TiE Mumbai conducted its annual flagship event called TiE Mumbai Smashup 7.0 yesterday. The main highlight of the day-long conference was Smasher Award 2.0 – a spot funding competition wherein six shortlisted startups pitched for a grand prize of $38.7K (INR 25 Lakhs) per startup. This year, the Smasher Award 2.0 was bagged by just-launched startup IPHawk. IPHawk has been funded by the likes of Sanjay Mehta, Dewang Narella of the TiE Angels Mumbai charter.
TiE Mumbai SmashUp was inaugurated by the President of TiE Mumbai Anand Desai. Addressing the 200 delegates, he said, “TiE Mumbai’s mission is to foster entrepreneurship. This includes giving new entrepreneurs access to the startup ecosystem. Over the years, SmashUp has established itself as a platform where entrepreneurs get access to and direction from those who have walked the path. This year too, SmashUp should be successful in meeting expectations of the startup ecosystem.”
The TiE Mumbai Smashup 7.0 Spot Funding Pitch
However, the highlight of the day-long conference was the Smasher 2.0 Award. A total of 55 startups were selected three months before the event and six were shortlisted for the Spot funding pitch. ‘Spot Funding by TiE Angels’ is a platform created for TiE Charter Members to provide first investment to early-stage startups. Each startup was provided 15 mins with the investors, divided for pitching, Q&A and discussing the details of the funding. The maximum ticket size of investment was $38.7K per startup.
Winner IPHawk is a SaaS startup aimed at monitoring, detecting and responding trademark infringement of companies and brands. Its AI algorithm aims to be a legal first-responder for those clients with an infringed trademark. The pricing plans for the startup’s services begin at $100/year.
This year the area of focus for were – healthtech, foodtech, media and entertainment and fintech. The winner of the event was Mumbai-based IPHawk.
Here are the details of the other shortlisted startups: