Update: Speaking with MediaNama, Pearl Uppal and Gaurav Kachru, informed that 5ideas is not another startup accelerator, but a seed fund and accelerator, and expects ventures graduating out of start up accelerators to come and partner with them. - On selection criteria: 5ideas will shortlist upto 5-6 companies and has defined a 10 point selection criteria which includes the composition of the team, whether the product is relevant to indian consumers, the quality of the team, the viability of the business, among others. - Funding & equity stake: 5ideas will offer funding between Rs 50 lakh to 2.5 crore. according to Kachru, the equity stake involved would depend on the business, but will range between 15% to 30%. - On what the program will offer: According to Uppal, 5ideas is working on a structured program, wherein domain level knowledge will be transferred by internal and external mentors, which will include subjects ranging from search engine marketing to distribution, design, supply chain, among other aspects. The fund will also offer startups industry connections, " We'll have mentors guiding founders in their individual capacity and helping them in connecting with bigger players- for example we have Mahesh Narayanan and Nikhil Rungta from Google, Shantanu Sirohi from Interactive Avenues, Sanjay Kadaveru from Action For India, which works with social entrepreneurs. Each individual has its own network plus we'll have support from groups: city wise networks, domain wise networks and platform networks, which help start-ups grow and accelerate faster," she mentioned. The fund will also…
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