TiE launches Entrepreneurship Acceleration Program

The Bangalore chapter of The Indus Entrepreneurs (TiE), a global network promoting entrepreneurship, has announced the launch of its Entrepreneurship Acceleration Program to proactively assist entrepreneurs with business ideas in increasing their chances of raising institutional funding.

According to TiE, the recent economic boom in India has resulted in increased entrepreneurial opportunities for people with new and innovative product ideas, or disruptive business and delivery models. The pursuit of such opportunities has been further encouraged by the lucrative exits of successful India businesses.

However, despite growth in entrepreneurial activity, only a few start-up companies have emerged from India, and even fewer are targeting the burgeoning Indian economy.

Said Sridhar Mitta, president, TiE Bangalore chapter: "One of the key reasons for the shortage of high-quality start-ups in India is that, unlike in Silicon Valley, there isn't a mature ecosystem comprising entrepreneurs, mentors, venture capitalists, seed investors, angels, incubators, law firms, accounting firms, banks and other elements promoting entrepreneurship. We want to change that."

To catalyse this, TiE Bangalore has put together the Entrepreneurship Acceleration Program to build an ecosystem around promising start-up companies.

The programme will bring together early stage investors and mentors, as well as an ecosystem of support service providers such as incubation centres, legal and accounting services and recruitment services, and connect them with pre-screened and motivated entrepreneurs.

Added Ashok Soota, Board of Trustees, TiE Global: "The uniqueness of this programme is that TiE has designed it in such a way that the framework between different parties is standardised and parameterised so that precious time is not wasted in endless negotiations. The funds directly flow from investors to entrepreneurs."

The program is designed to help companies get through the seed-stage of evolution and graduate to Series-A funding from established institutions, such as venture capital firm.

It has been carefully structured with inputs from key parties including serial entrepreneurs, seed investors, venture capitalists and several service providers. The program will attempt to build an ecosystem around start-up companies to help them develop into attractive investment propositions for institutional investors.

It has participation and support from the Governing Committee of TiE Bangalore chapter, comprising some of the most highly respected people in the industry, including Nandan Nilekani, Ashok Soota, Kiran Mazumdar Shaw, B V Naidu, and Sridhar Mitta.

The program will solicit business plans from entrepreneurs and go through a rigorous selection process. Once an entrepreneur is selected, TiE will match the entrepreneur with mentors and seed investors who can work closely with the entrepreneurs.

At this stage, entrepreneurs are badged as Tie Entrepreneur (TE). The TE will be further supported by a handpicked set of service provider partner and corporate partners who are committed to fostering entrepreneurship. This approach of TiE is expected to increase the chance of success immensely to raise capital from institutional investors.

TiE expects to receive in excess of 100 business plans and support between 5-10 entrepreneurs as part of this initiative. TiE Entrepreneurship Acceleration Program has received seed funding in excess of Rs 2 crore to date and has signed key mentors, service providers in the areas of legal services, tax & accounting services, recruiting and incubation.