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  • How to Get Pre-seed Funding for your Startup in India?

    The era of startups and business has dramatically changed in the past decade and especially after the Covid-19 pandemic. Hence, it is very important for all of us to know and understand what the funding landscape looks like today and in the future. Earlier, the only goal for businesses and entrepreneurs was to get Series-A funding. If one did not have enough traction, the only way forward was bootstrapping.

    Fortunately today, startup investing has become more competitive and new level funding categories have made their way to the market. One of the increasingly popular funding ways for emerging companies and businesses is Pre-seed funding. This funding requires you specific preparation so as to set yourself and your business up for growth and success.

    The Pre-seed investors have been a boon to the startups as they allow them to raise the funds which they require and bring minimal viable products (MVPs) to life. This article is a guide for you to know what Pre-seed funding is and how to get pre-seed funding for your business or startup in India.

    What is Pre-seed funding?
    How to Get Pre-seed Funding in India?
    Where to find Pre-Seed Investors in India?

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    A step-by-step process of fundraising

    What is Pre-seed funding?

    In order to help a startup to start with its primary and base operations, an investor makes a small investment into the business. These investors or individuals invest in the business when they know the founder personally or hold strong faith in the business idea. This activity of investing is known as pre-seed funding.

    There are many platforms that provide pre-seed funding in return for a stake in the startup or the business idea. Pre-seed funding can also be obtained through crowdfunding.

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    How to Get Pre-seed Funding in India?

    It might sometimes seem nerve-racking for you to meet the pre-seed investors as in the initial stage one might not see the vision you carry. Like any other funding round, your key is to have your finances organized and have a clear business plan that will be used by you. Here are the tips through which you can acquire Pre-seed funding.

    Have Financial and Profitable Clarity

    At this stage, it is very important that you set an easy and clear outline of your business’s path to profitability. If you have a clear and thoughtful business plan that serves as a long-run road map for your startup then there are chances of you grabbing the investment.

    If you keep your financial estimates attainable and concise; put emphasis on the business strategy and transparency; prove your credibility, you can win the investor’s trust and funding.

    Keep your Business Proofs Ready

    When you pitch in front of investors, the key to winning the investment is that you show proof of success for your business idea. Test your business idea in the market, communicate your assumptions clearly, and transparently share your business plan with the investors will help you to get the pre-seed funding for your startup.

    Vouch for your Intellectual Property

    Even when you do not have any cash in hand and hard assets for your business, you can show your credibility to the investors. One of the best ways to do this is to make them believe in your intellectual property.

    If you are able to demonstrate your business idea effectively and ensure the investors that you will work towards your brand and will protect them from infringement by other business entities, you show your company’s credibility to them and make your pitch more investable.

    Show your credibility

    One of the most effective ways to show your worthiness is to be clear and confident about your past records and professional accomplishments. It is important that you present all the sources of funding that you would have acquired in the past (if any), and present all the successes that you have had in the past. Become very sure to explain to the investors how you were successful and support it with tangible and quantifiable evidence.

    Where to find Pre-Seed Investors in India?

    After you have got to know about the steps to acquire Pre-seed funding, you need to now find the investors. This is one of the most challenging parts for many entrepreneurs.

    Today’s investors do not accept unsolicited pitches and usually, they let them pitch you after an introduction from someone within their network. Here you will find a few ways to get your business to those who will invest in it and can fund it.

    Family & Friends

    Using your personal connections and network to invest in your business in the initial stage is a very flexible and safe option for pre-seed funding. People who have seen your journey, dedication, and passion will be willing to put funds into your ideas. If your friends and family see potential in you and your startup idea, then they would be definitely investing their money in your business.

    Pre-seed Funding Platforms

    Number of early-stage venture capital deals worldwide
    Number of early-stage venture capital deals worldwide

    In the industry, there are many pre-seed funding platforms that encourage businesses and startups at their base-development stage by providing them with small amounts of funds to initiate their business activities. Through Pre-seed funding platforms, your business will get an opportunity to start your operations and get access to the market.

    A few common Pre-seed funding platforms include:

    • Unitus Seed Fund
    • Infuse ventures
    • Kae Capital
    • Blume Ventures

    Crowdfunding Platforms

    Crowdfunding is an excellent way to generate pre-seed funds for your business or startup. Though equity-based crowdfunding is illegal in India, donor-based and reward-based crowdfunding options are entirely legal. Raising a small amount of money from large masses through crowdfunding platforms can be a good way of acquiring pre-seed funds for your venture.

    Business Incubators

    There are various incubators in the industry who are willing to make small-scale investments into startups and businesses in the form of pre-seed investments. Their aim and motive are to support and assist early-age entrepreneurs in pursuing substantial market opportunities. In India, a few great incubators are:

    • Advantage
    • Seedfund
    • StartupXseed
    • Incubate Fund India
    • Better Capital Labs

    Pitch Competitions

    One of the best ways to get in front of investors is to participate in pitch competitions. All you need to do is practice your pitch, mark a good impression, prove yourself and strike a pre-seed funding deal. Such startup pitch competitions have become very common today and it is a very good way of winning funds for your business idea.

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    Conclusion

    Although anyone can bootstrap, some unique and revolutionary ideas need Pre-funding to be invested in the idea. Some people give up on their dream because they think getting pre-seed funding is near impossible and in fact, magical. But not the real entrepreneurs. They hustle, plan and reach the best person who believes in their ideas and invests in them. They find such people by strategizing and expanding their network, at the same time.

    Remember, you can reach anyone. There is a difference of only 6 people between you and that person. And if you keep expanding your network, you will reach that perfect investor who actually believes in your idea and invest in it.

    FAQs

    What is Pre-seed funding?

    In simple words, Pre-seed funding is the capital needed to start any business. It is acquired by investors to develop the business in return for equity in the company.

    What is the average amount of pre-seed funding in India?

    Most startups expect $500,000 or less pre-seed funding from investors.

    How much equity is given in the seed rounds?

    Most founders usually sell 10% to 20% equity in seed rounds.

    Where can entrepreneurs find Pre-seed funding?

    Entrepreneurs can find Pre-seed funding from several sources:

    • Family & Friends
    • Pre-seed Funding Platforms
    • Crowdfunding Platforms
    • Business Incubators
    • Pitch Competitions

    How to get pre-seed funding in India?

    Some tips to get pre-seed funding in India:

    • Have Financial and Profitable Clarity
    • Keep your Business Proofs Ready
    • Vouch for your Intellectual Property
    • Show your credibility

  • Importance Of Work Culture In The Success Of A Startup

    Startup culture is a key element of most corporate organizations. Startup culture has received a lot of attention in recent times, which is because it plays a vital role in improving the overall experience at work and some are seamlessly integrating work into their life.

    By fixing a startup culture, a company by itself can set an example for the employees which will create a base for supporting the work and improving the internal operations of the work. Applying this, makes the contribution more valuable and results in better personal satisfaction.

    Since startups are often run by a small team working closely together, their “startup culture” is typically a reflection of the founding of the team’s passions and personalities. In most situations, every individual working in the startup usually contributes to the overall culture.

    While culture can take several years to evolve passively some corporations have been able to change their culture reasonably quickly by specifying a new set of behaviors that are expected from their employees.

    The common factor between corporates and startups is that their culture is the driving force of the organization. It includes how the employees of a certain company form and communicate ideas, how they behave, respond to customers, and bring themselves to work.

    It is the reflection of what the company stands for and the working styles of the founders and employees, which is why startup culture is important in what makes a company successful and brings it to the list of best startups.

    What is Meant by Startup Culture?
    Importance of a Startup Culture in an Organization
    5 Ways to Improve Work Culture of an Organization

    What is Meant by Startup Culture?

    When someone talks about Startup Culture, it usually includes happy hours, unlimited PTOs, pet-friendly offices, ping pong tables, zen rooms, etc., which are beneficial for the startup employees, increases comfort, and spark creativity.

    However adding benefits and perks isn’t enough to make a successful startup culture, many first-time startup founders struggle to define their culture from the beginning, only to realize its impact on the operational side of the business.

    To thrive in the new decade entrepreneurs and founders have to know how to define and cultivate a startup culture according to their companies. Sometimes the right technology helps in making the vibrant culture easier to implement across geographical boundaries.

    With the unprecedented times of the Covid-19, a variety of applications help employees to collaborate in a real-time, video conference, message, and work on the same version of documents from different parts of the world.

    What a healthy work culture must contain
    What a healthy work culture must contain

    With people working across time zones and locations, it’s never been easier to reward and recognize great staff and projects. We think we have the right cultural guidelines in place but, like any startup, we know just how important it is to continue demonstrating the behaviors we want to instill throughout the business if we are to be successful.

    Successful startup culture in the following ways:

    • Lead by example and actively demonstrate the behaviors that are expected from the team.
    • Call out positive behaviors publicly, recognize and appreciate when someone does a good job.
    • Document our culture statement and workshop with our team to promote a shared goal.
    • Share the success metrics with the employees so they know the goal but also how we’re tracking towards those collective efforts.
    • Treat everything as an experiment, take the time to discuss and learn from failures while doubling down on the successes. Ultimately, we know that execution and delivery will determine our success but behind the scenes, our culture will be the driving force.

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    Importance of a Startup Culture in an Organization

    In 2022, workplace culture will continue to be as important as or more important than products and services. More than ever, founders will need to prioritize defining company culture from the beginning before it’s too late. The investments of focus, time, and resources will pay off higher talent, better communication, increased productivity, and customer loyalty.

    For startups, the impact of every team member’s attitude and productivity is exponential. Even simple cultural components, like a set of common values, can align workers under a single, identifiable banner.

    According to Glassdoors 2019 mission and culture survey before applying for a job, nearly four in five employees and job seekers consider a company’s mission and culture. This is important because 65% of 18 to 35-year-olds are likely to culture over salary, that higher than any age demographic surveyed.

    Employee's preference for the work culture over the compensation in percentage
    Employee’s preference for the work culture over the compensation in percentage

    Workplace culture also affects the bottom line, even if a company manages to attract the best turnover, decreased motivation, and overall decreased productivity.

    The importance of company culture is getting a lot of attention these days, especially in the startup world. Tech giants like Google have made a name for themselves by offering unique, sometimes luxurious benefits to their employees, while small offices are changing the rules of office culture with perks like unlimited vacation time and flexible hours.

    In the 2019 Employee Engagement Report of TINYpulse, about 43% of the 25,000 employee respondents across 20 industries said that they would leave their companies even for a marginal hike because of weak company culture.

    The importance of work culture

    5 Ways to Improve Work Culture of an Organization

    The startup culture of a workplace can be improved for better reasons. However, it can also get degraded if proper care is not taken of the work culture from time to time. Shared below is the 5 basic tips that can help in improving the work culture of a startup.

    Giving importance to the mission of the company

    The first step of making a company culture is to establish a clear set of priorities that align with the company’s overall goals. For example, Google’s mission statement is “Don’t be evil”. This applies at the corporate level, as the company strives to do as much good as possible, but also at an employee level.

    Employees who keep their core mission at heart will be more likely to stick with it, helping the company stay on track with its identity and purpose. A company with a strong purpose may be able to encourage more individuals to buy into that purpose and complete the feedback loop.

    Attract new talented employees

    Every organization needs talented employees in order to succeed, but getting talented people to join the company can be challenging. The companies spend a lot posting job ads, hiring professional recruits, or head hunting at professional networking events, but sometimes this approach is easier for well-established companies as they already have a well-known name and brand.

    Talented candidates are always picky about where they want to work and also expect more than higher salaries which is usually an office culture that matches their personalities.

    Retaining employees

    attracting and retaining employees
    attracting and retaining employees

    Finding new employees is good but training them and integrating them into your company takes time, costs money, and may lower overall morale. With a strong company culture that encourages people to come to work every day your retention numbers should go up because employee retention and company culture have a self-sustaining relationship.

    The stronger your work culture is, the more likely it is for employees to stay loyal to the company, and while the more employees stick around the work culture will get stronger. The key is to find a core team of people who fit your culture perfectly, and keep them happy and consistent as your company grows.

    Encouraging passion

    Every company must have passionate employees as they are more productive, creative, and come up with innovative startup ideas. This can be achieved by giving people an ideal cultural environment in which to work is about more than just preventing them from quitting.

    As per the study done on Glassdoor, 53% of employees stated that they will stay longer at their firm if they are appreciated
    As per the study done on Glassdoor, 53% of employees stated that they will stay longer at their firm if they are appreciated

    A good work culture can lead to employee satisfaction which makes them passionate about doing their job while also being invested and loyal to their works place. In a way, a company culture is a tool that keeps employees happy enough to produce their best work and that means the company can push new boundaries and tread new ground.

    A Unique Brand Identity

    Great internal startup culture can develop a distinguishing reputation for your brand, in an external context. Unique brands always have an edge over brands that blend in with the competition, so the stronger your culture is, the stronger your brand can perform.

    Company culture is more than a brand, too, and it’s more than just a great series of benefits that are provided to the employees. It’s the combination of environmental, atmospheric, and practical conditions that keeps your company and more than just a bunch of individuals who happen to work in the same physical space.

    Conclusion

    Work culture or the startup culture is not a new topic to learn about. However, in the past few years, the discussion on the work culture and its effect on startup success have seen taking place. This is because for almost many startups, having a better work culture was never pondered over.

    Irrespective of the earlier negligence, it is the right time now to learn more about work culture and the ways it can be improved for better productivity of employees indirectly resulting in a success of a startup.

    FAQs

    What is meant by work culture?

    Work culture stands for the ethics and morals of the workplace individuals. It also indirectly defines the organization’s value.

    Why is work culture so important?

    Work culture directly or indirectly affects the working pattern of each employee. Having a satisfactory work culture can provide better yield from employees which will eventually contribute to the success ladder of the organization. Failing to provide better work culture will also have an adverse effect on the organization’s value. Hence, work culture is an important aspect to give attention to.

    Why is culture important in a team?

    The team is required to work with each other cordially. Having a team member with unfit work culture will eventually create a distance among team members. Once the team members drift apart from each other no better work response can be expected from the team due to un-cooperative people. Hence, having a culture is also essential in the team.

    What is the Difference Between Startup Culture and Corporate Culture?

    A startup environment is typically a fast-paced culture in which creativity and communication are valued. Startup culture is often perceived as being less formal than that of a corporate environment and usually puts less emphasis on hierarchy within teams.

  • The Story of Naresh Goyal – Founder of Jet Airways, His Rise and Downfall!

    Naresh Goyal is the man behind Jet Airways. Goyal started by borrowing some money from his mother and ended up being the owner of the largest airline company in India. After the Jet Airways IPO, Naresh Goyal’s net worth was estimated by Forbes at $1.9 billion, and he was also announced as the 16th richest Indian by Forbes magazine. However, his fortune changed drastically, with the downfall of his company. Debts mounted for Jet Airways, and eventually, it not only dragged down the fortune of Naresh Goyal but also ensnared him with a list of allegations, which he still isn’t able to run free from.

    Read ahead to know the story of this man who took it from scratch to become a millionaire, and is presently under the radar of the Enforcement Directorate.

