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  • How to Open a Diagnostic Centre in India: Business Plan, Requirements, Licenses & Setup Cost Explained

    Accurate treatment needs accurate diagnosis. Diagnosis is the first step towards curing disease or disorder. The need for labs is increasing day by day as the number of patients and life-threatening diseases are increasing. The availability of medical diagnostic centers in all parts of the nation is very important. This is a great opportunity for someone who wants to start a medical diagnostic center.

    The global medical diagnostic centre business services market is big and growing fast. In 2023, it was worth $211.27 billion and is expected to reach $449.78 billion by 2033. This means it could more than double in the next 10 years. The market is growing at an average rate of 7.9% each year from 2024 to 2033. This shows that more people are using medical tests and services around the world. Starting a diagnostic center business requires proper planning, investment in equipment, and meeting all regulatory requirements. Before starting operations, it’s important to understand all diagnostic centre requirements, including licenses, equipment, trained staff, and proper infrastructure.

    Facts and Details about Diagnostic Centers
    Steps Involved in Starting Diagnostic Centers

    1. Registration and Licenses
    2. Qualification Requirement
    3. Choose Your Location
    4. Setup Requirement
    5. Infrastructure Requirement
    6. Hiring Staff
    7. Space Requirement
    8. Software Tools
    9. Equipments

    Facts and Details about Diagnostic Centers

    Indian Diagnostic Labs Market
    Indian Diagnostic Labs Market
    • Growing Demand: More people now focus on preventive care due to rising cases of cancer, diabetes, and heart disease.
    • Health Awareness: Early detection and regular health checkups are becoming a priority, leading to higher use of diagnostic services.
    • Stronger Economy: With more middle-class families and higher incomes, spending on health is increasing.
    • Better Insurance: Wider health insurance coverage is making diagnostics more accessible to the public.
    • COVID-19 Effect: The pandemic showed how important testing is, pushing more demand and lab expansion.
    • Tech Upgrades: New tools like molecular diagnostics and genetic testing are making tests faster and more accurate.
    • AI and Automation: Labs are now using automation and AI to speed up processes and improve results.
    • Home Testing Trend: The rise of telemedicine and home care has boosted demand for at-home test kits and mobile labs.
    • Improved Standards: Big diagnostic chains are bringing better quality, consistency, and trust to the industry.
    • What’s Ahead: With growing focus on health and wellness, the diagnostic market in India will continue to grow in the coming years.

    Types of medical tests performed in diagnostic center

    • Clinical pathology – Tests are performed on blood to identify the presence of disease-causing organisms.
    • Bio-Chemist – a laboratory that analyses body fluids such as urine and blood
    • Radiology – Medical tests using imaging techniques such as CT scan, x-rays, MRI, PET, and ultrasound.

    Steps Involved in Starting Diagnostic Centers

    Steps Involved in Starting Diagnostic Centers
    Steps Involved in Starting Diagnostic Centers

    Registration and Licenses

    Creating a strong diagnostic centre business plan is essential for setting up a successful and profitable healthcare venture. The first step towards starting your medical diagnostic center is to get your business registered and acquire licenses in order to earn credibility. The medical industry is all about safety and hygiene. There are many rules and regulations to ensure the same. Following those rules will increase credibility, gain customer trust and satisfaction. To get your test reports accepted at hospitals and nursing homes, a license is required.

    Getting registered:

    • Trade license (Shop Establishment Act) – At nearest Municipality or Panchayat office
    • Clinical Establishment Act
    • Biomedical waste disposal body

    For clinical establishment act Biomedical waste disposal body you can apply online on their respective websites.

    The license required for diagnostic centre are as follows:

    • Accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) – This license is optional, it is applicable or large center only.
    • Accreditation from Good Clinical Practices (GCP)
    • Waste generation approval from the pollution board in your state
    • Fire Department NOC
    • Municipality NOC

    Qualification Requirement

    You must be a qualified pathologist and must have the required license to practice from the Medical Council of India. You will require a biochemist, pathologist, and microbiologist. Lab technicians must have a Diploma or Bachelors’s in medical lab technology.

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    Setup Requirement

    The setup cost of the lab purely depends on the service offered and the investment you make. A good business plan is necessary to grow your business. As normal lesser investment then lesser will be the number of patients for whom the service offered. If there is more investment and most importantly that spend adequately on infrastructure, staff, machinery, and software tools the higher will be serviced, and the higher will be the incoming and outgoing of patients from your lab. Here we understand that the most important five parameters like infrastructure, space. staff, equipment, and software tools which decide the total entire setup planning and organization.

    Choose Your Location

    After planning your setup, the next important thing when starting a diagnostic clinic in the Philippines is choosing the right location. If you’re the only clinic in the area with complete services, many people will come to you. But it’s also a good idea to open your clinic near a hospital or other clinics. This way, you can attract patients who are looking for better services than what others offer. Your location can help bring in more customers.

    Infrastructure Requirement

    The setup was due to give focus on the infrastructure of the lab because it may help staff work efficiently without any disruption. There should be a very clear layout planned for various rooms and treatment areas so that all the planned activities of each department are done smoothly. There must be the availability or accessibility of various services of the lab should be well communicated to the patients who visit the lab for tests.

    The other most important thing is that the level of cleanliness should be always kept high. As this relates to the medical activities, there may be some minor deviation from healthy surroundings which will lead to serious problems for both the patients and the staff working there.

    Some facilities are necessary:

    • Clean restrooms
    • Waiting area
    • Blood collection lab
    • Lab equipment
    • Processing
    • Examination
    • Storage and waste disposal
    • Wheelchairs
    • Other basis elements of hospital
    Diagnostic center and work process
    Diagnostic center and work process

    Hiring Staff

    Any organization is nothing but a reflection of its staff. You will need a highly-skilled team of professionals. Doctors, nurses, technicians, pathologists for the success of your pathological center. The staff who is selected to work in the lab must have standard qualifications for respective designations. The recruiting process must go with various rounds if screening and the final resulting staff are efficient enough o handle the complex problems in the medical field.

    The lab technicians who are appointed must have enough control and knowledge over the machines used in the lab. They should be provided with training and induction programs during the initial stages of their appointment.

    The work and other operations of the lab will be achieved well if the training is given properly. The staff who are regularly working in the lab must be vaccinated with necessary medicines to protect them from the communicable diseases of the patients.

    The staff who are appointed must be assisted by a medical representative who will perform the activation of updating the staff with changing techniques. The medical representative will be informing you and the staff regularly about the dynamic conditions in the medical field. Innovations, new medicines, and new techniques will be informed so that you make necessary changes in the methods of finding results.

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    Space Requirement

    Space should be able to accommodate at least 100 patients. Patients should not be left to merge and sit together or have a congested environment due to insufficient space. Space planning is necessary to place things right at their place. Clubbing to two or more departments performing various activities should not happen possibly that may give misplaced results or any undesirable condition.

    Software Tools

    To set up a modern and hi-tech lab everything becomes computerized. This helps in working in an organized manner. This will eliminate errors in results and will be an efficient time-saving opportunity. Having a record of their medical history will be possible with strong software tools and staff with adequate knowledge in this field. Diagnosis will also require efficient systems and programming to arrive at the results.

    Here is a list of modern software that helps in lab management:

    • Thinklab – it is an easy-to-use software that keeps a track of medical records, scheduling & appointments, specialization based EMR, prescription management, case-based tracking, billing, inventory, analytics & MIS, alerts and notification, private chat, etc.
    • ThinkWide– A fully automated laboratory solution that helps in the supervision of nursing homes, polyclinics, medical shops, pathology, and radiology labs.
    Indian Diagnostic Industry – Market Structure
    Indian Diagnostic Industry – Market Structure

    Equipments

    The equipment required for the pathology lab has a different range of items. The smartest way to purchase them all by having a checklist otherwise you might miss one or two important items. If your lab is short of necessary equipment then it will be rated as low. Having a various range of testing tools is the only way to make your lab more productive for the patients coming. We all know that the basic expectation of any patient will be the availability of all the required services in one place. From this, the most important part is the safety aspect of the purchased equipment. It is a better option to carry out preventive maintenance, than breakdown maintenance.

    Some of the most important equipment needed in a pathology lab are as follows:

    • Full auto analyzer
    • Semi-auto analyzer
    • Elisa washer
    • Elisa reader
    • Blood cell counter
    • Microscope
    • Centrifuge
    • Regent and chemicals
    • Deep fridge
    • Dispensing scale
    • Blood gas analyzer
    • Colorimeter

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    Marketing Plans

    Making locals aware of your services is another big task. A good marketing plan ensure an increase in awareness about services provided by your lab. By implementing a good strategy, you can attract more patients to your lab. In today’s modern world everything and everyone is connected to the internet. Generally, people rate the medical sector on the basis of services provided.

    • Having tie-ups with hospitals will be a very effective method of marketing.
    • Tie up with hospital or organization for mass checkup of locals provided at little lower costs.
    • A Functional Website
    • Facebook and Other Social Media
    • Search Engine Optimization of your website
    • Word of Mouth and Internal Marketing
    • Automate your Operations

    FAQs

    How to open diagnostic centre in India?

    For starting a diagnostic center, you will first need to register your business and get required licenses. There are many rules and regulations in India for starting diagnostic center. You will need to follow all the rules and laws to gain credibility, customer loyalty, satisfaction, and results acceptance at hospitals and nursing homes. Hire qualified staff and find a right location for your business. Plan and design space to keep patients comfortable and at a safe distance. Make a good plan and you are all set to launch your diagnostic center.

