Frequently Asked Questions
- What Are the 'Spirit of Manufacturing Awards'?
'Spirit of Manufacturing' is an annual awards series that aim to encourage and showcase start-up entrepreneurs in the manufacturing domain. This initiative is focused on applauding innovative implementable business solutions that operate in the manufacturing domain and have made a significant positive impact on their target group.
- Who Are the Organizers of the Awards?
The Spirit of Manufacturing Awards are co-organised by Power2SME and TiE Delhi-NCR.
Power2SME is the first 'Buying Club' for SMEs in India that started its operations in 2012. The company focuses on the small and medium business enterprise segment and its mission is to "Empower SMEs to enable the India growth story". As the Buying Club for SMEs, the company focuses on reducing their purchase prices and increasing productivity. Power2SME strives to 'empower' businesses. It ensures that its customers can focus on their core business of driving growth and expansion, while it takes on the role of sourcing input raw materials for the SMEs at the most competitive price points across multiple products in categories like Chemicals, Inks, Paints, Metals, and Polymers etc.
Power2SME has an innovative business model which enables the small and medium enterprises to obtain the most optimal pricing for their procurement needs. The company pools the demand of hundreds of SMEs for multiple products for their business needs, thus allowing it to not only obtain the most optimal pricing but also a larger pool of quality suppliers. It buys directly from the manufacturer and sells to the SME directly, cutting out the middle link of distributors and wholesalers.Power2SME has an online portal that allows the SMEs to track all their purchases with the company as well as undertake transactional activity such as placing RFQ, check price quotes, status of delivery, invoices created and the account statement, etc.
TiE is recognized as the global organization fostering entrepreneurship through mentoring, networking and education. The purpose of TiE is to encourage and nurture the next generation of entrepreneurs and add to the virtuous cycle of wealth creation spurring development and economic growth in vibrant yet under-developed regions. The Indus Entrepreneurs (TiE) was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 15,000 members, including over 2,500 charter members in 61 chapters across 17 countries. Delhi Chapter is among the largest and most vibrant across the vast TiE network. In the last 10 years, it has emerged as the forum of choice for startups, serial entrepreneurs, VC and angel investors, policy makers and academia. At the heart of the entrepreneurial ecosystem, TiE Delhi - NCR plays the role of an ecosystem builder by bringing in multiple stakeholders and values to align with the common goal to foster entrepreneurship.
- What is the Objective of the Awards?
These awards are dedicated to applauding innovative entrepreneurs in the manufacturing industry. They’re designed to re-iterate the importance of the manufacturing sector and will help create visibility for the manufacturing industry and in turn, encourage further innovation.
- How Will the Awards be Beneficial for the SMEs in the Manufacturing Sector?
The awards will provide a platform to showcase some of the most promising start-ups in the manufacturing domain across the country. It will also provide the necessary visibility, ecosystem, and mentorship for these start-ups to scale their operations.
- What Are The Various Phases in the Selection Process?
The table below outlines the phases in the selection process of the 'Spirit of Manufacturing Awards':
1st July 2019: Registrations Open
10th October 2019: Registrations Close
21st October 2019: Round 2 selections will be notified and asked to provide further details
31st October 2019: Applicants from Phase 2 will be shortlisted and notified of their selection and requested to provide further details.
14th November 2019: Selected participants will present the story of their venture, the logistics, achievements, and growth strategy before the Jury which comprises industry veterans and experts. The Jury will select the final winner on the basis of presentations as well as the previous scores over the various rounds of selection
- What Are The Rules For Application For The Awards?
- The awards are only open for companies in the manufacturing domain
- The company should be a registered Indian entity
- The company should have completed less than 10 years of operation
- The innovation should be in the implementation phase (demonstrable)
- The age of applicant under the Young Entrepreneur category should be under 40 years as of 31 March 2019
- The innovation can be across any vertical, and not limited to the technology domain
- How Can Companies Apply?
The interested companies can apply online by clicking on the 'Register Now' tab.
- Is It Possible To Nominate Anyone for the Awards?
Yes, anyone can apply for the awards as long as they fulfill the criteria set by us. If you believe there is a company in the manufacturing domain that should be nominated for the awards, please click on the 'Nominate' button on the home page and fill in the required details.
- What is the Criteria for Selection of the Winners?
The 'Spirit of Manufacturing Awards' are committed to recognize and acknowledge the innovators in the manufacturing space. The selection and shortlisting will be based on the innovation and the tangible impact it has made to the way of doing business. The businesses will be required to give proof points in support of their innovation. The expert panel will review the business, the success, the innovation and its impact on the business, amongst other critical parameters before shortlisting the company.
- What Are The Rewards?
The array of rewards for winners across categories is a mixed bag of grants as well as mentorship and short term educational courses that will better equip the winner to take his/ her business to the next level of growth.
The rewards include:
- Mentoring and showcasing by TiE
- Success story/ feature story for the winner on Power2SME & TiE-Delhi NCR’s Social Handle
- Mentoring on Business Plans & Investor decks before you pitch for funding rounds
- Helping entrepreneurs build an effective Marketing & PR strategy