Mumbai based S.P Jain Institute of Management and Research (SPJIMR), along with National Innovation Foundation (NIF), is organizing its annual entrepreneurship event Uddyam on February14 2008.   

A prelude to the main event will be Saakar- competition, to allow the participants to launch their enterprises and get incubation at the SPJIMR Incubation cell and funding through NIF partner channels. The underlying theme of the contest is to transform innovations into successful businesses. A National Micro Venture and Innovation Fund of Rs 4 crores have been set up with the support of SIDBI.   

The event aims to promote entrepreneurship and innovation at grassroots and inspire the younger generation towards the spirit of free enterprise. According to information shared by SPJIMR with MBAUniverse.com, "The purpose of the competition is to uncover the hidden creative and entrepreneurial talent of our society so that livelihood prospects for masses improve through greater efficiency in existing enterprises and also through establishment of new innovation based enterprises." NIF believes that innovations developed by individuals in our society without any outside help from markets or formal institutions can help generate a new model of poverty alleviation and providing employment.   

The event will feature an innovations exhibition, eminent speakers and a panel discussion. The audience will comprise of students and Family Managed Business Program (FMB) participants, entrepreneurs and corporate sector looking out for marketable agri-business and farm equipments product or solutions.  

Talking about Saakar competition, SPJIMR said, "The idea of Saakar is to provide risk capital to such individuals who can commercialize innovations or traditional knowledge." The contest will follow the principles of "Prior Informed Consent (PIC). According to SPJIMR, "Each knowledge provider whose contribution is accepted for entry into the National Register is typically requested to sign a Prior Informed Consent form. It specifies the conditions under which the knowledge provided to NIF can be shared with third parties with or without restriction on a commercial or noncommercial basis." The PIC form also provides an option for suggesting benefit-sharing formulae, should that technology or traditional knowledge be commercialized.  

India's leading management portal MBAUniverse.com is the Official Management Portal of the event.