    License required for diagnostic center

    • Accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) – This license is optional, it is applicable or large center only.
    • Accreditation from Good Clinical Practices (GCP)
    • Waste generation approval from the pollution board in your state
    • Fire Department NOC
    • Municipality NOC

    Marketing plan for Diagnostic center

    Your product should speak for itself. Keep your customers satisfied with good services and they will be spreading word of mouth for your business. Also technology will be very helpful in this context. You can increase your reach using SEO and digital media.

    • Having tie-ups with hospitals will be a very effective method of marketing.
    • Tie up with hospital or organization for mass checkup of locals provided at little lower costs.
    • A Functional Website
    • Facebook and Other Social Media
    • Word of Mouth and Internal Marketing

    What are the requirements to open a diagnostic centre?

    To open a diagnostic centre, you need medical licenses, certified staff, quality equipment, proper space, and government approvals.

    What are the documents required for diagnostic centre?

    Documents required for a diagnostic centre in India include a trade license, pollution control certificate, lab registration, NOC from the fire department, and approval from local health authorities.

    What is diagnostic center setup cost in India?

    The diagnostic center setup cost in India can range from INR 15 lakhs to INR 1 crore or more, depending on the size, location, and type of services offered. Basic pathology labs cost less, while centers with advanced imaging like MRI or CT scans require higher investment.

    What is the qualification required to open a pathology lab?

    To open a pathology lab in India, you typically need a pathologist with an MD or DNB in Pathology. Additionally, you must have qualified lab technicians (DMLT/BMLT) and appropriate licenses from health authorities like the Clinical Establishment Act and local municipal bodies.

  • Women-Led Startups That Made Waves on Shark Tank India

    Shark Tank India has evolved into a platform where entrepreneurs present their unique ideas to a panel of experienced investors in the hopes of securing funds to make their dreams come true. The number of female-led firms making headlines on the show has increased noticeably in the seasons.

    Historically, entrepreneurship has been viewed and portrayed as a male-dominated arena. This is because men and women have traditionally been allocated distinct roles and obligations based on cultural and societal conventions. Women’s lack of educational and vocational resources has further restricted their attempts to enter the entrepreneurial world. 

    In recent years, there has been a growing recognition of these problems, and attempts have been undertaken to promote inclusivity and diversity in business. Initiatives to promote women in business, shifts in cultural attitudes, and policy initiatives to address gender gaps are all gradually shifting the narrative. The way people view entrepreneurship is slowly changing as more women succeed in it and break down conventional boundaries.

    Parul Gulati – Nish Hair
    Simran Khara – Koparo Clean
    Arpita Aditi – Dil Foods
    Ananya Maloo and Anushree Maloo – Nuutjob
    Yeshoda Karuturi and  Rhea Karuturi – Hoovu Fresh
    Aditi Gupta – Menstrupedia
    Kanika Talwar – Cosiq Intelligent Cosmetics
    Surabhi And Chetna Shah – Carragreen
    Malvica Saxena – The Quirky Naari
    Aditi Madan – Bluepine Foods
    Vidushi Vijayvergiya – ISAK Fragrances
    Rishika Nayak – The Sass Bar

    Parul Gulati – Nish Hair

    Parul Gulati - Nish Hair
    Parul Gulati – Nish Hair

    Nish Hair is a brand launched in 2017 by Parul Gulati, which was initially a home-based endeavor founded with the main motive of normalizing hair loss through affordable high-quality hair extensions. The brand specializes in 100 percent human hair extensions, toppers, and wigs, catering to various requirements that hair may call for, including experimenting with thinning hair to relive hair-styling fun.

    Having started with a few challenges to overcome, Parul went door-to-door selling products and made ₹40,000 in the first year. The brand steadily rose with the help of social media, especially on Instagram, to ₹50 crores by 2023. This milestone was marked at Shark Tank India Season 2, where Parul secured ₹1 crore from Amit Jain for a 2% equity stake, while other sharks made counteroffers. 

    Nish Hair’s sales skyrocketed threefold after Shark Tank and greatly contributed to brand visibility and confidence in the team. The company intends to expand prescription hair solutions for men and strengthen its global presence. Nish Hair was still focusing on organic growth, but now that they have visibility, they are channeling funds toward marketing to target a wider audience.

    Simran Khara – Koparo Clean

    Simran Khara - Koparo Clean
    Simran Khara – Koparo Clean

    Founded by Simran Khara in February 2021, Koparo Clean makes non-toxic plant-based products designed for consumers’ lives, such as dishwashing liquids, floor cleaners, hand washes, and more, all without chemicals like ammonia and chlorine. It has become India’s first coconut-based cleaning brand that uses surfactants derived from coconuts and sugar cane. Since the product formulation was initially difficult-from natural to effective- the first four products were released early in January 2021. The big part was when it featured on Shark Tank India Season 3, and Simran got ₹70 lakh for 1% equity from Vineeta Singh and Aman Gupta.

    Koparo used to sell point products quietly till the time its visibility increased post-Shark Tank and reached a monthly revenue of about ₹3 crore and an expected annual revenue of ₹12 crore. Partnerships with Reliance Retail, Modern Bazaar, and countless other e-commerce platforms helped advance the brand and its market reach further. In FY23, revenue grew 7.3 times to ₹4.4 crore. However, increased costs raised losses, even though EBITDA margins and ROCE improved. Shark Tank played a key role in strengthening Koparo’s position in the toxin-free home cleaning segment.

    Arpita Aditi – Dil Foods

    Arpita Aditi - Dil Foods
    Arpita Aditi – Dil Foods

    Dil Foods, founded by Arpita Aditi in April 2022, works as a virtual restaurant brand bringing the traditional flavors of India into the digital dining space. Handling eight virtual food brands, including Dil Punjabi, Bihari Bowl, and House of Andhra, the company partners with local restaurants, enhancing their asset utilization via its model of innovation.

    The lyophilization process is applied by Dil Foods to retain powdered food, ensuring that consistency is being honored across its partner kitchens. In just 1.5 years, it has partnered with 65 plus restaurants and worked with 111 outlets resulting in ₹6 crore of revenue. Arpita’s major achievement includes the Shark Tank India show, where she raised ₹2 crore for 2.67% equity from multiple investors valuing the company at ₹75 crore.

    Post-Shark Tank, Dil Foods became more visible, drawing other restaurant partners and customers. In October 2023, total sales made ₹13.2 crore with a net profit of ₹87 lakh, giving an EBITDA margin of 5%. Increased brand awareness continued the growth, assisting restaurants in boosting profits and efficiencies through training and cost management.

    Ananya Maloo and Anushree Maloo – Nuutjob

    Ananya and Anushree Maloo - Nuutjob
    Ananya and Anushree Maloo – Nuutjob

    Nuutjob is an Ahmedabad-based brand founded by the sisters Ananya and Anushree Maloo in 2020. Their company specializes in men’s intimate hygiene products. Observing the demand for the natural and chemical-free grooming products for male hygiene aspects, the two women decided to launch the much-required products.

    Starting with a proof of concept in 2020 and with full-fledged sales commencing in 2021, during the very first year, Nuutjob had sales of around 500 units and ₹5 lakh revenue. Shark Tank India Season 2 in January 2022 came as a landmark moment for the company. Here, they could not secure a deal, but the publicity gave a major fillip to their brand name and market.”

    After Shark Tank, Nuutjob expanded its product portfolio and distribution, while educating the consumers about male intimate hygiene. The recent run rate for the monthly revenue in FY 2023-24 has been between ₹5 lakh and ₹10 lakh, giving an annual turnover of ₹60 lakh to ₹1.2 crore. Due to increasing customer engagement and good traction in the market, it plans to double its revenue by 2024-25, thus becoming a prominent player in the men’s hygiene domain.

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    Yeshoda Karuturi and  Rhea Karuturi – Hoovu Fresh

    Yeshoda and Rhea Karuturi - Hoovu Fresh
    Yeshoda and Rhea Karuturi – Hoovu Fresh

    Founded by sisters Yeshoda and Rhea Karuturi, Hoovu Fresh sells fresh puja flowers and other allied products. Using the family’s experience in floriculture, Hoovu Fresh developed packaging that enhances the shelf life of flowers, from 2 to 5 times longer, therefore enhancing the flower trade in India which is very fragmented.

    By partnering with farms, they have reduced the timely cycle from harvest to delivery so that consumers can enjoy flowers with enduring freshness. Their ₹1 crore investment for a 12.5% equity stake from Peyush Bansal and Aman Gupta in Shark Tank India Season 2 was a catalyst for the brand name gaining recognition, thus giving Hoovu Fresh an edge over other competitors in the market. Today, with an annual turnover of ₹8 crore, Hoovu Fresh is the biggest puja flower brand in India.

    After appearing on Shark Tank, the company has paralleled growth in the business by also partnering with the likes of Big Basket, Zepto, Swiggy, and Instamart, through which their products were made available in most major Indian cities. They have also diversified into more sustainable products, for example, incense sticks which they make from floral waste. The recognition for innovation and impact at the Karnataka Women Achievers Awards helps strengthen its reputation in the industry.

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    Aditi Gupta – Menstrupedia

    Aditi Gupta - Founder, Menstrupedia
    Aditi Gupta – Founder, Menstrupedia

    Aditi Gupta is a National Institute of Design, Ahmedabad alumna who has worked as a menstruation educator for the past eight years. Aditi is the founder and CEO of Menstrupedia, the world’s most revolutionary menstrual education firm. She has influenced the lives of 13 million girls globally, trained 10,000 educators, and taught more than 50,000 girls about their periods.

    In recognition of her efforts to eliminate the stigma associated with menstruation, Aditi was named one of Forbes India’s 30 under 30 in 2014. She is a TED speaker, a UN Goalkeeper, and one of the BBC’s top 100 women. Aditi wishes to build a future where menstruation is not embarrassing but a welcoming change.

