New Delhi [India], February 03: In a career spanning over 15 years in digital transformation across global industries, Prakhar Mittal has witnessed the undeniable power of mentorship in driving innovation, entrepreneurship, and business growth. This has been particularly evident while observing India’s meteoric rise as the world’s third-largest startup hub, home to over 140,803 startups as of 30 June 2024, growing annually at 16-18%. However, amid this progress, a glaring gap persists—structured mentorship to guide budding entrepreneurs through the complexities of scaling and sustaining businesses.
Contrasting this with the U.S. ecosystem, which thrives on robust frameworks like SCORE—a pioneering organization mentoring small businesses since 1964—the difference is stark. SCORE, a resource partner of the U.S. Small Business Administration (SBA), has been pivotal in shaping small businesses through its mentorship programs, workshops, and access to comprehensive resources. Intrigued by their mission, Mittal joined the SCORE-greater Cincinnati chapter, as a certified mentor, aiming to contribute to this vibrant ecosystem, through a rigorous training and interview process.
The SCORE Experience: Rethinking Entrepreneurship
Engaging with SCORE has been an eye-opening journey. One of the most surprising revelations is the demographic shift among entrepreneurs. Approximately 80% of the founders Mittal has mentored are over the age of 50, reflecting a growing trend of seasoned professionals leveraging their expertise to pursue entrepreneurial ambitions. This challenges the traditional narrative that startups are a young person’s game and underscores the inclusivity of the modern entrepreneurial landscape.
Why SCORE Works: A Blueprint for Startup Support
SCORE’s approach to empowering entrepreneurs is multidimensional, addressing every stage of business growth:
Personalized Mentorship: Tailored guidance from experienced professionals to address unique business challenges.
Workshops & Webinars: Covering diverse topics such as digital marketing, financial planning, and operational strategies.
Resource Libraries: Offering templates, tools, and step-by-step guides to streamline business operations.
This ecosystem, bolstered by SBA initiatives like loan programs, contracting assistance, and disaster relief, creates a supportive infrastructure for startups to innovate, scale, and sustain operations.
Reflections from IIMA: A Foundation for Strategic Mentorship
Mittal’s formative years at the Indian Institute of Management Ahmedabad (IIMA) provided a strong foundation for critical thinking and strategic problem-solving. These skills have been instrumental in his mentorship journey, allowing me to navigate entrepreneurs through complex challenges by blending theoretical insights with practical solutions.
India’s Startup Potential: The Path Forward
India’s startup ecosystem is brimming with potential. Government initiatives like Startup India have laid the groundwork, providing funding and policy support to foster entrepreneurship. However, the absence of structured mentorship programs like SCORE remains a significant roadblock. Establishing similar frameworks in India could enable experienced professionals to guide startups, ensuring innovation isn’t stifled by operational hurdles.
A Call to Action: Building a Culture of Mentorship
Mentorship is not only a catalyst for entrepreneurial success but also a cornerstone for long-term innovation and economic growth. Mittal’s journey with SCORE has deepened his appreciation for the transformative power of guidance, not just for entrepreneurs but also for mentors who gain valuable insights from diverse perspectives.
As India continues to solidify its position as a global startup leader, integrating structured mentorship frameworks into the ecosystem will be crucial. By doing so, we can unlock new avenues of innovation, drive economic growth, and create a collaborative environment where startups thrive—not just survive.
For those curious to explore more perspectives on digital transformation, mentorship, and supply chain optimization, feel free to connect with him on LinkedIn @prakharmittal22, often sharing insights from his experiences and thoughts on driving innovation across industries.
The Shark Tank franchise began airing on Indian Television in 2021. Even though India has numerous television shows covering many themes, this is the first of its kind. Shark Tank India has provided an excellent platform for people who have always wanted to start their own business but have yet to take risks. In addition to inspiring countless viewers, the program introduced them to a wide range of financial terminologies, including terms typically belonging to business experts, such as capital investment, crowdfunding, angel investors, and series A (B, C, D, and E) funding.
There was a time when people opposed new ventures that pushed outside established industries. Parents typically advise their kids to choose engineering or medicine over other fields. According to Startup India, India has the third-largest startup environment globally and is predicted to expand by 12–15% annually.
Shark Tank India’s investor panel consists of entrepreneurs who have spent years developing their brands and have a comprehensive understanding of the Indian industry. The panel of investors or mentors consists of:
Anupam Mittal – Founder & CEO of People Group and Shaadi.com
The primary goal of any businessman is to raise capital for their business. Still, they can also substantially benefit from paying attention to what investors have to say about their company. They act as mentors for startups.
A startup mentor advises and guides a business owner or employee based on their experience, abilities, and knowledge. Startup mentors frequently use their network to connect startup founders with other experts who can help them. Startup founders will benefit significantly from having a mentor, especially those who are establishing something for the first time. With a mentor, the founder does not have to figure out all the answers independently. Based on their expertise, a mentor can provide guidance and recommendations if you need help with pitching or what to do next to attract an investor.
How Startups Benefit From Shark/Investor Mentoring
Industry Expertise and Connections
Mentors are frequently experienced investors or industry professionals who bring knowledge and skills to the table. They can spot rising trends, new technologies, and shifting customer behaviors that startups may be unaware of. Mentors are an intermediary between business owners and a wealth of knowledge gained from their journeys. This information transfer plays a vital role in helping companies make informed decisions, avoid frequently occurring mistakes, and stay relevant in today’s dynamic business climate. Mentors often have extensive networks, which can be very helpful to a startup. They can put you in touch with potential partners, clients, or investors and support you to establish meaningful professional relationships.
Unbiased Guidance and Feedback
A mentor offers an unbiased perspective, free of the startup’s emotional aspects, which helps make sensible choices. They assist in identifying areas for improvement within the startup and provide feedback concerning product development, marketing strategy, financial management, and team dynamics. A mentorship relationship includes a continuous feedback loop. Through regular updates and check-ins, mentors can monitor the startup’s progress and stay informed on critical developments.
