That’s how it all started.
A few alums of IIM-C brought their personal ventures together to create this Angels Network for the benefit of the alumni in the Startups space.
Thanks to the work which had already gone into building C-Marketplace which is a Network of Entrepreneurs and Business leaders from IIM-C (as of now), we got to know some of the issues faced by the Entrepreneurs as well as the Investors in the Fundraising space. The common issues that we got to know are listed below:
- Many startups are starved of funds (Yes, let’s start with the obvious one)
- The proliferation of startups leading to scarcity of funds (1 startup out of 100 startups seeking funds gets funding)
- Angels are flooded with deals, and assessing them is difficult as most of the proposals also sub-par in terms of content organization.
- Only startups with good personal references get funding due to too many deals floating around.
- Startups end up investing a lot of time making, honing pitches.
- At Seed/Angel level, fund sources are limited.
- Assessment and Finalization of deals take a lot of time.
- Exit structures are usually not in place at the time when the angel investment is made
So, thanks again to the existing C-Marketplace Network, we could not only quickly identify a cohort of Active Angels from IIM-C. Still, we were also able to collaborate with Edge IB Services (a boutique Investment Bank focused on the startup funding space) and Hackstrap Technologies (a company building a Startups Ecosystem).
Edge IB provided all the necessary technical guidance in building the foundation of this Angel Network. At the same time, Hackstrap has brought its proprietary Hackstrap Investability Score (HIS) to assess deals, among many other things that make this Angels Network an efficient and effective Investment Ecosystem. Hopefully, thanks to all the effort, talent & network, we will all start seeing the “dents” we make to the Universe of Issues in Fundraising in the days to come.
We at IIM-CAN recognize that even though getting Angel Funding is a major milestone for entrepreneurs, the journey is still fraught with the danger of premature startup demise. So, to ensure the survival and growth of the small "baby" into a vigorous young one we have created this whole IIM-CAN Ecosystem.