Entrepreneurship Industry News

A event to fund startup ideas in Indore

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INDORE: From innovation in IT to e-commerce, budding entrepreneurs from across the state played every possible card to please potential investors. But the one that caught eyeballs was an arrangment to distribute food collected from various sources to the needy through dispensing machines.

About 29 startups, most of them from Indore, Bhopal, Ujjain and other places, pitched their innovations in at a programme on Friday with the hopes of bagging investments.

Another startup from the city presented a proposal to grow organic food and supply it to the market through their chain.

Of all the presentations put forward, two startups have been shortlisted by investors. The event to fund startups was organised in association with Malwa Chamber of Commerce and Industries.

Akshit Gupta from a Mumbai based angel investment platform said, “We came across a number of innovative concepts. Indore’s ecosystem is coming up well and the industry association is also gaining momentum.”

Most startup’s from the city and nearby areas came up with business models on food and ecommerce.

Experts said awareness on entrepreneurship among students and youngsters in tier-2 cities like Indore and Bhopal has gone up significantly in the last few years. However, experts felt there is a need for mentorship and improving communication skills.

Shraddha Patil, a mentor said, “There is a lot of potential but they need good mentoring to clear their concepts to sell business plans.” Experts at the event said most of the entrepreneurs from tier 2 cities lack the art of storytelling to sell business ideas.

Varun Porwal, state representative, Malwa Chamber of Commerce and Industries said, “Such events are very necessary to boost the confidence of startups. This is a platform for them to work with equal opportunities.”

Ramakrishna Kalluri, vice president of an entrepreneurship network said, “We see tremendous energy, enthusiasm and innovation in the younger population in this region.”

Kalluri said by enhancing networking and learning opportunities between startups, mentors, investors, ecosystem partners and academia, entrepreneurial opportunities can be enhanced.

Read More: timesofindia.indiatimes.com