The Vault : An Indian Version of Shark Tank or The Bank Job
Introducing "The Vault", some e-magazines are calling it "Indian version of Shark Tank". A TV reality show where startups can pitch and get funded on national television.
Now Startups, Entrepreneurship, Funding, Lay offs and Shut Downs are the most talked & discussed words online. I can remember a quote from video series titled TVF Pitchers"yahan teen mein se do cabin mein sirf startup founders hi baithe hai". It may be right or wrong, but this definitely make a point that youngsters like us are now on their best to bring some good solutions to specific problems. Some of them who got low monthly cash burn are bootstrapping and almost 80%-90% are in search of financial assistance, the good term would be "Funding".
They need funds for product development, marketing, expansion or for technology enhancement. In search of funding they keep visiting different references to find out Angels or VCs to support them in their new venture. They pay to participate in events, exhibitions and competitions to showcase their products and offering, to network to with like minded people. Each of these engagement formats have some set of norms & terms and conditions. But the question is "What if norms are violated by the hosting company or the organizers ?" "What if the participants are scammed?"
Introducing "The Vault", some e-magazines are calling it "Indian version of Shark Tank". A TV reality show where startups can pitch and get funded on national television. The show will be telecasted on Times Now and ETNow. I am adding a screenshot from their official website that explains the process of it.
The deadline to submit the application was 31st August, 2016, I guess you can make out what's next, telephonic audition, video audition and the final 50. As per the process, top 100 startups were supposed to selected after closing of submission of application based on telephonic round performance or inputs. As the last date of submission of applications was 31st August 2016, how top 100 startups can be selected on or before 25th August, 2016 ? undoubtedly before the deadline. Here I am again adding a screenshot of email received by a participant. Please look at the date.
Initially they started with an application fee of INR 300 and suddenly hiked it to INR 750 during the application timeline. Even then they already had the top 100 selected startups in their list by 25th August , 2016 why they consistently asking for applications till 31st August 2016?
I guess the below comment from a facebook post definitely make sense.
One of the participant and a good guy from Startup Delhi Group on Facebook, stated in a comment that The Vault had something like "rolling applications". Please ref to the process screenshot attached above, I don't think there is something like this mentioned in the process.
Now here are some comments from participants from different startup groups on facebook. From Startup Delhi.
Hyderabad Startup Group below
From The Vault Facebook Page
Finally they come up with 'Rolling Applications" for equal opportunity to all. So ridiculous. Why it came so early in mind on 31st August, 2016 only, the deadline day. And yes, why not clearly mentioned on the website rather than mentioning this new norm when asked a fair question? See this
As everything done, here is the simple response afterwards.
Is this really an Indian version of Shark Tank or The Bank Job (movie). BTW please mention your views and suggestion in comments , do share this to the people who can take it further or make a difference, so that the words mentioned in the opening para of this long description could sustain its real meaning and spirit in startup eco-system.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
Around The World