    Her comic blends storytelling and sequential art to teach young girls about menstruation in an instructive and entertaining way. These comic novels are part of the curriculum in over 25,500 Indian schools. Menstrupedia Comic is available in 20 languages and used in 23 countries worldwide. Her teaching methods are also culturally sensitive, making them well-embraced by over 1.5 lakh Indian parents. Founders Aditi Gupta and Tuhin Paul were offered 10% equity for ₹50 lakhs after being featured in Shark Tank India Season 1 Episode 6 by Namita Thapar.

    Kanika Talwar – Cosiq Intelligent Cosmetics

    Kanika Talwar - Cosiq Intelligent Skincare
    Kanika Talwar – Cosiq Intelligent Skincare

    Kanika Talwar has extensive experience in management, operations, and information technology and a track record for achieving results and meeting deadlines. She has worked in multiple fields and has a vast knowledge of team management. Kanika’s expertise includes launching new businesses and overseeing operations with cross-functional teams around the globe. 

    Kanika Talwar co-founded CosIQ, a molecular skincare brand that provides scientifically proven, effective, affordable skincare products, delivering intelligent skincare. The brand launched India’s first Sunscreen Serum and first-only 2-ingredient Vit-C Serum. CosIQ received INR 50 lakh in funding for a 25% stake from Shark Tank India judges Vineeta Singh and Anupam Mittal. Being only a four-month-old startup at that point, the funding motivated Kanika and Angad Talwar to build up their brand to be revolutionary. 

    Surabhi And Chetna Shah – Carragreen

    Surabhi Shah & Chetna Shah - Carragreen
    Surabhi Shah & Chetna Shah – Carragreen

    Surabhi comes from a business family making paper packaging products for the food sector for 35 years. This honed her talents at the company, and she managed the setting up of an in-house printing unit, simultaneously paving the way for Carragreen to take shape as her baby. Surabhi Shah is a professional engineer who is also a passionate ecopreneur. She is in charge of product manufacturing, marketing, and financing. 

    Chetna Shah, her partner and co-founder of Carrageen, is a valuable source of inspiration and expertise. She is a skilled artisan and art collector, possessing a wealth of baking knowledge. She handles customer research and product development. 

    After reading about sustainable living, they came up with the business idea to replace plastic in the packaging industry. Giving consumers access to eco-friendly substitutes for everyday items became their primary objective. Their company offers pencils made from newspapers, recycled paper, and biodegradable spoons that replace disposable plastic and wooden spoons at affordable prices. Carragreen introduced reusable and biodegradable “carraspoons” and “carraboxes.” The items quickly became their best-selling items due to their unique and innovative designs. Anupam Mittal and Peyush Bansal invested INR 50 lakhs in their creative proposal for 20% equity. 

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    Malvica Saxena – The Quirky Naari

    Malvica Saxena - The Quirky Naari
    Malvica Saxena – The Quirky Naari

    Malvica Saxena is the mind behind The Quirky Naari, a fashion and lifestyle company that uses digital platforms and developing technology to promote quirky fashion among millennials and Generation Z. 

    The Quirky Naari originates in Mathura, where Malvica lived and experienced personal struggles before realizing the healing potential of art. Her love of hand-drawing patterns on shoes inspired her to create a fashion company that encourages people to embrace their uniqueness and take risks with their lives.

    Her study revealed that firms creating handpainted footwear did not focus on customization, which could potentially be her area of expertise. The Quirky Naari sells a variety of customized things, including bridal sneakers, handpainted sneakers, and handpainted jackets.  

    Malvica made an appearance on Shark Tank India Season 1 Episode 20, during which she captivated the judges with an exhibit of her unique creations and secured INR 35 lakhs from Vinita Singh and Anupam Mittal in exchange for a 24% stake in his business.

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    Aditi Madan – Bluepine Foods

    Aditi Madan (Momo Mami) - Bluepine Foods
    Aditi Madan (Momo Mami) – Bluepine Foods

    Chef Aditi Madan is a role model for small-town women who want to stand out because of their talents. With her leadership abilities, a regular lady became a successful businesswoman, company representative, and food brand owner. Aditi had an excellent opportunity to display her culinary skills on Amul India MasterChef Season 3 when Chef Vikas Khanna gave her the title “Momo Mami.” From the start, her idea was transparent. As quick meals became more and more necessary, she started looking into and trying six-month-shelf-life frozen momos that were free of preservatives.

    Bluepine Foods is a young, convenient, innovative, and environmentally conscious food startup. Bluepine Food’s Momo Mami has established itself as a category leader in a new market of preservative-free, frozen momos made from various fresh ingredients. These momos and dumplings aim to bring back the feelings of a traditional home-cooked meal. 

    Aditi Madan approached Shark Tank with a pitch aimed at getting INR 50 lakhs; however, after numerous rounds of discussion, the deal was agreed upon at INR 75 lakhs for 18% equity by Ashneer Grover, Vineeta Singh, and Aman Gupta.

    Vidushi Vijayvergiya – ISAK Fragrances

    Vidushi Vijayvergiya - Isak Fragrances
    Vidushi Vijayvergiya – Isak Fragrances

    Vidushi Vijayvergiya, the Founder and CEO of ISAK Fragrances, began her journey as a perfume and serial entrepreneur to understand the new world, as well as her deep passion and research in aroma customization in Switzerland, France, and India. It let her see the true potential that perfumery manufactured in India has globally. 

    With over 150 years of family experience, ISAK is a fragrance house committed to crafting unmatched, handmade Indian scents with uncommon notes and combinations. The initiative aims to promote Indian perfumery and its craftsmanship on a global scale. Vidushi stands out for its ambition to bring back the allure of Ittars, concentrated perfumes created with essential oils historically associated with the royal family and luxury.

    The opportunity for customers to design their perfumes with a 100% handmade and organic composition, as well as the potential for expansion, is what facilitated this fragrance brand to acquire INR 50 Lakh for 50% equity from renowned entrepreneur Peyush Bansal.

    Rishika Nayak – The Sass Bar

    Rishika Nayak - The Sass Bar
    Rishika Nayak – The Sass Bar

    Rishika began her work at the age of 19 intending to fulfil the American Dream. She has worked as a stylist for a production house, a strategy executive for an events and intellectual property company, an account executive for a retail design firm, and a fashion buyer and communications manager for a startup. This was before she co-founded the Urbane womenswear brand. 

    The Sass Bar is Rishika’s second business venture. The company specializes in handcrafted soaps that resemble and smell like mouthwatering desserts. They come in various fragrances and are rich in cocoa and shea butter, devoid of SLS and parabens, using skin-safe colorants and biodegradable glitter. She even collaborated with other artists to develop specialized gift gifts based on various subjects such as travel, food, and music. 

    This brand impressed the judges with its appearance, who mistook it for eatables. Due to its USP, the brand was able to secure a deal with Anupam Mittal and Ghazal Alagh for INR 50 lakhs for a stake of 35% equity.

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    Conclusion

    In conclusion, the journey of these top women-led firms that obtained funding from Shark Tank India demonstrates women’s perseverance, inventiveness, and entrepreneurial spirit in business. As these entrepreneurs expand and make their impact in their chosen fields, they pave the way for other women to follow in their footsteps. The stories of these great entrepreneurs not only inspire today’s generation but pave the path for a more inclusive and diverse future.

    FAQs

    What is Menstrupedia?

    The Menstrupedia comic serves as a global educational guide, with a specific focus on India, aiming to inform people about menstruation.

    What was the deal made by Aditi Madan (Momo Mami) in Shark Tank?

    Aditi Madan secured a deal of INR 75 lakhs for 18% equity by Ashneer Grover, Vineeta Singh, and Aman Gupta.

    What is Shark Tank about?

    Shark Tank India has transformed into a stage where innovators showcase their distinctive concepts to a panel of seasoned investors, aspiring to secure funding to turn their aspirations into reality.

  • The Startup Revolution in Uttar Pradesh Is Fuelling India’s Innovation Boom

    In a recent Rajya Sabha session, Union Minister of State for Commerce and Industry Jitin Prasada revealed that Uttar Pradesh (UP) has become a notable state, home to about 9% of all startups in India. To encourage creative business endeavours and strengthen the startup ecosystem, the Uttar Pradesh government has contributed INR 1,000 crore to the UP Startup Fund. Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge, and Physics Wallah are eight of the 108 unicorns in India that are based in Uttar Pradesh. With firms dispersed throughout all 75 districts, the state has surpassed its initial 2025 target and established 10,000 startups by mid-2023.

    Growth of Startup Sector Reflects State’s Proactive Measures

    This impressive expansion of UP’s startup scene is evidence of the state’s proactive efforts to create an atmosphere that is conducive to business. The Uttar Pradesh government has put in place a number of laws and initiatives to assist entrepreneurs and position the state as an innovation hub because it recognises the potential of startups to spur economic growth and job creation.

    Through the creation of strong infrastructure, guaranteeing policy support, and encouraging innovation across industries, the state’s extensive StartInUP program seeks to create a world-class startup ecosystem. Creating one million square feet of incubation and acceleration space, supporting the growth of 10,000 companies (achieved before the deadline), building eight Centres of Excellence (CoEs) in high-potential regions, and constructing 100 incubators—one in each district—are just a few of its ambitious objectives.

    Supporting New Businesses in Tier 2 and Tier 3 Cities

    With almost half of the state’s startups originating from Tier 2 and Tier 3 cities, UP has concentrated on empowering entrepreneurs in these areas in an effort to decentralise startup growth. The state is facilitating economic growth in all 75 districts by encouraging innovation outside of large urban hubs. Around one lakh jobs have been created in the state as a result of this expansion, demonstrating the important role entrepreneurs play in fostering livelihood possibilities and enhancing local economies.

