Co-Founder Of HBA Launches Frictionless Ventures For Nurturing Concepts

by Paul Joseph on May 20, 2013 · 0 comments

Ravi Gururaj, a seasoned executive at software firm Citrix Systems has initiated a new startup incubator.  Titled Frictionless Ventures the program will attempt at nurturing Concepts & Experimental platforms. The co-founder of the Harvard Business Angels (India chapter) explained the concept, “ We follow a slightly different model at Frictionless Ventures. Unlike other incubators, we will put the money first in an idea and then incubate it. This is what we call a reverse angel investing. Once we invest in an idea, we will build a team around it, provide mentorship, develop the product and help it go to market ”. What he seemed to imply was that Frictionless Ventures will take a risk in a promising startup first & then work alongside the team to ensure it grows into a financially stable company. In a typical setting, a startup has to first struggle & establish a working company that is able to clearly point out it can be a sustainable source of income, before a Venture Capital firm takes serious interest. In case of Frictionless Ventures, the program will nurture the fledgling for as long as it takes further clarified Gururaj, “ Also, there is no time-frame for incubation here. It can be anywhere between six months and one year or even longer. What we are trying to do here is a company-building approach around a concept, ” Currently, the focus areas of the Incubator are concepts that are applicable to cloud computing, mobility and Big Data space. Furthermore the company is open to idea generators from India as well as abroad. As for the financial support, the company is willing to put in anywhere between US$ 50,000 – US$ 250,000 (Rs. 27 Lakh-Rs 1.3 Crore) in a concept. Following the unique concept of funding, Frictionless Ventures has already picked out a mobile contact management app company SyncUsUp. The company was incidentally a finalist at the Harvard Business School – New Venture Contest. There has been a flurry of activity in the Indian Startup ecosystem, as well as companies who are willing to back these startups with Funds & Managerial Support. Will such a reverse funding technique work in mutual favor? Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency

[via WATBlog.com – Web, Advertising and Technology Blog in India]

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