Power2SME and TiE announce awards for SMEs

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SME Times News Bureau | 28 Jul, 2014
Power2SME, the first 'Buying Club' for SMEs in India, in collaboration with TiE (The Indus Entrepreneurs) felicitated the winners of the 'Spirit of Manufacturing Awards' 2014 at a gala event in New Delhi recently.

Madhav Lal (IAS), Secretary, Ministry of MSME, Government of India was the Chief Guest for the evening, informed press release.

Speaking on the occasion, Lal said, "We are committed towards promoting start-ups and entrepreneurs in the country. In the recently announced Union Budget, the Government proposed the establishment of Rs.10, 000 crore fund to act as a catalyst for the start-up community. The National Manufacturing Competitive programme is an initiative designed to support MSMEs. We are also committed to promoting innovation and intend to have incubators in every district of the country. I believe that initiatives like the 'Spirit of Manufacturing Awards' provide the required motivation for innovators."

R Narayan, Founder and CEO, Power2SME said, "We sincerely believe that SMEs have the potential to rescript the India growth story. It is imperative to not only reward, but also continuously motivate the functioning of this sector. We, at Power2SME are committed to empowering the SME community. I would like to thank TiE for partnering with us and am confident that we will to make a difference to manufacturing industry."

The formal announcement of the 'Spirit of Manufacturing Awards' was made on October 5, 2013. This annual award series is aimed at encouraging innovation and entrepreneurship in the country and aspires to provide the necessary visibility, ecosystem and mentor-ship for new SME start-ups to scale their operations in their respective sectors. The awards were spread over 4 categories. There were over 170 applications received.

The rewards for the winners were a mix of financial, consulting, brand building as well as mentorship benefits. Access to advice from consulting major – Deloitte, Pro Bono Mentoring Engagement From TiE Delhi, Special Discount Packages from Power2SME for their suite of services, access to big ticket major TiE events like TiEcon were the major highlighting benefits.

Geetika Dayal, Executive Director, TiE Delhi-NCR concluded by saying, "TiE has always been committed to empowering entrepreneurs and applauding innovation, across industries. We are glad to have joined hands with Power2SME to roll out this initiative. We are committed to working towards motivating this niche industry."

The selection and short listing was based on the innovative skills and their tangible impact in the way business is conducted. Facts and proofs in support with the business idea were compulsory.

The expert panel reviewed the business structure, its success; the innovation and its retrospective impact on the business, amongst other critical parameters before short listing the companies.