The Fifth edition of ‘The Ten Minute Million Challenge’ is hosted by Entrepreneurship Cell (E-Cell) of Indian Institute of Technology, Bombay (IIT-B), as a part of its annual event- The Entrepreneurship Summit 2019.
The E-Cell summoned a different approach to the fundraising process for startup. The event has 10 selected startups to pitch their idea to investors within an allotted time of 10 minutes where the most promising pitches will win on the spot funding to pursue their idea. The competition offered prize money of up to INR 16 Lakh funding for the winning startup.
Eight startups pitched the competition out of which three startups won on the spot funding of ‘The Ten Minute Million Challenge 2019’ .
The panel included 14 investors to whom startups pitched about their ideas which included Dishit Shah, V C Karthic, Anand Govindaluri, Siddharth Ladsariya, Bharat Banka, Tufail Khan, Hari, Anoop Mathur, Sanjay Mehta, Abhishek Bhatewara, Sachin Tagra, Devesh Chawla, Sharan Aggarwal, and Gagan Gupta.
The winning startups shared equity of 4% with the investors for a prize amount of $25.16K.
The Three Winners of TTMMC-2019
Crossforge Solutions Private Limited (LegitDoc)
LegitDoc is a blockchain startup that solves the problem of forgery of documents such as university certificates, marks cards, insurance papers, permits, invoices, land records and other issues using public blockchain technology. Using LegitDoc technology any authority such as universities can issue documents like marks cards, whose authenticity can be verified publicly within 10 seconds, free of cost from anywhere around the world by a simple drag and drop mechanism.
The company is founded by Neil Kevin Martis, Shesha Vishnu Prasad, and Francis Serro in 2018, headquartered at Bengaluru. The startup received INR 1.47 Cr ($206k) bid.
rePurpose Global, LLC
rePurpose is a social enterprise committed to creating a global movement of known brands and consumers who go plastic neutral by financially empowering waste worker cooperatives and waste management social firms in South & Southeast Asia.
The startup is founded in 2016 by Svanika Balasubramanian, Aditya Siroya, and Peter Wang Hjemdahl which is headquartered in Mumbai. The company received INR 1.01 Cr($142K) bid.
Giscle is a Computer Vision platform focusing on providing efficient, powerful, accurate and cross-platform vision service. The company uses the cutting-edge technology of computer vision and data mining to provide 3 core vision services like Detection, Recognition, and Analysis. Giscle Cognitive services are available in the form of API and SDK which is easy to integrate with any client-side application such as an app, IP camera, and web.
The startup is founded in 2017 at Bengaluru by Suman Kumar Jha and Roshan Kumar Jha. It received INR 63 Lakh ($88.5K) bid.
Apart from the top 3 winning startups, other startups pitched and won Funding.
Veratech is a data-driven intelligence company that assists businesses to understand more about their clients, partners, alliances, and competitors. The company provides businesses with relevant information obtained on a real-time basis with actionable insights that help them decide better and faster.
The startup is founded in 2017 by Mayank Sharma and Mohit Yadav based at Gurugram. It received a bid of INR 5 Lakh.
Shunya OS a 6m Innovations Ltd is the operating system for the next era of IoT and AI. It is an AI integrated OS for microprocessor-based embedded devices. It provides almost all features needed to run an IoT device like Fota, secure boot, MAC, etc which are offered by other companies as premium are included by default in this OS.
The startup is founded in the year 2018 by Sneha Bhapkar, Yogesh Hegde, Nikhil Bhaskaran, and Nishant Poorswani. It is headquartered at Pune. The company received a bid of INR 1 Lakh.
TravelShelf is an AI-assisted SaaS platform for travel brands to conduct influencer and content marketing. Brands have to search for influencers and content creators, validate them and talk to them, and get metrics on a successful campaign.
The startup is founded by Romil Tiwari, Rajat Bhardwaj and Aditya Arya in 2017 based in Bengaluru. The company has received a bid of INR 1 Lakh.
Symphony is a music social networking app. The app is like an Instagram and Quora for Music where users can share 30-second music stories out of 45 Mn songs with their friends and can ask or answer music questions.
The startup was founded by Rosanlal Behera which is headquartered in Mumbai. It received a bid of INR 1 Lakh.