After the successful first two editions of The Ten Minute Million, Entrepreneurship Cell (eCell) of IIT Bombay organised the third edition of the pitch competition today during its annual Entrepreneurship Summit 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 startups were given five minutes to pitch and follow up five minutes to answer the questions raised by the investors present.
The pitches were attended by marquee angels like Ajeet Khurana, Vikram Chachra, Taha Nabee, Devesh Chawla, VC Karthic, Sanjay Mehta, Miten Mehta, Bharat Banka, Anand Ladsariya, Pranav Khanna, Sachin Tagra, Hari Krishnan, Srinivasan Swamy, and Anirudh Damani.
The winning startups will share 4% equity with investors for INR 15 Lakhs. The bid was considered successful only if a startup received a INR 15 lakhs commitment. It was considered as a failed bid, in case the startup failed to get less than INR 10 Lakhs and in case the startup got 10-14 investors, they got a chance to revise the bid.