an April fool joke (15 Indian Startups come together and launch their own fund #DitchVCs #DitchFakeAngels).
And before you say, I knew this– let me tell you that few startups tried that out earlier in 2007, but couldn’t make it work. Not because there was a flaw in the model, but the whole phenomena needed larger than the participating startups to take care of the entire deal.
Having said that, I have been in touch with few new startups who are revisiting the model and plan to start something of this sort.
So even though the post was an April fool joke, in reality it isn’t. Though the details I mentioned in the post aren’t so true, something on the similar lines are being worked out.
The problem statement is very simple – lack of angel funding in India. Too many fake angels wasting entrepreneurs time [some of these angels I have spoken to look for 3X return!] – so something of this sort is needed [format needs to be worked on].
Something experimental. Something entrepreneurial in nature.
» Stay PluGGd.in