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I am happy to announce the summer edition of Proto.in to the Venturewoods community. This is slated for 21-22 July at Chennai and is in continuation of its first edition that took place in January earlier this year. For those who came in late, Proto is intended to be a springboard for upcoming startups in India. Modeled on the hugely successful DEMO that is held in Silicon Valley, Proto is organized by the Knowledge Foundation, a non-profit body started by a group of like minded tech enthusiasts.
The first edition of Proto was a good stepping stone. We did some things right, while there were some areas where we could have done better. We intend to leverage on its learnings and make sure that the second edition is a more compelling experience for all participants- startups, technologists, investors, media etc.
So how will ProtoSE be different? For starters, the event is being thrown open to startups from other Asian countries & we expect participation from South East Asia. We are expecting more widespread representation from the investor community, having received confirmations from quite a few VC firms. Prominent industry/academic bodies like IAMAI, TiE, TeNeT, ASES (Incubation Cell Network based out of Stanford University), The Technopreneur Development Division of Malaysia (TeDD), IDA of Singapore have confimed their support as well. More details on the Proto blog.
The format of the event is likely to be the same as before - anybody can nominate, but only 30 chosen startups (selected by a expert panel) will get to take the stage during the event. The nominations are now open, so if you are a startup wanting to tell the world what you have created, go file your nominations right now. There is a participation fee of 10K, but only if you are in the final 30. Registration for attendees will open shortly. The website for Proto SE07 is currently work in progress and should be ready in a week. We are also looking for event sponsors, so if that is you, drop us an email.
We look forward to support from Venturewoods community for this event. We are also open to suggestions about how we can take this event to the next level.
It is a nice initiative BUT why charge a whopping 10K per finalist as participation fee? You say it is a “a non-profit body”. How exactly it is a not for profit? How do you spend all the “profits” that you are making from the participants fee and I’d assume equally huge sponsor fee?
Would you mind disclosing the facts?
Then, you say “group of like minded tech enthusiasts”. Who exactly are these “like minded ppl”? The blog/site has no information about all these “like minded” ppl. It’d be nice if you could list all the ppl who have vested interests in this “non-profit”.
It is a nice thing that you plan to do but you can make it even better by being open before claiming yourself as a “not for profit”.
Right to information?
Hi
I thin proto is a good idea, started by people like Vijay, (he can be found on the website). I do agree with the poster about the fees however, it would be great to hear from people who went to the last event if they found it useful, in fact would be a great idea to help promote it, if they went, what they learnt, and I know its not just about the money…but who succeeded/failed and why…I think the best teachers for those who are going will be the ones who went before.
All the same at least someone is making it happen, how far how big…do we really care, unless we try we will not know.
Iqbal
I absolutely support the idea of a paid event - organisation does not come free, what with venues, co-ordination, signage, videos etc. In fact, I don’t care if you’re a non-profit organisation, please make sure that some of this money will also make a BIG treat for those of you that work hard to make this event a success.
How bad is 10K? Perhaps I have lost it completely, but it doesn’t seem like a massive barrier for someone who wants to participate and be able to demo to potential partners and/or investors and even to future employees.
Even getting a meetup in bangalore is a nightmare for costs, there are very few “hangout” places with an environment that works for an entrepreneur get-together. An entrepreneur club I’m a member of that meets every month, meets at a club where food and beverage are conveniently cheap, yet it costs about 5K per meeting, of about 20 people. We’ve had to charge to just cover costs.
As for the last proto, I know a few people who presented there. They got a few calls from VCs but those weren’t interested in funding the stage these guys were in. With this proto I believe the focus has moved from idea and seed to VC and IPO. The format of the registration form seems to indicate that - HOw many customers, how much money being made etc. Considering most VCs in India don’t want to go down the seed route, the decision probably makes sense.
Yet, there is a void for events that involve seed stage funding and ideation. Perhaps we should build one. but we should be ready to sponsor it too - because I feel there aren’t many funds that care enough to sponsor a seed stage event. Too much chaff.
Either ways I’d like to be there as a delegate. I wish I could demo but nothing is ready enough to present, or will be by then. Jan it’ll have to be for that. But the event definitely sounds exciting.
Vijay,
This is a very good initiative. The ecosystem for seed is improving so it may make sense for entrepreneurs looking for seed as well as VC to demo. I have never attended “DEMO” but I am sure you will be able to find and pick the brains of people who have. Here are a few comments that you may find useful
1. Webcast the event or have post event streaming video available. This will ensure wider exposure. Rs 10000 fee is a must as if the entrepreneurs are not willing to spend that much to get exposure they are pennywise pound foolish
2. Pan IIT/IIM - All the IIT’s/IIM’s have the infrastructure to host such an event and could provide it for free or at a nominal cost. You will need local volunteers. This will avoid travel expenses and broader participation
3. I do not know what “DEMO” does but 30 seems like a lot to absorb in a day. I think they have 5 or 10 minutes. Lets say you plan 10 minutes. That is 300 minutes of actual demo. I think the logistics would be tough. If this is a one day event 15 seems a more manageable number.
4. Early Bird - You may want to invite entrepreneurs to upload their “DEMO” to a site like You Tube and work with one of them to get a crisp well crafted demo which you can showcase on your site. You could also showcase one from the “DEMO” site if they are available. I think quite a few entrepreneurs have great difficulty in doing a compelling “DEMO” in a short time so seeing an example may help.
5. As you invite entries you may want to only allow them in x minute video formats ( x is your time limit) and then pick the best for the actual event.
I know this is all very easy to say and hard to do. In any case I hope your event is a great success. For anyone who does demo it should be mandatory to include their contact info and to state how much money they want to raise and at what indicative premoney valuation.
