IIT-B to hold ‘The Ten Minute Million’ annual e-summit for on-spot funding for nascent start-ups

Indian startups raised a total funding of $39 Billion in the year 2021, three times more than the last year. India now has 81 unicorns, out of which 44 were added in 2021 alone. Investors are looking for startups that have the potential to become the next Facebook, Google, Amazon, etc. A startup has to go through all the stages from ideation to scaling of its operations. This is not always possible just from the returns that the startup generates in the early stages. There is a need for external funding to fast-track the growth and be in the highly competitive space.

To make sure that deserving startups get the needed funds, IIT Bombay’s Entrepreneurship Cell has come up with the 8th edition of The Ten Minute Million (TTMM) as a part of the annual E-Summit. TTMM is India’s first on spot funding event. It comprises 8 shortlisted startups who pitch in front of a panel of 16 investors for 10 minutes and get on the spot funding commitment of INR 2 Million. Registrations for TTMM are now open at ecell.in/esummit/ttmm for all early stage startups and the deadline to register is 18th January 2022. The pitching of the selected startups will take place on 6th of February.

The jury panel of investors include Ajeet Khurana, a leading name in cryptocurrency industry; Kunal Shah, founder and CEO of CRED and many more leading personalities. Over the last few years TTMM has received unprecedented success as 4 out of 8 startups got funded in 2016, 3 out of 6 in 2017, 3 out of 10 in 2019, 3 out of 6 in 2020, and 2 out of 6 in 2021, during an online mode. Overall 23 startups have received funding till 2021.

Some of the previous year startups that got funded are Faayagifting, Inuit things that was rebranded to Nuos, Cloudrino, Gamooz and the famous wearable brand Leaf.

This year, our aim is that all startups should get funded and get a once in a life-time experience by attending the event.