Brigade REAP, the first accelerator in Asia with focus on Real Estate, has now successfully on-boarded Cohort Four. With over 80 start-ups having applied to the program, 11 Start-ups were shortlisted out of which 5 were inducted into the program after a rigorous selection process.
The Start-ups inducted into the program, will under-go thorough mentorship and training for a period of 4~5 months after which they will be handed over to the industry for consumption of their products or services.
Speaking on this occasion, Nirupa Shankar, Director, Brigade REAP, said
We are excited with the innovation and technology that emerging startups are bringing to the table. At REAP, we focus on mentoring these start-ups to make them industry ready so that it is easy for the industry to adopt their technology, be it a product or service. Our goal is to improve the efficiency of the real estate industry through technology.
The startups inducted into the Program are:
Aerologiks – An automated, intelligent & stable drone services and data solutions company, operating to provide valuable insights about ongoing construction projects. For more information, please visit Aerologiks
Clairco – A B2B SaaS company that does air quality monitoring and management for indoor spaces on a real-time basis. For more information, please visit Clairco
R2 Promise – A technology company working towards changing the waste disposal process from Waste Management to Resource management. For more information, please visit R2 Promise.
Renewate – A tech tool which is first of its kind in India that focuses on renovations, refurbishment and remodeling of all residential renovation needs. For more information, please visit Renewate.
Smarter Dharma – A company that focuses on sustainable building design that provides holistic and technical solutions to help builders adopt holistic sustainability. For more information, please visit Smarter Dharma
About Brigade REAP
Brigade REAP is focused on technology startups whose end product/service is applicable to Real Estate be it Residential Commercial or Hospitality projects. The sectors range from IoT, Nano Technology, Cleantech and Renewable energy, Logistics and Visual Computing. The program is mentored by John Kuruvilla, Chief Mentor for the program and Apul Nahata, Mentor-in-Residence and has a stellar line up of mentors and advisors.
India continues to be a hotbed for startups especially with the Government’s relentless focus to provide a congenial environment for them to conduct business. Initiatives like the India Stack [UPI, eKYC] by the National Payments Corporation of India, the launch of the Startup India initiative, etc. are acting as catalysts that are fuelling the growth of the startup eco-system in India.
Rising internet & smart-phone penetration, access to Digital Media/Content, etc. have opened up new avenues for tech startups where they can release products that can cater to the urban as well as the rural markets. Emerging technologies like Artificial Intelligence, Chat bots, Block chain, Machine Learning, etc. are not only used as a medium for technology disruption by startups but are also embraced by large-sized corporations, financial institutions, etc. in order to stay ahead of the technology curve.
Talking about Financial institutions, they are using these technologies to improve their customer service/providing better personalized service/providing additional financial services, etc. Fin-tech has been one of the hottest sectors from entrepreneur as well as investor’s perspective in 2017, something that has also caught the attention of other financial institutions. Mainstream financial institutions are becoming more agile in accepting change and are inking partnerships with these players since it is a win-win situation for both the parties.
Axis Bank, India’s third largest private sector bank has been the torch bearer in driving change where it launched Thought Factory, a startup incubator/Innovation lab in 2016 where it nurtured startups that are working on interesting ideas and experiment with emerging technologies for building breakthrough banking products and solutions. Six startups namely Perpule, Fintech Labs, S2Pay, Pally, Paymatrix, GIEOM were the first graduates from the Thought Factory in 2016.
But as it is widely known, startups cannot be built in exile and hence, ‘productive networking’ is also an important aspect of building as well as scaling a startup. Axis Bank took professional networking a notch above by launching one of its kind exclusive networking property called Axis Start-up Social, to support the burgeoning startup eco-system. Axis Start-up Social went live on 15th December in Bengaluru and the exclusive event happened at WeWork co-working space in Brigade Road. It was attended by entrepreneurs, Axis Bank team, startup enthusiasts, incubatees at WeWork and others who are connected to the startup eco-system.
The primary objective of this platform was to provide an opportunity for startups to network and share knowledge. Significantly, this initiative firmly underlines Axis Bank’s unflinching commitment towards providing multiple opportunities for startups in India to thrive and scale to the next-level-of-growth. The major highlight of the event was informal sessions by Vivek Gupta, CEO of Licious and Amit Rohatgi, Founder and CEO of Divrt. They did not have any ppt and the talk was not like a normal gyaan session. Vivek Gupta of Licious has donned the hats of an investor in Helion Ventures as well as an entrepreneur. Hence, his talk was more of a double-edged sword where he shared valuable insights from his investor and entrepreneurial journeys. He spoke about scaling, food tech, maintaining a customer-focused approach and much more. Some of the tips that he shared from his topsy-turvy entrepreneurial journey are below:
Customers don’t buy products online, they buy experience.
