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BITS Spark

BITS Spark. Prospectus Ver. 8, Dec 30th, 2011. Background. BITSian entrepreneurs have been tremendously successful. BITS was ranked as a top school to produce entrepreneurs 1 .

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BITS Spark

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  1. BITS Spark Prospectus Ver. 8, Dec 30th, 2011

  2. Background • BITSian entrepreneurs have been tremendously successful. BITS was ranked as a top school to produce entrepreneurs1. • The new India presents today’s youth with many entrepreneurial opportunities. VC funding is robust at $750m in the last 9 months. • There are many young BITSians aspiring to start innovative companies (e.g. RedBus, GharPay, Exotel, SuperAngels) • In the last 5 years BITS-Pilani has created more than a dozen startup initiatives most notably CEL and on-campus activities • However, there is a dearth of early stage funding and mentoring • BITSAA has set a long-term goal to make BITS-Pilani a top-3 institute for entrepreneurship in Asia http://www.slideshare.net/mrogati/sequencing-the-startup-dna-mrogatis-talk (Slide 10) http://smehorizon.sulekha.com/vc-firms-invest-217-million-in-india-in-q3-11_sme-viewsitem_5554

  3. What is BITS Spark • In July 2011, BITSAA International set a high-level objective: Create an eco-system of partners in industry, government and academia to enhance research and entrepreneurship at BITS Pilani. • BITS Spark's objective: • ENTREPRENEURSHIP • BITS Spark’s vision: • “Make BITS Pilani a top 3 institute for entrepreneurship in Asia”

  4. What does a BITSian need to do a startup • Inspiration & Passion: "its unbelievably important" • Entrepreneurs who share, connect, meet with BITSians are most inspiring • Recent success stories help build confidence to take the plunge • Accessibility: • Approachability of this program and people backing should be easy • Any BITSian should be able to access • Community • A well-knit BITSian mentor network will increase student confidence • Need the ability to know whom to reach and ask any startup questions • Resources • Information on startup basics e.g. legal, funding, web hosting • Access to contacts who can provide these resources • Funding to help with the initial stages

  5. Spark has 3 pillars Spark Connect On-campus and post-campus activities to ramp up startups Spark Mentors Mentoring network for formal mentoring of entrepreneurs & startups Spark Angels Angel network to fund high potential startups at seed stage

  6. Spark Connect On-campus and post-campus activities to ramp up startups

  7. On-Campus Activities – Immediate Priority Spark Connect • On-campus Faculty Chair • Dedicated faculty member to support and drive new initiatives • Works closely with BITSAA Spark Board member • New Venture Creation • Make it a formalized course on all campuses • Assign dedicated faculty and student CEL members • PS I, II and Summer (after 1st/3rd year) Internships • Create an insti-led program for startups to hire summer interns in all summer terms • Create executive assistant opportunities at startups

  8. On-Campus Activities – Ongoing Spark Connect • Entrepreneurship courses • Mandatory activity based course in year 2 • Industry-led courses (e.g. mobile Internet startup courses) • Recognition • Create annual entrepreneurship award • Awarded to someone who best exemplifies entrepreneurial traits • Online resources • Detailed and curated resources to start a company in India • List of contacts (lawyers, mentors, entrepreneurs, investors, etc.) • On-Campus CEL • Expand CEL to encourage more participation • Improve structure, awareness, stature of Goa and Hyd CEL • Create on-campus and post-campus hackathon

  9. Post-Campus Activities Spark Connect • Current BITSAA CEL activities • Continue on-going BITSAA CEL activities • Abandon BITSAA CEL structure • Access to funding (more in Spark Angels)1 • Setup non-bureaucratic fund to give "confidence money” to pre-seed startups • Includes Manoj Saxena fund, BITS 75 trust etc. • Raise small pre-seed amounts from several investors • Startup Workshops (more in Spark Mentors) • In-depth weekend workshops to match startups with dedicated mentors • Conducted once a quarter and sequenced before Spark Angels review meeting 1. Seed stage startups will be served by Spark Angels

