E-cell IIT Bombay has launched the fourth edition of its on-the-spot funding event named The Ten Minute Million, which will be held on 27th and 28th January 2018 during the annual corporate E-summit of IIT Bombay.
The Ten Minute Million is an event, in which involves 10 shortlisted startups pitch for 10 minutes in front of an investor panel and get on-the-spot funding commitment of $25K (INR 16 Lakh).
Money is said to be the bloodline of any business. Most of the early stage startups by student co-founders fail due to the lack of funding since the process of converting an idea into a profitable model requires a considerable amount of financing. This is the ideology used behind the formation of the initiative.
- Once applied, startups will be selected for the semi finals post that they will be further scrutinized on the basis of their Business model, traction, product-market fit and the list of shortlisted startups who will pitch in the funding event will be released on January 10, 2018
- The on spot pitching event will be held during the E-summit in Mumbai on January 28, 2018
- The registrations will close on December 28, 2017 and semi finalists will be declared on January 5, 2018.
Ajeet Khurana, one of the investor panelists and Ex-CEO of Society for Innovation and Entrepreneurship (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.”
Numerous startups have been part of the challenge and have garnered angel funding from a chain of investors.
A Look At The Previous Editions Of The Ten Minute Million:
2017: Six shortlisted startups were given 10-minutes each to present their ideas to a panel of 14 angel investors to win on-the-spot funding of up to INR 1.5 Mn. The pitches were attended by angels like Ajeet Khurana, Vikram Chachra, Taha Nabee, Devesh Chawla, Sanjay Mehta, Miten Mehta, and Anirudh Damani. Out of the six startups that pitched, three startups- Intuit Things, Cloudrino and FabX raised $23.5K (INR 15 Lakhs) in funding from the investors present and one startup Maptags received $19K (INR 12 Lakhs) in funding.