Funding\, patronage promised for $1 million startup challenge finalists

Visakhapatna

Funding, patronage promised for $1 million startup challenge finalists

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‘They will get ₹7 lakh each as working capital to set up ventures’

As many as 40 startups representing 12 countries will pitch their innovative ideas in the grand finale of the ‘$1 Million Startup Challenge’ being conducted as part of the Vizag Fintech Festival from October 22 to 26.

The startups will be provided with funding and support to set up ventures in Visakhapatnam and other parts of the State in various emerging technologies.

The festival is being organised by the State government, in collaboration with challenge-partners DCF Ventures and BizofIT. The startups were selected for the finale after a rigorous process during the roadshows held in Bengaluru and abroad in financial technology (fintech), agriculture technology (agritech) and emergency technology (emergetech).

Twenty-four startups have already won $10,000, two tied with the award of $5,000 each. Due to the superior quality of the startups and the overwhelming response, an additional list of 14 consolation prizes were awarded to startups which will be pitching their ideas during the finale. All the 40 startups will showcase their innovative ideas at the Vizag Fintech Festival to more than 1,500 global delegates comprising venture capitalists and angel investors.

A total of 14 startups were selected from the fintech category, whereas 15 and 11 startups were selected from emergetech and agritech categories respectively.

The startups were chosen after roadshows in San Francisco, Chicago, New York, Tel Aviv, London, Paris, Hong Kong and Bengaluru. An equity-free funding of first prize of $150,000 (₹1 crore) and second prize of $100,000 (₹70 lakh) will be awarded to the winners.

‘Roadshows a big hit’

Finalists in each category will get ₹7 lakh each as working capital to set up their business in Vizag. $1M Startup Challenge winners will be announced by email and on the vizagfintechfestival.comsite on October 25. The awards ceremony will be held at the Vizag Fintech Festival on the same day. The finalists and winners will also be supported by Fintech Valley Vizag to set up operations and grow their business.

“The roadshows have evoked a phenomenal response. We found tremendous interest among entrepreneurs to invest in fintech,” J.A. Chowdary, Special Chief Secretary and IT Advisor to CM, said.