Accountability
The mentorship component of accountability is essential for keeping companies focused and disciplined. Alongside startup founders, mentors create strategic plans that support the company’s overarching goals and objectives. They use their experience to help set realistic expectations for the startup.
Mentors also help entrepreneurs develop a culture of accountability among team members. This means encouraging open communication, shared responsibility, and a commitment to achieving common goals.
Marketing Support
Sharks provide startups with expert marketing insights, enhancing their vast industry experience to refine strategies. They help identify the right target audience and craft messaging that resonates with customers. Sharks often guide startups on branding, ensuring the company’s image stands out in the competitive market.
They also assist in selecting the best marketing channels, such as social media, influencer partnerships, or traditional advertising, depending on the product or service. Additionally, their network and reputation can boost visibility by attracting media attention and creating buzz. This mentorship ensures startups use their marketing budget effectively, achieving maximum impact and long-term growth.
Support for Risky Situations
Mentorship should include support for risky situations, as companies frequently face uncertainty and obstacles. They assist startups in proactively identifying possible dangers and developing mitigation plans. Their vast knowledge enables them to provide valuable insights into the potential risks that emerging businesses may face. By foreseeing such risks, startups can create backup plans and be better equipped to handle unforeseen obstacles. Mentoring centers on helping the startup team cultivate a resilient and adaptive mindset, which can facilitate honest and open communication during challenging times.
Enables Skill Development
Mentors play an essential role in the personal growth of company founders by identifying areas that require personal development. They offer perspectives on successful leadership techniques and approaches, assisting founders in developing their leadership skills. Mentors serve as role models, and founders can learn from their conduct, decision-making processes, and problem-solving approaches. For founders, this kind of observational learning offers an effective way to recognize exemplary leadership in action. This promotes the development of critical thinking skills. Ultimately, this comprehensive approach helps the company succeed and thrive by strengthening the founders’ competencies and encouraging a culture of continuous learning.
Enhanced Problem Solving
A key component of mentoring that helps a startup overcome obstacles and succeed is improved problem-solving skills. Entrepreneurs frequently encounter unforeseen obstacles. Mentors who have faced similar career challenges advise founders on traversing unfamiliar ground and preparing for success. Instead of focusing simply on immediate answers, they encourage entrepreneurs to think about their problem-solving methods’ long-term effects and feasibility. This teaches them how to adjust their solutions to their evolving surroundings. When internal disputes threaten to hamper problem-solving, mentors advise on how to resolve them, creating a successful and cheerful team dynamic within the company.
Product Development
Startup Mentors use their industry knowledge to help entrepreneurs determine market demand for their product or service. During product development, startups are advised to seek consumer feedback actively. This guarantees that the product connects with the intended audience and meets their constantly evolving needs. They provide strategic advice on adequately positioning the product in the market. This involves strengthening competitiveness by considering factors like branding, differentiation, and pricing.
Instances From Shark Tank India That Extended Beyond Financial Backing
Beyond Snack
Shark Tank India – Beyond Snack
Beyond Snack, a healthy Kerala banana chips firm has raised INR 50 lakhs for a 2.5% equity stake from Shark Tank India’s Ashneer Grover and Aman Gupta. The chips are not deep-fried and are free of trans fats, unsaturated fats, and cholesterol. These chips are suitable for consumption by all age groups.
Beyond Snack’s success is mainly due to how the brand has been positioned – as a clean, basic, uncomplicated, and trustworthy choice. Beyond Snack plans to increase its retail presence in ten states and twenty-five cities in the coming year. The brand has also made significant strides in worldwide markets, establishing itself in the United States, the United Arab Emirates, Australia, Sweden, Qatar, Nepal, Singapore, and Mauritius.
Skippi Ice Pops
Shark Tank India – Skippi Ice Pops
Skippi’s mission is to provide Fun Food while prioritizing the health of its consumers. Colors and flavors are entirely natural, with no artificial sweeteners or preservatives. The creators, Anuja and Ravi Kabra were inspired by their shared passion for “Chuski.” Ashneer Grover, Anupam Mittal, Vineeta Singh, Aman Gupta, Namita Thapar, and Ashneer Mittal invested one crore for 15% equity in this business.
Following his success on Shark Tank, Ravi has expanded his business nationally and beyond, introducing it in the United Kingdom, the United States, Australia, Nepal, Kuwait, Hong Kong, Dubai, and Malaysia. With over six hundred locations across India, their total sales increased by forty-one times.
Shark Tank India Season 2 showcased Snitch, a successful startup that won over all five sharks with its compelling business pitch and founder’s ability to grow the company to a 100-crore profit. Snitch was offered INR 1.5 crore for 1.5% equity, with 0.3% equity for each shark. The founder of Snitch, Siddharth Dungarwala, established the business to address issues with men’s fashion.
Following Shark Tank, Siddharth interacts with at least one shark daily, who offers valuable advice to the renowned company. Anupam Mittal also assisted him in overcoming mall rejections for launching offline outlets for the brand.
Snitch in Shark Tank India
Unstop
Unstop, which Ankit Aggarwal founded, provides a platform for gifted individuals to grow, improve their abilities, market themselves, build their resumes, and secure employment while realizing their full academic potential. This allows students to finally be hired by their ideal company and begin their career challenges. The portal links students in India’s multiple fields to many global opportunities.
Unstop obtained INR 2 Crores for 4% equity from Aman Gupta, Namita Thapar, Amit Jain, and Anupam Mittal. There were 5 million active users and 16 crore in sales projected for 2021–2022 during the Shark Tank episode. In just six months, their revenues in 2022–2023 had already surpassed INR 12.5 crore.
Shark Tank India – Unstop
Conclusion
Ultimately, Shark Tank India serves as an investment platform and a beacon for transformative mentorship, where entrepreneurs build relationships that go deeper than money. The experiences of the businesspersons featured on the show show that these mentors provide far more than just financial support. They want the entrepreneurs to thrive, offer continuing support, and share knowledge. Every piece of advice they receive and issues they overcome with their mentors are essential to the startup’s growth. In the long run, Shark Tank India’s mentorship makes a lasting imprint on the startup ecosystem in the country, proving that the journey is not just about reaching the destination but about the significant impact that mentorship has on the way there.
Shark Tank India is an Indian business reality television series based on the popular global format Shark Tank. It has budding entrepreneurs pitching their business ideas to a panel of potential investors called ‘Sharks’ to secure investment deals.
Who are Shark Tank India mentors and investors?
Vineeta Singh, Peeyush Bansal, Namita Thapar, Anupam Mittal, Amit Jain, Deepinder Goyal, Varun Dua, Radhika Gupta, Ronnie Screwvala, Azhar Iquabal, Ritesh Agarwal, and Aman Gupta are the sharks in Shark Tank India. Season four of the show will feature two new sharks, Kunal Bahl and Viraj Bahl.
When will Shark Tank premiere in India?
Shark Tank Season Four premiered on Sony LIV on January 06, 2025.
This article has been contributed by Lakshmi Prasanna, Co-Founder, of Leadership Mavericks.
After having worked in a corporate environment for some of the biggest names in executive hiring, there was so much that I was uncertain about when I decided to start off on my own. I was confident of my tradecraft and my network but I was fairly unsure about how to run a business. My partner and I were in complete agreement that we needed to be mentored but we struggled to find opportunities for formal mentorship.
Entrepreneurship more than any other profession really benefits from mentorship because there’s no formula for success. An entrepreneur succeeds after taking several calculated risks, making mistakes, failing and innovating to move forward. Their success rate can really improve if they have the guidance of a mentor.
For women entrepreneurs, this search is even harder. Why does gender matter, one may wonder? It comes down to a number of factors, our social conditioning, the power equations at play in any working environment, the circles we move in or we don’t belong to, the opportunities we hear of and our access to resources. It also comes down to how we, as entrepreneurs, perceive mentorship and how mentors perceive their own role in this entire equation. Are we scared of being told that our ideas are terrible? On the flipside, Is it fair for a mentor to brutally criticize someone’s hard work in the hope that it will motivate them to try harder?
The challenges faced by a woman entrepreneur are different. They aren’t bigger or lesser than the challenges before all entrepreneurs but understanding how they are different can help make mentoring women more contextual and impactful. Here are some of the ways that women can take charge of their own entrepreneurship journey.
Not every entrepreneur is going to take the same approach to mentorship. While some may opt for a more structured mentorship, comprising a formal mentoring and self-learning relationship, others seek their mentors from industries outside their ambit of work. Even a friend or a relative with a successful sales career could be a potential mentor. Every entrepreneur has different needs and a one-size-fits-all approach will not work. The mentor you need may not be the mentor you have set your heart on. If the search for a perfect mentor is holding you back then maybe you should look closer to home and you may find what you are looking for.
After we struggled to find the perfect mentor (with a fair amount of disappointment and heartbreak), we realised that each of us has strengths that we can share with the team. We took our first steps by mentoring each other. The most important aspect of this equation is that we were receptive to the knowledge being shared. We wanted to learn from each other. This is where women entrepreneurs can really thrive and it is something that is happening organically in a lot of organizations we know. Instead of looking outside for a formal mentor, we come together to form a collective of sorts where we are all equal partners and we share and receive our knowledge with a lot of respect for where each of us is coming from.
That said, we made mistakes. We picked ourselves up and kept going. Today we have a formal mentor and the difference they have made to the way we work is exceptional. The bottom line is that when a mentor is hard to find, don’t let it stop your work.
Reaching Out for Help
As women, we find it hard to admit that we cannot make something work. We try twice as hard to find solutions because we have something to prove. This is ingrained into us from when we start our careers. As an entrepreneur, reaching out for help is very important and this may be where we differ from the men, we do not ask for mentorship enough. We don’t reach out to mentors out of fear. A report published by MicroSave Consulting for the Women Entrepreneurship Platform (WEP) found that 18 % of the women they surveyed were afraid of how they would be perceived when they reached out to a mentor. We are worried about how we will be judged. We worry if we will be able to communicate what we want to do so we are taken seriously. We worry if we will lose ownership of our own ideas and if we will be coerced into doing something we don’t want to. While these fears are valid, they need to be thought of as a right of passage. Overcoming them is important if you really want to succeed. You may really like the person you become at the end of all this.
When Monika and I started Leadership Mavericks we decided that we would be the support we needed. We keep asking ourselves if we were giving our team what we would have wanted and more importantly, what they needed? We want to create a supportive environment. Of course, none of this would have been possible if we did not know what we wanted in the first place. As a woman entrepreneur, I don’t hesitate to admit that I don’t know what I don’t know. Figuring out what I don’t know is important to me. It makes me think about what I should do to make myself more aware. And we may have started a successful Executive Search firm but our journey hasn’t ended. Each of us has achieved varying degrees of success in all the things we are talking about in this article. We haven’t done it all. We always need to ask ourselves, “Where am I on my journey?” I don’t need an outsider to tell me what I am doing but I do need to invest in me. When we get caught in the flow of our day-to-day work we sometimes forget to pause and ask ourselves this question.
Finding the right mentor or coach for your small business can almost feel like searching for the right life partner. If you’re among the lucky ones to have stumbled upon the right mentor, it can be the start of a beautiful venture; if not, then it can result in a tormenting experience.
A mentor is an expert or seasoned professional who guides and provides valuable insight to a company to reach its goals. Coaching comes at a much later stage and takes a more hands-off, consultative, and introspective approach to business leadership.
Providing the right mentorship to your company can make or break your career. Many young entrepreneurs will vouch for this. A survey conducted by Springboard India in 2020 found that 48% of professionals struggled to find a mentor for their careers. Another survey of over 200 entrepreneurs conducted by the Bangalore Chapter of The Indus Entrepreneurs (TiE) in 2022 showed that 56% of entrepreneurs felt connecting with the right mentor was a major struggle.
StartupTalky lists four important aspects to keep in mind in your search for the right mentor:
Knowing the problem areas of the company will help in zeroing down on a mentor faster.
