You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
What first comes into our mind when we hear the word “Eureka”? Well, some people may say that it’s the idea word to say when you make a discovery, some people may say it’s a Greek word which means ‘I have found it’, and some might tell you the legendry story behind it. Like we will to make a point.
You all must know that once upon a time an old wise man named Archimedes was asked to solve a problem by the king of Greece and solving it seemed to be impossible in those days.
After a lot of struggle this man comes out with a solution we famously know as the ‘Archimedes Principal’. What makes this story more fascinating is this man got the idea when he was bathing and in his moment of realization he went running naked on the streets of Greece while shouting the word ‘Eureka’. Is there any other thing what we can learn from this story apart from ‘Archimedes principal’?
Yes, it’s very interesting to know that an idea does not only change our life but it also changes the world. The principal this man found created a revolution in the field of science. People started believing that many impossible things can also be possible if correct idea strikes their mind .This story also made some people believe that best ideas strike our mind when we are sitting in bath-tubs.
Eureka! Expresses discovery, invention, and realisation. The human mind on an average gets more than 70,000 thoughts a day. Do you know what happens when you take up one among your ideas, make it your life, work upon it, dream of it – Surround yourself by it in every possible way that you can? You create something big and something revolutionary.
But do you think in today’s world good idea is all that’s needed? Apart from a good idea you also need a right team, a good support system and the most important of all is ‘budget’. Yes, you need to have proper funding to make your dream real. A business without a funding source will flounder under the weight of its own debt. Funding is the fuel on which a business runs. Without money, the machine of commerce does not run.
It makes possible the smooth design, production and marketing of a product; and it keeps the administrative functions efficient. Money also moves the company forward by fuelling growth and expansion. Revenues supply some of the money needed, but sometimes revenues are seasonal, and months go by with lean revenues that affect the operations of the company. This is when outside funding comes in handy.
An entrepreneur can perform a lot of business model development without funding; but when it comes to building the company, funding is necessary. Startup funding pays for incorporation, business licenses, insurance, facilities, equipment, marketing collateral and the hiring of necessary talent. It funds the manufacture of products and the marketing and distribution of services. It also pays for marketing activities that attract customers.
If you feel that your idea is the best and funding is all that’s needed to turn your idea into reality, then why don’t you let the same idea win you some money? E-Cell of IIT Bombay is launching Asia’s largest B-model Competition, EUREKA-2016 which offers a prize worth of Rs.50 Lakhs at stake. Who knows it may be your time say EUREKA!! So get registered at Ecell.in/eureka and count on till your eureka moment.