Power2SME, in partnership with TiE Delhi-NCR, is set to host the 10th Spirit of Manufacturing (SOM) Awards at TiEcon Delhi on March 8, 2024.
Launched in 2014, these awards align with the Indian government's 'Make In India' initiative, aiming to recognise innovation in the manufacturing sector and foster the development of young innovators.
The initiative aims to provide these innovators with the necessary resources and guidance to accelerate their growth.
Commenting on the awards, R Narayan, founder, and CEO, of Power2SME said, “What started as an attempt to bring to the fore pioneering innovations by indigenous ventures in line with the Indian Government’s Make in India initiative, has now become our flagship enterprise. This initiative is a testament to the immense potential and promises that the Indian manufacturing space holds. Each year, we strive to showcase and honour inspiring and innovative ideas in the manufacturing sector.”
Some of its past winners have gone on to become India's most well-known ventures, such as Soothe Healthcare, YogaBar, Heads Up For Tails, Sattviko, Sirona Hygiene, Clensta, Swajal, and many more.
Since its inception almost 10 years ago, these awards have recognised more than 45 entrepreneurs across India as the Maestros of Manufacturing.
After a thorough screening process by a jury, winners are awarded across 4 categories based on the innovative skills and the tangible impact showcased. The categories included Social Impact, Young Entrepreneur, IT Adoption and Innovation, and Woman Entrepreneur of the Year.
Geetika Dayal, executive director, TiE Delhi NCR opined, “The Awards have encouraged and empowered innovative business ideas by providing a platform to showcase their exceptional propositions. TiE Delhi-NCR will continue reaching out to such start-ups nationally and providing them centre stage to build for The New Bharat.”
Applications undergo pre-screening before assessment, leading to a final selection of 16 contestants. Winners are determined based on presentations to a Jury of business experts and industry veterans, evaluating criteria such as execution strategy, competitive advantage, management depth, sales and marketing strategy, and financial viability, a statement read.
Headquartered in Gurugram, Power2SME is an Embedded Finance Company, focused on SMEs. It has over 5 branches spread across Mumbai, Chennai, Kolkata, Ahmedabad, and Pune. On the other hand, TiE Delhi-NCR is among the most active and vibrant chapters across the vast TiE network.
