All the buzz of the BengaluruITE.Biz was heard from the beautiful Bangalore Palace as the events planned unfolded during the 28th, 29th and 30th of Novemeber 2016. The event was jointly organised by the ITBT Department of the Karnataka government and Software Technology Parks of India (STPI) Bengaluru. Wondering why the Government of Karnataka would organise such an event given the fact that Bengaluru is already over flooded with IT and Software? Well here is why, off-late Karnataka has been losing some of it's luster as an attractive destination for MNC's and businesses to states namely Gujarat, Telangana and the other metros. Hence this is an effort to reinstate Bengaluru's position on the global map as a great place to do business.
The motto of the event was "Define the Next". At Eventosaur (as you can imagine) we love events! Be it a congregation of friends and family or a conflux of entrepreneurs, investors and like-minded people - we love it all. The latter is what the BegaluruITE.Biz was all about. The Eventosaur team was delighted to have attended the panel discussion on funding and gained tremendously out of it. So we decided to do an event recap and share some of the knowledge with you.
Funding for an entrepreneur is like an ice-cream truck for children, it is quite sought after . The panel discussion was moderated by Sanjay Anandram of Venture Capital Seed Fund and the panelists were G.V Ravishankar of Sequoia Capital, Samir Kumar of Inventus Capital partners, Anand Daniel of Accel Partners, and Rishad Premji the Chief Strategic Officer at Wipro. The panel at the BengaluruITE.Biz thoroughly discussed what sort of traits an investor is looking for in an entrepreneur, the scalability of the business idea and if the entrepreneur is really on a mission to solve the particular problem they intend on solving.
The discussion kicked off with a general recap of 2016 and how it fared in comparison to the previous year. The panelists possessed similar opinions. Samir Kumar of Inventus Capital opines that there was no pressure from the investor end to push things and that bloated valuations had taken a backseat. The year 2016 saw a significant amount of capital being raised through angel and seed funding rather than series A,B,C funding. When Sanjay Anandram raised a question as to what investors really looked for in entrepreneurs, the responses were quite interesting to note. Each panelist highlighted what they were very looking for in entrepreneurs and startups. Perseverance and solving a problem relevant to the present scenario was and remains a priority for investors. These were not the only points discussed. There were a few more points such as capital efficiency, investor appetite, vision- as it is immensely important to understand where an entrepreneur wants to go with this idea, relevant experience and an acute understanding of your customer’s needs.
"Innovation too is one of the key points" stated Rishad Premji of Wipro who reckons that innovation taking place in corporates is negligible in comparison to startups.
Sanjay Anandram finally concluded the discussion by bringing up a very basic and seemingly-obvious point that needs to be reiterated. He reminded everyone that it is extremely important that the founders know more about the space you they operating in than their investors do.
The session drew to an end with an interactive Question- and- Answer session post which the moderator and the panelists were thanked and felicitated with mementos by Tanushree Debarma the Honourable Director of ITBT.
The event that immediately followed the panel was the YESSS startup pitch and our company was one of the chosen six to present before the audience. You can read all about how that went here.