    Naresh Goyal- Biography

    Name Naresh Goyal
    DOB 29 December 1949
    Nationality Indian (NRI)
    Occupation Founder and Former Chairman of Jet Airways
    Year Active 1967–2019
    Net Worth $600 mn (2012)
    Spouse Anita Goyal
    Children Nivaan Goyal and Namrata Goyal

    Naresh Goyal – Early life, Education and Challenges
    Naresh Goyal – Family
    Naresh Goyal – Career
    Naresh Goyal – Controversy
    Naresh Goyal – Awards

    Naresh Goyal – Early life, Education and Challenges

    Naresh Goyal was born on 29 December 1949. He was born in Sangrur, Punjab. Though he was born in the house of jewellery dealer, Goyal had to face hardships since his childhood days. All of these began with his father’s sudden demise when he was still a child.

    Goyal studied in the Govt. Raj High School for Boys till his 6th standard. He, along with his family, went through a major financial crisis when he was just 11 years old. The Goyal family sustained but lost almost all the property in an action by the government and the bank, including their own house. His maternal uncle helped him during this time. He paid for his studies till his graduation. He wanted to pursue Chartered Accountancy but instead ended up doing B.Com from Govt. Bikram College of Commerce, Patiala.

    Naresh Goyal
    Naresh Goyal

    Naresh Goyal – Family

    Naresh was born into a Punjabi Hindu family, where his mother was a house-maker and his father a jewellery dealer. His father died when he was too young. He also had an elder brother, Surinder Kumar Goyal, who was the co-founder of Jet Airways, along with Naresh. Surinder was earlier the co-founder of the travel agency Jet Air, which was founded by himself and Naresh in 1974. Naresh’s elder brother also had a key role in the launch of Jet Airways. Surinder Kumar Goyal died on August 9, 2015.

    He got married to Anita Goyal, and she has been there with him right from the beginning of Jet Airways and is still sharing the fate that Naresh Goyal has been recently seeing. The couple has a daughter and a son – Namrata Goyal and Nivaan Goyal. Their daughter Namrata Goyal is a Film Producer at FilmStoc, while their son Nivaan Goyal was on the Board of directors of Jet Airways.

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    Naresh Goyal – Career

    After his graduation in 1967, he joined his uncle, Seth Charan Das Ram Lal’s travel agency, East West Agencies, as a cashier. Goyal’s starting salary was INR 300/per month.

    As soon as he completed his graduation, Naresh joined the travel business with the GSA for Lebanese International Airlines. In the period between 1967-1974, Naresh Goyal went through extensive training in his travel business while in association with numerous foreign airlines. Goyal also travelled extensively during this period.

    He was appointed as the Public Relations Manager of Iraqi Airways in 1969 because of his hard work and dedication. Goyal was eventually appointed as the Regional Manager for ALIA, Royal Jordanian Airlines in 1971 and operated in the same position till 1974. During this time, he gained experience in the areas of ticketing, reservation, and sales. He had also worked with Indian officers of Middle Eastern Airlines.

    He borrowed some money (nearly £500) from his mother in 1974 to start up his own travel agency along with his brother and named it Jetair. His agency represented sales and marketing of airlines like Air France, Austrian Airlines, and Cathy Pacific.

    Jet Airways
    Jet Airways

    He was appointed as the Regional Manager of Philippe Airline in 1975 and handled the commercial operations of the airline in India. When the Government of India announced the Open Skies Policy in 1991, Naresh initiated an airline company, and in 1992, he transformed his agency into Jet Airways.

    Jet Airways started its operations nationwide in 1993, and by 2004, Jet Airways initiated operations of international flights. By 2010, Jet Airways was the largest air carrier in India after it acquired Air Sahara in 2007. However, it was then that troubles began to boil up for Naresh Goyal and his company, which led to Naresh Goyal stepping down from his position in March 2019.

    Naresh Goyal – Controversy

    A PIL was filed against him in the 2000s, alleging him to have links with the underworld don Dawood Ibrahim. It was said that Jet Airways was founded by Dawood but was given a clean chit by the government along with security clearance.

    He was also booked for money laundering by Enforcement Directorate (ED) under Foreign Exchange Management Act (FEMA) for his involvement in suspicious transactions involving 19+ privately held firms associated with him, and in March 2019, the ticketing agent-turned entrepreneur, Naresh Goyal, stepped down from the Board of Jet Airways, along with his wife, Anita Goyal.

    Naresh and Anita Goyal were booked on charges of cheating and a criminal breach of trust in February 2020 by the MRA Marg Police. Allegations still persist against Naresh Goyal and the CBI will likely soon file an FIR against Naresh Goyal, and his associations on the basis of the allegations against him and his close aids for defrauding banks and misappropriating the loans granted by them, as of April 2022.

    In 2019, the airline delayed payments to banks, following which the company sought an $840 million bailout from the shareholders. Then, the shareholders approved the conversion of the loan into equity.

    Finally, the lenders finalized a resolution plan for the airline, and they agreed to infuse Rs 1,500 crore in interim funding for a period of 2 months. Naresh Goyal and Anita Goyal stepped down from the board in March 2019. The airline company is all set now to resume its services soon, as per the reports of May 2022, under the ownership of Kalrock Capital and Mr. Murari Lal Jalan.

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    Naresh Goyal – Awards

    He has been the recipient of several awards throughout his lifetime.

    Awards Year
    Entrepreneur of the Year Award for Services from Ernst & Young September 2010
    Distinguished Alumni Award-2000 October 2000
    Outstanding Asian-Indian award November 2003
    Aerospace Laurels for outstanding contribution in the field of Commercial Air Transport April 2000 and February 2004
    NDTV Profit Business Award 2006 28 July 2006
    Accorded the prestigious TATA AIG – Lifetime Achievement Award 8 September 2007
    Travel Entrepreneur of the Year award at the 19th annual TTG (Travel Trade Gazette) Travel Awards 25 October 2007
    Man of the Year Award by the Aviation Press Club (APC) 9 April 2008
    Business Person of the Year award by UK Trade & Investment at the India Business Awards 2008 9 September 2008
    CNBC TV18 India Business Leader Awards 22 January 2009
    International Entrepreneurs of the Year by the readers of Asian Voice 27 February 2009
    Lifetime Achievement Award of the Year by the Travel Agents Association of India (TAAI) August 2010
    Hall of Fame honour from Hotel Investment Forum of India 2011 January 2011
    Belgium conferred the Commandeur of the Order of Leopold II, one of the country’s highest civilian distinctions November 2011
    Amity Leadership Award for Business Excellence October 2012

    Naresh, as a man, started from a humble household and got up the ladder by himself. His first salary was just Rs 300 per month. He went through a time of hard struggles and polished himself to be a fine man. He never gave up and thought big. His story inspires us to have ambition and to create our own destiny. Though he seems to be on unstable grounds now, Naresh Goyal will always stand as a father figure for the legions of entrepreneurs to come.

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    FAQs

    Why did Jet Airways fail?

    One of the main reasons that led to the downfall of Jet Airways is the rising debts that ensnared the company and its operations. The Chairman’s management style was also opposed by many, which, therefore, was also another reason.

    Who took over Jet Airways?

    Jet Airways went into bankruptcy in June 2019 after it failed to repay its mounting debt of $1.2 billion. Airlines like Vistara acquired 16 aircraft from the fleet of temporarily shut Jet Airways. Jet Airways is currently all set to resume its operations soon, as of May 2022.

    Who is the new owner of Jet Airways?

    Murari Lal Jalan and Kalrock Capital are the new owners of Jet Airways.

    Who is the CEO of Jet Airways?

    Sanjiv Kapoor has been named the CEO of Jet Airways.

  • How Can You Raise Seed Funds For Your Startups?

