Cab aggregator Uber has launched Uber Pitch—an initiative that allows start-ups to pitch their ideas to Venture Capitals (VCs) and investors while sharing an Uber ride.
The initiative is set to be launched by November across 37 cities in 21 countries. Selected entrepreneurs will get seven minutes to pitch their idea during a ride with Uber—essentially an elevator pitch on wheels—and another seven minutes of feedback.
The plan is a part of the company's start-up mentoring programme. Start-ups can register on the company's website and have a direct line to investors. It comes at a time when venture capital investments have gone down in the country.
Three Uber Pitch finalists will feature among the top 10 start-ups that will be flown to the Silicon Valley to meet the leadership team at Uber as well as exchange notes with big-ticket investors.
Launching the programme, commerce and industry minister Nirmala Sitharaman said that the government wants to play the role of a facilitator and not a regulator when it comes to start-up enterprises. Uber has a partnership with the commerce ministry for this programme.
Earlier this year, the company had launched Uber Exchange with Invest India to provide mentorship for Indian entrepreneurs.