Building a startup is always exciting, but it isn’t without unique challenges at every stage — from ideation to team building, and from product iteration to launching in the market. And while a startup can control most of these to a certain degree, perhaps the most crucial aspect — fundraising — at least in the early days.
Looking to improve capital inflow in early-stage startups and give wings to entrepreneurial ambitions early on, the Indian Institute of Technology, Bombay’s (IIT-B) Entrepreneur cell (E-cell) has announced the 7th edition of its annual flagship event ‘The Ten Minute Million Challenge’ (TTMM). The challenge presents student startups and other early stage ventures the opportunity of raising $27K (20 Lakh) after a ten minute pitch window to investors.
The TTMM is open to all early-stage startups in India, and they can register till January 15, 2021 on the official website by submitting their details and pitch deck by. The selected startups will go through two elimination rounds before the final pitch, where six startups will pitch to the jury on February 07, 2021.
Zebpay’s Khurana, who has been an investing partner for the event for many editions, said, “The TTMM embodies all that entrepreneurship stands for. In this event, entrepreneurs command the respect of investors. Instead of lengthy documentation and processes, TTMM provides a platform for investors to back entrepreneurs at the speed that the entrepreneurs prefer.”
Over the years, the TTMM has witnessed investors such as Anoop Mathur, founder and president of CORE Media along with renowned entrepreneurs and angel investors such as Bharat Banka, who have also played mentors to the startups in the past six editions.
The Ten Minute Million Challenge: A Look Back At Past Editions
Pranav Khanna, founder of Ideas That Scale Accelerator and host of the previous edition of the competition, told Inc42, “I believe it’s one of the most exciting live funding events across India. There’s a group of 16 investors who alongside investing in startups are happy to connect with the participants, share information and guide them along the path of success.”
The 2020 edition saw three out of the six participating startups securing funding, while in 2019, 10 selected startups were part of the final Ten Minute Challenge, with Crossforge, rePurpose Global and Giscle Systems bagging funding from the investors.
Other startups such as health screening platform TraWello Healthcare, news aggregation startup NewsReach and SaaS provider Scogo Networks also bagged funding in the previous editions. Overall, 21 startups have received on-spot funding from the investor’s panel across the previous six editions.
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