Money Startups

Uber gives chance to pitch your ideas to VCs during a cab ride

6 Oct, 2016

uber_texiCab hailing app Uber Technologies Inc. has partnered with the Ministry of Commerce and Industry in India to launch a pan-India startup challenge, UberPITCH 2016.

Minister of State for Commerce and Industry Nirmala Sitharaman kicked off this year's challenge at an event held by industry body FICCI in Delhi on Thursday.

"The government wants to play the role of a facilitator and not a regulator when it comes to startups," Sitharaman said.

Part of the company's startup mentoring programme, the UberPITCH challenge will help entrepreneurs stand a chance to get an Uber ride with an investor and pitch their ideas.

"Shortlisted entrepreneurs will be able to pitch their business ideas to investors and venture capitalists and get advice, during a specially organised Uber ride," the company said in its statement.

Selected entrepreneurs will get seven minutes to pitch their idea during a ride with Uber—essentially an elevator pitch on wheels—and another seven minutes of feedback.

The challenge will be launched on November 18-19, 2016, for entrepreneurs across 28 cities in India. Registration form will be open till November 1, 2016, and startups will have to submit their ideas on Uber's website.

The best three ideas will get a chance to meet and converse with Sitharaman and Uber chief executive Travis Kalanick.

"Three UberPITCH finalists will feature among the top 10 startups that will be flown to the Silicon Valley to meet the leadership team at Uber as well as exchange notes with big-ticket investors," Uber said in the statement.

Additionally, Rachel Whetstone, senior VP-communications and policy of Uber, along with a host of other mentors, met female entrepreneurs as part of the company's global startup mentorship programme UberEXCHANGE.

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