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E-Cell IIT Bombay is hosting the seventh edition of ‘The Ten Minute Million’ Challenge as a part of its annual flagship event - The <keyword id="473927" type="UNKNOWN" weightage="20" keywordseo="entrepreneurship-summit">Entrepreneurship Summit</keyword> on 6th and 7th February 2021. Popularly known as TTMM, it aims to provide early-stage start-ups with an opportunity to cut short the fundraising process and revolutionize how fund-raising is traditionally viewed. The previous six editions of TTMM have witnessed an overwhelming success. With 1 out of every 2 startups winning investors’ praise with their pitches and investment worth millions for every successful pitch, the event has received wide acclaim from experts and the media. This year in the online edition, E-Cell IIT Bombay gives you a chance to witness live pitching by some of the country’s finest startups. “We’ve tried to revamp the popular reality funding show, ‘Shark Tank’ in our own desi way and customized it according to the needs of the Indian startup industry to promote innovation and growth in the country. As students of a premier institution, we see ourselves as light-bearers to this era of disruption and try to do our best to achieve the common goal of self-reliance. ” - said Tavishi Jatrele, Media Head at E-Cell IIT Bombay. A similar event called ‘Seed Stars’ is also open for newer startups looking for significant venture capital funding to scale the product across different markets and further optimize the user base and product offerings. It provides the young entrepreneurs with an opportunity to pitch to a renowned panel of investors and negotiate to accelerate and grow their business. Registration for Seed Stars ends on the 29th of Jan 2021, so hurry up if you feel your startup idea deserves to be funded. Register at <a href="https://www.ecell.in/esummit">https://www.ecell.in/esummit</a>. E-Summit is a fest to celebrate the spirit of entrepreneurship and has a range of events from speaker sessions and workshops to competitions and hackathons, enough to cater to the needs of all the curious minds out there. With jam-packed electric events and energetic attendees with some of the brightest ideas ever, the E-Summit 2021 on the 6th and 7th of February is a must-attend event for everyone who likes great ideas! So what are you waiting for? Book your calendars already! Business Insider is the Insights Partner for the summit. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms" data-type="tilCustomLink">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/budget/news/here-are-the-major-changes-that-could-reportedly-come-up-with-the-union-budget-2021-by-nirmala-sitharaman/articleshow/80325146.cms" data-type="tilCustomLink">Budget 2021: From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans</a>

A golden chance for startups to raise a funding of ₹2 million in just 10 minutes at IIT Bombay’s E-Summit 2021

When one of India’s most disruptive innovators sits down for a fireside chat with the biggest maverick the country’s startup ecosystem ever produced, you know it’s got to be cracking. 
 Business Insider sat through the Sachin Bansal-Rahul Yadav session at the <keyword id="3226650" type="UNKNOWN" weightage="20" keywordseo="IIT-Bombay-Entrepreneurship-Summit-2016">IIT Bombay Entrepreneurship Summit 2016</keyword>, and we liked it. We liked it bad! 
 
Here are the best bits from the session that the heady combo churned out: 
 
IIT Magic 
 
Rahul: I was supposed to collect my degree on this stage. I didn’t do that. 
 
Sachin: IITs are definitely places where you learn the world is much bigger than you thought before you joined. That’s the first thing that hit me. 
 
At IIT you’ll find people pushing themselves on what they’re good at. You always find someone better than yourself. At the end, everybody who’s in IIT comes in after a lot of hard work and perseverance. That helps when you start a company as well. 
 
Rahul: For me it was meeting the best minds at one place. Bad infrastructure in hostels. Very small rooms, and you don’t have place to study. Thirdly, free movies, courts, and lots of activities. That’s IITs minus academics. 
 
Change in Indian Entrepreneurship Ecosystem 
 Sachin: The biggest problem really is that it still takes 45 days to incorporate a company. Those challenges still exist. After quitting our jobs, we launched <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> in 10 weeks. That was practically impossible, given the infrastructure that was available and the time the government takes to react. 
 
The other side has changed drastically. People are seriously considering starting up. These are good people from good colleges and good jobs. 
 
The investor’s side of things has improved a lot since 2007-08. Back then there were a very small number of investors chased by a very large number of entrepreneurs. Today, the equation has changed. High-quality entrepreneurs are getting multiple investors. 
 
Hiring is a big challenge for startups. Many people are now willing to join startups because of the challenge, and because of the significant wealth creation opportunity they see. 
 
Lot of change, really. 
 