“Ideally, the need should be clear about why one is looking out for a mentor. At times, entrepreneurs think a mentor will not enable them but rather do the execution on their behalf. We try to see what is the long-term value that the mentor will give to the company and what is the expertise that the mentor will get,” said Manas Pal from Pedal Start, a Gurugram-based start-up accelerator.
At times, a company may need the services of more than one mentor. Just like specialist doctors, a business requires different mentors for more perspective on each of its verticals.
“A mentor or a coach will guide the organization to the goal that they are looking at. Mentors need to be able to help the company in two to three aspects of the business,” said Ayush Lohia, founder of Lohia Auto.
Network Online & Offline
Social media has brought the ‘class’ walls crashing down, making business personalities far more accessible to common folk than earlier. Many budding entrepreneurs recognize this and reach out to mentors through social media such as LinkedIn and Instagram.
However, the proof is in the pitch, expert coaches say.
“You just have to look at all possible options, tap into all possibilities, and make the effort to reach the right mentor. It could be on LinkedIn; it could be Google Search. My recommendation is that you prepare a good pitch. Reach out to them; you will be surprised. Some of these celebrity professionals will revert. Many want to help as they want to contribute by giving back to the ecosystem,” said Subash CV, executive leadership coach at Regal Unlimited.
Two-Way Street
Once you’ve managed to connect with the right person to mentor or coach the company, it is important to lay down a formal structure for mentoring.
“If a company does not have the financial capability to pay the fees, then there should be something else in it. If both parties are not gaining, you will never get the best outcome out of it. It could be in the form of a small equity or it could be an arrangement that has financial implications and growth,” said Nasir Shaikh, motivational speaker and life coach.
A number of angel investors in India also provide mentorship while also raising funds for startups, such as Angel Investor India and 100x.VC, to name a few.
Entrepreneurial Platforms
At times, reaching out to a concerned person or authority may prove to be difficult, even on social media. In this case, a number of industry groups and organizations have platforms where they connect startups with industry professionals.
“If they have the appetite to go ahead and move ahead, they should probably seek support from such networks rather than directly reaching out to them. We onboarded a lot of mentors because these industry leaders have so many people reaching out to them on social media, but they are not sure about the company. Or even if they connected, the company couldn’t understand the advice that they were giving. So we offered to filter out the right companies,” said Pal from Pedal Start.
The Government of India’s flagship initiative—Startup India—has its own mentoring platform, wherein experts can be reached. A number of state governments, such as Kerala and Telangana, have initiatives to support startups. TiE’s entrepreneurship programs also support and mentor small businesses.
Conclusion
Finding a mentor might become a tad easier once an entrepreneur is aware of the problems plaguing the company. Reaching out to an expert in that field is also easy in a world that is increasingly becoming virtual. It’s best to be informed about the initiatives that various government agencies and industry bodies have to foster mentoring so the startup journey becomes smooth.
The Coronavirus Pandemic has taken a heavy toll on the best of us, these are hard times when everyone is struggling to make ends meet. As everything is now gradually opening up, ideally one can expect cut-throat competition in almost any field they choose to pursue. Entrepreneurs are facing tough challenges, especially in these times of uncertainty.
In these tough times, you are the one who decides where your career trajectory will go and for that everyone needs guidance. The guidance can come in different forms. Coaches VS Mentors. A common tug of war question which every entrepreneur deals with, so it is very important to understand the key difference between coaching and mentoring.
The concept of Coaches though is mainly used in the Sports industry however, almost every field today has a wave of coaches coming in and presenting the world with extraordinary talent. People often get confused between coaching and mentoring. There are dedicated coaches and mentors who have given their hearts and soul to earning their titles. In this article, we will talk about the difference between coaches and mentors and who you need for your business.
A coach is someone who helps you imagine a greater possibility for yourself and then supports you to achieve it. They help their clients to dream big and help make those dreams come into reality. We all need people who give us feedback and help us work on our constructive criticisms. That’s how we improve.
One thing that people always fail to do is self reflect or in layman’s terms see themselves the way others do. Coaches do help to overcome this dogma. Coaches really guide you and let you know if you’re on the correct path. Every famous dancer, athlete, or actor always had someone, a dedicated coach to guide them and help them achieve the goals that they once deeply desired.
Why Do You Need a Coach?
Everyone needs a coach, the greatest too. People might often expect you to do things on your own, however, they do not realize that many problems arise when you’re figuring out your ways. Sometimes you’re not even aware of the problems holding you down and sometimes you don’t know how to fix them and this resorts to you stopping your improvement.
Coaching helps you to be self-aware on a whole another level as you’re been looked upon with a completely different set of experienced eyes. They become your external eyes and ears and give you a much more accurate picture of your reality. They help you break down your actions piece by piece and build them up again. They don’t care about how good you are right now, they care about how good you are going to be.
How Do Business Coaches Help You?
Business Coaches help you identify your shortcomings and provide ideas to fill the gaps that you have on the road to achieving your goals.
Business coaches help you in planning your goals and achieving them step by step.
Teaches you to communicate with your investors so that you can convince them to invest in your business.
Train you to tackle any kind of situation in your business.
Who Is a Mentor?
A mentor is a person who has walked down the same path you’re walking right now and will help you get where you want. They believe in you, trust you and prepare you not just for yourself but to make the world a slightly better place.
Mentors are a bit hard to find. They aren’t set up in a traditional institute. To find a mentor you have to work on yourself in the beginning and earn the trust of the person you want to be mentored. One cannot simply knock on an institute’s door to find a mentor one has to rather keep going on their own journey and find their mentor. Once you do, you cherish them forever. They provide you with their knowledge and wisdom and help you achieve your goals.
Why Do You Need a Mentor?
Mentoring lives up to a lifetime and it does not just help you get better at your business but also get better at life. Being a mentee means getting constantly grilled for improvement with critical feedback based on the path you’ve chosen to walk upon. One can have multiple mentors in their lifetime.
How Do Mentors Help You?
Mentors are actually the one who gives advice according to their personal experience, so they what step to take to solve the problem.
Mentors not only help with business-related stuff but also provides advice on how to tackle pressure and burnout.