    UP is working to create agri-tech companies that tackle issues including low agricultural yields, poor food processing, and waste in rural areas. To assist businesses in cutting-edge fields including artificial intelligence (AI), drones, medical technology, blockchain, 5G and 6G, quantum computing, additive manufacturing, and space technology, the state government has donated ₹1,000 crore to the UP Startup Fund.

    Drafting Policies that Further Fuel the Growth

    In order to encourage innovation and entrepreneurship, the state has implemented regulations that provide incentives like tax breaks, seed money, and infrastructure support. The Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) plan was introduced in early October 2024 with the goal of empowering young entrepreneurs by offering interest-free loans up to INR 5 lakh, with the goal of developing one lakh young entrepreneurs yearly. Similar to this, the Uttar Pradesh government has given the IT and IT-enabled services sector industry status in an effort to draw in multinational tech companies. This will allow these businesses to purchase property at industrial prices and strengthen UP’s standing as a major IT hub in North India.

    The state’s industrial potential has been highlighted in large part by events like UPITS 2024, which give business owners a chance to connect, look for collaborations, and enter new markets. An agreement to build a semiconductor production plant in Jewar, Uttar Pradesh, was inked in September 2024 between the United States and India. An important turning point in India’s technical development will be reached with the opening of this state-of-the-art facility, called “Shakti,” which will be the first of its type in the nation.

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  • In 2024, Mumbai Overtakes Bengaluru as the Most-Funded Startup Hub in India

    The Indian startup environment is steadily improving in 2024 after plunging to a seven-year financing low during the extended funding winter of 2023. At $12 billion, the total amount of money raised by Indian entrepreneurs increased 20% year over year (YoY), reaching levels last observed in 2020.

    The main highlight of the 2024 funding trend was Mumbai surpassing Bengaluru to become the nation’s most funded startup hub, according to the Indian Startup Funding Report 2024, even though the increase in overall funding has given the founders something to be grateful for and raised hopes for a better 2025. Mumbai’s startup funding skyrocketed to $3.7 billion in 2024, up from just $1.5 billion the year before, with an astounding 154% year-over-year (YoY) growth.

    Speaking on this development, Tanay Sharma, COO & Co- Founder, CITTA, sated “It’s exciting to see Mumbai overtaking Bengaluru as India’s most-funded startup hub in 2024. For years, Bengaluru has been the go-to city for startups, often called the ‘Silicon Valley of India,’ but Mumbai’s rise underscores the city’s versatility and growing appeal as a startup destination. Mumbai brings its own unique advantages to the table. Being the financial capital, it naturally attracts a strong investor network. Add to that its access to diverse industries like media, entertainment, fintech, and real estate, and it’s no surprise that the city is drawing significant startup funding.”

    Similar thoughts were echoed by Shreya Sharma, Founder, Rest The Case, she added, “Mumbai’s rise as India’s most-funded startup hub in 2024 isn’t just a reshuffling of numbers—it’s a powerful story of how the Indian startup ecosystem is evolving. From attracting $3.7 billion in funding—a staggering 154% jump from the $1.5 billion it raised in 2023—to dethroning Bengaluru, Mumbai is proving it’s more than just the financial capital; it’s the future of entrepreneurship. What’s driving this shift? It’s Mumbai’s unique blend of financial institutions, diverse talent, and the city’s relentless energy. Sectors like fintech, media, and consumer-focused startups have found their footing here, bringing a fresh perspective to India’s startup landscape.”

    “For a music-tech startup like Hoopr, Mumbai’s vibrant creative scene and access to a diverse talent pool across sectors have always been significant strengths. Overall, I also feel that Mumbai has a much stronger culture of inclusivity. I believe the city is poised to become a leading hub for innovation and entrepreneurship in India. That said, there is still a long way to go before Mumbai can rival the kind of ecosystem that enables startups to thrive and flourish in Bengaluru,” stated Gaurav Dagaonkar, Co-founder & CEO of Hoopr.

    Why Mumbai Notched Ahead of Bengaluru?

    Zepto‘s numerous large finance arrangements during the year are partly responsible for this surge. In June 2024, the fast commerce juggernaut raised $665 million in its Series F fundraising round, nearly doubling its valuation from $1.5 billion to $3.6 billion. In August and November, the quick-commerce giant raised a further $340 million and $350 million, respectively. As a result, Zepto contributed 37% of Mumbai’s overall 2024 fundraising boost. Notably, Zepto relocated its headquarters from Mumbai to Bengaluru this year. To keep the data consistent, Mumbai has been given credit for its funding rounds.

    “Zepto, this rising star contributed a whopping $1.3 billion to Mumbai’s total funding in 2024, showcasing how game-changing ideas are finding solid ground in the city. While Bengaluru still leads in the sheer number of deals (285 in 2024 compared to Mumbai’s 175), Mumbai’s growth signals that India is no longer a one-hub nation,” opined Sharma.

    In terms of median ticket sizes, Mumbai also surpassed Bengaluru, rising 15% year over year to $3.4 million. But when it came to the number of deals, the city trailed Bengaluru. In 2024, Mumbai had a meagre 4.5% increase in investment deals, with 175 projects coming to fruition. Bengaluru, in contrast, continued to hold the top spot with 285 transactions, which is 14% more than the 249 deals that were signed in 2023.

    Why Bengaluru is Still a Major Player?

    Mumbai is unquestionably a significant hub, but the city has suffered from a few issues. The departure of major corporations like Zepto from Mumbai would have a big effect. In the past, Ola has relocated its headquarters from Mumbai to Bengaluru. If key actors leave an ecosystem after it has grown, it will not thrive. According to Rajesh Sawhney, the creator of GSF Accelerator, these businesses require people as they grow, but Mumbai’s prospects are continually harmed by the city’s inability to get talent at a reasonable price.

    Since the majority of new founders come from larger startups or huge tech businesses, Bengaluru is gaining talent and startups from Mumbai. Future business owners are leaving Mumbai at the same time that big corporations are. He continued by saying that even though the city has the biggest pool of cash, there aren’t enough new businesses there, which results in little seed-stage activity.

    While Base-Level Activity is Still Low, Late-Stage Funding is Flourishing

    In 2024, Mumbai saw a significant increase in the number of growth-stage investment deals. In 2024, the city’s growth-stage startups raised $472 million or more, a 28% year-over-year increase. Additionally, the number of deals increased 67% year over year to 50 deals. In addition to the growth stage, Mumbai’s late-stage funding saw a 206% YoY increase to $3 billion or more. Furthermore, in 2024, there were 29 late-stage deals, a 16% increase.

    Mumbai accounted for four of the top ten investment deals in the Indian startup ecosystem in 2024. In addition to Zepto, notable investments were obtained by Mumbai-based startups PharmEasy, Eruditus, and Rebel Foods. In April 2024, the Manipal Group chairman Ranjan Pai’s family office led a $216.2 million fundraising round for the healthtech unicorn PharmEasy. Following in October, Edtech unicorn Eruditus raised $150 million in a Series F investment spearheaded by TPG’s global impact investing platform. Temasek led the $210 million Series G investment round for cloud kitchen unicorn Rebel Foods in December.

    What’s Up Next For Startups In Mumbai?

    Mumbai’s consumption is still high, and the city is still a financial centre with the media, entertainment, and Bollywood sectors at its heart. Consequently, the region is expected to produce advances in areas such as media technology and direct-to-consumer businesses. Additionally, the Maharashtra government is launching numerous startup initiatives. According to Uday Samant, the minister of industries for Maharashtra, the state hopes to increase the number of startups it has from the current 8,300 to 50,000 in the near future.

    The good news is that, thanks to the state’s proactive government measures, startups are seeing Maharashtra as a prime location to establish their manufacturing operations. The IPO-bound electric two-wheeler manufacturer Ather Energy said last year that it would open its third factory in the state to construct battery packs and e-scooters. India’s goal to become a global centre for chip production was further strengthened when the Maharashtra cabinet approved Adani Group’s plan to establish a $10 billion semiconductor manufacturing facility in partnership with Israel’s Tower Semiconductor. IIT Bombay’s Society for Innovation & Entrepreneurship (SINE) is also bolstering Maharashtra’s startup scene by establishing its first venture capital fund, worth INR 100 Cr, to assist tech-focused firms. 

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  • Impact of Economic Slowdown on Startup and How to Survive

    This article has been contributed by Sanjay Sehgal, Founder, Chairman and CEO, MSys Technologies.

    An economic slowdown can impact startups and businesses negatively. But it can also present some unique opportunities that can make a startup survive and thrive during a crisis.

    For any business, “recession” is the most feared word. By definition, a recession is two consecutive quarters of negative economic growth. There can be multiple reasons for this decline. However, the result for a business is almost the same. The economic slowdown is inevitable. However, this does not mean that navigating through the changed consumer behavior and uncertainty in the labor market will be easy. 

    However, if a business is strategizing beforehand and focusing on long-term goals, it will help it adapt to the changing environment of the market. A business might even emerge stronger and more resilient after weathering the recession. 

    What is an Economic Slowdown?

    A recession or an economic downturn is a period of slow economic growth, which includes declined GDP, a low growth rate in the job market, declining global demand, reduced credit availability, and increased cost of borrowing. The effect of recession is notable on both businesses and individuals, creating financial bubbles and often having negative effects on society at large. The looming fear of unemployment and hoarding habits, to name a few.

