Gurgaon: BML Munjal University’s (BMU) Institute of Innovation & Entrepreneurship(I2E) through Propel Incubator @ BMU announced the results of the grand finale of Propel Pitchfest21 on April 29, 2021. The primary objective of Pitchfest21 was to encourage new ideas, promote innovation amongst the younger start-ups, offer a platform to showcase their ideas/venture, attract investor interest, and be a part of the network within the startup ecosystem. The winning ideas presented by BatX Energies and TransCreation under the product and services categories respectively won a cash prize of INR 50,000 each and an opportunity to incubate their venture at Propel Incubator @ BMU with seed fund support of INR 2,00,000 with host of other benefits. Along with the winners, two other runners-up Backyard Creators & Happy Minds trailed closely at the contest.
In its 2nd edition this year, the Pitchfest21 saw an enthralling response from the 565 registrations received from 303 startups from across the country. In addition to the cash prize and funding, the winners of the contest are eligible for incubation support from Propel Incubator @BMU, opportunity to pitch to various angel investor networks – namely Lead Angels, ah! Ventures, Indian Angel Network including numerous benefits through the Passport by TheOneValley, online cash management services from Slate, membership to TIE Delhi.
The organising committee also held a masterclass series by experts on relevant topics to help the participants enhance their understanding of the ventures and thereby help them pitch their idea in full vigor to the jury or during the contest. The budding startups were also provided with the opportunity of individual sessions with angel investors and legal experts to allay all their doubts and seek guidance in every possible way. The entire event was hosted virtually by BMU.
The winning ideas: BatX Energies believes that electric transportation is the future and are focusing on taking care of Lithium Ion battery lifecycle solutions contributing towards a circular economy. The start-up is working to be the biggest Lithium Ion battery recycler in the country, so that mining activities can be under check and not add to depleting the scarce resources . On the other hand, TransCreation aspires to create a safe and inclusive employment opportunities for the members of the transgender community by setting up beauty salon entirely run and operated by them, thereby making them self reliant in the long run. Vibgyor TransCreations first ever parlour was established in 2018 after rigorous training sessions and ever since TransCreations has set up 4 parlours in Delhi NCR. The business is now registered with the United States of America’s National LGBT Chamber of Commerce as a pro-LGBT business from India having successfully imparting entrepreneurial skills to 35 individuals.
The eminent jury for Propel Pitchfest 2021 consisted of Manish Johari of Lead Angels, Amit Kumar – ah!Ventures and Ajay Rajgarhia – Indian Angel Network. Each start-up idea was judged on innovation, creativity, originality and challenge it set-out to solve.
Speaking at the event, Prof. Vishal Talwar, Dean, School Of Management, BML Munjal University, said “We are quite impressed by the spirit of the youth of India. The overwhelming entries by the young & aspiring entrepreneurs affirms that the focus of I2E is in the right direction. As we have embarked on the cusp of a renaissance revolution in innovation, BMU’s three-pronged approach will continue to be teaching, research and tangible innovations. By conducting sessions and programmes such as Pitchfest21, we are opening doors for startup enthusiasts to collaborate with policy makers, academia and industry in general. I would like to congratulate all the winners and students who participated, and wish them all the best for their future endeavours.”
Congratulating the winners Sunil Kant Munjal, Chairman – Hero Enterprise & Chancellor – BML Munjal University said, “ I am overwhelmed with the response we have received from the students as well as the startup and education fraternity this year around too. India’s start-up ecosystem is quite dynamic and is in the league of the likes of Silicon Valley in California, Cambridge, which are hotspots of innovation and building self-reliance. It is encouraging to see how the students have started thinking about solutions to solve world problems within the given resources and time, at BMU we live by the ethos to build leaders of tomorrow. I wish everyone success and would be happy to extend support and guidance whenever required. I congratulate the faculty at BMU to keep the flag higher.”
Kshitiz Aggarwal, Founder, TransCreation, said “Pitchfest 2021 was very well conceptualised and executed. The participation led us to improve our pitches and focus on our enterprise.It was extremely competitive which allowed us to show our best performance.”
Utkarsh Singh, Co-founder & CEO, BatX Energies, said “ We would like to thank Propel Incubator @ BMU for their immense trust and support to us. This recognition will fuel us to work even harder, it also validates our mission and idea as we want to be the biggest Lithium Ion battery recyclers in the country. Propel Incubator @ BMU not only gave us enormous exposure but also helped us in refining our business idea. We wish everyone success.in their endeavors.”
Through this unique initiative/platform, BMU’s aim is to recognize, nurture young talent and provide a platform for the participants to seek inspiration in innovation and demonstrate their ability to analyse problems and come up with executable services and solutions that aim to solve larger issues in India and abroad. The start-ups and student teams are nurtured to form exciting and causeworthy ventures and extended mentoring and support to grow and gain investment from the startup ecosystem. Several students and alumni venture teams have been mentored at Propel in the past.