Reality TV is back on the campus of the Indian Institute of Technology, Bombay (IIT-B), with the second season of Vulture’s Nest.
Meant for budding entrepreneurs, participants in the competition will get 15 minutes to pitch their ideas to a panel of investors. The UK and US have similar shows, but IIT-B was the first to introduce the format in India last year as part of the Entrepreneurship Summit.
This year, the pitches will be more aggressive and competitive. The show will be aired on a national business news channel.
"Last year, about 200 start-ups participated and ten were shortlisted. This year we are expecting more than 350 start-ups because we have removed the cap of a maximum turnover of Rs2 crore," said Vishesh Parnerkar, manager, Entrepreneurship Cell. "It is an opportunity for start-ups who do not have access to large venture capitalists and private equity firms to gain capital and visibility.”
Executive summaries of business plans can be submitted till January 8 and 15 teams will be shortlisted by January 25. Shortlisted teams will be mentored to sharpen their pitches. The final showdown will take place on February 6.
Investors, too, are curious to see how start-ups pitch their ideas in such a short time. "It is an interesting challenge and a opportunity to see good start-ups," said Anil Joshi, head, Mumbai Angels, a venture capital firm.
But, is 15 minutes enough to figure a good pitch? "It is enough time to gauge the strength of an idea and the capability of the team to execute the idea," added Joshi.