Spext, Voice to Text Technology, Wins Global Startup Competition for Babson College-Affiliated Entrepreneurs

WELLESLEY, Mass., Jan. 2, 2019 /PRNewswire/ -- The Indian Angel Network, India's first and the world's largest business angel network, announced that the winner of the IAN Global Startup Competition for Babson College affiliated entrepreneurs is Spext, a technology that turns recorded voice content into useful, editable content. IAN will pursue due diligence with the winner and if successful, the company will be eligible for an equity investment of up to $250,000 from IAN and IAN Fund.

Spext was pitched in the virtual finale by co-founder Anup Gosavi, Babson MBA class of 2013. Using voice to text APIs, Spext quickly converts recorded voice content to digital transcripts and supports text editing in lieu of complicated waveform-based editing. Spext believes that leveraging the familiarity of text editing will open the door for voice content to be easily created, edited, and consumed.

Spext was among the three finalists who presented their startup ideas and business models in the virtual finale to an international audience of Indian Angel Network investors, Babson entrepreneurs, and other startup enthusiasts. IAN is committed to providing strategic mentorship to the startup finalists and to helping them to bolster their talent and to scale and expand their business operations worldwide.

Padmaja Ruparel, co-founder of IAN and Founding Partner of IAN Fund said, "We are pleased to host such a vibrant initiative that demonstrated the breadth of talent and truly innovative ideas being created by Babson startups. For more than ten years, IAN has worked to advance the transformative power of entrepreneurship across the globe, opening the door for emerging businesses to draw on in-depth operational and strategic mentorship. IAN and the IAN Fund congratulate team Spext."

"We are delighted that IAN chose Spext, and really impressed by the vision and quality of all the finalists. Babson is developing the next generation of leaders who will take action and deliver social and economic value, and the passion, innovation, and knowledge shown in the pitches are truly testament to that commitment," said Debi Kleiman, Executive Director of the Arthur M. Blank Center for Entrepreneurship at Babson College.

Kalian added, "We are eager to see how Spext will leverage this exciting investment opportunity and the expertise of the global IAN network and to create additional ways for our entrepreneurs to access capital and critical resources."

Applications came from startups located around the world and in many different industries, due in large part to Babson College's global student and alumni base and ranking as the #1 college for entrepreneurship education in the United States.

This competition was the brainchild of US based IAN member Sandeep Soni, who believes that the collaboration will develop synergies between the two organizations, provide a global platform for innovative startups, and nurture the spirit of entrepreneurship: "We see the competition as vital to further developing an India-US collaborative framework. This was the first global contest from IAN for entrepreneurship at this scale and I am excited about the possibilities that lie ahead."   

About Babson College

Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds^®. The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action^® as the most positive force on the planet for generating sustainable economic and social value.

About the Arthur M. Blank Center for Entrepreneurship at Babson College

The Arthur M. Blank Center for Entrepreneurship accelerates the practice of entrepreneurship by providing Babson's emerging entrepreneurs with access to events, workshops, mentoring and competitions that enable them to test and refine their founder skills. The Butler Launch Pad is the hub of this entrepreneurial ecosystem, connecting our students and alumni with the broader business and entrepreneurial community through a series of programs and learning experiences that support our entrepreneurs along their journey. Included in these programs are two of Babson's Signature Events: Rocket Pitch and B.E.T.A. Challenge, as well as the highly regarded Summer Venture Program that accelerates the top 15 student ventures at Babson each year.

About Indian Angel Network

Indian Angel Network is India's first and world's largest business angel network with close to 500 members across the world, comprising the who's who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN's presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded startups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Pandorum, and Consure, among many others.

Indian Angel Network is now creating the country's single largest horizontal platform for seed and early stage investing. It has now launched a USU$70mn / ₹450 Crores VC fund, where entrepreneurs can raise from US$30K to US$7mn (with co-investors), thus making IAN the platform of choice.

SOURCE Babson College

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