It is very important for startups to Repeat Purchase Rate since that is an important metric for measuring customer satisfaction/customer stickiness. At Licious, they have 90% revenue from repeat customers.
Entrepreneurs should be customer obsessed and not idea obsessed since customer is the king.
Having number sensitivity at every function of the startup, be it IT, HR, Engineering, Finance, etc. is very important.
Startups should focus on creating long-term value.
Consumer businesses are now getting due attention from institutional investors; ID Fresh, Yoga Bar are some of the pioneers in this category.
The important thing that an entrepreneur needs to take care of scaling is ‘Stay focused in one area’ and learn from your own mistakes. Licious was initially operational only in Whitefield, Bengaluru and after five long months it started operations in Koramangala.
Cost of Customer Acquisition is another vital metric that entrepreneurs need to keep track of at every stage of their startup journey.
Vivek Gupta, CEO of Licious
Vivek’s insightful session was then followed by Amit Rohatgi’s talk where he focused on his past entrepreneurial failures, learning’s from them, nuances of building a hardware startup, cultural differences between India and Silicon Valley. Amit has varied experience in different countries across the world and one point that he stressed more about was ‘Startup Hiring‘. He expressed his growing concerns about the unimaginable salaries offered to engineers in a startup, something that can hamper the growth of the startup ecosystem. His talk ended on a positive note that things are bright for ‘product’ entrepreneurs in India and this is the right time to take the first step to realize the entrepreneurial dream.
Amit Rohtagi of Divrt
To make the session much more informal, fun and engaging, Vikram Poddar added a comedy flavor to the event. Vikram is an ex-investment professional and a flourishing Corporate Standup Comedian. He cracked some awesome jokes on investment banking, corporate life, funding & startups, complex relation between software developers & testers and much more. After the completion, all the pillars of the startup eco-system networked over F&B 🙂
Vikram Poddar, Corporate Standup Comedian
As mentioned earlier, Axis Bank is keeping no stone unturned to stay ‘updated’ with the latest technological trends, either via in-house product development or via M&A’s. Startup Banking Group of Axis Bank already caters to banking requirements of technology-based start-ups like Ola, Flipkart, Zomato etc. #AxisStartupSocial is an excellent platform that provides an opportunity for Start-ups to network and share knowledge over the cup of coffee and we look forward to more chapters of this interesting initiative by Axis Bank.
If you have attended the #AxisStartupSocial or require more information, please leave your experience/queries in the comments section.
PayPal, the global leader in online payments have announced a shortlist of five new Financial Technology [FinTech] startups – Finbox, Neoeyed, Paymatrix, Scalend and Tybo as new entrants into its PayPal Incubator in Chennai.
The announcement was made after the final round of pitching during the 5th Incubation Challenge, where 10 shortlisted startups from 250 startups presented to an esteemed panel of judges including Guru Bhat, GM Technology & Head of Engineering – PayPal, Anupam Pahuja, MD – PayPal India and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast.
As a part of PayPal’s vision to transform and democratize financial services, the Incubator helps elevate and drive innovation across the FinTech industry with a focus on startups in financial technology as well as adjacencies like loyalty, machine learning, big data and logistics among others.
Guru Bhat, GM Technology & Head of Engineering – PayPal said
In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential. Our program is designed to help our newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world.
Launched in 2013 in partnership with The Indus Entrepreneurs [TiE], the incubator provides a conducive environment for early-stage startups to grow and evolve at PayPal’s Technology Center in Chennai. The program offers startups technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers. In addition to these, PayPal will also be picking up an undisclosed stake in each of the selected startups this year.
Shortlisted Startups
Finboxis a digital lending software as a service which enables lenders to digitize their user journey and underwrite using alternate data. FinBox’s platform combines multiple APIs to build various digital lending experiences across use cases. FinBox API’s enable lenders validate Identity, underwrite using data from traditional and non traditional sources and cross sell financial products to their customers. FinBox products integrate seamlessly with the lender’s mobile and web properties and also with the loan management system backend.
Neoeyed helps the businesses to generate more revenues and improve users’ security by simplifying the login and registration processes on mobile applications. Using mobile devices, Neoeyed can recognize users by collecting information about human behavior that allows them to login without effort, nothing to type, nothing to remember, nothing to do…Transparent, simple, secure
Paymatrix is an analytics-driven property rental management platform that streamlines rent payments and collections for tenants, landlords and property managers. The platform’s dashboard provides solutions for end-to-end rent management including tenant screening, credit facilitation for rent deposits, rent documentation, rent automation, renters and landlords insurance and also helps in better interaction between tenants and landlords.