Rahul: If you’re starting from college, team is not difficult. You need 5 people from 5 different streams. 
Secondly, you need a base where you all can work. Now it’s a mass story. Back then there were 2-3 startups. Capital is also not a problem. Seniors can put in money. Space can be a problem, that’s all. It’s very easy now. 
 
Sachin the Investor 
 
Sachin: India is at a stage where not a lot of technology transformation has happened in a lot of 
areas, and it is going to happen. Technology is going to transform a lot of things. 
 
Is the entrepreneur going for really big problems to the extent that it’s almost scary when they talk about it? That’s the level I want to look at. Often people go after small problems. That’s also a sign that they’re not confident. 
 
You also need very high quality understanding of the space you’re going to operate in. What I don’t look at is what they’re doing today. That really doesn’t matter. That will undergo so much transformation as things progress further. If you have a great team, and have great understanding, that’s good enough. 
 
As time progresses, execution becomes important as a company, but in the beginning it’s only the team and scaling. 
 
Lessons On Scaling 
 
Rahul: On day 1 we assigned our team. We were all out of college. Product, Tech and Design could scale easily. In areas like marketing, they never had much experienced. I didn’t add HR, Finance or 
 
Admin. I thought they were useless people, and you don’t need them. You have a product, you just sell. That’s not the way. You need these departments as you scale. 
 
Sachin: Change is the only constant. That’s the absolute reality of the situation. People who can change quickly, and are nimble get ahead. 
 
Growth Vs. Profitability 
 
Sachin: It depends on the space. If you’re operating in a hyper-growth market where there’s a lot of headroom to grow, growth has to take the priority. 
 
Even after 8 years, e-commerce is still 1.5% of India’s commerce. Still long way to go. It’s still not a meaningful portion. 
 
What’s hidden from the world is the fact that investors don’t just invest because you’re growing fast. You’ve got to show them you’re a high quality business, have great talent, are able to solve real consumer problems, and can be capital efficient. While you may be burning money in the short term, you need to show them how you’ll become profitable at some point of time. 
 
Housing’s Scaling Fiasco 
 
Rahul: Investors actually wanted to go a little slow. Sometimes it makes sense to grow and lock the market, but it some cases you really need to crack the template and then scale. The mistake we did 
is that if we were making losses in a city, rather than investing on the unit model, we scaled to 10 cities, and started burning money. 
 
On Investors 
 
Rahul: There are individual investors, people who put their personal money, and become advisors. Then there are funds. 
 
The individual investors are a support. They’re always there. My preference has always been taking limited capital from limited people and building the venture. 
 
Sometimes VCs are also confused. Sometimes they say they’ll invest for 5-7 years, and crack the market. Sometimes they see something not working, and get jittery. They start saying, let’s make it profitable. I don’t have so much respect for the fund managers, seriously. 
 
Investors in the US, they know the kind of products they fund. In India, most of the fund managers are not from the tech background. There’s that gap. 
 
Sachin: Not sure about that. There are some right investors. Rahul got all the wrong guys on the board, or something. However, if the investors are not aligned with what you’re planning to do, you’re going to have a very hard time. It’s important to make sure that investors are shareholders. 
 
You need to be very clear to them about your playbook, otherwise they can find somebody else, and you can find somebody else. 
 
Rahul: …but sometimes the power dynamics is not on your side. You need the funds, and you’re in a bad position. So then you get any sort of investors. You have no real option there. You have the bad guys, or shut down the venture altogether. 
 
Sachin: True. Sometimes companies get in positions where they have to get money from investors who don’t really understand their business models. You’re getting into that relationship hoping they’ll get it. Those things generally don’t work out. The founders need to be in-charge. If there are mistakes, it’s got to be their mistakes. They have to own that, and learn from it. 
 
Founder Shares 
 
Rahul: The young generation, if you give them Rs. 1-2 Crores, they’re ready to dilute 20-25% of their company. I see this interest in money. In India people dilute up to 90-95%, unlike the US where the entrepreneur hold 30-35%. Then you have a say. Here after 2-5 years you’ll eventually lose. 
 
Sachin: The primary interest has to be to take care of the business. Entrepreneur, employees and shareholders come later. If the business is successful, they’re all successful. If it isn’t, it doesn’t matter how many shares each has. You have to ensure that the business is well capitalized. 
 
On Competition 
 
Sachin: Competition motivates us. The worst thing that can happen to any company is to not have any competition. Then you really don’t move forward. 
Before this competition we were growing at arounf 40% YoY, after that we were growing at 200% YoY! 
 
On Managing Scrutiny and Speculation 
 
Rahul: So...like….I really don’t read articles about myself. The best thing is to really not care. That’s the best you can do. 
 