    India has witnessed a significant increase in the emergence of startups in the last few years. India is now the world’s second-largest startup hub, with over 94 unicorns in total. Indian entrepreneurs have evolved into powerful drivers of the country’s economic progress. This is undoubtedly the best time to start a successful company in India.

    With the Government encouraging people to form their startups, more and more people are indulging themselves in this journey. Currently, we have over 65000 startups in the country. The best part is every sector be it fintech, digital marketing or any other, is flourishing in the country.

    Graph showing the Top 5 most valued Indian Startups as of the end of 2021

    You got a Startup idea to build a product that could change lives. You have the Business Model and Product Development roadmap laid out. You might even have a small team to get started in your startup. And then comes the real problem that every Entrepreneur faces – funds to hatch the plan.

    We all know that timing plays a major role in the success of any startup. It’s not a simple task to transform the ideas into a profitable business. Founders might not always have the funds to launch the product at the right time in the market at the beginning. Since growth is the main goal in the initial stages, startup owners must understand how to raise the “seed” capital.

    What are Seed Funds?

    Startups raise seed funds essentially for operational costs like hiring the right people, purchasing tools, leasing offices and more. This crucial step forms the solid basis for launching a thriving business at the right time. When you start a business, the most important thing that is needed is funding. Seed funding means the funds by investors provided to your business in the initial stage. The investors pour their funds in return for an equity stake at the initial stage of business. It is at the early stage that the investment by the investors is done, which helps the business to grow and make its capital. Seed funding should not be confused with a loan. Investors get equity in the company for their investment.
    Now that we know what seed funds are and why they are crucial, let’s dive deeper into the different ways to raise seed capital for your startup.

    Proven Ways to Raise Seed Funds for Startups

    Crowdfunding
    Friends and Family
    Accelerators
    Incubators
    Corporate Seed Funds
    Bootstrapping
    Venture Capital Funds
    Angel Investments
    Debt Funding
    Government Grants and Schemes

    Crowdfunding

    Crowdfunding is becoming increasingly popular in recent years. Many startups have successfully raised seed money through crowdfunding platforms like Kickstarter, Indiegogo and Wefunder. The process involves creating a campaign to convince and persuade thousands of people to invest and buy your product before its developed. This method is a great strategy for founders who do not want to give up equity and dilute the company at the seed rounds. The idea is to build the product from the money made from pre-sales and ship it when ready. Startup founders also utilize crowdfunding websites to understand the market and assess the demand for their products. The idea is to build the product from the money made from pre-sales and ship it when ready.

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    Friends and Family

    Friends and Family are mostly the first places every entrepreneur reaches out to for investment when getting started. Some founders offer equity in the company but many consider this investment as a loan. This method provides a little breathing room in terms of loan repayment.

    Accelerators

    Accelerators typically exist for startups that need assistance with launching and growing the company. Accelerators like Y Combinator runs programs to choose startups for investing. The selected startups get a pre-decided amount in return for a specific percentage of equity. They also support startups with Mentorship and Networking events where the founder gets exposure.

    Incubators

    Incubators are specifically created for startups that are at an early stage. They facilitate the development of ideas and the validation of market fit. The investments are usually small as most founders get this funding to nurture the idea and introduce innovations. Incubators also offer Workspace and Mentorship Support and Networking Opportunities for founders.

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    Corporate Seed Funds

    Many established corporations consider startups as a major source of fresh talents and innovative ideas. Megacorporations are always on the lookout for new ways to invest in emerging technological innovations. Again, this type of financial help gives the startup much-needed exposure and is frequently a precursor to a potential acquisition.

    Bootstrapping

    Let’s not forget that not every startup needs to raise money at the seed stage. Bootstrapping is the process of funding the startup with your savings and reinvesting the profits from the business. Many startup founders use their own money to get their businesses off the ground to eliminate giving away equity at the initial stages. Bootstrapping, on the other hand, might put entrepreneurs under further financial strain.

    Venture Capital Funds

    Venture capital firms offer seed funding for startups with high growth potential. Venture capitalists provide both professional experience and money to entrepreneurs. This type of investment calls for the exchange of a company’s equity for financial assistance. VCs review a lot of projects but only invest in a small percentage of them, so you’ll have to stick out from the pack.

    Angel Investments

    Angel investors are affluent people who invest their own money as seed capital in businesses in return for equity of the company’s ownership. This process is relatively quicker than a VC investment. Many angels are known to use convertible debt as it has the advantage of deferring the company’s value until the next funding round. Angel investors also get discounts for investing early in the startups.

    Debt Funding

    Debt funding is often provided by the bank, an investor or any financial institution to the startup founder. Here, the founder is borrowing the money for a fixed rate of interest instead of giving away any equity in the company. The capital must be repaid with the interest at the agreed timeline. It’s important to note that the only advantage for the investor here is the interest amount.

    Government Grants and Schemes

    The Indian government has stepped up to support young entrepreneurs who need help with growing their startups. The government has taken initiatives like The Startup India Seed Fund Scheme (SISFS) which intends to support startups with the conceptualizing of new ideas, developing prototypes, determining the demand in the market and monetization.

    Conclusion

    There is no doubt that raising the seed funding is difficult. Gaining the right understanding of the options available for you is the key and we hope that our information has helped you.
    You must also know and understand how the different kinds of investors operate, how they make financial decisions to help your startup and how their seed fund can help you grow.
    It’s also worth noting that seed financing isn’t just for the early stages but it’s also for the years ahead. Also, keep in mind that timely capital is critical for companies to stay up in a challenging market like India. A startup that sets growth initiatives should be able to use the seed capital to raise further investments.

    FAQs

    What is Seed Funding?

    Seed funding means the funds by investors provided to your business in the initial stage.

    What are some of the effective ways of raising seed funds?

    Some common and effective ways of raising seed funds are Crowdfunding, Friends and Families, Accelerators, Incubators, Bootstrapping, etc.

    How many Startups are there in our Country?

    There are currently over 65900 startups in the country. But the number is expected to rise shortly.

    What is The Startup India Seed Fund Scheme?

    The government has taken initiatives like The Startup India Seed Fund Scheme (SISFS) which intends to support startups with the conceptualizing of new ideas, developing prototypes, determining the demand in the market and monetization.

  • 13 Common Mistakes That Startup Founders Make in Their Business

    ‘Money can solve anything’- this is the first thought that comes to the mind of most of the startup founders. The startup founders live in the biggest myth of life that, once they have funds for the business, their startup will automatically run. This is the biggest lie and one of the common mistakes that startup founders make and that has ruined many great startup plans. The seed funding is the first step in the path of a successful startup, but never assume it as a final destination, because the road is very long after this. Launching a new startup is like a raising baby. After the launch of the startup, comes the biggest responsibility. You need to plan the whole life of your baby and provide everything to them. So just like it, after getting the initial investment, planning and using it properly to boost the startup is important

    When you are beginning with your startups, with all your excitement and passion, the only thing that you want to concentrate on is how to become successful. You do every possible thing to achieve your dreams but being an entrepreneur is not an easy job. One needs to burn their midnight oil for that. While being an entrepreneur, there are mistakes one can make which may disrupt the process of reaching the top.

    Numerous startup founders fail to manage it after the seeding step, as they had utilized their all energy in getting the funding. The startups usually fail because they fail to deliver their promises and fail to manage their team. These are the two major reasons behind the downfall of many startups. However, they are not only mistakes made by the startup founders, there are many other common mistakes that startup founders make in the bucket. I have rounded up a few mistakes that you need to avoid at any cost to be successful. In this article, we will talk about the Common mistakes that Startup Founders make in their businesses.

