India is fast growing as a Start-up Hub with the assistance of government policies and an ever expanding youth population. The initiatives taken by the Honourable Prime Minister have inspired and fueled the dreams of millions of youngsters aiming to name for themselves in the competitive world of business and commerce. As the millennials reject rosy pay packages for corporate behemoths and increasingly display a zeal to stand on their own feet economically, it is important to take a look at what constitutes entrepreneurship. Entrepreneurship is inherently interdisciplinary. Innovation, designing, planning, implementing and growing entrepreneurial endeavors can come from virtually any academic or industry background. While their creative pursuits may often bring into play multiple disciplines, their entrepreneurial ventures always intersect with laws.
Where does this point of concurrence lie? The interface is one which has largely remained unexploited but possesses infinite potential for expansion. This junction of law and entrepreneurship is two dimensional. The first dimension is quite apparent – entrepreneurial opportunities in the legal sphere. The legal industry as per Forbes estimates does annual business worth $ 300 billion globally and this poses an immense opportunity for start-ups. Law start-ups, particularly ‘law tech’ start up are already dominating the scene with technology largely performing the work hitherto done by junior associates at a much lower cost to the law firm. These start-ups are beginning to disrupt the age old conventions of the legal arena by posing a threat to archaic practices employed in law firms such as the billable hours system and the pyramid structure of power. In about a decade’s time, experts predict a radical transformation of the legal industry which has so far been immune to the technological advancements in particular and rapid transformations affecting other industries in general. The second integral dimension is requirement of skilled legal advice by entrepreneurs to navigate their way forward. Start-ups are born and thrive in a framework the boundaries of which are set by the legal structure and laws in place. Entrepreneurs operating in any sphere require the assistance of lawyers right from the stage of incorporation. Every stage of the start-up is influenced by law. Law determines intellectual property rights, fiduciary relationships, immigration of talent from across the world, barriers to entry and bankruptcy laws to name a few.
All these factors are indispensible to any modern start-up. In this manner, law determines the horizon of opportunities that start-ups are faced with.
The significance of the interface between law and entrepreneurship in all its glory and diversity is visible at its best in the city of Bengaluru. Bengaluru is the heart of the start-up economy in India, the third largest tech start-up hub in the world. Moreover, Bengaluru is home to the National Law School of India University [NLSIU], India’s premier law institute often described as the Harvard of the East or Mecca of Law. Therefore, the E-Cell of NLSIU, taking advantage of its geographical location and rich intelligentsia, has put together this platform comprising of a competition segment, a lecture segment and a networking segment to explore more comprehensively this ever-expanding, mystical and exciting interface. As we pioneer change in this field, we invite you to be the change you want to see.
- Any idea suggesting an innovative solution to an existing problem in the field of law is eligible for the competition. The idea can be related to the fields of legal education, legal decision-making or any other legal solutions to a problem.
- The teams can have a maximum of 5 members.
- Individual participation is allowed.
- The members of a team need not be of the same institution.
- Teams can submit more than one idea, but each has to be registered as a different submission.
- Any student enrolled in an undergraduate or post graduate course and any start-up incorporated not more than 2 years before the date of the competition is eligible to participate.
The participants must produce valid ID cards during registration. Any ID card issued by a recognized institution, in digital or hard-copy format, is acceptable. In matters relating to any dispute arising during the course of the event, the decision of the organizing committee will be final.
The competition is divided into two days with the first day being a qualifier round to the finals.
DAY 1: QUALIFIER ROUND
Elevator Pitch : The qualifier round will have all the teams explaining their idea in an elevator pitch of 3 minutes. The team will give the pitch in front of a panel of judges and will be judged on the basis of the judging criteria mentioned in the following section.
Problem Solving: The teams will be given a problem specific to their business idea 45 minutes before their elevator pitch round and they’ll have to come up with an innovative solution for the same. Immediately after their elevator pitch, the teams will present their solution to the given problem.
Based on the scores in the above mentioned rounds and the score for the idea document, 10 teams will be selected to proceed to the finals of the competition.
DAY 2: FINAL ROUND
The selected teams will give a 15-minute presentation about their idea before a panel of judges. The presented will be followed by a questions from the judges. The teams will be judged on the basis of their presentation and their responses to the questions, on the basis of a judging criteria.
INCENTIVES FOR STUDENTS
- The winners of the event get an potential incubation opportunity through the Wadhwani foundation and NEN (National Entrepreneurship Network) network.
- All participants would get an opportunity to meet, greet and discuss entrepreneurial ideas with participants, entrepreneurs, venture capitalists and other crucial stakeholders via the unique and one of its kind networking sessions that have been planned.
- Participants would get to take part in exciting and informative workshops conducted by the who’s who of India’s rich entrepreneurial landscape.
- Soak in the atmosphere at India’s melting point of law and entrepreneurship – Bengaluru. The NLS Legal Innovation Tournament, one of its kind in the legal entrepreneurship sector, offers wide range of incentives for the participants.
Please contact Suvam Sibasish Swain on +91-9776261406; Siddarth Chokkalingam on +91-9886539882 or email us at [email protected] for more information.