Mumbai: Two teams from the Indian Institute of Technology, Bombay (IIT-B) secured the top two positions at 'Ideaz', the Pan-IIT Business Idea Challenge organized by the Entrepreneurship Cell (E-Cell) of IIT Bombay in association with various organizations in different IITs.

The results of the competition were announced here on Sunday.

Ten teams from all the IITs and B-Schools took part in the event. The first and second position was secured by 'Hello Intern' and 'Jugaad' respectively, both from IIT-B.

There was a tie between 'Parivartan', a team from IIT Kharagpur and 'Zenith' from IIT Roorkee for the third spot.

Consolation prizes were given to the remaining seven teams.

'Jugaad' also won a cash prize worth Rs.15000 for their business idea, Miscall.com.

Student's ideas were judged on the basis of the viability of the business idea, vision of the business idea (and potential of the team to make it work) and the quality of the executive summary proposal.

Ideaz is designed to help students generate ideas and begin to build a team. It is intended to encourage a broad range of IIT undergraduates and graduate students to flesh out their ideas in business terms and form teams that combine technology and business strengths.

It is also intended to motivate students of IIT Bombay to work on their departmental projects keeping in mind their business viability.

Abhishek Biswal, Co-Founder, TRI Technosolutions Pvt. Ltd; Roshan D' Silva, Founder, Myzus Infotech; Aditya Mishra, current Entrepreneur-in-Residence for TCS; Venki Nishtala, CTO Rediff and Ronnie Netto, Director, Todays' Pens were part of the jury.

The top 10 teams will get about a week's mentoring to help convert their ideas to business plans and a direct entry into Eureka! 08 - Asia's largest Business Plan Competition which has total prize money of Rs.2.1 million.

The National Network of Education (NNE) is the official Online Media Partner for Eureka! 08.