Here's emerging India. Innovative, interesting and serious business ideas with great potential are taking shape in India.
The TiE-ISB Connect 2006 -- jointly hosted by the Hyderabad-based Indian School of Business, along with the Hyderabad chapter of The IndUS Entrepreneurs to bring together aspiring entrepreneurs, start-ups, venture capitalists, entrepreneurs and academicians, on a common platform to interact and help build successful enterprises -- received 220 business plans, looking for VC funding.
Of these, 20 business plans have been shortlisted for a direct interaction with venture capitalists. The business plans that ISB Connect received have more than doubled from 80 last year to 220 this year.
A networking event for entrepreneurs and investors, the TiE-ISB Connect 2006 forum gives a platform to that aspiring entrepreneurs, start ups and growth-stage ventures to interact with potential investors, successful entrepreneurs and mentors.
The shortlisted entrepreneurs in the first 20 list will get half an hour each with five venture capitalists to give their presentations and try to earn funding for their dream projects.
Besides this, about 20 plans have been approved for a 5-minute interaction with VCs in a session called 'Elevator Pitch.' About 25 VCs will be present to gauge the potential of these ideas.
"The most interesting part of the first 20 list is that five of the plans are at the idea stage. We feel that these are excellent ideas and will get VC support. But VC funding is always a personal choice so at this stage, it is not certain how many will
Another highlight of the programme is that entrepreneurship is going beyond the information technology sector.
The idea stage plans are from animation, retail, semiconductor, biotechnology and Web services, says Dr Sarma, saying the names of the companies cannot be revealed at this stage. About nine startups have also figured in the list: two from Web services, one each from telecom, medical devices, aquaculture, a company that trains people for retail, and three technology initiatives.
The next six are at the growth stages in sectors like Internet entertainment, IT services, retail and software products. Among the companies shortlisted for the 'elevator pitch,' are from retail, fitness, energy, hardware products, and nanotech and software products.
As many as eleven startups also figure in this list: from animation, retail, IT services, robotics and biotechnology, energy to RFID tech.
Last years out of 80 plans, 12 were short listed for direct VC session and 15 for elevator pitch. Out of this two companies finally received VC funding.
Well, this year it remains to be seen who will make it to the final list.
"We are here to create a platform for people to network, interest and give some form to their ideas and showcase their talent. In India we lack such venues where people can come forward with their ideas, Sarma explains.