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Need startup funding? Head to IIT Bombay

Monday, 5 January 2009 - 3:27am IST
Shortlisted teams of aspiring entrepreneurs will get an opportunity to pitch their business plans before a panel of venture capitalists.

At a time when seeking funds for any startup has become very challenging, budding entrepreneurs will get a unique platform to showcase their products and services at the Investor Pitch being organised by the Entrepreneurship Cell (E-Cell) of IIT
Bombay.

Investor Pitch is meant for early stage startups which are looking for seed money or second-round funding after having begun operations, or those who need money to develop their plans.

“The Investor Pitch is unique as it facilitates seed-funding or early-stage funding, which is the most scarce form of funding available in India and something that is necessary to sustain a generation of entrepreneurs. The teams will also get advice from the experts,” said Cyrus Vesvikar, media manager of the E-Cell at IIT Bombay.

While the last date for submitting entries is January 10, applications will be shortlisted on the basis of the executive summaries of their business plans. Entries are also expected to mention the amount of funding required in the summary.

The results of the shortlisted teams will be declared on January 25 and over 20 teams are expected to be selected for the investor pitch.

Subsequently, shortlisted teams of aspiring entrepreneurs will get an opportunity to pitch their business plans before a panel of venture capitalists at the finals, during the Entrepreneurship Summit to be held on February 7.

“Each team will get around five minutes to pitch their plans, followed by a question-and-answer session. Funding depends on individual plans and it could go up to Rs5 crore for any team,” said Vesvikar.

The panel of venture capitalist firms will include Seedfund, Nexus India Capital, Ojas Ventures, Waygate Capital, Milagrow Ventures, Indian Angel Network, Mumbai Angels, Canaan Partners, Frontline Ventures, Helion Ventures, Navam Capital, Blue Run Ventures and Blue River Capital.

The Entrepreneurship Summit, an E-Cell initiative, will bring together aspiring and successful entrepreneurs, startups, venture capitalists and academicians on a common platform. The finals of “Eureka”, the business plan competition, will also be held during the summit, which will be followed by a global conference of entrepreneurship cells on February 8.

“Discussing the scope of activities of an e-cell and ways in which they can be widened, discussing possible common mutual collaboration and creating a common networking forum are some of the agendas of the conference,” Vesvikar said.




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