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Assocham to launch platform for startups with key focus on Tier II and III cities

Those aspiring to scale up would also get opportunity for raising finance and technology or even marketing partnership with venture capitalists and mentors.

, ET Online|
Updated: Aug 14, 2019, 10.06 AM IST
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The Assocham Startup Elevator Pitch Series would be rolled out in 12 cities between September 7 and by the end of January 2020.
Industry chamber Assocham will be launching ‘Startup Elevator Pitch Series’ in a dozen cities as a platform for budding entrepreneurs to pitch for funding and technology partners and make their dream projects a reality.

Starting from September 7 in Jaipur, the initiative is open to early stage startups between 0-2 years of operations. Those aspiring to scale up would also get an opportunity for raising finance and technology or even marketing partnership with venture capitalists, mentors or independent professionals of global repute. The Elevator programme is also open for established startups between 2–5 years of operations.

33 finalists are expected to present their ideas in February 2020 in Delhi, of which the top three will be selected.

“We will see that the best three startups get funding. Startups or potential startups would be able to network with high net worth individuals and top of the line professionals and generate business or funding opportunities for themselves,” Anil Khaitan, chairman, Assocham National Council on Startups said.

The Assocham Startup Elevator Pitch Series will be rolled out in 12 cities between September 7 and by the end of January 2020. The cities are Jaipur, Pune, Lucknow, Chandigarh, Raipur, Indore, Guwahati, Kochi, Visakhapatnam, New Delhi, Jammu and Srinagar.

The industry body also said that while all startup acceleration programmes focused primarily on metro cities, this had Tier II and eventually even Tier III as its key focus area.

“As is clear from the list of cities, excepting Delhi, all others are Tier-II or III cities for the roll out programmes. We believe the smaller cities are equally aspirational with abundant talent. Moreover, with technology being the major enabler, the new age industries should reach throughout India,” added Khaitan.

Every city will also have two women to pitch ideas in an endeavour to bring more women into the mainstream.

The format of Elevator Pitch will be such that the entrepreneurs and founders will be given 300 seconds to explain the concept and idea of a service or product to a set of jury members.

The programme, the chamber says, is in line with Prime Minister Narendra Modi's pet initiative for startups and incorporates mentorship and guidance from the industry’s best leaders as well as co-working space for all the selected startups. Each of the startups making it would also get three meetings with investors and a chance to pitch directly to them.

“Assocham will create a dedicated website/microsite where all information related to the Elevator Pitch schedule and plan will be uploaded. The applications will be sought online and the details of venues, jury members will be updated on regular basis. Post the Elevator Pitches, we will also embed the videos on the website, so that the website is the single and the preferred destination for the startups,” Khaitan highlighted.

Investment momentum in startups have increased rapidly over the last five years with investment values increasing at a CAGR of more than 57% between 2011 and 2015 while investment volumes have increased at a CAGR of over 62%.

Ashish Agarwal, co-chair said, “The Indian startup ecosystem has evolved, being driven by factors such as growth in number of funds/angels, evolving technology, higher smartphone and social media penetration, growth in incubators and accelerators, younger demographics etc. 2015 witnessed the maximum traction in this space with over 600 companies getting funding; more than $2 billion being deployed by PE and VC funds.”

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