According to a study, a substantial number of startups fail during their initial years of operation. Lack of funding turns out to be one of the customary reasons. Money is the bloodline of any business. The long painstaking yet exciting journey from the idea to revenue generating business needs a fuel named capital. That’s why, at almost every stage of the business, entrepreneurs find themselves asking – How do I finance my startup?
To cut short this process and revolutionize the way fundraising is traditionally done, E-Cell IIT Bombay launched the first edition of ‘The Ten Minute Million’ (TTMM) 3 years ago. Currently into its 4th edition, TTMM has managed to help one out of every two finalists raise funding. The 4th edition is going to be held on 27th and 28th January 2018 at the E-Summit of IIT Bombay.
The Ten Minute Million is first of its kind event in India, which involves 10 shortlisted startups pitch for 10 minutes in front of the investor panel and get an on-spot funding commitment for 1.6 million INR. Ajit Khurana, one of the investor panelists and Ex-CEO of SINE, IIT Bombay said, “Our idea was that, you take 10 months, we believe it can be done in 10 minutes. I would have been happy even if I had got a fraction of the response. Right from the entrepreneurs, to the investors to the audience, this is an absolutely outstanding response.”
TTMM has garnered a lot of attention from media in its past three editions and has helped many startups reach milestones in their journey. One of the successful startups is Soundrex, who came up with a wearable speaker which provides an experience of being immersed with thousands of speakers all around you during a concert. With control over tens of thousands of speakers, they created sound effects which were impossible using a two-speaker setup.
In this hyperpaced, exciting event, the tension and ecstasy can be felt among the crowd as well. The past Investor panel consisted of renowned angel investors like Ajeet Khurana, Bharat Banka, Anupam Mittal, Samir Shah, Sanjay Mehta and Anirudh Damani. The registration deadline is 28th Dec 2017, and the finalists will be declared shortly after. It is an opportunity that no start-up should miss, what with such a fast-track path to funding and getting some pretty cool onboard to be the startup’s mentors.
So what are you waiting for? Register to pitch in The 10-Minute Million by visiting https://www.ecell.in/esummit/the10minutemillion/