Mumbai: Startup entrepreneurs will now be able to access a new avenue of funding through a TV reality show. Called the VAULT it is offering aspiring entrepreneurs a huge opportunity to fund their businesses. It is open to small and medium enterprises, the student community, household and rural ventures, and start-ups at an incubation stage. “The Vault is now open,” as the creator Jatin Goel says. “Given the spirit of entrepreneurship in the country it will provide a major shot in the arm, the one-of-its-kind Indian reality show which will offer aspiring entrepreneurs a huge opportunity to fund their business dreams.”
As he explains it, entrepreneurs-in-the-making will pitch their innovative business ideas in front of a panel of investors and secure on-the-spot funding. The final say, however, remains with the investors, who are high net individuals(HNIs) and ultra HNIs who have been successful in fields as diverse as finance, real-estate, retail, advertising and technology. “The Indian entrepreneurial landscape is currently at its peak,” says Mr Goel, but while India has the third-largest and the fastest-growing startup ecosystem in the world, the growth witnessed by SMEs and household and rural businesses also indicates that there are many more milestones yet to be achieved.
The difference between Silicon Valley entrepreneurs and their Indian counterparts, as he says, is that while the Valley’s entrepreneurs have a learning and sharing ecosystem for startups or any industry, their Indian counterparts lack this sharing of information culture. The VAULT seeks to change this by providing a platform for funding and mentoring startups to be successful in their products. Executive producer of Vault, Ajar Upadhyay, said: “Indian entrepreneurs need support, guidance and mentorship, and that is what The Vault aims to bring to each one of them. The objective is to give exposure to business ventures on television, highlighting what goes on behind closed doors during an entrepreneur-investor pitch.”
It’s the first-of-its-kind initiative towards developing an environment that fosters innovation and drives growth for promising business ideas irrespective of the sector they operate in. “The right kind of mentoring will ensure that innovative business ideas are able to take root and reach their real potential,” said Mr Goel. The televised launch is scheduled for September, and there will be 12 episodes of 30 minutes each with five to six investors and one guest investor and a total of 36 entrepreneurs will be financed and mentored by the end of the 12 episodes. A total of 50 ideas will be shortlisted and the entrepreneurs behind them will be given the chance to make a pitch.