EDC gets outside investors to hear startup ideas - The Navhind Times

PANAJI: For the first time Goan entrepreneurs will be able to pitch their ventures to outside funds with the EDC roping in investors from Bangalore and Hyderabad to participate at the investor pitch day for its startups being incubated at Ignite- EDC Innovation Hub.

On Tuesday, Santosh Kenkre, vice chairman, EDC, said that, the investor pitch day would provide its own incubatees with a potential platform to raise funds. He said that, four investors have agreed to hear out the business potential of the startups. And they include reputed players in the IT industry such as, Suryaprakash Konanuru, Idea Spring Cap, Amitabh Srivastava, AN Fund, Arun Raghavan, Arali Venture, Murali Krishna Gunturu Paramparas.

“Our startups are looking at early stage capital in the range of Rs one crore and will receive funding if they are successful in selling their ideas to the investors, said Kenkre. He added that, six startups would be initially pitching their ideas to the investors.

EDC’s 78-seat incubator was established in July 2018. EDC has decided not to provide seed capital to the startups but would facilitate funding by getting to outside investors who provide capital, explained Kenkre.

The startups who are pitching their ideas have provided with training and guidance by the team at Ignite. The pitching session is behind closed doors and would take place on February 1. The first pitching session is expected to provide an insight into what investors look for in startups, what types of funding a startup can expect, when and from what sources.

Post the pitching, EDC is organised a talk by Suryaprakash Konanuru and Amitabh Srivastava at the Talks@Ignite, taking place at 5 pm.

Kiran Ballikar, managing director, EDC, Carlos De Sa, deputy managing director and Ravindra A Manerkar, operation head, Ignite, were present in the press briefing. Ballikar, said that, EDC is trying to get more startups to be a part of its incubator. “Most startups prefer to work from home and do not take a seat in incubators,” he said.

To encourage entrepreneurs to be a part of the incubator eco-system, EDC has started virtual incubator programme for which the response is encouraging.

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