The Scandalous Explosion of the World Startup Convention, India's Highly Anticipated Start-Up Gala

(image credit: bbc.com)

In March 2023, the World Startup Convention (WSC), which had promised to be the world's largest funding festival, was held in Noida, a suburb of India's capital Delhi. The convention was attended by hundreds of budding entrepreneurs hoping to attract investors, but within hours of the event starting, chaos broke out, with participants and sponsors alleging false promises and deception by the organizers. Meanwhile, the organizers accused a group of entrepreneurs of disrupting the event with an anti-BJP agenda. Disgruntled participants wrote scathing posts on social media, and the police are investigating the case. Several sponsors have requested refunds, and some have accused the organizers of using their videos for promotion without permission.

(image credit: bbc.com)

According to the WSC's website, the convention was to be attended by top Indian politicians, including federal transport minister Nitin Gadkari and health minister Mansukh Mandaviya, and other guests from the governing Bharatiya Janata Party (BJP), as well as venture capitalists, angel investors, and start-ups. However, many participants were disappointed because the convention mostly consisted of start-up founders pitching themselves to other start-up founders. Many complained of the absence of investors, and some participants filed a police complaint, accusing the organizers of cheating and breach of trust.

(image credit: bbc.com)

The organizers, Luke Talwar and Arjun Chaudhary, denied all the allegations, claiming that a group of "disruptors" with an "anti-BJP agenda" had ruined the event, forcing them to call the police. They stated that despite the disruption, the convention took place as planned with police providing security. They also claimed that investors were present, including India's largest private sector bank ICICI Bank, investment firm Unicorn India Ventures, financial services company Bajaj Finserv, and private equity fund Premji Invest. However, the organizers blamed the protesting entrepreneurs for the backlash from sponsors and influencers, claiming that the widespread media coverage had "destroyed their lives."

(image credit: bbc.com)

Several companies, including Bambrew and Builder.ai, which sponsored the event, said they were misled into doing so and were disappointed with the events at WSC. The founder of Bambrew said it spent $45,000 to sponsor the event and had invested heavily in making a setup and samples to distribute among people. 

(image credit: bbc.com)

Builder.ai's name and logo continue to be featured prominently on WSC's website, even after the company requested their removal. Police are investigating the case, but no one has been arrested or detained yet.

(image credit: bbc.com)

In summary, the WSC, which promised to be the world's largest funding festival, turned into chaos, with many participants and sponsors accusing the organizers of deception and false promises. The organizers denied the allegations, claiming that the event was disrupted by a group of "disruptors" with an "anti-BJP agenda." Many sponsors requested refunds, and some accused the organizers of using their videos for promotion without permission. The police are investigating the case, and no one has been arrested or detained yet.