Fake VC Ads luring idea/identity disclosure

Fake News

Sri Hariprasad ventures, a self proclaiming venture capitalist firm, invites entrepreneurs and startup ventures with disruptive ideas in the Fintech domain via flyers and posters in Bengaluru.

The Truth

  • shpventures.com is a satirical website by a person under the pseudo-name “Keeda” (bugger).
  • The website itself mentions, “it is a parody” at the bottom of the page (http://shpventures.com/). But we don’t know what the ulterior motive could be.
  • Although Venture Capitalists do turn to various mediums to discover ideas from budding entrepreneurs, “posters on trees and walls” are definitely NOT one of their mediums!

We know that 95% people who landed on that site would have seen it through, but we are worried about a possible damage, hence this report.

The Medium/Spread

  • The landing website – http://shpventures.com/
  • Posters and Flyers (physical and digital)
  • The needless mention of WhatsApp forwards and Facebook shares

Chronology of events

  1. In May 2017, flyers and posters were displayed around Bangalore’s Koramangala area, misleading numerous entrepreneurs who thronged the fake website (http://shpventures.com/) to obtain funds from a VC.
  2. Assuming this news to be authentic many shared the information with their group of entrepreneurs and acquaintances via messages.

The Damage

  • The site may have been misused to collect data information of budding entrepreneurs in Bengaluru’s buzzing Koramangala area which is India’s startup hotspot.
  • Productive and unique startup ideas were deceivingly accumulated and stolen from creators.
  • Entrepreneurs who shared their unique concepts and ideas were misled to believe that they were pitching to a VC for funds to kick-start their business plans.