    Overthinking and Underthinking
    Wrong Investments
    Poor Planning
    Incorrect Estimations
    Decision Making
    Hiring
    Being Organised
    Avoiding Suggestions
    Neglecting Budget
    Marketing
    Confusion
    Forgetting About Bookkeeping
    Unwanted Expenses

    Overthinking and Underthinking

    Thoughts should be big and the start should be small. Overthinking in terms of business may affect the revenue and process of work, plus it doesn’t help you in reaching a conclusion or solution to your problem. Instead, it leads to the creation of problems that are not even there in reality. Decisions should not be risky and should be taken after thinking and evaluating the entire situation properly but too much overthinking can lead to a missed opportunity.

    On the other hand, underthinking any situation is also one of the main causes that may affect the business. One needs to dwell deeper, when there is a need, rational thinking is needed so that effective leadership can be formed.

    “Take time to deliberate, but when the time for action comes, stop thinking and go in” – Napoléon Bonaparte

    Wrong Investments

    In terms of startups and new entrepreneurs, investment is quite a big concern. Be aware of your expenses and savings. Higher Investments in a product without assuming the demand may damage the economy. Investments should be made after analysing the demand for the product.

    Poor Planning

    Everything needs a plan, especially when you are starting a new business, planning becomes mandatory. The plan will guide you through every stage, it is like the GPS that will take you to your ultimate destination. However, wrong planning can create havoc in your dream business. Rough ideas for saving money should not be encouraged, it can cost you your dreams. Pre-planning for saving money should be made keeping the situation in mind be aware of your target audience and concentrate on making products and services according to them.

    Incorrect Estimations

    Estimations of cost should be appropriate. Underestimating the order for developing the business may lead to loss of money and affect the financial state of the company. Thoughts should be appropriate to the situations which include time, surroundings and environment of the market. Always estimate the value higher than that of the original price to keep any sudden expenses in check.

    Decision Making

    While taking decisions entrepreneurs should take care of the situations they face. One wrong decision can lead to the death of your dream startup. The decision should not be risky and made at the right time. Taking risky decisions at the beginning stage should be avoided in order for better growth.

    Hiring

    The hiring of the staff should be less during the initial stages. A huge number of staffs in the starting point with less amount of work will cause a crisis at the time of salaries. Hiring a fulltime staff when a part-time can do the job perfectly is unnecessary.

    “It’s expensive to hire the wrong people. If they leave it’s expensive. If they stay it’s expensive.”― Nathan Mellor

    Being Organised

    Avoid being unorganized. You have to follow a procedure in order to make your startup work. Have your plan and goals sorted in your mind. Jot down on paper your list of priorities in order to stick to the plan. Maintain an organised format for all you want to accomplish. When you begin with a startup, a number of things happen at a time, so listing them according to your priority and then finishing them is the best you could do.

    Avoiding Suggestions

    Don’t avoid suggestions and decisions that people give. Learning from the experts always helps to avoid some loops in the field of A particular business. a person with experience can definitely be of your help if you decide to listen to them. The words of the peers should be paid heed to.

    Neglecting Budget

    Maintaining the budget should not be neglected. Planning on the budget in order to avoid spending extravagantly is required. The budget should be maintained for growth and development. Budget planning should be made locally so that it helps us to maintain the economic growth of the business. High budget tenders should not be encouraged.

    Marketing

    Marketing of the business should not be neglected, it is one of the most important factors for the survival of your startup. It should be clear and sharp so that it reaches the target audience. Marketing at the starting stage should not be very elaborate as these marketing conditions affect growth. A proper marketing strategy has to be made so that your business can be visible in front of your customer and they can get attracted to it.

    Confusion

    Avoid confusion in assigning work while maintaining the budget. Confusion may lead to stress which in turn affects progress. Confusion should be avoided in terms of marketing too. It should be straight so that people can get convinced easily. Creating confusion will only be haphazard for the business.

    Forgetting About Bookkeeping

    To utilize the money properly and keep it from wastage, make the required documents and accounting records perfectly. To avoid the common mistakes that startup founders make these points to be noted. Bookkeeping is a major part of a successful business. You need to record all the expenses and incomes accounts to tally the growth of the business. You need to record all the petty and big cash expenses daily.

    Unwanted Expenses

    You do many unwanted expenses in the daily course, which can be easily avoided or can be minimized. So identify those expenses and reduce them to a minimum level. Don’t spend money on the decor of your office to attract customers, as they are here for the product. Don’t hire unwanted employees like receptionists, if you are capable of handling your own business calls and making your own coffee.

    Conclusion

    Startup founders make many mistakes after getting the seeding. While building a business, mistakes need to be avoided. Although mistakes are a part of our life and they are inevitable, it is important to avoid these mistakes that will do nothing but lead to problems in your business. Even when you make mistakes, learn from them and try to not repeat them.

    FAQs

    What causes startups to fail?

    Most startups fail due to insufficient financial resources.

    What percentage of startups fail?

    90% of startups fail in the first 5 years of the company in India.

  • Autosys – Propelling Industries Towards the Next Industrial Revolution

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Autosys.

    Factory automation or Industry automation is where production and operations in the factory are done with no or least human intervention. Automation can be considered a boon considering the many benefits it brings along with it. Automation, besides increasing productivity and accuracy also increases worker safety. Reports also show that ‘smart manufacturing’ which uses IoT connected devices, data analytics, robotics, RPA ( Robotic Process Automation) practices, and machine learning/artificial intelligence will lead to greener factories which is a piece of good news from the environmental perspective. Autosys, a Mumbai based startup is helping manufacturers become smart manufacturers, by offering industrial automation and industrial data management solutions.

    Startup Name Autosys
    HeadQuarter Mumbai
    Founder/s Name Aaditya Damani
    Sector Industrial Automation Space
    Founded 2016
    Website www.aispl.co
    Parent Organization Autosys Industrial Solutions Private Limited

    About Autosys and How It Works
    Autosys – Market and Industry Details
    Autosys – Vision and Mission
    Founders of Autosys and Team
    How Was Autosys Started
    Autosys – Startup Launch
    Autosys – User Acquisition
    Autosys – Startup Challenges
    Autosys – Competitors
    Autosys – Future Plans

    About Autosys and How It Works

    Autosys manufactures a hardware device called Quad which retrofits into any industrial machinery (regardless of how old or new it is) accumulates various data threads. The data threads are relayed onto Autosys’ cloud servers where they have various applications hosted for real-time monitoring, shop floor digitization, maintenance tracking and an Artificial intelligence system that is equipped to perform health analysis of the machines and prediction of production and various maintenance schemas.

    Quad is a simple plug and plays solution which extracts all the data from the machines through any existing mechanism (if unavailable their in-house hardware is available to do so).

    Solutions provide by Autosys’ quad are:

    • Production Tracking
    • Human Resource Management & Tracking
    • Automated Machine Maintenance Management
    • Conditional Notifications (SMS/Email)
    • Safety Measures
    • Machine and part health Diagnosis and management
    • Improvement of OEE and other manufacturing efficiencies.
    • Comprehensive analytics of numerous on-goings on the shop floor.
    • Easy plug and play into any existing ERP system through OPEN API mechanism. Artificial Intelligence-based predictive analysis and machine health monitoring.

    Autosys – Market and Industry Details

    Autosys’ target market is the entire manufacturing industry. Autosys has built its platform in a modular fashion which makes it easy to plug and play various customized modules into the mainframe to get started. It can cater to any kind of shop floor. In easier words, Quad accelerates companies towards the next industrial revolution – Industry 4.0 which every competitive shop floor in India will be complied by within the next 2 years.

    Autosys – Vision and Mission

    Autosys’ mission is to establish a state of the art facility for the development of technologies that enhance the efficiency and productivity of industrial manufacturing. Automation being the future of manufacturing, Autosys aims to provide sophisticated technologies and solutions for various manufacturing problems globally.

