A mega startup event in Uttar Pradesh, India, has caused an uproar among thousands of investors and founders after all its advertised promises turned out to be a hoax. The World Startup Convention, organized by individuals claiming to be investors, Luke Talwar and Arjun Chaudhary, was set to take place on 24 March in Greater Noida.
The event promised budding entrepreneurs a platform to connect with potential investors and industry experts for funding. However, the organizers falsely claimed that prominent figures such as SoftBank’s CEO Masayoshi Son, Google CEO Sundar Pichai, and Tesla’s Elon Musk would be in attendance. Pictures of union cabinet ministers were also displayed on the event’s website, leading attendees to believe they too would be present.
The event, which was originally scheduled from 14-16 January, was postponed until 24-26 March, leading attendees to spend significant amounts on registration, travel, and accommodation, flying in from cities such as Nashik, Chennai, and Surat. However, on the day of the event, investors were dismayed to find that not a single promise made by the organizers had been fulfilled. Instead, the programs and events proved to be subpar, lacking any big industrialists, politicians, or industry experts in attendance.
Investors took to social media to express their outrage, with many accusing well-known influencers, including Ankur Warikoo, author Chetan Bhagat, Youtuber Raj Shamani, and Prafull Billore of misleading investors by promoting a ‘fake’ startup event. Attendees were left frustrated and disappointed, having been misled by the event’s marketing campaign.
This incident is not the first time social media influencers and content creators in India have been accused of irresponsible promotion. Many have been called out for promoting cryptocurrency-related advertising, online games, and stock-related information, often with little or no regulation in place.
Despite the backlash, the event’s co-founder, Arjun Chaudhary, defended the startup convention, claiming that “there were a lot of prestigious investors and when they saw the drama, they immediately left”. Ankur Warikoo, a well-known influencer with 2.2 million followers on Instagram, denied any direct involvement in the event. He reportedly said that his team had asked the event organizers to remove all ads involving him after he disassociated from the event in January, but they failed to comply.
This incident highlights the importance of ethical and responsible marketing practices in the startup industry. Investors and entrepreneurs alike must exercise caution when attending events and ensure they do their due diligence before committing to any investment opportunities. Social media influencers and content creators also have a responsibility to their followers and must ensure that they only promote products or services that they believe in and have thoroughly vetted.
The Indian government has since launched an investigation into the event and its organizers to determine whether any fraudulent activity has taken place. This serves as a stark reminder that the consequences of unethical and fraudulent behavior can be severe and far-reaching. It is imperative that the startup industry takes steps to regulate itself and promote transparency, trust, and integrity to ensure its continued growth and success.