    The Most Common Causes of an Economic Slowdown

    There can be various factors, even a combination of multiple factors, that can result in a recession in a country or a region for a specific period. 

    • While high interest rates can help manage inflation, this can result in declining borrowing rates for both businesses and individuals, which results in reduced investment and spending. 
    • Financial bubbles created by rising stock prices, real estate, and commodity prices can evaporate with time. This can cause a sharp contraction in the economy.
    • A financial crisis in the country can lead to a recession, which can have a direct effect on businesses, big or small. 
    • Natural disasters or pandemics are unforeseeable circumstances that can lead to economic slowdown. The recent COVID pandemic has caused the door to close for many small businesses and startups. 

    Direct Effects of Recession on Startups

    Economic slowdown can translate into risk increases, reduced cash flow, and many other obstacles for businesses, especially startups. According to the reports of TICE, India’s startup news streaming OTT platform, 50%–70% of startups, backed by venture capitalists, had to stop operations in 2023. In fact, this platform says that the first quarter of 2024 is worse than 2023 in terms of companies closing doors due to the economic slowdown. 

    • For a startup, getting the funding is crucial. During a recession, this can be severely affected. Venture capitalists might reduce their funding, which will directly affect startups.
    • Raising funds from other sources can be difficult too. For seed funding or bootstrapping, the recession is not a good time to make a crucial financial decision.
    • Owing to the decreased cash flow, startups might have difficulty managing their operations, manufacturing processes, and delivery. 
    • While the recession affects business and investment, it also changes individual consumer behavior effectively, resulting in reduced leads and sales. 
    • Businesses might experience longer exits during an economic crisis.

    However, it is not all this bleak. There can be some opportunities too for startups during a recession. 

    • Due to the economic slowdown, the otherwise cutthroat market becomes less competitive. With proactive planning, startups can get an edge in this situation. 
    • Owing to the reduced demands, startups can get better deals from their vendors, which will help them save more while running the operations and manufacturing.
    • To keep up with the changed consumer purchasing behavior, startups can offer attractive deals, which will get them more business and sales. 

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    Strategies to Survive an Economic Slow Down and Grow Faster

    When it comes to the economic slowdown, having proactive strategies can help businesses in many ways. While survival becomes the priority during such times, the goal should be not only to survive but also to thrive. 

    Preparing a Financial Plan for Crisis

    Proactiveness requires a firm to prepare the company to handle the shock and downside of any crisis. So, to manage the effects of the recession, a startup must have a financial plan. This will help the business to thrive even during the economic slowdown. The steps for this should include:

    1. Complete evaluation of the monthly spending 
    2. Ensuring that the business has an emergency fund for such situations
    3. Active and regular analysis of the cash flow and investment
    4. Developing an alternate revenue plan for this situation 
    5. Regular debt clearance, especially the highest ones

    Reduction and Cost Efficiency

    Cost efficiency is not just about reducing costs but also optimizing the resources that are available to achieve the best results in any given situation. Cost efficiency will help the business preserve cash, maintain a regular chain of profitability, and finally keep the operations uninterrupted.

    Leveraging technology can help a business reduce the cost of wages and benefits of resources. In this way, operations can be streamlined and human resources can be used to perform high-value tasks. While core competencies can be managed by the business itself, some work that does not require the core competencies can be outsourced.

    Innovation and Diversification

    Innovation is key to helping a business adapt to adverse market conditions, find a competitive edge, and deliver to the ever-evolving expectations of the customers. While startups often focus on only one business model, innovation can help bring in more products and services that can generate a steady revenue flow for the business. For example, during the recession in 2001, Apple moved forward and launched iPods instead of scaling back, which resulted in massive success and helped the brand build more recognition and customer loyalty.

    Diversifying the products and services will help a business weather the storm of an economic slowdown. New strategies, a broader scope for products, and more revenue will help the company keep afloat. In 2008, Netflix transformed itself from a DVD rental service to a streaming service that catered to the changing demands of the customers, effectively making the brand a market leader in online streaming.

    Focus on Customers

    Most importantly, for any business, the focus should be on the customers and their demands. The aforementioned brands could become pioneers as they anticipated the needs of the potential customers and catered to them at the right time. This requires constant market research, understanding the changing buyers’ persona, having clarity of the problem that your customers are facing, and creativity to solve that problem. No matter what a business does, the customer is always God. 

    To wrap it up, every storm comes with a silver lining. Even in the middle of an economic downturn, brands have proved their mettle by finding opportunities for growth that helped them rise even during financially unstable times. Hence, constant innovation is the way to go. The focus should be to come out on the other side of the storm as much stronger and bigger.

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  • Steve Huffman: The Tech Leader Behind Reddit’s Success

    Steve Huffman is the co-founder of Reddit along with Alexis Ohanian (his college roommate). He started programming/coding at the age of 8. His net worth as of 2024 is about $50 million.

    Read ahead to learn more about Steve Huffman’s net worth, personal life, education, early life, and more.

    Steve Huffman – Biography

    Name Steve Huffman
    DOB November 12, 1983
    Nationality American
    Occupation Co-founder and CEO of Reddit
    Net Worth $50 million (2024)
    Spouse Katie Babiarz (ex)

    Steve Huffman – Early Life and Education
    Steve Huffman – Reddit
    Steve Huffman – Net Neutrality Activism
    Steve Huffman – Personal life
    Steve Huffman – Controversy

    Steve Huffman – Early Life and Education

    Steve Huffman was born on the 12th of November, 1983. His childhood was spent growing up in Warrenton, Virginia. Just at the age of 8, he began programming computers. In 2001, he graduated from Wakefield School in The Plains, Virginia. He graduated in 2005 from the University of Virginia (UVA), where he studied computer science.

    Steve Huffman – Reddit

    Huffman and Alexis Ohanian (his college roommate) drove to Boston, Massachusetts, during their spring break to attend a lecture delivered by programmer-entrepreneur Paul Graham. They talked with Graham after the lecture. And he invited them to apply to his startup incubator, Y Combinator. Huffman came up with an original idea, My Mobile Menu. The app allowed users to order food by SMS. Although the idea was rejected, Graham asked Huffman and Ohanian to meet him in Boston to pitch another idea for a startup. At that brainstorming session the idea that came up, Graham called the “front page of the Internet”. Huffman and Ohanian got accepted into Y Combinator’s first class. Huffman coded the entire site in Lisp. Finally, he and Ohanian launched Reddit in June 2005 which was funded by Y Combinator.

    Reddit Logo
    Reddit Logo

    The site’s audience grew rapidly within its first few months. By August 2005, Huffman noticed their habitual user base had grown large enough, that he no longer needed to fill the front page with content himself. At the age of 23, Huffman and Ohanian sold Reddit to Condé Nast, for a reported $10 million to $20 million on October 31, 2006. Huffman remained with Reddit until 2009, after which he left his role as acting CEO.

    Before co-creating the travel website Hipmunk with Adam Goldstein Huffman had spent several months in Costa Rica which was also funded by Y Combinator. He was an author and software developer, in 2010. Hipmunk was launched in August 2010 with Huffman serving as CTO. In 2011, Inc. named Huffman under its 30 list.

    Huffman admitted that his decision to sell Reddit had been a mistake. And that the site’s growth had exceeded his expectations, in 2014. On July 10, 2015, Reddit hired Huffman as CEO again, following the resignation of Ellen Pao. It was a particularly difficult time for the company. After rejoining the company, Huffman’s main goals were to launch Reddit’s iOS and Android apps, to fix Reddit’s mobile website, and to create A/B testing infrastructure.

    After returning to Reddit, Huffman instituted several technological improvements including a better mobile experience and stronger infrastructure, as well as new content guidelines. These included:

    • a ban on content that incites violence
    • quarantining some material users might find offensive, and
    • removing communities “that exist solely to … make Reddit worse for everyone else”- said by Huffman

    Shortly after returning, Huffman wrote that

    “neither Alexis nor I created reddit to be a bastion of free speech, but rather as a place where open and honest discussion can happen.”

    Ohanian had used the same term in an interview in 2012 to describe Reddit, as noted by The New Yorker and The Verge.

    Reddit launched its IPO in March 2024. Its IPO was one of the most highly anticipated of 2024, and it certainly lived up to expectations. On March 20, Reddit priced its shares at $34, hitting the top end of its projected range of $31 to $34.

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    Huffman had worked hard to make the site more advertiser-friendly. He also led efforts to host videos and images on the site. Beginning of 2017, Huffman led the redesign of Reddit’s website with its first major visual update in a decade. Huffman had said the site looked like a “Dystopian Craigslist” whose obsolete presence deterred new users. In April 2018, the Development of the new site took more than a year, and the redesign was launched.

    Steve Huffman – Net Neutrality Activism

    Steve is an advocate for net neutrality. He had told The New York Times that without net neutrality protections, “you give internet service providers the ability to choose winners and losers”, in 2017. Huffman urged Redditors to express support for net neutrality and to contact their elected representatives in Washington, D.C. Steve Huffman said that the repeal of net neutrality rules stifles competition. He had said that he along with Reddit would continue to advocate for net neutrality.

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    Steve Huffman – Personal life

    Steve Huffman lives in San Francisco, California. He mentors aspiring programmers at coding boot camps such as Hackbright Academy. Huffman was also an instructor for e-learning courses on web development by Udacity. Along with that he is on the board of advisors for the Anti-Defamation League’s Center for Technology and Society.

    Astonishingly, Huffman is a ballroom dancer. At the UVA, Huffman used to compete in intercollegiate competitions.

