FAQ
  • Does the Piramal Prize accept entries that focus on global healthcare issues?
  • The Piramal Prize is specifically focused on entrepreneurial innovations that address the Indian health crisis. We welcome global models that also address a specific challenge within India; however, winning entries must initially implement their projects within India.
  • What do you mean by 'democractize healthcare'?
  • The Piramal Prize aims to bring the highest standards of health within the reach of all socio-economic classes of India, reducing the disproportionate burden of disease that is associated with poverty or distance from urban healthcare centers. We encourage innovations that directly provide healthcare services, indirectly improve the quality of life/health, or any other creative ideas that inequality in access to reasonably good health and life expectancy..
  • Can my entry address an issue within the Indian healthcare crisis that is not included in the Piramal Prize website/documentation?
  • Yes. The documentation and resources describing the Indian healthcare crises provided by the Piramal Prize is only an introduction to the situation. We welcome any innovation, no matter how indirect, that improves the basic health standards of India's masses.
  • What exactly does the $25,000 (Rs. 10 lakh) prize seed capital mean?
  • The prize award of $25,000 (Payable as Rs. 10 lakh) will be provided as an investment towards implementation of the winning entry.  It is not a simple cash prize; the funds will be disbursed over the course of one year in installments that are synchronous with milestones for implementation (the terms will be determined mutually by the winning entry and the Piramal Prize team). This prize is meant to be an incentive for bold entrepreneurs to pursue their vision and change the nature of the Indian health system.
  • How will I have access to other forms of venture capital?
  • Entry into the Piramal Prize competition will expose entries to various venture capital firms around the world. They will be able to view, comment, and contact entries that they believe to be promising. Additionally, finalists will be exposed to representatives of numerous venture capital firms during the Piramal Prize weekend.
  • Why is my stage one entry viewable to the public?
  • Stage one entries are viewable to the public to encourage greater conversation and action towards addressing the Indian health crisis. The stage one application does not ask for in-depth business analysis, it serves only as a basic framework for innovation; sharing the library of vibrant ideas allows others to learn and network with a greater pool of creative minds that are attempting to address inequality in healthcare. This open forum also provides an excellent platform to inspire the public to help entrants refine their models by commenting on entries - generating a collective purpose in improving health for all.
  • I have submitted my stage one entry, but wish to make changes, is this possible?
  • Yes. Entries may be modified up until the deadline of 11:59 PM GMT on April 11, 2008. Following this date, no more submissions or modifications will be accepted.
  • How many entries will be chosen to advance to stage 2 and 3?
  • Up to thirty entries will be selected for stage 2 and five will be selected to attend the Piramal Prize weekend.
  • Who will be judging entries?
  • Entries at all stages will be judged by pioneers in the field of healthcare, social entrepreneurship, and business.
  • Will my stage 2 application and business plan be viewable to the public?
  • No. Since the stage 2 application requires the entrant to provide detailed information about the innovation and encourages the development of a detailed business model, the entry will be protected by a Non-Disclosure Agreement. Stage 2 applications will only be available to Piramal Prize staff, mentors, and judges.
  • Can entries be based on charitable (donation-driven) models?
  • Not in the form of pure charity. Not-for-profit models are welcome, but must involve a revenue source that is not dependent upon donations. While charitable models are often effective in social development, the Piramal Prize strongly believes that true democratization of the Indian health system will only be enabled by enterprise models. Therefore, all Piramal Prize entries should look to both maximize social impact and be financially sustainable.
  • What is the maximum number of members allowed per team?
  • Three. While more then 3 people may work on a team, only 3 members are allowed to officiall participate in the Piramal Prize evaluation process.
  • Can individuals/teams outside of India apply?
  • Yes. International entries are encouraged, but all entries must address the Indian healthcare crises / plan to be implemented within India.
  • What is the purpose of the Piramal Prize mentorship program?
  • The Piramal Prize mentorship program is meant to provide teams access to leaders in the fields of healthcare, entrepreneurship, business, or engineering to fully develop their innovations. Through the mentorship programs, the experience of the mentors can help make plans effective and viable, further ensuring that applicants have the potential to succeed in their efforts to democratize healthcare.
  • How do I apply for to be a mentor or to be mentored?
  • In order to be a mentor, please visit the mentorship page. Mentorship opportunities are available to assist semi-finalists in designing a viable enterpriese. If you wish to be mentored, an application link will be available during the second stage of the application.
  • Will every team receive a mentor?
  • While we will try to provide mentors for all teams that express interest in mentor assistance, it will be dependent on the size and availability of the mentor pool.

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