There was an interesting talk on getting ventur funding for your startup by Karthikeyan at BarCampChennai. He was asking the interested to be clear on why you want the money and how much you want. He was saying that for a typical VC, the minimum they can invest is $2.5m which is big money for India. Thus touching the rich uncle at US is the option. If you dont have one, excite a person who has one.
You Must have a good business plan.
You Must have a elevator pitch.
Web2.0 is a bad thing with VCs. They have a painful memory of web1.0!
He closed the discussion with 5 tips:
Kewl. He even suggested that you make a pitch to Sabeer Bhatia saying that you are from BITS etc. It might work, as he is investing in everything.
On the offline discussion he suggested that you raise above your south indian conservative attitude of not being outgoing. If you find 4 people talking, join in and check if you can exchange biz cards etc.
There is a interesting cartoon by Hugh at gapingvoid.com on this
From Meera Mohanty’s The Hindu article:
BarCamp wasn’t just a place to learn about setting up a successful Web product, mobile computing, entrepreneurship, python (not a reptile) or ruby (not a gem). If you attended venture capitalist Karthikeyan S’s talk, it was also about how to get smart ideas funded. Priceless advice: Network (get a guy on your team with a rich uncle in the U.S.), Network (study at BITS Pilani, IIT, or IIM and make use of the alumni), Network (get invited or gatecrash a TIE, and take your minute with Sabeer Bhatia), and Network.
Network- That is where you are going to get your partners/employees/funders, that is where you are going to make your products sell, make revenue!