At the time when investors look for the IIT tag before backing a young entrepreneur, this angel investor prefers to keep away from IITians. In an interview with Techcircle.in, Ritesh Malik, founder, Innov8, and an active angel investor, says that he is not very fond of investing in startups founded by people who have studied in the IITs and the IIMs. “One thing I’ve learnt is that innovation doesn’t come out of IITs and IIMs, it can even come from a very small college. The failure rate is so high there,” he says. According to him, just because Flipkart and Snapdeal are run by IIT alumni, “it doesn’t mean IITs are the big thing to work on”. He further claims that startups run by IIT alumni have burned Rs 185 crore of investors’ money without showing any profits.
Why Ritesh Malik is not fond of startups run by IITians
April 12, 2016 | Arti Singh
2 CommentsYou can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Leave a comment
- Radhika on 2016-12-08 18:35:25
- Sachin on 2016-12-07 11:32:08
- Raima Chowhdury on 2016-12-04 11:05:07
- R Ranjan Sahoo on 2016-12-03 08:41:17
- Raghavendra Upadhyay on 2016-12-01 23:13:04
- How much stake founders Kunal Bahl, Rohit Bansal own in Snapdeal?
- How SoftBank’s local portfolio firms have fared as chairman Son visits India
- Softbank-backed Grofers tweaks biz model to take on BigBasket
- Quikr’s FY16 loss widens; other income props up revenue
- One funded Indian tech startup shut shop every 10 days this year