Sachin: I completely agree. You often see the media painting extreme pictures. Either super positive or super negative. It’s absolutely important to keep your focus on the right things, and if that means you stop watching news, or reading newspapers that’s completely fine. 
 
Rahul’s B-Plan 
 
Sachin: As I said, I don’t really look at the business plan. 90% of the business plan is going to change in the next 6 months. I met Rahul at one of the Flipkart conferences, and got to know his ideas. 
 
Rahul: I never make any plans. In IIT there was a module where you need to give a presentation. I just dropped that course. 
 
In my last startup also, there were 20 CEOs who wanted to support us. Some wanted the B-Plan. Jo nahi manga usko le liya, baki ko chod diya (I chose those who didn’t want it, and left out the others! 
 
Sachin: I talked to Rahul about the product he’s designing. He’s after a huge problem. At Flipkart, when I give something to the VP, that gets transferred multiple levels down, and by then it’s changed quite a bit. A lot is lost in translation. This is one of the problems. 
 
The least efficient organization in India, except a few pockets of excellence is the government. 
 
On <keyword id="536283" type="PERSON" weightage="20" keywordseo="Rahul-Yadav">Rahul Yadav</keyword>’s Fantasy 
 
Sachin: That’s what he does, anyway *laughs*. 
 
Rahul: I think going to the Himalayas. It’s amazing really, the grandeur of Nature. 
 
Will Sachin join Rahul if Flipkart wasn’t there? 
 
Sachin: *Silence* I don’t know whether he’ll hire me! 
 
*Laughs and Hoots Galore* 
 
Indian Startups in Global Turmoil 
 
Sachin: The downward impact does percolate down to investments. In the short term we’re going to face some challenges. From top to bottom, people will become conscious of their investments. In the next 6 months to a year, we can see a little bit of the investment going down. However, just like the good times never last, the bad times don’t either. 
Rahul: Global problems will impact large companies. Students don’t need to worry about the global market. 
 
Sachin: I agree…The smaller players don’t need to worry. They have to create a meaningful product for the consumer, that’s all. The good thing about a downturn is that assets become cheaper, good people are out of jobs, and you can get them onboard. You can capitalize on that. 
 
(Image: Indiatimes)

Exclusive: When Sachin met Rahul

With the return of the 11th edition of IIT <keyword id="107737" type="ORGANIZATION" weightage="20" keywordseo="Entrepreneurship">Entrepreneurship</keyword> Summit at <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword>, 10 shortlisted startups will be seen battling it out for Rs 15 lakh on-spot funding and mentorship during what is called the ‘The Ten Minute Million’. 
 
IIT Bombay is conducting ‘The Ten Minute Million’ event on 28 – 29 January where chosen startups will pitch for 10 minutes in front of the investor panel and the winner will leave with Rs 15 lakh and mentorship from esteemed investors. 
 
One of the successful startups, Strike had won the amount and then scaled up more than 10 times within a year, according to E-Summit. 
 
The past Investor panel consisted of angel investors like Ajeet Khurana, Anupam Mittal, Samir Shah, Sanjay Mehta and Aniruddh Malpani. The theme for IIT Bombay's E-Summit this year is ‘A Tryst with Tomorrow’. Speakers and participants from numerous countries and genres will be attending the event. 
 "Our idea was that, you take 10 months, we believe it can be done in 10 minutes. I would have been happy even if I had got a fraction of the response. Right from the entrepreneurs, to the investors to the audience, this is an absolutely outstanding response", said <keyword id="4035822" type="UNKNOWN" weightage="20" keywordseo="ajit-khurana">Ajit Khurana</keyword>, one of the investor panelists.

10 Startups will battle it out at IIT-Bombay's '‘The Ten Minute Million' Challenge to walk away with Rs 15 lakh on-the-spot funding and Mentorship

According to a survey done by the entrepreneurship cell of <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword>, it is one of the institutes in India which has seen the evolution of start-ups from campus. The survey found that in terms of stage of products, start-ups at IIT-Bombay saw a jump from 33 per cent in 2015 to 39 per cent in 2017 among the prototypes, beta and full-fledged versions. In terms of resources required by start-ups, the shift has been towards mentoring, marketing, acceleration and networking. The study also cited how IIT-Bombay start-ups have moved away from services which formed 39 per cent in 2015 to technology which now forms 50 per cent of all start-ups from the premier institute this year. Followed by technology, agriculture and product and graphic design start-ups form 15 per cent each of the total sectoral break-up. One of the major challenges that IIT Bombay startups have faces is <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">Funding</keyword>, as is the case with startups across the country. The study reveals that as against 16 per cent start-ups bagging funding in 2015 which grew to 29 per cent in 2016, the same fell to 25 per cent in 2017. Among other challenges being faced by start-ups at IIT-Bombay, technical problems have taken a lead in 2017 over the past two years, followed by lack of co-working space, the requirement of a good team and networking. Interestingly, 11 out of 20 start-ups at IIT-Bombay won competitions of some form or the other, while three out of 11 reached finals of its own competition Eureka which goes on to speak volumes about the fact that students get the business model right at least in its nascent stage.

