Shravan Shroff, Founder and former MD, Fame Cinemas and Ravi Kiran, former CEO-South East & South Asia, Starcom MediaVest Group and Co-Founder and Managing Partner, Friends of Ambition have partnered to launch Venture Nursery (VN), an angel-backed startup accelerator. Based on its belief that the angel ecosystem must focus primarily on maximizing the success potential of start-ups, VentureNursery aims to undertake an intensive and immersive coaching and mentoring role in the chosen startups and helps each with end-to-end infrastructural and learning support.
Located in Mumbai, VentureNursery aims at mentoring and accelerating up to a dozen start-ups in the first year. Following a unique Angel-in-Residence model, in addition to providing business and infrastructural support, VentureNursery will offer intensive and immersive mentoring to a batch of entrepreneurs by active angel investors, throughout the acceleration process. Participating companies that graduate successfully will be considered for seed funding by the Angels.
VentureNursery : Boot Camps
VentureNursery conducts a minimum of two boot camps in a year in Mumbai and targets to accommodate up to eight start-ups in each program. At the end of each boot camp, successfully graduating start-ups will be evaluated for investment by a group of committed angel investors. In addition to the Boot Camp method, Venture Nursery also accepts start-ups for acceleration through its PARALLELTRACK process.
Although designed to be sector agnostic in the long run, VentureNursery will begin by focusing on five sectors – Media & Entertainment, Retail, e-Commerce, Consumer Technology, Education and Cleantech.
In addition to the Angels-in-Residence and Charter Angels, Venture Nursery works with a group of Advisors-in-Residence and Executives-in-Residence to complete the support to the startups.
“Today’s start up scenario is different from when I started Fame Cinemas. On one hand, there is an abundance of ideas and passionate people. On the other, the market is rather harsh and passion alone is not enough to build a successful business. An entrepreneur needs the whole ecosystem working like a well-oiled machine for the business to get off the ground. That’s why Ravi and I thought of creating VentureNursery – to give smart idea owners a fighting chance to take off.” [Shravan Shroff, Co-founder, VentureNursery]
VentureNursery will be run by Apoorv Ranjan Sharma, who has joined as Executive Vice President. Apoorv Sharma has got over a decade of experience setting up and running incubators and angel groups and was till recently Head, West India for Indian Angel Network, India’s premier angel network.
“VentureNursery will run on a hybrid model. Its primary method will be through the boot camps it will run twice a year. The founding team of each chosen start-up will be invited to work in our office and will be given working infrastructure and business support services through our partner companies. Over the 13 week program, our Angels-in-Residence and Charter Angels will work closely with the start-ups on their gap areas to ensure that each start-up evolves as a team and the business proposition.”
An interesting concept that works on sweat-equity model and given the credibility (and rolodex) of the team, VentureNursery surely has a compelling value proposition.
Recommended Read: Making of Incubator Bubble in India.