They also help in developing contacts which can make the business better.
Effect of Mentoring in Business
Coaching vs Mentoring: What Do You Need?
Mentoring is purely based on trust, some would consider their mentors as their third parent. A mentor is someone who has already been there and done that. They develop the potential in you and help you grow as a person.
Coaching is structured and is based upon you getting results while mentoring is based on your live performance and growth. If you wish to get good at chess you’d probably need a coach but if you wish to play your life as skillfully as chess and win the game in the end, you do need a mentor.
Both the coach and a mentor encourage your self-improvement and in increasing your confidence. At the end of the day, it is your requirement and your business requirement that decides whom you need on board, a mentor or a coach.
Conclusion
In the tug of war of Coach vs Mentor, nobody actually wins. You need to invest in yourself through them. It is tough to find people who guide you through this cruel world but if they’re with you, you need to hold tight and extract all their wisdom. They will be there to advise you and guide but the last call will always be yours in your business.
FAQs
What are the three types of mentoring?
The three types of mentoring are:
Traditional one-on-one mentoring
Distance mentoring
Group mentoring
Is a mentor free?
Most of the time mentors provide advice for free to the new entrepreneurs.
Google for Startups is an accelerator program by Google for supporting Startups and helping them grow. It provides mentorships, training, and, guides entrepreneurs to find solutions for the challenges they face in building and growing their startups. StartupTalky took an initiative to know the details of the program – Selection Procedure, challenges to be addressed, help for women entrepreneurs, and more.
Here are insights into Google for Startups by Paul Ravindranath G – Program Manager, Developer Relations & Head of Google Accelerator at Google India, Bangalore.
How is Google for startups different from the traditional accelerator model?
The Google for Startups Accelerator helps startups build successful products and businesses by focusing on 360* needs of the company and founders. Our needs analysis for selected startups helps us define a custom support plan for each of the startups that meet them at their point of need. Not only is there focus on solid tech, product strategy and growth but also on people and leadership.
How is the selection procedure for startups?
When applications open, startups can apply directly at the accelerator tab of Google for Startups.
GFS Accelerator looks for startups that are meaningfully and scalably solving for the challenges of the current times. The program is vertical agnostic, but given the need to further innovation in an increasingly digital-first world, we are carefully considering verticals such as Edtech, Healthtech, Fintech, Retail & Logistics, Media & Entertainment, Agritech and Gaming.
The 3 months mentorship program selection process has some basic eligibility criteria such as:
Startups need to be based out of India
Should preferably in the seed to Series A, B stages
Deep understanding/application of new-age technology
What areas do most startups at the program struggle with/ What problems do they expect you to address?
The program’s focus is a founder-first, founder-friendly approach to support startups in solving their business, operational, and technology challenges.
Startups face a varied set of challenges at different stages of growth and maturity. Since the accelerator is a stage agnostic program, it presents the opportunity to work with startups facing diverse challenges. With a strong mentor base and methodologies to help with various areas, the program can address key challenges faced by founders.
User Experience/User Interface, Product Strategy, Tech Architecture, Growth and Marketing and People Development tend to be the main areas where the program can add value to startups.
Additionally, we also provide them with extensive training on leadership along with robust strategies for building company and product capabilities. As part of this program, founders outline the top challenges facing their startups and are then paired with relevant experts from Google and the industry to solve those challenges.
Is the support more tech-centric or spread across different domains? Do you plan to expand the horizon?
Accelerator helps startups scale and be successful with strong product strategy and a robust and scalable technology approach. The 360* approach we take helps address all the key areas of concern for a startup. The goal is to constantly look to add on expertise and methodologies to help startups thrive.
Every startup is unique and has different needs, how do you address their needs individually?
With every class batch we attempt to identify some unique and interesting startups. Each of these businesses have different requirements and different business challenges. The accelerator is looking for startups at all stages of development that are not only using cutting-edge technology but are also helping India, and potentially the rest of the world, adapt and move forward especially in a post pandemic world.
At the very beginning of the program, selected startups go through a complete needs analysis with a panel of experts and mentors. This exercise helps us build distinct goals and objectives for every startup that are addressed through a mentoring bootcamp, access to mentors and Google teams to help in moving their goals.
What are few areas which Google for startups provide a unique value? Does it help in connecting partners with govt agencies or a few of the best customers?
Startups are connected to mentors from all over the world through the accelerator programme. As part of the programme, we have over 20 Google teams and hundreds of industry experts who assist with operational, technology, and business difficulties. Mentors bring expertise across a wide range of areas such as User Experience and User Research, Technology covering Android, Cloud, Web and more. Marketing & Growth, Leadership are other key areas.
Additionally, the startups also find themselves to be eligible for the following perks, once they are part of the Google for Startups Accelerator Programme.
Equity-free support
Technical training on design, people, product, and growth marketing
Support on high-level company and product strategy
Google product credits and early access to new services
What’s the format/curriculum of the program? Does it change every year?
Google for Startups Accelerator India is a three-month cohort based program. There are typically 2 cohorts a year. While the accelerator team is based out of Bengaluru, the scope of the programme expands over the country where we handpick the best and the most promising startups to be a part of the batches.
In light of the constraints posed by the pandemic, the accelerator currently runs as a fully digital program but is hopeful of going hybrid as things improve. During the beginning of the program, we work with the startups selected into the accelerator to determine each startup’s challenges and support required from the program. Then these startups go through an intensive Bootcamp around topics such as Product, Design, Technology, People & Growth, followed by the OKR (Objective Key Results) workshop to define their objective for the next 3 months.
Have you ever considered a program specifically for women entrepreneurs or tier2 or tier 3 city startups?
Despite the many strides in diversity and inclusion efforts in different industries in India and the world, we remain at some distance from true and proportionate representation of women in the workforce – be it in leadership, entrepreneurship or otherwise.
This is a gap that we are committed to closing through various efforts within Google and beyond, across all the communities we support. Our ongoing efforts to support women entrepreneurs are one of these. To showcase our belief in the Indian women entrepreneurs, for our 6th batch we have selected around 35% of women-led startups in the mix and comprising a mix of B2B & B2C startups between Seed and Series A stages.