    Autosys visions to forecast strong and ever-growing footage in industrial automation all over the globe. In an environment where manufacturing competition rises each day, Autosys aims to set a global benchmark on improved efficiency, productivity and quality by developing new products and solutions for every industrial application.

    Founders of Autosys and Team

    Aaditya Damani, Founder & Managing Director

    Aaditya Damani is the founder of Autosys who founded the company in 2016. Autosys currently have a team of 50 engineers and admin.

    How Was Autosys Started

    Autosys started off as a small project to catch the total operation time on a welding machine, which was a relatively simpler task, as it encompasses tapping into the current, welding current graph being binary in nature. Eventually, it evolved into an actual business once a detailed study was done on the market demand where it was realized that digitization is extremely important in the manufacturing sector and apart from leading ERP systems like SAP/IFS, there is not much work done in this field. Now the problem with any ERP falls back to manual data entry which gives out room for inaccuracy. Autosys believes in the realisation of true data directly from the shop floor with no human interfacing in between.

    Autosys – Startup Launch

    After completing months of internship with Reliance Jio, Aaditya Damani was clear about his future goals and that he wanted to work for himself after graduation. He started freelancing and figuring out what to do next. Started off with a project to monitor a welding machine in the final semester of his college and that was pretty much the eureka moment that encouraged him to dig deeper in the industry and identify all the problems which are faced in day to day operations on a shop floor.

    The highlight of problems observed by Aaditya was the Lack of awareness, lack of dedication, tons of manual data entries and filling up log sheets. Increased downtime was also present and machines were often down and not catered to, again, because of lack of awareness. Inaccurate data accumulated, redundant analysis, lack of consistent data and unavailability during the need of the hour, were all the aspects Aaditya noticed needed attention.

    AISPL Quad not only solves all the above problems but automates all the business processes on the manufacturing shop floor.

    Autosys – User Acquisition

    Autosys uses referrals and cold calling offering to give a free month-long trial which has been very beneficial in terms of user acquisition. So far, Autosys have not spent any money on marketing.

    Autosys in 2018 grabbed two marquee customers, Victora Group – One of the Industry Leaders in the automobile manufacturing space and National Engineering Industries Ltd., CK Birla Group. Currently, Vodafone Group PLC also uses the Autosys service.

    Autosys – Startup Challenges

    Aaditya recalls the most difficult part is being able to convince customers because of the age factor.

    “Imagine a 24 year old knocking doors to the management office of a manufacturing company, traditionally family owned businesses, trying to tell them that he can help improve their efficiency – which is generally conceived in a very different way as they have been running the business longer than his age!” says Aaditya, the founder of Autosys.

    But persistence, dedication and belief in a strong product never go wrong. A simple month-long trial period clarified how digitization can not only enhance the entire shop floor performance but create more awareness of the operations ongoing, reduce downtime and saves the hours-long data entry jobs!

    Autosys – Competitors

    There are few competitors of Autosys in the market like  ActiveBatch Workload Automation, Stonebranch, and Control-M.

    Autosys – Future Plans

    Autosys anticipates growth on their revenue and their client’s list. They target to grow with double the rate of their growth of last year and innovate more new technologies for industrial automation.

    FAQs

    Who is the founder of Autosys?

    Aaditya Damani is the founder of Autosys.

    When was Autosys founded?

    Autosys was founded in the year 2016.

    Is Autosys an Indian Company?

    Yes, Autosys is an Indian company whose headquarters is situated in Mumbai, India.

  • Top 10 Business Ideas to Start in UAE

    As an entrepreneur, one must always think and plan to expand his or her business and always be on the lookout for opportunities. These opportunities can be in your home country or the land the of wealthy, UAE. The lifestyle in the UAE is posh and lux since it is home to some of the wealthiest people in the world.

    Trading or manufacturing quality goods or providing worthy service can take to new financial heights as people here are willing to spend money on quality goods and services. With a growing population, needs are increasing and so are the opportunities.

    Top 10 Business Ideas to Start in UAE

    1. Construction Agency
    2. Real Estate Agency
    3. Business in Health Sector
    4. Consultancy Service
    5. Beauty Brand or Store
    6. E-commerce Solutions
    7. Fish Farming
    8. Recycling
    9. Security Service
    10. Jewellery Making

    How to start a business in UAE

    Top 10 Business Ideas to Start in UAE

    If your wish to start your business in the UAE, below are some best business ideas that you can choose from.

    Construction Agency

    Constriction Business in UAE - Business ideas in Dubai
    Constriction Business in UAE – Business ideas in Dubai

    A Construction Agency in the UAE can be one of your best bets if wish to start a new business.  Due to numerous foreign investors seeking residential opportunities in Dubai and booming real estate has led to increased opportunity in the construction sector. Your agency can build for residential as well as commercial projects. It is one of the most profitable ventures in the UAE.

    Real Estate Agency

    Real Estate Agency in UAE - Business ideas in Dubai
    Real Estate Agency in UAE – Business ideas in Dubai

    Real estate has one of the greatest business opportunities in Dubai. There is almost a race going on for skyscrapers. The main reasons for this include increasing rent moderation, supply, and changing demand for executive positions in the employment market. Therefore, it could be a great opportunity for real estate entrepreneurs to initiate a real estate business in the UAE, especially in Dubai

    Business in Health Sector

    Healthcare Business in UAE - Business ideas in Dubai
    Healthcare Business in UAE – Business ideas in Dubai

    The UAE has reported higher birth rates, increased life expectancy, a rapidly shifting epidemiology profile, and a rise in the incidence of noncommunicable diseases. All these factors, combined with a shortage of healthcare workers, and low insurance penetration rates, create bright opportunities for firms looking to enter the health care sector in the UAE.

    Many big players in the health sector of UAE from the Gulf Capital itself and also London have seen splendid numbers in revenue. The investment bank Alpen Capital has estimated the healthcare spending in the UAE to expand by 13.1% annually in the next four years. This means that entrepreneurs looking to enter the healthcare sector in the UAE can have a healthy future.

    5 Fast-Growing Businesses You Should Invest In
    Entrepreneurs and people looking to invest in businesses have never had itbetter than they do today. Along with online platforms that provide highervisibility to startups [https://startuptalky.com/tag/gurugram-startups/] and SMEs,consumers are displaying more acceptance and appreciation for produ…
    StartupTalkyShubham Kumar

    Consultancy Service

    Consultancy Business in UAE - Business ideas in Dubai
    Consultancy Business in UAE – Business ideas in Dubai

    With the increasing number of businesses in the UAE, the need for consulting services is at an all-time high. Most of the companies in the UAE are new and at the incubation phase so they require advisory for efficient resource management.

    These companies generally outsource their planning and strategy to skillful consultants for more accurate and achievable solutions. Therefore, starting a consultancy can be very profitable since there’s no scarcity of clients in the UAE marketplace.

    Beauty Brand or Store

    Beauty Store Business in UAE - Business ideas in Dubai
    Beauty Store Business in UAE – Business ideas in Dubai

    The UAE is the land of wealthy consumers that are very much interested in beauty products. It is one of the best marketplaces for luxury beauty brands to thrive and trader to generate amazing sales. People are willing to spend their money on expensive products if they’re worth it.

    The diverse market has many options to choose from. Skincare, Makeup, Haircare, and Fragrances back their seller with great profits. Fragrances constitute a major chunk of the revenue as it is widely used in UAE. If you manage to build a great collection, there’s no limit to what you can achieve.