Scalend offers a ready to use AI enabled customer insights platform for financial services companies. The platform combines proprietary AI models with Big Data – Hadoop’s unlimited storage and compute power to help BFSI & Fintech companies generate actionable insights around omni-channel customer journey, back-office optimization, in matter of weeks not months or years
Tybo is a cloud based omni-channel e-commerce platform designed for home based and small-sized businesses. It provides the merchant a single view of their evolving business across multiple sales channels. The platform is focused on easy set up, simplicity of use and customizable design to create a beautiful storefront. It also enables end-to-end integration with supplier system and saves time by importing products directly into their store with real-time inventory sync.
Brigade REAP, an accelerator program with its key focus on the Real Estate sector, had its Handover Day of the second cohort at the Sheraton Grand Hotel, Bengaluru. Launched in October 2016 with an intention to leverage technology which can help in delivering greater efficiencies to the Real Estate sector, 340 plus start-ups were evaluated for Cohort 2 and after two rounds of intense jury selection, 8 start-ups were inducted into the program.
These start-ups went through a rigorous four month mentorship and training program before being handed over to the real estate Industry for consumption of their products and services.
At the Handover Day of the 2nd cohort, these 8 start-ups presented their business to the audience which included eminent developers from the Real Estate Industry, Investors, HNI’s, other start-up founders and top management of global corporates. The representatives of the real estate industry participating in the program also spoke about technologies impacting real estate which indicated the improving intervention of technology into the Real Estate sector.
Speaking on this occasion, Ms. Nirupa Shankar, Director, Brigade REAP said
The first cohort of REAP saw success, with 3 of the 4 graduating start ups getting funded. The 4th start up is currently in the process of closing their funding as well. Brigade invested in QwikSpec as a lead investor along with other prominent investors. Snaptrude, which is also part of Cohort 2, is another company Brigade will be investing in, alongside other developers. We feel the Real Estate industry is opening up to Tech adoption as potential for tech to improve operational efficiency is undeniable. Our role at REAP is to ensure that the start ups curated during the program are ready to tackle pressing issues of the industry.
The 8 start-ups that presented at the Handover Day are:
Aap Ka Painter – A house painting Solutions Company that delivers a hassle free experience by simplifying the path from inspiration to transformation of a dream home by leveraging art, science and technology. More information here
CRE Matrix – A data analytics platform that provides information on accurate and trusted Lease & Sale transactions, Rental & Absorption projections, Asset level reports, micro-market analysis and Asset Valuation for commercial real estate. More information here
DesignSense – A Cloud based collaboration platform that helps Real Estate companies get RERA ready by connecting Project Management, Location and Engineering data with various stake holders and customers, enabling seamless flow of information between them. More information here
Natura – An Urban Plantscaping company that helps create easy to maintain green spaces resulting in breathing environments with reduced energy & Construction costs. More information here
Props {AMC} – A Real Estate Insights & Asset Monitoring Platform with a single, integrated, tech platform backed by robust data & information enables, seamless, transparent and complied transactions to monitor both Real Estate properties and securities. More information here
Snaptrude – An intelligence enabled 3D Rapid Modelling for Real Estate that solves the design problem by automating digital designing that transforms a hand drawn sketch to a 3D BIM model. More information here
Soukwagon.com – A one stop B2B procurement marketplace for food & beverage businesses that helps HORECA (Hotel, Restaurant, Catering) industry in sourcing & procurement by listing products with negotiated B2B prices on their platform. More information here
ZeeSense – A Unified, Safety and Security Solution for gated community that solves the problem with an approach to Connect, Automate and Analyze. More information here
The REAP accelerator is now accepting applications for the third cohort and has received an overwhelming response so far. For more information, please visit Brigade REAP
About Brigade REAP
Brigade REAP is an accelerator program focused on technology start-ups whose end product/ service is applicable to Real Estate. Be it Residential, Commercial or Hospitality they have their hands on all the streams.The program is headed by John Kuruvilla, Chief Mentor for the program and Apul Nahata, Mentor-in-Residence. REAP has partnered with CISCO, Intel and Microsoft Accelerator as technology partners to make technology intervention better and also partnered with JLL, a professional investment management firm.
Techstars announced the launch of Techstars India as a joint venture company in partnership with ANSR. Headquartered in Bengaluru, ANSR builds and operates GICs and captive centres for some of the leading global companies from the retail, fintech, healthcare and media domains.