Do the alumni startups contribute in any way to the program?
With over 100 startups graduating from the program, we have a broad set of alumni, including unicorns like Sharechat. Several Alumni give back to the program with their recommendations of great upcoming startups. They come forward to support the cohorts as mentors, speakers and more.
Could you please share some insight on the success rates of the startups after the program?
The Google for Startups Accelerator has mentored over 116 startups, who have collectively raised over $2 billion in funding and contributed significantly to India being one of the world’s largest startup ecosystems.
Startups solving for key large-scale opportunities that India presents such as Drivezy, Nestaway, Sharechat were part of our early cohorts. Several companies like Niramai that apply cutting edge AI/ML tech in healthcare, specifically early detection of breast cancer have benefited with our technology input.
These startups, along with all the others in the previous batches of GFSA, continue to make an impact in the country.
Few things we (the whole startup community) can do to support startups across India?
The Indian startup community is currently witnessing a maturing cycle and even through the pandemic, growth has been solid. As a startup ecosystem few trends present an opportunity for us all to make a difference.
So also is the area of helping founders understand how to build great teams. Employability and access to good talent have been a challenge for seed to series A companies.
Enabling startups with insights, research and access is going to be key as they innovate and solve for India and the world.
The biggest support that we can provide each other in this thriving ecosystem, is collaboration across the ecosystem. Collaboration with a founder first, founder-friendly community approach can make a true impact as startups help accelerate our economy.
Women have always been an important part of some of the greatest accomplishments in the world. History has been created by them in every sector, especially the business industry, with the leadership qualities they are the head of some most popular companies in the world.
Even after facing a roadblock, they broke all the chains of shackles and are soaring high in the sky. The business world has seen some great women taking charge and leading from the front.
Just like how women are playing big roles in every industry, there are women out there who have stopped working for different reasons. Those reasons range from taking care of their own self including mental and physical health, taking care of their families or some other pivotal reasons. As time passes, when they feel like coming back into the work environment, they might feel awkward and a little hard while re-launching their career.
Nevertheless, various organisations have taken a step forward to eradicate this problem. Now we get to see a number of big companies organizing returnship programs. In this article, we will talk about the top returnship programs for women in India. So let’s get started.
“I want every little girl who’s been told she’s bossy to be told again she has leadership skills.” -Sheryl Sandberg
There are people who leave their career behind and take their time off for many different reasons; it can be because of their child, to take care of their mental health or physical health, or learn some new things about themselves.
When they decide to return to their job once again, they might need some help, because of that some organisation offers returnship programs to them.
Returnship program is like an internship where instead of starting from the bottom you get introduced to your previous role and it helps you in understanding your role. Apart from that you also get to catch up with all the changes that have happened during your absence.
Google Next Innings Program
Google Next Innings Program Homepage
This program is for women who are looking forward to going back to their careers once again. Various experience leaders come forward to guide and mentor you. Some of the people who got selected, get a chance to work on Google Cloud’s core technologies where one not only get to see the development of the product but also learn and gain experiences from the experts. It is paid programme of 6 months and can be only done in Bangalore and Hyderabad
To join this program one must have 3 years of experience, must possess a Bachelor’s degree in Computer Science or other technical related fields. Apart from that, a certain level of knowledge in programming languages is also needed. It is applicable for those women who have taken a break of 6 months or more.
Amazon Rekindle Program
Amazon Rekindle Program Homepage
One of the largest E-commerce platforms has launched this returnship program for women who have taken at least a 12-month break from their careers. This program is a ladder for those women who want to acquire the same position that they were in before their break.
Those who want to apply for this program must come with previous experience in their position. After candidates join this program, information regarding interviews is provided to them apart from that they get mentored by experienced people as well.
IBM’s Tech Re-Entry Program
IBM’s Tech Re-Entry Program Homepage
This program is for those who have taken at least 2 years of break from their careers and is thinking to return to their place. Women applying for this program must have experience before, the best part even if someone has taken a break of 20 years, they can also apply in this program.
This program was launched in 2018 and it attains women to sharpen their skills and give them an opportunity to work with new technologies. Throughout the program, the candidates will be mentored by experienced professionals and the best from the rest will be taken for full time in IBM.
PayPal Recharge India
PayPal Recharge India
Available in Bangalore and Chennai, this program is for those women who have been working in the tech industry and has been away from their work for 1 to 5 years and is now thinking about returning to their job. Through this program, one gets to join PayPal’s boot camp and some also get into the skill-building programs and also get attractive job offers at PayPal as well.
Microsoft Springboard
Microsoft Springboard Homepage
The program offered by Microsoft in India provides an opportunity for women who have taken at least a break of 6 months from their careers. The applicants of the Springboard program must have experience of four years. The program is for 16 weeks and it is said to be a popular one for women who are trying to revive their careers after the break. Experienced leaders took the charge to mentor the candidates.
Accenture Return to Work Program
Accenture Return to Work Homepage
Accenture Return is 16 weeks paid returnship program, applicable to those who are away for at least 18 months or more. Job training is offered through this program, workshops are done to polish some skills of the candidate, especially their soft skills. After the tenure of the program is completed, Accenture offers full-time job opportunities to the candidates.
Thoughtworks Vapasi
Thoughtworks Vapasi Homepage
Just like the above programs, Thoughtworks Vapasi is all about helping women make a comeback to their workplace after a break. Women must have at least three years of experience to apply for this program and have taken a break of 1 to 8 years. This program provides mentoring from experienced leaders and helps in enhancing the leadership qualities of the candidates. The program is hosted in the Bangalore and Hyderabad offices of Thoughtworks.
Conclusion
Women have proven their mettle again and again in every industry, the returnship programs help women to take charge of their career after the break that they took. All these returnship programs provide valuable skills, mentorship and opportunities which helps Indian women to make a comeback in their professional life with a bang.
FAQs
How do returnship works?
Returnships programs are internships offered to adults who took a break from their careers, they provide career opportunities by sharpening their skills, providing mentorships so that the candidates can go back to their previous job roles.