    Steve Huffman – Controversy

    • After Reddit filed for its IPO in February 2024, it was revealed that CEO Steve Huffman received a total compensation of $193 million in 2023, which sparked discontent among some Reddit users. Many criticized the payout, calling it excessively large.
      In response, Huffman addressed the concerns during a Q&A session on Reddit, explaining that his compensation is a combination of salary and stock, and is directly linked to his performance as CEO.
    • Huffman was the subject of controversy in late 2016 for altering posts on a common subreddit with Donald Trump supporters, The Donald. Following criticism from Reddit users, issued an apology and he undid the change.
    • A while ago, TikTok gained a lot of popularity and not particularly in a good way! To this, the co-founder of Reddit thinks TikTok is “fundamentally parasitic“.
    • He comments in front of a large group of Silicon Valley investors and entrepreneurs at the Social 2030 conference by Lightspeed Venture Partners and Lessin’s VC firm Slow Ventures,

    Maybe I’m going to regret this, but I can’t even get to that level of thinking with them. I look at that app as so fundamentally parasitic. It is always listening and the fingerprinting technology they use is truly terrifying. I could not bring myself to install an app like that on my phone. I actively tell people not to install that spyware.

    FAQs

    Who is Steve Huffman spouse?

    Steve Huffman was married to Katie Babiarz in 2009 but they have since divorced.

    What is Steve Huffman net worth?

    The net worth of Steve Huffman is $50 Million as of 2024.

    When was Reddit founded?

    Reddit was founded in 2005.

    What is Steve Huffman age?

    Steve Huffman is 41 years (1983) of age.

  • Startup Terms Every Entrepreneur Should Know

    If are planning to start your startup business then definitely you will need to describe what your company does when you want to raise capital from investors. You need to speak their language too, it is also called startup lingo. It is wise to know the vocabulary that is common in the circuit to showcase your business plan effectively. These words are also called jargon words.

    Following is the list of startup jargon that every aspiring entrepreneur should know about. According to the dictionary, jargon words mean special words or expressions used by a professional or group that are difficult for others to understand.

    In this article, we’ve shared some commonly used startup terms from Bootstrapping to Market penetration which you may not have heard yet if you already know these new business terms then also you can learn more about them to enhance your knowledge about startup and entrepreneurship.

    Before diving into these startup terms let’s first find out What a startup is?

    What is a Startup?
    Startup Terms Every Entrepreneur Should Know

    What is a Startup?

    A startup is any company that is in its infant stage and founded by one or more entrepreneurs to launch a unique product or service. Well everyone having a different perspective suggests a variety of definitions, but the popular one given by Wikipedia is as – “A startup or start-up is a company started by an entrepreneur to seek, develop, and validate a scalable economic model.”

    So, now let’s move to the Startup terminology every entrepreneur should know if you are planning to get funding.

    Startup Terms Every Entrepreneur Should Know

    Activation

    Activation is a measurement of the conversion rate from when a prospective lead becomes an active user on your website. This is a result of a user downloading or signing up for your app/website.

    Acqui-hire

    It is a strategy used to acquire talent when one company buys out another company primarily for the skills and expertise of the staff.

    Accelerator

    An accelerator is a center where startups are “incubated” through mentorship, space and sometimes money. Accelerators help startups in their initial stages and help them grow.

    Advertorials

    This is a startup lingo commonly used by bloggers. It is a paid form of content that is meant to look and feel like a real story or blog post. In recent times, display ad pricing and effectiveness have decreased so turning to advertorials is a better option for companies to capture ad revenue.

    Agile

    Agile means flexible and adaptable. Startups use a flexible approach to their project management and product development.

    Angel Investor

    An angel investor is an individual who provides initial funding to a startup business, believing in the idea, concept, or solution, and offering the necessary capital for the entrepreneurs to kickstart their venture. 

    Bootstrapping

    Bootstrapping is the use of money that is taken from friends and family, existing resources or personal savings as the initial investment to start a business. If a founder chooses to bootstrap their startup they avoid raising funds from investors or VC.

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    Bootcamp

    Bootcamps are intensive learning courses designed to provide individuals and offices with the knowledge, know-how, and abilities necessary for success in a particular field.

    Bridge Loan

    A Bridge Loan is usually a short-term loan taken to meet the temporary financial requirement until a more permanent or long-term financing option can be secured. It is usually for a period of two weeks to three years to bridge the credit gap in between rounds of funding.

    Bubble

    Bubble or Startup Bubble is a time when investors are willing to invest a high amount of money in startups, which makes their valuation extremely high.

    Burn Rate

    If you are a startup founder, this is one of the most important startup jargon you need to know. It is also called Run Rate, in simple words, it means how fast you are blowing your cash. Investors try to avoid putting their money where the burn rate is excessive. But it is also not unusual for the startup to lose sums of money for several years before breaking or making a profit.

    How to Calculate Burn Rate
    How to Calculate Burn rate

    Churn Rate

    It is also called the rate of attrition. Churn Rate is known as the percentage of service subscribers who discontinue their subscriptions within a given period. The growth rate must exceed its churn rate.

    How to Calculate Churn Rate
    How to Calculate Churn Rate

    Cliff

    Cliffs are a way for an Executive to fire employees or let them leave without giving them stock within a limited period. Cliffs are also used by the investors on CEOs to make sure the CEO sticks around after getting the cash.

    Convertible Note

    A Convertible Note is also known as a Convertable bond, it means a debt that transforms into equity in the company’s financing round in the future. The investor who invests the money instead of getting their loan back with interest receives the equity of the company in the form Convertible Note.

    Coworking Space

    This is like a shared office where different people or small companies can work together in a shared environment. This model works well with startups because they pay less rent, and share amenities like meeting rooms and internet access with other offices.

    Crowdfunding

    A way to raise money for projects or businesses is by getting small contributions from a large number of people, often through online platforms. It’s like a collective effort where many people chip in to support an idea, cause, or concept they believe in.

    Customer Acquisition Cost (CAC)

    The amount of money a business spends on average to acquire a new customer. It includes expenses like marketing, advertising, and sales activities, and is calculated by dividing the total acquisition expenses by the number of new customers added during a specific period.

    Deck

    Also called ‘Pitch Deck’, it is a short and limited slide of PPT that covers all the aspects of your aspects. It usually contains ten slides. The deck should be compact, concise and create a maximum impact. One should consider gaining a lot of feedback and hiring a graphic designer to make the final version look spectacular.

    Disruptive Technology

    The discovery of such technology completely changes the way society does something. For Example, Uber and Ola changed the way Taxis used to operate. Amazon or Flipkart is a virtual store that did not exist about two decades ago, there was physical in-store shopping.

    Dragon

    They are rare startup companies that were able to raise $1 billion in a single round. For example: Airbnb, Flipkart, and Tumblr.

    Early Adopters

    It refers to individuals or businesses who are among the first to embrace and use a new product, service, or technology. These individuals are willing to try innovative solutions despite potential risks and uncertainties.

    Exit Strategy

    It is a plan that is executed by an investor, trader, business owner, or venture capitalist to liquidate a position in a financial asset or dispose of tangible business assets once certain predetermined criteria for either have been met or exceeded. It is a strategy on how you will sell the company and make your investors some financial gain through the same. It includes all the decisions like who is going to buy and why and at which amount.

    FMA

    FMA is the First Mover Advantage and it means an advantage gained by the initial significant occupant of a market segment. First-mover advantage might be gained by technological leadership, early purchase of resources, or releasing some product/service that is ahead of its time.

    Freemium

    Freemium is a form of pricing strategy by which a product or service is provided free of charge, but an amount in the form of premium is charged for additional features, services, or virtual. For example, a digital offering or an app such as Netflix charges a premium before you can avail of a free trial.

    Gamify

    Gamify means adding game-like elements in the marketing of your products so that you can create engagement with your customers and potential customers.

    Go Public

    Taking the startup public by offering shares on a stock exchange, allows investors and founders to sell shares to the public.

    Growth Hacking

    Growth Hacking is a startup term that was coined by Sean Ellis and it describes a marketing technique that focuses on quickly finding scalable growth through non-traditional and inexpensive tactics such as the use of the internet or social media. The objective of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little as possible.

    Hockey Stick

    It refers to a financial or economic trend that matches the shape of a hockey stick. One can say it is like a growth pattern depicted on a graph, where the initial growth is slow or flat (the handle of the hockey stick), followed by a sudden and steep upward trajectory (the blade of the hockey stick).  

    Incubator

    A company or program that provides support, resources, and guidance to early-stage startup business houses. Incubators often have a fixed duration during which startups can benefit from the offered resources and mentorship.

    Intellectual Property

    An IP can be a patent or a secret sauce or formula like Coca-Cola‘s recipe. It is a creation of such an invention, artistic work, design, symbol, name, and image used in commerce.

    Iterate

    In simple words iterate means to try something, do it wrong, and then try it again in a slightly different way with the hopes of achieving a better result. This startup jargon is also used when an entrepreneur launches a product or service in the market.

    Launch

    A commonly used startup lingo is Launch. The launch means to introduce and start something new, for instance, a company, a website, or a product.

    Lean

    The goal of lean is to use the least amount of resources possible. It emphasizes a systematic approach to building and managing startups. It favors experimentation over elaborate planning and client feedback over intuition.

    Leverage

    Leverage is an investment strategy that is used while we take into consideration an amount that is borrowed – borrowed capital. It focuses on the use of various financial instruments to increase the potential return on investment. In accounting terms, leverage also means the amount of debt a firm uses to finance assets.

    Loss Leader Pricing

    The type of pricing where you are selling something at a loss as a form of marketing expense to bring in customers you expect to repeat future purchases from.

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    Market Penetration

    Market Penetration is a measure of the number of sales, adoption, and presence of a product or service compared to the total theoretical market for that product or service. The startup phrase also means to include the activities that are used to increase the market share of a product or service.

