Hyderabad to host August start-up fest

Hyderabad:Hyderabad will host a mega start up festival, August Fest, organised by a host of organisations with the support of the Telangana government on August 30 and 31, said IT minister K.T. Rama Rao on Wednesday.

 

The event will bring local entrepreneurs and global and domestic investors on one platform to support the start-up ecosystem in the city. Speaking on the occasion, the minister said that the idea is to make big, one of a kind event for start-ups. “Lot of companies like Google have come up with university system in UK to nurture the local talent. So, we want to emulate something similar,” he added.

 

The festival is expected to see participation from  around 1,500 startups while 100 investors, VC’s from across the world will be in attendance. The fest will allow startups to pitch for their idea for an instant seed funding and also to showcase their product to the audience. 

 

Mr Ramesh Lagonathan, vice-president, products and centre head, iLabs Centre said, “There is an ‘Open Pitch’ section where entrepreneurs looking for the seed fund can present their ideas for five minutes in front of  angel investors, followed by a Q&A session and can walk out with instant funding of Rs 10 lakhs.”

 

It will also have an ‘Idea Camp’ wherein 60 students from 10 engineering colleges along with others will work on coming up with interesting new ideas for technology products and  will get rewarded on their ideas, he added.