If you want to become a millionaire, then the Modi government is giving you a chance. By participating in the Cyber Security Grand Challenge, you can win a reward of up to Rs 2 crore. Launched to promote innovation and strengthen the country’s cyber security, this initiative has been announced by Ravi Shankar Prasad, Minister of Electronics and Information Technology. The winning team in this competition will be awarded a prize money of Rs 2 crore.
This Grand Challenge has started from 15 January and the team can be registered till 14 February 2020. Idea nomination deadline is March 16, 2020 with details of the incorporated / registered startup.
Who can take part?
- Startups must follow DPIIT rules to participate in the Grand Challenge. Any entity sold as per the rules will be considered a startup on these conditions…
- Entity registration / Incorporation started in India will be considered as a startup for 10 years from the date. For this, it should either be a private limited company or register as a partnership firm or be a limited liability partnership.
- The turnover of the entity should not exceed Rs 100 crore in any financial year since registration / corporation.
- Entity is working towards the process of innovation, development or improvement of products / services or it is a high potential business model for employment generation / wealth creation.
- An entity that is a reconstruction of an existing business will not be considered a startup.
- The group of individuals who are not startups and wish to participate in the Grand Challenge will have to register their entity by 14 February 2020. After this, a copy of the registration has to be submitted to the Organizing Committee.
Participants will have to apply to the team and go through the three phases of the three challenges: Idea, Minimal Viable Products (MVP) and Final Product Building. In the Idea stage, each team of 12 teams got Rs 5 lakh, in MVP stage, each team of 6 teams got Rs 10 lakh and in the final stage the winner team got Rs 1 crore, first runner up was 60 lakh and second runner up was 40. Lakh rupees will be given as a reward.
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Apart from this, there will also be an opportunity to get mentorship and guidance of the best cyber security experts. Detailed rules of this competition and information related to applying can be obtained by visiting this link https://innovate.mygov.in/cyber-security-grand-challenge/.