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PitchFest-5.0: An Opportunity for Startups – India

Deadline: 15 February 2024

Applications are now open for the PitchFest-5.0, a huge opportunity for startups to participate in developing products/solutions in FinTech Domain.

FinBlue – A FinTech Centre of Entrepreneurship & Vibrant Start-up Eco-System – is an initiative by STPI at Chennai to help provide resources such as mentoring, technology support and funding for FinTech start-ups. FinBlue offers an integrated program for start-ups to scale up through its incubation facility. The FinBlue Incubation program includes premium plug and play co-working space for tech start-ups and offers access to the FinTech ecosystem which comprises of user bankers, financial institutions, mentors, investors and a platform to support GoToMarket strategy through Industry Connect, Networking, Marketing, Investor Interface with Domestic and International collaborations.

Focus Areas

  • Fintech Categories
    • Trading
    • Banking
    • Lending
    • Remittance
    • Insurance
    • Risk and compliance
    • Wealth advisory
    • Financial inclusions
    • Saving
    • Payment
  • Horizontals Across These Categories
    • Digital KYC, Digital/Document Management, Risk Management Compliance, Regulation, Data Sciences/ Big Data/Analytics, Artificial Intelligence/Machine Learning, Biometrics, Virtual Reality, Blockchain in Financial Services, Security and authentication.

Offerings

FinBlue offers an integrated program for start-ups to scale up through the following:

  • FinBlue SandBox
    • FinBlue SandBox consists of APIs exchange, Core Banking Software (CBS), Low Code Softwares, Business Analytical & Performance Monitoring Tools and cloud credits.
    • FinBlue sandbox will provide real time environment to FinTech start-ups in developing and testing their prototypes to production grade FinTech products.
    • FinBlue sandbox APIs exchange is comprehensive platform to exchange of data between banks, Financial Institution etc, Almost 800 banking APIs are available in this platform.
    • FinBlue sandbox has been set up in the cloud environment to ensure its scalability and same will be leveraged by the FinTech start-ups.
  • FinBlue Market Place
    • FinBlue Market place is part of FinBlue Innovation Network and is designed for start-ups to Experience, Innovate and showcase their Solutions, Products and Services to the stakeholders/CIO’s/CDO’s from Financial Institutions.
    • The prime objective is to bridge the gap between Buyers need with the Financial Institutions and Start-ups by creating an ecosystem across the world in an effort to becoming Global FinTech Start-up Hub (GFSH).
  • Industry, Investors, start-ups and Knowledge Partners.
    • FinBlue Market place offers a unique opportunity to meet the domestic & global buyers as well as funding support from the Venture Capitalists (VC)
  • Plug-n-Play Incubation
    • The FinBlue Incubation program includes premium plug and play co-working space up to 3 seats free of cost based on availability for selected FinBlue start-ups in Chennai.
  • Mentorship
    • Responsible for identifying domain specific software tools and offering the same to start-ups.
    • Deploying full-time resource presence and organizing peer meetings with mentors at regular intervals.
    • Creating a platform for accessing the mentor through an online portal.
    • Train/educate start-ups in the fields of research, user experience and business technology courses with cutting edge programming and deep-tech applications.
    • Support the start-ups for developing Proof of Concept, provide mentoring for designing & development and help start-ups to convert their idea into a reality.
    • Transforming the start-ups from idea level to Prototype level, Prototype level to MVP (Minimum Viable Product) level, MVP level to GTM level and graduating the start-ups into full-fledged company status.
    • Providing a multidisciplinary approach in developing innovative products based on identified business challenges.
    • Support for developing, enhancing and piloting start-ups prototype and business model in a collaborative environment.
    • Conducting needs-based mentoring sessions on legal, compliance, branding, cyber security, tech etc.
  • Marketing
    • FinBlue shall carry out effective marketing by organizing knowledge sessions, conducting road shows, creating the FinTech CoE web platform, organizing networking events, conducting social media marketing and connecting relevant service providers.
    • International events/programs shall be organized to attract global visibility.
    • Partnerships with key international promotional agencies shall be carried out for cross border collaboration.
  • Monitoring
    • FinBlue shall review and monitor the progress/performance of start-ups periodically and take necessary action as and when required in co- ordination with PMG.
  • Additional Services
    • STPI has signed MoU with M/s NRDC (National Research and Development Corporation) for filing Intellectual Property Rights such as Patenting (Drafting & Filing), Trademark, Copyright and any other IPR related support/legal/statutory support.
  • Funding and investment
    • Up to 25 lakhs of Seed /Risk funding for promising start-ups and 2.5 lakhs as financial assistance grant for budding start-ups.
    • FinBlue supports and guide start-ups for raising funds towards PoC, MVP and Marketing as well as scaling up through, equity and debt by leveraging connections with potential customers and CSR/Corporate sources as well as angels, High Net Worth Individuals (HNIs) and VCs as per appropriate size of start-ups.

Duration

  • Start Date: 15th December, 2023
  • End Date: 15th February, 2024

Who can apply?

  • Company Type
    • The start-up must be incorporated as a
      • Private Limited Company (as defined in the Companies Act, 2013) or Registered Partnership Firm (Regd. under section 59 of the Partnership Act, 1932) or
      • Limited Liability Partnership (under the Liability Partnership Act 2008) The date of registration/incorporation must not be beyond 10 years.
      • Proposals/applications are invited from Indian Start-ups who are working in FinTech domain related software product development etc,.
      • Start-ups registered with DPIIT under start-up India programme are encouraged to participate in this programme.
      • Individual Academicians, Researchers, Educators, Entrepreneurs, partnership firms, LLPs may also participate, however, if they are selected they need to incorporate as Pvt. Ltd. company within 3 months of offer.

For more information, visit STPI.