The MVP (morpheus venture partners) team has completed the selection of the MVP-Batch2-2008. This batch has 6-7 companies of the crème de la crème of the startup scenario in India, and the program kicks off today (1 September, 2008). The details about these companies will be announced soon. The companies from the last batch (MVP-Batch1-2008) are Instablogs, Commonfloor and FoodAtHome.
We are very excited about the new batch of startups and would like to high light a few points here:
- Each startup has a rockstar team, with the right set of skills, a great vision and a lot of passion.
- Each startup is targeting a large market opportunity which is growing at a rapid pace.
- Most importantly, there is a lot of comfort level between the MVP team and the founders.
MVP team will work closely work with these startups for the next 4-6 months on areas like product development/launch, customer traction, B2b deals, team building, revenue models, etc. (every startup has unique needs!).
The main goal for the startup founders & MVP is to build something impressive enough to raise the next round of capital. Once the team feels that point is reached, we will introduce the startups to early stage investors—and in some cases even acquirers.
Journey so far
MVP was in stealth mode for about 6 months (first half of 2008) and was formally launched two months back on 3 July, 2008 on sameer’s blog and nandini’s blog. The response so far has been quite encouraging both from startups and media which covers startup related news (morpheus news).
We received around 100 applications from all over India, from which we created an Initial shortlist of 15. All these 15 are excellent teams and promising ventures on which we would like to have worked on. But, considering various factors we had to choose some and let go of a few.
The next step was to bring the 15 down to 6-7 who will be a part of MVP-Batch2-2008. This decision involved various factors like: stage of the venture, working relationship between MVP team and the founding team, quantum of value that the MVP team could add to the venture and make an significant impact, etc.
- Announcement of names and other details about the MVP-Batch2-2008
- Accouncement of the schedule for MVP-Batch1-2009, which will start sometime in March-09.
- Ongoing updates on MVP as well as MVP portfolio companies.