Are returnships paid?
Yes, many of the returnships are paid and are quite helpful for people.
What is the benefit of the returnship program?
Returnship program helps in learning new skills and new job opportunities are offered. It helps you get back to your work after a break and lets you start where you left off.
This article is contributed by multiple Startup founders from different fields.
It is very likely that in your entrepreneurial journey, you will find a need for a mentor and somehow will get yourself one as well. They will guide you, advise you, cheer you, inspire you, and will give you confidence when you are in dire need of some. Apart from all these benefits, there are other benefits of having a mentor as well.
In this article, we will talk about how having a mentor really helps us. Some of the successful entrepreneurs shared their views on this topic. Let’s take a look.
Manav Shah | Founder, Eduvacancy
Personally, my mentor helps me in maintaining a work-life balance. I have learned the concept of not burning out from my mentor. It is extremely critical to take small breaks and explore life. This really helps me personally as it allows me time to think and retrospect in general about various critical decisions I have made in the past and the ones I need to make. Also, the idea of taking time off and analysing situations is something that my mentor has taught me. My mentor has taught me the importance to devote time to any sports or physical activity, which in turn has led to a more focused and productive daily output for me.
While professionally, my mentor has been a pillar of strength for me. He guides and helps me in making challenging decisions. More importantly, he has taught me the value of evaluating every decision I make. Through the concept evaluation, I measure and track the number of accurate decisions I make. This helps me to understand what worked for my startup and what dint. He helps me in setting the right culture in my organization. If you want to achieve the scale, it is extremely important to set the right culture. An important aspect my mentor continuously teaches me is to respect and accept every idea.
Kunal Ahirwar | CEO & Co-Founder, Earnvestt Technologies
Tanul and Kruti have been pivotal in our growth as a team, our company, and our personal growth for each and every one of us. They have given us a thought process, a methodology for building and tracking our progress. They have given us important interventions and helped us correct course whenever needed.
Utkarsh Gupta | Managing Director, Ramagya Mart
A mentor is not a teacher but a guide and is present with me at every business decision juncture involving resources. Resource today means time, money, and people. My mentor is like a listening wall to me; a sounding board that has a talking back ability with data, rationale, and logic.
Someone that can point the positives and negatives, be strong enough to tell you this will work and this won’t. It is someone who is in a position to tell you with facts and figures if what you are doing will act like a boomerang. It is someone that tells you let’s do it; we are in it to win it. I am blessed to have a mentor that makes everything look so effortless and easy. Due to such mentoring, I am at peace personally and professionally.
Neha Indoria | Co-Founder, Boingg!
Professionally, speaking to folks who have experience in a specific field of business/ have faced similar problems in a different business helps one get ideas to navigate the problem & find creative solutions. Personally, it’s just a great motivating factor. When overwhelmed with a problem, being able to talk to someone who tells you that they have been there and seen similar problems elsewhere, and tells you that you are not alone and that this too shall pass.
As we bring our whole selves to work every day, the lines between professional and personally, get blurred sometimes. In personal lives, one chooses to seek out the ones who know us deeply. Usually the teachers or professors from student lives. Professionally also, the investors also keep you real. They call you out when something is not right and at the same time, they are also the wind beneath a founder’s wings. They also add great value in connecting you with the right people, helping you build a roadmap and provide a safe sounding board. Also considering that there are Gen-Z in the workforce who bring a completely different mindset, reverse mentoring can also help massively. I reach out to the youngsters in the organisation from time to time.
Ritesh Ujjwal | CEO & Co-Founder, Kofluence
Mentors contribute in multiple ways and it can be contextual or acting as sounding board or to help clarify the thoughts. The sample case in point is let’s say, you’ve successfully travelled a journey from 0 to 1 and you need guidance to get from 1 to 10. Mentors who have chartered the path (Need not be from the same industry) will be instrumental in helping understand the big picture, provide guidance on approach and key levers along with risks.
Conclusion
Apart from all these benefits, mentors can help in other things as well. Entrepreneurs will definitely realise that when they decide to get a mentor for themselves. When you have a mentor, not only if they give you advise regarding your business but they will also help you in creating a proper work-life balance.
The role of startup accelerators is increasing in startup communities throughout the world. A startup accelerator is also known as a seed accelerator. It is a business program that supports startup companiesthroughfinancing, mentorship and education. The accelerators have the potential to improve the outcomes of startups and to spill these benefits into the wider startup community. You must be wondering like What is an accelerator? How do startup accelerators work? How do startup accelerators make money? etc. Don’t worry, we are going to answer all these questions in this article.
Y Combinator was the first independent startup accelerator that was started in Cambridge in 2005. Later, Paul Graham moved this into Silicon Valley. After its success, startup accelerator programs started to grow swiftly across Europe and the United States. It includes Seedcamp (2007), Techstars (2006), Startupbootcamp (2010), Tech Wildcatters (2011), and Boomtown Boulder (2014).
The popularity of startup accelerator programs increased in the US and Europe. Seedcamp, Startup Bootcamp, and Startup Wise Guys are the top-rated accelerator programs in Europe. In April 2012, Forbes presented an analysis of startup accelerators. According to that, there was a significant growth of corporate accelerator programs since 2010. Around one-third of startups received accelerator funding models through the accelerator program by 2015. Some large corporations have created their own accelerator programs. They focus on specific categories, but it follows similar principles.
With the emergence of the COVID-19 pandemic, many accelerators such as Y Combinator, SOSV’s family of accelerators and BEAMSTART have shifted their approaches by running most of the programs and Demo Days online.
Startups need to submit an application to join an accelerator. Once the application is approved, the accelerator will give services and resources such as advising hours, shared coworking space, guest speakers, and a negotiated amount of capital. The average term period of a startup accelerator model is 3-4months. Also, the ownership of the startup should be around 3-8%. The help of an accelerator ends with a demo day or graduation after startups present their work and move forward independently.
