19
Friday
October 2018
10:36 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Offbeat
BITS Spark Angels- Alumni Network funds for High-Potential Student Start-ups
 
With the aim of acquiring a place among top 3 institutes for entrepreneurship in Asia, BITS Pilani took a step ahead and formed a network of BITSians angels. BITS Spark Angels is a network of BITS Alumni and faculty which provides high funding to potential seed-stage start-ups having sufficient traction.

For this, the investment rounds are conducted annually in the summer session. The amount of investment that BITS Spark Angels made in the previous years was between INR 25 Lacs to INR 2 crores. Till now investments in the fields of robotics, cloud telephony, lingerie selling, and online test preparation have been made successfully.

BITS Pilani has managed to successfully churn out start-ups and entrepreneurship ventures which are flourishing over the years. It has been observed that BITS Pilani has always been on the positive side when it comes to the promotion of entrepreneurial bug. Every year more than 1000 students from both undergraduate and dual degree programs, enroll themselves to Center for Entrepreneurial Leadership. This cell gives boost to the entrepreneurship development among business enthusiasts.

Who is eligible for Angels Funding?

It is genuinely a huge task to zero-down upon some potential start-up seeds from the growing and ever-increasing jungle of competition. Therefore, this Angel Funding looks up to the start-ups which fulfill the following criteria:

Start-up with at least one co-founder BITSian are eligible.

Those having sufficient traction can apply for investment through BITS Spark Angels.

Most importantly, a start up in need of funding between INR 2.5 million and 20 million can look forward to the summer investment session of BITS Spark Angels.

Process and Diligence Involved

Since there are huge amounts involved in the investment, Spark Angels in a bid to ease the investors’ load perform every step and move with equal diligence. There is a proper procedure for each potential start-up to present their case in front of the bench of investors.

In the past, investors such as Raju Reddy, Sanjay Nath, Alok Rawat, Anand Morzaria and alike have graced the bench. The whole process requires the applicants to submit their applications, participate in screening rounds and make their final pitch. Based on the potential, investors take their decisions on funding and amount involved.

Let us look at each step in detail:

Application Submission- The foremost step involved in the overall process is of filing an application. In order to submit their applications, start-ups will have to visit Applyifi.

Screening Round- After the submission of application form, screening of the start-ups will be done on a phone call or over skype/web-ex. If required, a question-answer round will be conducted as well. Based on all of these communications, list of potential start-ups will be readied in June.

Final Offering- Again, the shortlisted start-ups will have a skype/web ex session, wherein they will have to make a slot pitch to the BITS Spark Angels. Finally, Steering Committee shall take up a report of interest levels from these BITS Pilani initiators.

Top 6 start-ups backed by BITS Spark Angels Till Date

In a span of 5 years, BITS Spark Angels have successfully backed the following companies as a part of their initiative “to create an ecosystem for BITSians where they can get support from their alumni and succeed as entrepreneurs.”

Exotel- Exotel has become one of the South-Asia’s largest telephony companies. The basic aim of this company has been set at persistently providing services to businesses for better voice communication.

Grey Orange Robotics- It is a warehousing automation company that makes products for materials handling. The company’s flagship product is the Butler System, a convoy of mobile robots that can manage order fulfilment inside a warehouse.

Tabtor: BITS Spark Angels has backed Tabtor, a personalised math tutoring platform for iPads. Tabtor provides teachers and students aged between 5 and 12, a personalized learning experience which focuses on the learning activities that happen at the point-of-learning for each student.

Framebench: It is a cloud-based communication and feedback platform for digital agencies and creative design firms. Framebench is a central workplace where users can store and share their creative assets. This company was declared the best Sparks venture and on this basis, they got small seed funding as well.

SolarTown: It offers clean energy generation systems to homeowners, businesses, schools, non-profits and government organisations.

e-GMAT: it is an online education company that provide personalized and effective learning to non-natives.

Source-Collegedunia


FastTrack Preparation books for JEE Main 2019 Mathematics
Rottweiler: How to Grow and Care? / Video
Deacon Kevin Mundackal speaks about his vocation to priesthood / Exclusive Interview
Interview with S Sameera, Civil Service 28th Rank Holder / Video
ALIEXPRESS MAY SALE : GET UPTO 70% OFF ON MAJOR CATEGORIES
Saajan Saji Cyriac on Dog Training and Things to Care
Jeevamsamayi Resembles Melodies of 1990s / Song Review / Deepika Nalla pattu / Part #1
What led to currency deficiency in India? Facts you must know / Video
Egg Roast recipe by Omana Jacob / Video
Records till date / IPL 2018 Special Video
IPL 2018 Teams: Sunrisers Hyderabad / Video
IPL 2018: Rajasthan Royals looks for a royal comeback / Video
Dalit Activists march supporting harthal / Video
Drudging ship rams Venduruthy Bridge in Cochin / Exclusive visuals
Dalit harthal supporters block vehicles / Video
Fr Jose Puthrukkayil on sufferings in jail / Exclusive Interview
IPL 2018: Kings XI Punjab Team Looks for Solid Performances / Video
IPL 2018: Chennai Super Kings Eyes a Memorable Comeback / Video
IPL 2018 Teams: Mumbai Indians Eyes to Retain IPL Champions Trophy / Video
Two Out of Every 5 WBJEE Aspirants from Outside the State
KERALA NEWS
Vijayan urges UAE Keralites to back salary challenge
 (Abu Dhabi, Oct 18, 2018): Kerala Chief Minister Pinarayi Vijayan has urged Keralite business  
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
Idukki dam's one shutter opened
INTERNATIONAL NEWS
Sri Lankan President assured of "fullest cooperation" by PM Modi
 (Colombo, Oct 18, 2018): Sri Lankan President Maithripala Sirisena said he was assured of "fu
VP Naidu arrives in Brussels for 12th ASEM Summit
In Turkey, Pompeo discusses Iranian oil consumption, Khashoggi's disappearance
Trump calls Stormy Daniels a 'Horseface'
NATIONAL NEWS
PNB Scam: ED seizes more assets of Modi, Choksi
 (Mumbai, Oct 18, 2018): The Enforcement Directorate (ED) on Wednesday further seized and atta
Andhra CM visits cyclone-hit areas in Srikakulam
#MeToo fallout: MJ Akbar resigns as minister of state for external affairs
Polling underway for last phase of municipal polls in J-K
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.