The ANSR partnership will provide Techstars with a very strong foundation to launch its Indian operations. Having partnered with 27 leading global enterprises, ANSR is the world’s largest company for establishing and operating captive center service delivery capabilities for global enterprises in support of their growth, transformation and innovation agenda. ANSR, through its innovation arm, Kyron, also operates startup led innovation programs for its corporate partners including Target, L-Brands, Lowes and Swiss Re.
With this launch, Techstars is adding India to its international roster, bolstering India’s position as a leading global startup ecosystem. India, known for its dominant role in the IT industry and home to captive centers for over 1,000 global enterprises, is rapidly gaining traction as an entrepreneurial hub. Techstars operates worldwide and across the US, including Adelaide, Austin, Berlin, Boston, Boulder, Cape Town, Chicago, Detroit, Minneapolis, New York City, London, Los Angeles, Paris, Seattle, Tel Aviv, and Toronto, and has accepted over 1000 companies globally into its programs. Collectively, these companies have raised over USD 3.8B USD and have a market cap of over USD 9.9B. The launch of Techstars India will provide Techstars access to India’s rapidly growing startup and entrepreneur network as well as global enterprises that have established captive centers and startup led corporate innovation programs with ANSR and its innovation arm, Kyron Global.
[L-R] David Cohen Co-CEO – Techstars, Lalit Ahuja, CEO – ANSR, David Brown, Co-CEO – Techstars
We have been watching India’s growth very closely and its emergence as the third largest global startup ecosystem in less than a decade. There’s so much great activity here and the potential for growth is huge, as one of the fastest growing economies in the world. I think in addition to that, India’s prime minister underlining the importance of entrepreneurship and innovation in giving productive outlets to the country’s talent is very positive. It’s heartening to see tech evangelists work closely with the government to lay out a digital infrastructure for the country which startups then can leverage. India is on a tech, digital and startup mission of sorts.
This has been a big year for Techstars. We’re 10 years old and have now seen over 1,000 companies in Techstars’ mentorship-driven accelerator programs worldwide. We are excited to announce the addition of Techstars India to the Techstars Worldwide Network.
ANSR is very excited to partner with Techstars to launch Techstars India. We believe that this is an event of national importance and a huge validation of India’s position as a leading global hub for entrepreneurial activity. The launch of Techstars India will provide an impetus to the rapidly growing startup ecosystem and the emergence of India as a dominant entrepreneurial network. This launch brings to fruition ANSR and Kyron’s pioneering efforts to successfully create a startup corporate engagement corridor towards the emergence of India’s largest startup led corporate innovation platform.
Speaking at the event, Priyank Kharge, Minister of IT, BT & Tourism said
The Government of Karnataka is focused on building a bolder and structured ecosystem and the collaboration with Techstars is exactly what the Government requires and is the right step forward. Karnataka is India’s second largest technology hub and this is validated by the fact that we have all the Fortune 500 companies. Propelled by government policies in the last 3 months, more than 3200 startups have registered with the government. We are also coming up with numerous Centres of Excellence and by the end of August we will have India’s first Centre of Excellence for Artificial Intelligence. Karnataka today has reached its maturity as a services industry and now moving forward to R&D and innovation.
About Techstars
Techstars helps entrepreneurs succeed. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate and connect entrepreneurs. For more information, please visit Techstars
About ANSR
Backed by Accel Partners and Infosys and headquartered in Dallas, TX, ANSR is a global leader in establishing, operating and optimizing Global In-House Centers ‘GICs’ and provides end-to-end solutions to enterprises across the GIC life-cycle. Through Kyron, its innovation arm, ANSR also operates Innovation/Corporate Accelerator Programs. For more information, please visit ANSR
Fin-tech is having a huge impact on the financial services in India. It has been largely dominated by the lending and payments companies in India. Initiatives like the India Stack [UPI, e-KYC, Aadhar] by National Payments Corporation Of India [NPCI] have been instrumental in leading the Fin-tech revolution.
There are several companies in the Fin-tech sector that have innovative business models in the areas like Wealth Management [WealthApp], Digital Payments & other services [Paytm, Freecharge, etc.], Payment Banks [Paytm, Airtel, FINO], P2P Lending [i2iFunding, Lendbox, i-lend, etc.], Personal Finance Services [BankBazaar, Capital Float, etc.], Alternate/Unsecured Lending [Qbera, Loan Frame, etc.], Lending based on Credit-Line [MoneyTap], etc. Many of the fin-tech companies are leveraging Machine Learning, Artificial Intelligence, Social Data Intelligence, Blockchain, etc. in order to solve critical business problems. For example, with the help of AI, contextual data and transaction data, your wealth managers can now come up with a ‘more relevant’ financial plan that suits your requirements.
