After announcing the ‘Billion Dollar Baby’ Program last week and selecting three startups for the same. TiE has come up with ‘Startup Heroes Challenge’ It is an invitation for startups in technology and non-technology spaces with a bankable business model. Apart from funding, these startups will get quality mentorship from experts from their respective domain.
“We are targeting early stage startups in any product segment. The only criterion is, one must have a business model with a working prototype,” Ramesh Loganathan, President of Hyderabad Software Exporters’ Association, said, announcing the challenge.
As many as 10 prototypes will stand a chance to pitch their ideas to 10 angel investors on stage. Tech-startups will get INR 10 Lakh, while other non-tech products which require manufacturing will get INR 25 Lakh. For every INR 10 Lakh an investor invests, 10 per cent equity will be given to him.
He added, “Those interested can send their pitches by December 25. The funding event will be held on January 17, 2015”
Incubator Partners for the event include:International Institute of Information Technology (IIIT-H), Indian School of Business (ISB), Indian Institute of Technology (IIT), investment firm Uthishta and ICRISAT.
TiE is working to nurture startups in India and take them to heights of Silicon Valley.