FAME 6.0: Open Innovation Challenge

Are you ready to innovate and make an impact?Come, participate in the IDFC FIRST Bank FAME 6.0 – Open Innovation Challenge! A national-level competition with total cash prizes of INR 10,00,000. The FAME 6.0 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 from the eligible B-Schools. Team Formation Guidelines: A team should be formed with 3 members. Cross-specialization teams are eligible. Cross-course teams are not eligible. 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 in the video pitch submission in the 2nd Round and on-ground for the Grand Finale of the competition, failing which their entry shall be disqualified. Competition Structure: Round 1 - Aptitude and Brand Assessment: The online assessment window will be open for 12 hours. Each team will face 20 questions in 20 minutes that test their knowledge in areas like Data Interpretation (DI), Analytics, Verbal Ability, Logical Reasoning, Critical Thinking and Brand Knowledge. Points will be awarded based on both accuracy and speed, so answering quickly and correctly is key. The team leader will be the only one able to attempt the assessment. The final decision on the shortlisted and winning teams will 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 7-8 slides 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 Pre-Placement Interviews/Pre-Placement Offers 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.