The Venture Capital Investment Competition is the world’s largest venture capital competition with over 70 universities, including all Ivy league universities, competing. Team IIM Bangalore consisting of Udit Jalan, Abhishek Iyer, Aayush Singhal, Jasleen Turk and Dinesh Soundappa proved their mettle by emerging winners in the India Round and qualified for the Global Round held at Kenan Klagler, North Carolina. We have the team give us a brief insight into the selection process and their experience!
“VCIC is the world’s largest venture capital competition, and it was overwhelming (to say the least!) to win the India finals. Our team had a fairly diverse experience, with expertise spread across PE, VC, banking, consulting and startups. We started our journey by first clearing the campus round which involved us analyzing a fictitious Indian startup and creating an investment memorandum for the same. A reputed startup founder evaluated it, and it was great to win his approval and receive his feedback on our analysis. We moved on to the India round which involved a team each from the top B-schools across the country including IIMA, IIMC, IIML and ISB Hyderabad.
The structure of the event mimicked the actual fundraising process and was as realistic as one could ask for. The three startups that had participated had already raised their first round of funding either through Angel investors or VCs and now ticking revenues over a few crores. They had shared their actual pitch decks, for us to evaluate, before the event. On the day of the event, we were given the opportunity to have a discussion with each startup’s founders and make our bet on one of the three startups post thorough evaluation, after which we presented our investment thesis to Partners and MDs of some of the top VCs in the country today. The top two teams from the first round were further asked to negotiate a term sheet with the selected startup based on our investment decision. Some of us had never seen a term sheet before, let alone negotiated one. In the end, we did manage to convince the founder to take money from us but largely at his terms and conditions. Overall, it was a great learning experience, especially the fact that VCs were present throughout the event and giving us their feedback at each step, is what made it truly memorable.”
Here’s wishing them all the best for their future endeavors!