To help start-ups raise funds, IIT-Bombay has launched ‘10-Minute Million’, an on-the-spot funding initiative. Start-ups will get 10 minutes each to pitch to a panel of angel investors for raising ₹10 lakh.

“Raising money is difficult for most start-ups. The administrative formalities and non-standardised documents make it particularly irksome for first-timers. The initiative will revolutionise fund-raising,” said Sagar Seth, Manager at the Entrepreneurship Cell of IIT-B.

After a process of online filtering, 10 start-ups will get 10 minutes each to pitch in front of a panel of 10 angel investors and seed funders.

Over 100 register

Seth said that over 100 start-ups have registered so far from various sectors such as food, education, e-commerce, big data and healthcare. He said nascent stage start-ups (those that haven’t raised any funding yet) will be given preference.

The initiative, which will be part of the Entrepreneurship Summit to be organised at IIT-B, will be held on February 1.

The idea for the initiative is partially derived from Shark Tank, an American reality TV series where aspiring entrepreneurs make business presentations to a panel of ‘shark’ investors.

The idea has been tweaked to suit the Indian context. According to Seth, the ₹10 lakh need not necessarily come from a single investor. Multiple investors can pool in to invest a total of ₹10 lakh.

The initiative comes at a time when the IITs are increasing their commitment to support entrepreneurship.

Nitin Nohria, Dean of Harvard Business School, who was in India recently said the IITs have, of late, been making big strides in promoting entrepreneurship, especially with the support of their alumni.

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