Ray of Hope for Startups: ASSOCHAM provides platform to make pitch for funding/tech partners
On September 7, 2019, ASSOCHAM launched in 10 major cities ‘Startup Elevator Pitch Series,’ an initiative and a platform for budding entrepreneurs to pitch for funding and technology partners for their dream projects.
“Through this unique initiative, Startups or potential Startups would be able to network with high net worth individuals and top of the line professionals and generate business or funding opportunities for themselves,” said Mr Anil Khaitan, chairman, ASSOCHAM National Council on Startups; Mr Ashish Agarwal, co-chair and Ms Tripti S. Shinghal, co-chair at a media interaction in New Delhi on August 13.
Mr Khaitan said, the opportunity would be available for early stage startups between 0-2 years of operations. Those aspiring to scale up would also get opportunity for raising finance and/ or technology or even marketing partnership with venture capitalists, mentors or independent professionals of global repute. The Elevator programme is also open for the established startups between 2–5 years of operations.
The ASSOCHAM Startup Elevator Pitch Series would be rolled out in 12 cities between September 7 and by the end of January 2020. The cities are Jaipur, Pune, Lucknow, Chandigarh, Raipur, Indore, Guwahati, Kochi, Visakhapatnam, New Delhi, Jammu and Srinagar.
“As is clear from the list of cities, excepting Delhi, all others are Tier-II or III cities for the roll out programmes. We believe the smaller cities are equally aspirational with abundant talent. Moreover, with the technology being the major enabler, the new age industries should reach throughout India.”
The format of Elevator Pitch will be such that the entrepreneurs and founders will be given 300 seconds to explain the concept and idea of a service or product to set of jury members.
The programme, in line with Hon’ble Prime Minister Shri Narendra Modi’s pet initiative for the Startups, incorporates mentorship and guidance from the industry’s best leaders, Co-working space for all the selected startups for a period 3 months with no cost. Each of startups making it would get 3 meetings with investors and a chance to pitch directly to them.
There would be Google Cloud vouchers available besides a direct entry into the accelerator programme with IncubateIND, India’s fastest growing technology community network.
“ASSOCHAM will create a dedicated Website/Microsite where all the information related to the Elevator Pitch schedule and plan will be uploaded. The applications will be sought online and the details of venues, jury members will be updated on regular basis. Post the Elevator Pitches, we will also embed the videos on the website, so that the website is the single and the preferred destination for the Startups,” he said.
Mr Ashish Agarwal, co-chair said, The Indian startup ecosystem has evolved, being driven by factors such as growth in number of funds/angels, evolving technology, higher smart phone and social media penetration, growth in incubators and accelerators, younger demographics etc. 2015 witnessed the maximum traction in this space with over 600 companies getting funding; more than US$ 2 billion being deployed by PE and VC funds.
Investment momentum in start-ups have increased rapidly over the last five years with investment values increasing at a CAGR of more than 57% between 2011 and 2015 while investment volumes have increased at a CAGR of over 62%.
ASSOCHAM believes that India’s economic future lies in encouraging startups which will bring dynamism, new thinking and create jobs to the Indian economy.