The Entrepreneurship Cell (E-Cell) of Indian Institute of Technology, Bombay (IIT-B), is set to host the fifth edition of ‘The Ten Minute Million Challenge’, as part of its annual event – The Entrepreneurship Summit. The competition will offer the most promising startup pitches prize money of up to $22.7K (INR 16 Lakh).
The Ten Minute Million challenge is E-Cell’s attempt to try a different approach to the fundraising process for a startup, where 10 selected startups will pitch their idea to investors in 10 minutes and have a chance at winning funding to pursue their idea.
Any startup looking to raise $22.7 K (INR 16 Lakh) across India can apply for the challenge, even though nascent stage startups would be given preference, IIT-B said.
Ajeet Khurana, head, Blockchain and Cryptocurrency Committee of India (BACC), and one of the investors on the panel said, “TTMM helps early-stage ventures get on board a set of mentors who also invest some money into the company. It is designed to be a win-win for all parties.”
The semi-finalists will be announced on December 24, 2018, and the finalists will be announced on January 3, 2019. On January 20, 2019, the final 10 startups will pitch their ideas for a chance to win on-the-spot funding at IIT Bombay.
TTMM: 10 Minutes To Fame
In the last edition of TTMM 2018, the investor panel consisted of investors such as Ajeet Khurana, Sanjay Mehta, angel and PE investor, director, CORE Media; Vikram Chachra, founding partner, Eight Innovate VC; Sharan Aggarwal, angel investor and others.
At the time, six startups made it to the final round from 310 applications. Out of these Adloid and My Clinical Nutrition won $22.7 K (INR 16 Lakh) and $32.6 K (INR 23 Lakhs) in funding from the investors.
In 2017, six shortlisted startups were part of the final Ten Minute Challenge and out of them, three startups – Intuit Things, Cloudrino, and FabX raised $21.2 K (INR 15 Lakh) in funding from the investors present, and one startup Maptags received $17 K (INR 12 Lakh) in funding.
Prior to this, startups like Strike, Maax Market, Gamooz, and Sound Surround won the fundings in 2016 while startups like InstaBounce, Faaya, CleverSharks, ChloroPlast Foods, DealWithUs, and Leaf won the fundings in 2015 edition of TTMM.
In the last four editions of TTMM, 15 startups have received on-spot funding from the investors’ panel.
Interested startups can apply here for TTMM till December 15.