In fact it may be useful to have three tracks angel/seed VC,early stage VC and growth stage VC. The fee could be Rs 10000 for angel/seed, Rs 50000 for early stage VC and Rs 100000 for growth stage VC.
In terms of money raised to keep this real my suggestion would be that for angel/seed VC track the money raised should be 1crore to 2 crore with an indicative premoney of 2 crore to 6 crore. For the early stage VC track the money raised should be 8 crore to 20 crore with indicative premoney of 16 crore to 60 crore. In the case of growth stage the money raised should probably be a minimum of 50 crore with the premoney valuation being negotiable.
I think “DEMO” does only the first two tracks but if there is demand for the growth stage track then it should be included as well.
Sanjay,
It’s the early / seed stage *ideas* that need an exposure thro events such as PROTO. They haven’t got another forum to pitch.
The early stage firms (with initial revenues and grounded biz models) have many suitors chasing them (they figure amongst the few investible opportunities that are available to Indian VC firms). The firms that attend the event are often the ones seeking better valuation than what have been already offered to them.
Growth stage firms are sought after by PE funds thro I-banks and they don’t really need to showcase, much less in a paid event.
@Satyam: I often tell the team within proto.in that whether we are ‘not for profit’ or not, doesnt make a difference. At the end of the day, the value that we offer has to be the best - to make sure that the startup ecosystem in India gets somewhere. There is almost a devoid of experience to share, people who have built companies and have successfully made an exit, how to build a business that scales (you wouldnt beleive how many companies fail here), and just the introductions to various people who could help to take your company to the next level. We are in some cases, flying in people, and making sure that the concerns and issues of the startups will find an answer in Proto.in. We are working the rates backwards from the cost that we incur. 10000 x 30 gets you to 3 lakhs. If you have ever organized an event - even a barcamp, you would realize that 3lakhs is barely enough to get you anywhere. Instead of trying to justify a perfectly excusable cost, I can make an assurance: if a company comes to Proto, they WILL be provided with all the resources and right contacts and the resources to take their product/company to the next step. That is something we will deliver on, and have made every arrangement for that.
@Iqbal: Thanks for the support. It’s not easy to drive an initiative like this.
it means a lot when someone acknowledges it.
@Deepak: It’s good to hear from a guy who knows the reality of the situation. Thanks
@Sanjay: I hear you.
1. We’ve already made arrangements for a webcast.
2. I am in touch with the PAN IIT Associations. If you know of someone else as well, do put me in touch with them. I am involved with IIT Madras, and to be honest, even after we did the last event here and there was enough news on the media, they still arent too keen on the event - let alone give it for free
3. Yeah, I do realize that 30 presentations might be too long. We have been considering to split it across two days. But we also hold the rehearsals and the meet with the industry experts, mentors and veteran entrepreneurs and business folks to help clean up the presentation and business plan for these companies the day before the D-day (and last time it took an entire day for it). We will finalize on this regard soon. Or might simply cut down on the number of companies to 20.
4. Yeah, we are getting a demo video of the companies before the date this time.
Sanjeev, What is the most crucial thing for a company? Is it money? I am not sure. What most of the companies required for our last edition of Proto.in was to get a compelling mindshare among the audience to take their company to the next level.
@Krish: I’d agree with you. Also in our form when we say, if they are making money, and you are a startup which doesnt have paid customers, they can just put zero on leave it blank. The reason the form has that field is cause there are companies that do make a revenue and are looking for funding that come to Proto.in and we needed to identify them.
I think there is something that needs to be clarified here. All, or most of the questions that are raised here comes from the perspective of funding. I dont think thats the entire picture of Proto.in. Imagine a fashion show… various designers showcase their latest and trendy “offerings” to an audience of journalists, potential suitors, interested and vested parties, and partners in an effort to put their vision on a pedestal - in most cases as a matter of pride and for visibility. Funding, is just one element and result of it all… there is more to the equation than just funding. There are business cases of companies that are and were sitting on piles of cash who failed miserably simply because they didnt get a grasp of market reality, lack of channel partners, didnt have a customer who would be willing to “try them out”, or a mindshare among developers who would eventually leverage their product. proto.in is a platform to provide that better picture. If you have your business process in place, then the funding will eventually flow - and you’d have a much stronger case to present to the VC and will make his life a little simpler as well. I hope that explains things a bit more clearly.
last time proto.in website was a work in progress upto the end. what u r doing this time?
Vijay has mentioned time and again that proto is not about the money…but in the mind of a entrepreneur thats all it is about. They are pitching for money, because they feel money is what makes a startup, I am, and always have been of the belief too much money ruins a startup.
I have just looked through a bplan, and once you get down to it, you start to realise that most of the money is for marketing etc, which after a little careful thought one can actually do away with if you can help them open the correct doors instead.
i.e lets imagine a company which sells sms type things, instead of throwing money, all they need is to get to talk to the decision makers at places like airtel etc, once they get their initial set of customers…the VC’s will come, they really want to come.
Why am I saying all this,
(well for now), we don’t bring money, we bring knowhow, and also contacts in the business world…its a little more than just emailing someone, we are trying to actually help them sell. Whether it works or not, have no idea, what has it cost us, nothing, except time, and we all have limited time. The way I look at it, even if the startup gets 1 deal/ 1 corporate closure, thats better than a ton of money.
a) to help the startups think a little differently
b) to amplify (I hope) Vijay’s message
c) for a selfish reason in that I am working with 2 guys out of delhi, on a alternative type of seedfund…i.e one without money
I guess ultimately (well in my eyes), startups need sales, they need revenue, they need infrastructure, wouldn’t it be great if people like vsnl, sify, etc etc, could just give a rack of servers for free….maybe I dream to much
Iqbal
How can one attend this event in Chennai?