2. Contd…
Manjiri Bakre runs OncoStem, which has an internet-of-things-based sensor
that monitors when a cancer patient is close to receiving an overdose of
chemotherapy, potentially saving the patient's life.But her venture would
have been unable to raise money in India, because the timeline for an exit
would be much longer than Indian venture capitalists were willing to accept,
Sandy Carter IBM's General Manager for Ecosystem Development and Social
Business, said.
“I feel India has somehow taken a British or European approach to funding,
with a focus on profits and a path to earnings at the start, rather than the
American model, in which you have some large SaaS companies that haven't
made money yet,“ Carter said. “But it shouldn't be one way or the other,
there has to be a hybrid model that suits India's needs.“
3. Contd…
She added that IBM had helped Bakre get it touch with venture capitalists in
Silicon Valley, who could invest for a longer term. Indian venture capitalists
are often accused of funding me-too businesses and being unwilling to take
risks on models or businesses that haven't already been proved elsewhere.
“It's because there are so few of them here. Of the tripod of developers,
startups and funding, it is the funding that is a weakest leg,“ Carter said.
Carter said that startups that initially bootstrapped and then raised money
when they had proven themselves was a kind of model that was being seen
in India.
Over the weekend, Carter was at an event that sent two female
entrepreneurs to Silicon Valley to live the BlackBox Mansion, a startup
accelerator that focuses on non-US startups, where they will learn to pitch
and present their products to potential investors and partners.
4. Contd…
“We had to pick from 12 entrepreneurs and then we came to four. We had a
two hour discussion to narrow it down. The startups in India are ready. It's
just a question of getting the funding to accelerate their growth,“ Carter said.
She added that all twelve startups would receive mentoring going ahead.
IBM runs a Global Entrepreneur Program that mentors, gives cloud credits
and helps startups with their go-to-market strategies. Whatsapp and activity
tracker FitBit were part of IBM's program.
IBM has also tied up with the National Association of Software and Services
Companies to launch the techstartup.in online hub in Mumbai.
The program is targeting having 500 startups in Mumbai and Pune register
on the platform.
5. For Details and Appointment contact:-
Parveen Kumar Chadha… THINK TANK
(Founder and C.E.O of Saxbee Consultants & Other-Mother
marketingandcommunicationconsultants.com)
Email :-saxbeeconsultants@gmail.com
Mobile No. +91-9818308353
Address:-First Floor G-20(A), Kirti Nagar, New Delhi India Postal Code-110015