India is home to thousands of new startups – but limited resources can often mean an unnecessarily early death for many young companies, something three undergraduate students at the University of California, Berkeley are working to change through The Moonshot Accelerator Program.
“We’re creating a bridge between the people in Silicon Valley and India, to make sure Indian startups are getting the right mentorship and fundraising,” says The Moonshot Accelerator cofounder Abhinav Kukreja. “The opportunity for fundraising in the States is very high, especially for an Indian startup.”
The Moonshot Accelerator cofounder Anish Prabhu. Photo courtesy of The Moonshot Accelerator.
Twenty-year-old rising sophomore Kukreja, who founded augmented reality and latex printing company Zovata, in partnership with Hewlett Packard, at the age of 18, is no stranger to the concerns faced by young businesses looking to get capital.
His fellow cofounders and UC Berkeley classmates also hold entrepreneurial credits to their names; 20-year old Aryaman Dalmia notably wrote ‘Graham, Buffet and Me’ – a book on value investing, at the age of 14, U.S.-raised 19-year-old Anish Prabhu cofounded the non-profit organization Paradigm Shift, established to bring technological training to young underprivileged students across the state of California. Both before starting university.
Their Moonshot Accelerator program began in April, during finals week, says Kukreja. It was born out of a desire to maintain a connection with the startup scene in India. They’ve already signed the first set of 10 young companies – which include India-based private jet concierge service JetSetGo, founded by one of Forbes 30 Under 30, Kanika Tekriwal.
The general consensus is that India ranks somewhere in the global top 10 for the sheer number of startups popping up annually; the government’s Economic Survey for 2015 estimated there are over 19,000 technology-led startups alone, but the biggest complaint India sees is that there are few viable exit options for these companies.
“We don’t have enough angel investors, or people with a bias,” says Kukreja, “how to use that money, that’s something that’s missing.”
India’s burgeoning startup ecosystem has attracted much international investor interest – but as Kukreja points out, it is difficult for many international venture capital firms to pinpoint quality startups from their vantage point in Silicon Valley, and step in with cash and expertise.
This is where The Moonshot Accelerator say they come into the picture.
They pick quality startups from India, setting them up with a team of three UC Berkeley students and two experienced mentors for a pro bono six-month internship. The students will help the startup build their pitch, and the accelerator represents the company in fundraising.
The Moonshot Accelerator cofounders Abhinav Kukreja (L) and Aryaman Dalmia. Photo courtesy of The... [+]
The interns currently come from a club of 30 students on the UC Berkeley campus, all students of various disciplines from marketing to programming, and all looking to lend their skills to experience the journey of a young enterprise.
Kukreja says the long-term plan is to expand the Moonshot Club concept out to other institutions, offering more students the opportunity to get involved, and giving more Indian startups a U.S.-connect.
At the same time, Moonshot wants to make sure they can offer up investable options to potential angel investors, several of whom have already been brought on board to hear out upcoming fundraising pitches.
“We’re completely agnostic to what space they’re in,” says Kukreja of the startups looking to enter their vetting process, “but they have to be high growth.”
A lot of the work can be done online, eliminating need for visas and visits from India for startups low on cash and time.
“There’s no systematic program that does this,” says Kukreja, of the group’s motivation to help kick-start a number of individual futures – from the interns to the startups themselves.
The Moonshot founders ultimately aim to raise a $10 million fund from Silicon Valley investors, build their own portfolio, and set up an angel fund in India.
Is it tough to run a full-fledged business operation while trying to get through university?
“It’s not really hard,” says Kukreja, “you just have to prioritize.”