With the rising interest in fin-tech, there is a constant debate on whether Fin-tech would kill banks, but the fact of the matter is that mainstream financial institutions are also embracing change by inking partnerships with these players in order to utilize their services. Even after eKYC, there are significant challenges [that add up to delay] in customer onboarding, a problem that is being solved by few fin-tech start-ups. There is been a rising investor interest in this sector, with fin-tech topping the funding charts of H1 2017. Traditional banking institutions are utilizing this opportunity to co-create innovative solutions with entrepreneurs for building breakthrough banking products and solutions.
Last July, Axis Bank launched its flagship Accelerator Program for start-ups, the very first Indian Bank to do so. The program is run from Thought Factory, Axis Bank’s co-innovation Lab, which is located in the city of Bengaluru. Axis Bank has partnered with Amazon Internet Services, Payments product company VISA and Singapore based Oversea-Chinese Banking Corporation for co-innovating in the rapidly evolving fin-tech space. The core ideology of the lab is #UnimaginedIsUndone. The ThinkTank for Thought Factory comprises of thought leaders, change agents, serial entrepreneurs, namely Sharad Sharma of iSpirit, Manish Chokhani of Enam Holdings, Vishal Gondal of GoQii & Shankar Narayan, a Singapore based serial entrepreneur along with Axis Bank Senior Management that guides the Thought Factory team in its various functions.
Over the past year, Thought Factory has been a major Fin-Tech ecosystem enabler in Bengaluru, hosting multiple events, workshops, international visitors and other corporate clients; thereby enhancing industry-start-up collaboration.
For the first cohort of its Accelerator Program, Axis Bank’s Think Tank, from an application pool of 108, selected six emerging start-ups. Once on-boarded, the start-ups were given a structured mentorship program and access to Axis Bank’s Thought Factory office space. Axis Bank’s aim behind the program was to expedite the overall growth of these emerging start-ups along with exploring novel banking ideas with them. Axis Bank celebrated the Graduation Day of the first cohort start-ups, namely S2Pay, Pally, Perpule, Fin-techLabs, Paymatrix and GIEOM. All these start-ups target different business problems in the areas of Offline mobile payments, Analytics in lending space, Credit in rental space, etc.
Startups pitching their idea to the audience at the Thought Factory
Below are the startups that graduated from the Thought Factory
S2Pay: Enabling Offline mobile Payments [Category – Payments]
S2Pay forms a layer over payments app and enables the end consumer to make secure payments from their mobile app, even when the consumer is offline. The technology is especially useful in remote areas where there is low data connectivity thus making digital payments a reality for everyone. For more information, please visit S2Pay
Pally: AI Stack based Chatbot for Investment Advisory [Category – Investments]
Pally has created a chatbot that on the input of an image of salary slip creates an investment portfolio which maximizes tax saving for the end customer. It uses AI, Machine learning along with other proprietary algorithms to come up with a customized investment plan for each customer. Pally was also selected for the EIR program at KStart. For more information, please visit Pally
Perpule: Self-checkout on mobile app [Category – Payments]
Perpule’s app lets end customers scan the shopped products from their mobile app, and pay from within the app once the list is complete. Perpule integrates with retailer’s campaigns, thus automatically applies discounts/offers on the go. It has partnered with stores like Hypercity, More, Spar etc. For more information, please visit Perpule 1Pay
Fin-techLabs: Analytics in lending [Category – Lending]
Fin-techLabs is a financial technology innovation start-up, with a vision of providing easy access to financing across the world by powering the lending ecosystem with technology. They make the lending process swift and optimized by automating repetitive management tasks like sending emails, managing files, preparing reports, complying with regulations, etc. For more information, please visit Fin-techLabs
Paymatrix: Credit in rental space [Category – Real Estate, Payments, Credit Cards, Liabilities]
Paymatrix is an analytics-driven property rent management platform that is trying to solve the problem of credit involved in Indian rental market via enabling payments to land lords via credit cards. They also help landlords in rent/property management. For more information, please visit Paymatrix
GIEOM: Software solutions on the Cloud [Category – Analytics]
GIEOM is a cloud based software solutions and analytics company. They offer a unique business visualization technology with Intelligent linking that monitors, controls and optimizes Operations while reducing risk and increasing compliance. For more information, please visit GIEOM
The past six months have been very eventful for the start-ups, Perpule won the semifinal round of Next Money Fin-techFinals 2017 and raised a seed funding of USD 650K from Kalaari Capital, S2Pay and GIEOM on-boarded multiple new clients, Fin-techLabs and Paymatrix expanded their services portfolio while Pally evolved in its product idea and expanded its team.
