One way to describe India’s startup space is that it is fast. Fast to set up, fast to grow, sometimes a bit too fast in shutting shop, and super fast when it comes to change. To keep up with this world of the new and the ‘in’, we bring to you our weekly column – Startup Street.
Here is your buzz for the weekend.
Desi Shark Tank
The Department of Industrial Policy and Promotion is considering the launch of a reality show along the lines of Shark Tank, a U.S. reality show where entrepreneurs pitch their business models to a panel of investors. The department is contemplating a television channel dedicated to startups, In order to promote Prime Minister Narendra Modi’s Startup India movement.
However, both the projects are merely at the proposal stage with the ministry of information and broadcasting, according to senior officials in the DIPP who refused to be quoted.
The news was also reported by Inc.42, a website for startup news, which was tweeted by Startup India’s official handle.
Let’s (Not) Venture
Market regulator Securities and Exchange Board of India has deemed the digital equity funding platforms meant for startups, as “neither authorised nor recognised under any law”.
With the regulator questioning the legality of crowdfunding platforms, popular platforms such as LetsVenture, Crowdera, Ketto, Wishberry, Catapoolt, Equity Crex and Termsheet may be in trouble.
With SEBI’s warning on the lifeline for many budding entrepreneurs, startups are starting to wonder if the regulator will come up with rules, or simply squash them down.
Reliance Jio Startup Fund
Looks like Christmas came early for digital startups. Mukesh Ambani’s Jio has set up a Rs 5,000 crore venture capital fund that intends to give a head-start to young entrepreneurs with the potential to contribute to Ambani’s vision of “Digital India”. The fund will select projects and distribute money over the next five years.
We have created a Jio Digital India Startup Fund and are also working to create Digital Entrepreneurship Hubs in key cities and towns of India. Our aim is to build a platform for young Indians who want to create digital businesses of the future. The Jio Digital India Startup fund has set aside Rs 5,000 crore to be invested over the next 5 years.Mukesh Ambani, Chairman and Managing Director, Reliance Industries
No Agenda Meet
The startup community will gather for a ‘No-Agenda Meet’ in Mumbai in the coming week. The cast and crew will include entrepreneurs, investors, media and service providers. The only catch is that they’re not allowed to pitch ideas or explore business opportunities.
For a community that is brainstorming and working round the clock, this event sounds like a pretty sweet deal.
The last no-agenda meet held in Mumbai was attended by Shraddha Sharma (founder of YourStory), Tanuj Khandelwal (co-founder of Tiny Owl), Vivek Kapoor (founder of Dineout) and many more. The next one is expected to be even better, said entrepreneur and investor Aditya Awasthee, also the organiser of the meet.