Some facts which I found interesting are as below:
Dr CK Prahlad’s idea is catching fire in India – eg. The low cost designed phone Nokia 1100 specifically targeting the Indian audience
Lot of Venture Capital is now available in India.There is a new breed of Entrepreneurs turned VCs who are very happy with the growth rate.
There is a product ecosystem focussing on Product development,Product architecture that has developed in India.
Ever since I have heard Rohit Agarwal(the innovator) of TechTribe speak at the BarCamp,Bangalore I was very much impressed with him.I just thought “Whether TechTribe can be India’s answer to LinkedIn?”
He had a point about Indians in particular-“Indians are innovative at each point of time”.He had a very good example of Innovation(which according to him is not thought about everywhere) –“Even, when we(Indians) want to cross the road and (damn),there is lot of traffic,we try an alternate way to reach the other side of the road”.This is just a small example of innovation in each and every Indian mind[Am I being too patriotic :-)].Now,why connect on TechTribe when you have LinkedIn,keep on reading.
“A 30 year old IIT grad Avinash Agarwal not only got around Rs 10 Lakh funding for his startup RouteGuru through TechTribe(after he posted the idea on TechTribe) but he also gets guidance from some of the well established professionals from the industry.”
Visit my Techtribe profile to connect with me and join the innovative era!!!
Check this one,this is just the start of innovation on TechTribe
Read the complete article here
The Google decision may be unusual for the company, but it’s a smart option at this point in India. Google has its own R&D team in India to offer local systems for the emerging market, but their success depends upon how rapidly and effectively they are adopted.
The reality is that India’s Internet market is not yet mature, with only 40 million users going online by the end of 2006, according to the Internet and Mobile Association of India.Seedfund managing partners Mr. Gandhi and Bharati Jacob have run Infinity Ventures, a profitable early-stage fund when the term was not fashionable in India. Another partner, Mahesh Murthy, is a successful entrepreneur and venture
capitalist.“At the seed stage, teams with big ideas need less money and more mentoring from people who have an entrepreneurial background,” Mr. Murthy said when the fund launched just two months ago. Given the names who have invested in his fund, he seems to be on the right track.
Mobile phone subscribers now number 150 million, but average revenue per user is still low at about $5 per month. Startups targeting either market are still not quite as mature as the companies in which Google typically invests.
After going to Proto,I have got a habit to check Vijay Anand’s blog since, it was a fantastic effort by him(and his other team members) to bring innovation under one roof.The end note by Atul Chitnis-“This is the start of an Innovative India” was absolutely amazing.But still, I missed somethings in Proto eg.I could not blog the event live just as I did in BarCamp and due to tight schedule could not click any photographs 🙂
Important steps towards entrepreneurship:
Are you an Entrepreneur?:
This is the most important question that is to be asked.Being an Entrepreneur is not a fashion label and hence,every person is not an entrepreneur.Hence,you should know whether you are an entrepreneur or not.Entrepreneurs not only make money but they are responsible to create jobs for others as well which would lead to economy boom in the country.
When an Entrepreneur thinks he/she is ready?:
One of the main challenges for any entrepreneur is to know when is the right time for him/her to start.As far as this is concerned, it is the gut feeling that would tell that person about that time.And yes, not to forget there should always be a sense of risk taking ability to start up so, be prepared for the same.
Uniqueness of your idea:
Everyone has ideas but it is important to know whether your idea is unique.So being in the entrepreneurial stage, you should always discuss this with some of your close associates to know whether your idea will work or not.This will give an unbiased opinion for your idea.The main point is “If you cannot convince a single person with your idea, how would you convince the masses about your idea”.Also,”Do not start a company for money.In the entrepreneurial stage,it should only focus on innovation and money would automatically follow inovation at a latter point of time”.
Try to be with the right set of people:
An entrepreneur should be in the right company.What I mean is, for the execution of any idea along with the technical team, you also require good experienced people from HR/management etc.This would complete the full circle for you and your team can focus on different aspects of your company.eg. “Mindtree Consulting” was founded by Ashok Soota and co-founded by Subroto Bagchi , similar is the case with Infosys(Narayana Murthy, Nandan Nilekani & others).
Have a proper business plan:
So once you have a UNIQUE idea and you are with the right set of people, you are ready to fire.Than comes the most important aspect of any startup is having a crystal clear “BUSINESS PLAN”.Have a very precise business plan.Your business plan should cover the following aspects:
- Who is you customer?
- Who are your competitors(if any)?
- Your short term and long term growth plans?
- Ways of cost cutting(for eg.in the entrepreneurial stage,it is important to reduce the cost on unwanted things).
- Market capitalization.
This is another important step in you product development phase.A successful management team needs support from the technical team and vice-versa.Hence, you should follow stringent steps to make your product a “Brand” since, in todays competitive market only brands can survive and not products.eg. Google is a brand in “Search Engine” market.
One of the simplest and cheapest ways to market your product is through various camps(or should I say unconferences) which happen eg BarCamp,BlogCamp and other shows like Proto.in(which I attended in Chennai recently).
When to approach a Venture Capitalist(VC):
This is also very important stage in the life of a startup company.It is very important to know at what stage of the startup,you want to approach a VC since, the main point is “Once your product has a good market cap, there would be VCs who would be surrouding you”.Also, once you approach a VC,you should know about how much fund you want from the VC,since VCs cannot give you ample amount of fund,without you providing a valid reason.
A general word on marketing:
As I have specified in my “Brand Building” point, different strategies can be followed(in marketing some of which are given below:
- Through Ads in newspapers,pamplets etc.
- Free distribution of your product(evaluation version),if it is cost effective.
- A good way to reach a wide range of audience is through BarCamps,BlogCamps,events like Proro.in(which showcases startup companies).
Being an Entrepreneur is not a simple job.It is not like working for 8 hours a day.Hence as I had mentioned previously, “Every Techie is not an Entrepreneur”.
Passion towards your goals:
An Entrepreneur is a person who is passionate about what he/she does and goes an extra mile to achieve his/her goal.Hence,”An Entrepreneur is a self-motivated person”.
Enterpreneur is a continous learner.He/she learns from his own mistakes and also tries to learn from the lives of other entrepreneurs.Hence,”Continuous learning is the key to entrepreneurship”.
Right kind of support:
It is very important that you receive the right kind of support from your family,friends and fellow entrepreneurs.Hence, being an entrepreneur is a clear test of risk taking and facing new challenges.Hence, your family should be supportive to help you achieve your goals.
Booming economy in India:
After the dot com burst,many companies suffered a heavy loss and saw the shutters go down for many companies.But now,the time has changed and especially for India,we can say “Every cloud has a silver lining”.There is a huge economy boom in India and there are more and more people leaving their heavy pay-packet jobs to fulfil their dreams.During my visit to Proto.in there was a statement made(by a Tech Evangalist)-“No would have thought that such a show(showcasing 30 startups and 25 VCs) would have happened in India and this is a clear indication of more and more entrepreneurs being born out of India“.
Events like BarCamps, BlogCamps and Proto.in are examples of emerging globalization and entrepreneurship in India.
More information for starting your venture in India : Startup in India