We were invited for the Graduation Day at the Thought Factory, where we pitched some questions to Rajiv Anand, Executive Director of Axis Bank. Below is the brief Q&A round he had with the media/bloggers where he shares his insights about the Thought Factory, impact it has on the fin-tech eco-system, etc.
Axis Bank has always been keen on adoption of technology in its systems and solutions. Besides the Accelerator start-ups, Axis Bank along with the Thought Factory team has been working with other upcoming start-ups too. With Active AI [a Singapore based start-up specializing in AI stack], Bank is building a chatbot that can take banking & customer service to the next level.
Axis Bank’s innovation team is working on recruitment of start-ups for the second cohort of the Accelerator. For a much quicker implementation, Axis Bank is also developing a Development Platform – a sandbox environment of its APIs, which can be used by start-ups.
Additionally, they also conduct a start-up boot camp, a two-month program for grad start-up ideas under its ‘Future of Jobs’ initiative where five student teams of two members each will receive mentorship to convert their ideas into real businesses.
Co-working spaces have been on the rise in India and the wave is catching up the interest of the entrepreneur as well as the investor community. The primary advantage that co-working space brings to the table is you can find passionate folks who might have complimentary skills that could be of help in building your startup. Most of these co-working spaces also host number of events around scaling, marketing, design, funding, etc. In order to make startups sustainable, it may be important to involve large businesses in their growth story, and such programs further add more value to co-working spaces [Source].
Couple of weeks back, we had written about GoodWorks CoWork,a design-inspired co-working incubation studio started by serial entrepreneurs Vishwas Mudagal and Sonia Sharma. As per the founders, the major USP of GoodWorks CoWork is that along with office space, entrepreneurs can also use GoodWorkLabs’s expertise in order to polish/validate their idea. GoodWorkLabs is a boutique Software and Mobile App Development Company in India and USA which was started by the duo. Through GoodWorks CoWork, they plan to give back to the entrepreneurial eco-system and angel-fund the startup [in case if they find the idea path-breaking].
We caught up with Vishwas Mudagalfor a chat about this venture, its USP, insights into co-working, etc. So, lets get started…
Can you please give a brief about the team behind GoodWorks CoWork ?
After successfully establishing GoodWorkLabs as a leading new-age Outsourced Product Development Firm [OPD] and UX design studio, Sonia Sharma and myself wanted to use our knowledge to give back to the start-up ecosystem. GoodWorks CoWork was launched to build a thriving start-up community and provide the best ecosystem for them to succeed. Under Sonia’s valuable guidance and thought leadership, and my years of experience in handling startups, co-workers can expect to learn numerous tricks and trades of the industry.
What are some of the pain points your team identified which would be solved if a startup is working out of GoodWorks CoWork ?
As a new entrepreneur, you need to wear multiple hats. The sales guy, the tech guy and the marketing guy, you are constantly juggling between different roles. The most valuable benefit of working out of a coworking space is that it reduces burn-rate and allows investment in core business requirements. Secondly, it reduces the logistical pains of running an office and lastly, it provides the best opportunity for networking.
The objective of GoodWorks CoWork is to help budding entrepreneurs grow their business without the hassles of managing operations and logistics. Through GoodWorks CoWork, we aim at creating a perfect ecosystem for startups to nurture their growth.
There has been a plethora of co-working spaces that have been recently started in Bangalore, Chennai, Delhi, etc. what are some of the USPs of GoodWorks CoWork vis-a-vis other co-working spaces in the city.
Apart from providing world class services, I think what really sets us apart is our unique approach to coworking. The USPs are as follow:
Design-inspired coworking space – We provide creative, design inspired coworking spaces for our coworkers. Every element in the coworking space has been selected after considerable thought. The wall décor, the seating layout, the lighting structures and overall ambience have a creative undertone. We want to encourage creativity and innovative thinking in this space. We also have inspirational posters and graffiti on the walls to keep the community motivated at all times.
The possibility of getting funded – After successfully establishing GoodWorkLabs as a world-leading and award-winning new-age software lab and design studio, the founders are now all set to provide seed investment to upcoming start-ups and extend our Thought Leadership to help businesses grow. We plan to choose upto three promising start-ups annually that have a ‘real’ business/revenue model and growth potential and plan to invest anywhere between Rs. 20 lakhs ~ Rs. 1 Crore.
Consultation with In-House Experts – We have an in-house team of management consultants to help get the basics in place for your company. Start-ups can book a time with our experts to discuss problems and issues related to HR, Finance, Marketing, Design and Branding faced by the company.
