The final day of the i5 entrepreneurial summit at IIM-Indore saw 23 start-ups battle each other to grab attention of venture capitalists and take home the coveted top prize of Rs 15 lakh in addition to the opportunity to get their ideas funded.
Fifteen start-ups were selected through online applications , plus another three were from Indore — Styledotme.com, Bingage and JantaChaupal. Five other start-ups were selected through a ‘hackathon’ competition held between IIM-Indore and IIT-Indore. One from Bangladesh and another from Atlanta too were in the final 23.
After the competitors had their shot at impressing investors, a panel discussion on digital media saw well-known YouTubers and bloggers sharing their views on using technology and the Internet as a marketing tool.
The panel comprised Tanmay Bhatt of AIB fame, Biswapati Sarkar of Viral Fever, Sameer Pitalwalla from Culture Machine and Vijay Nair of Only Much Louder.
“YouTube, Netflix and Facebook videos are becoming popular day by day, thereby generating a revenue stream for the artists. It is fast becoming a platform more immense than television,” Nair said.
Kunal Shah, founder and CEO of Freecharge.in, gave the final keynote address. He talked about opportunities, costs and risks associated with entrepreneurship and how to go about one’s venture without worrying about them.
He emphasized the need to rid oneself of the idea of social stigma attached with failure in starting up and simply treating each failed attempt as a stepping stone towards success.
AND THE AWARD GOES TO...
Bingage (engage/reward/love): The Indore-based start-up received Rs 15 lakh in funding. The application works on engaging customers in grabbing deals and helping them fetch loyalty benefits, along with sharing and reading experiences.
Hate2wait: The Gurgaon-based start-up also received Rs 15 lakh in funding. It is a mobile-enabled platform connecting restaurants and guests for a seamless dining experience in real-time.
Gamezop: The Delhi-based start-up got an investment of rs 5 lakh from IIM-Indore alumini (Neeraj Gutgutia). It is a mobile-based social network for casual gaming where users can play games without downloading apps.
Other start-ups that received investments at the event were Planmyad and Sponsifyme. MP Angel networks decided to fund their business but did not disclose a cash figure for the funding.