    Follow These Steps To Start A Beauty Parlour Business in 2021
    In a survey conducted by lifestyle experts, it is found that the cosmeticsindustry has been grown by 60% in the last five years in India. With this, therehas been an increase in the parlour or salon industry too by 35%. It is abooming business and attracts customer of most age group whether it is…
    StartupTalkySouvik Dey

    E-commerce Solutions

    E commerce business in UAE
    E commerce business in UAE – Business ideas in Dubai

    The Covid-19 pandemic proved to be a catalyst in the growth of the online business sector. It accelerated the growth of e-commerce to new heights. Just in the initial months of 2020, UAE saw a 300% increase in the demand for e-commerce among its customers. Thus, a company to provide easy ways out to such business owners are bound to make profits.

    Since many established brands are tilting towards e-commerce, it inevitable that they’re going to need expert solutions in the process which such companies are going to provide.

    Fish Farming

    The UAE primarily depends on imports to meet its food supply demands. To ensure food security, the government is encouraging foreign and local investments in aquaculture developments. They are willing to provide several incentives for the sector, along with fingerlings of local species, curating aquaculture frameworks, reducing institutional and investment constraints, and mapping out suitable sites for development.

    These incentives are coupled with the gradual increase in fish prices have made aquaculture in the region an attractive investment and business proposition.

    How To Start A Fish Farming Business | StartupTalky
    Fish farming is the fastest-growing food production segment in the world. It is the process of raising aquatic organisms commercially in a controlled or semi-controlled environment to increase productivity. We can start a fish farming business through these 6 steps.
    StartupTalkyATHUL C K

    Recycling

    Recycling Business in UAE - Business ideas in Dubai
    Recycling Business in UAE – Business ideas in Dubai

    Recycling is a relatively infamous yet profitable business. People have made millions in waste. Retail outlets in malls and high-end stores undergo a revamping procedure every two to three years as part of a clean image campaign. This creates opportunity and revenue for contractors.

    UAE government is working towards supporting such businesses as they need to manage their overall waste generated each year. Recycling also has great potential in the construction sector as it accounts for 60-70% of the total waste generated.

    Security Service

    Security service business in UAE - Business ideas in Dubai
    Security service business in UAE – Business ideas in Dubai

    There are Security Companies in the UAE that protect the people, private properties, and government entities. It is a profitable business option as there will always be a demand for security guards in the UAE. But you need to decide on a free zone or mainland setup.

    If you choose to establish your business in the mainland, you can freely trade with the local market. You can bid for government contracts that can be quite lucrative. On the other hand, is a free zone, you get 100% exemption from customs tax.

    Jewellery Making

    Home to numerous wealthiest individuals from the world, UAE is the perfect place to line up a jewellery company. The government has created specific rules and regulations to impose check-ups on those who bring gold or other valuable metals which are sold within the Dubai Souk.

    The UAE jewellery market had grossed 12 billion dirhams by 2020. Dubai leads the UAE jewellery market as it has tourists who find it cheaper than their home countries and enjoy an outstanding range of exquisite jewellery.

    Conclusion

    These were some fields in which you can make great profits in the UAE. With supportive laws, some of these sectors can also be sustainable in the long run. Rising demands are creating a market for new businesses that generate great sales and build a strong customer base. You too can establish a successful business in the UAE if you play by the rules, understand the culture, and offer quality service.

    FAQs

    Which business is profitable in UAE?

    Real estate, Business Consultancy and Healthcare are some of the profitable business ideas you can start in UAE.

    Is UAE good for business?

    Low tax rates, low import duties, free trade agreements, state of the art infrastructure, and a lot of other benefits makes the United Arab Emirates (UAE) a great place to start a new business.

    Can a Foreigner start business in Dubai?

    Yes, Any Foreigner can start a business in Dubai.

  • Misbah Quadri on How to Build a Community for Your StartUp in 2022

    This article has been contributed By Misbah Quadri, Founder and CEO, Monofys Media.

    I remember the day when I was selected from school, as part of the Gifted and Talented program to attend ‘smart classes’ at Oxford University. I was apprehensive, my mind refusing to emerge from its hibernation mode, my eyes peeping from behind my woolen hat from time to time, like a turtle swinging its neck out from under its shell, trying my best to avoid all eye contact. Seated in the large sessions hall, I was unsure of what to expect next, unaware of who the others around me would be and unwilling to let my vulnerability show, by communicating with anyone around or asking for help. Slowly, the room began filling up and by the time it was time for the lecture to commence, the room was neatly packed with 50 odd students, hailing from different parts of the United Kingdom, all chosen for their exceptional work and more importantly, for their obsessive devotion towards the subject – English Literature. By the end of the first day, I was more at ease with this new bunch of students than I had ever before been in life. And just like that, by the end of the one month program, we had become a community! The one thing that had brought us close together seamlessly was our joint fondness for the subject as well as our combined efforts, teamwork, intention of learning, unlearning and making the most of the opportunity at hand. At the risk of sounding too poetic… our common interest and like mindedness bound us like the pearls of a necklace. I felt like I was home.

    That was one of the first few chapters of my life when I was introduced to the feeling of being part of a community. Ofcourse, we are all parts of different communities in our own ways – be it by being born in to a particular religion, sect, nationality, race, political group or even that of growing up to opposing all of these. There are endless categories upon which communities are built. And they are all woven together by the foundation of a shared interest, collective efforts, sense of being rewarded, appreciated and acknowledged. I, as the founder of a startup am in the process of building a community around the shared interests of professionals seeking to engage and build with as a team in the corporate fraternity.

    There are a few points I have kept in mind to ensure that I am able to create something substantial which adds value to the lives of those that are choosing to be a part of this circle of trust.

    Tips for Building a Community for Startup

    Be clear about the intrinsic aim and overarching objective of the community
    Don’t plan too far ahead
    Humans require appreciation and acknowledgement to flourish
    Consistency is queen
    Identify torchbearers of the community and delegate duties

    Be clear about the intrinsic aim and overarching objective of the community

    First things first – it is crucial to know exactly why is the community being formed. Running around in circles, aimlessly, without a set objective will not only not serveany purpose but will also result in a waste of time, resources and energy into building something which will invariably fizzle out. A common destination warrants the construction of a road ahead for all those who are part of the journey. Think of plugging in the core offering or the end goal of your startup in order to build a conducive ecosystem for all team members.

    Don’t plan too far ahead

    While a lot of successful people will advise you to have a solid plan in hand before you build an entity, I am of the belief that planning too far ahead in life personally or professionally results in artificial glory which lacks the charm of a raw, natural, neutral backdrop. No matter how well prepared you are in life, you can never really anticipate the upheavels that are bound to cross your path. It’s great to have the basics in place, but let the rest flow naturally – at its own rhythm. A thriving community formed by a startup demands embodying originality, freshness and ingenuity.

    Humans require appreciation and acknowledgement to flourish

    Any community can best operate only when its members feel appreciated for their efforts and for their loyalty. Arranging regular award programs for those contributing on a steady beat and publicly earmarking milestone events in the progress of the community members will ensure that the group feels positively charged, energized and excited while feeling valued for adding value. Keep in mind that particularly in the post Covid era, we are looking at digital platforms (like Whatsapp, Zoom, Skype, Telegram, Clubhouse, etc) serving as the community binders. This makes your job equally easy and tough – balance is key.

    Consistency is queen

    You can offer priceless resources to the community members but if it is done only at intervals and not on a daily or timed basis, then your efforts are as good as (or as inadequate as) an umbrella during a tsunami. Being looked upon as dependable and inventive are key pillars of a well-functioning community.

    Identify torchbearers of the community and delegate duties

    No one person can ever achieve the collective goal of a community. One of the most underrated features of putting together a community is delegation of duties. Bifurcate roles and identify key participants of the community and hand over some of the critical roles to these members in order to encourage participation from the others as well as to ensure smooth operations of the group.