The founders also act as mentors to the startups selected by us and support them through every step of their startup journey.
Can you please walk us through the application process for GoodWorks CoWork ?
GoodWorks CoWork was started to help budding entrepreneurs grow their business without the hassle of sweating about Operations & Support Services. So we’re open to any startup, entrepreneur or small business owners who are passionate about their new venture. Our space provides all the facilities needed to run a company smoothly without logistical hassles.
Is your team looking into particular sectors that a startup operates in or is GoodWorks CoWork open to startups in any sector ?
We are open to all sectors, there is no restriction as such. However, most of the queries we have received is primarily from the IT and Design sectors. However, we do not want to be limited to these two sectors only.
Given that GoodWorkLabs is a pioneer in the software industry. What are some of the areas where GoodWorkLabs can be of support to the companies in GoodWorks CoWork ?
GoodWorkLabs brings tremendous insights and valuable learning to cowork division, this aspect is one of our main USP’s. We provide consulting services for design, software development, android development, iOS development to name a few. The startups can really benefit from all these services which would be very unique in nature.
Vishwas, you as an entrepreneur have seen ups & downs, what is one best reason why a startupper has to choose working out of a co-working space vis-a-vis working out of SOHO
Coworking encourages networking and collaboration. Entrepreneurs, space providers, thought leaders, investors and mentors come together and exchange value with each other creating a mutually beneficial ecosystem. Also, working amidst various people, observing and adopting diverse work cultures can increase productivity as it helps maintain a professional outlook and also helps create your own identity.
This congenial environment doesn’t only foster interesting and divergent work, but also encourages knowledge sharing and instils a sense of ownership. Communicating regularly on work topics, trending news and exchanging jokes helps build a healthy environment for entrepreneurs.
Working out of a small office from your home closes all doors to such knowledge sharing and networking opportunities which are integral to your business growth.
GoodWorks CoWork is currently operational in how many cities and what are the future expansion plans ?
Currently, we have one co-working space in Whitefield, Bengaluru and the response has been overwhelming. We want to become one of the largest players in the premium coworking and shared office market with a Pan India presence. We will continue to provide creative, design inspired coworking spaces for startups, freelancers and entrepreneurs encouraging the shared economy. We believe that GoodWorks CoWork is not just a workspace. It’s a way of life & a path to success!
Apart from the business idea, what are some of the key things your team looks into while assessing the applications for Angel Investment ?
We will be selecting startups who demonstrate an idea that solves ‘real’ business problems and must be able to sustain itself. The startups will receive intense mentoring and training over a period of time and they are expected to iterate rapidly. So we are open to any startup, entrepreneur or small business owners who are passionate about their new venture. Our space provides all the facilities needed to run a company smoothly without logistical hassles. As mentioned apart from mentoring, the basic administrative facilities will be taken care of and most importantly, you will get free tech-consulting services with our team.
Vishwas, you don multiple hats [serial entrepreneur, best-selling author, etc.], how do you manage time ? [especially for founders since they need to get priorities right] ?
I won’t lie to you by saying it’s easy. It’s incredibly hard to balance different roles. I am a CEO during the days and a storyteller by night and weekends. I wish I had 48 hours in a day. I have so many stories to tell, and I have so many business ideas to execute. Our group companies GoodWorkLabs and GoodWorks CoWork are doing some incredible work right now, so things are hectic.
However, it is my passion that drives me and if you’re passionate enough you’ll find the time to do it.
Can you share some tips for building an effective team for startups [especially the initial core team] ?
Building the core team is one of the most critical factors that leads to the success of a startup. It is important to attract and hire the people who have the same values and reflect the same ideologies as the founding members. It’s easy to lose track of the goal and get lost in the initial days, if everyone’s not on the same page. The core team must believe in the idea as strongly as the founding members. No matter how many years of experience or how well educated the person may be – if he isn’t convinced about your proposition, it’s not going to be a fruitful partnership.
You have witnessed ups & downs in your career [shutting down of your startup than bouncing back], how according to you should entrepreneurs deal with such adverse situations and how they can keep themselves motivated so that they can bounce back ?
I have experimented a lot in my life. I have tried so many different fields, done random experiments, failed, succeeded, and all that. I usually tell budding entrepreneurs – ‘Be shameless. Experiment. That’s the only way to identify your true passion.‘ If I had not experimented by being shameless, I would never have identified my passions of writing and entrepreneurship.
With push for Digital India, sectors like Fintech, etc. what are some of the areas that might catch entrepreneur’s & investor’s interest in 2017 ?
