India’s startup funding winter is getting worse. Startup deals are at a 9-year low. In fact, according to VCCircle, one startup received funding every 10 hours during February. But last year, deals happened every 3 hours. Investors are tightening their purse strings.
Now imagine you’re a startup founder who’s just getting started. You believe you have a moonshot idea. But this funding environment is proving to be a damp squib. You’re getting desperate because you need capital. You think that all you need is a chance to get in front of a VC.
Suddenly, a post appears on your Instagram feed from some World Startup Convention. It has got Elon Musk’s image and it says, “World’s Biggest Funding Festival. Ever.” It claims Musk is invited (thereby implying that he may attend it too). And it lists a whole bunch of VCs and PE firms who’ll join in.
You’re intrigued. And then you see the best part? It’s all happening right here in your backyard in India - in Noida.
You quickly visit the website and you’re now more impressed with the numbers. The website boasts that there will be 1,500 VCs, 9,000 angel investors and over 75,000 startups from across the world. It has even got the face of Masayoshi San of Softbank, Gautam Adani, and India’s top ministers plastered on posters. The website’s quite snazzy too. It looks quite legit.
But it seems too good to be true. Your spider-sense is tingling a little.
Then you scroll down further. And your confidence rises. You see videos by Ankur Warikoo, Chetan Bhagat, Praful Billore, and Raj Shamani. They’re all glowing with praise about the event. Selling the proposition that you can get funded in just 3 days during this conference and why it’s important for you to attend.
Done. You don’t need to do any more due diligence. You believe that the influencers would’ve done their checks. They’d have enquired about the people behind the event before endorsing it. You trust them.
So even if the price of admission - ₹8,000 - might seem a tad bit high, the opportunity seems too good to pass. This might be your only chance to hobnob with the VCs. It might give your startup a real chance at success.
Startups that shelled out ₹50 lakhs under the garb of ‘sponsorships’ are fuming. Founders with dreams in their eyes are standing around shell shocked wondering who to make their pitch to. Then the cops arrive and it’s like a scene out of a movie.
By now you’ve realized that promised land doesn’t exist. The event is a sham! The organizers fooled you. The influencers sucker punched you. And you’re left holding your head in your hands wondering - why do we fall for these things again and again!
For starters, humans are inherently trusting. We want to believe that the people don’t have bad intentions and aren’t out to trick us all the time. The default emotion is trust. And that’s what scammers and even influencers prey on. You think why on earth would someone lie about helping you raise money for your startup? Especially on public forums.
Then, there’s the human desire to win. One theory is that people think of a such events in terms of odds - what is the initial risk versus the possible reward. In this case, for people who bought tickets it was roughly ₹8,000 against the possibility of raising a few crores in capital. So even if you feel something is off, it won’t matter much.
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7 дек 2023
