity to network with venture capitalists, successful entrepreneurs and other participants in India’s start-up eco-system.