There are many emerging markets and it’s vital for investors to keep an eye on what’s happening in these sectors. I am closely watching sectors related to – AI, AR, Machine learning, AR, VR, IOT, organic farming, renewable tech, REG [REGULATION TECH] and eGovernance and believe they are the future to look out for.
VC Funding or Bootstrapping, your thoughts on the same and when should a founder look out for institutional funding
Both VC Funding and Bootstrapping have their pros and cons. With bootstrapping, it’s a lot harder as the founders have invested their own money, scalability is a lot tougher and a much longer process when if comes to bootstrapped companies. On the other hand, getting funded doesn’t make the journey any easier. Companies will be giving away stake to investors and with it their freedom – you’ll have to be answerable to the investors and need their approvals for every step that the company takes.
However, the right time to apply for funding is when the startup has a Minimal Viable Product [MVP] and some traction or successful pilot to validate their business model.
Any books that you recommend and when would your next novel/book hit the market ?
Ayn Rand is my favorite author. Her book The Fountainhead influenced me deeply during my college days. It’s the perfect book to gift. I also enjoy reading Dan Brown, Michael Crichton, Sydney Sheldon, & Jeff Archer among others. So people can gift me a range of books! I like reading science fiction, thrillers, adventures, and many more genres. But I usually stay away from books that are boring. I have very little patience.
My next novel is completed and in the final stages of editing. It’s an exciting trilogy that I’m thrilled about, I’m hoping that it hits the market sometime in December. I will be announcing more details about the story and launch plans shortly.
We thank Vishwas for his time and sharing valuable insights with our readers! If you have any questions for Vishwas about GoodWorks CoWork, startups, funding, technology, etc., please email them to himanshu.sheth@gmail.com or leave your question in the comments section.
Tata Elxsi, a leading global design and technology services company,is supporting a new healthcare startup, Niramai. The startup has been on the incubation program for three months, during which Tata Elxsi has been providing infrastructure, expertise, and support in access to key markets.
Image Source – incub@TE
Niramai Health Analytix Pvt. Ltdis a Bengaluru based startup with a mission to create a universal cancer screening method that can save lives by detecting breast cancer at an early stage. Breast cancer is the leading cause of cancer deaths among women today. Early detection is the key to survival. Niramai is a pioneer of a new patent-pending technology calledThermalytixthat can remove technological, logistical, and cultural barriers that hinder breast cancer screening among women today.
The startup’s solution uses artificial intelligence to address effectively issues with thermography. The company’s goal is to create an innovative cancer screening method that can save lives by detecting cancer at an early stage, through solutions that are accurate, automated, affordable, and accessible to all. The product is expected to be launched in mid-2017, starting with a few locations in Bengaluru.
Tata Elxsi’s Incub@TE is helping Niramai through key consultations from Tata Elxsi in-house professionals, mentorship, access to service providers, and establishing key connections with people/organizations of interest. Furthermore, with Tata Elxsi’s help, the startup has been able to interact with leading design thinkers, technologists, business leaders & peer entrepreneurs and learn from their experiences. The mentoring and logistical support provided by Tata Elxsi has allowed Niramai to focus entirely on the execution, providing them with an environment that has helped them improve their entrepreneurial thinking and get clarity on the go-to-market.
Speaking on on-boarding Niramai on Incub@TE, Rajesh Kumar, Vice President – Strategic Initiatives, Tata Elxsi said
Many startups have innovative solutions, and require some help in infrastructure, mentoring and creating market visibility. Incub@TE is a platform that helps startups create sustainable businesses, by providing them with the necessary facilities such as above. Use of Emerging Technologies in healthcare is starting togain momentum in India, and helping startups that are in line with these developments is a great opportunity for us. It has been a great pleasure working with Niramai, and we look forward to the remaining months of working together.
Being women, we understand the sensitivities and social-cultural aspects of breast cancer screening. This has to lead us to make our solution privacy-sensitive, in a unique way that removes the psychological burden of voluntarily opting for early screening as a preventive measure. Tata Elxsi is one of the companies that has helped us bring our vision to reality. We are happy to be a part of Incub@TE and value the mentorship that Tata Elxsi has provided to our products/services.
The Tata Elxsi incub@TE program has been set up to foster entrepreneurial activities in the technology space. They provide a platform for start-ups and prospective entrepreneurs to convert their ideas into commercially viable products or services. They help you take your ideas to the market real fast by providing ready-to-use infrastructure, key technical consulting through in-house experts, mentorship, access to service providers, plug-n-play office and connections with people and organizations who matter. For more information, visit incub@TE