These challenges faced by IIT-B startups is a true reflection of the problems startups across India are dealing with

The 11th edition of E-Summit - a two-day national event held at IIT-Bombay, came to a close with a bang. 
 
Apart from a stellar line-up of speakers, there were many more exciting events happening at the summit, that not only reinforced the spirit and zeal of entrepreneurship but also provided an enriching experience to the attendees. 
 
Events like eureka- a business model competition, the 10 minute million competition, startup expo — a platform for innovative start-ups, internship and job fair, business conclave and innovation conclave were a part of the summit. 
 
Eight teams of young entrepreneurs presented their business strategies in 10 minutes each at the IIT-Bombay e-summit. In the end, four among them split the prized investment money. 
 This year’s panel of angel investors included heavyweights such as <keyword id="2715428" type="UNKNOWN" weightage="20" keywordseo="Ajeet-Khurana">Ajeet Khurana</keyword> – CEO, SINE IIT Bombay; Kunal Shah, founder and CEO, Freecharge; Anupam Mittal – founder and CEO, People group; Sanjay Mehta – director, Core media group; V C Karthic- founder of Buzzworks Business Services; Taha Nabee — Vice President, Sales and Distribution, Aromatan Cosmetics; Suketu Shah – JMD Mukand Ltd, Samir Shah – founder director, Sattva Asia opportunities funding; Bharat Banka of Sterlite technologies Ltd; Devesh Chawla founder and CEO of Chatur ideas; Srinivasan Swamy, CFO, Bridge; Anand Ladsariya – founder, Everest Flavour; Suneel Bandhu – COO, Tata Teleservices; Vikram Chachra – founding partner of Eight Innovate; <keyword id="875259" type="COMPANY" weightage="20" keywordseo="Manish-Gandhi">Manish Gandhi</keyword> of Asian Business exhibitions and conferences ltd and Miten Mehta of social impact ventures. 
 
One of the speakers was Niti Aayog CEO Amitabh Kant spoke about the challenges and the opportunities that the country provides startups. The previous editions of E Summit have been graced by Uber CEO <keyword id="1739133" type="UNKNOWN" weightage="20" keywordseo="Travis-Kalanick">Travis Kalanick</keyword>, UIDAI chief <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, Mr. Adi <keyword id="6369697" type="COMPANY" weightage="20" keywordseo="Godrej">Godrej</keyword>, patriarch of the Godrej clan and Yes Bank MD Rana Kapoor among the few renowned names. 
 
Highlights of the event: 
 
1. Eureka! 
Asia's largest Business Model Competition was held on the first day of E-Summit '17. Eureka! is a year long competition with entries pouring in the entire year. This year, E-Summit had received 10000+ entries competing for prizes worth Rs 5 million. 
 
2. <a href="http://www.businessinsider.in/10-startups-to-battle-it-out-for-rs-15-lakh-on-the-spot-funding-and-mentorship-as-iit-bombays-e-summit-kickstarts/articleshow/56376153.cms">The 10 Minute Million</a> 
Startups were exposed to panel of investors ready to shell out Rs 1.5 Million in just 10 Minutes! 
 
3. iHack 2017 
India's best coders, developers, designers, innovators, creators and entrepreneurs were brought together. 
 
4. Start-up Expo 
Start-up Expo allowed innovative start-ups from all over the country to get in touch with thousands of potential customers and investors while attendees learnt the technique of what made a start-up so big. 
 
5. Lean Start-up Workshop 
Lean Start-up workshop was an intensive three-day workshop which taught entrepreneurs and innovators how to build disruptive products using Lean Start-up methodologies. 
 
6. Internship and Job Fair 
The Internship and Job Fair connected start-up enthusiast graduates/undergraduates to the start-ups so that they could get relevant experience in their desired field. 
 
7. Business Conclave 
This was an initiative targeted for professionals to give them updates about their specific industry by experts and also a platform to promote intra-networking.

