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TiE Chennai Fund Launched

April 23, 2007 · Posted in Entrepreneurship, Tech tidbit, VC India

The TiE Chennai chapter has raised Rs 25 lakhs each, from ten investors including R. Ramaraj (president TiE chennai chapter). From every contribution, Rs.20 lakh would go toward funding entrepreneurship ideas cleared by a screening committee. The remaining money would be used for holding entrepreneur development programmes and meetings. The fund is not restricted to IT / Internet ventures only.

As part of the launch, there was also a roundtable discussion on the topic “Patterns and Parameters in Angel and VC investing“. Participants included Pravin Gandhi of SeedFund, GV Ravishankar of Sequoia India and KB Chandrasekhar - CEO of Jamcracker.

Highlights of the discussion:

Pravin advised entrepreneurs to work out solutions for problems rather than create solutions that will go around looking for problems to solve

Ravishankar said venture capitalists will want to have certain control over the entrepreneurs because they too were answerable to their investors. So he asked the entrepreneurs to understand the need for systems of control

Pravin on YouTube and Orkut: “Youtube worked because there was a genuine need for people to share videos on the Web. But forget making variants of youtubes or orkut. It simply won’t work because the solutions are already there.”

Rest of the details here.