    Monetize

    The term means something is converted from a non-revenue generating asset into a source of revenue. In economics, monetizing means converting any object or transaction into a form of currency or something that has transferable value.

    MVP

    MVP stands for Minimum Viable Product and it means a product with just enough features to satisfy early consumers and to provide feedback for future product development. It is a bare-bones version of a product required to achieve proof of concept and is often used in the creation of new software that will be beta-tested so that later an upgraded version can be released.

    Non-disclosure Agreement

    A Non-disclosure agreement is a legal contract between two or more parties that has information that will stay confidential for a certain period.

    Pivot

    Pivot in commerce language would mean changing directions as a company and is usually used to describe going after a different market segment or using an established technology for an entirely new purpose.

    Run Rate

    The run rate is a projection of a business’s future performance based on its current revenue data through mathematical calculations.

    Runway

    Time until a startup exhausts financial resources based on the current burn rate.

    ROI

    A term used by many startup founders is ROI, ROI stands for Return on Investment. It can be described as the performance measure used to evaluate the efficiency of an investment or compare the efficiency of several different investments. ROI is a financial metric of profitability that is used to measure the return or gain from an investment made by an investor or businessman.

    Scalability

    A startup’s ability to handle growth efficiently without proportionally increasing resources.

    Scale Up

    Process of expanding a startup’s operations, customer base, and revenue.

    Seed Round

    The initial stage of fundraising is where a startup seeks investment from external means to support the product’s research and development, market research, and operations.

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    Serial Entrepreneur

    A serial entrepreneur is a word that is used for people who take up different creative ideas and convert them into business strategies that are ought to be successful.

    Series A, B, C, etc.

    Funding stages with increasing capital for startup expansion.

    Solopreneur

    An individual who runs and operates a business on their own, fulfilling both roles as an entrepreneur and sole employee. They are self-reliant individuals.

    Sweat Equity

    These are the shares of a company given in exchange for work done by its employees. Sweat Equity is a good recruiting technique that helps a company attract passionate talent that can be paid in non-monetary investments that the owners or employees contribute to a business venture.

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    Startups

    These are emerging enterprises that are small in scale, demonstrate rapid growth, possess agility, and are frequently distinguished by their innovative approaches.

    Term Sheet

    A Term Sheet is a document that outlines what an investor has agreed to on the terms and conditions under which the investment will be made. It serves as a template that can be used to develop more detailed legally binding documents.

    Traction

    The term means proof that people are buying and using your product or services. You can calculate traction by using metrics like daily signups, monthly visits, and active users.

    Unicorn

    In the business world, it refers to a startup company that is valued at over $1 billion. The term is used to highlight the high growth, high valuation, and market potential of such firms, similar to the mythical creature, the unicorn, which is known for being rare and magical.

    Valuation

    Planning to approach investors, make sure you know this startup term. Valuation means what your company is being valued at. Pre-money valuation is the value before your startup takes investors’ money and Post-money valuation is that amount plus the investment put in.

    Value Proposition

    The term describes what is the most unique or attractive feature of your product or service. It is a statement that describes why customers should choose or buy your product or service.

    Venture Capital (VC)

    You might have come across this startup term when raising funds. VC stands for Venture Capitalist and it is a person that provides capital to firms exhibiting high growth potential in exchange for an equity stake. The objective could be to fund startup ventures or support small companies that wish to expand but do not have access to the equities market at present.

    Vesting

    The process by which an employee earns the right to own or ‘vest’ in shares or stock options over time. It is often used as a strategy to incentivize employees to stay with the company for a certain period, encouraging loyalty and aligning their interests with the long-term success of the startup. 

    Conclusion

    Whether you are planning to launch your startup or you already have an established startup business you need to know all the startup funding terms and keep yourself updated. These are some of the commonly used startup terms to know. We will try our best to keep this list of startup jargon words updated.

    FAQs

    What are some of the business terms to know?

    Assets, Liabilities, Expenses, Net Profit, Net Loss, ROI, and Cash flow are some of the common business terms.

    Accelerator, Churn Rate, Launch, Intellectual property, Growth hacking, Exit strategy, and Pitch deck are some of the common startup-related words.

    What are some financial terms for startups?

    Acqui-hired, Angel investor, Burn rate, Convertible note, and Valuation are some of the financial terms you need to know before you get funding.

  • India Digital SME Credit Report 2023 Reflects $220 Billion Credit Deficit in MSME Financing, Alternate Funding Gains Ground

    The collaborative report by GetVantage and Redseer Strategy Consultants – The India Digital SME Credit Report 2023 – finds a potential $220 billion credit deficit in MSME funding. Analysts suggest that alternate financing is the way forward for MSMEs to secure funds.

    The India Digital SME Credit Report 2023 indicates a potential $220 billion credit deficit that poses a major roadblock for the Indian MSMEs to secure financing. The collaborative report between GetVantage and Redseer Strategy Consultants states that only $53 billion was infused into the market through various channels, serving only 30% of the overall addressable demand, resulting in an alarming capital gap of more than $150 billion.

    Bhavik Vasa, Founder and CEO, of GetVantage, shared that the credit deficit is larger than the GDP of some developing countries, and it is anticipated to widen further, due to the prevalent economic and regulatory setting.

    “As more businesses enter the market, it is evident that the demand for credit presents a potential to reach nearly $570 billion in the next few years,” he added.

    Digitalization Challenges for Indian MSMEs
    Pandemic-Driven Increase in Working Capital Demand
    Traditional Funding Challenges for MSMEs
    Opportunities for NBFCs and Digitally Oriented SMEs
    Rise of Alternative Financing Solutions
    Importance of Revenue-Based Financing (RBF)

    Digitalization Challenges for Indian MSMEs

    India is home to 64 million MSMEs which contributes about 30% to the country’s GDP, but is highly plagued with limited digitalization and limited access to capital. The report reveals that only 12% of them, or 7.7 million, MSMEs in India have been digitized to the fullest. These are the merchants who have already designed their platform and generate 30% of their revenues digitally. The major boost occurred during the pandemic when forced digitalization facilitated exponential growth, leading to lower transformation costs, increased utility, increased revenue, and improved communication and flexibility.

    Pandemic-Driven Increase in Working Capital Demand

    Before the pandemic, the working capital demand was growing at a stable annual rate of $70 billion. However, the forced digitalization during the pandemic hiked the demand by more than $100 billion in just two years. According to the Redseer consultants, over the next few years, the demand for working capital is expected to rise steadily at a CAGR of about 20% and is projected to reach approximately $570 billion.

    Growth in Digitized SMEs FY17-FY27, in Million
    Growth in Digitized SMEs FY17-FY27, in Million

    Traditional Funding Challenges for MSMEs

    The funding challenges ranging from accessibility to red-tapism have been preventing the growth of MSMEs for decades. While the government has made dedicated efforts to tackle liquidity issues faced by SMEs, conventional financial institutions for long made little headway in effectively addressing the accessibility concerns of these businesses. Traditional lending institutions perceived SMEs as risky investments. Their multiple working models and non-conventional payment terms prohibited them from securing funds. Also, financial institutions require 90-120 days to disburse credits, therefore hindering the workflow of the SMEs as they require timely working capital to meet their operational needs.

    The report also noted that the absence of collateral and comprehensive documentation has consistently posed obstacles for traditional lenders like commercial banks in offering sufficient funding to SMEs.

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    Opportunities for NBFCs and Digitally Oriented SMEs

    Public and private banks are currently able to fulfill only 30 percent of the total demands from SMEs, creating opportunities for NBFCs (Non-Banking Financial Companies) and third-party lenders. Consequently, 40 percent of the overall capital investment in the SME market has been directed toward digitally oriented SMEs, which represent just 12 percent of the total MSMEs, as reported by Redseer.

    Kanishka Mohan, Partner at Redseer said, “Small businesses account for 90% of credit demand but continue to struggle to raise capital, owing to poor business metrics, limited assets, and uncertain growth projections. If the current economic and regulatory climate continues, this gap is likely to widen significantly over the next five years.”

    Rise of Alternative Financing Solutions

    Alternative financing has emerged as a vital resource for SMEs, where innovative lending models like revenue-based financing, recurring-revenue advances, and trade receivable financing offer accessibility, flexibility, and transparency. These solutions, which resemble quasi-equity options, are well-suited to support SMEs in scaling their operations.

    Vasa commented that alternate financing has a vital role to play in extending the limited reach of traditional lenders to serve millions of new-economy businesses and emerging sectors. He said, “The $570 billion credit requirement for digital SMEs in the coming five years represents an unprecedented opportunity for alternate financing platforms, NBFCs, and traditional financial lenders like banks to collaborate and catalyze economic growth by prioritizing compliance, governance, inclusion, and innovation.”

    Currently, approximately 5% of the lending market is supplied by alternative finance channels. This segment experienced significant growth during the pandemic and is expected to double over the next five years, reaching approximately 11%. This growth can be attributed to increased market awareness, a focus on serving SMEs, and the flexibility offered in repayment options.

    According to Harsh Somaiya, Co-Founder, of The Bear House, the economic growth in India has been fueled by the SMEs as they play a vital role in generating employment and contributing to the overall GDP of the country. As digitalization is increasing rapidly, having access to this credit opportunity would alleviate fund-raising challenges that small businesses generally face, which would help with their rapid expansion as well. “New-age credit platforms are keeping the business goals at the forefront. This along with the credit opportunity will help build a healthy financial ecosystem for SMEs and MSMs to thrive in,” he added.

