Meet Held To Create Startup Funding Pool

DAILY BYTES

Keeping in mind the comparatively newly emerging interest in startup investments in Northeast, a two-day investor event series was held in Guwahati on Monday and Tuesday, stated an official release.

The meet was held with the aim to create an early-stage funding pool for the startups in Assam.

Investor Hours: Unfolding Investment Hacks in the Startup space of Assam was hosted by Assam Startup – The Nest, in association with IIM Calcutta Innovation Park.

The event was attended by top investment agencies and individuals of the country.

“The startup scene in the state can improve only with the creation of a mutually supportive ecosystem wherein the high-net-worth individuals of the state will have a crucial role to play,” the release added.

On the first day, high net worth individuals (HNI) of Assam gathered for the Angel Miniversity Program.

The programme focused on the dissemination of knowledge among the HNIs of Assam about the myriad aspects of startup investments.

Nandini Mansinghka, CEO, and Managing Director of Mumbai Angels Network chairing the session offered vital insights into the nitty-gritty of early-stage startup investments.

“An angel is someone who takes risks with the founder,” Mansinghka said.

“Angels are keen on investing time and money. They are angels because they walk in when everyone else says ‘No’,” she added.

Talking about the benefits of angel investment, she added, “An angel investor gets a larger percentage of the company so that when it grows, they get a higher rate of return.”

The session was also attended by Manjula Saikia Bhuyan, Additional Secretary, Department of Industries and Commerce, Assam.

She urged the HNIs to come forward to support the startups and take the next step towards forming the Assam Angel Network.
She assured them of complete support from the Assam government in this regard.

The main aim of the session was to encourage and influence the local HNIs to take interest in mentoring and funding early-stage startups and together form the first Assam Angel Network.

The second day of the event witnessed an evening fireside chat on Demystifying Startup Investments – Understanding Investor’s Perspectives.

Seasoned investors from across the country sat for an interactive session with the local startups.

These investors provided significant insights into the investors’ perspective while assessing the fund-readiness of the startups.

Nandini Mansinghka from Mumbai Angels Network, Varun Bhatt from Unicorn India Ventures, Srikanth Prabhu from Social Alpha, Ribhu Ranjan Baruah from Northeast Venture Fund, and Sandro Stephen from Indian Angel Network attended the session.

The one common advise, which these stalwarts had to share with the stary-ups was to “think big”.

While starting with solving the local problems, they suggested the startups to eventually start exploring large-scale market opportunities.

Assam Startup – The Nest is an initiative by the Department of Industries and Commerce, Assam, in association with IIM Calcutta Innovation Park.

The state-owned incubator was inaugurated as part of the Assam Startup Policy 2017, on 20 January 2019 by the Assam Chief Minister Sarbananda Sonowal.

The Nest is committed to creating and nurturing a healthy startup ecosystem in the state and convert Assam into a major startup hub of the country.

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