According to reports, make an 8-minute presentation, answer a few questions, and voila, you’re handed a cheque of Rs 25 lakh to Rs 1 crore, with a few hundred people watching and applauding you through the entire event.
It was literally a startup reality show on Saturday at the launch of Nasscom’s ambitious initiative to create and grow 10,000 startups across India in ten years.
At a programme called Shark Tank, four shotlisted companies had to face some tough questions from seven investors – or sharks as the programme called them – to win their funding.One was Bangalore-based Lumos Design Technology, which has developed solar-powered backpacks that you can use to charge your mobile phone or laptop on the go. The company is now developing solar-powered apparel.
When Lumos co-founder Gandharv Bakshi was asked how he hoped to scale his business and who his target audience was, he said he was in talks with an adventure-gear retailer and some retail chains to sell his products. He said corporate gifting and cycling enthusiasts were among his target customers.
Google India MD and angel investor Rajan Anandan, among the seven investors, wrote a Rs 25-lakh cheque on the spot in return for a 10% stake in Lumos. But Anandan had a condition: Lumos must achieve Rs 60 lakh in revenue by the time they exhaust his money, else his stake in the company should be raised to 15%. Bakshi agreed.