Startup Accelerator Business Model
Biotech, tech hardware, and AI are the popular sectors of the startup accelerator business model. Also, so many brands have got support from accelerators. Play Tech Center and the Silicon Valley accelerator Plug have assisted PayPal, Google, and Zoosk to convert their ideas into businesses. Y Combinator is another popular accelerator. They released Dropbox, Airbnb, and Reddit. A startup accelerator named Techstars has sponsored more than 21 startups.
Characteristics of An Accelerator Program
Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs that include mentorship and educational components and culminate in a public pitch event or demo day. These are the 4 factors that make accelerators unique from other startup institutions such as incubators, seed-stage venture capitalists and angel investors.Accelerators can give useful resources to organizationsat all stages of development. But most accelerator programs are focusing on pre-revenue. To qualify as an accelerator requires a number of characteristics. The characteristics of a startup accelerator are given below.
1. It is a fixed-term business program with a start and an end.
2. It is a cohort of startups.
3. It includes a group of advisors to support the startup.
4. It is an educational program for the transferring of acquired knowledge.
5. It is a selection process, so the cohort of startups is considered the best.
Accelerators provide two types of knowledge where mentors pass the tacit knowledge from what they have learned over the years and the acquired knowledge is transferred through training sessions, workshops, and other structured education. Startup accelerators offer acquired and tacit knowledge through the combination of structured education and mentors. It has efficiency for the transferring of the value it creates by forming a group of startups.
The accelerator chooses the best startups from a large number of applicantsand brings those startups together in such a way that corporations, investors, and others can meet them. It also chooses and brings a group of mentors who give knowledge, advice, and new contacts to startups for development. The accelerator provides a diverse network with a wide range of experience and knowledge.
This group works as a class at a university that allows delivering one lesson to a group of startups at once instead of delivering lessons to individuals multiple times. It focuses on participants who form an ecosystem around the accelerator and provide an opportunity for them to meet a group of startups at once instead of finding and meeting them all individually.
It is provided to overcome the lack of knowledge and networks of startups. Accelerators aremainly funded by corporations, government agencies, or investors to identify and support new innovations. The startups make returns in the form of investment returns, economic development, and new technologies.
An accelerator program mainly includes 6 processes:
Process of an accelerator program
Apply and Get Accepted
After submitting applications, only 1% to 3% of applicants get acceptedfrom total applications. During this process, the startups can interact with the operator and discover more details about them. Startups don’t have an obligation to join and accept the program until they sign any paperwork.
Get Funded
Money is one of the major reasons that founding teams and entrepreneurs selecting the accelerator path. Accelerators provide seed money to the company that ranges from $10,000 to $120,000. Although some have recently withdrawn the amount of funding they provide, they point to funding as a major obstacle to success as that may affect future fundraising activities.
Focus
A big advantage of this system is that it focuses on entrepreneurs. According to the Harvard Business Review, they are being dragged into the process for 3 to 6 months. This is an intense time, and participants are forced to focus and make progress.
Learn
Learning is a big part of the process. It includes opportunities such asseminars, workshops, and mentorship opportunities wherein it covers topics relevant to starting a venture, pitching practice, and the legal aspect.
Network
Entrepreneurs have ample opportunities to network with potential investors and other industry support providers, during the acceleration period. These connections are very valuable.
Demo Day
The process ends in graduation or on a demo day, where every startup in the cohort presents and pitches. This is the place for proving the time and experience invested by startups. Founders of startups usually include15 to 20 slides on their pitch decks as part of the presentation.
Efficiency of Accelerators
Accelerators bring the various groups of participants around their program and facilitate interactions between them very efficiently. They bring the best startups by running a selection process that includes an open and broad application process. The evaluation is done by respected individuals. The high quality of startup has an important value within the accelerator. It attracts investors.
Another major attraction of accelerators is the mentors. A mentor provides networks and tacit knowledge to the cohort. It makes mentors an important part of accelerators. Failure to ensure that mentors receive appropriate remuneration for giving their knowledge and time can lead to mentors losing interest quickly or failing to engage. The way of gathering startups together into one space and deal with them quickly in a fixed-term program, creating the same efficiency as a university collecting students into classes.
The efficiency of Startup Accelerator
Mentors are able to address all startups simultaneously, so that knowledge is effectively transmitted. Accelerators can provide a way to survey and filter out many innovators, such as startups, academics, or individuals. By choosing the best from the applicants, the accelerator makes a validated cohort of startups that are valued by others, such as investors and mentors.
The accelerator experience is fast, intense, and in-depth educational process aimed at shortening the years of worthwhile learning into a few months and accelerating the life cycle of innovative startup companies. A real accelerator has very specific identifiers. If you can access them, they can give you a lot of benefits. Not everything is created equal. There are so many differences that exist between the successes of the graduates.
Startup accelerators periodically select a batch of companies, usually in the same early stages of their lifecycle. In return for a small portion of equity, they offer advice, investor connections, and mentorship.
Is joining an accelerator worth it?
Most startup accelerators provide seed money in exchange for equity in your startup. So, if you are someone who doesn’t want to dilute the equity at the initial stage, going for an accelerator program will be a bad idea. However, there are few accelerators programs that don’t take any equity in the startups.
How do startup accelerators make money or how do accelerators make money?
The accelerator would charge startups by offering desks for rent. In a way, the accelerator is actually offering similar services to a co-working space. Alternatively, accelerators make money through offerings of training and consultancy services for startups, in exchange for money or equity.
What is a startup accelerator?
A startup accelerator is an organization that offers mentorship, capital, and connections to investors and business partners. It is designed for selected startups with promising MVPs and founders, as a way to rapidly scale growth.
What is the list of the best startup accelerators in India?
The list of best startup accelerators are as follows:-
Cisco Launchpad.
GSF Accelerator.
Microsoft Accelerator.
Indian Angel Network.
iCreate.
Google Launchpad.
Amity Innovation Incubator.
Angel Prime.
How do I start my own accelerator business?
Step 1: Found your own company or at least work at a startup.
Step 2: Participate in the community.
Step 3: Talk about the community.
Step 4: Invite the community in.
Step 5: Create a common space.
Step 6: Keep doing all of that stuff or even more, but faster.
Prithvi Durai
