It was the year of networking for the nascent Indian start-up economy. Entrepreneurs mixed work and play at informal gigs such as BarCamps and Open CoffeeClubs or competed for attention and venture funding at business plan contests and start-up showcase events. It is difficult to pick any one forum as the most influential, but in terms of bringing start-ups closest to their natural partners, venture capitalists, business plan contests and showcases win hands-down.
Chosen ones: Founders of Ziva Software Pvt. Ltd Ajay Sethi (right) and Sameer Shishodia.
In 2007, a couple of thousand, perhaps more, start-ups sent in applications to business plan contests and more than a hundred made to the final shortlists. When Mint put together a list of the 10 most interesting start-ups to watch in 2008, we decided to use those shortlists as a reference point. The forums we picked our 10 start-ups from include Proto.in, MoDeMo, the National Association of Software and Services Companies (Nasscom) annual list of innovators and TiE-ISB Connect. Proto.in was born out of BarCamp Chennai and is possible the only start-up showcase of its kind in the country. It does not declare winners but shortlists 20 business plans, which are showcased to venture capitalists. MoDeMo, a mobile application demo event was born out of Mobile Monday Bangalore. About 20 start-ups made it to Nasscom’s annual list of innovators. TiE-ISB Connect, the annual business plan showcase by The Indus Entrepreneurs (TiE) and the Indian School of Business (ISB), saw 400 initial entries, virtually double the number it received in 2006.
It has been tough arriving at the final 10, more so because there are bound to be several other interesting companies that did not feature in any of these contests or showcases. The final 10, we think, stood out from the rest in terms of the products or services offered, founder experience and credentials, differentiated business models and potential market opportunity. We put them forward not just as interesting companies to watch for but also as representatives of the infectious and powerful wave of entrepreneurship that is now sweeping the country.
1. Sloka Telecom Pvt. Ltd
Founder(s):Sujai Karampuri and Venkata Subbaiah
Space: Telecom infrastructure
Funding: Self-funded
Description:Sloka Telecom Pvt. Ltd makes wireless equipment for WiMAX and 3G (third generation telecom) networks. The Bangalore-based company, which was shortlisted for Proto and Nasscom’s 100 IT Innovators 2007, claims its technology will help reduce operator capital expenditure (capex) by up to 50%. It recently rolled out its first WiMAX network in Saint Medard en Jalles in France.
2. Dim Dim Inc.
Founder(s):D.D. Ganguly, Jayant Pandit, Saurav Mohapatra, Sundar Subramanian and Rohit Shankar.
Space:Online Web conferencing
Funding:$2.4 million (Rs9.4 crore) first round funding by Nexus India Capital and Index Ventures.