FAME 5.0: Open Innovation Challenge

Are you ready to innovate and make an impact?

Come, participate in the IDFC FIRST Bank FAME 5.0 – Open Innovation Challenge! A national-level competition with total cash prizes of INR 10,00,000.

The FAME 5.0 Open Innovation Challenge offers a chance to showcase your talent and entrepreneurial spirit by solving real-world banking challenges. Over four dynamic rounds, you will have the opportunity to present ground-breaking ideas and compete with some of the brightest minds in the country. The finalists will have a unique opportunity to present the solutions to a distinguished panel of senior leaders in the corporate office of the bank in Mumbai.

Register now to showcase your innovative solutions and win exciting prizes!

Eligibility Criteria: The competition is open to 2nd-year students pursuing full-time 2-year MBA courses and 4th-year B.Tech students from the eligible B-Schools and E-Schools, respectively.

Team Formation Guidelines:

• A team should be formed with 3 members.
• Cross-specialization teams are eligible.
• Cross-course teams are not eligible. For instance, B.Tech and MBA students can not form a team together.
• Cross-campus teams are not allowed.
• A student can be a part of only one team.
• All the team members are required to verify and confirm their details to form a team.
• All three students from each team should be present during the 2nd Round and Grand Finale of the competition, failing which their entry shall be disqualified.

Competition Structure:

Round 1 - Proposal Submission:

• Participating teams will have to submit a 2-slider (excluding title slides) proposal presenting the solution to the case:
  
  • Thoroughly review the problem statement and background.
  • Organise the Proposal clearly with the following sections:
    • Introduction
    • Solution Overview
    • Methodology
    • Expected Impact
    • Feasibility & Scalability.
  • Include the following according to the relevance:
    • Diagrams
    • Charts
    • Prototypes
    • or references as supporting materials.
  • Ensure all required information and materials are included.
• Please submit your files in this naming convention only: Leader's First Name_Team Name_Institute Name_Track name.
• The teams are requested to regularly visit the competition webpage to check the submission deadline.
• Teams are requested to upload their entries well before the deadline to avoid high user traffic closer to the deadline.
• Teams will be able to view and change their submissions at any time before the deadline.
• No entries shall be accepted post-deadline for any reason whatsoever.
• Teams will be evaluated on the following criteria:
  • Innovation and Creativity
  • Feasibility
  • Problem Understanding
  • Impact and Scalability.
• Based on these criteria, the top teams will be shortlisted for the 2nd round.
• Submissions can be uploaded only in PPT format. Please ensure that the file size is less than 20 MB.
• Plagiarism in whole or in part will result in disqualification.
• IDFC FIRST Bank reserves the right to employ plagiarism detection tools to verify the originality of submitted ideas/solutions.
• Participants retain full ownership and intellectual property rights of the submitted ideas/solutions. However, by submitting, participants are granted a non-exclusive, royalty-free license to use, reproduce, and publish the ideas/solutions for promotional and other purposes.
• By submitting an idea/solution, participants acknowledge and accept these terms and conditions.
• The final decision on the shortlisted and winning teams would rest with IDFC FIRST Bank.

Round 2 - Elevator Pitch Submission Round:

• Shortlisted teams are required to submit a 3-minute video pitch and a detailed presentation of up to 8 slides, which is a comprehensive presentation based on the proposal they provided in the first round:
  • Start with a captivating hook to grab attention (e.g., question, statistic, anecdote).
  • Clearly and compellingly articulate the problem and its importance.
  • Highlight your solution's innovative features and unique selling points.
  • Provide evidence of your solution's viability (e.g., prototypes, MVP).
  • Describe the long-term impact and scalability of your solution.
  • End with a clear call to action for investment, partnerships, or support.
• Please submit your files in this naming convention only: Leader's First Name_Team Name_Institute Name_Track name
• Please ensure that the file size of the submission is less than 20 MB.
• Video Submissions can be uploaded only in the MP4 format. Please ensure that the file size is less than 20 MB.
• Further details of the 2nd round will be disclosed to qualified teams closer to the competition.
• The teams are requested to regularly visit the competition webpage to check the submission deadline.
• Teams are requested to upload their entries well before the deadline to avoid high user traffic closer to the deadline.
• Teams will be able to view and change their video submissions at any time before the deadline.
• No entries shall be accepted after the deadline for any reason whatsoever.
• Teams will be evaluated on the following criteria:
  • Innovation and Impact
  • Solution Demonstration
  • Presentation Quality
  • Market Potential.
• Submissions will be judged and scored by senior management of IDFC FIRST Bank.

Round 3 - Presentation Round:

• The shortlisted teams will be invited for a virtual presentation round, where the teams will have to present a detailed pitch to a panel of business executives along with a prototype demonstration:
  • Articulate the problem and its importance
  • Highlight relevance, innovation, and impact
  • Showcase key features through a live or simulated demonstration
  • Emphasize long-term growth potential
  • Use storytelling and visuals
  • Anticipate questions and respond with evidence.
• Each team will get 15 minutes to present, followed by 5 minutes of Q&A with the jury panel.
• Any one of the team members will be screen-sharing their presentation.
• All the team leaders will be notified regarding further details via email.
• Teams will be evaluated on the following criteria:
  • Content
  • Feasibility
  • Delivery
  • Prototype Demonstration
  • Innovation
  • Market Potential.
• The evaluation would be undertaken by the Jury, post which, shortlisted teams would be informed of the Grand Finale.
• The top 10 teams will qualify for the Grand Finale.

Round 4 - Grand Finale:

• Participants will have to present their pitch and prototype to a panel comprising the MD & key CXOs.
• The finalists can refine their PPTs and must include:
  • Emphasize relevance, innovation, and impact to MD and CXOs
  • Showcase key features live or simulated
  • Highlight long-term growth potential
  • Use storytelling, visuals, or examples
  • Anticipate questions and provide evidence-backed responses.
• Teams shall be required to submit their final presentation 2 days in advance of the Grand Finale.
• The Grand Finale will take place in Mumbai.
• The version shared by the teams will be considered final, and no further changes in the same will be considered thereafter.
• Teams will be evaluated on the following criteria:
  • Solution and Prototype Development
  • Business Viability
  • Presentation and Q&A Performance
  • Impact Potential.
• Winners shall be decided based on the jury’s recommendation.
• All three students from each team should be present during the Grand Finale of the competition, failing which their entry shall be disqualified.
• Further details of the Grand Finale round will be disclosed closer to the competition.

What’s in it for you?

• Cash Prize:
  • Winners: INR 5,00,000/-
  • First Runners-Up: INR 3,00,000/-
  • Second Runners-Up: INR 2,00,000/-
• A chance to travel to IDFC FIRST Bank’s office for the Grand Finale (all expenses paid).
• A chance to interact with and present to the Senior Leadership of IDFC FIRST Bank in person for the Grand Finale.
• The Finalists will get an opportunity to bag Pre-Placement Interviews based on student eligibility and at the organisation’s discretion.
• Exciting merchandise for teams selected for the Grand Finale.
• All teams reaching the semi-final will receive e-certificates from IDFC FIRST Bank, while physical certificates will be awarded to all national finalists.