Mumbai (Maharashtra) [India], December 7 : As many as seven sports startup companies have been shortlisted for the Pitchbook Competition during the country's first-ever Gujarat Sports Startup Conclave, which is scheduled to be held on December 11 at the TransStadia University in Ahmedabad.
Over 60 top sports startup companies have registered for the Conclave as the window for applying came to an end on December 02, 2023.
"India's presence on the global sports map has grown exponentially. The sports industry is no longer just about competition; it's a booming economic sector with immense potential. A large share of credit for this transformation goes to our respected Hon'ble Prime Minister Shri Narendra Modi Ji, whose enthusiasm and consistent support for our athletes have played a pivotal role. Hosting Gujarat Startup Sports Conclave within the framework of the Vibrant Gujarat initiative marks a substantial effort in our pledge to enhance the sports ecosystem and endeavours to attract investments, catalysing economic development and positioning Gujarat as a key hub for business and trade," state minister for Youth and Sports and Surat MLA, Harsh Sanghavi, was quoted as saying in a release.
The conclave is being organized by the Sports Authority of Gujarat, in partnership with TransStadia University and Sportscom Industry Confederation and backed by Startup India, i-Hub, the strong incubation setups which have been working with the Gujarat Government to facilitate 'Next Generation Entrepreneurship'.
The Gujarat Sports Startup Conclave will be an intersection between sports and business in alignment with the government's vision of the growth of sports in India and recognise the outstanding achievements in the sports business landscape across the country, the release stated.
The conclave will not only showcase India's potential as a sporting powerhouse but also bolster the startup economy and the growth progress of sports in Gujarat as well as other parts of the country. It also intends to inspire and help the country's youth to explore the huge business potential of the sports market, it added.
The jury comprising Nagarajan M (IAS, Collector, Mehsana), RS Ninama (IAS, Director General, Sports Authority of Gujarat), Saumil Majmudar (Co-founder, Managing Director & CEO, Sportz Village), Rishikesh Joshi (Founder, Sports for All), and 2 representatives from i-Hub evaluated and shortlisted seven startup companies after detailed scrutiny of all the sports companies who had applied.
The seven shortlisted startups will compete at the Pitchbook Competition on the event day, showcasing their business ideas and products to a panel of seasoned judges who are acclaimed in the field of Sports on December 11, 2023. The panel of judges will decide the top three startups and they will be rewarded with Rs 10 lakh, INR 7 lacs and Rs 4 lakh respectively, the release informed.
A consolation prize money of Rs 1 lakh each would be given to the remaining four startups. Further, along with a one-time cash prize, they will also have a chance to get mentorship from industry experts, it added.
In addition to the lucrative cash prize, the top 15 startups selected by the jury members will get free stalls to demonstrate their products and ideas during the exhibition held on the sidelines of the Gujarat Sports Startup Conclave.
"We want to recognize and motivate sports startups in the industry through one of its kind Pitchbook Competition and I am glad that so many sports startups have reached out to us," the Sports Minister added.
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