    Conclusion

    The last two years have been nothing less than a learning curve. It is quite sublime to recount how each one of us managed to evolve to take on roles and responsibilities in our individual capacities in ways, unimaginable in the pre-2020 era. There were tears, there was joy – there were mostly tears. But knowing that we were all in this together, somehow kept us going, despite the odds stacked against us. Covid has been a spectacular reminder of how a community can help us cross even the most agonizing tightropes of life.

  • Siddharth Chaturvedi on How Not to Lose Your Patience While Building a Startup

    An opinion shared by Siddharth Chaturvedi, Founder and MD, Boys and Machines.

    Buckle up to start your journey in building a business from scratch. The culture of start-ups is very central and flows directly from the founder. A comparatively smaller team set to achieve the same goals and align to make a difference in a sector of their choice. The startup trend in India is not a new thing. The purpose has diverted but the business values and beliefs remains the same. Corporate practice in India grew after the dotcom years at the turn of the century.

    Coming specific to the automotive sector, the pre-owned car market has been unorganized for decades. Cars used to sell through word of mouth and the buyer was about 50% unsure of quality or value he is getting out of the deal. We all relied on the known mechanic to check out the car before nodding on the deal. It was high time to organize this gold mine of a market to cut down middleman and provide value to customers with the right quality at the right price.

    Having the right state of mind and believing in yourself are the pillars to make big things come alive. Patience is one of the strong foundations that propels the power of compounding in action. Sometimes, you become overwhelmed when things may not work out at the start.

    While starting Boys and Machines, it was always a challenge to strike a fine balance between keeping your expenses low for longer sustainability and to hire the best possible team to ensure the back bone of the organisation is solid. At the end of the day the biggest reason for failure of an organisation is either higher expenses or a weak team to deliver steady results and manage the load. As our business model uses rented properties, it was painstaking to figure out the right showroom locations at reasonable prices. The process of choosing the right locations for your business can become lengthy and you have to make many decisions along the way that can either make or break the new organization tight on cash. Hiring the right people for different departments is even tougher. Because you have limited resources and the decisions become heavy. It is the team that builds the organization and the strain to get the team right needs patience and determination.

    At the beginning days, we were into a lot of planning. We gave impeccable attention to detail on every little task and that gave us the confidence that things might work out. The planning phase is very important to gain confidence. When you put your thoughts on paper and do research, confidence flows! A team that understands your vision and are ready to give the sweat to make to convert that vision into a mission and materialize it, confidence builds up. These two aspects can help you not to lose patience while starting up your organization.

    Now, it can happen that the results you are actually getting is away from projected expectations. And believe me, you will never be satisfied as your hunger to grow also increases with rising sales. We strive to grow every day as a team and the only game plan that we have is to give our 100% as a team every day and face, tackle, and over-come challenges that show up. Hard work beats talent when talent doesn’t work hard.

    When running a competitive high-stake business like luxury pre-owned cars, keeping patience is of prime importance. Losing patience just results in narrowing your mind which makes it difficult to find solution. The higher the stakes the more patience you need to have as it gives you a stable mind to assess the situations and come out of them.

    Business is all about keeping an open mindset and work with your eyes and ears open. Grab opportunities and tackle difficult situations. One tip is to don’t get overwhelmed on either sides of the spectrum. When the business is not materializing as expected, put down your head, figure out what is going wrong and work out solutions. When the business is booming, keeping your heads straight focus on maintaining the momentum. Let the power of compounding do its work. You just need to ensure you are doing the right things at the right time.

    To all the newbie entrepreneurs who are ready to take the challenge of starting-up and making a difference, be patient your time has come. You are already set out to achieve great things when you made the decision of starting-up. Get your home-work done by doing a thorough research on the business you are planning to scale. A very good practice that gives you good knowledge is to work under someone who is into same industry to understand the things which you would have to face once you start your own venture. The work will help you understand the business better and you can learn things that can multiply results.

    Secondly, keep your expenses minimal. You may churn out some cash right from the start but the cash outflow should be minimum to maximize re-investment opportunity. Again, the compound effect works well! Let it do the hard work for you. You just want to ensure that the business has enough cash when required.

    And last but not the least, give your 100% to the venture you are set out to start-up. Hard work is a necessary and everyone should go through the struggle phase. This will make you strong and give confidence to make better decisions when the time comes and huge resources are at stake. All the very best!

  • When Should you Look for a Startup Mentor?

    This article is contributed by multiple Startup founders from different fields.

    The journey of an entrepreneur is filled with excitement, hard work, and a great lot of patience. In this journey, while building up your dream from the scratch, can sometimes feel exhausting. At this point, you need someone who you can look up to when there is a necessity. Those people not only have more experience than you, but they will also advise you and teach you new strategies and tactics to handle your business. These are the people who will give you ideas regarding your current situation and they are called Mentors.

    In this article, we will find out, when an aspiring entrepreneur should look for a mentor. Some of the successful entrepreneurs presented their take on this topic. Let’s take a look.

    Manav Shah  | Founder, Eduvacancy

    For me, a mentor is someone who I can look up to as a role model. I wanted to always find a mentor with whom I could discuss, share and debate about the obstacles, I am facing in my startup. When I started building Eduvacancy, I realized in the preliminary months that I needed a role model or mentor to guide me and prepare me for the various difficult decisions I’d have to make. When we began working on building the platform and implementation of the technical aspects, I thought of finding an ideal mentor who would be a strong guiding force and pillar of strength for me. Therefore, before I began full-fledged platform operations, I felt the need of finding the right mentor who would guide, hear and teach me to sail through the difficult phases of building a startup.

    Kunal Ahirwar | CEO & Co-Founder, Earnvestt Technologies

    Mentorship is an integral part of the entrepreneurial community. For the Earnvestt team, the biggest reason we needed mentors was when we were running our first beta test and we were not getting sufficient sign-ups from the users that we had personally spoken to, which indicated that our product and user flow was not good enough.

    Neha Indoria | Co-Founder, Boingg!

    It was an organic process that originated from us trying to find answers to problems that presented themselves as we tried to navigate the process of setting up a business by ourselves. Some advise seemed needless and, in some cases, the insights made us re-think our strategy entirely, and slowly we were able to identify the areas in which we will need continued guidance.

    Utkarsh Gupta | Managing Director, Ramagya Mart

    When I was pondering over a business idea, which finally culminated in the formation of Ramagya Mart, I wasn’t very sure if I should rely on the mentoring acumen prevalent in abundance in my family, or should I seek professional mentoring. As destiny would have it, I was at this crucial stage when I decided to look for a mentor who could professionally guide and personally navigate me to take the right direction.

    Pallavi Utagi | Founder & Mom-in Chief, SuperBottoms

    There was never a defining moment in my life when I felt like I needed a mentor.
    It just happened organically through inspiring people who came into my life
    through my student and professional life. No one really wakes one day and
    says, ‘hey, I need a mentor’. You just feel the impact and connection with someone
    and reach out to them from time to time.

    Ritesh Ujjwal | CEO & Co-Founder, Kofluence

    As Sir Isaac Newton famously said in his 1675 letter, “If I have seen further, it is by
    standing on the shoulders of Giants”, in my opinion, most of us need guidance for clarity of thoughts/ directions through individuals who have chartered similar paths earlier or for a fresh perspective. Thankfully, I realized the value of mentors right during my engineering days and I was fortunate enough to be able to find amazing folks across academic, industry leaders as well as a couple of batchmates in front of whom I could be absolutely transparent and leverage their insights. I have been continuing the same ever since and the ‘mentors’ circle has expanded with amazing new folks from different spectrums of life especially during the last 3 years of building Kofluence.

    Conclusion

    The need for a mentor can arise anytime. Maybe, at a time when just an idea for a startup is peeking inside your head or in the middle of launching a new product for your startup. You should definitely go for a mentor whenever you feel for one.