IIT Bombay Eureka!: 10 Key Things You Must Know

Overview

IIT Bombay Eureka! is Asia's largest and one of the most prestigious business model competitions, organized by the Entrepreneurship Cell (E-Cell) of the Indian Institute of Technology Bombay. Founded in 1998, Eureka! is a flagship initiative that aims to nurture entrepreneurial spirit among aspiring founders by providing them with a platform to develop, mentor, and showcase their startup ideas. Over the years, the competition has evolved from a modest event to a rigorous, multi-month program attracting tens of thousands of participants across India and beyond, including countries in the Gulf Cooperation Council (GCC). Participants gain access to expert mentorship, venture capitalists, workshops, incubation opportunities, and a chance to pitch at high-profile conferences such as IIT Bombay’s E-Summit. This article reveals ten key aspects of IIT Bombay Eureka! to understand its breadth, significance, and impact on the startup ecosystem.

1. History and Evolution

IIT Bombay Eureka! began in 1998 as a student-run business plan competition organized by E-Cell, IIT Bombay, with the mission of "Creating Job Creators." Starting with a few dozen teams and modest prize money, the competition quickly gained traction and was recognized by media like CNN as "Asia's largest business model competition." Over nearly three decades, Eureka! has expanded in scale and scope, now featuring multiple industry-specific tracks and international outreach initiatives. The competition annually draws over 25,000 entries, proving its enduring appeal and influence.

2. Structure and Format

Eureka! is a rigorous five-month competition divided into multiple stages. It typically begins with registration and submission of business model canvases, followed by mentoring and workshops designed to refine ideas and prepare participants for investor-grade pitches. Semi-finalists receive personalized mentorship from over 300 seasoned mentors, including industry veterans and investors. The finalists participate in a three-day accelerator program before pitching at IIT Bombay’s flagship E-Summit event held in December or February, depending on the edition. The competition offers a mix of online and onsite activities, culminating in a high-stakes, closed-door final judged by a jury of venture capitalists and industry experts.

3. Diverse Industry Tracks

To cater to innovating founders across sectors, Eureka! features specialized thematic tracks that address key industries and emerging domains. For instance, recent editions have included tracks such as Salesken AI Business Track (business innovation), Swavalamban SIDBI Social Track (social impact startups), SBI General Fintech Track, Shell Sustainable and Affordable Energy Track, Godrej Agrovet Food and Agro Track, Westbridge Capital Pan-IIT Track (exclusively for IIT founders), and Gulf Islamic Investments Edutech Track. This sector-based approach ensures participants receive relevant domain-specific guidance, helping transform ideas into scalable ventures.

4. Mentorship and Investment Opportunities

A salient feature of Eureka! is its expansive mentorship network comprising over 300 experts from diverse domains, including successful entrepreneurs, angel investors, venture capitalists, and corporate leaders. Participants receive hands-on support to polish their business models, customer validation strategies, and pitch decks. Additionally, the competition provides unparalleled investor access, connecting startups with more than 50 top venture capital firms such as 100X.VC, 3one4 Capital, IIMA Ventures, Ankur Capital, and more. Many winners have secured significant seed and series funding post-competition.

5. Global Outreach and the GCC Edition

Eureka! has transcended Indian boundaries with its GCC Edition, which targets startups in Gulf Cooperation Council countries including Bahrain, Qatar, Oman, Kuwait, UAE, and Saudi Arabia. With an independent prize pool of $100,000 and fully sponsored opportunities to pitch on international stages such as Dubai Expo and other global investor platforms, Eureka! GCC fosters cross-border entrepreneurship and builds bridges between Indian and Gulf startup ecosystems.

6. Prizes and Incentives

The competition boasts a prize pool of over INR 2 crore (approximately $260,000) encompassing cash prizes, grants, and perks such as AWS credits, software subscriptions (Canva, GitHub, Zendesk), and invitations to exclusive accelerator programs. Apart from monetary rewards, winners often receive incubation at renowned institutes including SINE IIT Bombay, NSRCEL IIM Bangalore, T-Hub, Razorpay Rize, FITT IIT Delhi, and others. These incentives greatly enhance startups’ ability to scale product development and market entry.

7. Impact and Alumni Success Stories

Eureka! has served as a launchpad for numerous startups that have gone on to achieve remarkable success, raising substantial funding and generating significant social and economic value. Alumni include agritech startup Dehaat, AI innovator AI-Genix, healthcare ventures like Jeevan Lite, and more. Many Eureka! winners have showcased their ventures on international fora, including the Indian Pavilion at Dubai Expo 2020, further boosting their growth trajectories.

8. Student-Centric Initiatives: Eureka! Junior

Beyond startups, IIT Bombay’s E-Cell organizes Eureka! Junior, Asia’s largest business model competition specifically for school students from Classes 6 to 12. This cost-free program nurtures entrepreneurial thinking from a young age through workshops, quizzes, mentorship, bootcamps, and an annual offline final hosted on the IIT Bombay campus. Eureka! Junior aims to instill vital skills like problem-solving, creativity, and pitch delivery to the next generation of innovators.

9. Collaboration and Support Network

Eureka! enjoys widespread support from prominent organizations and government initiatives such as UNESCO, Make in India, Startup India, Digital India, and several state startup missions. It is presented by Technosoft Engineering Solutions, co-presented by WestBridge Capital, and supported by key partners including BPCL, FedEx, Voltas, EarthON Foundation, Emil Pharma, and Tattva by Somany Impressa Group. This strong ecosystem support ensures credibility and extensive opportunities for participants.

10. Future Prospects and Expansion

With its upcoming 28th edition in 2025, Eureka! continues to broaden its reach by incorporating more specialized tracks, expanding its GCC edition, and offering accelerated paths to international markets through sponsored visits to the USA and Dubai. The competition’s adaptive format and increased investment in mentorship promise to sustain its role as a vital startup incubator in Asia, contributing to India’s burgeoning innovation landscape.

Conclusion

IIT Bombay Eureka! stands as a beacon of entrepreneurship, transforming innovative ideas into thriving startups through a well-structured, resource-rich competition framework. With its deep-rooted legacy, extensive mentorship network, diversified industry tracks, and international outlook, Eureka! not only nurtures early-stage entrepreneurs but also impacts the wider startup ecosystem positively. Its dedicated programs such as Eureka! Junior demonstrate a commitment to fostering innovation from the grassroots. In a rapidly evolving global economy, competitions like Eureka! offer promising founders an exceptional platform to innovate, connect, and scale. As India rises as a global startup hub, one might wonder: which breakthrough ideas will emerge next from the halls of IIT Bombay?