Home - Yahoo!

Ignite an idea and get funded

Wannabe dotcommers may have something to cheer about anew. Singapore-based Quintus has organised `Igniteasia', a competition for non-public internet companies looking for first and second round of funding. Organisers say that all you have to do is submit your idea at www.igniteasiachallenge.com. If the expert panel likes it, you've hit the dotcom jackpot. Igniteasia’s Ed Milbank says, “Its not such a bad time for dotcoms as it is a difficult time for companies to raise money. The thing about Igniteasia which is beneficial is the assessment of business plans.” Ignite's South East Asian roadshow reached Bangalore last week drawing more than 300 entries. Representatives from Compaq, J P Morgan's e-finance wing LabMorgan and WI Carr Securities provided consultancy services for the entrants. The firms say that there is no cap on the fund limit and that a good idea is all that it takes. Commenting on the importance of a good idea and the need for an appraisal of it LabMorgan Asia Pacific’s VP Simran Mulchandani says, “It’s one thing having a very good idea but it’s an entirely different thing executing that idea.” Apart from India, the competition is open to participants in Hong Kong, Singapore and Malaysia. Ideas will be forwarded to the first round assessment panel. 50 companies go to the 2nd round where venture capitalists and industrial experts will choose the 15 finalists. And talking about dotcoms, can the bright students from the IIMs be far behind. Says Anurag Jain, a student of IIM, Bangalore ,”I'm planning to develop a project in the P to P domain, that is peer to peer networking. This field has been open after the success of Nuetrola and Napster. So I'm trying to develop a product in that domain. I believe it is the future of networking. I came here because I wanted funding and I wanted contacts. I've gone through this before and getting funding is a very difficult process.” Igniteasia also promises prizes for that the best e-finance and broadband entries. These and the 15 finalists get to attend an investor meet on February 8, 2001.