    Importance of Revenue-Based Financing (RBF)

    The Redseer analysts stated that RBF is now more relevant than ever before. Being data-driven, revenue-based, and flexible has made RBF one of the most robust and popular forms of alternative funding. With a standard flat fee structure ranging from 6% to 12% and loan amounts tailored to suit the working capital requirements of a variety of businesses, SMEs can benefit from convenient, unbiased access to capital at competitive costs.

    Sameer Seth, Founder and CEO, of Hunger Inc., said, “The growth challenges faced by millions of MSMEs today have in a way helped shape the ecosystem, making it easier for businesses to raise capital and be much aware of what kind of capital to be raised when. This is how India is reshaping credit accessibility within the founder community.”

  • How to do Market Research for Your Startup?

    In 2021, the global revenue of the market research industry exceeded $76.4 billion, a growth of more than twofold since 2008. The annual growth of global market research revenue is 0.3%. It is great to have an idea that expects to capture the hearts and minds of consumers everywhere. Perhaps stumbling upon a service not offered by anyone else, hopefully, a service or product that is desperately needed might be the opportunity to start a successful business.

    However, before venturing into something, determine whether there is a need in the market for the product or service. Ascertain the needs and demands of the consumer by conducting market research and finding out if your business would be successful.

    Spending on Market Research Services Worldwide as of 2020
    Spending on Market Research Services Worldwide as of 2020

    Market research, a crucial step, is neglected by many business owners in product development. The sole reason to do so is to avoid any negative feedback regarding their business idea. Other entrepreneurs skip this process because they foresee it to be too expensive and time-consuming. However, you shouldn’t skip market research as it is an integral part of starting a business. To make it easier for all the entrepreneurs out there, here is a list of processes for doing market research.

    Market Research Methods
    Secondary Research
    4 Questions to Ask For
    How to Compare Data Collected?
    How to Spend Your Money on Market Research?

    Market Research Methods

    In Primary research, we gather information directly from the source i.e. the potential customers. Secondary research is the gathering of statistics regarding things related to the business or reports, studies and other data from organizations such as government agencies, trade associations and the local chamber of commerce.

    Secondary Research

    The vast majority of research that is conducted is secondary research and the best way to look for that would be the following.

    • A local library or the Internet
    • Reference libraries at public disposal or university libraries
    • Industry trade Associations
    • New magazines and newsletters
    • Government Guidance
    • Maps
    • Community Organizations

    Apart from this, an in-depth understanding is required of what’s essential to any business plan along with appropriate points for the venture to ensure the success of the startup.

    Market research aims to understand the reasons how and why consumers will buy a given product. It studies such things as consumer behaviour and consumer’s decision-making process, including how cultural, societal and personal factors influence that behaviour while buying a product.

    4 Questions to Ask For

    Questions to Ask For While Conducting Market Research
    Questions to Ask For While Conducting Market Research

    The basic questions we would try to answer while conducting market research are:

    1. Who are the customers of the business?
    2. What do they generally prefer?
    3. Why do they prefer a certain product instead of the new product or services being offered?
    4. What will make them consider the product being offered?

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    How to Compare Data Collected?

    Try to search for the closest match to the business for comparative analysis and consider these points:

    1. Companies of relative size and budget
    2. Companies serving the same geographic area as the proposed startup, which could be global if it’s a web-based business
    3. Compare with the companies with a similar ownership structure. If your business has two partners, look for businesses run and managed by a couple of partners rather than an advisory board.
    4. Companies which are relatively new and have started functioning recently because long-standing businesses are successful because of their 25-year business history and reputation.

    How to Spend Your Money on Market Research?

    Follow these steps to know how to spend your money on market research wisely:

    1. Determine what is required in the target market before starting up. The more focused the research, the more valuable it will be for the business.
    2. Prioritize the results carefully and closely for accurate data. It is obvious, you can’t research everything, so concentrate on the information that will give the best or quickest outcome for the business or startup.
    3. Review less-expensive research alternatives to save money. Small Business Development Centers and the Small Business Administration can help develop customer surveys in a better way. The trade association will have good secondary research and try to be creative as well as innovative.
    4. Estimate the cost of performing the research yourself to ensure accuracy and prevent overspending. Keep in mind that, while using the internet, spending a lot of money would not be necessary. Don’t pay for what you don’t need at all in the business.

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    Conclusion

    You need to consider your target audience and figure out your marketing platforms. Also, you should be aware of the latest trends and updates in your industry. Keeping these points in mind will ensure thorough market research for starting a successful business. Share this post with your friends and drop comments.

    FAQs

    How to Do Market Research for a Startup?

    1. Look at the Entire Industry and Potential Market.
    2. Analyze the Market Audience.
    3. Gain Insight into Top Companies’ Product and Digital Marketing Strategies and Tactics.

    What are the market research tools for startups?

    Tools of market research:

    • Semrush
    • ContentMine
    • KNIME Analytics Platform
    • Pickfu
    • Survata
    • Facebook Audience Insights

    What are the steps to do market research?

    The 5-Step Marketing Research Process:

    1. Define the Problem or Opportunity
    2. Develop Your Marketing Research Plan
    3. Collect Relevant Data and Information
    4. Analyze Data and Report Findings
    5. Put Your Research into Action

  • How to Avoid Bankruptcy While Running a Startup

    Millions of people these days are trying to establish their startups despite having a simultaneous regular job only to make sure that their total gross income is enhanced. A startup of any magnitude is a great independent source, of increasing your income, and if you can establish the business well, you can also take it up as full-time work and ensure that your source of income through the startup is stabilized.

    According to a survey, 90% of startups fail. The basis of any startup is the capital investment, and if you are trying to establish a business, there would be a certain amount of loan that you would have to get. The startup usually has a higher risk of falling victim to bankruptcy. There are different types of loan policies, and then there is a chance of loss at the startup, and hence the chance of bankruptcy also increases.

    Main reasons for business failure among startups worldwide in 2021
    Main reasons for business failure among startups worldwide in 2021

    In this article, we will talk about the steps that can be taken to avoid the bankruptcy of a startup. So, let’s take a look at it.

    Managing the Expenses
    Careful Planning of the Month
    Secondary Income Source Till the Business is Stabilized
    Cutting Out the Optional Expenses
    Debt Settlement Lawyer

    Managing the Expenses

    You may wonder what you can do to make sure that the profit is high while all kinds of expenditures are well managed. There are different types of expenses associated, and when you have a thorough understanding of these, you can easily plan your expenses well.

    Here, we are going to guide you regarding budget management for any kind of startup as well as how to ensure that you can avoid bankruptcy no matter how many loans you have to worry about. There are many aspects of the expenses associated with the startup and when you have a clear conception of them planning the budget for your company becomes easier. The chances of failure of your startup lessen. You would also be able to take the help of the finance department for better planning too.

    An Expense Management Software
    An Expense Management Software

    Expense Management Software is another option that helps businesses, big or small, keep track of their expenses. They let businesses manage their spending, prepare budgets, manage various expense-related reports and do much more seamlessly which helps save much time.

    Careful Planning of the Month

    You may have different requirements every month, but when you have a proper plan about the expenses you would incur and stick to it, it becomes easier to understand how much you save as well as control the expenses as well. Plan the next month’s schedules and the possible expenses ahead of time and then try and follow the schedule to ensure that you are getting the best possible output from your company at the minimum expense.

    This way, you would be able to keep track of every expenditure within the startup as well as have proper control over them. This is essential to make sure that your business can maximize the profit and hence paying off the loans would become much easier.

    Secondary Income Source Till the Business is Stabilized

    If you have a regular job or any other source of income apart from the startup, then do not let them go unless your startup is stabilized and is fetching home a good turnover. This would ensure that you have some other option to manage the debts when your startup fails and you are suffering loss.

    If you do not have a secondary income source, you can as well look for it so that there is an alternative to handle your finance when there is any loss at the startup. Any of the family members too can join a regular job and together, you can pull the income and ensure that you have enough money to ensure complete security on the financial front despite paying for the debts.

    Cutting Out the Optional Expenses

    When you are trying to find out the different types of expenses that your startup has, you will discover several expenses that can be avoided or can be substituted with a cheaper alternative. Make sure that you are cutting them out and saving money.

    It may seem less, but over time the amount that you have saved from such minor sources would be the reason why you can pay off your debt easily, and this is elemental to make sure the startup does not go bankrupt. This is a significant risk that people in business are afraid of and this is why many are apprehensive about establishing a business of any kind at all. The risk factors are often considered too high and simply not worth it.

    Debt Settlement Lawyer

    A Digital Banking and Lending Platform
    A Digital Banking and Lending Platform 

    Every startup and seasoned business needs a debt settlement lawyer for any relevant legal advice. You can hire a lawyer permanently, and he or she would be able to handle all your debt troubles for you.

    The lawyer will help you with paperwork, and make the loan process quick and easy. They can help you get loans at a lower interest rate.

    Conclusion

    The failure rate of Startups is very high. Only a few remain in operation after a year or later as they have to shut down mainly due to bankruptcy. Proper management of expenses, settling debts, having secondary income sources, cutting out the extra expenditures, and hiring a professional lawyer can help you avoid bankruptcy.

    FAQs

    What can I do to avoid bankruptcy?

    You can avoid bankruptcy of your company by:

    • Cutting excessive spending
    • Managed and planned Expenditure
    • Earning more profits
    • Settling debts
    • Using professional help

    Do bankruptcies hurt your credit score?

    Yes, your credit score can be hampered by bankruptcy as it will remain in the credit reports. This might change the way the lenders see you and it might result in them being unwilling to loan you.

    What are the three most common causes of bankruptcy?

    Running out of cash, not having a market need and getting outcompeted are the three most common causes of bankruptcy.