The Indus Entrepreneurs (TiE) has announced Startup Heroes challenge, inviting start-ups in technology and non-technology spaces with a bankable business model.

Besides getting funding, these start-ups will get quality mentorship from experts from the relevant domain. “We are targeting early stage start-ups in any product segment. The only criterion is, one must have a business model with a working prototype,” Ramesh Loganathan, President of Hyderabad Software Exporters’ Association (HYSEA), said, announcing the challenge.

As many as 10 prototypes will get a chance to pitch their ideas to 10 angel investors on stage. Tech start-ups will get Rs 10 lakh, while non-tech products (needing manufacturing) would get Rs 25 lakh. The investor will take 10 per cent equity for every Rs 10 lakh they invest.

“Those interested can send their pitches by December 25. The funding event will be held on January 17, 2015,” he said.

International Institute of Information Technology (IIIT-H), Indian School of Business (ISB), Indian Institute of Technology (IIT), investment firm Uthishta and ICRISAT are incubator partners for the event.