  10. Post-Campus Activities Spark Connect • Bits2startup • Well managed email group (similar to bits2bschool), identify key entrepreneur contributors • Help to find talent, one-off startup questions, advice • Startup Meetups • Informal meetings for startups • Start in Bangalore, Delhi, Mumbai, Hyderabad; solicit BITSian entrepreneurs • Assist in discovering co-workers/founders/customers 1. Seed stage startups will be served by Spark Angels

  11. Spark Mentors Mentoring network for formal mentoring of entrepreneurs & startups

  12. Objective Spark Mentors • Create a BITSAA mentoring network • Create formal mentor-mentee matching program • Provide mentoring to BITSian startups1 Startups in pre-seed, seed, early stages are eligible

  13. Criteria for Mentors Spark Mentors • Interested in promoting BITSian entrepreneurs • Should be a BITSian • Willing to commit minimum of x hours per month • Engages deeply with the entrepreneur for a min period of 6 (?) months • Brings unique industry or operational expertise • Able/willing to coach the entrepreneur

  14. Criteria for Startups Spark Mentors • Includes at least one current or graduated BITSian • Startup should be based in India • Can be in pre-seed, seed or early stage • Is already funded or seeking funding in next 6 months • Willing to give nominal (0.5 – 3%) equity to mentor • Entrepreneurs should be pursuing startup full-time or will become full-time in next 6 months

  15. BITSAA Spark Workshop Spark Mentors • Objective: Match startups with mentors with a formal relationship • Application proces: 7-8 slides for application • Quarterly 2-day event to match startups with mentors • 1st event: Mar 3rd - 4th • Day 1 (6 hours): • 1 hour: Selected teams pitch in 8 minutes • 1 hour: Mentor-mentee speed dating • 1 hour: Each startup matched assigned to 3 mentors • 1 hour: Market review: 1-1 mentoring session • 1 hour: Product review: 1-1 mentoring session • 1 hour: Business review: 1-1 mentoring session • Day 2 (6 hours): • TBD

  16. Spark Angels Angel network to fund high potential startups at seed stage

  17. Objective Spark Angels • Create a BITSAA angel group of investors • Invest in BITSian startups1 based in India • Provide mentoring to funded startups Applies to both on-campus and graduated BITSians

  18. Criteria for Angels Spark Angels • Interested in promoting BITSian entrepreneurs • Should be a BITSian; non-BITSians only by invitation • Willing to take risk • Expected to make 1-2 investments a year • Typical investments upwards of INR 5 lakh • Should be accredited as per Indian laws • Pay small annual membership (waived first 6 months)

  19. Criteria for Startups Spark Angels • Includes at least one current or graduated BITSian • Startup should be based in India • Demonstrate potential for substantial high growth • Should be in seed & angel stage (INR 25 lakh – 2 crore) • Selection rate will be about 3-5% • Entrepreneurs should be pursuing the startup full-time at the time of application

  20. Funding Process Spark Angels Proposed date to complete first cycle: Apr 18th, 2012

  21. Logistics Spark Angels • Step 1: • Online applications are submitted to Gust or equivalent software. • Video pitch of 5 min to be submitted online (YouTube or equivalent). • Step 2: 10 min per team • Steering committee to conduct screening over Skype & phone call • 5 min: View video pitch on individual computers • 5 min: Q&A with startups • Collect feedback; create shortlist for Step 3 • Step 3: 20 min per team • All angels to conduct screening over Skype & phone call • 5 min: View video pitch on individual computers • 10 min: Startup is allowed to add further info; Q&A • Collect interest level using online survey

  22. Due diligence process Spark Angels • Team: • 1 lead angel – drives the due diligence process • Other interested angels – participate in due diligence • 1 steering committee member • If no steering committee is investing, a neutral member joins the team • Due diligence duration: 1 month • Submit Diligence Report (approx. 3 weeks) • Include team, market, technology, legal, funding etc. • Transfer of funds and legal (approx. 1 week)

  23. Transparent Process Spark Angels • Investment terms to be determined directly between angels and startup (amount to be shared, terms remain undisclosed) • Membership fees will cover admin costs (waived initially) • Transparency • All startup applicants will be made available online • Results of each evaluation stage will be made public • All angels should disclose prior relationships with startup • Any other aspect will be made transparent • BITSAA team (non-angels) to drive administration

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