Here's all that unfolded at IIT-Bombay's crazy e-summit

For some time now, the perception and observation has been that India is driving a lot of software related startups and the venture capitalists were more keen on Software projects. Well, we are not surprised as <keyword id="1951795" type="UNKNOWN" weightage="20" keywordseo="Hardware-startups">hardware startups</keyword> come with a huge amount of challenges compared to the software startups, a hardware startup can be a lot more time consuming, it involves heavy investment and it needs a great deal of research and mentoring. So to take on all these challenges, the government, industry and academia have come together to put in their strength to get the ball rolling for hardware startups in India. 
 In order to foster innovation and <keyword id="107737" type="ORGANIZATION" weightage="20" keywordseo="Entrepreneurship">entrepreneurship</keyword>, <keyword id="176635" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Science-Technology">Department of Science &amp; Technology</keyword> (DST), Government of India, <keyword id="28115" type="CITY" weightage="20" keywordseo="Intel">Intel</keyword> Technology India Pvt Ltd (“Intel India”), and Society for Innovation &amp; Entrepreneurship (<keyword id="819450" type="ORGANIZATION" weightage="20" keywordseo="SINE">SINE</keyword>), <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword> have come together to start a program to support hardware and systems-based start-ups in the country through mentoring, training, lab facilities, hardware kits, prototyping, business services, funding, etc. 
 
The one year program will look at turning prototypes into products for 20 chosen startups (with proof of concept). The program aims to address gaps in the hardware and systems start-up ecosystem that companies are facing in product design, development, commercialization, and creating scale for their solutions. Not only will the startups get to use the incubation centers of SINE and Intel, they will also be guided by industry experts on every level including ideation, design thinking, prototyping workshops and manufacturing. 
 
So if you are a hardware engineer with a great concept and its proof, this is how you can have your product in the market in one year 
 
DST, Intel India and SINE aim to support up to 20 start-ups under this Program, and the call for applications for the first batch will be announced in early August 2016. 
 During the year-long Program, start-ups will be supported for six months on-site at SINE, IIT, Bombay or Intel India, <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>. After a period of six months, the start-ups’ solutions will be showcased to investors and industry players at a demo day, post which, the Program will extend virtual support for another six months. 
 
Participating start-ups will be incubated through intensive training periods, one-on-one mentoring, technology related support from Intel experts, business service support from SINE, as well as prototyping and manufacturing support. 
 
 
While DST, Intel India and SINE have been individually supporting startups but this first of its kind collaboration between the three forces to push hardware startup in the country could very well be the start of a new wave of startups.

New wave of Startup: Big forces join hands to kick-start hardware startups in the country

IvyCap Ventures arm <keyword id="3119261" type="UNKNOWN" weightage="100" keywordseo="IvyCamp">Ivycamp</keyword> has tied up with a business incubator of <keyword id="61708" type="COMPANY" weightage="100" keywordseo="IIT-Bombay">IIT Bombay</keyword> -- Society for Innovation and <keyword id="107737" type="ORGANIZATION" weightage="100" keywordseo="Entrepreneurship">Entrepreneurship</keyword> -- for mentorship and funding ventures from the western region. 

	The collaboration will organise joint workshops for over 2,000 start-ups from Mumbai in 2016 and ventures identified under this initiative will also be provided funds from a corpus of Rs 60 crore by IvyCap Ventures, a statement today said. 
 

	It added that IvyCamp will connect industry participants to students and entrepreneurs to provide guidance on formulating and strengthening business models. 
 

	"One of the key activities under this partnership will be to host an annual IIT-IIM Entrepreneurship and Innovation Conclave. The conclave will be held in Mumbai in April 2016," the statement read.

	 
	One of the key activities under this partnership will be to host an annual IIT-IIM Entrepreneurship and Innovation Conclave. The conclave will be held in Mumbai during April 2016 to engage the Community across India's premier Educational Institutions focused on growing innovation and entrepreneurship, to promote Alumni engagement, and to launch new features of the technology based platform. 
 

	IvyCamp is India's first unified technology based platform for innovation and entrepreneurship. Its parent - IvyCap Ventures is raising its second fund of Rs 600 crs. IvyCap has raised and deployed Rs 250 crore in its maiden fund last year. Speaking on the occasion, Dr. Anju Gupta, Co-founder and President of IvyCamp said, "We are happy to partner with SINE as this will not only support entrepreneurs but actually build knowledge networks across student and the global alumni network of IIT Bombay. 
	 
	(Impact credit: BCCL)

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A golden chance for startups to raise a funding of ₹2 million in just 10 minutes at IIT Bombay’s E-Summit 2021

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